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ELK RIVER REVOLVING LOAN FUND APPLICATION PAGE 2 <br /> 3 . Purpose of Loan: <br /> IIP The purpose of the loan is to fill a gap in financing not being obtained <br /> from other sources. The company plans to open three stores in Minnesota <br /> this year. In addition to Elk River, new stores will be located in Austin <br /> and Rochester. The total cost for all three stores is $1,020,000. First mortgage <br /> financing has been approved by Security Bank in Albert Lea in the amount of <br /> $457,500. The SBA 504 Loan Program is expected to provide $377,000. Other <br /> assets totaling $82,000 will be financed by the company in addition to equity <br /> provided to complete the construction of the facilities. <br /> 4 . Cost of Project: <br /> A) Land $ 115,000 <br /> B) Buildings (attach plans & costs) $ 170,000 <br /> C) Equip./Mach./Fixtures (attach list & costs) $ 16 000 <br /> 411 D) Remodeling $ <br /> E) Other (attach description) cePENIN491Wkarq$ 12,000 <br /> F) Other (attach description) S16NS,S 1 09 $ 57,500 <br /> TOTAL COSTS UTit/1- u ', crA si�L)$ w, 500 <br /> 5 . Proposed Financing : . <br /> SOURCE NAME TERMS AMOUNT <br /> A) Bank Loan SF.CITRTTY RANK 15 yr. p+1 $ 17'3,750 <br /> B) Bank Loan CRA 70yr 7 5`/, $ 144,000 <br /> C) Other Private $ <br /> D) State Grant/Loan $ <br /> E) Fed Grant/Loan • $ <br /> F) Other $ <br /> G) This Loan 15 yr_ 6% $ U,500 <br /> `• H) Applicant Contribution $ 0,0,250 <br /> TOTAL FINANCING $ '3R0, 500 <br />