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If approved, this will add an additional 5-6 years at no interest, and exceed the statutory maximum of 20 <br /> years at 4%interest. <br /> The construction project will cost an estimated$6,822,696. Public financing will include: <br /> • Elk River Tax Abatement (land purchase) $340,448 (requested) <br /> • Sherburne County Tax Abatement (land purchase) $340,448 (requested) <br /> • EDA Microloan (equipment) $100,000 <br /> • EDA Forgivable Loan (construction) $200,000 <br /> • Gap requested abatement(city) $236,491.50 <br /> • Gap requested abatement (county) $236,491.50 <br /> Total public financing $1,453,879 (21% of project cost) <br /> If the EDA recommends approval, the City Council will hold a public hearing on July 1 and consider the <br /> abatement application. Pending approvals, staff expects to close on the abatement and all other city <br /> financing and the land sale in late July. Preferred Powder plans to begin construction in August. <br /> ATTACHMENTS <br /> • EDA Tax Abatement Policy and Guidelines <br /> • Tax Abatement Application and Review Worksheet <br /> • Ehlers memo dated June 13, 2013 <br /> N:\Departments\Community Development\Economic Development\EDA to move\Agenda\Year2013\6-17-2013\Action Requested-EDA 6-17- <br /> 13 Preferred Powder.docx <br />