No preview available
EDA Agenda 04-04-1990AGENDA 9 MONTICELLO ECONOMIC DEVELOPMENT AUTHORITY 13 Wednesday, April 4, 1990 - 7:00 AM City Hall MEMBERS: Ron Hoglund, Harvey Kendall, Al Larson, Barb Schwientek, Bob Mosford, Fran Fair, and Warren Smith. STAFF: Rick Wolfsteller, Jeff O'Neill, and 011ie Koropchak. GUEST: Bill and Barb Tapper. Tapper, Inc. Lance Hartkopf, Tapper, Inc. Bob Heck. Business Development Services, Inc. (SBA Loan) Kevin Doty, Wright County State Bank 1. Call to Order. 2. Consideration to Hear Project Background Information - 011ie Koropchak. 3. Consideration to Hear Company History and Business Plans - Bill and Barb Tapper. 4. Consideration to Hear Loan Request Compared to CMEF Guidelines - 011ie Koropchak. ® 5. Consideration to Hear Tapper, Inc. Financial Presentation: a) Bob Heck b) Bill Tapper and Lance Hnrtkopf c) Kevin Doty 6. Consideration to Discuss and to Consider Approval of the CMEF for Tapp_r. Inc. 7. Other Business. B. Adjournment. 4 GREATER MONTICELLO ENTERPRISE 250 FAST BROADWAY MONTICELLO, MINNESOTA PRELIMINARY APPLICATION FOR LOAN ff © APPLICANT: Tapper's Inc. FIRM OR TRADE NAME: Genereux fine Wood ProducLs, Inc. and Westlund Distrtbutinq, Inc BUSINESS ADDRESS: 4121 Naciver Avenue LIE. St. Michael, MN 55376 (1 6 Street) (City 5 State) (Zip Code) TELEPHONE: BUSINESS (61P 497-3833 ROME (61P 473-7919 DATE ESTABLISHED: Business Purchased in 1984 EMPLOYER I.D. #:41-1470393 SOLE PROPRIETOR X CORPORATION PARTNERSHIP MANAGEMENT NAME TITLE OWNERSHIP 9 William R. Tapper President 50 % Barbara Tapper Secretary/Treasurer 50 % Lance Hartkoo€ Controller -0-% PROJECT LOCATION: Lot 4_ glork ?_ nakwnod Industrial Park NEW BUSINESS x_ EXISTING BUSINESS TOTAL PROJECT COST ESTIMATE: $ 906.250 PROPOSED USES: REQUEST: LAND S 75.000 AMOUNT OF LOAN E100.000 EXISTING BUILDING MATURITY 6 TERMS e CONSTRUCTION 610.Q00 REQUESTED 20 Yparg/7i �S�U MACHINERY CAPITAL 150.0+00 APPLICANT'S WORKING CAPITAL EQUITY OTHER OTti[32 11.250 LOAN PURPOSE [gulp TOTAL USES $ 906.250 �- PROPOSED BEGINNING DATE: April 1990 ESTIMATED COMPLETION DATE:_.&Iv,lg40 TITLE TO PROJECT ASSETS TO BE HELD BY: _ OPERATING ENTITY ALTER EGO PARTICIPATING LENDER* W {jjjtj`rr A rPilo MN oes 5362 Kevin OotX ____yyjj�c�e President' Dale Lunowitz. President �612.24z295? (Contace.Pera� o ephone 1 PRESENT 1 OF EMPLOYEES: 75 PROJECTED 1 OF EMPLOYEES Fn ADDITIONAL PROJECT INFORMATION: Sinniflcant Potential for Productivity Growth. dAPPLICANT SIGNATI7IIE: