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PUBLIC RESOURCE <br /> • • <br /> GROUP INC. <br /> August 2, 1995 • <br /> Marketing, Development&Finance Specialists <br /> Mr. Bill Rubin <br /> Economic Development Director <br /> City of Elk River <br /> 13065 Orono Parkway <br /> P.O. Box 490 <br /> Elk River, MN 55330 <br /> Re: TL Feeding <br /> Dear Mr. Rubin: <br /> Al Larson, Wally Larson, Fred Nungesser, and I appreciated the opportunity to meet with you <br /> and gain a better understanding of your programs and the opportunities for development in the <br /> City of Elk River. We feel the meeting was very worthwhile and we now like to present a <br /> proposal for consideration by you and/or the Elk River Economic Development Authority. <br /> The project has taken on additional significance, as the principals of the company are <br /> i considering construction of a 15,000 square foot office/warehouse which would house TL <br /> Feeding as well as another industry which Al is currently involved. For this reason, we would <br /> like to present an integrated financing plan which addresses both the facility financing and meets <br /> the operating and equipment needs of TL Feeding. <br /> I would propose a overall sources and uses of funds as follows: <br /> FACILITY <br /> USES OF FUNDS <br /> Acquisition of Site (3 acres at 45,000/acre) $135,000 <br /> Building Construction (15,000 square feet at $35/square foot) 525,000 <br /> Contingency and Closing 50,000 <br /> TOTAL USES OF FUNDS $710,000 <br /> SOURCES OF FUNDS <br /> Bank - 1st Mortgage $510,000 <br /> Initiative Fund - 2nd Mortgage 50,000 <br /> City/EDA TIF 150,000 <br /> TOTAL SOURCES OF FUNDS $710,000 <br /> • <br /> 4205 Lancaster Lane North♦ Suite 1100 • Minneapolis,Minnesota 55441 • (612) 550-7979 ♦ (612) 550-9221 Fax <br />