EDA Agenda 01-26-1994ANNUAL MEETING AGENDA
MONTICELLO ECONOMIC DEVELOPMENT AUTHORITY
Wednesday, January 26, 1994 - 7:00 p.m.
City Hall
MEMBERS: Chairperson Ron Hoglund, Barb Schwientek, Bob Mosford,
Clint Herbst, Patty Olsen, Harvey Kendall, and Al Larson.
STAFF: Rick Wolfsteller, Jeff O'Neill, and 011ie Koropchak.
1. CALL TO ORDER.
2. CONSIDERATION TO APPROVE THE NOVEMBER 9, 1993 EDA MINUTES.
3. CONSIDERATION TO ELECT 1994 EDA OFFICERS.
4. CONSIDERATION TO REVIEW AND ACCEPT THE YEAR-END EDA FINANCIAL
STATEMENTS, ACTIVITY REPORT, AND PROPOSED 1994 BUDGET.
5. CONSIDERATION TO REVIEW YEAR-END FUND BALANCES OF THE GMEF,
UDAG, AND ERG.
6. OTHER BUSINESS:
a) Standard Iron and Wire Works, Inc. Update.
T. ADJOURNMENT.
MINUTES
MONTICELLO ECONOMIC DEVELOPMENT AUTHORITY
Tuesday, November 9, 1993 - 7:00 p.m.
City Hall
MEMBERS PRESENT: Chairperson Ron Hoglund, Barb Schwientek,
Harvey Kendall, Al Larson, Bob Mosford
(tardy), and Patty Olsen (tardy).
MEMBER ABSENT: Clint Herbst.
STAFF PRESENT: 011ie Koropchak.
STAFF ABSENT: Rick Wolfsteller and Jeff O'Neill.
1. CALL TO ORDER.
Chairperson Hoglund called the EDA meeting to order at 7:00
p.m.
2. CONSIDERATION TO APPROVE THE JUNE 7. 1993 EDA MINUTES.
Al Larson made a motion to approve the June 7, 1993 EDA
minutes. With the tardiness of EDA members in attendance at
the June meeting, the motion received no second. With no
corrections or additions, the minutes were approved as
written.
3. CONSIDERATION TO REVIEW THE PRELIMINARY AND FORMAL GMEF
APPLICATION FOR LAWRENCE T. DEMEULES DBA STANDARD IRON AND
WIRE WORKS. INC.
The EDA reviewed the preliminary GMEF application from
Lawrence T. Demeules, dba Standard Iron and Wire Works, Inc.
and noted the requested 10 -year equipment loan term did not
comply with the GMEF guidelines of 5 to 7 years.
Koropchak reviewed the Demeuleo loan application with EDA
members for compliance of the GMEF public purpose criteria and
policies, and made various recommendations. Terms for the
975,000 loan were recommended at a 5% interest rate amortized
over 7 years to comply the the GMEF equipment term condition,
therebye, being somewhat comparable to the proposed annual
GMEF debt service.
Prior to the EDA meeting, Mr. Moaford requested to see the
company's cash flow projections. Koropchak provided Mr.
Moaford with the financial information as prepared for and
submitted with the State Grant application. As par the
enclosed Executive Summary, he noted the projected annual debt
service was $316,236 and questioned the company's ability to
(� Page 2
EDA MINUTES
NOVEMBER 9, 1993
cover the debt service with the net income reduction from
$345,168 in 1991 to the projected 1993 year -ending net income
of $322,982.
Upon review of the State Grant financial information which did
not include the cash flow projections, Mr. Mosford was unable
to determine corporate or individual ownership of the real
estate. This is not an uncommon practice of corporations;
therebye, maximizing tax benefits. The annual rent payment
Indicated a reduction of approximately $130,000. Koropchak
responded that the company plans to put the existing New Hope
office building on the market which may account for part of
the rent reduction.
