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City of Hugo, Minnesota <br /> X Enhancement or diversification of the city's economic base. <br /> ❑ New industrial development which will result in additional private investment in the area. <br /> X The project contributes to the fulfillment of the City's development or redevelopment objectives. <br /> X Removal of blight or the rehabilitation of a high profile or priority downtown site. <br /> ❑ Other: <br /> D. SOURCES& USES <br /> SOURCES NAME AMOUNT <br /> Bank Loan Unknown $ 3,500,000—80%of cost <br /> Other Private Funds $ <br /> Equity $ 853,490 <br /> Fed Grant/Loan $ <br /> State Grant/Loan $ <br /> Other Loans $ <br /> ID Bonds $ <br /> Tax Increment $ 543,100*** <br /> TOTAL $ <br /> **Note: Tax Increment is not an upfront funding source as it will be provided only on a pay-as-you- <br /> go basis. Developer needs to identify funding sources to cover ALL costs up front,absent Tax <br /> Increment. ***This will be used either to improve ROI to the Investors or to reduce up-front equity <br /> USES See Attached Exhibit G 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 $ <br /> E. ADDITIONAL DOCUMENTATION <br /> Applicants will also be required to provide the following documentation. <br /> ❑ A) Written business plan, including a description of the business,ownership/management,date <br /> established,products and services,and future plans <br /> ❑ B) Financial Statements for Past Two Years <br /> Profit& Loss Statement <br /> Balance Sheet N/A—new entity <br /> ❑ C) Current Financial Statements <br /> Profit&Loss Statement to Date <br /> - 3 - <br />