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Springsted Incorporated <br /> 380 Jackson Street, Suite 300 <br /> p $ Saint Paul,MN 55101-2887 <br /> Tel: 651-223-3000 <br /> Fax: 651-223-3002 <br /> www.springsted.com <br /> MEMORANDUM <br /> TO: Members of the EDA <br /> Members of the City Council <br /> Brian Beeman, Director of Economic Development <br /> FROM: Mikaela Huot,Vice President/Consultant <br /> Julian Bradshaw,Analyst <br /> DATE: January 15, 2014 <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 (approximately <br /> $230,000 of hard construction costs and $33,000 of soft costs) and includes primarily an internal expansion of the <br /> 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 /> • Dun and Bradstreet report <br /> Public Sector Advisors <br />