Additionally, Mr. Mosford noted the bank was requiring a
payback of 1.25 times the annual debt service and questioned
If that was reasonable. Although Mr. Mosford saw the GMEF
loan of $75,000 as peanuts in relationship to the total
funding of $3,125,000, he suggested the EDA request a copy of
the cash flow projections for an explanation of the rent
payment reduction prior to final loan approval.
The EDA members briefly discussed whether the requested
$75,000 was "gap" financing. If "gap" financing meant the
determination between a do or die project than no GMEF loan
request would comply. If a company had weak financials, the
EDA would most likely deny the loan. The BOA viewed "gap"
financing as an "incentive" for use among competitive
communities. Additionally, the members saw a great potential
for growth in this family-owned business.
With no further discussion on the loan applications, the
Chairperson Hoglund called for consideration of Agenda Item 4.
4. CONSIDERATION TO APPROVE OR DISAPPROVE GMEF LOAN NO. 007 FOR
LAWRENCE T. DEMEULES DBA STANDARD IRON AND WIRE WORKS, INC.
Barb Schwientek made a motion approving GMEF Loan No. 007 for
Lawrence T. Demeulea, dba Standard Iron and Wire Works, Inc.
subject to receipt and review of the cash flow projections by
Mr. Moeford, and EDA affirmation of Mr. Mooford's findings and
recommendation. Findings meaning an explanation of the rent
reduction payment as it relates to the company's ability to
cover the proposed debt service. The "subject to" approval Is
for a $75,000 equipment loan at 5% interest rate amortized
over coven years. GMEF loan fee of $1,125 and the GMEF legal
fees are the responsibility of the borrower. The GMEF. State
Economic Recovery Grant (ERG►, and Central Minnesota
Page 2
EDA MINUTES
NOVEMBER 9, 1993
Initiative Fund (CMIF) loans will share a first Purchase Money
on the Horizontal Machine Center. Collateral, guarantees, and
other condition requirements to be determined and prepared by
the GMEF attorney. GMEF approval subject to State ERG and
CMIF approval. The loan becomes null and void if funds are
not disbursed by March 9, 1996. The motion was seconded by Al
Larson and with no further discussion, the motion passed
unanimously. With the exception of the findings, the EDA
determined Loan No. 007 to comply with the GMEF public purpose
criteria and policies.
Upon EDA affirmation and final approval, the City Council will
review approved GMEF Loan No. 007 for compliance of the
guidelines at the November 22 Council meeting.
CONSIDERATION TO ENDORSE OR NOT ENDORSE THE FINANCIAL PROPOSAL
FOR ADVANCED FOOD SCIENCES. INC.
EDA members reviewed the enclosed agenda information.
Although no formal proposal was received from BDS, Inc. for
review, it was the consensus of the EDA that a research and
development project would qualify as GMEF "gap" financing.
The EDA supported the issuance of revenue bonds if backed by
the corporation(s).
OTHER BUSINESS.
Looking into 1996. Koropchak reported two potential GMEF loan
request from Genereux Fine Wood Products for a 19,000 sq ft
manufacturing expansion and Steinwall, Inc. for an approximate
50,000 sq ft office/manufacturing facility.
ADJOURNMENT.
With no further business. Al Larson made a motion to adjourn
the EDA meeting. Seconded by Harvey Kendall, the meeting
adjourned at 8:25 p.m.
011ie Koropchak, EDA Executive Director
!r Page 3
1
MOWICELI.O
250 East Broadway
P. O. Box 1147
Monticello, MN
55362.9245
Phone: (612) 295-2711
Metro: (612) 3335739
Fax: (612) 295.4404
Dear EDA Member:
November 17, 1993
At tine November 9 meeting, the EUA made a motion to approve GMEF Loan No. 007
for Lawrence T. Demeules dba Standard Iron and Wire Works, Inc. The motion
was subject to receipt of the cash flow statements for verification of the
company's ability to cover the proposed debt service.
