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City of - <br /> Elk <br /> River <br /> November 18,2016 <br /> Heritage Millwork, Inc. <br /> Attn: Mr. Patrick Menth <br /> 6190 McKinley ey S t.NW <br /> Ramsey,MN 55303 <br /> Dear Mr. Menth; <br /> The City of Ells River is pleased to present the following proposal. This proposal is for discussion <br /> purposes only and should not be construed as a lending commitment.A commitment can only be made <br /> after completion of our underwriting process,review and approval of all third party reports and <br /> completion of documentation acceptable to the Economic Development Authority of the City of Elk River <br /> ("EDA")and the Borrower and is subject to approval by the City Council and the Board of the EDA <br /> Summary of Proposed Terms&Conditions for <br /> Heritage Millwork, Inc <br /> BORROWER: Heritage Millwork, Inc <br /> LOAN AMOUNT: $100,000 <br /> INTEREST RATE: Fixed rate at 3.0%fixed for five years. <br /> COSTS&FEES: Fees and closing cost estimated not to exceed$5,000 <br /> TERM/REPAYMENT: Estimated monthly principal and interest payments of <br /> approximately$970 based on above loan amount, 10 year <br /> amortization. Loan will mature in 5 years. If the Borrower <br /> requests and certain conditions are met at the end of the 5-year <br /> term,a 2 year extension at the same interest rate will be considered <br /> by the EDA <br /> 13065 Orono Parkway <br /> Elk River,MN 55330 <br /> Phone: 763.635.1000 <br /> PlIERLI er <br /> NATURE <br /> www.E1kRiverMN.gov <br />