5.2. SR 02-06-2006 - Laserfiche WebLink

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Exhibit A: The Bank of Elk River was established in 1885 as a partnership between Charles M. Babcock, Houlton and Henry Castle. It was incorporated as a State Bank in 1902. The bank was originally located north of the railroad tracks at the northwest corner of Jackson and Railroad Drive. That building was consumed in the great fire of 1898 that destroyed almost all of Elk River's business district. A new building was built on Jackson, but it also burned down and had to be reconstructed. That building, at 315 Jackson, served the bank until 1976 when our current building was built on Main Street. Over the years the bank purchased and removed all ofthe buildings between Jackson Place and the intersection of Highway 10 and Main Street. Two additions were made to the Main Street location to a,ccommodate growth. The Bank of Elk River continues to provide a full line of deposit and loan products to consumers and businesses. With deposits increasing from $153,000 in 1909, to $302 million today, the Bank of Elk River has grown to be the largest bank in Elk River and is in the top-20 banks in the Twin Cities metropolitan area. . Exhibit B: A 22,000 square foot, two-story addition. will be built along Main Street at an estimated cost of $4.1 million. The addition will be constructed to add a third floor in the future. Extensive remodeling will be done to the current building. Exhibit c: 100% ofthe stock of The Bank of Elk River is owned by Metro North Bancshares, Inc. Exhibit D: But-for analysis. To be provided later if necessary. Narrative. Exhibit D k This addition will cost us significantly more than building a similar size structure on our Otsego property. We estimate this figure to be $940,000. Without tax abatement the project will be built in Otsego. LI