2.0. EDSR 07-31-1995 ELK RIVER ECONOMIC DEVELOPMENT AUTHORITY
TO: Economic Development Authority
FROM: William Rubin
EDA Executive Directpt
DATE: July 31, 1995
(� `
SUBJECT: Request for Micro-Loan
Carpe Kairos,LLC
(Custom Cutter Grinding Corporation)
Introduction
The EDA Finance Committee met on July 27, 1995 to consider a $50,000 supplemental
micro-loan request from Carpe Kairos, LLC (Limited Liability Company), a group
comprised of officers of Custom Cutter Grinding Corporation, 9423 West Highway 10,
Ramsey, MN. The following members of the Finance Committee were present: Lloyd
Brutlag,Jim Simpson, Tom McNair, Bud Houlton, and Bill Birrenkott.
Background
The EDA micro-loan would be used by Carpe Kairos to leverage primary financing and
• owner equity for the construction of a 10,000 square food multi-tenant industrial building
on Lot 3, Block 1, Rail 10 Industrial Park. Custom Cutter Grinding would occupy 4,000
square feet within the building, and the remaining 6,000 square feet would be made
available for lease in spaces of 1,500 square feet or more.
The balance of the information on this loan request is outlined in greater detail in a memo
that was sent to the Finance Committee on this matter: In addition, a 1-page summary of
the loan request follows this memo.
Finance Committee Action
Following a presentation from representatives of Carpe Kairos and Custom Cutter, the
Finance Committee voted unanimously to recommend to the EDA that it fund this loan
request.
Action Requested
The EDA is asked to approve a micro-loan in the amount of$50,000 to Carpe Kairos,
LLC. The loan will be secured by
• A second real estate mortgage on Lot 3, Block 1,Rail 10 Industrial Park;
• A Promissory Note; and,
• A Guaranty of Mortgage.
The loan will be repaid over 15 years with an initial interest rate of 9.0 percent(the current
• prime rate). The rate will be adjusted at 6 month intervals- floating with prime.
P.O. Box 490 • 13065 Orono Parkway • Elk River, MN 55330-1743 • (612) 441-7420 • Fax: (612) 441-7425
Equal Opportunity Housing and Equal Opportunity Employment
EDA MICRO LOAN TO CARPE KAIROS,LLC
• (CUSTOM CUTTER GRINDING CORP.)
Mortgagor: Carpe Kairos,LLC
Address: 9423 West Highway 10
Ramsey, MN 55303
Tenant: Custom Cutter Grinding Corp.
172 XX Ulysses St. NW
Elk River, MN 55330
Primary Lender: Patrick H. Dwyer, Senior Vice President
The Bank of Elk River
630 Main Street
Elk River, MN 55330
441-1000
EDA Loan: $50,000.00
Rate and Term: Initial rate of 9 percent;tied to the lowest prime rate as published in
the Wall Street Journal; adjusted semi-annually(at 6 month
intervals); 15 year term
Security: Second real estate mortgage subordinated to the real estate mortgage of
•
the primary lender;further secured by a Promissory Note and Guaranty of
Mortgage
Guarantors: Kermit Bode
Curt Jacobson
Legal Description: Lot 3, Block 1, Rail 10 Industrial Park
•
ELK RIVER ECONOMIC DEVELOPMENT AUTHORITY
S
MEMORANDUM
TO: EDA Finance Committee.
FROM: William Rubi
EDA Executiv $ 14, a tor
DATE: July 18, 1995
SUBJECT: Request for Microloan.
Custom Cutter Grinding Corporation.
Introduction
Carpe Kairos, LLC (Limited Liability Company), a group comprised of
officers of Custom Cutter Grinding Corporation, 9423 West Hwy 10, Ramsey,
Minnesota, requests a loan from the EDA Microloan Fund in the amount of
$50,000. This loan would be used by Carpe Kairos, LLC to leverage primary
financing and owner equity for the construction of a 10,000 square foot multi-
• tenant industrial building on Lot 3, Block 1, Rail 10 Industrial Park.
