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3.0 HPSR 11-04-2004
ver MEMORANDUM TO: Heritage Preservation Commission FROM: Heidi Steinmetz, Assistant Director of Economic Development DATE: November 4, 2004 SUBJECT: Financing Options for Rehabilitation of Buildings Located Within the Central Business District Attachments • Incentives: A Guide to the Federal Historic Preservation Tax Incentives Program, National Park Service lY>ebsite • State Tax Incentives for Historic Preservation: A State-by-State Summary, National Trust for Historic Preservation Website • City of Elk River Micro Loan Policy & Guidelines Background At the September HPC meeting, the HPC requested a list of financing options that may be available to assist with the rehabilitation of Elk River buildings located in the Central Business District. The HPC indicated that the list would be used in preparation of a potential Historic District Designation. The HPC discussed the option that the designation be a joint HPC, HRA and EDA effort. Financing Options Federal Financing The Federal Historic Preservation Tax Incentives Program allows a 20% tax credit for the rehabilitation of historic buildings. The attached excerpts from the National Park Service Website include questions and answers about the 20% tax credit. State Financing The attached State-by-State Summary of State Tax Incentives for Historic Preservation indicates that Minnesota has not used tax incentives for the rehabilitation of historic buildings as extensively as other states. City Tax Increment Financing & Tax Abatement Financing The qualifications of the City of Elk River Tax Increment Financing and Tax Abatement Financing Policies do include "removal of blight or the rehabilitation of a high profile or Financing Options for Rehabilitation of Buildings Located Within the Central Business District Novcmbcr 4, 2004 HPC Meeting Page 2 of 2 priority site," however the City has primarily used Tax Increment or Tax Abatement for industrial development and redevelopment. City Micro Loan Program The attached City of Elk River Micro Loan Policy includes a Rehabilitation Financing Program, which allows up to $50,000 of secondary financing to business and property owners in the Central Business District for the rehabilitation and restoration of their buildings. Downtown Elk River building owners have used this program for the rehabilitation of the Diamond City Bread and Olde Main Eatery buildings. Questions? 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O "~~' A '00 t D N . w . ~G C O ~' ~ C C N O C ° '~ ~ 'fl 7 N Q ~ 3 ~. ~ ~ H G ~ T ~ ..~ `G ~ _. ~.y H ~ N .a t° n !9 ip ~ O Cl N1 d A lp ~ ~ ° rD o c ° rn ~ '. d o m ~ p W o ~. 7 m ~ ~ ~ f9 is O ~ N !D ~n O ,.~ O. ~ O N ~ C d O ° ~Cj, O ~ c T ro o- ~ O K ~ ~ ~ ~ ~ ~. ~ N ° ~ ~ ° T ro ~ i ~ s 1 ~ ~ ~ ~. a Q a~ ~ T Z _s o n = ~ ~ -1 to O O Q ~ N _ d~ O ~ - ~ ~ !D n~ ti ~• ~ T ~ ~ °O i -F 'O O • C ~ ON ~ C O r~D ~_ ° ~ C ~ O O 7 d' O /D C fp ~ ° C !^ ~ n ~ o ~ ~' ~ n d d d n N N ~ ~ ~ d c 1 . ~ n m !D d '^~ '~ ~ C ~ 0 • Vf vVi --~ ~, o ~c d.~ ~ a ^ 0 0- rc ry °- r~e ~ r-ce v °' °c ~ o_ ~ ~ ^ a ran ro ~ O.. m..iy o , ., ,~, , v+ c oZ o ? ,p. .. ~' - °' Q 3 ~ ~ ~ T ° d 't ~ ~ ~..in C ~ ~ d~ ~ ° ! 9 O N ~~ a ° o x 3 ~ ~ r°o =' ro ~ o c ~ ~_ o ~. d > > ~ o- m z p~ C fD S~ ~ fU O~ `~ C N O. d~ O~ d ~ T d - -h vr:0 ~ O l Jt O n O ~ ~ • n G p ~ ~ N ry ~ ~ ? .. 