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4 Debt Service for the cabinet shop is outlined as follows : <br /> Source Annual Debt Service <br /> Primary Lender $10,342 . 50 ( first 4 yrs . ) <br /> EDA Loan $ 1, 899 . 38 <br /> $12,241 . 88 <br /> COMPANY NARRATIVE <br /> Information on Felix and Jeanne Eggert as well as Woodsmen <br /> Quality Products is outlined in greater detail in a summary <br /> provided by the applicants . Mr. Eggert has an extensive <br /> background in the cabinet business . The business was <br /> incorporated in March of 1988, and currently occupies 2 , 100 <br /> square feet of space in Maple Grove. The niche of the company <br /> is primarily raised panel doors, but with the expansion, Mr. <br /> Eggert expects to produce fine furniture, desks, and <br /> freestanding cabinets. <br /> Woodsmen reports sales of $180,882 and $197, 066 in 1991 and <br /> 1992 respectively. Most recent year to date sales (that is, <br /> January through July, 1993) is $93,550 . Net income for 1991 <br /> was reported at $12 ,361; and $29,858 in 1992 . Through July, <br /> 1993, net income is reported at $6,344 . <br /> 0 The company reports total assets of $30,873 in 1991, $10, 906 in <br /> 1992; and $15,224 through June 1993 . Total liabilities are <br /> reported at $25,667 , $4,692, and $7,567 over the same time <br /> periods respectively. <br /> Given past history, Woodsmen projects sales of approximately <br /> $200,000 for the upcoming two years . . All of the shop equipment <br /> is paid for, and, mortgage expenses are approximately the same <br /> as what the applicants are currently paying for leased space <br /> (base lease of $1,236 , per month) . <br /> ACTION REQUESTED <br /> Following its review of the Eggert loan request, the EDA <br /> Finance Committee is asked to make a recommendation to the EDA <br /> Commissioners regarding its funding. The EDA will meet on <br /> November 8, 1993, to consider this matter. <br /> As with previous EDA loans, this loan will be secured by a <br /> mortgage on the Eggert property plus a Promissory Note and <br /> Personal Guaranty signed by the applicants . <br /> PRESENTATION <br /> Felix and Jeanne Eggert will be in attendance to make a <br /> • presentation to the Finance Committee regarding their loan <br /> request. <br />