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ELK RIVER ECONOMIC DEVELOPMENT AUTHORITY <br /> • <br /> TO: FINANCE COMMITTEE MEMBERS <br /> FROM: WILLIAM RUBIN, ECONOMIC DEVELOPMENT COORDINATO <br /> DATE: SEPTEMBER 2, 1993 <br /> SUBJECT: LOAN REQUEST FROM WATER LABORATORIES, INC. <br /> INTRODUCTION <br /> Water Laboratories , Inc. , 429 East Main Street, Elk River, <br /> Minnesota, requests a loan from the EDA Revolving Loan Fund in <br /> the amount of $15, 000 . This loan would be used by Water <br /> Laboratories to leverage primary financing and company equity <br /> for the construction and equipping of a 1,400 square foot suite <br /> in an office/townhouse project "to be constructed at Main Street <br /> and Freeport Avenue. <br /> BACKGROUND <br /> The cost of constructing and acquiring the office suite is <br /> estimated -at $107,400, . and is broken down as follows : <br /> Land $ 27,300 <br /> Building $ 77,700 <br /> Lab Equipment, etc. $ 2,400 <br /> $107 ,400 <br /> Sources of financing for this project are broken down as <br /> follows <br /> Percent of . <br /> Project <br /> Primary Lender $ 75, 000 69 . 8 <br /> Applicant Equity $ 17,400 16 .2% <br /> EDA Revolving Loan $ 15,000 14 . 0 <br /> $107 ,400 100 . 0% <br /> P.O. Box 490 • 13065 Orono Parkway • Elk River, MN 55330-1743 • (612) 441-7420 • Fax: (612) 441-7425 <br /> Equal Opportunity Housing and Equal Opportunity Employment <br />