DATE SIGNED: jj.nT A U.S. SMALL OUSINLSS ADMINiSt IATtOr+ APPOCATIDN ran [[[Tion 50?il"U'M WON I. N.nao of IDGCDC .eb SDC: -- .. ouCa^ Onportunities Minnesota Incorporated Chy allo SLw. SL. Saul, 14Innesota C.nan PK•n. David Sneer, (:"airman N•maesnr- Inc. elq.M s.... 110fiLicello. Minnesnta Cp•1w Parra: S•!1lliTnl R. (lU t'i 11. CaNbil ChKt011: tMlbl. II A11Kh.d (••I P Not AppdcebN (NMI TRC SUN "L nusowrs% NUSll T Susuit TMC roI)wINO A. f •.pu• mu11 1r..apf.d -I O -N! nt SVC KI, A M,IOry .M dY•tdpt+Pl Ill Na b..i.q... C.hwil i x7. A YNiaman{ d.teWq Ina t.aCt Yt.t 0I tha tan- ryat..dt. C•hm n X 7, sn4 tom rt7 (Pnr1w•} fihe«y SI•I.m•n11 Ip, .4 ONItM .w • nr4••,nn.. ,� r.Iro .M .. erne,• AI row P moo m mM SVC .na..•M •�Y,.•. G�.wn m X A W.- N -I .M -14 ..M M,• •Ia1.mAN IP IN. p.N1aYt IN - vs.'.. sIgNod .w dMW C.Nsun IV X 5. AI.' - b•I•nr. e..•e YM . e- OpN'.t.Q M.Nmawt (Na 04W IMP OD d ... 54p,r1 aM 4.1". L..Am v x A pq Men,. he.n[.. •h.M tell pap,[tM ft -Ung R.NMN IV 7 1.•n. LIZ: VI 7, A wn , t..h Nr« .wMy.f. eP IM ..•i 17 wN,.In. P 7 -,No MT.w In. P ....... .... (OMy 1.. n.. b -IN ... I t.hwu YY x {. TN, ..w•. n1 .nw.I•• .warp .uhedr.' INNI., L•• - u-, yon .w •w [ - If—1.1 .....nr.nw IP Y.. 4.IM Inln.. C.N.4 Vol xa, n,Ium•. of IN• ryYNb.It bwP.rO P d.I N it., PM•paMaM, I..NI111 Ip ' Xt0. A - .-N rnwwM. IM KYIIw,I nR• .M .NwPw1, Mo.W n.Ym • 11.,n.r.[Y a 1.1•, wWnu1 P•. ur11y .w. my h Ran tr 00. de yds b-'. [Kramty 1M! M•I•d.np. +•Y... MVI at. .,I.m•, O,. rM I. t.n . d dntml.•m. L•mbn A X rt. A nPNn..1 d.« M. -.o M•w.NM Id In. Me Kn MpMMwp e d.a [uNM1 hn. w.ln .I.I.m•nl.. IM a n•r .M aAnW.un• •1.O.I1.d N YPw YO .•PwnO NrI W nMNpad,1C Mm4 A! N/A 17. 11101. Iv.ln••. is A n•«M•. IKhM. • tl,lw P ... r'. -N.. A ry..mM1 •nd 11.. !1•IN.N1•p'. ItC D -N.. 510-t. L.h" )N X Cun.wl p•,N wN )nnrf.l eMMM k ••[h wwt.-. PA.- *-it a.(h NhiiWW..i1k 10w. b .Irp• WM..1u. 6i iM SVC. AI•n .nt. IPIuYM ny 111A, p•. •.ne Nn.P I.1 e.1.m.M. b,w .N•P. ON b.. IPM 104 aMneWYors. UM SItA rPd •ti. L,*W4 tin N/A 14. • IM.d.. OI M• P..bu. IYwglwm.M nn.Kl" 0, aNy WINIUNl. u tbYln,• (.<N." SON$ I M. n.-.. N, •II•K •... Plow.. Pw.yn1, de..1 IN. ..1p.r.L .rJ-0 K .MM.Md, IM .YI.r•Mlwp ...I.nt..14 wM1hp A 1. tVI•wL AMY.'w K Pa d M, t.Nw. AlY, IL. n•P IOPI how 1M nnud of dww NNA (sna rpm MCI A A Co,". uiwMr•q IN. •w•4 A--sO .Mr..w I. IYONA..M 1M I;- 1-00"0 NM 100 AI INlpl r•1OP. 11 . pMM,•h4. w M -d I.P P1Y t P.nMrn•b Apt. . ab OVA 1 P,w 11,OA, C..."