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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 /> Jeremy Barnhart, Community Operations and Development-Deputy Director <br /> FROM: Mikaela Huot,Vice President/Consultant <br /> Julian Bradshaw,Analyst <br /> DATE: December 15, 2014 <br /> SUBJECT: Stonesthrow Companies, LLC and Coin-Tainer Co., LLC.—Microloan Fund Application Review <br /> Summary <br /> The City of Elk River initially received a request for assistance in the form of a loan from the City's Economic <br /> Development Microloan Fund from Stonesthrow Companies, LLC and Coin-Tainer Co., LLC for the anticipated <br /> acquisition of an existing building. At the request of the City of Elk River, Springsted has undertaken a review of the <br /> company's application and request. The purpose of this review is to understand (based upon the provided information) <br /> if the applicant meets the guidelines set forth by the City of Elk River's Economic Development Microloan Fund policy. <br /> Stonesthrow Companies, LLC will be the entity acquiring the building through a contract for deed and therefore the <br /> applicant for the Microloan. The Contract for Deed terms, as illustrated in the supplements to the developer's <br /> application,will be for a term of five years(amortized over 25)at an interest rate of 5.5%. The agreement is contingent <br /> upon the receipt of a microloan from the City of Elk River. <br /> Coin-Tainer Co., LLC is a coin, currency, and raffle ticket roll manufacturer and wholesale/retail distributor and will <br /> occupy a portion of the existing building. The remaining space will remain leased to existing tenants. As a part of the <br /> project, Coin-Tainer Co., LLC proposes to finish installing new equipment to restore production capability lost due to <br /> 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 October 2014 <br /> Public Sector Advisors <br />