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IV. PUBLIC PURPOSE <br /> It is the policy of the City of Elk River that the use of Tax Increment Financing should <br /> result in a benefit to the public. Please indicate how this project will serve a public purpose: <br /> L.• Job Creation/Retention (Complete table in Section V). <br /> New industrial development which will result in additional private <br /> investment in the area. <br /> Enhancement and/or diversification of the City of Elk River's economic base. <br /> The project contributes to the fulfillment of the City's Economic Development <br /> Strategic Plan. <br /> Removal of blight. <br /> Rehabilitation of a high profile or priority site. <br /> Significantly increase the City's tax base. <br /> V. SOURCES & USES <br /> SOURCES NAME AMOUNT <br /> Bank Loan $ <br /> Other Private Funds $ <br /> Owner Cash Equity $ <br /> Fed Grant/Loan $ <br /> State Grant/Loan $ <br /> EDA Micro Loan $ <br /> Tax Abatement $ <br /> ID Bonds $ <br /> TOTAL $ <br /> USES AMOUNT <br /> Land Acquisition $ <br /> Site Development $ <br /> Construction $ <br /> Machinery &Equipment $ <br /> Architectural&Engineering Fees $ <br /> Legal Fees $ <br /> Interest During Construction $ <br /> Debt Service Reserve $ <br /> Contingencies $ <br /> TOTAL $ <br /> VI. ADDITIONAL DOCUMENTATION AND CHECKLIST <br /> Please provide one paper and one electronic copy of following: (Incomplete applications <br /> will delay the review of an application) <br /> A) Application deposit of$10,000,with any unused portion to be refunded if <br /> project does not proceed. <br /> B) Written Narrative: Please give a brief summary of your business,its products or <br /> service, the project and how this subsidy will impact your project. The narrative <br /> should include a statement demonstrating how the project meets the public <br /> purpose in IV (above). <br /> City of Elk River Tax Increment Financing Policy&Application-Housing ' j I E IT <br /> Amended April 8 2015 <br /> Page 11 of 14 NATURE <br />