... .1 4 P.1wn. t..W. rV . ..it br S114! �14a.r rN• rr. qu 1 q, IM If . -.P.Nt u.rP.d DNh • .nn.•a T.i.0--, ()12/246-�UU7 TM,yq„p„ Ez12/441-3113.5 X 10. Pft"7 M Neha (fpm 17011, C.h.bh XVI _LILA Ir. N... P_ P MN, ONltr. Ot _ __., .wI bK. Yr_M M b.-g1m,.l. -d Per•.dmp•t Y.4 -LNo 11•b. IV- pb.1Ys d.unt. c~ MY" N/A 16. A.a MP> 1..A bu.N.•.• P-. d 1, ..ry P.ndMp I.r.00 Y.. -L N. if y.t, ryN.M. d•wa•, [.ndFt AYth Xto. A .1•I.w•nl INorvlp 4 1M IONo..r « NIII,n .P,uN p .R1 m.m+rr w 1n.. hew..tNuri, P .-..-......+-•, ..,n.n.., r «w.•+nl.P .P. hN P•• !:u., !: .. 0.0-- Al- c--.. SCOW « AV.% 1-.M Ao.nty. » IM p•nit4we•wd udt•1 P•e 11-9 Is' As" AM •1Id•6 61 -1 p•PNw .nd .h- elpio••d. C.N44 I'm X70. A aulM.wl n M%I bet.,M M oppnt.Ibl Papaetlbn Ind bt .h -P' to1M, UM by COC) I A1wdY1d C%.,pd T10 CC111glrn OrVCLOPMEW COMPANY MUST sunup TNt rOLLOw "o x Aa (.h.bn. nu.. M .10-1 .nd d•..d by cminmc 1. A ..p1 of .•YIMp P -.oil wM. P -h... •IF •.PMI P y OLTP Marv: Pp nlawp.wl•m.. C'N" . �.M,w 1, • bN1 ..... PON, I.wr.mbq M 1uTrI•• M Ih. bM .M h, :. M W.Po d.M al.se•e M .w M --w ba•1., I.." C P-OP4".1 pl.w• a.n •PMu¢n.hr.. •wd •nlm•u• st ae•r tn..w..0 .» ..IVP wv.Iw.,wn .M .wIYlm.m IM a I yy I..w K m.'Y•.M aN M awl Y a L. L•Pba M .a a 1M %so.. I..-.,-,'N.Ir.w. and .K,M.Mw• M p• nMHM• I.n., oNd VP .••.Nw .hy a .n M•, In.m • d. Mwa Psl.,,. 1 .nP. x a, htAMik n.a t•ndiP! c.whNw,.M rwmPMy a1.vr. 0i hM. I-, n• b1lKlbw M1q P.• h.eM.., of... lawn. n• PY.n..rl N•wl.,y d• wa •M .A••.• 01 a,• Nro•,..p my •Yrr•e .e..w. ,•,m w. x d. NAM.. C.M.r 1. A UI M mam-1 M IN, pNpd .t .KV4y Ip IM d.1.w.V., COC'. cltwK..4 ON "Oats -v q. • .gylbaPln 01.ebn. L.NYM D X a, n..."IN's hl.11 Iw. AMM p tw-1 . aphpttY.p IN. COC 1b tN.• IY., -.% r►P 11-L C.h1PI M • • •• a. NO.N. nw of •p P..drr, MM•., dnMP M fAM...bw•I .1.4 eh.wtl.• of COcf!:hc tMM. Is., d•b.nw. 1pMN» .4N yaw NIA •'mots awn gq.Nla a •MIP«o. t.NAN i 10. r -O CDC cam, n.y .tort P ....aY 41..d M r.ne? N /A /ao - Na..V- t4 y.., .•tY.a rmba A 11. is -W MNK. I%.- P tosss..Pn f -M CDC M .4Y.r, 41- b « NahiK P My yh..n P +Yw•.I yN.rYu.Iy hn.I•N w P. 504; 1 Ya..� W �� IN y.t..•M•w f..hA11 n Dec C -O... NO, ' O.•1 •I+anV AI iAnr n (' . Aleraun{ Qwebpreani Lomgnf COCJtUC U•+• el AIT1It•1 bn !ba7 Opportunities Minnesota Incurporated February 1990 Isot 7F Su••lAWr•n•I Loci of G+e I 1.p Co.. 150 East Kellogg Boulevard St. Paul" Minnesota I 55181 Nen• •i fmwMntp t,•ni Cae.uu.