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• oft, <br /> Elk <br /> River <br /> May 4, 1999 <br /> Mr. Steve Whiting, President <br /> Garrett Group, LLC <br /> 200 South Executive Drive <br /> Suite 101 <br /> Brookfield, Wisconsin 53005 <br /> Dear Mr. Whiting: <br /> Subject: Northstar Die Casting, LLC Micro Loan <br /> This letter is in response to your letter dated April 30, 1999, proposing an <br /> • assumption of the EDA Micro Loan by Badger Die Casting, LLC. Your <br /> proposed terms as outlined in this letter are unacceptable to the Economic <br /> Development Authority. <br /> The primary point of our meeting on Wednesday, April 21, 1999, was that I <br /> indicated I may consider recommending that the EDA reduce the interest rate <br /> on this loan to 5 or 6 percent. I will recommend to the EDA that all other <br /> aspects of the current note remain the same and that there specifically be no <br /> reduction in the current amount of principal and interest due. The EDA's <br /> alternative is to either sue on the personal guaranty or for us to agree upon a <br /> structure which I can then recommend to the EDA. The details I propose are <br /> as follows: <br /> • Loan amount equals all principal and interest due to date - as of <br /> 5/1/99, this amount is $44,688.39 <br /> • Interest rate of 5.5 percent (reduced from 8.5 percent) <br /> • Loan term equals amount of time remaining on current loan - as of <br /> 5/1/99 there would be 47 payments remaining <br /> • First payment due: May 15, 1999 <br /> It appears in your best interest to come to terms with this proposal as the <br /> interest continues to accrue at 8.5 percent and the due date for the balloon <br /> • payment on April 1, 2003, continues to draw near. <br /> 13065 Orono Parkway • P.O. Box 490 • Elk River, MN 55330 • TDD &Phone: (612)441-7420 • Fax: (612)441-7425 <br />