Custom Cutter Grinding would occupy 4,000 square feet within the building,
and the remaining 6,000 square feet would be made available for lease in
spaces of 1,500 square feet or more.
Background
Custom Cutter Grinding was organized in November, 1985, with Mr. Kermit
Bode as its sole proprietor. In 1991, the company was incorporated and Mr.
Bode became CEO/President, with a 51% ownership position. Mr. Curt
Jacobson started with the company in 1985 as a machine operator; he is
currently-Vice-President/Purchasing Agent and owns 45% of the company.
Mr. Jacobson's stake in the company will increase to 49% in January of 1996.
Custom Cutter is a tool and cutter grinding machine shop. The company
manufactures precision cutting tools for industrial use, modifies standard
tools to fit special needs, sharpens modified tools, and sharpens standard
over-the-counter tooling. In 1987, Custom Cutter began manufacturing
carbide thread mills for one of its customers. It was later refined and
developed into a product line that is sold under the trademark Custom Cut.
This year, thread mill sales will top $100,000 and represents over 20% of
. Custom Cutter's overall sales. Company growth with this product line is
hampered due to limited space availability for machinery and employees.
P.O. Box 490 • 13065 Orono Parkway • Elk River, MN 55330-1743 • (612) 441-7420 • Fax: (612) 441-7425
S:EDA/uourinct,
Equal Opportunity Housing and Equal Opportunity Employment
Memo To The EDA Finance Committee Page 2
July 18, 1995
Additional space at Rail 10 will enable the company to increase its sales. In •
addition, lease space for other manufacturers will also help fill an identified
void in Elk River.
Financing
The cost of constructing the 10,000 square foot industrial facility is
estimated at $378,568, and is broken down as follows:
Land $25,000
Building $349,568 (See attached construction statement)
Miscellaneous $4,000
Total $378,568
Sources of financing for this project are broken down as follows:
Percent of Project
Primary Lender $248,500 65.6%
Applicant Equity $80,068 21.2%
EDA Microloan $50,000 13.2%
Total $378,568 100.0% •
Loan repayments are proposed as follows:
Source Term Interest Rate Security
Primary 15 years 11% (prime +2, First real estate
Lender subject to mortgage.
adjustments).
EDA 15 years 9% (prime, Second real estate
Microloan adjusted semi- mortgage.
annually).
Debt service for the project is outlined as follows:
Source Annual Debt Service
Primary Lender $33,895 (initially)
EDA Microloan $6,090 (initially)
Total $39,985
•
S:EDA/CCGrind
Memo To The EDA Finance Committee Page 3
July 18, 1995
110 Company Income/Expenses/Cash-Flow, Etc.
Custom Cutter Grinding reported sales of$482,511 in 1994. This was up
15% from 1993, when sales reached $418,898. Through June of 1995, sales
were reported at $259,511. Projected sales for 1995 are expected to increase
5% over 1994 sales. This is estimated at $506,600 for 1995. Custom Cutter's
customer list contains 106 names of businesses that are within 15 miles of
Elk River. The company has 13 suppliers and has identified 12 competitors.
Its top ten customers comprise 65% of its sales.
From 1992 through 1994, inclusive, assets are shown at $100,391.28,
$165,003.10, and $140,067.96, respectively. For the same period, total
liabilities are represented at $67,805.30, $106,997.96, and $76,637.92,
respectively. In 1992, net profit and total equity are presented at $25,721.19
and $32,585.98, respectively; in 1993, net profit and total equity are reported
at $68,736.44 and $58,005.14, respectively; and in 1994, net profit and total
equity are reported at $93,161.34 and $63,430.04, respectively.
In 1996, Custom Cutter projects sales at $562,608 and total cash receipts of
$602,608. Projected expenses for 1996 are estimated at $547,947. Revenue
over expenses is estimated at $54,661. When combined with the company's
estimated 1995 cash balance of 64,813, it is projected that Custom Cutter will
have a cash balance of$119,474 at the end of 1996.
In 1997,projected sales are estimated at $618, 864 and total cash receipts are
estimated at $658,864. Revenue over expenses is estimated at $31,100.