1 ~ d O~ ~ d _ ~ O Oi lG r !D `G ~_ p° d ~ d O K " _ " G t9 K t D ~ (D , p N N yi O n ~ ~ ~ C C+ L~ O ry ~ , O O O ~ T ~ d !9 > ~ ~ ~ 0 n d ~G ~ d = G ~ _. d ~ C ~ d d - 0' r, a .o a ~^. a ~. a ~ a a ~ ~ ~ ° io in v t° o d _r, ~ x 'o a s x. ~ x. x tp N y d d N N d ry Dl N a m., x~ x ;, x ;, ~n io a 3~ ~T'~t n1 ~ `~ ~ a ~ ~ m fD ~ r s d ~ ~' W _ ~ 7 N ~ y 'O 'O O o o • v ~ v+ ~ 0 c~ c ~O l.n 0o v y o ~: . 7 O ~° > ~C ~ w O = T ~ 'O f9 N d "y d ~ /C '~ N . y O ~ ° ~ °-' ~ ~ Z o O'O ~ d ~~ ~ d d T °. ~ ~ y ~' y v '~ 7O ` d < !D O y ~ ~ < ~ a y ry ~ ~ r° ~ X O N CA ~ ry ~_ a ° < d 7 '° ~ ~ Z ~ ~ !D N d ~< ~ V ~. ~ lA ~ ~ = O v+ N W ~ d N 1n ~ _ ~ 'F ~ l.A p ~ H oo ~ co ~ n ~ ~ d ~n P1 V ~, V `y ~ ~ ~ ~ ~ ~ K Z N ~° '*• o ° ~ c O m d 3 ~ ~ ~ 3 ~ ~ a o. c ~ ~ ~ ~ o ~ x o '~ p ~• ~ _~ ~ z ~ x 3 `~ _~ _...~.., 0 0 (D 7 O 3 v o' 7 N 6 O .~. G (D 7 (D CI, N 7~ ~_ G fD Vl O S N 0 n .D (D SU O• 7 7 d 7 d y O ~_ N C Q O K N 'zu C ~ JC = N d ~• (D - y ~ ~ `C H a H T ~ ~ x m ~ C d n v~ o iv ~~ c N o ~ N C H p ~' io Am~.yy v, N /Y ~ d O d ~ ^ ~ O_ ~' ~ O_ v i _.~ ~ ~ N _ t D r D m G b N rD ~p ~' = ~ v d (y = O y d ~ fC 70 _ Q.O d ~ 0~.. -O ~ ~ ^ ^ N .~. ~ ~..p O p O 70 ~ __. ~ t D ~ > > N o O d 7 . A ~ ~ _ o . O _ ~ ~, C O _ ~ ' ~ ~ X O C y H v~ N n O ~ d ~D O~ "" ~ a ~ d ~ _ 'O N !D ~ ! N 3 D d ~ ° 0 3 ° c S ~ ~ o '^ ~ o o °- Q !D ro a .-r ~ _ ~ ~ d ~O O K ~ iy ~ ~ T ~ ON b d ~ ul O d X ~ ~ lNil .+ o..o. C = ~ ._~, ro ~. iu ~ ~ n •v". ~. ro v -. an .. ~ to ~ T ~ O ~. N (D (D ^ N G K !" ~ ° N C ~ O O S C ~ oi ~i ~„ ~ N b 1 'O C /C X = 40 Z ~ O ~' O O D_ lJ1 O » !~ N O ~ !D O ~ T ~ d O C 'O j tp d>>~ O• N S~ O O O O d O ~ ~, ~ X Z Ip y C !^D O d O_ d H 7O d 'O O c ~; v ° ~- ° v ~ ° fD C d O N v~ _O ~ v C C N _ ~ ? 3 ^ ~ o r u p'o. c, - c o , o y A o_ `n ~ d d • ~ ff ~ c °~' ~ a ~ ~ ° YC o, -, c ,Q N . o ~ o..~ 3 ~. , v+ o = O. d fD `^ ^ ~ ~ ci y o ~ n A _ to ° ~G ~ ~ S ~ ~ -"* Oa d S v -°o ~ 77 ~ ~ ~ 2 rho D + ~ ,o'., o c ^ a ~ .--r ~ ~ d O ~ A O_ ~ ~ 'p O d O O O ro ~ ~_ a ~ - a ~ o. ~ ro N S d Z ~ X rn i C H n O_ ~ ~ fD d ~ ... d c in ~ o G~ m N ~ N S R~ O O ~ ! O O p a n . d p ~ _ T o ~ ~ ~ A o ~ d. c Z ~ ~ N QO l0 1 ~ ~ C jp O i ~ ~+ ~' ~ ~ O d ~ !D ~ N' M Z K ~ d d 0 ~ 7 ~ ~.OV.°i. ~ tNn C C ~ N 7 ~ v~i~ ~ ~ W - Vt C f N '~ ~ ~ x ~ ~ 3 ~ ~ ~ ~rn~ d ~ N ,~ x \ C ~ d .~ C l O { ~ Z ~ ~ 9 d ~ H ° ~ a d r, O M (D' n ~ ~ T 7 a c \ o ~ O S C _ ~ rD 70 O ~ ~' a ~ ~ ~ c ~ ~ w ~ ~ 3 0 ~ ~ 3 1U 0 3 O fD 7 0 N O v O .~~. O 0 G m m i ~l 7 f7 LU 7 N ~_ C O S (/1 O (7 o' 7 m S1 :~ C N_ O O S fD '~ C Q ~ ~ . ~ ~ ~ d N N _ ~ s lp C ~ d a H v. a ~ c c rn r9 ~ O 'G ~ ,~ O ~9 fl, -. d d ~ d = ~ O o ,Q m r° ,a ~ O ~ ~ ~ ~ !C ~ !9 ~ .-e T . ~ _ O ~ . y o- °' a N a. ° ~ rD o a x '~ rn y N a ~ ~ ~ ~ ~ ~ , a O ~ _ ._+ C ~ °' v O_ C ~ ~ ~ O > >. O O ~ C O~ ~O Z ~ _ N Z V ~ O O rD O ~ 6l'I < ~ Z N O ~ N O Vl O d _~ ~ `G O !9 T ID O~ ~ ~ O N E 'L O d ~ O N C O ~ S C n ~ O ~~ ~ = O ~' ~ O ~ C O. ~ ~ f~D C ~ o tG H = t0 Ip ^ ~ ~ ^ v. C O ~ 7 d O d - 7 Vim' C . ~ d ~ N =-r ~ O 2 b d O rp <' ~ ~ ! O d Q (p ~ ~ O ~, N ~ ~ !p ~„~ ~ n YC d ~. ~ ~ d < ~ ~ ' _ , r ~- N n ~ ~ ~ N ~ O. O O+ o~~ :+ D Q d tD d O O Oi O d ~_ G 1 G N ~ O O fD C~ !D !D O ~ ~ C y ~< N .