Application for Comm Rehab LoanA. GENERAL AND BACKGROUND INFORMATION
APPLICATION
HOPKINS, MINNESOTA
COMMERCIAL REHABILITATION LOAN PROGRAM
1. Name of Business Requesting Low Interest Rehabilitation Loan:
LII y tr ctsOn
Hopkins Address: c& /l G 1- 51 "Plata
Telephone Number:
2. Name of Person Completing Application: Thar C.L�"(? t J� G
l Ii y
Address: c k) G b S' e r T' 6
Title:
0, -0W
Phone No. (home) q3" (O 3d
Phone No. (business)
3. This loan subsidy is being requested for the following general purpose
(check one):
a) For a new business start -up in downtown area.
b) To provide funds for the expansion of an existing
downtown business.
0() c) To provide funds to renovate an existing downtown
business.
4. The rehabilitation will:
(VT a) Include front and rear facades.
b) Not include front and rear facades because they
were renovated within last 15 years.
c) Involve interior work only.
5. Name of Downtown Building Owner (If other than applicant):
0w iE -4-
Address:
/0 9
Telephone Number:
/K:
7,5g w,g
6. If applicant is leasing the building, indicate expiration date of
current lease agreement:
0
7. Describe the nature of the businesses in the building, including
types of produ is and /or se vices to be offered (or retained)
downtown: rr r are. `S ,i n 0 -f
j i
JrCa' se Ice dt r1 a.H,s e ,rea,fryti
Cq e-s4-aA-LAr-a-vti)
8. Indicate approximate date of openin of new or renovated business
in downtown area: 5S4-0
S r n p O CZ 41-7W
a,f icon k 8 r st:c414.4,./0-4y
9. Does ev previous experience 1�
app p peri.ence in this type of business?
If yes, indicate nature of such experience: p n u,i4 04
(o4U Lvrc
i,t4e11* t
10. Is this building under orders from any public agency to make cor-
rections to meet code? Yes No
If yes, please specify:
B. FINANCIAL INFORMATION
1. Applicant must attach copy of letter of commitment from a lender
for at least 50% of the permanent fixed improvements.
a) Amount of loan from lender c :3 5 ia01
years.
b) Term of loan:
d) Name and Addeess of "lenders
Fr5 1- /Yat /lark ns
E 5
c) Interest Rate a 7 �D /yJ7 S 4 C2T
14,191L e-1444-6)
e) Contact Person at lending institution:
C� .7.f/
Name: &ate 14) Phone No: 3 9
f) Amount of Hopkins Commercial Rehabilitation Loan sought:
o� 0 `'y D 0
2. Indicate below how the proceeds of the rehabilitation loans would
be utilized, by major categories.
Expense Category
6 /1;911
iYeiv olvt E454- -4(
Ake! 1,..04.4 LT GZX J d
AL/ rooJ
iYao A
w ee< l< 61
oEal (must be at least tw
the B.1.(f) amount above).
e y, 6-0
5_ OS --4-
3. Mortgage or Contract for Deed:
Principal balance (attach copy of most recent statement
Mortgagee (Bank) or CD Holder M
Other liens f O`s_
4. Building Insurance: Company Policy Number A 1
C'. Pm r7
Amount of coverage: .t S "elf p 1u j 8O0 (eni-
4' lGS
Approximate Amount
V (57
C. EXPECTED BENEFITS /RESULTS
1. Briefly explain how the proposed new business or expansion will im-
prove the "economic mix" nd generally benefit the Hopkins downtown
business district. 0- d a
///5/77g-55 zepag-s
2. Indicate number of new jobs to be added to the Downtown Business
District:
a) Within six months of opening or expansion
b) Within two four years
3. Indicate number of Existing Jobs to be Retained in the Downtown
Business District as a result of the loan and interest subsidy
(if appropriate) j/
4. Is the applicant willing to join the Hopkins Betterment Association
and to conform with their hours of operation? Yes 0 No
5. Is the applicant a m ember of the City Center Development Corporation?
Yes No 90 4- 1.4
do-AA---
I hereby affirm that all information above is true and accurate to the
best of my knowledge. I have read and agree to abide by the Loan Regu-
lations.
1. Application received
9. Loan contracts signed
10. Work begins
Amended Loan Amount
FOR OFFICE USE ONLY
3. Initial inspection by city's inspectors
engineer
2 Application reviewed for eligibility
4. Initial scope of work drawn up
5. Initial scope reviewed by owner
6. Final scope formulated
7. Final scope out for bids
8. Bids received
Fir t Bank
Hopkin
First National Bank of Hopkins
Sixteen Ninth Avenue North
Hopkins, Minnesota 55343
612- 933 -8100
Reilly and Mason
2 Webster Place
Hopkins, MN 55343
Partnership
Dear Ms. Reilly and Mr. Mason:
The First National Bank of Hopkins is pleased to offer you
funds for improvements of the Bridgeman Building, located
at 25 Ninth Avenue North, Hopkins, based upon the following
terms:
Amount: $25,526 for improvements to the building
Interest Rate: Interest shall float at the First National
Bank of St. Paul prime 4%
Term: The $25,526 loan will be for a period of 12 years
with a 12 year amortization
Repayment: Monthly principal and interest payments will
be paid on the loan
Guaranty: 100% by Leander J. Mason and Margaret J. Reilly
Security The loan will be secured by a second real estate
mortgage on the building and improvements. An appraisal,
acceptable to the bank, should provide valuation to coincide
with a 75% loan to value ratio. In addition, an Assignment
of Rents and Leases will be pledged as additional collateral.
Financi Statements: Financial Statements of yourselves
and the Reilly and Mason, Partnership, will be submitted
to the Bank on an annual basis, or any additional information
as the Bank may request from time to time
Loan Funding The loan will be funded to the total amount of
$25,526 upon the receipt and approval by the bank of the
following documents:
1. Certificate of Substantial Completion
2. Sworn Construction Statement and Lien Waivers totalling
no less than $51,025.00
3. Insurance Policy naming the Bank as 2nd mortgagee in
the loss payable clause
4. Copy of Lease
5. Partnership Agreement
Member First Bank System
Reilly and Mason, Partnership
July 29, 1982
Page 2
Prohibition of Sale: So long as any balance remains due,
owing or unpaid under the loan, it is covenanted and agreed
that the borrower may not sell, transfer, convey or otherwise
alienate or further mortgage, pledge or encumber the building
or any part thereof without prior written consent of the
bank.
The terms of this proposal do not preclude any terms or conditions
governed by the Note,Mortgage or Security Agreement.
Thank you for allowing us to present you with this proposal.
Should you have any questions relating to any of the above items,
please contact me
Sincerely,
(7a).
B. W. Watson
Vice President
BWW:mc
cc: City of
Hopkins