When combined with the company's estimated 1996 cash balance of
$119,474, it is projected that Custom Cutter will have a cash balance of
$150,574 at the end of 1997.
The company currently pays $700.00 per month at its Ramsey facility. In
addition, no revenue from the multi-tenant lease space is included in
Custom Cutter's revenue projections.
Custom Cutter & Grinding currently has 6 (six) full-time employees and a
total payroll of$223,425. Following its expansion, another employee will be
added in 1996, and another in 1997. This will bring the payroll to $271,188.
Action Requested
Following its review of the Custom Cutter Grinding loan request, the EDA
Finance Committee is asked to present a recommendation to the EDA
• Commissioners regarding this matter. The EDA will likely meet in special
session to consider this matter.
S:EDA/CCGrind
Memo To The EDA Finance Committee Page 4
July 18, 1995
As with previous EDA loans, this loan will be secured by a second mortgage •
on the Custom Cutter property, plus a Promissory Note and Personal
Guarantee signed by Mr. Kermit Bode and Mr. Curt Jacobson.
Availability Of Funds
The EDA Microloan had a cash balance (that is, funds available to eligible
projects) of$147,856 as of June 30, 1995. This is an increase of over $11,053
from the May of 1995 cash balance of$136,082.87.
Presentation
Kermit Bode and Kurt Jacobson will be in attendance to make a presentation
to the Finance Committee regarding their loan request.
S:EDA/CCGrind
ECONOMIC DEVELOPMENT MICRO LOAN FUND
ELK RIVER, MINNESOTA
APPLICATION
APPLICANT C9' (( ed/eO S .L 1- c
ADDRESS `f-? 3 N/, bcv y. /0
CITY e4 r- S cy STATEX4 ZIP CODE . O3
CONTACT PERSON(S) J/C�. G O h S 7 M
BUSII LESS PHONE `Y.? ? ' Yo-Z O HOME PHONE yy/- y39
AMOUNT REQUESTED SO, O o D
TERMS REQUESTED O/c.a.Y-S fav -" �c70 k.4 Le E i3
4/76 -62- 7yoo 4,es" t
SOCIAL SECURITY NUMBER y6`! & R' c•.,f- FED ID # (72‘?
STATE ID #
1. Type of Project:
✓Construction/New Building Expansion/Existing
Building
Equipment/Machinery Purchase Remodel/Commercial
• Retail/Industrial
Industrial Inventory Working Capital
Other
2 . Describe Project:
et.: Id 10,OoO S6• 7c7L, 1// Sfe.e Ta.; lei by
For- 7Lr:4( cc -, e4 . 10 -
`1booc $ 0-r, . r"...: id 1. b ccs
Er4/1L S.f CC et..S /.� h/ CK.t�.C"e- lT ry h O h vy��
f O e.tL S-e / /rOO s�. o r ,C ci c t' LS ti y.f
3 . Purpose of Loan:
The EDA loan would put this project within our finap cial Teach.
Our first priority is expansion room for Custom Cutter Grinding
Corp. so it doesn ' t stagnate.
Our second priority is incubator size industrial lease space
for new businesses or businesses which would like to move to
Elk River.
Our third priority is lease income.
