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project cost. <br /> Remaining <br /> Principle: Must have private-sector commitments for 50%of the project cost. <br /> Borrower must provide 10%or more of project cost. <br /> Rate: Fixed at 3%. <br /> Term: Financing with a balloon payment in up to 5-years.Loans may be <br /> amortized up to the following limits: <br /> 20 years on real estate uses; <br /> 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: At a minimum,20%of Microloan dollars must be used for the <br /> improvement of the building facade,with exceptions to be considered <br /> when it appears the facade improvements are not necessary.Financing <br /> of leasehold improvements will be considered at a limit of$25,000. <br /> Permitted Fund Uses: <br /> a. Building construction <br /> b. Renovation and modernization of buildings <br /> c. Furniture,fixtures,and equipment(FF&E) <br /> d. Exterior renovation of retail or commercial buildings <br /> e. Financing of leasehold improvements including facade improvements <br /> will be considered at a limit of$25,000 <br /> f. Expenditures for the construction and/or renovation of residential <br /> units <br /> Ineligible Fund Uses: <br /> a.Inventory <br /> b.Refinancing of existing debt <br /> c.Working capital <br /> Energy Efficiency Improvement Loan <br /> Purpose: The Energy Efficiency Improvements Loan is available to property <br /> owners of commercial or industrial buildings in Elk River to provide <br /> low interest loans to businesses to invest in energy efficiency and <br /> improve their profitability through reduced energy costs.In addition, <br /> the microloan program helps the city of Elk River use energy <br /> conservation as an economic development tool.Non-profit <br /> organizations may be considered. <br /> Amount: Applicants may apply for the cost of improvements up to$74,999 <br /> roI1HF er <br /> Page 8 of 23 EDA&City Council Approved August 21,2017 AWR <br />