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812 Main Street Phone 763.241.3637 <br /> ` l FIRST NATIONAL BANK of Elk River Elk 55330 Fax 763.441.5784 <br /> 1 www.firstnationalfinancial.com <br /> March 14, 2013 <br /> City of Elk River <br /> 13065 Orono Pkwy, <br /> Elk River, MN 55330 <br /> RE: Preferred Powder Coating, Inc. <br /> Forgivable Loan Application <br /> To whom it may concern: <br /> I have been the banking relationship manager for Preferred Powder Coating for the past two years. <br /> Based on my examination and analysis of past financial performance and projected financial <br /> performance provided to First National Bank of Elk River, Preferred Powder Coating demonstrates the <br /> ability to service debt repayment necessary to support the building project proposed in their application <br /> with the City of Elk River dated March 15th, 2013. While Preferred Powder demonstrates the ability to <br /> service debt payments on the debt, I do anticipate a substantial equity gap requiring alternative funding <br /> sources including the utilization of the SBA 504 program and programs like the Forgivable Loan program <br /> to make the project a reality. This letter is only an assessment of Preferred Powders ability to service <br /> debt outlined in the application and not a commitment to lend from First National Bank. <br /> If you have any questions please feel free to contact me at 763-241-3600, at your convenience. <br /> Sincerely <br /> : ' (eed(. / _ - <br /> Chad A.Vitzthum <br /> Senior Vice President <br /> First National Bank of Elk River <br />