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Exhibit A3 Page 12 <br />Agreement between the City of Mounds View and Center for Energy and Environment <br />DOCSOPEN\MU205\13\748240.v2-9/15/21 <br />New Business Forgivable Loan Program <br />Interest Rate: 0% <br />Amortization Type: Deferred (no monthly payments). <br />Loan Amount: Up to $5,000 per calendar year per business, but not to exceed $15,000 total through <br />the program over any number of calendar years. <br />Loan term: One (1) year. If the business or financed improvements have not been sold within one (1) <br />year of loan closing the loan shall be 100% forgiven. If the business or improvements have been sold <br />within one (1) year of loan closing 100% of the loan is due in full. <br />Eligible Properties: Commercially zoned or legally non-conforming use properties located within the <br />geographical boundaries of the City of Mounds View. Mixed use properties are eligible. <br />Ineligible Properties: Properties used for residential purposes. <br />Eligible Borrowers: Borrower must have been in business for less than five (5) years. The Borrower <br />must require at least one (1) full-time employee (40 hours per week) or two (2) part-time employees <br />(equaling 40 hours per week) to operate. All borrowers must be a registered business with the MN <br />Secretary of State. The borrower(s) may own or lease the property. <br />Ineligible Borrowers: Including but not limited to: Businesses not registered with the MN Secretary of <br />State and businesses defined as home occupations under Mounds View City Code. <br />Ownership/Occupancy: Business must occupy the property. <br />Loan - to - Value Ratio: N/A <br />Income Limit: N/A <br />Debt - to - Income Ratio: N/A <br />Credit Requirements: There must not be any delinquent property taxes, bills or charges due to the City. <br />The City will verify or provide a list of eligible businesses. <br />Multiple Loans per Property: More than one loan per businessis allowed, but a maximum of $5,000 per <br />calendar year and not to exceed a combined $15,000 over the life of the program. <br />Eligible Use of Funds: To make permanent physical improvements to the business’s commercial space, <br />including, but not limited to, façade improvements, commercial signage, parking lots, sidewalks, <br />permanent landscaping, siding, roofing, windows/doors or other permanent physical exterior