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City of Hugo, Minnesota <br /> The project will be: ❑ Owner Occupied X Leased Space <br /> If leased space,please attach a list of names and addresses of future lessees and indicate the status of <br /> commitments or lease agreements. Attach as Exhibit E. N/A at this time <br /> Project Address 13891 Forest Boulevard North,Hugo,MN 55038 <br /> Legal Description See attached Exhibit F <br /> Site Plan Attached: X Yes ❑ No <br /> Amount of Tax Increment Requested for: <br /> 1. Building Demolition $ 61,490.00 <br /> 2. Environmental Remediation $ 0.00 <br /> 3. Public Improvements $ 190,000.00(utilities,curb,gutter&right turn lane) <br /> 4. Site Improvements $ 291,610.00 <br /> 5. Land Acquisition $ 0.00 <br /> (Land Acquisition shall not exceed 50%of total subsidy request) <br /> Total Subsidy Requested $_543,100.00 over 25 years @ 6%=$59,143/year <br /> Current Assessed Value on Project Site: $ 541,600.00 <br /> Current Real Estate Taxes on Project Site: $ 12,340.00 <br /> City $ 4,305.80 <br /> County $ 3,198.90 <br /> School District $ 510.38 <br /> Estimated Assessed Value upon Completion: $ 4,500,000.00 <br /> Phase 1 $ <br /> Phase II $ <br /> Estimated Real Estate Taxes upon Completion: <br /> Phase 1 $ 73,250.00 <br /> Phase II $ N/A <br /> Construction Start Date: 8-1-08 <br /> Construction Completion Date: 2-1-09 <br /> If Phased Project: N/A Year %Construction Completed <br /> N/A Year %Construction Completed <br /> C. PUBLIC PURPOSE <br /> It is the policy of the City of Hugo that the use of Tax Increment Financing should result in a benefit to the <br /> public. Please indicate how this project will serve a public purpose. <br /> X Job Creation: Number of existing jobs 0 <br /> Number of jobs created by project 96 <br /> X Increase in Tax Base <br /> - 2 - <br />