4 . Cost of Project:
A) Land $ : 25 ,000
B) Buildings (attach plans & costs) $ 349, 568
C) Equipment/Machinery/Fixtures (attach list
and estimated costs) $
D) Remodeling S
E) Industrial Inventory/Working Capital $ ��
F) Other (attach description) 9a $ y000
TOTAL COSTS $_ 373-5-"'
5 . Proposed Financing:
SOURCE NAME TERMS AMOUNT
A) Bank Loan $a,•)t tri Gt/k eae,. /SY,- $ 2 `i S', co o
B) Bank Loan /$ ,,-_
C) Other Private Funds $ _,,--
D) Applicant Contribution $ 8Qo
E) Other
F) Fed Grant/Loan $
G) State Grant/Loan $
H) This Loan 16 D2, e_ prig $ 50 ,000 •
TOTAL FINANCING $ 37gs-68
-2-
6 . Collateral to be assigned (Describe and show lien position) : a
A) To Bank:
B) To Bank:
C) To Private Funding Source:
D) To Other Source:
E) To Federal Govt:
F) To State:
G) To This Loan: IND Y2iEpa. M '1-bpk,E
7 . Value of Collateral:
COST BOOK VALUE EXISTING
LIENS
A) Land $ 25-00° $ . 7OD 0 .$, 0O
B) Buildings $ 3 /q 568 $ 32g 000 $ & a
C) Mach. & Equip. $ $ $
D) Other $ $ $
E) Other $ $ $
8 . Employment*:
• Present: # of Employees b Total Payroll 22 3 `7/2 c
/776 7 ?910 4 VS'
After Project: # of Employees 017 - 8 Total Payroll .v2/ > gg
*If Loan is for Job Retention Only, Explain in Business Plan.
9 . Attorney,_ Accountant (Names, addresses, phone) :
c.7 ). c obi �k,� / AG/ - �os�or� rf� ��-G30 o CtdrG-.r s
-/�33
Tr-;s4 Re11:y,7 - /,72S fe>,, cso 'Si scyaz 67? - g347
�� 330oI,lo,r►...cstCc•.7<<..�
10 . {nBank and Other Credit References (Names, addresses , phone) : -
r $'4 k o7 Elk Pg..* Dwyc YY//OOo
' - I i rs# NSfo.,s.1 //loncG�/o CA.1--01 rd2s4At ‘,67
C ' Pa.he4y C y.ZS.hloo,,e.rsf /s ss-y/3 33/-- / ??6
ce te. hr, ;c. / `f22oCcA,f+—/ Ate.NE SSY2/ 72/
C GL sf p a., c to f V•c CT 1,-, n d,'ti C� C,r
C“-et J 64-COLSC7h D /
�caS720nr f 7P•/ ,'4.r(�'�g — +t �kcG1
Key-h-w; `I e — /.,t. 41cGs -3
•
I/We certify that all information provided in this application is
true and correct to the best of my/our knowledge. I/We authorize the
City of Elk River and the Finance Committee to check credit
references and verify financial and other information. I/We agree to
provide any additional information as may be requested by the City
and the Finance Committee.
DATE 7"/ ? - 9�
Applicant Name Ca„ - K ;r o s 1. L C
By % , _ •„ad �
B
411
410
-5-
BUSINESS PLAN
CUSTOM CUSTTER GRINDING CORP.
Custom Cutter Grinding Corp. is a tool & cutter grinding job shop. We manufacture
precision cutting tools for industrial use. We work from a tool blueprint, part
blueprint, or from verbal instructions. Many times we act as tooling consultants,
giving our recommendations for the type of tool for a certain job. We also modify
standard tools to fit special needs, sharpen modified tools, and sharpen standard
'over the counter' tooling.
CCG was started in Ramsey (its present location) in November 1985, with
Kermit Bode as sole proprietor, and Curt Jacobson as employee.
In 1991 a corporation was formed making Kermit CEO/President and owning 51%.
Kermit's duties include financial/office management. Curt presently owns 45% and
is V.President/Purchasing Agent. Curt's duties include shop management and purchasing.
Both Kermit & Curt discuss tooling needs with customers on a daily basis. They also
both to sales, quote jobs, and train employees, besides spending about 70% of
their time grinding tools. Peggy Bode owns 4% which will be sold to Curt in January
1996. Peggy is Secretary/Treasurer. Her duties include record keeping, laying out
work, writing up work, plastic dipping all tools, and delivery.
In 1987 CCGC started manufacturing carbide thread mills, for one of our
customers. We started with the customers print and redesigned a better tool.
We have developed this into a product line being sold under the trademark CJ'STOM CUT.
Through only word-of-mouth advertising, we presently sell thread mills to customers
in six states. We have built a stock of 60 sizes and this year our thread mill sales
will top $100,000(over 20% of our sales) . We wish to pursue this product line,
but are hampered by our space available for machinery & employees. We have already
had several requests from our suppliers wanting to carry our product, but do not
• wish to get involved in a production commitment that we cannot fulfill.
