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<br /> <br />Page 7 of 22 EDA & City Council Approved August 21, 2017 <br /> <br /> <br /> <br />10 years on equipment uses. <br /> <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 /> <br />Criteria: Borrower must be an industrial or high technology business and create <br />or retain one new full-time job for each $20,000 loaned within 2 years. <br />Said jobs must pay a minimum wage of $15.00 per hour excluding <br />benefits required by law. Loans of $75,000 or more shall meet the city <br />of Elk River Business Subsidy Policy for the creation of new jobs at a <br />minimum wage of $15.00 per hour excluding benefits required by law, <br />as well as a 5-year location requirement. <br /> <br />In the case where multiple sources of public financing are requested <br />(e.g. Microloan and Tax Increment Financing) job creation goals shall <br />not be double-counted. <br /> <br />Borrower must comply with the provisions of the city’s Industrial and <br />Business Park zoning ordinances as applicable. <br /> <br />Permitted Fund Uses: <br />a. Building construction <br />b. Land acquisition <br />c. Machinery <br />d. Furniture, fixtures, and equipment (FF&E) <br />e. Renovation and modernization of buildings <br />f. Public infrastructure needed for economic development expansions <br />g. Investment real estate with a minimum of 50% of the space pre-leased <br /> <br />Ineligible Fund Uses: <br />a. Expenditures for the construction and/or renovation of residential units <br />b. Inventory <br />c. Refinancing of existing debt <br />d. Working capital <br /> <br />Downtown Revitalization Financing Loan <br />Purpose: The Downtown Revitalization Financing Loan is available to business <br />and property owners in the Downtown Area primarily for the <br />rehabilitation and restoration of older buildings, as well as new business <br />development. Non-profit organizations may be considered. The <br />Downtown Area shall be described as that area in the attached in <br />Exhibit A. <br /> Amount: Up to $74,999 of secondary financing not to exceed 20% of the total