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Page l of 1 <br /> INFORMATION <br /> • Steinmetz, Heidi <br /> From: Tom Berry[tberry@industhard.com] <br /> Sent: Monday, August 08, 2005 5:07 PM <br /> To: Steinmetz, Heidi <br /> Subject: Minnesota Fabrication &Machine EDA Note <br /> Dear Heidi: <br /> At the time we received our EDA loan, we had a mortgage of about$450,000 on our Minnesota <br /> Fabrication building with First National Bank of Elk River. That mortgage came due and was paid off. At <br /> that time our EDA loan assumed priority over our other Minnesota Fabrication indebtedness. <br /> We are currently in the position of trying to borrow$550,000 against the same building to provide <br /> additional working capital for the company. In order to do this,we request that the Economic <br /> Development Authority allow our EDA note to take a secondary position behind the proposed Boundary <br /> Waters Mortgage. <br /> The property has been appraised at$900,000, so we believe the risk to the EDA would be minimal. <br /> Thank you for your consideration in this matter. <br /> Tom Berry <br /> S <br /> • <br /> 8/8/2005 <br />