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Redevelopment loans in the cent. tM business district are exempt from job creation .~nd <br />wage goals stated in Section DJ, part 5, subdivision (e) provided the loan amount does <br />not exceed 50% of the project cost. <br /> <br />Failure to Comply <br />Businesses failing to comply with the above provisions will be subject to £mes, <br />repayment reqmrements, and be deemed ineligible by the State to receive any loans <br />or grants from public enddes for a per/od of five years. <br /> <br />Xll. <br /> <br />RIGHT OF REFUSAL <br /> <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 /> <br />Elk Paver Economic Development Authority <br />Micro Loan Fund PoEcy & Guidelines <br /> <br />Page 8 of 8 <br /> <br /> <br />