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City of Elk River Tax Increment Financing Policy & Application- Housing <br />Amended April 8 2015 <br />Page 12 of 14 <br /> _______C) Business Plan. The business plan should include the following: <br /> 1. Description of Business <br /> 2. Ownership <br /> 3. Management <br /> 4. Date Established <br /> 5. Products/Services <br /> 6. Future Plans <br />7. Market for Business <br /> <br /> _______ D) Project Proforma1 <br /> 1. Sources and uses of funds to finance the project, and <br /> 2. 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 /> <br /> _______ E) Financial Statements for previous Two Years and the Current year to date 1 <br /> ______ Profit & Loss Statement <br /> ______ Balance Sheet <br /> <br /> _______ F) Financial Projections for Term of abatement, up to 10 Years1 <br /> <br /> _______ G) Personal Financial Statements of all Major Shareholders, Partners, Guarantors <br /> <br /> _______ H) Letter of Commitment from Applicant Pledging to Complete <br /> During the Proposed Project Duration <br /> <br /> _______ I) Letter of Commitment from the Other Sources of Financing, <br /> Stating Terms and Conditions of their Participation in Project Completion <br /> <br /> _______ J) Written statement of contact information (Name, Company, Address, Email, <br /> Phone, Fax) for project team, including: Attorney, Accountant, Financing <br /> Sources (lenders, partners, etc…), Parent Company, Architect <br /> <br />1 Sensitive financial documents, while not-public information, may be submitted directly to the City’s <br />financial consultant by signing the attached confidentiality agreement, for additional confidentiality. <br />The attached Confidentiality Agreement may be signed and included with the application. <br /> <br /> K) Construction Plans and Itemized Project Construction Statement <br /> <br /> L) Attach the following documentation as Exhibits <br /> Exhibit A – Corporation/Partnership Description <br /> Exhibit B – List of Shareholders/Partners <br /> Exhibit C – But-For Analysis <br /> Exhibit D – List of Prospective Lessees (if applicable) <br /> Exhibit E – Legal Description <br /> <br /> _______M) Site and Construction Plans