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11. <br /> <br />12. <br /> <br />13. <br /> <br />the aV~tbility of EDA financing, and that a major inducement to the company to maintain <br />or expand its facility in the City was the EDA financing. <br /> <br />LOANS MAY BE MADE UNDER THIS PLAN TO THE EXTENT THAT FUNDS ARE <br />AVAILABLE <br /> <br />If the RLF is terminated, the FDA will provide written notice to all participating lenders of <br />the I~DA's intention to terminate the RLF. If the KLF is so terminated, such termination <br />shall hot affect the fights and obligations of the participating lenders nor those of the EDA <br />with r~spect to loans outstanding on the effective date of such termination. To become a <br />parti~pating lender, a federally insured financial institution need only provide a letter to the <br />EDA Of its agreement to the terms of this Plan. A participating lender may withdraw from <br />the pr?gram at any time, with respect to future loans, by giving written notice to the FDA <br />of its latent to withdraw. <br /> <br />IN ORDER TO RECEIVE CONSIDERATION FOR AN RLF LOAN, THE APPLICANT <br />MusT ~ THE USE OF PRIVATE I.F. NDER FINANCING <br /> <br />RLF lOans must be matched on a ~ <br />loan ratio. <br /> <br />% or more private lender to ~ <br /> <br />NO RI~ LOAN MADE BY THE EDA SHALI~ EXCRRr) $ <br /> <br />% (or less) RLF <br /> <br />A COMPANY SHALL NOT HAVE MORE THAN $150,000 OF RLF OR OTHER CITY <br />ECOI~OMIC DEVELOPMENT LOAN FUNDS OUTSTANDING (UNPAID) AT ANY <br />ONE lIME <br /> <br />The company may not obtain more than one RLF loan in a calendar year. <br /> <br />THE .MACHINERY, FIXTURES AND EQUIPMENT PURCHASED WITH PRIVATE <br />LENDER AND RLF FUNDS MUST BE FIXED ASSETS WITH AN EXPECTED LIFE <br />NOT LESS THAN THE TERM OF THE LOAN <br /> <br />Loans for inventory will not be considered. The machinery, fixtures and equipment <br />purchased must be placed in business facilities in the City of Ramsey. <br /> <br />THE FOl.! OWING COSTS ARE INELIGIBLE: <br /> <br />- Refinancing of existing debt <br />- Nen-faxed improvements <br />- Working capital <br />- Inventory <br />- SWeat Equity (payment for the applicant's own labor and performance for construction <br /> or rimprovements) <br /> <br />IMPRDVEMENTS COMPLETED PRIOR TO LOAN CLOSING ARE ELIGIBLE FOR <br />FINANCING UNDER CERTAIN CIRCL~ISTANCES <br /> <br />- Applicant must have a commitment letter from his/her lender and the FDA confirming <br /> their financing and approval of the project <br /> <br />- Filaal bids will be required to assess the total FDA portion of the loan. Closing will not <br /> beset up until final bids have been received. <br /> <br />EDA Financing <br />Page 5 of 7 <br /> <br /> <br />