(A) The Economic Development Authority of Lonsdale (EDA) is hereby authorized to establish a Commercial Rehabilitation Loan Program as provided by M.S. § 469.184 and this section.
(B) Loans shall be for rehabilitation and preservation purposes and may be secured by mortgages on the property or by other security acceptable to the EDA provides that no mortgage shall be required if the amount of a loan is less than $7,500.
(C) Any loan by the EDA under this program shall not exceed 50% of the project cost and an approved applicant shall be required to show proof that their funds have been obtained for financing the balance of the project.
(D) The EDA may establish other requirements for the program not inconsistent with the terms of this section and the provisions of M.S. § 469.184.
(Ord. 2003-140, passed 12-18-2003)