Agenda - Economic Development Authority - 09/08/2004

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PAGE2 REQUIRED INFORMATION FOR ECONOMIC ASSISTANCE Certain information is required with each assistance request. All documentation is to be kept on file with the City of Becker and must be signed and dated. No consideration of an applicant shall be given until all documentation asked for herein or otherwise requested by the EDA or staff is provided to the EDA. The following is a list of required information. Note: It is understood that a start-up business may not be able to provide all of this information. Applicants are requested to provide as much of the requested information as possible. 1. History and description of business: This document should describe the company, operations, product line, history, principles, company goals, market, legal structure, employment, principles involved in management and finances of the business. 2. Marketing plan: How the product is intended to be marketed. 3. Detailed use of the proceeds/use of property: A detailed description of how the total loan amount or requested incentives will be used. Written cost estimates for the loan or the monetary incentives are required with this document. If property is to be received or purchased from the EDA/City, a detailed description of the use of the property, a preliminary site plan, and the time frames for construction must be provided. Applicant shall be aware that the EDA/City has passed speculative buying guidelines that require completion of all projects within eighteen months of acquisition of property from the EDA/City. 4. Effect on the community/area: Description of how the proposed assistance will allow the business to benefit the community. Estimates of the annual number of employees, wage range and skills are required. Future plans including, but not limited to, additional employees, proposed wage increases, projected additional skill requirements or needs and projected building expansion would be helpful in the decision making process. 5. Lists of collateral: (required for RLF only) Detailed description of all collateral offered and the determined value by an appraiser. If the intention is to petition for a loan, there should be included a list of collateral to be used to secure the loan. 6. Resumes and personal financial statements: Resumes of the principle owners as well as financial statements of all those with significant financial interest in the business should be included. Federal and State tax returns for the past three years must be provided for the business and for any partner, officer, sole proprietor or any other person requested. 7. Financial statements and projections: Existing businesses will provide financial statements from the previous three years including balance sheets, profit and loss statements and changes in financial statements. Existing and start-up businesses must provide projections for two years.