• Oiinp 1eMpfp+n H0. David Speer, Chairman 612/296-5005 lV, N.r•weitwrew.i+inn.l.inrA••Ilum•Itucl Tapper''S lnc.t d/b1a EwwwnrfuN,+wo. enereux Fine Wood Products, inc. and Westjund Dtstri uting, 11 C. 41-1470393 t••eN liven..15n 1Ueunu ton.....W. tww.l X Cerp.,TM1 Chrnnd b tpu+nn `— iM.wVeiR H. toIntl ,.v.I.•n 7.n ur.1 Tappers, Inc. _^hpe NmAlp 2 3M.ne A- I" Y•, x N. Ire.n..1 A4. t p Ce William and Barbara laoper uY•rl AWAr1 el f•91••1 tll A .-f Wt: 11 -114-1, fapNln! iet.p,.o+t NR ITI• 011 De.•e•+t Lot 4, Block 2, Oakwood industrial Park, Monticello �02/497-3033 vc c r t•tY C S.0 01.. C.J. U­L..W+1I.0 YinpllY Cue• w•+nrn v..1 v•e. Mont�ceI10 (ms Wright I MN •n55362 07 r? � :„ ���:;• ..—•1 rnntw.intnwT•or v. 1no11 U.•Ye.•• C__ I X t.Nan{D.wwene mn.u��en Wi 1 I iam 11. tapper, President N.. ee.lnn Ye. x Ne O.nt •i MbYn, ARmeeel Ulllor 1 elepl+p+e No First Bank Plymouth Steve Heinen 612/559-5212 V. itv.emie ieloet ltelnYNY tr•. nen A • tlat eIINA D p G 1 INY L p App11uYN1 ��pp A Irwl.l.e el rrelMM/x411 n•NUe.v_,_• NR eN•1•d 25 •7..124 ; 1.1-b" Jobs 24 m..Iy in.,". opr_.10. o«»nle.Aet{ 370, 000.tn,an.. 24.6 oeolejoba.Naenom V. x Me - 11 one el IM Ipllonee{ p4e. ­% w•to tunulmlon tiel•..wL D.�comm+welry teeth r. NpnMi OOIRN.p — t• 0., -.td Awp• = e. t•p.wdew a/[.len. T. anwe+Ni tMrPi. i Td.eit{e �, tlpNllttiry V I. New.41, Aae.rl.! M. Aenplwi er Fw.• Veto tt.oU! N ! Iwn•a.e IDwx. pLi Weight County State Bank " P.U. Hox 129 Mon',+celln, MN 55362b35R,750 s.wrnu t 4e.wwel Omm .win huy,Y Tnt�IwnL.. Ifilfl 711'1-'19117 N•w. ee iln.r t •ereN b.l•. i. N•w one Addr.n •1 lnl•rlm Cewbe 11. None. Wright County $tate Rank 11.0. Box 729 Monticello, +411 55362 A-. Are.( 717,500 Vii, U. of fI—& n.lpe.d Lend Aceu1J11M Or 75,000 L•nd loos oo.tt 1 rptn.. -N. n.lnode! oat Or fee. eem•..i. t T7TITIT l.cN•. a ndtp n.pdr M • t Of • ✓ V • *"'*' r—fee. rpRnno i f t.Nnet i 0,%"twe.eerswi t T.W. t 095,000 NA One —1e N. 161dts nt•.en..." 1311^ purl VIII, ts{r..e folool lull { A, Nrl Deaentvre p►Dtfedi { D. ae{tr.e Oepet44 lA •.SSi 1 C. CDC rrocr{ttag fee 1A ■ 1 11711 { 11111CtA7gr4M,>GYM.\A117w{J�>tRa1,1Vt�/IntYX71 t C. tvnJine fee lA ■ 31011 { 1. Lvpi CiotiAp fee . t G. Undffeettina fee (111.1 a Sint) N. 161dts Or— 1. eovwd•d Vp to nett tNavtend low .e.•el•d atw {U lel. tiU ilifq W e4 t.dp t■.p f•.rM n..ewl.ewpd dt.+Ar ISDA•elrl jy-1•r:� 1 iX No►n iirYnanl AA..n+d t NoNp 0—.n ilea A.w..wd ISOA OA,.i C.n WWII A... v 11SnAShm.1NOW r..t 358,750 40% 2010 ... 