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<br /> <br />Page 10 of 22 EDA & City Council Approved August 21, 2017 <br /> <br /> <br /> <br />a. Energy efficiency measures installed in or on a building include: <br />b. Facility systems optimization (commissioning/re-commissioning) <br />c. Facility systems control improvements <br />d. Process efficiency improvements (CenterPoint Energy) <br />e. Lighting efficiency improvements <br />f. Heating, ventilation and air conditioning system modifications <br />g. Exterior envelope improvements <br />h. Motor and pump efficiency improvements <br />i. Ground-source heat pump systems used to heat or cool a facility <br />j. Installation of equipment or devices that use renewable energy sources to <br />generate electricity or heat or cool a building including solar electricity <br />(photovoltaic), wind turbine or solar thermal. <br />Ineligible Fund Uses: <br />a. Inventory <br />b. Refinancing of existing debt <br />c. Working capital <br />d. Expenditures for the construction and/or renovation of residential units <br /> <br />Micro-Brewery Loan <br />Purpose: The Micro-Brewery microloan is available to business and property <br />owners located within the city of Elk River. <br /> Amount: Up to $74,999 of secondary financing not to exceed 20% of the <br />Total project cost. <br /> <br />Equity: Must have private-sector commitments for 50% of the project cost. <br />Borrower must provide 10% or more of project financing. <br /> <br />Rate: Fixed at 3%. <br /> <br />Term: Financing with a balloon payment in up to 5-years. Loans may be <br />amortized up to the following limits: <br />10 years on equipment uses <br /> <br />Extension: In the event that the Borrower is unable to obtain conventional <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 /> <br />Criteria: At a minimum, 50% of Microloan dollars must be used for the <br />purchase of equipment. <br /> <br />Loans must be supported by sufficient collateral, which will include <br />personal guarantees. <br /> <br /> <br />