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First atl n <br /> o al Ban <br /> •11 of Elk River <br /> November 2, 1995 <br /> William Rubin <br /> Economic Development Coordinator <br /> Anoka Office Economic Development Micro Loan Fund <br /> 1121 W.Hwy.10 <br /> Anoka,MN 55303 <br /> (612)422-0537 Re: The Vault <br /> Hearth Bakery Venture <br /> Frank and Jody Galli <br /> Dear Bill: <br /> Elk Park Center Office <br /> 19157 Freeport Ave. First National Bank of Elk River would like to recommend to the EDA that the Micro <br /> Elk River,MN 55330 <br /> (612)441-5684 Loan Fund be used to provide supplemental financing for The Vault Hearth Bakery <br /> venture. <br /> We feel this project meets the guidelines for the Micro Loan Fund by rehabilitating <br /> Office a retail building in the heart of downtown Elk River. The project will also create a <br /> *lain <br /> 9 Main Street new business that blends well with the current trend of specialty shops in the <br /> Elk River,MN 55330 <br /> (612)441-2200 downtown area. <br /> The FNB-ER has approved a loan request from Frank and Jody Galli as follows: <br /> AMOUNT: $61,000.00 <br /> SAX Office TERM: 15 year amortization with a 5 year balloon <br /> 19424 Evans Sc NW COLLATERAL: 1st REM on 315 Jackson Street,Elk River <br /> Elk River,MN 55330 <br /> (612)441-2447 INTEREST RATE: 10%fixed,resulting in payments of approx.$656.00/mo <br /> Supplemental financing is necessary for this project to become a reality due to the <br /> inherent risks associated with a start-up bakery/restaraunt. Our Bank is limited to <br /> Zimmerman Office very conservative advance rates on the specialty equipment and leasehold <br /> 26040 Main St. improvements required for this project. The Micro Loan Fund was designed to <br /> Zimmerman,MN 55398 provide gap financing for projects that stimulate the economic growth of the City of <br /> (612)856-2266 <br /> Elk River. The business plan provided by Frank Galli does an excellent job of <br /> explaining the financing requirements and the need for a Micro Loan. <br /> Sincerely, <br /> First National Mortgage <br /> 716 Main Street <br /> Elk River,MN 55330 �— ��1 �in ` i <br /> d�q <br /> 0120441-7133 Thomas L. Lund <br /> Assistant Vice President <br /> TLL/gmw <br />