2nd Land/Bldg, Is- V 111• lin. Al : t c ' l,yv , y: 7. NI•.0 L.rfp" 3511,750 40% 2000 12.0, 1St Land/Bldg. rin«,d.I,Ann.t,.A s t cyu,, t Orh.ryla.Anl:t t S T—t M.—S 1 FIn.A.bi S 358,/50 t l Ota, r.i—I S-- It 1 i, Loctcoc inj.tli.n 100,000 ' 11.3% 2010 7.0% 3rd Land/Oldq. •'.pC s 77,500 It Sh... Tma Tic inl.rll.n a 117.5iiU t 70.0% s.TpT•l_rnOJrc.riNANUNO s <} np t 100. U% .------°----`-- X. t.NANCiAI SUYMnnT riwir...tnd�Ai January 31 nn.nrl.lsuu.n.lnI't—k-1: AndN.d npa. .. x, DAIANCC%11W AS or I Ap/IJ',.TY{MTS ! AUJ. rINANC-t. BATA January 11. 199 ulnascntuns I 11.110 rO—A1 ASST IS 1:..• + 4.335 + + t i 31 7711.7 z 7R. 7I)i In.n.WT 7qa •ton I 79a -:nn O..•.. 1 1 �S2R ) ?yr3 j.­1c....n. A—, 11 17i I�? 5711,,177 , .a'A.+.. + ht_Q20 uY7.UUU t i! 91',? 4711 p,..• Ar.r. II s 21 .0? 1 1 I , 25t) •e..iA.vir 1t r f h } I� �.. - •.. . nntl•t.tlANit WOni.i . .. . . •' .... .. .. .� v: 114, It J4 t t S lits A't t) /.fill 4, `.g`1 (3) a7n nn'i T.•Y I G. JI';, {Qi ?.139 {` tines iltlt U " •{1) IT,.... q 'I t 1 'jot} t,(}l;�1 1 I j Jiit 1.-C-1-111.1 ,... el'.�•..s... S t t�5�i�1i 1 IU{I { 41111`1011 r(, ri r,l� �• '9f,2G1 •I',i Ano od`} p,i.. lit �+ iu)y11?{ai s aua, ,tiu 1 11 , 2J4, 7 10 L5ub55 �t tt---L7. 500 Iql + t'tI•)'�>> loin ll..1,AN,{W.nA •1 G5G, 615 t 1 I0.50.A6', .I.nabt..•d Land, building and equipment. (2) Debenture pricing, (3) Current portion bank debt. (4) Current portion SBA debt. (5) Current portion Monticello Revolving Loan Fund, (G) Long term portion bank debt. (7) Long term portion SBA debt. (R) tong term portion Monticello Revolving Loan Fund. (9) Owners' equity, D 'A.....1.. n. 41 U. I...--1. r.w... 1 AL AAIJO MALTSIS ♦ vex 1 t-11 /t}1 a ! T.x 1131/92 tnJ,r+IrT SOA.N>wir • sHr' 1 1- 7211. fig() SOC A—p. 71 ,,12 _ I S'i. hOL)_ .Ll11 ��c.n,r.noi ' n. Io.m. wulis t worn n+a. 1 7 h �1 ,1 t n��2 1 3,I1it Afif. iiti QQ n.lo.,.,. N.t iruuny C.Wt.I S2y 1Or, _ 1 (it1,VUU x 111, fsuu ()r1 a Onvr, I U9 �T�rTrI I.'1'1 1 `f . 1119 Lfi-4111 O+,I.nH Ali, iixLO OOLiCATiON1 Arno,rnl _ p.t+ I.I.nP 11x. ►.I,n..1 ►AI xIPHIT o.lAnt . 1370,000 2010 }370,000 9.5 }3,449 141,386 2nd Land,0ldg,Equip rim—,,. u-,,,%358,750 2l OTO I7=7 T7=. ;3 ;� I777M ,st ).and,tsiog,tyu,)> LovcoCL.+n, 1100,00022—.qi0 x —7 6— }'77i x 1T Srd Land,0109,LgUlp A60thTw S l } x jet Bank rly'Wuth 1990 1994 x210,034 s26.244Iltvent,ltec.dir.t.,Lqui " 1 65 ,000 It 60.857 11.25 21,421 1= Norwpst 1 000 1991 x 10.786 11.0 _ x 646 x 7.152 truck S 1 x t TOTAIs, i t _ t . A111. mawlt.w.C.