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<br />fund for each eligible project is limited to $300,000.00 or 40% of total project <br />cost, whichever is less. <br /> <br />2. Minimum loan amount. The minimum loan amount available from the <br />revolving loan fund for each eligible project is $25,000.00. <br /> <br />B. Interest rate. The interest rate shall be a fixed-rate and will be equal to the 10-year <br />Treasury bond rate at the date of funding but shall not be less than 3.0%. <br /> <br />C. Term. The term ofthe loan will be tied to the useful life of the assets being <br />financed. The following general terms apply: <br /> <br />1. Machinery/equipment. The term of the loan for machinery/equipment shall <br />not exceed 7 years. <br /> <br />2. Landlbuilding acquisition. The term of the loan for land/building shall not <br />exceed 15 years. <br /> <br />3. New construction/renovation. The term of the loan for new <br />construction/renovation shall not exceed 15 years. <br /> <br />4. Balance due. All balances will be due and payable if and when the loan <br />recipient sells or otherwise transfers any or part or his/her interest in the <br />property or fails to meet any of the guidelines established within this <br />document before the maturity date of the loan or relocates any part or all of <br />the business outside the City of Ramsey. <br /> <br />D. Wage and job goals. <br /> <br />1. Wage and Job goals shall be established for all loans in excess of$75,000. <br />The wage and job goals will be identified in the Loan Agreement between <br />the City of Ramsey and the borrower. The loan agreement, must include: <br />(1) the number of jobs created, which may include separate goals for the <br />number of part-time or full-time jobs, or, in cases where job loss is specific <br />and demonstrable, goals for the number of jobs retained; (2) wage goals for <br />any jobs created or retained; and (3) wage goals for any jpbs to be enhanced <br />through increased wages. If the creation or retention of jobs is determined <br />not to be a goal after a public hearing, the wage and job goals may be set at <br />zero. <br /> <br />2. A business that receives revolving loan funds must agree to list any vacant <br />or new pO,sition with the MinnesotaDepartment of Employment and <br />Economic Development. <br /> <br />25 <br />