Laserfiche WebLink
City of Elk River, Minnesota <br />Stonesthrow Companies, LLC and Coin-Tainer Co., LLC Microloan Fund Application Review <br />December 15, 2014 <br />Page 6 <br />Letter of commitment from applicant pledging to complete the project during proposed project <br />duration:The applicant has provided a letter of commitment stating that r <br />will secure the ability to acquire the facility and locate in the City of Elk River. <br />Letter of commitment from other financing sources stating terms and conditions of their <br />participation: The applicant has proposed acquisition of the building through <br />means of project financing. The microloan funding provides addi <br />Sufficient collateral:The applicant has stated it has sufficient collateral. <br />c.All other information as required in the application and/or additional information as may be requested by the <br />Economic Development Authority <br />d.Project compliance with all city codes and policies <br />e.Program Objectives: In addition to quality job and wage creation/retention requirements, the applicant must <br />meet all Microloan Fund criteria and demonstrate how the proposed activities will meet at least one of the <br />following objectives: <br />The project contributes to the fulfillment of the city’s approved and adopted economic development <br />and/or redevelopment plans <br />The project prevents or eliminates slums and blight <br />The project increases the local tax base <br />The project brings a structure into compliance with an existing building code violation <br />If the project for which loan funds have been requested is compl <br />would retain 26 and create 10 new jobs in the City. The project <br />vacant building and value of the property has been estimated to <br />should result in fulfillment of the city’s economic development <br />increase in the local tax base resulting from the market value g <br />Conclusion <br />After examining the micro loan application materials submitted by Stonesthrow Companies, LLC and Coin-Tainer Co., <br />LLC and reviewing in conjunction with the Economic Development Micro Loan Program guidelines, Springsted <br />concludes that the applicant and project appear to be in compliance with the program eligibility requirements (for <br />which information was provided) as outlined in this memo and at the time of review. We note, however, that the <br />information we were provided represents a snapshot in time, and therefore subject to change if unknown or <br />unanticipated events may occur. <br />