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lir of <br /> MEMORANDUM <br /> 1kRiver.: EDA Finance Committee Members <br /> FROM: Marc Nevinski, Acting Director of <br /> Economic Development <br /> DATE: February 25, 2000 <br /> SUBJECT: Micro Loan Applications: Mark <br /> Rothfork, Ultra Image Powder Coating <br /> The EDA Finance Committee will meet Wednesday March 1, 2000 at 4:00 PM <br /> at Elk River City Hall to discuss the following: <br /> Issue <br /> Mark Rothfork, of Ultra Image Powder Coating, is requesting a <br /> Supplemental Micro Loan for $50,000 to be used for a 6000 square foot plant <br /> • expansion in the McChesney Industrial Park. The loan is proposed to be <br /> structured as participation loan with the First National Bank of Elk River. <br /> Background <br /> Mark Rothfork is the owner of Ultra Image Powder Coating, which began <br /> operations in 1994 and currently employs four people. Ultra Image provides <br /> contract painting services to metal manufacturing companies throughout <br /> central Minnesota. Mr. Rothfork currently owns a multi-tenant building in <br /> the McChesney Industrial Park, of which his company occupies 5000 square <br /> feet. Ultra Image also has a sister company located in Little Falls, MN. <br /> Mr. Rothfork is proposing a 6000 square foot expansion to his building to <br /> house an automated painting conveyor system. The expansion would create <br /> six to ten new jobs with wages of$9.50 per hour for laborers and $14.00 per <br /> hour for a production manager. <br /> The project is being financed through the First National Bank of Elk River at <br /> a three year fixed rate of 9.75% with a 20 year amortization. The sources of <br /> funds are as follows. <br /> First National $477,000 <br /> Owner Contribution $ 10,000 <br /> • EDA Loan $ 50,000 <br /> Total $537,000 <br /> 13065 Orono Parkway • P.O. Box 490 • Elk River, MN 55330 • TDD &Phone: (612)441-7420 • Fax: (612) 441-7425 <br />