~ D d V n C d O ~ O_. ~ ~ C ~ 7 Imp N t0 O_ O ~ p t~ ~' ~ C ~ d ~~ ~ ~--1 T a ~ ~ ~ ~ ~o a a °~ ~ ~ v d v ~ ,r°.r ,' ~ ~ m ~ ~ °' ~ a ~ ~ ran v o_ ~ 2 N v ~ ~ o f9 _. ~n ~ °-' o ti p a o o °' ~ a .o o a ~ ° - 3 fD ~ a ~ mo O C fD 0_ H = N ~ ~ ~ C 10/l r ~ . .. . - o ~ !U !D d ~ vCi O K ~ O fD O ~ ' ~ ~ T tD ~•' d C fl'I ~. rG O O_ N C Ol 7 _ ._-r d-p S rn ~ S'x0 Ci '.N~' n O O ~ ~ ~ C d ~ . o ~ ~ d d T~ N 00 ~~ C d~ ~ C~ K Q; G~ , p~ t0 d - O K ~ ~ . ~ N ~ Q ~ ~ ~ C ' ~ ~ 0. .< y /D O, D. ~ O !9 t9 Oi O !9 O V ~ d ~p ~ tII ~ T fl ~ ~ S lJ1 .~, d tU . Y N `~ O ~ O ~ v: y `G N C .~- 7 ~ Oi ~ S n ~ •^-. rn v. o- o ~ ~.. ~ O ~ ~ -° N 0- ° W ~ ~ v ~~ c -- ~ a c N ~ ~ ° v o m . ~; ~ ~ 3 ~a c ~+ > ° o, 3 x ~ ° > c c d o~ o- = d c ru .T.~ m _ a O `< Ll 'O N O G N ~ 7 N p N lJl 'iC H .. ~ O ~~ o ~ ~ .a °i vv ~ S ~ !D S.N. C O ~ ~ ro ~` d O ~ ~ ~ n a Z _ ~ fD v °< c o ~ n. ~ ~ a `D o 7O ~ a m ~ r~o ~ ° O ~ fD ^ ~ ~D ~O S ~ O ~ x n !D d Z p ~ ~ ~ ~ ~ ~ ~ ~ ~ V - ~ O~ ~ ~ V ~ ~ ~ <G O ~ IN H ~ N 7 ~O N~ W O. ~ V d ~ ~' ~ ~ O W~ W~ 7 d ~ S d d N O~ ~. S ~O v=Si N d V 2 ~ J S~ 2 ~ v !D ~ N ~ `~ ~_ 0 P1 O O< O V vi + ~ w ~ j O O V d O~ b v. ~ 0 0~ O i0 O _ Oo C = ~ o, l0 °' ~ ~ ? n ~ d ~ a d o < r, ~, ~ o ~ a c = v, O o ~ `n S a ~ ~ a a ,., Z S c a '° ~ ~° n O ~ c ~ .~. O ~ ~ ^ o ~ ~ s 'y ~ V ~ ~ ~ r. a y ro rn ~ ~ a~ Oi O O V Z ?_ lJ1 'T1 O 7 O 3 01 0 01 Q O ,C.. O O m .~-~ ~l 7 LU 7 n, ill _? N 0 n (D N Z 01 O~ ~~ 7 d '. C H O ~_ T ~_ C 1Z K v Z z Z ro Z ~ `~ Z ~ ~ +T N _ , ° X -` -O d ~ p C T in d ~ ~ ° d r=1 b ~ d ~ < ~ O N _ ~~~ O r9 N d d O N O n O O ~ d ~ '0 ~ n.+ o ~ o . ~ o ~ o+ ~ - in 70 d O ~ _ ~. tr ~ ~ O ~ ~ a x d T ran o ~ ~ °- c `< a ro ~ °n ° ~ ~ d a o ~ z Q~ ~ a a~ < a S ~ ° iD ~ jp' a d d fD = yy ~C v, o~ s° ~ 'n • -r N y a ~•~ _ ~ ~ ~ z d a . ; o_ . o x in ~ .°+ c ? a ~° x y r o ~ ~ ro S ° ~ o ° ~ n' 2 ~ r n v ~ _ vt d V1 O ~ 7 d `G d G~ '."~ X d G _N d L ~ ~ to N ~ C~ ~ O NOp O X ry N ~ a ~ N ~ l~Nipl ' ? ~ d O ~ ~. a W S ~ ^ O C d~ O i C - ~G d C ~ C Z ~ d ~ ~ N ~ '~ .." ~ ..~ ' G ~ '. Z 2 p. ?~ d ~ ~ N %n...ro ~ m a o~ ~ c ~ ~ d - w d o ~ n ac d° rD N ° N `° 3 d - a a .~ ~ n s . -. c . ~ ~ G-, o .~ , r n ~ ~ ~ o ...~ n 'y ro ° ro C °, rn, a p T C C ~ O `.C n ~ ~ _ ~ ~ ~ rD n fn n 'O `~ r _ -. 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N O~ ~ ~ N O ~ v o a J O ~ O ~ d t9 O ~ W~ a~ N in V In V S d O d p C N ° V 2 ~ < u+ ~' i1 ~ O ~ OO Ci d ~ G~ ~ Vl P1 ~ o ~ n H 2 ~ ? o o ~ ~ ~ ~ . ~ ; ~ a ~ ~ N ~ o N o N y °- _ ~ in o ~ -°.. a o' `n to ~ - o ^ O QO 2 .d-. x o o o ~ n ri = ~ A S a ~ ~ o.' ~ O ~ ~ rti '° ~ ~ d c ~ a ° ° ~ nn + o ° ~ rn d O _ 0 o x •• c rnn ~_ ~ T 0 0 m 7 O 3 v o' Ol Q 0 co 0 m 3 m N 7 n N _~ ~_ 0 (~ v m N fn Z S1~ O 7 N~ 0 3 m c' H ~_ -o c Q ~• m ~ m Z z O O O - p ~ ~ N y O O S ~i T d _ ~ ~ ~ O O d ~ d 7 N ~~~ o d d o~ o, ~ ~ o~ H d G ~ ~ _ r rn 7 0 r D ^ ~ ~< ,.' . O a N V? a 70 ~ a ~ O j : .-. ~ v T ~ ~ o ~a ~., ~. rn ~c 1 O ~ ~ ~ ~ o n, ~ a. '^ ran a • ~ ~ ~ .. ~ N r ~ ~ n .~-. ~ o a o _ N O ~ ~. 70 ~ d d ~ > > a ~ T ~ Srr n~-, H. ,o... a .Q fl, N d Z iii. 3 o Q. o o~ ro O O ? Z O v+ y D N d c O ~ H ~ tSD ~ ~ d n ~ ~ O ~' N ~ O O t~ d O O N N O. .o ti ^ ~ l fi rn .~- GCi N a C= o .-. a ~. Q. ~ ~ G ~ C ~ rn p w O C iD yf r G Q ~ ~ O ~+ ~ ~ N O 7o p . O a C ran N O. ~ ~ ~ -~ 0 3 -~, a -~ , l/1 ~ O~ N rn rD o . . ~ .O ~ ~ n~ 3 T N ~ ~ --n r p S O ~ O ~ ^ ~ n O ~ ~ d O ~ ~ a O ~ T ~ G ~ ^ r D A O w N. n - W N vi d< c , ~ O T 0 0 ' o o O ~ w ro d n O rp x . A ~ ° ~ 0' ~ ~ _h O O a a O C ~ ~ JO r n o r`n• ~ .,, ~c ~ rn n i ma ~ in ~ m n -• d a ro ~^„ O y ^ y .