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<br />C. PUBLIC PURPOSE <br />It is the policy of the City of Elk River that the use of Tax Abatement should result <br />in a benefit to the public. Please indicate how this project will serve a public <br />purpose. <br />___Job Creation/Retention Number of existing jobs <br /> Number of jobs created by project <br /> Average hourly wage of jobs created/retained <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 /> <br />D. 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 />Page 10 of 15 <br /> <br /> <br />