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111 FirstNational k <br /> • of Elk River <br /> June 28, 1996 <br /> Anoka Office <br /> 1121 W Hwy.10 <br /> Anoka,MN 55303 <br /> (612)422-0537 Ms. Lori Zieme• <br /> 13065 Orono Pi:rkway <br /> Elk River, MN.i5330 <br /> Elk Park ce ter odic. FAX# (612) 441-7425 <br /> 19157?seeped Ave <br /> Elk Rivet MN 55330 <br /> (612)441-5684 ATTN: EDA Fl IJANCE COMMITTEE <br /> MICR(I.LOAN FUND <br /> •MiOmc Dear Committo; Members: <br /> 729 Main sues <br /> Elk Rivet.MN 55330 <br /> (612)441.2200 First National B ink of Elk River has tentatively approved a loanfor LeFebvre <br /> Companies, Inc.,to assist them in constructing a new corporate facility in Elk <br /> . River. This prc.ject will include 11,800 square feet of shop space and.4,500 <br /> square feet of of lice space. Our Bank anticipates providing a commercial real <br /> S XO ce estate mortgage of approximately$740,000 for this project. <br /> 19424 Evans St NW <br /> Elk Rivet.MN 55330 <br /> (612)441-2447 Final approval :by our Bank will require receipt and analysis of the <br /> corporations fisi;al year end reviewed financial statement(4-30-96), property <br /> survey along with final plans and specifications necessary to obtain an <br /> appraisal, and :nortgagees Title Insurance policy issued to the Bank, which <br /> 26040Zimmer <br /> man ee s shall insure tha::the Bank's mortgage is a valid first lien on the real estate. <br /> Zimtnsemaa MN 55398 <br /> (612)856.2266 LeFcbvre Com panies, Inc. has experienced substantial growth over the past <br /> four(4)years, lith total revenue increasing from$3.8 million to $7.2 million. <br /> This type of gre wth requires increasing amounts of working capital. LeFebvre <br /> Companies, Inc :anticipates that their growth will continue and have concluded <br /> First NationalMortgage <br /> 76 Main Street that the coto)ate office space and shop facilitymust expand. Increasing <br /> River,MN 55330 investment in fi ced assets of land and building places an additional demand on <br /> 12)441-7133 <br /> liquidity. <br />