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• The creation of a minimum of five, full -time permanent jobs for local <br />citizens, with base hourly wages ranging from $16- $28 /hr. <br />• New jobs provide higher wage levels to the community & will add <br />value to current workforce skills <br />• Average hourly wage (w /o benefits) of $23.20/hr; with benefits is <br />$27.20/hr <br />• The injection of approximately $1,300,000 in private investment to <br />revitalize a highly visible site along CR1 in close proximity to US HWY <br />10 <br />• The tax base will more than double; current taxes on the four parcels <br />$6,982/yr <br />• Estimated taxes upon project completion will be $17,500/yr <br />Please describe how this loan will impact your project: <br />Total project cost is estimated to be approximately $1.287M. The forgivable <br />loan program is necessary to help offset increased costs of the project due to <br />acquisition, demolition and site clean -up. Please see attached letter from <br />Michelle Anderson, Branch President of MidWestOne Bank, who states "the <br />forgivable loan program is very important to maize this project feasible due to <br />the anticipated equity gap. " <br />This loan will also ensure the redevelopment an area built in the early <br />1930's, increasing the total property's tax base by nearly $11,000 /yr. <br />III. FINANCING <br />Project Costs <br />Land <br />Site improvements (Excav/foundatlon, surrey, <br />storm water ) <br />Buildings (attach plans & costs) <br />Moving Expenses <br />Professional Fees <br />Other (contingencies ) <br />$ 360,000 <br />$ 253,850 <br />$ 618.260 <br />$ 5.000 <br />$ 25,000 <br />$ 25.000 <br />Total Costs $ 13287400 <br />Blighted Properties Forgivable Commercial /Industrial Loan Kind _Application [gage I1 of 16 <br />