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Bank <br /> • <br /> November 20,2013 <br /> Brian Beeman <br /> Director of Economic Development <br /> 13065 Orono Parkway <br /> Elk River,MN 55330 <br /> Re: Bank of Elk River Tax Abatement Agreement dated April 17,2006. <br /> Dear Mr. Beeman: <br /> I am writing in response to your letter dated November 5,2013 in which you are requesting <br /> information from the Bank regarding employment records relating to the job goals outlined in the <br /> tax abatement agreement dated April 17,2006. See chart below: <br /> Date FTE #of Full Time Em loves <br /> Abp`0, (Statfil` 63 56 _ <br /> Dec`07 68.8 (+5.8) 61 (+5) <br /> Dcc O8 , <br /> 6720,,,21/7-6-(+6.17) 6a(±6) <br /> Dec `09* (+9.26) 68 (+8) <br /> Dec `10*! :76.49(+13.49)_,, 71 (+15) <br /> Sept`11* 62 05 ( 95) 59 (+3) <br /> Se I t`13* 61 -2) 58 +2 <br /> * Job report was submitted to city to substantiate these numbers. <br /> The above chart best represents true job growth as it relates to the tax abatement assistance granted <br /> to The Bank of Elk River in 2006. The job goals were to"create 20 full-time jobs at a wage of <br /> $15/hour,in addition to the job retention of 63 FTE positions(Elk River downtown location as of <br /> April 2006)" <br /> The chart shows the change in both FTE(reflecting net job growth)and the#full time employees <br /> (showing how many full time employees on staff)for each stated point in tune for our.Main St <br /> location ONLY. Unfortunately, as you can see,at no point did the bank add 20 full time <br /> employees above and beyond the starting figures in 2006. <br /> As requested,I am substantiating December of 2010 as our"highwater"mark for jobs created and <br /> retained. Fortunately,this also coincides with a date that we did submit the required paperwork for <br /> MN State DEED reporting. I sent a copy of this report to you via email on November 5,2013 for <br /> your review and analysis. I have also attached to this letter a spreadsheet with more specific data <br /> • for the"new hires"since the Benefit Date as of December 31,2010. <br /> 630 Main Street, Elk River, MN 55330 p) 763-441-1000 'f) 763-441-0847 www.thebankofeikriver.com Member FDIC <br />