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11.0. EDSR 09-12-1994 ELK RIVER ECONOMIC DEVELOPMENT AUTHORITY MEMORANDUM TO: EDA FINANCE COMMITTEE FROM: WILLIAM RUBIN, EXECUTIVI J� DIRECTOR �/ V DATE: SEPTEMBER 12, 1994 SUBJECT: LOAN REQUEST FROM ELK RIVER AUTO MALL L.L.C. INTRODUCTION • Elk River Auto Mall L.L.C. (Limited Liability Company), a group comprised of Mr. John C. Weicht, John C. Weicht and Associates; Mr. Jim Rogness, J.R. Tech Automotive; and Mr. Paul J. Vincent, a single individual, requests a loan from the EDA Micro Loan fund in the amount of $50,000. This loan would be used by Elk River Auto Mall L.L.C. to leverage primary financing and individual investor equity for the construction of a 16,000 square foot multi-tenant auto mall and an adjacent 5,000 square foot multi-tenant commercia]retail building on the same parcel on land. BACKGROUND Space in the multi-tenant auto mall is broken down as follows: Tires Plus 5,000 square feet J.R. Tech Automotive 6,000 square feet ABRA Auto Body 5,000 square feet 16,000 square feet Space in the multi-tenant commercial/retail building is broken down as follows: Mr. Movies 4,000 square feet Uncommitted space 1,320 square feet 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 Elk River Auto Mall L.L.C. Page 2 September 12, 1994 5,320 square feet The cost of acquiring the site and constructing both facilities is estimated at $1,278,000 and is broken down as follows: Land $ 240,000 Building $1,038,000 $1,278,000 The cost of equipping each of the spaces is the responsibility of the individual tenants. Sources of financing for this project are broken down as follows: Percent of Project Primary Lender "A" $ 553,000 43.3% Primary Lender "B" $ 350,000 27.4% Applicant Equity $ 325,000 25.4% EDA Micro Loan $ 50,000 4.0% $1,278,000 100.0% Loan repayments are proposed as follows: • Source Term Interest Rate Security Primary Lender"A" 15 years 9.5%(subject to adjustments) 1st position Primary Lender"B" 15 years 9.5% (subject to adjustments) 1st position EDA Micro Loan 15 years 7.75%(prime) 2nd real estate mortgage- adjusted semi-annually commercial real estate Debt service for the project is outlined as follows: Source Annual Debt Service Primary Lenders "A" & "B" $113,236 (initially) EDA Micro Loan $ 5,650 (initially) $118,886 INCOME/EXPENSES/CASH FLOW, ETC. Rental income from Tires Plus, ABRA Auto Body, J.R. Tech Automotive, and Mr. Movies is projected at $17,348 per month for a twelve month total of $208,176. The rents are structured on a triple net basis so that the tenant is responsible for property taxes, insurance, and maintenance. These expenses are projected at $3,100 per month for a twelve month total of$37,200. • Elk River Auto Mall L.L.C. Page 3 September 12, 1994 Operating expenses (that is, snowplowing, lawn care, management fees, • maintenance, etc.) is estimated at $1,220 per month for a twelve month total of$14,645. A broker commission for leasing the project is a monthly expense of $2,202 for a twelve month total of $26,424. General and administrative expenses are estimated at $3,867 per month for a twelve month total of $46,404. Therefore, monthly operating expenses are estimated at $7,289 per month for a twelve month total of$87,473. Income from the operations is estimated at $13,159 per month for a twelve month total of $157,903. Net income after taxes is estimated at $4,747 per month for a twelve month total of$56,969. A first year cash flow projection includes total cash receipts of $17,448 per month for a twelve month total of $209,376. Total cash disbursements for the first year are estimated at $13,401 per month for a twelve month total of $160,807. Net cash from operations in year one is estimated at $4,047 per month for a twelve month total of$48,569. The net cash balance for year one is estimated at $21,629. Per the proposed income statement for this project, net income after taxes increases from $56,969 