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FACT SHEET <br />Restaurant Assistance; Fund. <br />Program Purpose <br />To create an environment that is supportive of qunlilyfull-service restaurants by reducing, <br />their water connection fees. <br />How If Works <br />Forgivable loans aze provided to qualified restaurants that make: a significant inveshnent <br />in the community and meetthe culuazy demands of the local citizenry.. <br />]/ligible Applicants <br />New,.full-service restaurants <br />Maximum Available <br />Loans may not exceed 70% of a restauraztt's water connection fees. <br />Minimum Requirements <br />Restaurants must be full-service, sit-down. <br />service. restaurants are not eligible. <br />Fast food, quick delivery service, or limited <br />Terms <br />Assistance is provided in the form of a recordable, forgivable loan; tfie loan carries an <br />interest rate of 5%; if the restaurattt continues to be (1) a going concern for 5 yeazs and <br />(2) in good standing with the City, the principle potion of the loan is forgiven. If the <br />restaurant meets these'two conditions, the restaurazit is only responsible for the interest.. <br />Applications Accepted <br />On a year round basis <br />Approving Authority <br />City of Champlin <br />Contact <br />.John W. Cox <br />Deputy City Administrator <br />(763) 923-7104 <br />