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<br />175 . The project provides higher wage levels to the community or will add <br />176 value to current workforce skills <br />177 <br />178 4. Eligible Activities: <br />179 <br />180 The loan funds may be usedfor thefollowing activities: <br />181 <br />182 . Acquisition of land <br />183 . Construction or rehabilitation ofhigh tech facilities <br />184 . Site improvements <br />185 . Utilities or infrastructure <br />186 . Machinery or Equipment <br />187 . Workforce development <br />188 . Housing development <br />189 <br />190 5. Ineligible Activities: <br />191 <br />192 The loan funds may not be used for the following: <br />193 <br />194 . Gaming operations <br />195 . Retail sales operations <br />196 . Nonprofit businesses <br />197 <br />198 6. Wage Goals: <br />199 <br />200 Businesses receiving loanfunds must pay between $12 - $14.99 per hour to be <br />201 eligible for each $6,000 in assistance and over $15 per hour for each $10,000 in <br />202 assistance. Funds usedfor housing development must meet the housing policy <br />203 goals. <br />204 <br />205 7. Minimum Requirements <br />206 <br />207 . A City application must be completed based upon the Minnesota Investment <br />208 Fund requirements. <br />209 <br />210 . Only one loanfrom both loan pools can be issued to the same business and/or <br />211 individual at the same time. <br />212 <br />213 . Each loan shall only be approved after satisfactory recommendation by City <br />214 Staff and the approval of the City Council if over $25,000 and approval by the <br />215 City Manager if $25, 000 and under. <br />216 <br />217 . The total loan will require the personal guarantees of all the individuals who <br />218 own more than 20 percent interest in the company. The City will take a <br />219 subordinate position to a bank loan. <br />220 <br /> <br />Roseville Business Loan Policy <br /> <br />Page 5 <br />