+ ~ .~ ino.~ °' ~. d - a v rn d O K ~ ~ Y ~ ~ i t0 ~ i ran v O. = X o `~ ~ J =~ C d O ~p d -O i N B .o o •°° °• '~ m a rnn a ~ '" Qe ~ ~ v o ~ ~ o _ T d ~ O' O ~ ~ A ~ ~-. n Z Or a T ~ ~ _. ~ OJ O ~ N ~ ~ °.~ a ~ a n .^. m ~ ~ ~ a ° ,,, v ° o Z rn ~ 3 ~C d ~ 3 o ~ ~~ rn v j ~ v,o f.. owl. F ~o ~ ~°„ ~ g a.o f ao g vv+ ~ ° ~ g ~oz ~ .o ~ ~ V ~ W O ~ V1 S ~ N ~ W ~ V S iD~'O Oo `G S V~ ~ V O S 00 N ~ N O N~ p ~O = S 00 _ in N ~ N W ~ w !"1 -O w d _ o p1~ •„ w n, oo v ~ , .,, o~ a s cr N ~+•+ a O n in ~n ~ ~ ~ ~ ~ ~ ~^ a _ ~ ^ l.n nJ S rD S n ]r i'i rD O O ~ H ~ Z O ~ a O y N ~ ip 7 C O 0 ~ ~ '11 O ~ a = ~ ~ ~ a ~ ~ ~, d p -o o O Z o ~ ~ ~ ~ ~ a ~ -. ~' ~ 3 o 0 .°-' %n 7 0 v O m Q O 7 3 (D 7 O. 01 7 (D O 3 O ~~ (D v o~ 7 7 07 O C N_ O fQ C 7 O. fC S '+ 3 CD C f~p 7 S S " d ' H ~ ~ 0 / 1 d y H N fD ]r O H OJ m ~ o d - d c a IC ~.. d ~ n -G '.. x c o ro m G < c ro ~c In d ~ N `~C ru o rp rn ran rn = c, .- oo ~ ~, re ~ ~, ~ ? H d ~, ~ ~ ~ n• rn ~ ~ r o 00 " o c ~ -" o ins rn~'jf9.~ ~ a G o+ a~< v a < ~"o = o ~~ ~ 9 • _ d' d O ~ fy C ' 1 C ~ d 'O O ~ ~ "C O fl ~y < iD t0 p ~ ~ ~ T t/t to N d O O. 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N ~ ~ ~ ~ _ o I _ ~D d y p ~^ Z T ~ ~ W O N ~ v+ •A ~~ o i v a ~ .-1 d ~ o O v ~O + o• Z r<o a (o 0 ~ ~ ,~., S ~ 00 C S~ In -i ~ O~ -~ ~ O~ to ~ 00 p ~ ~ !l 7C ~ d ~ N ]K ~ l.n O ~ lOi1 C ~ W'~O ~ OJ O O N ~ ~ ~ .~ ~ ~ N ~ !~D y ~ W GI S _ N d iD Q. W p O~ ~ N ~ N h H H ~ W lD ~ 2 'y, O~ C ~ ~ !D ~ 2 H W ~ 'A O N ~ ~ O-r ~ N 0' N ~ O~ > ~ O ^ O O ~n .e . O ~ d . r'~ p O O_ N V n C O~ , o y o `~ "'' , c w S O ~ o+ Q n c _ o o, ~ a ,. o• Z S ~ t/~ ~ ~ /•y = = d < 1 ~ n ~~ to 7 ~ S O S d < !D Z T •O N !D 'D ~ s ~ s g ~ a _ a o• \ ~~ q ~i 1 n~ N a O .~~. f0 0 3 lD 7 n fD O _S ~_ 0 n (D fD v O 7 7 O 7 K C M O ~_ S fD C 7 Q 7 fC S .~ ~ ~ ~ ~ N _ C l~ j. d ~ to O ~ _ ~ ~ d _ ~ j rr a T to _3. p..~ ~ ~ C p d - ~ ~. ~ n o ti N d -po ~ C. l~D. O ~ ~ Vl O ~ 7 ~ N O O N ~` ~ O~ O T A ~. ~ ~C ~ ~n d ~ S O^ _ ~ A. O ~ ~ y f~ ~ O T `< 3 a~a t D x o a a` a c ° m . . rv ~ ~ °' a ~ C• ~ 2 O !D d. .~-i T o. ~. O o_ o- lJi M ~ ~ Z ~ ~p ~ t `< O ~n d ~ ~ ("1 lP - ~ d A ~" N N N ~ Z'fl N~ 7 O ? ~^ C iA d N d "~~ 'O O d ~ O_ ta. ~ S pp O ~~ . d N ~ = Oi C ~ ~ d o~ O fD 'fl S d O S y ~ ~^ C~ O ~ ' ~ -O . ~ ~ A ._-~ O 2 O ~ ! ~ ~ C ' ~ _ > > rD O N d c ~ = N - N 7 N i S _ O ~ ` D O < d ~ fl' ~ D WOW = d . ~-r ~ f i O C r D = Oi ry v ~_ N ~.~ O O . O C+ O n ~ tIl N d 7 n p ^ d -O ~G n O' d C ~ N N~ ~ r •~ ~ O C~~ ;••~ y. ~, Q~ Q N Z `~° 3° 'a ~„ a ~ -~~. o d a •`° = ro' ~ f9 ~ ~. d - O_ c+ a o+ o y 7 m ? n ~ " ~ 7~ ~ Q ! ( O _ _ H O` ~ ~ ~ O T ~ _ N ~ O d D- d d ~ ~ 9 n 9 N N ~ ~ !D n ~- ~ .gyp C- ~^ T ~ O !D ~ O O .' ry `< H G~ .d-' !CD C lnD O O C N a Q C ~. N d O ~ y ~ ~ N n ^ 0' N !SD p ~ 7 d ~ .7.r ~ ~ n ~ ~ .-r 'fl O N C rD P1 y 'O O C On ~~' . 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O ' ~ D = !D N p ~. ` !D d `G ~ O ° n O_ ~ a o O -w Z ti o n' x ~ ~ ~ T O ~ S ~ ~ ~ ~ s z °: ~ a a ru X N ~ N d O ~ Z j ~' ~ ~ N. 