After conversations with Mr. Jim Moe, Standard Iron, and Lenny Kirscht, BDS,
Inc., Commissioner Bob Mosford explained the questioned 9120,000 to 9140.000
annual rental difference. Three basic reasons: First, the flew (lope rent is
being phased out of the operation by approximately 980,000 nnnua11y:
secondly, a portion of the New Hope rental expense is applied to the new
Monticello plant: and thirdly, the Demeules Family has re -negotiated a new
equipment rental lease with Standard Iron for a reduction of approximately
$80,000 annually.
Although Mr. Munford did not receive a copy of the cash flow statements, he
was comfortable with the explanation. If you would like a further
explanation, please call Mr. Moeford directly At 295-4800. If you are not
satisfied with the exhlnnation, please call me at 295-2711 prior to noon,
Monday, November 22. The City Councll will review the EDA approved lona for
Gt41iF guldaline coinplinm:e nt: their 7:00 p.m. meeting. Olherwlae, It'll be
assumed you nre snt.inf.igd with the expinnation.
'thank you for your time.
Sincerely,
CITY OF MONTICEL LO
(3 \<1 -h �-Q
011ie Koropchnk
QUA Executive Director
CC: Dob Moeford
EDA File i/
EDA AGENDA
JANUARY 26, 1994
3. Consideration to Elect 1994 EDA Officers.
A. Reference and Background.
In order to comply with EDA Ordinance Amendment No. 172,
Section 2-3-2: The Authority shall elect a president, vice
president, treasurer, assistant treasurer, and secretary
annually. The current list of officers are as follows:
President
Vice President
Treasurer
Assistant Treasurer
Secretary
Ron Hoglund
Barb Schwientek
Rick Wolfateller
Bob Mosford
011ie Koropchak
Nominations will be made at the meeting; therefore, any EDA
member unable to attend the meeting and doesn't wish to be re-
elected or nominated, please contact me.
At the January 10 City Council meeting, annual appointments
were approved by the Council. EDA Member Barb Schwientek's
term expired as of December 31, 1993 and she agreed to serve
another term of which Council approved. EDA member's
expiration terms stand as follows:
Bob Mosford
12/94
Clint Herbst, Council
12/94
Ron Hoglund
12/99
Harvey Kendall
12/96
Patty Olsen, Council
12/96
Al Larson
12/97
Barb Schwientek
12/98
The EDA should elect 1994 officers.
Page 1
EDA AGENDA
JANUARY 26, 1994
4. Consideration to Review and Accent the Year -End EDA Financial
Statements and Activity Report.
A. Reference and Backqround.
In order to comply with EDA Ordinance Amendment No. 172.
Section 2-3-6: The Authority shall prepare an annual budget
projecting anticipated expenses and sources of revenue. And
B: The Authority shall prepare an annual report describing
Its activities and providing an accurate statement of its
financial condition. Said report shall be submitted to the
City Council by March 1 of each year.
Enclosed are the year-end statements, proposed budget, and
activity report.
The EDA will need to review for necessary revision and accept
the statements/report.
Page 1
MONTICELLO ECONOMIC DEVELOPMENT AUTHORITY
GREATER MONTICELLO ENTERPRISE FUND (GMEF)
v
Statement of Revenues, Expenditures and Changes in Fund Balance
For the Year Ended December 31, 1993
REVENUES
Appropriations -
1993 Liquor Fund $ 75,000.00
1993 UDAG $ 42,500.00
Interest Income - Notes S 18,245.59
Interest Income - Investment $ 3,064.41
Loan Fees S 600.00
TOTAL REVENUES $139,410.00
EXPENDITURES
Legal Fees $ 0
Service Fees $ 200.00
Int. Adjustment - Notes S 0
TOTAL EXPENDITURES S 200.00
Excess of Revenues Over Expenditures $139,210.00
FUND BALANCE - Beginning of Year $497,604.08
FUND BALANCE - End of Year $636,814.06
C
1_
MONTICELLO ECONOMIC DEVELOPMENT AUTHORITY
GREATER MONTICELLO ENTERPRISE FUND (GMEF)
Balance Sheet
December 31, 1993
ASSETS
Cash in Bank
Notes Receivable - Tapper, Inc.
