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<br />5. Amount of Tax Increment Requested for: <br />Land Purchase: $450,000 <br />Public Improvement: TBD <br />Site Improvement: $330,000 <br /> <br />6. Current Real Estate Taxes on Project Site: $4,480.00 <br />Estimated Real Estate Taxes upon Completion: $40,108.00 <br /> <br />7. Construction Start Date: June 2021 <br />Construction Completion Date: June 2022 <br />If Phased Project: <br />Year _NA__ % Completed <br />Year _NA__ % Completed <br /> <br /> <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 <br />benefit to the public. Please indicate how this project will serve a public purpose. <br /> <br />See attached statement of public purpose. <br /> <br />__X__ Job Creation/Retention: <br />_____ Number of existing jobs <br />__X__ Number of jobs created by project (Property Mgmt: 2 full-time. Construction: 150 jobs) <br />__X__ Average hourly wage of jobs created/retained (Property Mgmt: est. $60,000 annually. <br /> Construction: $51.00 per hour) <br />_____ New industrial development, which will result in additional private investment in the area <br />__X___ Enhancement or diversification of the city’s economic base <br />__X__ The project contributes to the fulfillment of the City’s Plan <br />__X___ Removal of blight or the rehabilitation of a high profile or priority site <br />__X__ Significantly increase the City’s tax base <br />__X___ Other: see attached <br /> <br /> <br />D. SOURCES & USES <br />SOURCES AMOUNT NOTES <br />Minnesota Housing First Mortgage $3,290,000 40 years at 3.3% interest rate <br />TIF Mortgage $780,000 25 years at 3.3% interest rate <br />Sales Tax Rebate $349,509 <br />Energy Rebate $27,500 <br />Deferred Developer Fee $502,564 50% total fee. Max allowable <br />Tax Credit Proceeds $11,958,804 <br />TOTAL $16,908,377 <br /> <br /> <br />