7.1. SR 10-17-2016 - Laserfiche WebLink

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Please give a brief summary of your business and its products or service: Apex Embroidery has been in business since 1998 and was originally located in Hopkins, MN. Due to considerable growth, the company moved to Elk River in 2001. In 2008, the company moved to the city of Ramsey due to their building in Elk River being sold. Apex continues to grow, and is now looking to build their own building to accommodate their growth. Apex provides a wide variety of apparel decorating solutions, including screen printed transfers, custom applique, custom rhinestones, digital transfers, and more. They are a manufacturer who has been in business for 19 years, and has continued to see consistent growth. They work with a wide variety of clients, including, but not limited to embroidery companies, screen printing companies, fulfillment companies and smaller manufacturers. They have produced products for Ralph Lauren, North Face, Tommy Hilfiger, Harley Davidson, Warner Brothers and Abercrombie & Fitch. Approximately half of their business is in the Midwest, with the remaining spread throughout the United States, predominately on the East and West coasts. Additional business information can be found in the attached business summary. Please give a brief summary of the project: Apex Embroidery currently leases a 7,500 building in Ramsey, MN. Because of their rapid growth, they desire to build capacity through building their own building, purchasing additional equipment, and growing their workforce by approximately 6- 10 employees within two years of project completion. They will be bringing a total of 18 full-time employees into the City of Elk River, currently averaging $15.57 per hour. They are committing to creating a minimum of 7 additional full-time employees within two years from project completion averaging $17.71 per hour. They are proposing to purchase 1.4 acres of land to construct a 13,312 square foot facility at 9775158' Circle NW. They will have the option to purchase an adjacent parcel for room to expand their new proposed facility an additional 14,975 sf, more than doubling the size of their proposed building. They will be purchasing an additional full -production line, dryer and screen coater, totaling $306,000. Please describe how this loan will impact your project: This loan, will tremendously impact this project through stimulating private investment to help spur new construction, create and retain new employment opportunities for an industrial use looking to increase capacity and efficiency through the construction (and ownership) of a new building, and purchase of over $320,000 of new machinery and equipment. Forgivable Loan Fund Application Page 10 of 8 DRAFT