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Project Completion. Projects shall be completed within 24 months from the date of the loan approval. Applicants shall provide Dane County with a project implementation schedule not exceeding 24 months for project completion and job creation and maintain the positions created for 24 months. 5. Evidence of Site Control. If the application is for a real estate development project, a signed and accepted copy of an option, an unexpired contract for purchase or a copy of the deed if title has already been transferred. Terms of the sale (such as price, seller, financing, etc.) should be specified. Options must extend at least 120 days beyond the application submission date. If the applicant does not have site control, clear indications that it will be obtained, such as a letter of agreement between the applicant and the property owner, must be presented. 6. Low and Moderate Income (LMI) Benefits The project shall increase permanent employment or retain existing jobs, which would have been lost locally. Of the jobs created or retained by the project, at least 51 percent of these jobs must be made available to low to moderate income persons, (as defined by household incomes published by the U.S. Department of Housing and Urban Development and available through Dane County Office of Community Development). The LMI benefit requirements may be waived for projects that meet the CDBG elimination of slum and blight standards. 7. Cost Per Job Created. A least one (1) full-time equivalent position must be created for every $35,000 of CDBG funds requested. The Committee may require lower job costs where warranted, (i.e. taking into consideration type of jobs, hourly wage, etc.). 8. Local Support. A letter of local support from the municipality signed by the chief elected official where project will take place must be included in the application packet. Historic Rehabilitation. According to federal regulations, the entire renovation of a historic property must comply with the Secretary of Interior's Standards, even if only a portion of the project is assisted with federal funds. Any alterations, construction or demolition prior to receiving historic compliance review may result in the disapproval of funds. Loan Terms and Conditions CRLF loans shall be direct loans to the eligible entity. The loan shall be an installment loan with monthly interest and principal payment. Loan terms and conditions shall be structured on need and ability to repay. Minimum standards shall include the following: A. Loan Amount Loan amounts are subject to the availability of program funds. B. Interest Rate The interest rate will be two points above the prime rate, as published in the Wall Street Journal at the time the loan is approved. Exceptions to this rate may be considered and recommended by the Loan Committee, based on factors such as ability to repay, job creation, etc. C. Loan Term 1. Working capital shall have a maximum term of seven years.