CCGC is a steady growth company. We don't wish to pursue debt that is
•incomprehensible, to become millionaires overnight. We have worked towards having
our own building since day 1. Our main goal is to continue steady growth and prevent
CCGC from stagnating because of limited space.
When CCG was started in 1985 we looked for industrial lease space in Elk River.
There was none to be found. With the EDA's help, we would like to make lease space
available besides having a new home, in Elk River, for CCGC.
•
Kermit Bode
10700 Brook Rd .
Elk River, Mn. 55330
Work History
Custom Cutter Grinding Corp. 1985-PRESENT
Owner/President
G & J Grinding 1981-1985
Toolgrinder/Shop Foreman
National Tooling & Machining 1976-1981
Toolgrinder/Leadman
Industrial Grinding 1973-1976
Toolgrinder
Country Chrysler 1973-
Parts Runner/Lotman
Metro 500 1972
• Manager-Anoka & Blaine Stations
Dehn ' s North Star 1969-1972
Station Attendant
Personnal History
Born & Raised in Elk River
Graduated Elk River High School 1971
Excelled in All Math, Physics , Chemistry, Bookkeeping, Typing
1-1/2 years college at Anoka-Ramsey
General Classes -- Mainly Math & Sciences No Degree
Married 1973
Bought Mobile Home 1973 Mortgage paid 1975
Bought House On Main St . 1978 - Mortgage paid 1983
Started Own Business
411 1992 Self Contracted & Built Home on Brook Rd . - 6500 sq, ft .
. .
411
Curt Jacobson
18035 263 Ave. '
Big Lake, MN 55309
Personal schooling and work history:
Schooling :
•
Monticello High School
303 Washington St.
Monticello, MN 55362
Graduated 1979 •
4 years varsity swim team
Minnesota School of Horseshoing
and .Blacksmithing
6250 Riverdale Dr.
Ramsey, MN 55303
Graduated Farrier coarse 1981
Work History:
6/1977 - 8/1977
City of St. Michael
216 Main St.
St. Michael , MN 55376
Don Klaers - Supervisor (retired )
Summer Work Program
Foreman for a work crew of 3-6 people. ( ages 15-22 )
Our crew was in charge of removing and destroying diseased Elm
rees from city property.
6/1978 - 8/1978
Pat' s Excavating
Monticello, MN 55362
Pat Morgan-Owner
Driving Dump truck and manual labor.
Tested for and received "CLASS B" vehicle license.
.
•10/1978 - 10/1985 �
G&J Grinding Inc .
8091 NE Ranchers Rd.
Fridley, MN 55413
Gary Rivers-Owner
Machine operator - Sharpening, modification and manufacturin
of standard and special tooling. g
11/1985 - 1/1989
• Custom Cutter Grinding
9423 W Hwy 10 `
Ramsey, MN 55303
Kermit Bode - Owner
Machine operator - Sharpening , Modification and manufacturing
of standard and special tooling.
Also participation in many other shop responsibilities.
1/1989 - Present
Custom Cutter Grinding Corp.