Notes Receivable - Muller Theater
Notes Receivable - SMM, Inc.
Notes Receivable - Aroplax Corp.
Notes Receivable - Custom Canopy, Inc
Appropriations Receivables -
1993 UDAG
Standard Iron and Wire Works, Inc
1993 Liquor Fund
TOTAL ASSETS
FUND EQUITY
Fund Balance
Reserved for Participation Loans
(Economic Development)
TOTAL LIABILITIES AND FUND EQUITY
$ 70,504.21
S 80,986.26
$ 46,450.47
$ 48,308.43
$ 73,824.50
$ 41,740.21
S 42,500.00
$ 75,000.00
5157.500.00
5636,814.08
$636,814.08
$636,814.08
MONTICELLO ECONOMIC DEVELOPMENT AUTHORITY
GREATER MONTICELLO ENTERPRISE FUND (GMEF)
1994 Cash Flow Projection
BEGINNING CASH BALANCE, January 1994 $ 70,504.21
RECEIPTS
Appropriations, Expected $200,000.00
Notes Amortization Payments -
Tapper Inc. ($736.07 Mo.) 8-97 $ 8,832.84
Muller Theatre ($418.22 Mo.) 12-95 $ 5,018.64
SMM, Inc. ($316.32 Mo.) 12-97 $ 3,795.84
Aroplax Corp. ($1,241.73 Mo.) 12-99 $ 14,900.76
Custom Canopy, Inc. ($269.03 Mo.) 6-98 $ 3,228.36
Standard Iron (est. $1,060.05 Mo.) 4-01 $ 9,540.45
Interest Income - Investment $ 3,000.00
Loan Fees $ 2,000.00
TOTAL RECEIPTS S250,316.89
TOTAL BEGINNING BALANCE AND RECEIPTS $320,821.10
EXPENDITURES
;MEF Loans $ 200,000.00
egal Fees $ 11000.00
Service Fees S 250.00
TOTAL EXPENDITURES $201,250.00
EXPECTED CASH BALANCE, December 1994 9119,571.10
1993
ANNUAL ECONOMIC DEVELOPMENT AUTHORITY ACTIVITY REPORT
MEETING DATE SUBJECTS
Annual Meeting EDA officers elected for 1993:
held 1-27-93. President - Ron Hoglund
vice President - Barb Schwientek
Treasurer - Rick Wolfsteller
Assistant Treasurer - Bob Mosford
Secretary - 011ie Koropchak
Accepted EDA 1992 Year -End Financial
Statements and Activity Report. All
existing GMEF loan paybacks are current.
3-30-93. Reviewed the preliminary and formal GMEF
applications from Stephen P. and Joan M.
Birkeland, Jr. (Custom Canopy, Inc.).
Approved the Birkeland-GMEF Loan No. 006
for $42,500 at 4.5% fixed interest rate
and amortized over 20 years ballooned in
five years.
Reviewed the accumulated payback balances
of the UDAG and State Economic Recovery
Loans.
6-7-93. Reviewed the financial package for the H -
Window expansion as prepared by BDS. Inc.
Denied endorsement for the Issuance of
$1,175,000 G.O. Taxable TIF Bonds at 7.6%
over 20 years for the H -Window expansion:
however, recommended the maximun use of
TIF, an aggressive approach for the
State's $500,000 request with an
explanation of the EDA's rational to Mr.
Lemme.
II -9-93. Reviewed the preliminary and formal GMEF
applications from Lawrence T. Demeules
(Standard Iron and Wire Works, Inc.).