'o' 0 ~ ELK RIVER ECONOMIC DEVELOPMENT MICRO LOAN FUND POLICY & GUIDELINES Revised June 2004 I. PURPOSE The Economic Development Authority for the City of Elk River (EDA) recognizes the need to stimulate private sector investment into manufacturing facilities and equipment in order to create new jobs, boost productivity and retain existing jobs for local residents. Additionally, the need exists to encourage investment in the expansion and/or rehabilitation of commercial and retail buildings in order to maintain the economic viability of Elk River's central business district. Subsequently, the purpose of this program is to provide low interest, long-term (i.e. greater than one year) loans as incentives for industrial development within the City of Elk River and to encourage commercial and retail business owners in the central business district to rehabilitate their existing buildings. II. LOAN PROGRAMS In order to meet the economic and community development objectives of the EDA, two distinct loan programs exist within the Micro Loan Fund to promote business growth in Elk River. The purpose of the Industrial Incentive Program ' o encourage industrial development that supports the tax b and brings quality jobs to the city. Amount: Equity: Rate: Term: $100,000 of secondary fmancin;~ot to exceed 20% of the t cost. Must hav nvate-sector co tments for 50% of the project cost. Borrower to ovide 10% more of project financing. Fixed; 2 points b e lowest prime rate published in the Wall Street J the day the loan is closed, or 3%, whichever is greater. Financ~ with a balloon pa~ pay nt must not be longer th ticipating bank. Loans may t in up to 5-years. The balloon the balloon payment of the ~mortized up to the following 15-years on real estate uses; 10-years on equipment uses. Elk River Economic Development Authority Micro Loan Fund Policy & Guidelines Revised June 2004 Page 2 of 8 Extension: In the event at the Borrower is unable to obta~ onventional financing to r ace the Micro Loan at the en of five years, the loan may be extende p to two additional yea at a market rate of interest. Criteria: 1. Borrower must be a ~ dustr~ trm and create one new full-time job for each $2 , 0 oaned within 2 years. Said jobs must pay a minimum wage of 0 per hour plus benefits. Loans in excess of $75,000 shall meet City usiness Subsidy Policy for new job and wage goals, as as locatio requirements. 2. Borrower st comply with the provisions of the city's industrial and busin park zoning ordinances. '~ Redevelopment Financing Program Purpose: The Redevelopment Financing Program is available to business and property owners in the central business district (CBD) for the rehabilitation and restoration of their buildings. Amount: Up to $50,000 of secondary financing (not to exceed 40% of the project cost. Equity: Must have private-sector commitments for 50% of the project cost. Borrower to provide 10% or more of project financing. Rate: Fixed; 2 points below the lowest prime rate published in the Wall Street Journal the day the loan is closed, or 2%, whichever is greater. Term: Financing with a balloon payment in up to 3-years. Loans may be amortized up to the following limits: 15-years on real estate uses; 10-years on equipment uses. Extension: In the event that the Borrower is unable to obtain conventional financing to replace the Micro Loan at the end of three years, the loan may be extended up to two additional years at a market rate of interest. Criteria: 1. At a minimum, 20% of Micro Loan dollars must be used for the improvement of the building's facade. 