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131 <br />132 <br />133 <br />134 <br />135 <br />136 <br />137 <br />138 <br />139 <br />140 <br />141 <br />142 <br />143 <br />144 <br />145 <br />146 <br />147 <br />148 <br />149 <br />150 <br />151 <br />152 <br />153 <br />154 <br />155 <br />156 <br />157 <br />158 <br />159 <br />160 <br />161 <br />162 <br />163 <br />164 <br />165 <br />166 <br />167 <br />168 <br />169 <br />170 <br />171 <br />172 <br />173 <br />174 <br />175 <br />. A City application must be completed. In addition, a scope of work with <br />construction bids must be submitted prior to the issuance of the loan. The <br />City will conduct final inspections to ensure that the work was completed as <br />noted in the application and scope of work. <br />5. Ineli�ible Business Activities (per SBA Strandards) <br />. Nonprofit organizations and institutions <br />. Real estate investment and speculative activities <br />. Home based businesses <br />. Pyramid sales plans <br />. Illegal and gambling activities <br />. Academic schools <br />Minnesota Investment Fund (MS.116J.8731) <br />1. Eli�ible Expenditures: <br />The MNlnvest»tent Fund may be used to provide assistance for �nfrastt'ucture, <br />loans, loan guarantees, interest buy-downs, and other forms ofparticipation with <br />private sources of flnanc�ng. <br />2. Eli�ible �est� Criteria: <br />The loan meet be based on the following criteria: <br />. Creation of new jobs or retention of existing jobs; <br />. Increase in the tar base; <br />. The project can demonstrate that investment of public dollars induces <br />private , funds; <br />. The project can demonstrate an excessive pubic infrastructure or <br />improvement cost beyond the means of the affected community andprivate <br />participants in the project; <br />. The project provides higher wage levels to the community or will add <br />value to current workforce shills <br />3. Eli�ible Activities: <br />The loan funds may be used fot' the following activities: <br />. Acquisition of land <br />. Construction or rehabilitation of high tech facilities <br />. Site improvements <br />Rosevllle Business Loan Policy <br />Page 4 <br />