Approved Demouleo-GMEF Loan No. 007 for
$75,000 at a 5% fixed interest rate and
amortized over seven years.
Reviewed and gave preliminary concept
endorsement for use of GMEFs or Issuance
of revenue bonds if backed by the
corporate guarantees for the Advanced
Food Sciences, Inc. project.
EDA AGENDA
JANUARY 26, 1994
G_
5. Consideration to Review Year-end Fund Balances of the GMEF.
UDAG, and ERG.
A. Reference and Backaround:
All GMEF loan payback payments are current as accounted for in
the 1993 year-end statements. However, as recorded in January
of 1993, the Muller-GMEF loan payback to Marquette Bank
continues to vary from month-to-month. As per the January
minutes, the EDA suggested to check this out with the bank and
If the trend continues the EDA may need to consider the
establishment of a late penalty period and fee.
The City of Monticello records indicate a receipt of the 1993
Muller payback payments as follows:
January 1993 0
February 1
March 1
April 2
May 1
June 0
July 1
August 1
September 2
October 1
November 0
December 2
Additionally, copies of the UDAG and ERG fund balances are
enclosed. The payback payments are current and the fund
balances are available for use by the EDA.
l Page 1
GREATER MONTICELLO ENTERPRISE FUND (GMEF)
LOAN STATUS
January 26, 1994
Economic Development Authority (EDA) was created in 1989.
APPROVEDLOANS
Tapper/Genereux (1990)
$88,000.00
Muller/Monti Theatre (1990)
$50,000.00
Barger/Suburban (1992)
$50,000.00
Schoen/Aroplax (1992)
$85,000.00
Birkeland/Custom Canopy (1993)
$42,500.00
Demeuies/Standard Iron (1993)
$75,000.00
TOTAL APPROVED LOANS $390,500.00
Docomber 31, 1993
LOAN DISBURSEMENTS
Liquor Fund:
1991 to GMEF $73,000.00
1992 to GMEF $115,000.00
Total Liquor Fund $188,000.00
UDAG Fund:
1991 to GMEF
$65,000.00
1992 to GMEF
$20,000.00
1993 to GMEF
$42,500.00
Total UDAG Fund
$127,500.00
In Process: $75,000.00
TOTAL LOAN DISBURSEMENTS $390,500.00
Docorntam 31,1993
URBAN DEVELOPMENT ACTION GRANT (UDAG)
FINANCIAL REPORT
January 26, 1994
Payback began in January, 1988 for 12 years ending in January, 2000.
Annual principal and interest payback total is $27,971.40.
GRANT TOTALS
ORIGINAL
PAID
REMAINING
Principal $256,957.71
$119,321.21
$137,636.50
Interest $78,699.09
$50,838.14
$27,860.95
TOTAL $335,656.80
$170,159.35
$165,497.45
REVENUES
Principal Payback
$119,321.21
Interest Payback
$50,838.14
Interest Income - Investment:
1990
$3,562.62
1991
$8,593.59
1992
$8,436.32
1993
$7,918.92
TOTAL REVENUES $198,670.80
EXPENDITURES
1991 Transfer to GMEF $65,000.00
1992 Transfer to GMEF $20,000.00
1993 Transfer to GMEF $42,500.00
TOTAL EXPENDITURES $127,500.00
FUND BALANCE FOR ECONOMIC DEVELOPMENT $71,170.80
Docombof 31. 1993
c
SMALL CITIES ECONOMIC RECOVERY GRANT (SCERG)
4 Grant must be expended by December 31. 1994, up to $170.000.
EXPENDED: $116,556.75
$16,996.18
$12,356.59
$145,909.52
REVENUES
Principal Payback $22,342.18
Interest Payback $9,942.67
Interest Income - Investment:
1993 $1,061.92
TOTAL REVENUES $33,346.77
EXPENDITURES
Transfer to GMEF $0.00
TOTAL EXPENDITURES $0.00
FUND BALANCE FOR SMALL CITIES GRANT $33,346.77
Docombei 31, 1983
FINANCIAL REPORT
January 26, 1994
Payback began in December,
1992 for 7 years ending in November, 1999.
