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24 Rural Business Enterprise Grant
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24 Rural Business Enterprise Grant
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Last modified
8/29/2012 11:29:14 AM
Creation date
3/6/2008 1:57:57 PM
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Template:
AGENDA
Item Number
24
AGENDA - Type
MISCELLANEOUS
Description
24 Approve a resolution approving submission of an application for $100,000.00 of Rural Business Ent
AGENDA - Date
3/10/2008
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xEVOLVnvc Loalv FUxn <br />LOAN SUMMARY <br />BORROWER; Whites Flooring Depot of Paris <br />CO-BORROWER; Kenneth White <br />ADDRESS; (new) 2030 North Main Street <br />CITy; P a r i s STATE; <br />BUSINESS; Custom floorin <br />(was) 1131 NW Loop 286 <br />Texas <br />zip; 75460 <br />TotalNceded;$ 200,000 purppse; Purchase building <br />Owner; 80,000 12mos. workina capital <br />Lender; 60,000 real estate <br />GiLy; 60 p 000 real estate <br />Lender; _Lamar National Bank <br />Terms; 7.75% 5 yrs. amortized over 15 yrs. <br />Lien Position; f i r s t ' <br />Collateral; land, buildinq, contents, inventory <br />LoanOfficer; Dick Severson, Executive V.P. <br />CityTerms; 4.9% fixed, over 15 years <br />Lien position; s econd <br />Cp]]$teml; same as above <br />Jobs Greated; 4 r e t a i n e d, 2 n ew <br />Cost Per Job; 10 , 0 0 0 <br />Recommendation: <br />, <br />roval; <br />cityy consu.ttant ; <br />Approval; ( ) <br />City Manager <br />Disapproval; ( ) <br />isa proval ( ) <br />Date <br />5-s. <br />Date <br />Comments: <br />Buildinq appraised at $135,000, purchased for $120,000. <br />_Business 1 year in operation. No tax return, Used 3 years <br />personal tax returns +P/L and BSe <br />E M I ig I 7 A <br />
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