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TL FEEDING <br /> USES OF FUNDS <br /> Equipment Acquisition 100,000 <br /> Working Capital/Production',,Development 200.000 <br /> TOTAL USES OF FUNDS $300,000 <br /> SOURCES OF FUNDS <br /> Bank - Line of Credit $150,000 <br /> Initiative Fund 50,000 <br /> Elk River - Micro Loan 50,000 <br /> Owner's Equity 50.000 <br /> TOTAL SOURCES OF FUNDS $300,000 <br /> This proposal presents an overall outline which would facilitate the initiation of the project. For <br /> purposes of tax increment, I have assumed that the facility would carry a market valuation of <br /> approximately $600,000 generating approximately $30,000 - $35,000 a year of increment. I <br /> have also reviewed TL Feeding's existing equipment and asset list and I am relatively <br /> comfortable that the bank line of credit and other financing could be appropriately collateralized. <br /> I encourage you to review this information and I would be more than happy to meet with you <br /> and your development authority to discuss the project in greater detail. I look forward to <br /> • working with you on this project in Elk River. <br /> Sincerely, <br /> 'UB,IC RESOUR 'O P, INC. <br /> Lk <br /> w <br /> Patrick W. Pelstring <br /> Chief Executive Officer <br /> PWP\dp <br /> cc: Al Larson <br /> Wally Larson <br /> Fred Nungesser <br /> • <br />