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Springsted Incorporated <br /> 380 Jackson Street, Suite 300 <br /> Springsted 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 /> Jeremy Barnhart, Community Operations and Development-Deputy Director <br /> FROM: Mikaela Huot,Vice President/Consultant <br /> Julian Bradshaw,Analyst <br /> DATE: October 9, 2014 <br /> SUBJECT: Coin-Tainer Co., LLC.—Microloan Fund Application Review <br /> Summary <br /> At the request of the City of Elk River, Springsted has undertaken a review of the Coin-Tainer Co., LLC. Microloan <br /> Fund application. The purpose of this review is to understand (based upon the provided information) if the applicant <br /> meets the guidelines set forth by the City of Elk River's Economic Development Microloan Fund policy. According to <br /> Coin-Tainer Co., LLC, the company is a coin, currency, and raffle ticket roll manufacturer and wholesale/retail <br /> distributor. Coin-Tainer Co., LLC proposes to finish installing new equipment to restore production capability lost due <br /> to damage caused by a fire in another community. In order to aid in achieving the proposed redevelopment and <br /> permanent relocation in the City, the company has requested a microloan in the amount of$200,000 through the Jobs <br /> Incentive Program of the City of Elk River's Economic Development Microloan Fund program. <br /> Springsted has reviewed the following materials with regard to the above referenced project: <br /> • Coin-Tainer Co., LLC. Microloan application, submitted to the City on August, 28 2014 <br /> • Balance sheets &profit and loss statements from 2012 through July 2014 <br /> Approach <br /> Coin-Tainer Co., LLC. has provided Springsted, through the City, with its microloan application and related materials <br /> The goals of Elk River's microloan program, as stated in the policy guidelines, is to provide low interest, long-term (i.e. <br /> greater than one year) loans as incentives for new industrial and commercial development within the City of Elk River <br /> and to encourage commercial and retail business owners in the Downtown District to rehabilitate their existing <br /> buildings. The following review will outline the loan eligibility criteria as presented in the Economic Development <br /> Microloan Fund Policy and identify if the applicant meets those guidelines. Springsted's initial determination that the <br /> applicant has fulfilled the necessary criterion is based upon the available information (application information and <br /> related materials provided by the applicant and the City) and the City's current policy guidelines. We have focused <br /> Public Sector Advisors <br />