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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 1 q IQ ;;) T) <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 />i� Rehabilitation of a high profile or priority site. <br />Significantly increase the city's tax base. <br />D. SOURCES & USES <br />SOURCES NAME n <br />Bank Loan �'i i (QW ®� <br />AMOUNT <br />$ �1 a 5 0, 0 0 0 <br />Other Private Funds R�c�. J,,V c <br />$ -) ®, 606 <br />Owner Cash Equity IJCLwy-ST v <br />$ asp, 4 �; <br />Fed Grant/Loan <br />$ <br />State Grant/Loan <br />$ <br />EDA Micro Loan <br />$ <br />Tax Abatement C y o(• d �j <br />-uv�e$ �r C) ®®' l <br />ID Bonds <br />$ <br />TOTAL <br />$ <br />USES <br />AMOUNT <br />Land Acquisition <br />w- <br />Site Development <br />$ co 0-6 CO <br />Construction <br />$ zl/ 60J 8,9 C1 <br />Machinery & Equipment <br />$ <br />Architectural & Engineering Fees <br />$ ! d , coo, " <br />Legal Fees <br />$ <br />Interest During Construction <br />$ <br />Debt Service Reserve <br />$ <br />Contingencies <br />$ <br />TOTAL <br />$�,0 <br />Page 10 of 15 EDA & City Council Approved April 17, 2017 p ® V ( 8 E ® <br />INATURil <br />