9.1 HRSR 05-01-2017 - Laserfiche WebLink

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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 SOURCES Bank Loan Other Private Funds Owner Cash Equity Fed Grant /Loan State Grant /Loan EDA Micro Loan Tax Abatement ID Bonds TOTAL USES Land Acquisition Site Development NAME Construction Machinery & Equipment Architectural & Engineering Fees Legal Fees Interest During Construction Debt Service Reserve Contingencies TOTAL AMOUNT $ $ $ $ $ $ AMOUNT $ $ $ $ $ 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 P 0 N E A E 0 B T Amended April 8 2015 Page 11 of 14 [1'4ATURE1