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then be delivered back to Ramsey to be completed, and shipped to their <br /> customers. This saves both cost and time. Approximately half of the facility <br /> will be used for pre-finishing, with the remaining being used for <br /> warehouse/storage space of product. A small portion of the existin g office will <br /> be used for office space. <br /> Please describe how this loan will impact your project: <br /> The Industrial Incentive program will not only bring a new business into Elk <br /> River, but will assist with their expansion, boost productivity and help <br /> expand the city's economy through the creation of five high paying and high <br /> . g <br /> quality full-time employees for local residents.. The average wage of the new <br /> jobs is $23.20/hour; $28.95/hour (this includes benefits). This will also help <br /> maintain the city's tax base. Base wages will range from $15.00-$30.00/hr. <br /> This loan provides the opportunity for HMI to bring a key service of their <br /> operations in house, purchase a new facility and key equipment that will <br /> allow them to bring their business to the next level. This is an exciting <br /> endeavor for the company, and pending the outcome of brining this service in- <br /> house, there's potential for future company and employee growth in the long- <br /> term. <br /> HMI prides themselves in hiring local, employing Veterans, women, <br /> minorities and providing continuous training and development opportunities <br /> for their employees. Additionally, they hold annual employee appreciation <br /> events for not only their employees, but family members as well. <br /> 3. FINANCING <br /> Project Costs <br /> Buildings $ 940,000 <br /> Equipment/Machinery/Fixtures <br /> (attach list and estimated costs) $ 1,061,000 <br /> Soft Costs $ 29,900 <br /> Contingencies $ 10,000 <br /> Professional Fees $ 5,000 <br /> Total Costs $ 2,045,900 <br /> Comments: <br /> Page 4of8 1EE1 / t <br />