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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 /> X]ob Creation/Retention(Complete table in Section V). <br /> New industrial development which will result in additional private <br /> investment in the area. <br /> XEnhancement and/or diversification of the City of Elk River's economic base. <br /> XThe project contributes to the fulfillment of the City's Economic Development <br /> Strategic Plan. <br /> Removal of blight. <br /> xRehabilitation of a high profile or priority site. <br /> —X-Significantly increase the City's tax base. <br /> V. SOURCES & USES <br /> SOURCES NAME AMOUNT" <br /> Bank Loan Lakewood Mortgage $ <br /> 4,800,000 <br /> Other Private Funds Briggs Properties, Inc $ 300,000 <br /> Owner Cash Equity PLB Rev Trust $ 400,000 <br /> Fed Grant/Loan $ <br /> State Grant/Loan $ <br /> EDA Micro Loan $ <br /> Tax Abatement $ 500,000 <br /> ID Bonds $ <br /> TOTAL $ 6,000,000 <br /> USES AMOUN <br /> Land Acquisition $ 400,000 <br /> Site Development $ 300,000 <br /> Construction $ 4,855,00 <br /> Machinery &Equipment $ <br /> Architectural&Engineering Fees $ 75,000 <br /> Legal Fees $ 10,000 <br /> Interest During Construction $ 130,000 <br /> Debt Service Reserve $ <br /> Contingencies $ 230,000 <br /> TOTAL $ 6,000,000 <br /> VI. ADDITIONAL DOCUMENTATION AND CHECKLIST <br /> Please provide one paper and one electronic copy of following: (Incomplete applications <br /> will delay thq 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 /> 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 /> City of Elk River Tax Increment Financing Policy&Application-Mousing P E t fl T <br /> Amended April 8 20115 "� <br /> Page 11 of 14INA 1i URE <br />