1999-04-13 Loan for Application
To: The City of Albertville
Attention: Linda Goeb, City Clerk
From: GEM Development Company LLC.
Regarding application for a loan from the City of Albertville Revolving Loan Fund.
Dear Linda,
At the fIrst staff meeting with GEM Development, City Attorney Michael Couri
mentioned that The City of Albertville has about seventy six thousand dollars in a
revolving loan fund that was generated through funding from the Department of Trade
and Economic Development (DTED). Mr. Couri also mentioned that this money was
available at a low interest rate to assist qualifying businesses with fmancing and that our
proposed fabrication facility should qualify for assistance.
At this time, GEM Development Company LLC. would like to formally apply for a loan
from the city's revolving loan fund. We propose to borrow seventy five thousand dollars
at 2% simple interest for a twenty-year term.
The City of Albertville would hold a position behind Stearns Bank, The Small Business
Administration and The Central Minnesota Initiative Fund. The money from the
revolving loan fund would be used as gap financing to assist in the completion of our
project, thus helping to create new jobs in the Albertville area and broaden the tax base.
Without such gap fmancing our project is in jeopardy.
We would like to thank the City of Albertville for the opportunity to bring our new
business to the area and the staff for their help and hard work on this project. We look
forward to being responsible members of your corporate community.
Respectfully Submitted April 13, 1999
ES.~~ :>s=
Vice President, GEM Development Company LLC.