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03~28~02 <br /> <br />PUBLIC PURPOSE <br />It is the policy of the City of Elk River that the use of Tax Rebate Financing <br />should result in a benefit to the public. Please indicate how this project will serve <br />a public purpose. <br /> X Job Creation: Number of existing jobs NONE <br /> Number of jobs created by project 100+ <br /> Average hourly wage of jobs created* $ 21.00+ <br /> * attach a position specific hourly wage <br /> X New industrial, commercial, or retail development which will result <br /> in additional private investment in the area. <br /> X Enhancement and/or diversification of the City's economic base. <br /> X The project contributes to the fulfillment of City's Economic Strategic <br /> Plan for Economic Development. <br /> Removal of blight. <br /> Rehabilitation of a high profile or priority site. <br /> Other: <br /> <br />D. SOURCES & USES <br /> <br />SOURCES NAME AMOUNT <br />Bank Loan FIRST NATIONAL BANK $ 3,456,000. <br />BDF Loan $ <br />Other Private Funds $ <br />Equity PARTNERS $ 864,000. <br />Fed Grant/Loan $ <br />State Grant/Loan $ <br />EDA Micro Loan $ <br />Tax Rebate Financing CITY / COUNTY $ 400,000. <br />ID Bonds $ <br />TOTAL $ 4,720,000. <br /> <br />USES <br />Land Acquisition <br />Site Development <br />Construction <br />Machinery & Equipment <br />Architectural & Engineering Fees <br />Legal Fees <br />Interest During Construction <br />Debt Service Reserve <br />Contingencies <br />TOTAL <br /> <br />AMOUNT <br />$ 300,000. <br />$ <br /> <br />3,626,000. <br /> <br />$ 65,000. <br /> <br />$ 100,000. <br />$ 100,000. <br />$ 329,000. <br />$ 200,000. <br />$ 4~720~000. <br /> <br />10 <br /> <br /> <br />