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FUNDING AWARDS AND TIMING <br />The Council on an annual basis will award loans. The Council staff will review and evaluate <br />applications for consistency with regional goals. <br />If the Council receives an unanticipated number of loan applications simultaneously creating a <br />competition for funds, staff will evaluate the applications and forward funding award <br />recommendations to the Council's Community Development Committee. The committee will <br />forward its recommendations to the full Council. <br />MAXIMUM AMOUNT OF LOAN <br />The Council will fund up to 75 percent of the total costs and expenses of the work plan, <br />service or activity for which a loan is awarded. The maximum loan amount is $40,000. The <br />local match requirement of 25 percent can be in kind services or monies. <br />TERM OF LOAN <br />Loans will be interest -free and for a term of two years. However, under special circumstances <br />loans may be extended another year. MN Stat. 473.867, subd. 5 sets the maximum term of <br />five years. <br />LOAN AGREEMENTS <br />The Council will execute a loan agreement with the local unit of government that addresses <br />the funding disbursement schedule, the authorized use of funds, progress reporting <br />requirements, accounting and records, audit procedures and loan amendments. <br />March 2006 <br />