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TITLE: DATE: <br />IV. PUBLIC PURPOSE <br />It is the policy of the City of Elk River that the use of Tax Increment Financing should <br />result in a benefit to the public. Please indicate how this project will serve a public purpose: <br />Job Creation /Retention (Complete table in Section V). <br />New industrial development which will result in additional private <br />investment in the area. <br />_Enhancement and /or 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 or priority site. <br />_Significantly increase the City's tax base. <br />V. SOURCES & USES <br />SOURCES <br />Bank Loan <br />Other Private Funds <br />Owner Cash Equity <br />Fed Grant /Loan <br />State Grant /Loan <br />EDA Micro Loan <br />Tax Abatement <br />ID Bonds <br />TOTAL <br />USES <br />Land Acquisition <br />Site Development <br />Construction <br />NAME <br />Machinery & Equipment <br />Architectural & Engineering Fees <br />Legal Fees <br />Interest During Construction <br />Debt Service Reserve <br />Contingencies <br />TOTAL <br />AMOUNT <br />AMOUNT <br />VI. ADDITIONAL DOCUMENTATION AND CHECKLIST <br />Please provide one paper and one electronic copy of following: (Incomplete applications <br />will delay the review of an application) <br />A) Application deposit of $10,000, with any unused portion to be refunded if <br />project does not proceed. <br />City of Elk River Tax Increment Financing Policy & Application- Housing p 0 M E A E 0 0 1 <br />Amended DATE NATURE <br />Page 11 of 16 <br />