2. Borrower must be located in the Central Business District (see attached map). Elk River Economic Development Authority Micro Loan Fund Policy & Guidelines Revised June 2004 Page 3 of 8 III. USES 1. Permitted Fund Uses: a. Building construction b. Land acquisition c. Machinery d. Furniture, fixtures, and equipment (FF&E) e. Renovation and modernization of buildings £ Exterior renovation of retail, commercial and industrial buildings g. Public infrastructure needed for economic development expansions h. Investment real estate with a minimum of 50% of the space pre-leased 2. Ineligible Fund Uses: a. Expenditures for the construction and/or renovation of residential units b. Working capital c. Refinancing of existing debt d. Inventory IV. BUSINESSES ELIGIBILITY Any project meeting the above criteria, and located or proposed to be located within the city limits of Elk River as defined by this program, may be eligible for an Economic Development Micro Loan as further defined herein: • Business must be afor-profit corporation, partnership, or sole proprietorship. • Business must be a small business as defined by the Small Business Administration (SBA). • Business must have a positive net worth. • Religious, political, and pornographic enterprises are not eligible to use the Economic Development Micro Loan Fund. V. MICRO LOAN FUND TERMS & CONDITIONS 1. Loan Structure All EDA Micro Loans will be structured as participation loan~~ and will be serviced by the project's primary lending institution. Such an arrangement allows for the central distribution and collection of funds and simplifies the financing process for all parties involved. A participation agreement will be signed by the borrower, primary lender and the EDA. The EDA may require additional agreements to be signed by the borrower (i.e. security agreement, personal guarantees, job performance agreement). 2. Simultaneous Micro Loans The simultaneous use of different Micro Loan Fund Programs by any one borrower or for any one project is prohibited. 3. Call of Loan A loan shall become due and payable in full if a business relocates outside of the city of Elk River prior to the maturity date of the EDA loan. Elk 12iver Economic Development Authority Micro Loan Fund Policy & Guidelines Kevised June 2004 Page 4 of 8 4. Late Payment Charge A late payment charge of up to 8% of the installment amount may be enforced. VI. REGULATION FOR NEW CONSTRUCTION AND IMPROVEMENTS All buildings which public funds will be used for construction or renovation are to be brought into conformance with city codes and policies. Repairs may include the following systems and portions of real property: a. Mechanical heating, plumbing, and electrical b. Structural; including the facade of the structure and energy related unprovements. Hook-up to city services (i.e. water, sewer) VII. LOAN SECURITY AND GUARANTEES Applicant must be able to secure the loan by providing the EDA with a minimum of a subordinate mortgage upon the building and/or assets or other approved collateral. Applicant must demonstrate the financial means to repay the loans, as determined by the Economic Development Authority. Whenever possible, personal guarantees will be made part of any loan agreement. VIII. TIMING OF PROJECT EXPENSES No project should commence until the Elk