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<br />. <br /> <br /> <br />PRINTED CIRCUITS . FLUSH CIRCUITRY . MUL TILAYERS I <br />ELECTRONIC ASSEMBLY . ARTWORK LAYOUT <br /> <br />475 N.W. 8th Ave., New Brighton, Mn. 55112 <br />Telephone: 612-636-5616 <br /> <br />November 4, 1980 <br /> <br />City of New Brighton <br />New Brighton City Hall <br />803 Fifth Avenue Northwest <br />New Brighton, Minnesota <br /> <br />Re: Application for Tax Exempt <br />Mortgage Note Financing <br /> <br />Gentlemen: <br /> <br />This letter accompanies an application by Micom Corporation for tax exempt <br />mortgage note financing in the approximate amount of $445,000, to be used <br />in the construction of a building to be used by Micom in its business of <br />manufacturing circuit cards for computers. <br /> <br />Micom has carried on its business in a building located at 475 Eighth Avenue <br />N.W. in New Brighton since July of 1974. At that time our annual sales were <br />approximately $712,000 and we employed approximately 25 people. At present <br />our annual sales are approximately $3,075,000 (an increase of approximately 430% <br />over the level of our sales when we came to New Brighton) and we employ <br />approximately 75 people. If we are permitted to proceed with the construction <br />of the new building, with respect to which our application relates, we project <br />that our annual sales will increase by approximately $1,250,000 and that we <br />will add an additional 45 employees within 12 months. <br /> <br />The new building we propose to construct will be approximately 10,000 square <br />feet in size. Although we contemplate its use as an expanded facility for the <br />manufacture of circuit cards for use in computers, it will be a building which <br />is suitable for multiple uses. <br /> <br />In order to construct the proposed new building on a site adjacent to our <br />existing building, it will be necessary to use certain marginal land which <br />adjoins our existing building. Part of the cost of the construction of the <br />new building will involve the installation of piling at a cost of approximately <br />$42,000 and grade beams at a cost of approximately $35,000. ,~ <br /> <br />We believe that the project we propose fits within the guidelines established <br />by Resolution 2168 adopted by the New Brighton City Council for considering a <br />request for the authorization of such tax exempt financing. In this connection, <br />we invite y~ur attention to the following: <br />