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<br />City of Elk River Tax Abatement Policy & Application <br />Amended February 2014 <br />Page 13 of 15 <br /> <br />Rent-Space 2 25,000 $8.50 212,500 25,000 $8.50 212,500 <br />Rent-Space 3 25,000 $9.00 225,000 25,000 $9.00 225,000 <br />Other 0 $0.00 0 0 $0.00 0 <br /> 1,237,500 1,237,500 <br /> <br />Mortgage 20 Term 1,051,646 20 Term 949,439 <br /> 9.00% Interest 9.00% Interest <br /> 9,600,000 Principal 8,667,000 Principal <br /> <br />Net Income 185,854 288,061 <br />Total Return on Equity 7.74% 12.00% <br /> <br /> <br />X. TAX ABATEMENT APPLICATION REVIEW WORKSHEET <br /> <br /> <br /> <br />1. The project meets the criteria set forth in Section V of the Tax Abatement policy. <br /> a) Meets at least one of the objectives in Section III. <br /> b) Demonstrates need for Tax Abatement with the but-for analysis. <br /> c) Consistent with all city plans and ordinances. <br /> d) Serves at least two public purposes as defined in Section V (g). <br /> <br />2. Ratio of Private to All Public Investment in Project: Points: _____ <br />$ Private Investment 5:1 5 <br />$ Public Investment 4:1 4 <br /> Ratio Private: Public Financing 3:1 3 <br /> 2:1 2 <br /> Less than 2:1 1 <br /> <br />3. Job Creation in the City of Elk River: Points: _____ <br /> Number of new jobs as a result of the project. 25+ 5 <br /> Number of existing/retained jobs 20+ 4 <br /> Total 15+ 3 <br /> 10+ 2 <br /> Less than 10 1 <br /> <br />4. Ratio of Public Investment to Job Creation: Points: _____ <br />$ Public Investment $8,000 or less 5 <br /> Number of new jobs created/retained $10,000 or less 4 <br />$ of Public Investment per new job $12,000 or less 3 <br /> $15,000 or less 2 <br /> Over $15,000 1 <br /> <br />5. Wage Level of new jobs created/retained Points: _____ <br />Minimum hourly wage Over $21/ hour 5 <br />of jobs created/retained: $18-21 / hour 4 <br /> $14-17 / hour 3 <br />TO BE COMPLETED BY CITY STAFF