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Financing Structure - History 4-24-26 (For Discussion Purposes Only)
<br />Uses of Funds
<br />Use
<br />Construction, Soft Costs & Fees
<br />Payoff of Existing Land Loan
<br />Total Project Cost
<br />Sources of Funds
<br />Source
<br />Senior Construction Loan (75% of Total Project Cost)
<br />Initial Funding Gap (Before Land Equity)
<br />Developer Land Equity
<br />Land Payment (Ferret Street)
<br />City of Ramsey Loan % Int. indexed to 10 year Treasury Bill, 5 Yr. Tenn
<br />Cash by Others
<br />Total Sources / Uses
<br />Contingencies / Notes
<br />Formal Bank Approval (approximately 2 weeks)
<br />Need Anoka County Approval of FIRA Loan (Resolution)
<br />Redevelopment Area Plan Required (Resolutions)
<br />ARAA to deposit 10K into Escrow to start FIRA Loan Process
<br />3/10/2026 4/20/2026
<br />Bank 1 Proposal Bank 2 Proposal
<br />Amount Notes / Change Amount Notes / Change
<br />$12,849,609 5M Financial Guaranty $12,849,609 No Financial Guaranty 70/30
<br />$587,800 $587,800
<br />$13,437,409 $13,437,409
<br />Amount
<br />$10,078,057 5M Financial Guaranty $
<br />($3,359,352) Solved Below $
<br />$1,370,000 Appraisal Supported $
<br />$1,343,741 Council OK
<br />$645,611 Solved by others
<br />$13,437,409
<br />9,425,000
<br />653,057
<br />1,370,000
<br />No Financial Guaranty 70/30
<br />Additional Gap based on 70/30
<br />Bank Approved Appraisal
<br />$ 1,343,741 HRA Loan - Need to Solve
<br />$ 645,611 Need to Solve - See next
<br />$ 13,437,409
<br />4/24/2026
<br />Proposed Financing
<br />Amount
<br />$ 12,849,609
<br />$ 576,000
<br />$ 13,425,609
<br />$ 9,397,926
<br />$ 1,370,000
<br />$ 20,000
<br />$ 1,877,683
<br />$ 750,000
<br />$ 13,425,609
<br />Notes/Change
<br />No Financial Guaranty 70/30
<br />% of Source
<br />70% No Financial Guaranty 70/30
<br />0.0% Solved below
<br />10.2% Bank Approved Appraisal
<br />0.1% Proposed by ARAA
<br />14.0% HRA Loan / Redevelop Area
<br />5.6% Verbal Agreement by others
<br />
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