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Page 10 of 15 EDA & City Council Approved April 17, 2017 <br /> <br /> <br /> <br />C. PUBLIC PURPOSE <br />It is the policy of the city of Elk River that the use of Tax Abatement should result in <br />a benefit to the public. Please indicate how this project will serve a public purpose. <br />___Job Creation/Retention Number of existing jobs <br /> Number of jobs created by project <br /> Average hourly wage of jobs created/retained <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 /> <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 Abatement $ <br />ID Bonds $ <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 /> TOTAL $