(A) Interest rate. Loans shall be made based on an interest rate to be established by the County Board of Commissioners.
(B) Term. Loans shall be made based on a term to be established by the County Board of Commissioners in the Administrative Plan.
(C) Fees.
(1) Origination fee. An origination fee established by the County Board of Commissioners and set forth in the fee-for-service schedule, shall be charged for administration costs related to the implementation and management of the loan program.
(2) Pre-application fee. The Carver County CDA may charge a pre-application certification fee in an amount established by the County Board of Commissioners.
(D) Loan amount. The maximum loan amount shall not exceed the total incurred cost for eligible components of the project as set by the County Board of Commissioners, and limits of M.S. § 17.117.
(E) Repayment. Repayments must be paid to the local lender issuing the loan. Repayment of loans issued by the county when acting as a local lender shall be made as a special assessment collected with the property tax payable for the property.
(Ord. 58-2007, passed 3-27-07; Am. Ord. 64-2008, passed 4-8-08; Am. Ord. 89-2018, passed 12-18-18)