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PREVAILING WAGE <br /> Per Minn. Stat. 116J.871,laborers and mechanics at the project site during construction,installation, <br /> remodeling,and repairs must be paid the state prevailing wage if the financial assistance is greater than <br /> $500,000 for a loan.All contracts for publicly owned infrastructure using the RLF must comply with the <br /> prevailing wage provisions. <br /> DATA PRIVACY <br /> The provision of any information related to any applications for assistance is guided by Minn. Stat. 13.591, <br /> particularly Subd 1 and 2. Other applicable state and federal laws and rules must also be followed. <br /> JOBS INCENTIVE MICROLOAN PROGRAM <br /> Purpose: To assist existing businesses with expansion and attract new businesses to the City <br /> whose local operations will help expand the City's economy through job retention and <br /> creation and maintain/grow the City's tax base. The purpose of the Jobs Incentive <br /> Program is to encourage the creation of high paying and quality jobs to the city. <br /> Amount: Up to $200,000 of secondary financing not to exceed 20% of the total project cost. <br /> Equity: Must have private-sector commitments for 50% of the project cost. Borrower must <br /> provide 10% or more of project financing. <br /> Rate: Fixed at 3%. <br /> Term: Financing with a balloon payment in up to 5-years. Loans may be amortized up to the <br /> following limits: <br /> 20 years on real estate uses; <br /> 10 years on equipment uses. <br /> MICROLOAN FUND TERMS & CONDITIONS <br /> Loan Structure <br /> All Economic Development Microloans shall be structured as direct loans unless otherwise <br /> approved by the EDA Finance Committee. If a participation loan is requested, an agreement will be <br /> signed by the borrower,primary lender and the EDA. <br /> The EDA may require additional agreements to be signed by the borrower <br /> (i.e. security agreement,personal guarantees,business subsidy agreement). <br /> Simultaneous Microloans <br /> The simultaneous use of different EDA microloan programs by any one borrower or for any one <br /> project is prohibited. <br /> Loan Repayment <br /> Jobs Incentive funds,including principal and interest received may not be used to support <br /> restaurant,retail, casinos, or sports facilities. <br /> Call of Loan <br /> 4 EDA&City Council Approved April 17,2017 <br />