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02/26/2003 10:59 7637924236 PELSTRING CAPITAL CO PAGE 03 <br /> . in place in the Northwest Unit• States for over 30 years. While that market is saturated <br /> in that area, it is a market that .s never been exploited here in the Midwest. <br /> Please give a brief summary o ! e project: <br /> Lake Assault has committed to I ease 7,500 sf of the Decker building in Elk River to <br /> initiate its operations. The fund: will be used, in conjunction with the equity investment, <br /> bank line of credit, and Central it 1 Initiative Funding to initiate production and sales of <br /> the boats. The entire operation ill be located in Elk River, MN <br /> Please describe how this loan ill impact your project: <br /> The local funding is critical for the start-up of operations and will enable the company to <br /> initiate hiring its first three em:loyees. <br /> III. FINANCING <br /> iroiect Costs <br /> Land111111 $ <br /> Site improvements <br /> Buildings (attach plans costs) $ <br /> Equipment/Machinery ixtures $ 50,000 <br /> (attach list and estimates costs) <br /> Remodeling $ <br /> Industrial Inventory/W:rking Capital $ 255,000 <br /> Other (attach descriptio, ) $ <br /> Total Costs $ 305,000 <br /> Comments: <br /> ' I <br /> • <br />