9423 W Hwy* 10
��� Ramsey, MN 55303
��N�
Kermit Bode
Curt Jacobson
When Custom Cutter Grinding incorporated in 1989' I received a
contribution share in Custom Cutter Grinding Corp. for my
to the building and growth of the company. We set-up an
Per
agreement for the purchase 5%
to 49%, and a full 51/49% partnership.year of additional stock , up
My responsibilities are:
Quoting and production of spacial tooling
Purchasing
Managing work flow
I am also involved in:
General Business decisions - -
Personal management
Teaching employees skills and standards of the trade
411
SALES CUSTOMERS STATES EMPLOYEES •
1985 NOV/DEC 3555 20 MN.ONLY 2
1986 84303 141 7 3
1987 145717 up 73% 200 7 4
1988 213715 up 47% 256 7 4
1989 291677 up 36% 310 8 4
1990 327603 up 12% 353 9 5
1991 343158 up 5% 402 10 5
1992 326649 down 5% 431 10 5
1993 418898 up 28% 467 10 6
1994 482511 up 15% 503 10 6
1995 thru 6/30 259511 up 7% 521 10 6
AVERAGE RECEIVABLES -- 35 days •
BAD DEBTS FROM DAY 1 -- $6000
CUSTOMER LIST INCLUDES
-- 106 WITHIN 15 MILES OF ELK RIVER
-- 13 SUPPLIERS
-- 12 COMPETITORS
TOP TEN CUSTOMERS = 65% OF SALES
ID
THE OF ELK• wil4 TWO LOCATIONS: �E� R
630 MAIN ST AND 846 FREEPORT AVE.ELK RIVER.MN 55330•PHONE 612-441-1000
Carpe Kairos, LLC July 13, 1995
9423 West Hwy 10
Anoka, MN 55303
RE: Loan approval
Dear Kermit:
The Bank of Elk River has approved your first mortgage loan
request subject to the following conditions:
1. Amount - Approximately $248,500
2. Purpose - Construct a 10,000 square foot
building in the Rail 10 Industrial Park.
3. Term - 15 year amortization
4. Interest rate - 2% floating the highest Wall Street
Journal prime rate, adjustable
annually on the anniversary date of
the loan with a floor of 9.75% and a
ceiling of 11 .75%. Rate changes
will affect the final payment.
5. Borrower - Carpe Kairos, LLC
6. Guarantors - Kermit Bode and Curt Jacobson
7. Addition terms - Maximum 70% loan to appraised value
ratio. Building must appraise for
at least $355,000.
- Assignment of all leases.
- All closing costs will be paid by
borrower.
- 1% origination fee
- Annual personal financial
statements from borrower and
guarantors, and Custom Cutter
Grinding, Inc.
- Annual rent rolls and cash flow
analysis.
- Insurance binder at time of
losing.
Sin-ply,
Ni i,3 1.GEITW
Patrick H. Dwyer
Senior Vice President
Borrower agrees to the terms of this loa h,ayreement.
Carpe Kairos, LLC.
• 4.5",
Kermit Bode Curt Jacodsdri
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SITE PLAN
CUSTOM CUTTER GRINDING
LOT. 3 BLOCK 1 RAIL 10
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JOHN C. WEICHT AND ASSOCIATES
General Contractors •
P. O. Box 368 . .
Elk River, Minnesota 55330-0368
Tele: (612) 441-4112 Fax: (612) 441-5176
June 21, 1995
CARPE KAIROS LLC
CUSTOM CUTTER AND GRINDING
• 9423 West Highway 10
Ramsey, Minnesota 55303
This statement is complete as to names of all persons and companies furnished labor and/or
material on the premises herein. Any increase in cost, from changes in construction or otherwise,
must be forthwith reported on change orders to the title company and owner.
1 Survey J. Oliver&Assoc. 441-2072 $ 500
2 Architect. Services J. Weicht & Assoc 441-4112 3,000
3 Clearing Bldg. Site Brenteson Construction 263-3100 500
4 Excavating, Filling Brenteson Construction 263-3100 4,000
5 Grading, Backfill Brenteson Construction 263-3100 1,500 •
6 Permit J. Weicht & Assoc. 441-4112 3,615
7 Curbs Curb Masters, Inc. 653-9866 2,480
8 Blocks (Part of#10)
9 Waterproofing , N/A
10 Concrete Work J. Weicht & Assoc. 441-4112 42,029
11 Floors, Steps, Walks_(Part of#10)
12 Driveways (Part of#10)
13 Roofing (Part of#61)
14 Pre-Strss'd Concrete_,_N/A
15 Structural Steel J. Weicht& Assoc. 441-4112 62,115
16 Lamin. Units, Trusses N/A
