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<br />B. Eligible costs. Eligible costs may include the following: <br /> <br />1. Land improvements. Improvements to the land which are a portion of the project <br />cost including but not limited to: grading, new streets or street improvements, <br />parking lots, utilities, and landscaping. <br /> <br />2. Purchase or renovation of building. Purchase and, if necessary, renovation of an <br />existing industrial or commercial facility is permitted. <br /> <br />3. Purchase machinery or equipment. Purchase of major items of machinery and <br />equipment independent of land and buildings. These items must be defined to have <br />a useful life of at least 5 years. <br /> <br />4. Building construction. Construction of a new building and/or a major addition to an <br />existing building. <br /> <br />5. Leasehold improvements. Revolving loan funds may be used for certain leasehold <br />improvements provided the lease is equal to or greater than the term of the loan and <br />the City secures a lien on the land or building, and improvements. <br /> <br />VI. Ineligible Activities. Certain applicants, projects, activities, and costs are ineligible for <br />revolving loan funds. <br /> <br />A. Ineligible activities. Funds may not be used for nonprofit institutions, retail <br />businesses, gambling organizations, lending or investment organizations, land <br />. speculation, or any activity deemed illegal by federal, state, or local law or <br />ordinance. <br /> <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 /> <br />VII. Loan Terms and Conditions <br /> <br />The City shall make available to eligible applicants direct low-interest loans for the <br />purpose of encouraging economic development, job creation and job retention to meet <br />business needs, and preservation of business districts in the City of Ramsey. <br /> <br />A. Loan amount. There are maximum and minimum loan amounts for eligible <br />projects. <br /> <br />1. Maximum loan amount. The maximum loan available from the revolving loan <br /> <br />24 <br />