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1 <br /> t <br /> Construction Start Date: April. 2009 <br /> Construction Completion Date: December, 2009 <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 <br /> benefit to the public.Please indicate how this project will serve a public purpose. <br /> X Job Creation: Number of existing jobs 4 full time; 16 part time <br /> Number of jobs created by project 12 full time; 38 Mt time <br /> Average hourly wage of jobs created$12-$16 per hr fulltime; <br /> $6-$9 per hr part time <br /> X Increase in Tax Base <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 <br /> 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 70% Local $1,400,000 <br /> Other Private Funds SBA Section 504 $350,000 <br /> Tax Increment PAYGO$400,0002 <br /> TOTAL $1,750,000 <br /> 2 Bank has indicated that it will increase the amount of its 70% loan by approximately 66% of <br /> the face amount of the PAYGO Note in return for a pledge of the note. <br /> 3 <br />