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