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B. PROJECT INFORMATION <br /> 1. The project will be: <br /> X Industrial: X New Construction Expansion Redevelopment/ Rehab. <br /> • X Office/research facility that conforms to business park standards <br /> Commercial Redevelopment/Rehabilitation <br /> Other <br /> 2. In addition to the City of Elk River, applicant is requesting TRF funds from: <br /> X Sherburne County School District 728 <br /> 3. The project will be: X Owner 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 /> 4. Project Address Industrial Circle, Elk River Business Park <br /> • Include Legal Description and PID Number. Attach as Exhibit F. <br /> PENDING <br /> 5. Site Plan Attached: X Yes No <br /> 6. Total Amount of TRF Requested: $143,770 over 10-12 years. (Equal to land cost) <br /> City Portion of TRF: Annual$ $5,943 Total$ 71,885 <br /> County Portion of TRF: Annual$ $6,028 Total$ 71,885 <br /> ISD 728 Portion of TRF: Annual$ Total$ <br /> • 7. Current Real Estate Taxes on Project Site: $Est. MV $62,509 (2.05acres) <br /> Estimated Real Estate Taxes upon Completion: $Est. MV $717,000 <br /> Taxes $24,784 <br /> 8. Construction Start Date: May 2004 <br /> Construction Completion Date: October 1, 2004 <br /> If Phased Project: Year % Completed <br /> Year % Completed <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 will serve a public <br /> purpose. <br /> _X Job Creation/Retention Number of existing jobs 13 <br /> Number of jobs created by project 3-5 <br /> Average hourly wage of jobs created/retained $30 <br /> X New industrial development which will 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 /> City of Elk River <br /> Tax Rebate Financing Policy,Amended August 2002 - 9 - <br />