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ELK RIVER ECONOMIC DEVELOPMENT AUTHORITY <br /> • October 6, 1999 <br /> Mr. Brad Butalla <br /> ProTech Engineering <br /> 22976 185th St NW <br /> Big Lake, MN 55309 <br /> Dear Mr. Butalla, <br /> The EDA Finance Committee is happy to recommend that the Economic <br /> Development Authority approve ProTech Engineering's request for a $50,000 <br /> Micro Loan. The EDA will review your application at its next meeting on <br /> Monday, October 11 at 6:00 pm. It would be helpful if you and/or Mr. House <br /> could make a brief presentation to the EDA at that time. <br /> As I stated in our phone conversation on Monday, October 4, before we can <br /> close on the Micro Loan, we will need additional documentation of the <br /> following: <br /> • Contracts for the purchase of equipment <br /> • <br /> . Financing agreements with other lenders <br /> • Building lease agreement <br /> • Shareholder buyout agreement <br /> You had indicated a need to close on this loan in mid-November and we <br /> anticipate being able to accommodate your time table. However, it will be <br /> necessary for you to have closed on the loans with your other lenders prior to <br /> closing on the Micro Loan. Also, as standard procedure for all Micro Loans, <br /> ProTech will be required to complete some additional paperwork, including: <br /> • Security agreement <br /> • Promissory note <br /> • Personal Guarantees <br /> • Job performance agreement <br /> • UCC-1 financing statement <br /> Should you have any questions, please contact me at (612) 241-5526 or Paul <br /> Steinman at (612) 441-4905. <br /> Sincerely, <br /> • Marc Nevinski <br /> Assistant Director of Economic Development <br /> 13065 Orono Parkway • P. O. Box 490 • Elk River, MN 55330-1743 • (612) 441-7420 • Fax (612) 441-7425 <br /> Equal Opportunity Housing and Equal Opportunity Employment <br />