Press Alt + R to read the document text or Alt + P to download or print.
This document contains no pages.
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