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10 years on equipment uses. <br /> Extension: In the event that the Borrower is unable to payoff the loan or <br /> refinance the Microloan at the end of five years, the loan may be <br /> extended up to two additional years at 3%interest. <br /> Criteria: Borrower must be an industrial or high technology business and create <br /> or retain one new full-time job for each$20,000 loaned within 2 years. <br /> Said jobs must pay a minimum wage of$15.00 per hour excluding <br /> benefits required by law. Loans of$75,000 or more shall meet the city <br /> of Elk River Business Subsidy Policy for the creation of new jobs at a <br /> minimum wage of$15.00 per hour excluding benefits required by law, <br /> as well as a 5-year location requirement. <br /> In the case where multiple sources of public financing are requested <br /> (e.g. Microloan and Tax Increment Financing) job creation goals shall <br /> not be double-counted. <br /> Borrower must comply with the provisions of the city's Industrial and <br /> Business Park zoning ordinances as applicable. <br /> Permitted Fund Uses: <br /> a. Building construction <br /> b. Land acquisition -� <br /> c. Machinery <br /> d. Furniture, fixtures, and equipment (FF&E) <br /> e. Renovation and modernization of buildings <br /> f. Public infrastructure needed for economic development expansions <br /> g. Investment real estate with a minimum of 50% of the space pre-leased <br /> Ineligible Fund Uses: <br /> a. Expenditures for the construction and/or renovation of residential units <br /> b. Inventory <br /> c. Refinancing of existing debt <br /> d. Working capital <br /> Downtown Revitalization Financing Loan <br /> Purpose: The Downtown Revitalization Financing Loan is available to business <br /> and property owners in the Downtown Area primarily for the <br /> rehabilitation and restoration of older buildings, as well as new business <br /> development. Non-profit organizations may be considered. The <br /> Downtown Area shall be described as that area in the attached in <br /> Exhibit A. <br /> Amount: Up to $74,999 of secondary financing not to exceed 20% of the total <br /> rE . E . 1 <br /> Page 8 of 22 EDA&City Council Approved April 17,2017 NATURE <br />