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B. Eligible costs. Eligible costs may include the following: I. Land improvements. Improvements to the land which are a portion of the project cost including but not limited to: grading, new streets or street improvements, parking lots, utilities, and landscaping. 2. Purchase or renovation of building. Purchase and, if necessary, renovation of an existing industrial or commercial facility is permitted. 3. Purchase machinery or equipment. Purchase of major items of machinery and equipment independent of land and buildings. These items must be defined to have a useful life of at least 5 years. 4. Building construction. Construction of a new building and /or a major addition to an existing building. 5. Leasehold improvements. Revolving loan funds may be used for certain leasehold improvements provided the lease is equal to or greater than the term of the loan and the City secures a lien on the land or building, and improvements. VI. Ineligible Activities. Certain applicants, projects, activities, and costs are ineligible for revolving loan funds. A. Ineligible activities. Funds may not be used for nonprofit institutions, retail businesses, gambling organizations, lending or investment organizations, land speculation, or any activity deemed illegal by federal, state, or local law or ordinance. B. Ineligible costs. Ineligible costs include but are not limited to: management fees, financing costs, franchise fees, debt repayment or consolidation, moving costs, refinancing, and operating costs or working capital. VII. Loan Terms and Conditions The City shall make available to eligible applicants direct low- interest loans for the purpose of encouraging economic development, job creation and job retention to meet business needs, and preservation of business districts in the City of