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B. PROJECT INFORMATION <br />1. The project will be: <br />Industrial: New Construction _XX_ Expansion Redevelopment /Rehab. <br />Office/research facility that conforms to business park standards <br />XX Commercial Redevelopment/Rehabilitation <br />2. In addition to the City of Elk River, applicant is requesting TRF funds from: <br />_XX~ Sherburne County _ School District 728 <br />3. The project will be: _XX_Owner Occupied Leased Space <br />• If leased space, please attach a list names and addresses of future lessees and indicate <br />the status of commitments or lease agreements. Attach as Exhibit E. <br />4. Project Address 630 Main St Elk River, MN 55330 <br />• Include Legal Description and PID Number. Attach as Exhibit F <br />5. Site Plan Attached: XX Yes No <br />6. Total Amount of TRF Requested: $600,000_over 10 years. <br />City Portion of TRF: Annual $30,000 Total $300,000 <br />County Portion of TRF: Annual $30.000 Total $ 300,000 <br />ISD 728 Portion of TRF: Annual $ Total $ <br />7. Current Real Estate Taxes on Project Site: $ 62,440.92 <br />Estimated Real Estate Taxes upon Completion: Phase I $ <br />Phase II $ <br />8. Construction Start Date: <br />Construction Completion Date: <br />If Phased Project: <br />_April, 2006 <br />_April, 2007 <br />Year % Completed <br />Year % Completed <br />C. PUBLIC PURPOSE <br />It is the policy of the City of Elk River that the use of Tax Rebate Financing should result in <br />a benefit to the public. Please indicate how this project will serve a public purpose. <br />_XX Job Creation/Retention Number of jobs retained 68 <br />Number of jobs created by project 20 - 30 <br />Average hourly wage of jobs created/retained $18.00 <br />New industrial development which will result in additional private <br />investment in the area. <br />XX Enhancement and/or diversification of the city's economic base. <br />_XX_The project contributes to the fulfillment of the City's Strategic <br />Plan for Economic Development. <br />Removal of blight. <br />_XX_Rehabilitation of a high profile or priority site. <br />_XX_Other: Retain 65 jobs in Elk River <br />