Agenda - Economic Development Authority - 04/14/2011 - Joint Meeting

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Submittals for the City of Ramsey Economic Development Revolving Loan Fund (RLF) Projects In order to proceed with underwriting loan requests, businesses will typically need to provide the following information to CMDC, 1885 Station Parkway, Andover, MN 55304. Project ❑ Copy of signed purchase agreement for land and /or building. ❑ Copy of Sworn Construction Statement, construction bids for remodel if any. ❑ Sources and Uses of Funds Statement related to the project. Business ❑ History and description of business (OC). ❑ Current balance sheet and income statement (accrual basis) for the Operating Company (OC). Must be within 90 days of the application date. ❑ Accounts receivable and accounts payable aging reports corresponding with current balance sheet. ❑ Debt schedule, corresponding with current balance sheet, detailing all obligations for the OC. ❑ Complete copies of the past three years income tax returns, including all schedules and K -1's, for the OC. Copies of the past three fiscal year -end balance sheets and income /operating statements (accrual basis). Business Misc. ❑ Filed copy of Articles of Incorporation and By -laws, and /or Partnership Agreement and /or Limited Liability Company Organizational documentation or Certificate of Assumed Name. ❑ Employer identification number /Tax identification number for the real estate holding company and /or OC. ❑ Names, addresses and last two fiscal year -end financial statements or tax returns of any subsidiaries and /or affiliates, if applicable. ❑ Copy of new lease between OC and real estate holding company, if applicable. Personal ❑ Signed (including spouse) personal financial statements for all owners owning 20% or more of the OC and /or EPC (not more than 90 days old from application date) ❑ Complete copies of the past three years tax returns, including all W -2's, schedules and K -1's from all owners of the OC. ❑ Resumes of all officers and key management of the OC. Lender ❑ Commitment letter from first mortgage lender outlining the terms and conditions of their commitment. ❑ Business credit report for the OC. ❑ Copy of lender's credit memorandum. ❑ Appraisal of project (NOTE: this must be ordered by participating lender ) ❑ Environmental investigation: Phase 1 or a Phase 11 or an environmental questionnaire and records search with risk assessment. ❑ Itemization of soft costs (include professional fees, contingencies and interim interest).