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11. <br /> <br />12. <br /> <br />13. <br /> <br />the availability 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 />AVAII..,ABI ~ <br /> <br />If the RLF is terminated, the EDA will provide written notice to all participating lenders of <br />the EDA's intention to terminate the RLF. If the RLF is so terminated, such termination <br />shall not affect the rights and obligations of the participating lenders nor those of the EDA <br />with respect to loans outstanding on the effective date of such termination. To become a <br />participating 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 program at any time, with respect to future loans, by giving written notice to the EDA <br />of its intent to withdraw. <br /> <br />IN ORDER TO RECEIVE CONSIDERATION FOR AN RLF LOAN, THE APPLICANT <br />MUST MAXIMIZE THE USE OF PRIVATE LENDER FINANCING <br /> <br />RLF loans must be matched on a <br />loan ratio. <br /> <br />~% or more private lender to ~ <br /> <br />% (or less) RLF <br /> <br />NO RLF LOAN MADE BY THE EDA SHALL EXCEED $ <br /> <br />A COMPANY SHALL NOT HAVE MORE THAN $150,000 OF RLF OR OTHER CITY <br />ECONOMIC DEVELOPMENT LOAN FUNDS OUTSTANDING (UNPAID) AT ANY <br />ONE TIME <br /> <br />The company may not obtain more than one RLF loan in a calendar year. <br /> <br />TI4~E MACHINERY, FIXTURES AND EQUIPMENT PURCHASED WITH PRIVATE <br />LENrDER 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 machineD,, fixtures and equipment <br />purchased must be placed in business facilities in the City of Ramsey. <br /> <br />THE FOLLOWING COSTS ARE INELIGIBLE: <br /> <br />- Refinancing of existing debt <br />- Non-fixed improvements <br />- Working capital <br />- Inventory <br />- Sweat Equity (payment for the applicant's own labor and performance for construction <br /> or improvements) <br /> <br />IMPROVEMENVI'S COMPLETED PRIOR TO LOAN CLOSING ARE ELIGIBLE FOR <br />FINANCING UNDER CERTAIN CIRCUMSTANCES <br /> <br />Applicant must have a commitment letter from his/her lender and the EDA confu'ming <br />their financing and approval of the project. <br /> <br />- Final bids will be required to assess the total EDA portion of the loan. Closing will not <br /> be set up until final bids have been received. <br /> <br />EDA Financing <br />Page 5 of 7 <br /> <br /> <br />