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11/27/2001 13: 32 6417846923 IHI PAGE 04 <br /> • <br /> a brief summary ofthe project <br /> o ect <br /> Please give <br /> HMP Corp. is a newly formed holding company that owns <br /> Industrial Hardfacing, Inc. (IHI) , ProCom, Inc. (PCI) and <br /> Minnesota Fabrication & Machine (MF&M) . The HMP Business <br /> Plan moves current IHI welding, grinding and parts of the <br /> machine shop to Iowa to move closer to their markets , improve <br /> efficiency and to consolidate operations . MF&M will continue <br /> to produce parts for IHI and will develop new ,markets and <br /> customers independent of IHI . Elk River management will retain <br /> the existing facilities and grow the business in new markets. <br /> please describe how this loan will impactyour project: <br /> The EDA Micro Loan will provide financing to assist MF&M in <br /> purchasing, from HMP Corp. , the machinery and equipment <br /> necessary to maintain an operation in Elk River. This <br /> machinery & equipment has a certified appraisal of $258 , 150 <br /> and will cost MF&M $78 ,454. <br /> III. FINANCING <br /> Project Costs <br /> • Land • <br /> $ <br /> Site improvements $ <br /> Buildings (attach plans&costs) $ 171 , 000 <br /> Equipment/Machinery/Fixtures <br /> (attach list and estimated costs) $ 7 A .4 S 4 <br /> Remodeling $ <br /> Industrial Inventory/Working Capital $ 300 ,546 <br /> Other(attach tion $ <br /> description) <br /> Total Costs $ 550,000 <br /> Comments: <br /> S <br /> Elk River Economic Development Authority <br /> Micro Loan Fund Application Page 3 of 8 <br />