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Springsted Incorporated <br /> Sp <br /> 380 Jackson Street, Suite 300 <br /> r ingsted Saint Paul,MN 55101-2887 <br /> Tel: 651-223-3000 <br /> Fax: 651-223-3002 <br /> www.springsted.com <br /> DRAFT MEMORANDUM <br /> TO: Members of the EDA Finance Committee <br /> Brian Beeman, Economic Development Director <br /> FROM: Mikaela Huot, Vice President/Consultant <br /> Julian Bradshaw,Analyst <br /> DATE: December 4, 2013 <br /> SUBJECT: Sportech, Inc.—Forgivable Loan Application Review <br /> • Summary <br /> At the request of the City of Elk River, Springsted has undertaken a review of the Sportech, Inc. forgivable loan <br /> application.The purpose of this review is to ensure(based upon the provided information)that the applicant meets the <br /> guidelines set forth by the City's forgivable loan policy. According to Sportech, Inc, the company produces OEM <br /> (Original Equipment Manufacturer) thermoformed plastic products for numerous markets including the recreational <br /> and utility vehicle product industry. Common products and accessories include windshields, UTV cab systems, skid <br /> plates, body panels, and other miscellaneous components. Sportech's manufacturing and supplier facility is currently <br /> located at 10800 175th Ave. NW in Elk River. Sportech, Inc. is requesting financial assistance of$111,115 in the form <br /> of a forgivable loan to support remodeling and internal expansion of its current facility (to create a "Customer <br /> Innovation Center", as termed by the company). The total estimated cost of the project is $263,088 and includes <br /> primarily an internal expansion of its engineering work area. <br /> Springsted has reviewed the following materials with regard to the above referenced project: <br /> • Sportech, Inc. Forgivable loan application,submitted to the City on December 2,2013 <br /> • Balance sheets&Income statements for 2011 and 2012 <br /> Approach <br /> Sportech, Inc. has provided Springsted, through the City,with its forgivable loan application and related materials. The <br /> goals of Elk River's forgivable loan program, as stated in the policy guidelines, are to stimulate private sector <br /> • investment to help spur new construction,create and retain employment opportunities, and to promote the sale of city- <br /> owned property. The following review will outline the loan eligibility criteria as presented in the Elk River Economic <br /> Public Sector Advisors <br />