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<br />Micro Loan Fund Policy Guidelines <br /> <br />Page 8 <br /> <br />Goal Attainment <br />In addition to attaining or exceeding the jobs and wages goals set forth <br />in section N of the application, the borrower agrees to achieve at least <br />one of the goals for community development set forth in section IX, part <br />5, subdivision (e) (see page 6) of the Micro Loan Fund policy. <br /> <br />. <br /> <br />Redevelopment loans in the central business district are exempt from job <br />creation and wage goals stated in section IX, part 5, subdivision (e) <br />provided the loan amount does not exceed fifty percent of the project <br />cost. <br /> <br />Failure to Comply <br />Businesses failing to comply with the above provisions will be subject <br />to fines, repay requirements, and be deemed ineligible by the State to <br />receive any loans or grants from public entities for a period of five <br />years. <br /> <br />XII. RIGHT OF REFUSAL <br />The Elk River Economic Development Authority may deny any project <br />which it deems inappropriate according to the guidelines established in <br />this document. <br /> <br />. <br /> <br />. <br /> <br />8 <br />