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Springsted Incorporated <br />380 Jackson Street, Suite 300 <br />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 />