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1td.The business must have been in operation for a least six months prior <br /> to March 1,2020. <br /> e. Be a legal entity registered with the Minnesota Secretary of State and <br /> be in good staindung; <br /> k£ Be a conforming or legally nonconforming use under the current <br /> zoning regulations of the city <br /> g--Not be in violation of the city's zoning code <br /> ifrh. Be in compliance with city ordinances,codes,licensing,and <br /> must not have any delinquent taxes,bills,or other charges due to the <br /> c <br /> Amount: Up to$20,000 Loan <br /> Up to$5,000 in Property Tax Relief <br /> Application Waived <br /> Fee: <br /> Equity: None <br /> Rate: Fixed at 0%. <br /> Term: Loans will be payable over 5 years and will be amortized over a <br /> period of 10 years. mw <br /> Payment: Loan is deferred for 6 months upon approval of the loan agreement. <br /> Forgivable: Up to$5,000 is eligible for forgiveness for property tax relief for <br /> taxes payable in 20$Lease-or-ownership documentation is required. -- Commented[FGA1]:It would be helpful to clarify how <br /> Forgiveness for property tax relief will be granted if the Borrower has the BDA will be measuring the property taxes that will be <br /> met the reporting requirements listed below. forgiven. <br /> Will it be just the May tax payment or also the October tax <br /> Extension: In the event that the Borrower is linable to obtain conventional payment? <br /> financing to replace the Microloan at the end of five years,the loan <br /> may be extended up to two additional years at a market rate of <br /> interest. <br /> Collateral: Loans must be supported by sufficient collateral,which will include <br /> personal guarantees and/or corporate guarantees. <br /> Supporting <br /> Documents: <br /> a. Proof of ownership or signed lease. <br /> b. Proof of submittal,acceptance,approval and/or denial of SBA and <br /> DEED loan applications(not absolutely required <br /> c. Copy of page from business's most recent federal tax return indicating <br /> gross receipts or sales <br /> d. A W-9 form(with signature) <br /> rorlelo er <br /> Page 12 of 23 EDA&City Council Approved August 21,2017 AUR <br />