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<br />FIRST STATE BANK <br />of NEW BRIGHTON <br />2299 PALMER DRIVE <br />NEW BRIGHTON, MINN. 55112 <br />PHONE: 612/636-4300 <br />Mr. James W. Fornell <br />City Manager <br />City of New Brighton <br />New Brighton, MN 55112 <br />RE: Harold Becker Building <br />Industrial Revenue Mortgage <br />Dear Mr. Fornell: <br />July 10, 1981 <br />j - -7 <br />According to the information we have, the Beckers will be leasing out <br />approximately 3,600 sq.ft. as retail space in their new building at <br />$5.50 to $6.00 per square foot, which would yield on a net lease basis <br />about $21;600. They will also be leasing out 27,850 sq.ft. at $2.50 <br />to $2.85 on a net lease basis which will yield approximately $79,400. <br />Since these are on a net lease basis, all other expenses will be <br />covered by the lessees and the majority of the rental income funds are <br />usable for debt retirement. According to our calculations, the mortgage <br />would be set up on a 15-year basis at 11.50% which would approximate <br />at $84,000 per year principal and interest. <br />The Beckers are very stong financially and the company, Becker Bros., <br />Inc. will be leasing the building primarily. We have attached statements <br />as of February 28, 1981. Their current assets are at $470,454.00 against <br />current liabilities of $22,643.00 and a net equity of $554,836.00. The <br />company and individuals have had a long term relationship with our bank <br />and we hold them in very high esteem. <br />If there is any other information you need, please contact me. <br />Respectfully, <br />Wayne R. Burlingame, <br />President <br />WRB/gp <br />Enclos. <br />cc: Harold Becker <br />Centennial State Bank <br />of Lexington <br />? p ell <br />¦ MEMBER FEDERAL DEPOSIT INSURANCE CORPORATION