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Elk River Auto Mall L.L.C. Page 3 <br /> September 12, 1994 <br /> Operating expenses (that is, snowplowing, lawn care, management fees, <br /> • maintenance, etc.) is estimated at $1,220 per month for a twelve month total <br /> of$14,645. A broker commission for leasing the project is a monthly expense <br /> of $2,202 for a twelve month total of $26,424. General and administrative <br /> expenses are estimated at $3,867 per month for a twelve month total of <br /> $46,404. Therefore, monthly operating expenses are estimated at $7,289 per <br /> month for a twelve month total of$87,473. <br /> Income from the operations is estimated at $13,159 per month for a twelve <br /> month total of $157,903. Net income after taxes is estimated at $4,747 per <br /> month for a twelve month total of$56,969. <br /> A first year cash flow projection includes total cash receipts of $17,448 per <br /> month for a twelve month total of $209,376. Total cash disbursements for <br /> the first year are estimated at $13,401 per month for a twelve month total of <br /> $160,807. Net cash from operations in year one is estimated at $4,047 per <br /> month for a twelve month total of$48,569. The net cash balance for year one <br /> is estimated at $21,629. <br /> Per the proposed income statement for this project, net income after taxes <br /> increases from $56,969 in the first year to $126,235 in year two, $127,775 in <br /> year three, $127,775 in year four, and $129,315 in year five respectively. <br /> • EMPLOYMENT <br /> This project is expected to create at least 27 new permanent positions (12 at <br /> Tires Plus, 12 at ABRA, and 3 at J.R. Tech). An additional 8 jobs will be <br /> retained at J.R. Tech. <br /> CONDITIONAL USE PERMIT <br /> The Elk River Auto Mall required a conditional use permit (CUP) from the <br /> Elk River City Council. The CUP was granted on August 1, 1994, and <br /> included conditions such as additional landscaping, improvements to Carson <br /> Street and Main Street, one monument style sign, no outdoor storage, a <br /> limitation on hours of operation at the Auto Mall, trash enclosures, <br /> underground irrigation, etc. <br /> COMMITMENT FROM PRIMARY LENDER <br /> Two lenders are jointly participating in the primary financing of this project. <br /> A letter evidencing the bank's commitment to finance the project is expected <br /> next week and will be distributed at that time. <br /> • <br />