MIF Loan definition

MIF Loan means a loan from the City in the amount of $500,000 pursuant to the Redevelopment Plan, the Joint Powers Agreement and a loan received from the Minnesota Department of Employment and Economic Development through the Minnesota Investment Fund program;
View Source

Examples of MIF Loan in a sentence

  • For the term of the MIF Loan, the Developer must submit the most recent annual financial statement prepared in accordance with generally accepted accounting principals.

  • No MIF Loan proceeds shall be used for construction or rehabilitation of the Project, or more than an incidental amount of installation ($2,000 or more) of the Equipment items financed in whole or in part with MIF Loan proceeds because the Developer has not complied with the following statutory provisions in connection with the construction of the Project: D▇▇▇▇-▇▇▇▇▇ Act, Contract Work Hours and Safety Standards Acts, C▇▇▇▇▇▇▇ Act (anti-kickback), and Fair Labor Standards Act.

  • Other than the MIF Loan, Developer does not expect to receive financial assistance from any other “grantor” as defined in the Business Subsidy Act, in connection with the Minimum Improvements.

  • Upon receipt of the proceeds of the MIF Loan, the City shall disburse such funds to the Developer in reimbursement for the costs of such eligible Equipment.

  • If 51% of the jobs are not filled by low and moderate income persons, the Developer will be required to repay to the City the remaining amount of the MIF Loan balance on an accelerated schedule.

  • Any partial prepayment shall be applied first against the accrued interest and then against the principal amounts due on a pro rata basis according to the outstanding principal balance of each of the County Loan, the MIF Loan and the Western Minnesota RLF Loan.

Related to MIF Loan

  • RFR Loan means a Loan that bears interest at a rate based on the Adjusted Daily Simple SOFR.

  • ▇▇▇▇▇▇▇▇ Loan means a Subsidized ▇▇▇▇▇▇▇▇ Loan or an Unsubsidized ▇▇▇▇▇▇▇▇ Loan.

  • VA Loan means a Mortgage Loan which is subject of a VA Loan Guaranty Agreement as evidenced by a loan guaranty certificate, or a Mortgage Loan which is a vendor loan sold by the VA.

  • Term SOFR Rate Loan means a Loan that bears interest based on Term SOFR Rate.

  • SOFR Loan means a Loan that bears interest at a rate based on Adjusted Term SOFR, other than pursuant to clause (c) of the definition of “Base Rate”.