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ELK RIVER ECONOMIC DEVELOPMENT <br /> JOB INCENTIVE MICROLOAN <br /> GUIDELINES, POLICY & APPLICATION <br /> GENERAL PURPOSE AND GUIDELINES <br /> The purpose of the RLF is to provide financial and technical assistance for the creation and retention of new <br /> employment.These objectives may be accomplished through the followingmeans: <br /> 1. Create/retain permanent private sector jobs to fuel above-average economic growth. <br /> 2. Investment in technology and equipment that increase productivity and provide for higherwages; <br /> 3. Leverage of private investment to ensure economic renewal and competitiveness; <br /> 4. Increase the local tax base to guarantee a diversified industry mix; <br /> 5. Improve the quality of existing jobs,based on increases in wages or improvements <br /> in the job duties, training,or education associated with those jobs; <br /> 6. Improve employment and economic opportunities and create a reasonable standard of living; <br /> and <br /> 7. Enhance productivity growth through improved manufacturing or new technologies. <br /> One way to meet these objectives is to assist businesses that have location options outside of Elk River. <br /> These firms bring income into the state and raise the overall standard of living. <br /> ELIGIBLE EXPENDITURES <br /> The MIF-seeded funds may be used in a variety of ways include example noted below.More information is <br /> available in Minn. Stat. 116J.8731 and through conversations with your loan officer. <br /> 1. Provide loans, and other forms of participation, ensuring that RLF funds are matched by <br /> private financing/owner equity. <br /> 2. Fund strategic investments in renewable energy market development. Any expenditure for <br /> external marketing for renewable energy market development is not subject to the <br /> matching requirements listed above. <br /> 3. Provide entrepreneurs with training, other technical assistance, and financial assistance as <br /> defined by federal guidelines. <br /> ELIGIBLE PROJECTS <br /> Assistance must be evaluated on the existence of the following conditions as noted in Minn. Stat.116J.8731: <br /> 1. Creation or retention of jobs,or the improvement of jobs as measured by wages,skills or <br /> knowledge; <br /> 2. Increase in the tax base; <br /> 3. Attraction of private funds to the project; <br /> 4. Incapacity of local communities and finance partners to finance project; <br /> 5. Results in higher wage levels or workforce skills; <br /> 6. Supports development of microenterprises,as defined by federal guidelines,through <br /> technical assistance or financial assistance. <br /> 7. The project promotes or advances the green economy. <br /> 8. Need for assistance to retain existing business; <br /> 9. Importance of assistance to attract out-of-Elk River business;and <br /> The assistance cannot meet solely 8 or 9;other conditions must also be present. <br /> 2 EDA&City Council Approved April 17,2017 <br />