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Stilwell, LLC <br />Patriot Converting, Inc. <br />Project Costs: Minnesota <br />Acquisition of Land 925,000 <br />Utilities/Infrastructure Costs* 200,000 <br />Building Construction 4,200,000 <br />Moving Costs 150,000 <br />Sheeter Cost 600,000 <br />Closing/Soft/Other Costs - L&B** 155,500 <br />Debenenture Pricing 66,800 <br />Subtotal 6,297,300 <br />Total Project Costs 6,297,300 <br />Financing Structure - Minnesota Amount <br />Bank 1st* 3,148,650 <br />SBA 504 Loan (net proceeds) 1,823,650 <br />State Infrastructure Grant** 100,000 <br />State MIF Funds** 300,000 <br />Land Value 925,000 <br />Subtotal 6,297,300 <br />TOTAL SOURCES 6,297,300 <br />*(+$50,000) <br />** (+$200,000) <br />H:\Patriot Converting\Business Subsidy Application\Source and Use of Funds - MN <br />