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�TheBank <br />O F E L K R I V E R <br />November 18, 2020 <br />Mikaela Huot <br />City of Elk River's Municipal Advisor <br />380 Jackson Street <br />STE 300 <br />St. Paul, MN 55101 <br />RE: Scott Morrell, LLC <br />Terry Morrell <br />Request for Extension <br />Dear Ms. Huot <br />I am requesting Elk River EDA's consideration of a two year extension of its loan to Scott Morrell, LLC. <br />The loan was originated in August 2015 for construction of their new corporate headquarters for Morrell <br />Enterprises and Morrell Oversize. Currently, the companies combined employee over 50 people in Elk <br />River. The Bank of Elk River is not able to match the terms and conditions of the FDA's extension. <br />Current real-estate rates for this type of loan at The Bank of Elk River would exceed 4%. Federal <br />appraisal guidelines require the bank to complete a new evaluation of the the real-easte to consolidate <br />the EDA's loan. This would create a signnificant amount of expense and time for Terry in comparison to <br />the EDA's extension. Terry would like to continue with the EDA program for the next two years. The <br />extension will help him invest in his company and employees, which will also benefit the City of Elk <br />River. Terry would like to continue on the same payment schedule for the next two years with the <br />intention to payoff the EDA loan from the assets of his company when the loan balloons. <br />Please let me know if you have any questions, thank you for your time and consideration. <br />Sincerely, <br />Rob Riedel - <br />Vice President <br />630 Main Street, Elk River, MN 55330 p) 763-441-1000 t) 763-441-0847 www.thebankofetkriver.com l <br />