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(/' <br /> tyof <br /> lk <br /> River <br /> May 3 , 1993 o I:)%7 <br /> Mr. Willard Morton <br /> PureSteam Humidifier Company <br /> 5100 Thimsen Avenue <br /> Minnetonka, MN 55345 <br /> Dear Willard, <br /> I was disappointed to learn that PureSteam will be relocating <br /> out of Elk River this summer as the company consolidates both <br /> production and administration into one location. Although Elk <br /> River did not have an opportunity to submit a proposal for this <br /> consolidation, I accept your explanation that the company <br /> decision was one of locational preference. I do agree that as <br /> a company grows, it becomes increasingly more difficult for the <br /> • production segment to be eliminated from administration. <br /> I have reviewed PureSteam' s two outstanding loans with the Elk <br /> River Economic Development Authority (EDA) . You are correct in <br /> your assessment of the 1990 loan in that the final payment is <br /> July, 1993 . The 1992 EDA loan extends out to March, 1996 . <br /> These loans were intended to assist companies with their Elk <br /> River expansions . Toward that end, the loans should be paid <br /> down prior to your company' s relocation out of Elk River. <br /> I wish you good luck with the expansion project and trust that <br /> the loan repayments can be done in a manner that will benefit <br /> both parties . In the event of questions or comments, please <br /> feel free to call me at 441-4905 (direct) or 441-7420 . <br /> Sincerely yours, <br /> William Rubin <br /> Economic Development Coordinator <br /> WR:ah <br /> • <br /> • <br /> P.O. Box 490 • 13065 Orono Parkway • Elk River, MN 55330 • (612) 441-7420 • Fax: (612) 441-7425 <br />