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uilding,Cons ion <br /> Construction includes the erection of a new,building and/or a <br /> major addition to an existing building. <br /> Purchase ac in r d Equipment <br /> Oakdale Seed Fund proceeds can be used to finance the purchase <br /> of major items of machinery and equipment independent of land <br /> and building. These items are defined to have a useful life of at <br /> least 7 years. The term of the loan will be commensurate with the <br /> life of the asset. <br /> Ineligible Project <br /> Costs The following costs should not be construed as part of the project <br /> costs under this program. <br /> a) Management fees <br /> b) Financing costs and fees <br /> c) Franchise fees <br /> d) Debt consolidation <br /> e) Moving costs <br /> Leasehold <br /> Improvements Financing should be permitted for leasehold improvements <br /> including construction on leased land. The lease should be equal to <br /> or greater than the term of the loan. The remaining economic life <br /> of the facility or leasehold improvements should be equal to or <br /> greater than the term of the Seed Fund loan. Financing may be <br /> provided if the land or building owner allows the EDA to secure <br /> lien positions on the land or building and improvements, sufficient <br /> to fully secure its exposure or if other collateral sufficient in value <br /> to fully protect the interest of the Oakdale EDA is offered. <br /> Limited or Single <br /> Purpose Assets The construction or the purchase of limited use assets should not <br /> be financed under the Oakdale Seed Fund unless the liquidating <br /> value of the asset plus other available collateral, if sold, would be <br /> 54 <br />