__ Existing debt -to -worth is 1.62:1. Equity being inserted through a $100,000 loan from the Monticello Revolving Loan Fund and $77,500 from lax Increment Financing assistance. Pro forma debt -to -worth is 3.76:1. Sales have been level over the last couple of years due to the fact that the company has not had the space it needs to accomodate the extra workload. Although sales have remained level the company now bids all of their wort: through their computer system and the company has also implemented a material costing systemlone year ago last September) that controls inventory cost. the company is also at this time verifying all contract installation work, the company clrently leases out their two facilities and anticipates being released from the leases. Huwevet t existing lease for Genereux (1631,000) has been figured into projections as rental expense. It company has signet) new contracts that will add a minimum of $150,000 in sales, lhat,along with the extra work load Lire company now turns away, easily supports projected sales figures. xiV. ►nprfTAtOSi ♦ vex 1 t-11 /t}1 a ! T.x 1131/92 { r'•• I111f8q • sHr' 1 1- 7211. fig() + t " t 1 _ h0)i. 9OU 71 ,,12 _ I S'i. hOL)_ .Ll11 ��c.n,r.noi 1 nor, nor. _�}�ly�--�yT f,n't, uu *151 �1 ,1 t n��2 1 3,I1it Afif. iiti -1 26.)p 71 — I. (it1,VUU x 111, fsuu ()r1 1 I U9 �T�rTrI I.'1'1 WnaarYn t q d tiN i '772t t iLAornx.r.na.x 30.000 67 0112 w� rNn t pati. tt.. lit 0.1U.6 III 101AII, t.Mw.. r.« ) l��q{l ♦ vex 1 t-11 /t}1 a ! T.x 1131/92 UI fill 11 t 2Affli ILIl1 y12,191,000 00 + t " t 1 _ h0)i. 9OU 71 ,,12 _ I S'i. hOL)_ ' 1 10 JA f'j t ah(„ tun in,lt _�}�ly�--�yT f,n't, uu *151 �1 ,1 t n��2 1 3,I1it Afif. iiti 2s IS 5 1 1,+, JJV (it1,VUU x 111, fsuu I..f)`.I 1 �Tw�1T�t 74%, 4U, uu �T�rTrI I.'1'1 1 `f . 1119 Lfi-4111 _L 6,401 � !_ZJ,,.,tZlq t 71 n'ift t 35 h7, • r t t Io, 'ty/ � __.J_t 105,332 � 1 t 1 3 t V. GrY ilei Md1.Wt is I i I: A [.t.,fy G.H t taf ux 62,845 !./•alr.t.d Cook iter 40,300 1. Levi Tn C..nlnt, 5.tan To. 5 1. ngMsd /.Unl All. TM i S iwY... s 6`000 >. • +p.t.d I f..rtl [.wn. iJ.L�bZS--- 0..L.ar.ao.w' t 15 nnn D• - footstool; 1.. 1wMMes t iZ�71 • L.I. r.. 01M. s 13.300 4 – We"ll" C401r1 Mop l ft— [.arms. _ IT. 5r ir.d.d I.—Ito t – GI. 1—d n. C. T... t 0 L– 0%1—C.Owl C.",wil.Ir. t - 1 — C iaiI—d O--1 CMt. C 7, Uuu D.- /.e1.tlrO Csb i -1t. II 6 - ft. I.—LAWN t 8l, 6/3 44- x.