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03/28/02 <br /> • C. PUBLIC PURPOSE <br /> It is the policy of the City of Elk River that the use of Tax Rebate Financing <br /> should result in a benefit to the public. Please indicate how this project will serve <br /> a public purpose. <br /> _X_Job Creation: Number of existing jobs NONE <br /> Number of jobs created by project 100+ <br /> Average hourly wage of jobs created* $21.00+ <br /> *attach a position specific hourly wage <br /> _X_New industrial, commercial, or retail development which will result <br /> in additional private 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 City's Economic Strategic <br /> Plan for Economic Development. <br /> Removal of blight. <br /> Rehabilitation of a high profile or priority site. <br /> Other: <br /> D. SOURCES & USES <br /> SOURCES NAME AMOUNT <br /> Bank Loan FIRST NATIONAL BANK $ 3,456,000. <br /> BDF Loan $ <br /> • Other Private Funds $ <br /> Equity PARTNERS $ 864,000. <br /> Fed Grant/Loan $ <br /> State Grant/Loan $ <br /> EDA Micro Loan $ <br /> Tax Rebate Financing CITY / COUNTY $ 400,000. <br /> ID Bonds $ <br /> TOTAL $ 4,720,000. <br /> USES AMOUNT <br /> Land Acquisition $ 300,000. <br /> Site Development $ <br /> Construction $ 3,626,000. <br /> Machinery & Equipment $ <br /> Architectural & Engineering Fees $ 65,000. <br /> Legal Fees $ 100,000. <br /> Interest During Construction $ 100,000. <br /> Debt Service Reserve $ 329,000. <br /> Contingencies $ 200,000. <br /> TOTAL $ 4,720,000. <br /> • <br /> 10 <br />