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B. PROJECT INFORMATION <br />1. The project will be: <br />_Industrial~ -New Construction Expansion -Redevelopment /Rehab. <br />-Office/research facility that conforms to Business Paxk zoning standards <br />Commercial Redevelopment/Rehabilitation <br />2. In addition to the City of Elk River, applicant is requesting Tax Abatement from: <br />Sherburne County School District 728 <br />3. The project will be: <br />4. Project Address <br />Parcel Identification <br />Owner Occupied Leased Space <br />5. Site Plan and Construction Plans Attached Yes No <br />6. Total Amount of Tax Abatement Requested $ over- years. <br />City Portion: Annual $ Total $ <br />County Portion: Annual $ Total $ <br />ISD 728 Portion: Annual $ Total $ <br />Current Real Estate Taxes on Project Site: $ <br />Estimated Real Estate Taxes upon Completion: Phase I $ <br />Phase II $ <br />8. Construction Start Date: <br />Construction Completion Date: <br />If Phased Pxoject~ Year % Completed <br />Year % Completed <br />C. PUBLIC PURPOSE <br />It is the policy of the City of Elk River that the use of Tax Abatement should result <br />in a benefit to the public. Please indicate how this project will serve a public <br />purpose. <br />Job Creation/Retention Number of existing jobs <br />Number of jobs created by project <br />Average hourly wage of jobs created/retained <br />-New industrial development which will result in additional private <br />investment in the area. <br />-Enhancement and/ox diversification of the City of Elk River's economic base. <br />-The project contributes to the fulfillment of the City's Economic Development <br />Strategic Plan. <br />-Removal of blight. <br />-Rehabilitation of a high profile ox priority site. <br />-Significantly increase the City's tax base. <br />City of Elk Rivez <br />Tax Abatement Policy <br />Amended May 2006 <br />-9 <br />