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City of Elk River, Minnesota <br /> Sportech, Inc.Application Review <br /> December 4, 2013 <br /> Page 5 <br /> Springsted is waiting for additional information from the applicant to determine that this criterion has been <br /> met. <br /> 3. Ability to demonstrate positive net worth <br /> It is important to note that the latest financial statements provided by the company are for the year ending <br /> December 37, 2012 and as such this determination is being made based upon the available information at <br /> that time. Based upon a review of the financial information submitted by the company, Sportech has a <br /> positive net worth as of December 31,2012. <br /> 4. Letter of commitment from applicant pledging to complete the project during proposed project duration. <br /> Springsted is waiting for additional information from the applicant to determine that this criterion has been <br /> met. <br /> 5. Letter of commitment from other financing sources stating terms and conditions of their participation. <br /> Springsted is waiting for additional information from the applicant to determine that this criterion has been <br /> met. <br /> 6. Sufficient collateral <br /> Springsted is waiting for additional information from the applicant to determine that this criterion has been <br /> met. <br /> 7. Certificate of Good Standing from the Minnesota Secretary of State or other satisfactory evidence of good <br /> standing. <br /> Springsted is waiting for additional information from the applicant to determine that this criterion has been <br /> met. <br /> Conclusion <br /> After examining the forgivable loan application materials submitted by Sportech, Inc. and in conjunction with the <br /> Economic Development Forgivable Loan Program guidelines, Springsted concludes that Sportech, Inc. appears to be <br /> in compliance with the program eligibility requirements(for which information was provided) as outlined in this memo. <br /> Once the applicant provides further information pertaining to the financing of the project, unanswered eligibility <br /> criterion will be addressed. <br />