|
R A. 1 16
<br />in minnieapolisr� Minnesota, which has submit-ted a letter indi-
<br />cating that the pr 3 e t i,s economically feasible.
<br />7, Financial Informiationi,
<br />I
<br />The Applicants, supplied a $5rOOO non-refundable cash
<br />deposi4k:.i, and a $10,000 refundable cash deposit with the City at
<br />the time of application,,
<br />The fisical year, of the Healy-Ruff Company ends on
<br />December 31 of each yeiar. Unaudited f inancial statements for
<br />the years ending in .1.982, 11981 and 1,1580 have been supplied as
<br />wleill as a Dun & Bradsitreiet, Report.,
<br />IP
<br />A
<br />12/31,/82 12/31/81 12/31/8v
<br />TOTAL ASSETS
<br />949o, 50 7
<br />698r869
<br />912r399
<br />Current Liabilities
<br />$581t262
<br />$354y989
<br />$600rO89
<br />Shareholders Equity
<br />368 if' 245
<br />343r88O
<br />312L310
<br />TOTAL LIABILITIES
<br />949r 5O7
<br />69BF869
<br />912 r 399
<br />Net income before taxel was $23,196
<br />in 1982, $27,151
<br />in 1981;
<br />and $4,7,176 in 1,980,.
<br />Personal f iniancial statements
<br />of Mr. and
<br />Mrs. J'o,n,ies have not
<br />err
<br />been provided.
<br />0
<br />Comments and Recommendations.,
<br />MEPM.."N.
<br />Assuming the, proijecit 'is of the c�onstruction and type for
<br />which t,ble City wishes to utilizie its tax exempt financing,, thenA
<br />add 1iLon to the mortgage being
<br />signed by the, parest a cuarantee by the
<br />corporation, is recommenaecob
<br />(bi) The, City adminisitration should
<br />rev,iew whether any, significant City expendilow
<br />ture wi,11 be reiqu3.reid for selwer,, utilities,
<br />st,r,eets or other, improvementse If so, all
<br />,of the costs thereof,, as well as any pending
<br />or existing assessments, should be paid at
<br />Closing .
<br />(c) The City, guidelines provide that
<br />ess
<br />ordinarily projec:ts, of l than. $1,000,0001
<br />
|