River Economic Development Authority has approved the loan application. Any costs incurred prior to the approval of the loan application are generally not eligible expenditures. No building construction should commence until the required City permits are secured. The applicant will be responsible for all legal, recording, and other fees required for protection of a security interest in the loan, payable by a 1% processing fee, which is paid at the time of application. IX. PROCEDURAL GUIDELINES FOR APPLICATION AND APPROVAL 1. All applicants shall first contact a primary lending institution to determine if additional equity is needed, and if so, how much. The applicant and the primary lender shall then meet with City Staff to obtain information about the Micro Loan program, discuss the project, and obtain application forms. 3. The applicant shall complete and submit an application form to the City, along with a processing fee of 1% of the loan request. (The fee is used to cover processing expenses and will be returned if application is denied.) The applicant must provide evidence of their ability to meet the equity requirements or provide Elk River Economic Development Authority Micro Loan Fund Policy & Guidelines Revised June 2004 Page 5 of 8 a letter of commitment for conventional financing from the primary lending institution. 4. The application will be reviewed by the City staff to determine if it conforms to all City policies and ordinances and to consider the following: a. The availability and applicability of other governmental grants and/or loan programs. b. Whether the proposed project will result in conformance with building and zoning codes. c. Whether it is desirous and in the best interests of the public to provide funding for the project. 5. The EDA Finance Committee and EDA Commissioners will review each application in terms of its consistency with the goals of the Growth Management, Strategic, and Economic Development Plans and in relation to the project's overall impact on the community's economy. Redevelopment Loan applications will also be reviewed by an HRA member in conjunction with the EDA Finance Committee. They will also evaluate the project application in terms of the following: a. Project Design -Evaluation of project design will include review of proposed activities, time lines and a capacity to implement. b. Financial Feasibility -Availability of funds, private involvement, financial packaging and cost effectiveness. • Appropriate ratio of private funds to Micro Loan funds. • Sufficient cash flow to cover proposed debt service as demonstrated by financial statements and projections. • Business must show a positive net worth. • Letter of Commitment from applicant pledging to complete the project during proposed project duration, if the loan application is approved. • Letter of Commitment from other financing sources stating terms and conditions of their participation in the project if applicable. • Sufficient collateral. c. All other information as required in the application and/or additional information as may be requested by the Economic Development Authority. Elk River Economic Development Authority Micro Loan Fund Policy & Guidelines Revised June 2004 Page 6 of S d. Project compliance with all city codes and policies. Program Objectives - In addition