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411 <br /> February 24 , 1995 <br /> 403 Main St. <br /> Elk River , MN. 55330 <br /> • <br /> Economic Development Authority <br /> Elk River, MN. 55330 <br /> Dear Sirs : <br /> This letter may clarify some of the information on the application . <br /> Due to the changed plans and some unexpected costs in the described <br /> project, it is necessary for us to seek additional financing . After <br /> reviewing our needs with our primary financing source , The First <br /> National Bank, it was suggested that we apply PP1Y to the EDA for help <br /> as we were approaching the limits of which we could borrow for the <br /> project. I realize that normally this application would be sub- <br /> 0 mitted prior to starting the project . However , as mentioned above , <br /> the need for finishing the entire building at this point and some <br /> additional unexpected costs that came up, put us into a position of <br /> shortfall . <br /> The primary occupant of the building , will be Century 21 White Doye <br /> Realty, which had 30 agents prior to th.e move and now has 35 with <br /> 5 new agents additional that are in training which will bring the 'tota,l <br /> to 40 with a capacity of 50 .. Century 21 also employs 5 support stagfr <br /> 1 full time receptionist , 2 parttime receptionists , 1 Sales Managers <br /> and 1 Office Manager. When we reach full. capacity, we will be <br /> employing 2 additional support staff peoples <br /> T. S . Construction will also operate out of the structure , which. curre.n.tly <br /> employs 2 people . <br /> • <br /> Walsh Title has also opened an office in th.e building and currently <br /> is staffed with one person with another in training and will eventually <br /> have a staff of four . <br /> The property at 413 Main St. is currently rented as a residential <br /> property for $700 per month. <br />