10.1. SR 05-01-2017 - Laserfiche WebLink

Home Browse Search

IV. PUBLIC PURPOSE It is the policy of the City of Elk River that the use of Tax Increment Financing should result in a benefit to the public. Please indicate how this project will serve a public purpose: ___Job Creation/Retention (Complete table in Section V). ___New industrial development which will result in additional private investment in the area. _Enhancement and/or diversification of the City of Elk River’s economic base. ___The project contributes to the fulfillment of the City’s Economic Development Strategic Plan. ___Removal of blight. ___Rehabilitation of a high profile or priority site. ___Significantly increase the City’s tax base. V. SOURCES & USES SOURCESNAMEAMOUNT $ Bank Loan $ Other Private Funds $ Owner Cash Equity $ Fed Grant/Loan $ State Grant/Loan $ EDA Micro Loan $ Tax Abatement $ ID Bonds $ TOTAL USES AMOUNT $ Land Acquisition $ Site Development $ Construction Machinery & Equipment $ Architectural & Engineering Fees $ $ Legal Fees $ Interest During Construction $ Debt Service Reserve $ Contingencies $ TOTAL VI. ADDITIONAL DOCUMENTATION AND CHECKLIST Please provide one paper and one electronic copy of following: (Incomplete applications will delay the review of an application) _______A) Application deposit of $10,000, with any unused portion to be refunded if project does not proceed. _______B) Written Narrative: Please give a brief summary of your business, its products or service, the project and how this subsidy will impact your project. The narrative should include a statement demonstrating how the project meets the public purpose in IV (above). City of Elk River Tax Increment Financing Policy & Application- Housing Amended April 8 2015 Page 11 of 14