Annual principal and
interest payback total is $29,801.40.
First $100.000 principal payback ends April. 1997.
GRANT TOTALS
ORIGINAL PAID
REMAINING
Principal
$170,000.00 $22,342.18
$147,657.82
Interest
$37,969.92 $9,942.67
$28,027.25
TOTAL
$207,969.92 $32,284.85
$175,685.07
APRIL 30. 1997
GMEF
STATE
Principal
$170,000.00 $99,400.23
$70,599.77
Interest
$37,969.92 $31,803.44
$:3,166.48
TOTAL
$207,969.92 $131,203.67
$76,766.25
4 Grant must be expended by December 31. 1994, up to $170.000.
EXPENDED: $116,556.75
$16,996.18
$12,356.59
$145,909.52
REVENUES
Principal Payback $22,342.18
Interest Payback $9,942.67
Interest Income - Investment:
1993 $1,061.92
TOTAL REVENUES $33,346.77
EXPENDITURES
Transfer to GMEF $0.00
TOTAL EXPENDITURES $0.00
FUND BALANCE FOR SMALL CITIES GRANT $33,346.77
Docombei 31, 1983
J ECONOMIC DEVELOPMENT AU7'HORI'1'V FUND (EDA)
FINANCIAL REPORT'
1/26/94 Revised
GMEF Loan 001 - Tappces: $88,001) at 9% amortized 20 years: balloon 7 years.
GMEF Loan 002 - Muller.Theatre: $51 .0ot1 at 8% amortized 20 years; balloon 5 years.
GMEF Loan 004 - Barger's: $50,000 at 4.5% amortized 20 years. balloon 5 years.
GMEF Loan 005 - Schoen's: $85,000 at 6% amortized 7 years.
GMEF Lman 006 - Birkeland: $42,500 at 4.5% amortized 20 years; balloon 5 years.
GMI-1- Loan 007 - I)emeules: $75,11011 at 5% amortized 7 years.
ORIGINAL LOAN PRINCIPAL PAID INTEREST PAID BALANCE REMAINING
Tapper/Genereux(1990)
$88,000.00
$6,975.46
$23,203.29
$81,024.54
Muller/Monti Theatre (1990)
$50,000.00
$3,507.00
$11,967.14
$46,493.00
Barger/Suburban(1992)
$50.000.00
$1,651.00
$2,461.16
$48.349.00
Schoen/Aroplax(1992)
$85,000.00
$11,154.77
$4,987.72
$73.845.23
Birkeland/Custom Can (1993)
$42,500.00
$769.39
$1,113.82
$41,730.61
Demeules/Stand Iron (1993)
$75,000.00
$0.00
$0.00
$75,000.00
TOTALS
$390.500.00
$24,037.62
$43.733.13
$366,442.38
Docambor 31.1993
EDA. WK t : 03!01 /95
ECONOMIC DEVELOPMENT AUTHORITY FUND (EDA)
FINANCIAL REPORT
January 26, 1994
GMEP Loan 001 - Tapper's: $88,000 at 8% amortized 20 years: balloon 7 years.
GMEP Loan 002 - Killer Theatre: $50,000 at 8% amortized 20 years: balloon 5 years.
GMEP Loan 004 - Barger's: $50,000 at 4.5% amortized 20 years: balloon 5 years.
(imI"l- Loan 005 - Schoen's: $85,000 at 6% amortized 7 years.
GMEP Loan 006 - Birkeland: $42,500 at 4.5% amortized 20 years: balloon 5 years.
GM EF Loan 007 - I)Cmeulcs: $75,000 at 5% amortized 7 years.