- dra..ddan t -e -n,. s 36.613 C.Toreol 004 fords- ' I.. A-,wPh1 151 ,114 f1 4. A4.Id t.M.V 5.1.4 Toe i 4,441j 1. AM"It&i-Soulm I..t." t yu,U�f ► – C.I..I•I.d To. t n 1 Int w u— .1 G. IS lit— rbl+A t L Adj1-.s l.atlt Atm Tr. - C 1.14,4411 l let., A.ws.n Net sots 10751 i 149,145 •. r Lm V. D•a..tl•11.1 i 17 7,114 Isro CI.- Cll S . Lott v,. I.—, tarot. t _ I•Mw Orpwe4nan i . D. Clow no" 0011.20 IL • N..IM.wt L.P.. 5 153, 613 T. tot vn Co1• .-r.note 5 1 • 1C.MIw1 r.. CI 4 TOW D75! 1.1.1"I'4iCtliv►ai 574,8.543 i"ot.d C -..M 111.06t 1.21/1.47 Plaintive Ci -Utel Dill xvl.InOtDnMASC4(OUt(Df(I.[DOULICAI$OMSICt k. 1 ) 11AI-CIIAL 1 11AINCtIAt•IMI(nr ST rr. I r.. f r.. 4 {t It 5 t �..nrnl..n AMlllp 1s xsnl current and projected numbers do not take into account any rent and real estate tax savings for the Genereux facility. the company currently leases space at two locations and the lease obligation for Westlund is shown above as savings (36.000) but the lease obligation for Genereur expires in 1994, there is a party interested in occupying the facility and would release lappers from the lease. this would save the company $31,000 in rent and real estate taxes. Tapper's made two adjustments, strictly for tax purposes, at the end of the recent fiscal year (1/31190). 111ese two items, a receivable transfer $15,000 and officer bonus $20,000 would have been available for debt service and for that reason have been added back into the debt service calculation. Coverage ratios have been calculated using existing and,projected numbers and have been caiculat showing rental savings from the release of their current lease. R1 to fie. IMI111MI U. 4MI.-rUwe [.6 -.d 4 avn. CdM1NNi tu.! a N•I a/W V.W. hos UF+ MRrid Yflrf �M1 r 75,000 i .' c4lwfro t 670.000 Q Mai 050,000 t o,.Y/ t • i tows r.1i45_(10❑ r ZSR 750 fivrirr(Ti i1lNr Owwii(d ►wYbwO NN tlwth 04 as'" William and Barbara Tapper $410,255 Personai.Guarantee 0 aaTittrtflTf •wb t(f tlriU70w •iww.rt. NwrT�Nwrwf N if w r.wwh tTA TirN /.N r if • rTr b au.br\,• alto wN Nr •+ bw+ wN Nw• •R F •+•YTrTr r w/auh wgair W ww r•PfTT/ R « Nf.!•r.•Y A w ru FeYi w W w Alrr+•rw. N A M+,M• ilai+rlUllba: +.f wuRt i,l NwT ••.+Tu, ww w••w Mu�a•i Va «t•4Nar wr+ M AY R wn11.W /.•wT W •arnwr• Yi+pw •TN u wM+• « Tis anY. N ta,nhr w•lrrw,T•r�hwT +Yl\Urtr,b Y•fT,rwwM 11 (. )MN NwiwR/G.wwrNYf wrrNT Nw •w•w Y •wr• rt Rr N,•wrawxtr •. NM P w. +wrwu sl/aM.•rw,IV, N,W aw.x•Jr NNAgNr„\T.••a.TN+wtT M,MY+rt WTIw w h N!r•nw w'Irw N!