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Goal Attainment <br />In addition to attaining or exceeding the jobs and wages goals set forth in Section IV <br />of the Application, the borrower agrees to achieve at least one of the goals for <br />community development set forth in Section IX, part 5, subdivision (e) of the Micro <br />Loan Fund Policy. <br />Redevelopment loans in the Central Business District are exempt from job creation <br />and wage goals stated in Section IX, part 5, subdivision (e) provided the loan amount <br />does not exceed 50% of the project cost. <br />Failure to Comply <br />Businesses failing to comply with the above provisions will be subject to fines, <br />repayment requirements in accordance with the state statute, and be deemed <br />ineligible by the State to receive any loans or grants from public entities for a period <br />of 5-years. <br />XII. RIGHT OF REFUSAL <br />The Elk River Economic Development Authority may deny any project which it <br />deems inappropriate according to the guidelines established in this document. <br />Elk Kiver Economic Development Authority <br />Micro Loan Fund Policy & Guidelines <br />Kevised June 2004 <br />Page 8 of 8 <br />