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VI. <br /> <br />VII. <br /> <br /> Eligible costs. Eligible costs may include the following: <br /> <br />1. 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 /> <br />2. Purchase or renovation of building. Purchase and, if necessary, renovation <br /> of an existing industrial or commercial facility is permitted. <br /> <br />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 /> <br />4. Building construction. Construction of a new building and/or a major <br /> addition to an existing building. <br /> <br />o <br /> <br />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 /> <br />Ineligible Activities. Certain applicants, projects, activities, and costs are <br />ineligible for revolving loan funds. <br /> <br />Ineligible activities. Funds may not be used for nonprofit institutions, <br />retait 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 /> <br />Bo <br /> <br />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 /> <br />Loan Terms and Conditions <br /> <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 /> <br /> <br />