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The cost of the T.J. Properties project is $450,000, broken down as follows: <br /> Purchase of 403 Main Street $ 76,245 <br /> Purchase of 413 Main Street 83,000 <br /> Construction Costs (new office at 403 Main) 282,944 (at "cost") <br /> Miscellaneous Loan Costs 6,016 <br /> TOTAL $ 448,205 <br /> Applicant equity and sources of financing for the office project are broken <br /> down as follows: <br /> Primary Lender (Initial Loan) $ 245,000 <br /> Primary Lender (Second Loan) 50,000 <br /> Applicant Equity 107,000(1)(2) <br /> EDA Micro Loan 48,000 <br /> TOTAL $450,000 <br /> (1)Broken down as follows: <br /> Cash:$80,000(Sweat equity such as Dampproofing/$600; Carpentry/$17,693;Insulate and Poly <br /> • Walls/$1,364;Roofing/$2,693;Landscaping/$5,000;Contracting Fee/$51,053 for a total of$78,403)and <br /> $27,109 cash proceeds from a closing on a home sale(sale price of$78,812 less moving <br /> expenses/improvements of$51,703 equals proceeds of$27,109) <br /> (2) The residence at 403 Main Street was moved to a lot in Zimmerman;following improvements and <br /> restoration there,it was sold. <br /> Cash/Equity Summary: <br /> Cash $ 80,000 <br /> Closing Proceeds 27,109 <br /> TOTAL $107,000 <br /> Loan repayments are proposed as follows: <br /> Source Term Interest Rate Security <br /> Primary Lender 20 years 9% (subject to adjustments) First position <br /> Primary Lender 20 years 10% (subject to adjustments) Second position <br /> (second loan) <br /> EDA Micro 15 years 9% (prime) Third position <br /> Loan adjusted semi-annually <br /> • <br />