Agenda - Economic Development Authority - 03/09/2017

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agreement,must include: (1)the number of jobs created,which may include separate goals for the number of part-time or full-time jobs, or, in cases where job loss is specific and demonstrable, goals for the number of jobs retained; (2)wage goals for any jobs created or retained; and (3)wage goals for any jobs to be enhanced through increased wages. If the creation or retention of jobs is determined not to be a goal after a public hearing, the wage and job goals may be set at zero. 2. A business that receives revolving loan funds must agree to list any vacant or new position with the Minnesota Department of Employment and Economic Development. E. Equity participation. There shall be a minimum 10% owner equity investment of total project costs required of all applicants. F. Collateral requirements. All loan agreements will be secured by one or more of the following; promissory note,mortgage, or security agreement as required by the City; and 1. The revolving fund may take a subordinate position to the primary lender on the assets financed; and 2. Surety deposits shall be required for certain construction contracts as set forth in Minnesota Statutes 290.9705. G. Letters of Commitment. Letters of commitment from all funding sources must be submitted for the application to be deemed complete. H. Personal guaranty. Personal guarantees of persons with ownership interest of 20% or greater are required. Personal guarantees of persons with ownership interest between 5%to 19%may be required by the City but are discretionary. I. Loan repayments. Loan payments must begin within one month of receipt of the Revolving Loan. The City of Ramsey may make exceptions to this rule on a case- by-case basis. J. Loan prepayment. Prepayments are permitted where the Borrower makes the EDA whole for any losses or costs associated with the prepayment.