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B. PROJECT INFORMATION <br />1. The project will be: <br /> X Industrial: X__Ne~v Construction __ Expansion __Redevelopment / Rehab. <br /> N Office/research facility that conforms to business park standards <br /> Commercial Redevelopment/Rehabilitation <br /> Other <br /> <br />2. In addidon to the Ciw of Elk River, applicant is requesting TRF funds from: <br /> Sherburne County __ School District 728 <br /> <br />3. The project ~vill be: X O~vner Occupied Leased Space <br /> · If leased space, please attach a list names and addresses of future lessees and indicate <br /> the status of commitments or lease agreements. Attach as Exhibit E. <br /> <br />4. Project Address <br /> <br />industrial Circle, Elk River Business Park <br /> <br />· Include Legal Description and PiD Number. Attach as Exhibit F. <br /> PENDING <br /> <br />5. Site Plan Attached: X Yes __ No <br /> <br />Total Amount of TRF Requested: $143,770 over <br /> City, Portion of TRF: Annual $ <br /> County Pordon of TRF: Annual $ <br /> ISD 728 Portion of TRF: Annual $_ <br /> <br />10-12 years. (Equal to land cost) <br />$5,943 Total $ 71,885 <br />$6,028 Totals 71,885 <br /> Total $_ <br /> <br />Current Real Estate Taxes on Project Site: SEst. MV $62,509 (2.05acres) <br />Estimated Real Estate Taxes upon Completion: $~]st. MV $717,000 <br /> Taxes $24,784 <br /> <br />Construction Start Date: <br />Construction Completion Date: <br />If Phased Project: <br /> <br />May 2004 <br />October 1, 2004 <br /> Year <br /> <br />Year <br /> <br />% Completed <br />% Completed <br /> <br />C. PUBLIC PURPOSE <br /> It is the policy of the City of Elk River that the use of Tax Rebate Financing should <br /> result in a benefit to the public. Please indicate how this project xvill serve a pubhc <br /> purpose. <br /> __X_Job Creation/Retention Number of existing jobs <br /> Number of jobs created by project 3-5 <br /> Average hourly wage of jobs created/retained $30 <br /> X New industrial development xvhich xvill result in additional private <br /> 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 the City's Strategic <br /> Plan for Economic Development. <br /> Removal of blight. <br /> Rehabilitation of a high profile or priority site. <br /> Other: <br /> <br />City of Elk Pdver <br />Tax Rebate Financing Policy, Amended :\ugust 2002 <br /> <br />-9- <br /> <br /> <br />