••, w Hos Nrarr w riw IN• ggarra 4Tf ,Y r .T rT +N w aw\rr T•\ Iw ,N •N, N N! a+T+. NN w �+wr N+•rrR. wA xw �.p�wwT/ R TTw SM /•• •wrl nwral+A ••+T Fr wrtt« Tafrt.; iN YR• rrtwT• /wl r wN .rN• rt•a tpla f+t nN ri a N V Nar M1I Tt w• fw •t ).► i++i�rai /n,r•a..w r.N rww.a /f •at.TrN, a, rq1/q• RwM/ r\ NwfTr. Ta • rN•wl T•1/• R+w�ppb N t•sN Iwwrrq waTTro •wf,TraT Trb!•Nur. NrNrrMtl•M••rw TM+•w.wwiN.w VNNNgwrtTw wr tow+ s 1Na wwwa •. rti Yrtrw•. YfT rfYw M. N Nflr r,•q wq/i a••b ws+ s.r w /w1srM •►M•rwq, 1Y• W •xl sw►•• • rw.xxT wiwwrtT r slTN+u.• N N Ia 1Nfiwbwt f w+w Tx•r,rw M w N•wwJ RMa+Nr• xT,r/ f �, rNYfur IrY w+rw,rr wuT N i•w N.•w•r, MaT r.N/ •,I•/� 1r wTNnrtl T+Tsw. bwwM N w Nr I.rw TTN wN•Nr wF, •N rwtlw M Tfr rotor wn•r!.• /af.tl. a Tn rlwr•nr.Nw•we w w..r .nf w..•+.N.r N « lYrlr w.rrr Tor+Ti.T T/war•R rw w taN w••.nw/ aww TAPPCR'S, INC. fTw N INT. f Wff tTrfTa of TUU William R, Tapper,'President µu0 TNI, Barbara R. Tapper, Secretary � tMi�)ftln MlW lM 10T1F uraiaY./Tr tewwNnT. eh tolalrwc4.rrmf IsbA .. roto a awf./w•!+r •s Yrrrwl NN TTru/d if/ww w •w w /FlsA tow wr N T•Tr TYYw. HA wu N�N•r.\ ,TIfT T•rf/+W Na iMY M! M w wr\T/• N ai.Iw fu. ilA \w NN w TwTTw.w! TT+N JM ra•w NNM {iN.4rITFwNw.wN\.,••i,w MT.ww.4w •T..w•x,.+•w fro tot r w•w w. riYrT T Yraw•r r w++•w rMY • w+.Tx• l• f •A arw,a Mw w e!r M Minai M T+w.rr{lTTw NYYiTwa fa+w•, wr••• wT xx,rTwr T••rtwT f r N ua, a ,•,uw, wTruTr u.w.+M, rt• wV ur. +rt+.. r rN.Tw Iw!•N•aN r a• rt TMu.w... w w .N.rr www+ ► ► sbwu•, •lanati xhw,w wrrnrnrt Nw+rtnr Trr•Iw, r .r «Yr+w N w•frrwt r wt rT rN +Nr •1,N •/.wR••r/wl w b 1N Trr, ir. •, wwR•N, w T,a..+T N q.►,+wr A Na Yrr.uw w..,..w, •R . +wrr•fi wt N w.wwi R . NN •+ V, uw M Taao a TT •.,.+rrrwra, +a .. iw.frw+IN wwtf Rfy we.•w. N.a.iq•tl \wx tavtt..wM rr,r�x w A wrx, MRM+N Mr,r•T•,bT, N w anw,w.w w •www N rra awa•/ tear -of I w NTRN !a4\w .wNrr M Tr.w i . rrNr/ 1., w nR na•,+,+a.a rwY•i ►fw,►.xa•w+N.•m•rxurai ►1•Yart A►rr irNq r. nwT ww Y !w• •r N I rn,ar f ra Nww! .r y, N f T.+T`q 41.w wn►wx N i +rru lV •, ri J T. Cw M, nos. TN r.TTfw r �.•r,Y.NN• an w.w• hr. M w •rtrr •,rra�nrr .wN w rtN /wrab rw N i•aM lw ara /•wiruw. w,w•+/ N w• w.r ,.ar M s w'wMTNe N w q,a•wa. Y+wwT •r Tw •a iwi R r+N rtNaw Nw TN rTw! •MTa M ar. alts/ r T//.wr R «Cat Maf N DYNn.q wrw TTwf T.Tw N�rrtla r Air/w I•r. rr• OPPORTUNITIES MINNESOTA INCORPORAIED fN/ fi ilY•aY•Tfu. (- Alm" tilb Ttf towti flatsor irt{ t011r it hi OUlnio inn hi tflpf of M otroom r VAhir A AMO a huts rt CourLtvat, ► on torp[[ i low op iw,s v onto