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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 /> <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 /> <br />V. SOURCES & USES <br /> <br /> <br />SOURCESNAMEAMOUNT <br /> $ <br />Bank Loan <br /> $ <br />Other Private Funds <br /> $ <br />Owner Cash Equity <br /> $ <br />Fed Grant/Loan <br /> $ <br />State Grant/Loan <br /> $ <br />EDA Micro Loan <br /> $ <br />Tax Abatement <br /> $ <br />ID Bonds <br /> $ <br /> TOTAL <br /> <br /> <br />USES AMOUNT <br /> $ <br /> Land Acquisition <br /> $ <br />Site Development <br /> $ <br /> Construction <br />Machinery & Equipment $ <br />Architectural & Engineering Fees $ <br /> $ <br />Legal Fees <br /> $ <br />Interest During Construction <br /> $ <br />Debt Service Reserve <br /> $ <br />Contingencies <br /> $ <br /> TOTAL <br /> <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 /> <br /> _______B) Written Narrative: Please give a brief summary of your business, its products or <br /> service, the project and how this subsidy will impact your project. The narrative <br /> should include a statement demonstrating how the project meets the public <br /> purpose in IV (above). <br /> <br />City of Elk River Tax Increment Financing Policy & Application- Housing <br />Amended April 8 2015 <br />Page 11 of 14 <br />