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MidWestOnc <br />Bank TM <br />March 6, 2017 <br />City of Elk River <br />13065 Orono Pkwy <br />Elk River, MN 55330 <br />RE: Ken Beaudry and Truck Shop LLC <br />To whom it may concern: <br />MidWestOne Bank has had a banking relationship with Ken Beaudry, Beaudry Oil and other related <br />entities for numerous years. While the ownership entity for this project is new, it is anticipated that the <br />primary source of revenue for the entity will come from related companies particularly Beaudry Oil. <br />Based on our analysis of past financial performance, Ken Beaudry and Beaudry Oil demonstrate the <br />ability to service debt repayment requirements necessary to support the building project proposed in <br />the application with the City of Elk River. <br />It is anticipated that the loan will be $950,000 with the final loan amount calculated based off of the <br />lesser of 80% of appraised value or cost. The loan will be amortized over 20 years. <br />Although Mr. Beaudry demonstrates the ability to service debt payments, the forgivable loan program is <br />very important to make this project feasible due to the anticipated equity gap. This letter is only an <br />assessment of Ken Beaudry to service debt outlined in the application and is not a commitment to Lend <br />from MidWestOne Bank. Please contact me if you have any additional questions. <br />Regards, <br />C't <br />Michelle Anderson <br />Branch President <br />MidWestOne Bank <br />Elk River Office <br />763 - 274 -3210 <br />manderson @midwestone.com <br />MidWestOne.com • (800) 247 -4418 <br />€Hots Member FDIC <br />to <br />