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AMEI NN® <br /> • MOTEL <br /> AMERICINN OF ELK RIVER <br /> Highways 10, 169, and 101 <br /> Elk River, MN 55330 <br /> Phone: (612) 441-8554 <br /> September 27, 1995 <br /> Mr. Bill Rubin <br /> Economic Developement Authority <br /> City of Elk River <br /> P.O. Box 490 <br /> Elk River, MN 55330 <br /> Dear Mr. Rubin: <br /> Thank you for considering the extension of the note regarding the sprinkler system <br /> installation at the Americlnn of Elk River. <br /> • <br /> As you may already know, our tax base on the property, due to `I-1 , `?x increment <br /> funding, is the highest of all identical Amerclnn hotels in a four (4) state area <br /> which makes us work a little harder to make a profit. However, this past year we <br /> have done a good job and profitability is coming around nicely. <br /> The motel is to the point where up-keep and appearance are also important. This <br /> year alone we have re-surfaced the parking area, added ceramic tile and new <br /> carpet to the lobby, as well as re-carpeting eight (8) rooms and some other <br /> general beautification. <br /> We are also vigorously working on bringing a restaurant facility to our adjacent lot <br /> in addition to utilizing the area behind us on the Mississippi River. <br /> I have enclosed personal and motel business financial statements. Your extension <br /> will help us achieve our goals and we thank you. <br /> Sincerely, <br /> Michael W. eary, P esident <br /> Elk River Motel Properties, Inc. <br /> MWLlejm <br /> Toil Free Reservations: 1-800-634-3444 <br />