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ITEM 8. <br /> SEP0fl1995 <br /> September 6, 1995 <br /> Elk River Economic Development Authority <br /> P.O. Box 490 <br /> Elk River, Minnesota 55330 <br /> This letter is in regards to an EDA loan between the Elk River EDA <br /> and Elk River Motel Properties, Inc. (AmericInn) . In reviewing our <br /> loan documents, we found that the loan matures on October 1, 1995 . <br /> Details of the loan are as follows : <br /> Original Loan Amount $32, 500 . 00 <br /> Interest Rate 7% <br /> Monthly Payment $377 .35 <br /> Balloon October 1, 1995 $24, 068 .30 <br /> We are currently making some improvements in the motel for which we <br /> would like to use cash on hand. We respectfully request you <br /> consider renewing the loan and continuing the payment and <br /> 111 <br /> amortization schedule. We appreciate the EDA' s support of our <br /> project and will continue to operate the project in a manner which <br /> will enhance the Elk River community. <br /> Thank you for reviewing this request on such short notice. <br /> Sincerely, <br /> Elk River Mot-1 Properties, Inc. <br /> David innenkamp <br /> Shareholder <br /> • <br />