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12 <br />C. PUBLIC PURPOSE OBJECTIVES <br />It is the policy of the City and EDA of Ramsey that the business assistance should result in a public <br />benefit as identified in items 1-10 below. Please indicate how the proposed project will accomplish <br />this by checking the appropriate boxes. See Part 7 attached. <br />❑ 1. To encourage redevelopment. <br />O 2. To retain local jobs and/or increase the number and diversity of jobs that offer stable <br />employment and/or attractive wages and benefits. <br />❑ 3. To enhance and/or diversify the City's economic base. <br />O 4. To encourage additional unsubsidized private (re)development. <br />❑ 5. To remove blight and/or encourage (re)development of commercial and industrial areas. <br />6. To create housing opportunities. <br />7. To provide a diversity of housing. <br />8. To provide a variety of family housing ownership alternatives and housing choices. <br />9. To promote neighborhood stabilization and revitalization by the removal of blight and <br />❑ the upgrading of existing housing stock in residential areas. <br />10. To accomplish other public policies which may be adopted such as the promotion of <br />❑ quality urban or architectural design, energy conservation, and decreasing capital <br />and/or operating costs of local government. <br />Utilization of architectural and landscaping techniques that will enable the <br />components of the project to blend with the natural environment. <br />■ Mitigation of project impact on the natural environment. <br />CI. SOURCES & USES OF FUNDS <br />Sources & Uses <br />Ramsey Assisted Living <br />Ramsey. MN <br />4/8j2026 <br />Sources of Funds <br />Equity *4,793,705 16.48% <br />11FNPV $2,481,545 8.52i <br />Primary Loan 821,843,750 75.00% <br />529,125,000 <br />Uses of Funds <br />Land $1,715,130 <br />Construction Contract/ General Contractor $20,910,000 <br />Furniture, Fixtures, & Equipment $1,200,000 <br />Design: Architect, Engineer, Surveyor $273,100 <br />Environmental: ESA, RAP, Soils, Wetlds., Trees, HazMat. 89,500 <br />Legal, Organizational, Accounting $70,000 <br />Market Analysis & Appraisal $9,500 <br />Pre -Open Marketing & Staffing $150,000 <br />Government Fees $959,856 <br />Recording & Tide Insurance $107,625 <br />Real Estate Taxes & Insurance $41,153 <br />Other/ Miscellaneous $3,500 <br />Development Fee $1,000,000 <br />Construction Interest $748,772 <br />Lease Up Reserves $1,275,000 <br />Financing Fees $238,438 <br />Owner's Contingent. *403.427 <br />529,125,000 <br />Confidential and Subject to Change- Preliminary and for discussion purposes only. <br />