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agreement, mUSt .iri~'lufle:? (1 ~ the number of jobs created, Which may <br />include scp£rate'g?als f0~ the number of part-time Or: full-time iobs, <br />or, in eases where jol~ loSs:is specific and demonstrable, g0als for the <br />number .ofjob~ r~ihe~ {2~i Wage: goals foi~ any jobS created or <br />retained}and (3)~whge!~6als f6r-any'jobS:to be enhanced through <br />increased xvages:":-If~thecreatiOn:or retention ofj0bs is determined <br />not to be;~ g°ai:'a-ff~a¢~31ie hearing; the:wage and job:goals may <br />be set at zero. <br /> <br />A business that receives revolving 1°an funds must agree to list any <br />vacant or new position with the Mirmes°ta Department of <br />EmploYment, and:~C6~-o~ic .... .. <br /> Developm~n[i <br /> <br />Equity participation. There shall be. a minimum 10% oWner equity investment of <br />total project costs required of all applicants. <br /> <br />Collateral requirements. All loan agreements will be secured by one or more of <br />the following; promissory note, mortgage, or security agreement as required by <br />the City; and <br /> <br />The revolving fund may take a subordinate position to the primary lender <br />on the assets financed; and <br /> <br />H. <br /> <br />Surety deposits shall be required for certain construction contracts as set <br />forth in Minnesota Statutes 290.9705. <br /> <br />Letters of Commitment. Letters of commitment from all funding sources must be <br />submitted for the application to be deemed complete. <br /> <br />Personal guaranty. Personal guarantees of persons with ownership interest of 20% <br />or greater are required: Personal guarantees of persons with oWnership interest <br />between 5% ~o 19% may be required by the City but are discretionary. <br /> <br />Loan repayments. Loan paymen~ts must begin within one month of receipt of the <br />Revolving Loan. The City ofRamsey, may make exceptions to this rule on a case- <br />by-case basis. <br /> <br />Loan prepayment. Prepayments are permitted where the Borrower makes the <br />EDA whole for any losses or costs associated With the prepayment. <br /> <br /> <br />