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2023-08-16 EDA Packet
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2023-08-16 EDA Packet
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All work must be completed within 12 months of issuance of a building permit unless written <br />permission of an extension is granted by designated EDA staff and financial institution (for loan <br />projects). This action does not constitute an extension to any other deadlines imposed by permits <br />or other regulation. <br />All eligible improvement work performed pursuant to an approved RLGP loan or grant must <br />provide a 12-month warranty from the date of accepted completion by the loan recipient and the <br />EDA. This warranty must cover the quality of materials used and workmanship in performing <br />the work. This warranty is the responsibility of the recipient and shall meet the requirements and <br />definitions in MN State Statute, Chapter 327A. <br /> <br />VII. LOAN PROGRAM <br />The Loan portion of the RLGP will provide one-half of each loan up to a maximum of $20,000 <br />(from the fund) at an interest rate of two percent, provided that funds are available. Multiple <br />loans may be made to a property owner(s), provided that the principal balance does not exceed <br />$20,000 (from the fund) at any time, and also provided that all payments of principal and interest <br />are current. <br />Local banks will execute participation agreements with the EDA to carry out their participation <br />in accord with these guidelines. <br />VIII. LOAN STRUCTURE <br />A. The RLGP shall provide a 100% match to private loans up to a maximum amount of <br />$20,000 RLGP participation. <br />B. The interest rate of the RLGP loan shall be two percent per annum. <br />C. The RLGP loan shall be amortized over a term not to exceed 10 years but shall, at the <br />option of either the lending institution or the property owner(s)be renegotiable at the <br />end of each three-year period, but no loan including extensions shall exceed 10 years. <br />In no event shall the interest rate on the RLGP loan change from two percent per <br />annum. <br />D. RLGP loans in the amount of $8,000 or greater must be fully secured with a perfected <br />security interest as determined by the lender. <br />E. The City subordinates its position on the RLGP loan to that of the lending institution. <br /> <br />IX. UNDERWRITING STANDARDS <br />A. Small and medium sized commercial buildings are defined as those buildings whose <br />gross square footage does not exceed 30,000 square feet. <br />B. Property owner(s) receiving RLGP loans shall not have more than five (5) or more <br />locations, franchises, or chains. <br />C. Property owner(s) receiving RLGP loans shall be legal permitted or legal conditional <br />uses within their respective zoning districts. <br />D. RLGP loans shall be made to fee owners or recorded contract for deed vendees. <br />5 <br /> <br />
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