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ADDITIONAL DOCUMENTATION AND CHECKLIST <br /> <br /> <br />Applicant to provide the following documentation: <br /> <br />A) Application deposit of $10,000, application deposit is not refundable, <br />though any unused portion is returned to the applicant. <br /> <br />_______B) Written Narrative: Please give a brief summary of the project and <br />how this subsidy will impact your project. The narrative should <br />include a statement demonstrating how the project meets the public <br />purpose. <br /> <br /> B) Written business plan, including the following: <br />1. Description of Business <br /> 2. Ownership <br /> 3. Management <br /> 4. Date Established <br /> 5. Products/Services <br /> 6. Future Plans <br />7. Market for Business <br /> <br /> C) Financial Statements for Past Two Years <br /> Profit & Loss Statement <br /> Balance Sheet <br /> ______ Tax Returns <br /> <br /> D) Current Financial Statements <br /> Profit & Loss Statement to Date <br /> Balance Sheet to Date <br /> <br /> E) Project ProForma: <br /> <br />1.Operating cash flow assumptions that include: <br /> a. Projected revenues, <br /> b. Operating expenses, <br /> c. Net operating income, and <br /> d. Annual debt service and loan payments. <br /> <br /> <br />2.Financial Projections for Term of abatement, up to 10 Years <br /> <br />F) Personal Financial Statements of all owners with ownership interest <br />greater than 20%. <br /> Profit & Loss <br /> Current Tax Return <br /> <br /> G) Letter of Commitment from Applicant Pledging to Complete <br /> During the Proposed Project Duration. <br /> <br /> H) Letter of Commitment from the Other Sources of Financing, <br /> Stating Terms and Conditions of their Participation in <br /> Project. <br />City of Elk River Tax Increment Financing Policy & Application <br />Amended March 2017 <br />Page 15 of 15 <br />