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<br /> <br />Page 7 of 8 <br />C. PUBLIC PURPOSE <br />It is the policy of the City of Elk River that the use of Tax Increment Financing should result in a benefit to the <br />public. Please indicate how this project will serve a public purpose. <br /> <br />_____ Job Creation/Retention: <br /> <br />_____ Number of existing jobs <br /> <br />_____ Number of jobs created by project <br /> <br />_____ Average hourly wage of jobs created/retained <br /> <br />_____ New industrial development, which will result in additional private investment in the area. <br /> <br />_____ Enhancement or diversification of the city’s economic base. <br /> <br />_____ The project contributes to the fulfillment of the City’s Plan. <br /> <br />_____ Removal of blight or the rehabilitation of a high profile or priority site. <br /> <br />_____ Significantly increase the City’s tax base. <br /> <br />_____ Other: <br /> <br />D. SOURCES & USES <br /> <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 Increment $ <br />ID Bonds $ <br /> <br />TOTAL $ <br /> <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 /> <br />TOTAL $