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<br />86 . Upgrade or replace Business Signage. <br />87 . Parking lot redesign and repair. <br />88 . Stormwater improvements. <br />89 . Upgrade facility to comply with American with Disabilities Act. <br />90 . New equipment financing that would improve processes of the business. <br />91 <br />92 3. Ineligible Improvements <br />93 <br />94 . Refinancing of existing debt <br />95 . Non-fixed improvements <br />96 . Working capital <br />97 . Inventory <br />98 . Sweat equity <br />99 <br />100 4. Minimum Requirements <br />101 <br />102 . The participating bank would be required to service the City's portion of the <br />103 loan at no cost to the City. Signature of a Participation Agreement between the <br />104 bank and the City is required. <br />105 <br />106 . Each loan shall only be approved after satisfactory recommendation by the <br />107 participating bank and approval by the Roseville City Manager. <br />108 <br />109 . Only one loan from both loan pools can be issued to the same business and/or <br />110 individual at the same time. <br />III <br />112 . The total loan will require the personal guarantees of all the individuals who <br />113 own more than 20 percent interest in the company. The City will take a <br />114 subordinate position to the participating bank. <br />115 <br />116 . Participating bank is required to use all customary lending practices in <br />117 determining eligibility for the loan to ensure repayment of the loan. The <br />118 participating bank shall provide the City with a written recommendation on <br />119 the loan amount requested prior to City approval. <br />120 <br />121 . Loan disbursements shall be the responsibility of the bank. The bank shall <br />122 make payments to the City on their proportionate share of the loan once a <br />123 month. Loan prepayments are accepted without penalty. The City shall <br />124 receive their proportionate share of any prepayments. <br />125 <br />126 . All improvements must conform to current zoning, City building codes and <br />127 ordinances. Any outstanding taxes, assessments and fees must be made <br />128 current prior to loan approval. <br />129 <br />130 . The City portion ofthe loan is not assumable upon the sale of the business. <br /> <br />Roseville Business Loan Policy <br /> <br />Page 3 <br />