to quality job and wage creation/retention requirements, the applicant must meet all Micro Loan Fund criteria and demonstrate how the proposed activities will meet at least one of the following objectives: • The project contributes to the fulfillment of the city's approved and adopted economic development and/or redevelopment plans. • The project prevents or eliminates slums and blight. • The project increases the local tax base. • The project brings a structure into compliance with an existing building code violation. 6. A written request for an extension shall be accompanied by a copy of current financial statements and a $500 upfront processing fee. The processing fee is used to cover processing expenses and will be returned if request is denied. The application for an extension beyond the original term should include a letter of denial from a conventional lender. Refinancing will not be allowed solely for the purpose of reducing the interest rate due to lower market interest rates. 7. The EDA Finance Committee will recommend the approval, denial, or request a resubmission. A recommendation from the Finance Committee will be forwarded to the EDA for final action. X. LOAN POLICY REVIEW The above criteria will be reviewed on an annual basis to ensure that the policies reflected in this document are consistent with the economic development goals set forth by the City. XI. COMPLIANCE WITH STATE STATUTES Each company receiving assistance in excess of $75,000 from the EDA Micro Loan Fund shall be subject to the provisions and requirements set forth by Minnesota State Statute 116J.993 and the City's Business Subsidy Policy summarized below: Progress Reports The borrower shall file a report annually for two years after the closing of the loan or until all goals set forth in the application have been meet, which ever is later. Reports shall be completed using the format drafted by the State of Minnesota and shall be filed with the Ciry in March of each year for the previous year. Maintain Facility The borrower agrees to maintain and operate its facility at the site where the loan is used for a period of 5-years after the date the loan is closed. Elk River Economic Development Authority Micro Loan Fund Policy & Guidelines Revised June 2004 Page 7 of 8 Goal Attainment In addition to attaining or exceeding the jobs and wages goals set forth in Section IV of the Application, the borrower agrees to achieve at least one of the goals for community development set forth in Section IX, part 5, subdivision (e) of the Micro Loan Fund Policy. Redevelopment loans in the Central Business District are exempt from job creation and wage goals stated in Section IX, part 5, subdivision (e) provided the loan amount does not exceed 50% of the project cost. Failure to Comply Businesses failing to comply with the above provisions will be subject to fines, repayment requirements in accordance with the state statute, and be deemed ineligible by the State to receive any loans or grants from public entities for a period of 5-years. XII. RIGHT OF REFUSAL The Elk River Economic Development Authority may deny any project which it deems inappropriate according to the guidelines established in this document. Elk Kiver Economic Development Authority Micro Loan Fund Policy & Guidelines Kevised June 2004 Page 8 of 8