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ADDITIONAL DOCUMENTATION AND CHECKLIST <br />Applicant to provide the following documentation: <br />Application deposit of $10,000, application deposit is not refundable, <br />though any unused portion is returned to the applicant. <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 />B) Written business plan, including the following: <br />1. <br />Description of Business <br />2. <br />Ownership <br />3. <br />Management <br />4. <br />Date Established <br />5. <br />Products/ Services <br />6. <br />Future Plans <br />7. <br />Market for Business <br />C) Financial Statements for Past Two Years <br />Profit & Loss Statement <br />Balance Sheet <br />Tax Returns <br />D) Current Financial Statements <br />Profit & Loss Statement to Date <br />Balance Sheet to Date <br />E) Project ProForma: <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 />2. Financial Projections for Term of abatement, up to 10 Years <br />F) Personal Financial Statements of all owners with ownership interest <br />greater than 20 %. <br />Profit & Loss <br />Current Tax Return <br />G) Letter of Commitment from Applicant Pledging to Complete <br />During the Proposed Project Duration. <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 P 0 N E B E 0 B T <br />Amended March 2017 <br />Page 15 of 22 11'4ATURE1 <br />