in the first year to $126,235 in year two, $127,775 in year three, $127,775 in year four, and $129,315 in year five respectively. • EMPLOYMENT This project is expected to create at least 27 new permanent positions (12 at Tires Plus, 12 at ABRA, and 3 at J.R. Tech). An additional 8 jobs will be retained at J.R. Tech. CONDITIONAL USE PERMIT The Elk River Auto Mall required a conditional use permit (CUP) from the Elk River City Council. The CUP was granted on August 1, 1994, and included conditions such as additional landscaping, improvements to Carson Street and Main Street, one monument style sign, no outdoor storage, a limitation on hours of operation at the Auto Mall, trash enclosures, underground irrigation, etc. COMMITMENT FROM PRIMARY LENDER Two lenders are jointly participating in the primary financing of this project. A letter evidencing the bank's commitment to finance the project is expected next week and will be distributed at that time. • Elk River Auto Mall L.L.C. Page 4 September 12, 1994 a ACTION REQUESTED Upon its review of the Elk River Auto Mall L.L.C. loan request, the EDA Finance Committee is asked to make a recommendation to the EDA Commissioners regarding the funding of this loan. The EDA will meet on the evening of September 12, 1994, to consider this matter. As with previous EDA loans, this loan would be secured by a second real estate mortgage on the Auto Mall site plus a promissory note and personal guaranty signed by the persons involved with the Elk River Auto Mall L.L.C. AVAILABILITY OF FUNDS The EDA Micro Loan had a cash balance (that is, funds available for eligible projects) of$148,715.17 as of August 31, 1994. PRESENTATION Mr. John C. Weicht, representing Elk River Auto Mall L.L.C. will make a short presentation to the Finance Committee regarding the loan request. S • U8 17• 8-I 13:33 U4317425 317425 CITY%ELK RIVER UU6 ECONOMIC DEVELOPMENT MICRO LOAN FUND ELK RIVER, MINNESOTA APPLICATION • APPLICANT 'L/c, 46/111e A41fY7ACG L L C- ADDRESS G' 9 ,147 Al2 ? CITY —7 ,./4211,2STATE47 ' ZIP CODE -5- ‘" J CONTACT PERSON(S) /" G /1, j C / BUSINESS PHONE y 5= // HOME PHONE '411 // AMOUNT REQUESTED G TERMS REQUESTED /j SOCIAL SECURITY NUMBER y- b U / 3 7FED ID # A//L/D,D STATE ID # 40,47/Z-0(42. j' c 1. Typeof Project: l//Construction/New Building Expansion/Existing Building Equipment/Machinery Purchase Remodel/Commercial • Retail/Industrial Industrial Inventory Working Capital Other 2 . Describe Project: 1/04 .0 • s tdri/ "ALL r J/T/- 7i✓I7�/� De', /,70 I/I J TJ 4 Al, o jra A/ A/or y✓it) • ,4,. 2-1-11 A 1 1 t.K Z 3 . Purpose of Loan: III / d S /�/ /TA//^J /8//td/‹ L/./v4/v C//27 / / 4 • Cost of Project: / d-- 7? 0-0,--) A) Land i B) Buildings (attach plans & costs) C) Equipment/Machinery/Fixtures (attach list and estimated costs) B / oJ i5/, '4f--_-5L' D) Remodeling IIIE) Industrial Inventory/Working Capital F) Other (attach description) TOTAL COSTS _. ...... 5 . Proposed Financing: > > SOURCE NAME TERMS A) Bank Loan �.�O. -4:0(±/‘_2!_-__,L7 /.5' f!4- AMOUNT B) Bank Loan V2 CiAN./ Gf//A/S. aX 45' 11 df �D-v ary $3,S w C) Other Private Funds —"�'' '— D) Applicant Contribution ,11-3 E) Other F) Fed Grant/Loan G) State Grant/Loan H) This Loan �L>fl o ��— III TOTAL FINANCING V02 7P el-l'-1) -2- ) 0.5, 17;i-1 13: 56 cU-1 17-125 CITY-ELK RIVER LJuUS 6 . Collateral to be assigned (Describe and show lien position) : _s--/-- A) A) To Bank: .,2 •--- ,X0r,Or i r / r,„,%l C,,,,,,,-Ar,,,,, "� '''41'1"- J �� �, B) To Bank: .11/7/ %' kilm/_S'O/? • C) To Private Funding Source: /1/4 N A D) To Other Source: E) To Federal Govt: F) To State: �. G) To This Loan: d'�r' oe,r.oe, i a 7 . Value of Collateral: COST BOOK VALUE EXISTING LIENS A) Land $ Y-O s '-'' ti $ $ B) Buildings $ h 3 ? a-a-c) $ $ C) Mach. & Equip. $ $ $ D) Other $ $ $ E) Other $ $ 8 . Employment* : 411 Present: # of Employees ? Total Payroll 1° I fes' After Project: # of Employees / 0( \;WTotal Payroll 07- 7 0 U 0-0 *If Loan is for Job Retention Only, Explain in Business Plan. 9 . Attorn ,)Accountant (Names, addresses, phone) : �/ -lIi / � J7' �A L /�4/VN/�.