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Note: All Major shareholders will be required to sign personal guarantees and a minimum
<br /> assessment agreement if up front financing of the project is required.
<br /> The undersigned certifies that all information provided in this application is true and correct
<br /> to the best of the undersigned's knowledge. The undersigned authorizes the City of Elk
<br /> River to check credit references,verify financial and other information,and share this
<br /> information with other political subdivisions as needed. The undersigned also agrees to
<br /> provide any additional information as may be requested by the City after the filing of this
<br /> application.
<br /> Applicant Name k ate' Date
<br /> 1 , SAMPLE BUT-FOR L I S
<br /> WITH NO WITH
<br /> TAX ABATEMENT TAX ABATEMENT
<br /> SOURCES AND USES SOURCES AND USES
<br /> SOURCES SOURCES
<br /> Mortgage 9,600,000 8,667,000
<br /> Equity 2,400,000 2,400,000
<br /> Tax Abatement 0 933,000
<br /> TOTAL SOURCES 12,000,000 12,000,000
<br /> USES USES
<br /> Land 1,500,000 1,500,000
<br /> Site Work 300,000 300,000
<br /> Soil Correction 468,000 468,000
<br /> Demolition 100,000 100,000
<br /> Relocation 65,000 65,000
<br /> Subtotal Land Costs 2,433,000 2,433,000
<br /> Construction 6,750,000 6,750,000
<br /> Finish Manufacturing 250,000 250,000
<br /> Subtotal Construction Costs 7,000,000 7,000,000
<br /> Soft Costs 350,000 350,000
<br /> Taxes 35,000 35,000
<br /> Finance Fees 850,000 850,000
<br /> Project Manager 542,000 542,000
<br /> Developer Fee 540,000 540,000
<br /> Contingency 250,000 250,000
<br /> Subtotal Soft Costs 2,567,000 2,567,000
<br /> TOTAL USES 12,000,000 12,000,000
<br /> Income Statement Income Statement
<br /> Sq. Ft. Per Sq. Ft. Sq. Ft. Per Sq. Ft.
<br /> Rent-Space 1 100,000 $8.00 800,000 100,000 $8.00 800,000
<br /> P 0 W E R E 9 BY
<br /> City of Elk River Tax Abatement Policy&Application
<br /> Amended February 2014 [NATURE]
<br /> Page 12 of 15
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