ORIGINAL LOAN
PRINCIPAL PAID
INTEREST PAID
BALANCE REMAINING
(amortization SChodule)
Tapper/Genereux (1990)
$88,000.00
$7,017.64
$23,161.11
$80,982.36
Muller/Monti Theatre (1990)
$50,000.00
$3,548.75
$11,925.39
$46,451.25
Barger/Suburban(1992)
$50,000.00
$1,712.85
$2,399.31
$48,287.15
SchoeNAroplax(1992)
$85,000.00
$11,171.16
$4,971.33
$73,828.84
Birkeland/Custom Can (1993)
$42,500.00
$759.79
$1,123.42
$41,740.21
Demeules/Stand Iron (1993)
$75,000.00
$0.00
$0.00
$75,000.00
TOTALS
$390,500.00
$43,580.56
$366,289.81
$24,210.19
GMEF LOANS
GMEF LOAN NO. 001 - TAPPERS $86,000 8% AMORTIZED 20 YEARS
BALLOONED IN 7 YEARS. ($736.07)
8-13-90 $ 2,944.28
91 8,832.84
92 8,832.84
93 8,832.84
94 8,832.84
95 8,832.84
96 8,832.84
97 5,888.56
BALLOON PAYMENT 70,989.14
PAYBACK $132,819.02
GMEF LOAN NO. 002 - MULLER THEATRE $50,000 8% AMORTIZED 20 YEARS
BALLOONED IN 5 YEARS. ($418.22)
12-1-90 $ 418.22
91 5,018.64
92 5,018.64
93 5,018.64
94 5,018.64
95 4,600.42
BALLOON PAYMENT 43,762.79
PAYBACK $ 68,855.99
GMEF LOAN NO. 003 - NULL AND VOID
GMEF LOAN NO. 004 - BANGERS $50,000 4.5% AMORTIZED 20 YEARS
BALLOONED IN 5 YEARS. ($316.32)
12-1-92 $ 316.32
93 3,795.84
94 3,795.84
95 3,795.84
96 3,795.84
97 3,479.52
BALLOON PAYMENT 41,350.00
PAYBACK $ 60,329.20
GMEF LOAN NO. 005 - SCHOENS $85,000 6% AMORTIZED 7 YEARS
($1,241.73)
12-1-92 $ 1,241.73
93 14,900.76
94 14,900.76
95 14,900.76
96 14,900.76
97 14,900.76
98 14,900.76
99 13,338.57
PAYBACK $103,984.86
GMEF LOAN NO. 006 - BIRKELAND, JR $42,500 4.5% AMORTIZED 20 YEARS
BALLOONED IN 5 YEARS. ($269.03)
6-1-93
$ 1,883.21
94
3,228.36
95
3,228.36
96
3,228.36
97
3,228.36
98
1,345.15
BALLON PAYMENT
35.157.40
PAYBACK $ 51,299.20
UPDATED 1-21-94
PREPARED BY OLLIE KOROPCHAK
GMEFLOAN.ACC
10
GMEF LOAN NO. 007
- DEMEULES $75,0QQ0 5% AMORTIZED R YEARS.
(
( BeT. "'Ge"o )
�B'95r�8 6 `A`iS. `+
4
� .4-1-94
$ 9,544.50
95
12,726.00
96
12,726.00
97
12,726.00
98
12,726.00
99
12,726.00
00
12,726.00
01
3.181.50
�t'A
PAYBACK
0 89,082.00
UPDATED 1-21-94
PREPARED BY OLLIE KOROPCHAK
GMEFLOAN.ACC
CASH BALANCES FOR GMEF USE
JANUARY 26, 1994
GMEF Cash Balance
$ 70,504.21
UDAG
$ 71,170.80
SCERG
S 33,346.77
TOTAL CASH BALANCE
$175,021.78
RECOMMENDATION:
1994 LIQUOR FUND APPROPRIATION REQUEST
$100,000.00