�'(L4i s✓ //rfir i•- 5'49‘,4' ',7/4A) .f 0 t , .5- s/ .. J k 10 . Bank and Other Credit References (Names, addresses, phone) : .45An/K 0/ �L" ,1i V R ‘4-0 ,4,q ✓y i 7-N /et-t--D .2.e A 77A c /4.,D • -3- UJ- ll - 94 1J.JU -[;--.411.4.:J Li/I./LI-11 Al.1tK iLUt.1 11 . Attach and include the following: /17/4 A) Written Business Plan: 1 . Description of Business 2 . Ownership • 3 . Management 4 . Date established 5 . Products/Services / l 6 . Future Plans :) Financial Statements for past two years ,I /74C /C) Financial Projections for two years Avt4]) Resume of Owner/Management Personal Financial Statements of proprietor, partners, guarantors /4,;--�„' Letter of commitment from applicant pledging to complete during the proposed project duration ifi,14_,-' G) Letter of commitment from the other sources of financing, • L stating terms and conditions of their participation in project x) Other 0 I) Other v Fee ( 1% of amount of loan request) //4 • -4- 08/17/94 13:57 $4417425 CITY/ELK RIVER X010 411 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 !////-1/5" ATE7 Y Applicant Name 4/ A"71 /// � All/ '?74�� L L C By / -14 • • -5- JOHN C. WEICHT AND ' SSOCIATES A VVAGENERAL CONTRACTORS _...„ecn":1'rl} P.O.Box 368,Elk River,Minnesota 55330-U368 BUILDINGS Telephone:(612)4,1 '112 • Fax:(612)441-5176 • CREDIT INFORMATION John C. Weicht and Associates, a Minnesota partnership, is a general contracting firm doing business in and around the Elk River, Minnesota area since 1978. Business mailing address: P. 0. Box 368, Elk River, Mn. 55330-0.368 Business street address: 13330 Island View Drive, Elk River, MN 55330-1124 The principals (partners) of the company are: John C. Weicht, 13330 Island View Drive, Elk River, Mn 55330 441-4112 David A. Moyer, 14504 145th Circle, Elk River, Mn 55330 441-1139 Ryan D. Gillette, 13919 223rd Avenue, Elk River, Mn 55.=30 441-5093 Daniel G. Schmitz, 16255 211th Avenue, Elk River, Mn 55330 263-7042 Purchases will be taxable. Ivoices must have job name and/or job number on them. Bank Reference: First National Bank of Elk River Contact/phone: Tom McNair• 2- - Address: 441-2200 �2 729 Main Street, Elk River, MN. 55330 Doing business since 1978.. • rade References mpany: River Valley Lumber (Formerly Standard Lumber) Contact/phone: Bert Horton441-_2 343 Address: 728 Railroad Drive, Elk River, MN 5530 Doing business since 1978. Company: AME Ready Mix Contact/phone: John Dietz tHI-a8no Address: 20600 Highway 169, Elk River, Mn. 55330 Doing business since 1978. • Company: Star Manufacturing Company (Formerly Cuckler Steel) Contact/phone: Jim Hargraves 1-800-568-STAR (OKC 1-800- Address: 8600 South Interstate 35, Okla! �ma Cit 01.873 -STAR) Doing business since 1981. Y, 7. 11•}.343 Company: Crow River Rental Contact/phone: Darrell or Bonnie Watkins 48a ) ' Address: 16610 53rd Street NE, Rogers, Mn. 55374 Doing business since 1980. Company: SF'S Company Contact/phone: Kris Kothr•ade Address: 62.,1� 929-1377 5 West 36th Street, Minneapolis, Mn. 55416 Doing business since 1987. C/ ' a;. EL " eid.64 • �'- rl,5j,U e olf`or��e - " - rep et qe, (it,t d��' c,yo r kap—pew Pr6 m a tcf 44 o .-5()-(/011-"i 14.1 --1'aa c- . taS1-;1- s or- d4-6 bw�accs or e c rz` john e' i /9_, ,iii / &d L ! juror -ParI'2ei9 ELK RIVER AUTO MALL LLC P' O' Box 38 Elk River, Minnesota 55330 September 8, 1994 City of Elk River Economic Development Authority 13065 Orono Parkway Elk River, Minnesota 55330 Attention: Mr. Bill Rubin, Dear Bill , Re: Economic Development Micro Loan Fund We pledge to complete the Auto Mall project in a nine month time frame. We will comply with all necessary requirements of the Economic Development Authority of the City of Elk �I� River, �� Thank you. Sincerely, /7:>/ e. hn C. 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