Commercial Rehab loan - Bull pen•
A. GENERAL AND BACKGROUND INFORMATION
1. Name of Business Requesting Low Interest Rehabilitation Loan:
Bull Pen Inc.
Hopkins Address: 814 -816 Excelsior Ave.
Telephone Number: 938 - 2400
2. Name of Person Completing Application: Richard J. Strachota
Address: 202 - 14th Ave. No._, Hopkins. Minn.
Title: Pres. Phone No. (home) 935 - 2047
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.
( c) To provide funds to renovate an existing downtown
business.
4. The rehabilitation will:
APPLICATION
HOPKINS, MINNESOTA
COMMERCIAL REHABILITATION LOAN PROGRAM
(x) a) Include front and rear facades.
Phone No. (business) 938 - 2400
( ) 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):
Ri r•hanrl gtr'arhota E Dr.na1 A4
Address: Hopkins, Minn.
Telephone Number: 938 - 2400
6. If applicant is leasing the building, indicate expiration date of
current lease agreement:
2. Indicate below how the proceeds of the rehabilitation loans would
be utilized, by major categories.
Expense Category Approximate Amount
RPnnvate exterior and interior 152,400.00
Equipment 6 Fixtures 60,400.00
Allowable Boft costs 7,800.00
Total (must be at least twice
the B.1.(f) amount above).
3. Mortgage or Contract for Deed:
Principal balance (attach copy of most recent statement $53,366.29
Mortgagee (Bank) or CD Holder 5:1,366.79
Bull Pen Inc - Vendors .under Contract
Other liens Richard Strachota F, Dona 1j JI ckodym Vendee' s
This will be subordinated to Bank or City Loans.
4. Building Insurance: Company & Policy Number
Amerian Druggists - Policy #SMP 505275
Amount of coverage: $200,000.00
$ 220,600.00
C. EXPECTED BENEFITS /RESULTS
1. Briefly explain how the proposed new business or expansion will im-
prove the "economic mix" and generally benefit the Hopkins downtown
business district. The complete interior and exterior renovation,
including name change, of the Bull Pen -908 Bar will greatly enhance
the visual and social atmosphere of the downtown Hopkins area. The
n-^ - wx •e ca Bring o e mi.. e income, 25 -40 age group
for nightly entertainment and for the businessmen's lunch. The type
of clientLle the new operation will draw will also be much more apt
to patronize other main street retail stores. The remodeling now
U way is a major step rorward tor the City of
2. Indicate number of new jobs to be added to the Downtown Business
District:
a) Within six months of opening or expansion 10-14
b) Within two - four years 6-8
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) 14
•
•
7. Describe the nature of the businesses in the building, including
types of products and /or services to be offered (or retained)
downtown:
8. Indicate approximate date of opening of new or renovated business
in downtown area: Al:guRt 1982
9. Does applicant have previous experience in this type of business?
If yes, indicate nature of such experience:
for 21 years
10. Is this building under orders from any public agency to :sake cor-
rections to meet code? Yes ( ) No (g.
If yes, please specify: yl •
.+�. t
B. FINANCIAL INFORMATION
Food and cooktai 1 servi co and Off Sale.
I have been owner and operator of the Bull Pen
1. Applicant must attach copy of letter of commitment from a lender
for at least 50% of the permanent fixed improvements.
, • r.a
a) Amount of loan from lender $ 19 D , n n n . n n r J =
b) Term of loan: 19 Years.
c) Interest Rate 18% .
d) Name and Addsess of 'lender:. First National Bank of Hopkins
e) Contact Person at lending institution:
'Name: Bruce Watson Phone No: 933 -8100
f) Amount of Hopkins Commercial Rehabilitation Loan sought:
$ 90,000.00
b
4. Is the applicant willing to join the Hopkins Betterment Association
and to conform with their hours of operation? Yes (x) No ( )
5. Is the applicant a member of the City Center Development Corporation?
Yes k) No ( )
I hereby affirm that all information above is true and accurate to the
best of my knowled•e. 1 have read and agree to abide by the Loan Regu-
lations.
Signature
7. Final scope out for bids
8. Bids received
9. Loan contracts signed
10. Work begins
Amended Loan Amount
FOR OFFICE USE ONLY,
1. Application received 7-1- V Z
2.. Application reviewed for eligibility
3. Initial inspection by city's inspectors & structural
engineer
4. Initial scope of work drawn up
5. Initial scope reviewed by owner
6. Final scope formulated