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1W <br />City of Elk River <br />13065 Orono, Pkwy <br />Elk River, MN 55330 <br />Re: Apex Embroidery Design, Inc. Forgivable Loan application/Tax Abatement application <br />To whom it may concern: <br />The Bank of Elk River has had a banking relationship with Apex Embroidery Design, Inc. for the past 14 <br />years. Based on The Bank of Elk River's analysis of past financial performance and the projected <br />financial outlay provided to The Bank of Elk River Apex Embroidery Design, Inc. demonstrates the ability <br />to service repayment requirements necessary to support the building project proposed in their <br />appllications with the City of Elk River. <br />The debt structure being proposed to The Bank of Elk River will allow for a loan on the land, building and <br />equipment of up to $1,450,000. The final loan amount will be calculated based off the lesser of 80% of <br />appraised value or cost and be amortized over a period of 20 years. <br />While Apex Embroidery Design, Inc. demonstrates the ability to service the debt payments, the <br />Forgivable Loan program/Tax Abatement is important to make the project a reality. The letter is only an <br />assessment of Apex Embroidery Design, Inc. to service debt outlined in the application and not a <br />commitment to lend from the Bank of Elk River. The final approval of the Forgivable Loan application, <br />and Tax Abatement application will be necessary for final approval to make a commitment. <br />Sincerely <br />yy <br />Neil Ga non <br />Vice President <br />The Bank of Elk River <br />630 Ma4i Street, Elk Mver, MN 55330 p) 763-441-1000 f) 763-441 0847 Kl�,w,tl)et,)ai�koft,,Ikriver.corri m�?mt,?rr vc, <br />