17 Bricksk, Chim., Firepl N/A
18 Insurance First Nat'l: Insurance 441-2500
19 Ornamental Iron N/A 800
20 Lumber River Valley Lumber 441-2343 9,745
21 Roofing Material (Part of#15)
22 Wood Flooring N/A
23 Sheetrock (Part of#20)
24 Insulation Thermall 730-0545 13,048
25 Hardware, Rough (Part of#20)
26 Hardware, Finish (Part of#20)
27 Millwork, Trim, Windw (Part of#20) i
28 Cabinet Work, Cabs. . McChesney Cabinets 441-3374
850
' •
/ Page 2
• 29 Counter, Vanity Top_(Part of#28)
30 Glass, MirrorsGlass Works 389-2198 960
31 Sheet Metal, Gutters_(Part of#15)
32 Plumbing, Rough In__Howies Plumbing 441-6606 10,800
33 Plumbing Materials (Part of#32)
34 Water/Gas/Sewer N/A
35 Well, Water McAlpine Well 428-2252 2,700
36 Septic System Deschenes Excavating 441-144 2,700
37 Heating D J Heating 497-2661 25,627
38"Air Conditioning (Part of#37)
39 Electric Wiring Hipsag Electrical 441-1193 44,235
40 Electric Fixtures (Part of#39)
41 Plaster, Drywall J. Weicht& Associates 441-4112 4,210
42 Ceiling N/A
43 Fire Sprinkler N/A
44 Stucco N/A
45 Material (Part of#44)
46 Painting Int. Deco,__ Degolier Quality Paint. 263-7599 4,950
47 Painting Exterior N/A
48 Tile, Ceramic, Plas.. North Country Tile 389-2309 4,937
49 Suspend Ceiling J. Weicht& Assoc. 441-4112 1,500
050 Floor Finishing Cottage Industries 441-4353 2,505
51 Garage Doors Industrial Door 786-4730 7,545
52 Oven/Rng/Top/Hd/Fan N/A
53 Fence N/A
54 Exhaust Fans N/A
55 Overhead Crane N/A
56 Air Lines N/A
57 Carpeting N/A
58 Blacktopping E R Bituminous 441-3850 12,218
59 Sodding, Sod Gordon Landscape 441-5175 8,000
60 Landscaping (Part of#59)
61 Carpentry, Labor J. Weicht &Assoc. 441-4112 40,000
62 Privacy Stalls N/A
63 Dock Leveler N/A
64 Soil Testing N/A
65 Land Owner
66 Miscellaneous J. Weicht& Assoc. 441-4112 15,853
67 Contractors Fee J. Weicht & Assoc. 441-4112 16,646
TOTAL
$349,568
•
Page 3 •
•
STATE OF MINNESOTA,
COUNTY OF SHERBURNE
The undersigned, being first duly sworn, each for himself, as contractor and owner of the
property at the address shown on reverse side hereof, deposes and says that the foregoing are the
names of all parties having contracts or subcontracts for specific portions of the work on said
property and building or material entering into the construction thereof; and the amounts due and
to become due to each of said parties; that the items mentioned include all labor and material
required to complete said building according to plans and specifications; that there are no other
contracts outstanding; and that there is nothing due or to become due to any person for material,
labor or other work of any kind done upon said building other than as above stated.
The undersigned further deposes and says that no increase in the cost of construction will be
made under any circumstances without furnishing information on same to the title company or
owner; that, in the event of any such increase, no orders or claims will be made on said company
until such information shall have been completed; that the purpose of said statement is to induce
said company to pay out the proceeds of a loan of$ secured by a mortgage on
said property; and that, upon payment of the specific unpaid items listed herein, the undersigned
contractor hereby agrees to waive all claims of priority to said mortgage and both parties herein
will save said company harmless as to any other claims of priority of lien for any labor or material,
furnished or to be furnished, for completion of construction.
•
Subscribed and sworn to before me JOHN C. WEICHT&ASSOCIATES
(Contractor)
Sf Q
this n day of�.J(�(.!/1 E , (5-7 r /
. .hn C. Weicht
_
/g,Letto-.
Notary Public, `
Sherburne County, Minnesota (Owner)
SANDRA L WEICHT
NOTARY PUBLIC-MINNESOTA
SHERBURNE COUNTY
•�.+ My Comm.Exp.Jan.31,2000
•
•