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<br />. . <br /> <br />. , <br /> <br />. . <br /> <br />,. <br /> <br /> <br />Npvember.22,2000.. <br /> <br />. . <br />'Mr. David.Sten.e,CPA ... <br />. . EideBailey . .: <br />11000 Pra~ie Lakes: Dtive . <br />. Suite 410 . ' . <br />Edet} PI'!iirie,: ~N 55344-:3800 . <br /> <br />!.,,' <br /> <br />.. <br /> <br />. .. . . .. <br />. RE: IC Services,' Inc;..., MN Investment Fund <br />.. . '.' .. . <br />- . <br /> <br />, . . <br /> <br />..DearDavid: <br /> <br />"Ed"BurrelirecOll1Jnended that I forward the, financial information regarding IC .Service~ to' you' <br />..' for J~view . The City of Roseville is in,. the 'process of apP,lyiIig fora grant. from the Mmnesota <br />. . . Investnient Fund throughtlle Department of Trade and Econoinic pevelopment. The . <br />. ~pplicationis for the purpose .of providing assistaIice to IC Services for the pur~hase of <br />.. equipmentctitical to the growth of theirconWany. The amountQftheloaD. is $298,000 and <br />. will be at 4 percent interest for 10 years'. The total project cost is over $5 million.' The .. <br />. collateral will be one. or two pieces of equipment. ' .. . . . <br />. . . ," .' , .' .' . . . <br /> <br />:~ .. <br /> <br />. .We.havecomple~creditch~ks on the companyandh8.ve receiyed.a credit r~port from <br />. . Heritag~ Bank and a detai1~d D&B report.. In'_addition,VoI~ have received three years of <br />.auditedfmancialstatement, two years proj ections and personal financial statement em the <br />majority, stockholder who will perso~ly guarantee the project. . <br /> <br />,. <br /> <br />" <br /> <br />. . ." . <br /> <br />.Th~informat~on will be in9luded in the DTJ3Dapplication and will ,be r~viewedby their s~ff. . <br />.. . However, we. would like. a third party review Qf these documents. <br /> <br />.... Please review -theinfor~tion and provide a writte~ summaiy offmdings based upon the City's <br />.risk on the $298;000 loan;.Please contact me-upon receipt of these documentsat651:-490~ <br />2241. .' <br /> <br />::'. l'T:1)t~..~ _ <br />'~~ett . ... . <br />. . Ec()riottlicDevelopment Specialist <br /> <br />. '. <br /> <br />. . <br /> <br />'.. cc: EdBurrell,-City of RoSeville <br /> <br />. . . . . ." <br />. . <br />. . . .' '. <br />. ". -,~" . . , <br />2660 Civic Center Drive+) 'RpseVme + Minnesota + 55113 <br />651-490-2200 +) TDD 651-490-22Q7 <br /> <br />,. <br /> <br />. . <br /> <br />'; "'. ' <br /> <br />i' . <br /> <br />.. . <br /> <br />.' ' <br /> <br />. . . <br />