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<br />The ERF is a loan program, to allow repayments of funds to be re-used for future projects. Loan <br />repayments can be set up on flexible terms; for example, it is possible that no payments would be <br />required and no interest charged for up to five years. Staff is encouraging applications for no <br />more than $I million; the intent is to apply for the maximum amount, since the need is obviously <br />there. Repayments would be made from tax increments, which will be available once <br />redevelopment of any portion of the site is completed. <br /> <br />4~y~ <br />DavId W. Black <br />Assistant Community Development Director <br /> <br />1:\COUNClLIREPORTS\2006\Community Deve1opment\4.25.06\Ramsey County ERF Application.doc <br />