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Proforma JO" <br />City of Ramsey, MN -11$ <br />Cobblestone Hotel & Suites <br />Ramsey, MN <br />Number of Units: 60 <br />Building Specifications: 60 unit, 4-story Boutique Style Hotel & Suites with standard and extended stay rooms, guest cocktail <br />lounge & Steak House, hot continental breakfast, fitness room, and pool. <br />Total Land & Prep $500,000 <br />per room $8,333 <br />Building Construction $5,300,000 <br />per mom $88,333 <br />Fixtures, Furnishings, and Equipment $1,385,000 <br />per mom $23,083 <br />Indirect Costs $785,000 <br />per room S13,083 <br />Appraisal $5,000 <br />Architectural / Engineering $100,000 <br />Surveys $10,000 <br />Development Services $250,000 <br />Pre -Opening Expenses $40,000 <br />Working Capital $100,000 <br />Legal and Accounting Fees $10,000 <br />Construction Period Interest / Loan Fees / Closing $150,000 <br />Insurance & Taxes During Construction $20,000 <br />Project Contingency $100,000 <br />Total Project Costs: $7,970,000 <br />per room $132,833 <br />Requested Loan Amount: $5,000,000 62.7% <br />Expected Cash Injection: $2,970,000 37.3% <br />Sources of Funding <br />Bank Loan $5,000,000 Debt Interest: 5.50% <br />Expected Cash Injection $2,970,000 Debt Terms: 20 <br />Total: $7,970,000 Debt Service: $412,732 <br />* Pricing noted above valid for 90 days from document date shown <br />�• <br />Vigo Core Distinction Group, LLC <br />1 12/28/2019 <br />