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• <br /> Secondary Financing: <br /> An application to the Micro Fund was not submitted prior to construction because the original project <br /> financing requirement of$245,000 met all Bank loan policy guidelines. <br /> The increase in amount of debt and debt service for the project has resulted in the need for secondary <br /> financing sources. <br /> This project fits the Micro Loan Fund parameters by meeting city redevelopment plans, increasing <br /> local tax base and job creation/retention. <br /> In summary,the project has maximized conventional financing due to; (1)the increase in project cost <br /> and (2) the unique combination of a commercial building and a residential rental unit securing the <br /> loan. <br /> The Micro Loan Fund can provide the necessary secondary financing to complete this project and <br /> maintain the economic viability of the City of Elk River's business district. <br /> Thomas L. Lund <br /> • Assistant Vice President <br /> 410 <br />