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IV'. PUBLIC PURPOSE, <br /> It is the policy of the Cit),,of Elk liver that the rise of Tax Increment Finaricing,should <br /> resnIt in as benefit to the public. please m(ficate how this projvci will serve a public purp(..)Se: <br /> X <br /> .Job Creation/Retention (Complete table in Section V). <br /> —New industrial development which will restili in additional private, <br /> investinent in the area. <br /> X Lnha <br /> — - ncement and/or divetsification of the City of 1.1k River's economic base, <br /> XT'he project contributes to the fillfflInient of the City's Economic Development <br /> Strategic Ilan, <br /> Removal of blight <br /> X Rehabilitation of a high profile or priority circ. <br /> x_Srgn1ficantIv increase the Cio�'s t.;ix lxisc, <br /> V. SOURCES & USES <br /> S()URC E's NANME' AMOUN]" <br /> Bank loan Lakewood Mortgage $ 4,,800,000 <br /> Other Private brands Briggs Properties, ft $ 300,000 <br /> Owner Cash Equity PLB ey Irust $ 400,000 <br /> Teed Grant/Loari $_ <br /> State (,rant/Loan $ <br /> F".DA Micro loan $I- <br /> 1 1,1 ax Al)atcrinerit $ 500,000 <br /> ID Bonds $ <br /> TOTAL $ 6,000,000 <br /> USFS rk NIO 1-1,NJ---, <br /> $ Q40 �009 <br /> Land �cquisluoll <br /> Site Developinent $ 300,000 <br /> C $ 4,855,00 <br /> ,onstruction <br /> Machincil. , & F.',quipment $ <br /> Architectural & f,_ngineering Fees $ 75,000 <br /> 1-,egal Fees $ 10,000 <br /> Intcrest Duntig Constructioll $ 130,000 <br /> Debi Service Reserve $ <br /> n ringen c ie s $ 230,000 <br /> TOTAL $ 6,000,000 <br /> V1. ADDITIONAL, DOCUMENTATION AND CHECKLIST <br /> I'le,ase provide one paper and one electronic cc-)p)" c)ffollowing: (Incornplete applicat ons <br /> will delay ew of aii application) <br /> Application deposit of$10,000,with any Latused portion to be refunded if <br /> project does not proceed. <br /> _13) Written Narrative; Please give a brief SL1r7J11Rr`()fY0L1r business, its prOLIUCLS or <br /> service, the project and how this subsidy will impact VOLIf project. The narrative <br /> should inclwlea statement dcrrioristrating how the project meets the ptiblic <br /> purpose in IV ('above). <br /> City of El Rilver Tax Increment Financing Policy Sk Application- th.nviing <br /> F 0 W i R F 1 8 Y <br /> Amended April 8 2015 NAWRE <br /> Page I I cid-t4 1 1 <br />