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<br />in Minneapolis, Minnesota, which has subrnitt~d a letter indi- <br />cating that the project is economically feaslble. <br /> <br />7. Financial Information: <br /> <br />The Applicants supplied a $5,000 non-refundable cash <br />deposit and a $10,000 refundable cash deposit with the City at <br />the time of application. <br /> <br />The fiscal year of the Healy-Ruff Company ends on <br />December 31 of each year. Unaudited financial statements for <br />the years ending in 1982, 1981 and 1980 have been supplied as <br />well as a Dun & Bradstreet Report. <br /> <br /> HEALY-RUFF CO. <br /> FINANCIAL DATA <br /> 12/31/82 12/31/81 12/31/80 <br />Current Assets $890,257 $625,491 $839,703 <br />Property & Equipment <br />(depreciated) 58,465 72,953 71,203 <br />Other 785 425 825 <br />TOT AL ASSETS 949,507 698,869 912,399 <br />Current Liabilities $581,262 $354,989 $600,089 <br />Shareholders Equity 368,245 343,880 312,310 <br />TOTAL LIABILITIES 949,507 698,869 912,399 <br /> <br />Net income before taxes was $23,196 in 1982; $27,151 in 1981; <br />and $47,176 in 1980. Personal financial statements of Mr. and <br />Mrs. Jones have not been provided. <br /> <br />8. Comments and Recommendations: <br /> <br />Assuming the project is of the construction and type for <br />which the City wishes to utilize its tax exempt financing, then: <br /> <br />(a) In addition to the mortgage being <br />signed by the parties, a guarantee by the <br />corporation is recommended. <br /> <br />( b ) Th e C i t Y ad rn i n i s t rat ion s h 0 u 1 d <br />review whether any significant City expendi- <br />ture will be required for sewer, utilities, <br />streets or other improvements. If so, all <br />of the costs thereof, as well as any pending <br />or existing assessments, should be paid at <br />closing. <br /> <br />(c) The City guidelines provide that <br />ordinarily projects of less than.$l,OOO,OOO <br /> <br />-3- <br />