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<br />
<br />' , NEWS i
<br /> I Rapids Development Company(CRDC),rt a efromP the ArecephonhostedbytheCRDCwdlbegmat730PM'
<br /> COON RAPIDS DEVELOPMENT COMPANY ,....,,........o..,............,.,....,..,'
<br /> PARTNERS IN PROGRESS
<br /> I"A Nonprofit SBA Certified Development Company"
<br /> I January 1985 __ __ ~s-~-e-~
<br />
<br /> CRDC- ATTRACTIVE RATES, TERMS
<br /> AVAILABLE FOR BUSINESS FINANCING
<br />
<br /> The City of Coon Rapids has attracted over 40 new Eligible businesses include for-profit corporations,
<br /> I businesses into the community over the past threeyears, partnerships or proprietorships, whose net worth does
<br /> Many of these businesses have utilized the financial not exceed $6 million and whose profits after taxes have
<br /> programs and expertise available through the Coon averaged less than $2 million for two years.
<br /> I Financing is not available for non-profit organizations,
<br /> The CRDC is a private, nonprofit company, which print media, lending institutions, gambling, and
<br /> only benefits by assisting its community in promoting recreational facilities not Open to the public, and
<br /> I aggressive, well-balanced commercial and industrial investment real estate companies.
<br /> growth. Managed by a volunteer Board of Directors, the
<br /> CRDC has the programs and the people to help finance
<br /> business expansion. CRDC ANNUAL
<br /> Utilizing the SBA 503 Loan Program, the CRDC SHAREHOLDERS MEETING
<br /> provides subordinated mortgage financing to business · ·
<br /> ..... The Coon Rapids Development Company wdl hold ~ts
<br /> and mdustw, including manufacturing enterprises The
<br /> i · annual shareholders meeting on Thursday, February 21
<br /> program offers financing for fixed assets including land ', -- '
<br /> 1985. The shareholders will review the year s accomplish-
<br /> acquisition, building construction, leasehold improve -
<br /> - ments of the CRDC and hold elections to fill the three
<br /> ments, renovation, modernization and machinery and vacancies for the 1985 Board of Directors
<br /> I equipment. Funds may not be used for debt refinancing,
<br /> I Nominees for the Board pos~bons are
<br /> interim financing, or working capita. ' ' ' :
<br />
<br /> Each loan through the SBA 503 Program may not Steven C. King, Vice President, First Bank Brookdale
<br /> I exceed 40% of the eligible project costs or $500,000, Donald E. Hubmer, Accountant, Donald E. Hubmer&
<br /> whichever is less. This 40 percent is guaranteed by the Associates
<br /> SBA. A local lending institution is required to provide 50% Karen Rosar, President, Rosar Realtors
<br /> o fthe ro ect Kewn R~ba, Assistant V~ce President, Norwest Bank
<br /> I ofthe project financing. The remaining 10Y0o j .....
<br /> costs are financed by the company requesting financial Central, N.A.
<br /> assistance in the form of equity. James J. Bock (Jim), CPA, Ranzinger & Bock, CPA's
<br /> I Alan J. Hamel, Vice President and Director of Plann ng
<br /> The term of the first mortgage must be at least 10 ·
<br /> years, issued at market rates determined by the lending and Development, The Gaughan Compames
<br />
<br /> institution. The term of the second mo g g ' ' ' : . ·
<br /> d nturec n texceed 25 at The Seasons Restaurant and Lounge followed by the
<br /> sale of the SBA guaranteed ebe an o
<br /> m whmh bus ness meebng which ~s scheduled to begin at 8 00 P M
<br /> years and is at a fixed rate for the ter of the loan ' ' , ' . ' ' . ' : · ·
<br /> o Bond rates Hors doeuvres e prowded before and after the
<br /> varies from 1/4 to 3/4 Fo above U.S. Treasury . .
<br /> , bus~ness meeting
<br /> I (currently 12¼ percent). A guideline has been established ·
<br />
<br /> by the SBA of one job created or retained for each ~, ~.~-'~.
<br /> $15,000 of 503 financing pro(,ided. As an example, a ~, '~1
<br /> typical project cost of $300,000 could be financed as ~
<br /> I ,o,,ows X}l
<br />
<br />I
<br />I
<br />
<br />50% Bank Financing
<br />40% Small Business Administration
<br /> (lip to $500,000)
<br />10% Settling Business or City
<br /> Injection
<br />
<br />$150,000
<br /> The Seasons Restaurant and Lounge
<br />120,000 Located in Bunker Hills Golf Course,
<br /> Highway 242 and Foley Boulevard,
<br />30,000 Coon Rapids, MN 55433
<br />$300,000 Reservations and Information: 755-4444
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