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Financial Feasibility
<br />
<br /> Elk River, Minnesota
<br />SOURCES AND USES OF FUNDS
<br />
<br />SOURCES
<br /> First Mortgage
<br /> Commercial Sale
<br /> TIF-25 years
<br /> Small Cities Program
<br /> Limited Partner Investment - LIHTC
<br />
<br />Equity Gap
<br />
<br />TOTAL SOURCES
<br />
<br />[Jackson Block
<br />
<br />Total
<br />
<br />808,778
<br />1,192,205
<br />512,563
<br />1,400,000
<br />2,326,519
<br />
<br />5,441,083
<br />
<br />USES Total
<br /> Land/Building *
<br /> Public Parking 0
<br /> Site Work/Demo 300,000
<br /> Construction 4,038,138
<br /> Financing Fees and Expenses 314,406
<br /> Related Costs 788,539
<br />
<br />TOTAL USES $ 5,441,083
<br />
<br />Bluff Block
<br />
<br />Total
<br />
<br />10,980,500
<br />984,877
<br />1,226,285
<br />0
<br />
<br />1,254,923
<br />
<br />$14,446,585
<br />
<br />Total
<br />
<br />1,736,625
<br />
<br />450,000
<br />9,028,115
<br />936,209
<br />2,295,637
<br />
<br />$14,446,586
<br />
<br />Bdck Block
<br />
<br />Total
<br />
<br />1,368,319
<br /> 798,259
<br /> 407,558
<br /> 1,400,000
<br /> 3,234,313
<br />
<br />2,541,939
<br />
<br />$9,750,388
<br />
<br />Total
<br />
<br />2,337,688
<br />0
<br />600,000
<br />5,353,667
<br />390,161
<br />958,564
<br />
<br />$9,640,080
<br />
<br />* Value of land is determined and contributed to the housing portion for the grant application
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