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<br />City of Arden Hills <br />Economic Development Commission June 4, 2014 <br /> <br />Page 2 of 5 <br /> <br />Program Goals <br /> To encourage reinvestment in commercial and industrial buildings and properties. <br /> To support projects that will result in property maintenance and aesthetic improvements. <br /> To provide incentives for the retention and expansion of Arden Hills firms that will <br />promote increased employment opportunities for residents and a stronger tax base. <br /> To provide affordable financing that could not otherwise be secured in the private market. <br /> To advance other public policy goals adopted by the City Council. <br /> <br />Loan Structure <br />The program provides loans up to $50,000 for a term of up to 10 years at two percent interest. <br />Revolving loan program participation requires a 100 percent match by a participating private <br />lender, which has agreed to service the loans and to provide their match at a competitive market <br />rate. <br /> <br />Eligibility <br />Properties must be located within a commercial or industrial district. The following projects are <br />eligible for revolving loan funds: <br /> Real property improvements <br />- Internal fixed improvements (walls, ceilings, floors, lighting, windows, doors) <br />- Streetscape and landscaping improvements <br />- Plumbing, electrical, and mechanical systems <br />- Air conditioning <br />- Roofing <br />- Parking lot surfacing and lighting <br />- Accessibility improvements <br />- Energy conservation and energy retrofits <br /> <br /> Commercial façade improvements <br />- Cleaning and painting of exterior surfaces <br />- Repair or replacement of windows, doors, masonry, awnings, and decorative details <br />- Sign removal, repair, or replacement <br /> <br /> Fixed asset equipment <br />- Production equipment <br /> <br />Financial Guidelines <br /> The revolving loan may finance no more than 50 percent of the cost of a project, up to a <br />maximum of $50,000. <br /> The lender shall make the determination of the appropriate term; however, the term of <br />loan shall not exceed 10 years.