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Home My WebLink About11-80 Resolution No. 11-80 RESOLUTION AUTHORIZING EXECUTION OF A DOWNTOWN BUSINESS LOAN INTEREST SUBSIDY PROGRAM AGREEMENT WITH LEATH PARTNERS, LLC AND FUTURE LINK OF ILLINOIS, INC. (164-66 E. Chicago Street) BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF ELGIN,ILLINOIS,that Sean R. Stegall,City Manager,and Diane Robertson,City Clerk,be and are hereby authorized and directed to execute a Downtown Business Loan Interest Subsidy Program Agreement on behalf of the City of Elgin with Leath Partners,LLC and Future Link of Illinois,Inc.for the property located at 164-66 E. Chicago Street, a copy of which is attached hereto and made a part hereof by reference. s/David J. Kaptain David J. Kaptain, Mayor Presented: April 27, 2011 Adopted: April 27, 2011 Omnibus Vote: Yeas: 7 Nays: 0 Attest: s/Diane Robertson Diane Robertson, City Clerk t CITY OF ELGIN DOWNTOWN BUSINESS LOAN INTEREST SUBSIDY PROGRAM THIS AGREEMENT is hereby made and entered into this 28th day of April, 2011, by and between the City of Elgin, Illinois, a municipal corporation (hereafter referred to as the "City"), and Leath Partners, LLC and Future Link of Illinois, Inc. (hereinafter collectively re- ferred to as the "Tenants"). WHEREAS, the City has established a Downtown Business Loan Interest Subsidy Program for building improvements in the Center City in an effort to stimulate expansion, reinvestment and business retention, a copy of such Downtown Business Loan Interest Subsidy Program for building improvements being attached hereto and made a part hereof as Exhibit "A" (hereinafter referred to as the "Program"); and WHEREAS, the Program contemplates the City paying a portion of financing costs for eligible building improvements; and WHEREAS, Tenants are the property owners and tenants for the real property commonly known as 164-66 E. Chicago Street Avenue, Elgin, Illinois, (hereinafter referred to as the "Subject Property"), which is located in the Center City area as described in Pro- gram hereto; and WHEREAS, Tenants have completed an application for participation in the subject Program which identifies the proposed improvements to the Subject Property, a copy of Tenant's application for participation in the Subject Program being attached hereto and made a part hereof as Exhibit "B"; and WHEREAS, Tenants have applied for and obtained approval for two loans to fi- nance the cost of the proposed building improvements on the Subject Property, one loan being a conventional commercial loan with American Chartered Bank in the amount of $175,000 with an interest rate of 7.95 percent and the second loan being a Small Busi- ness Administration 504 Loan in the mount of $144,000 with an interest rate of 3.16 per- cent, a copy of such loans' attendant amortization schedules being attached hereto and made a part hereof as Exhibit "C" (hereinafter referred to as "Subject Loans"). NOW, THEREFORE, for and in consideration of the mutual promises, covenants and undertakings contained herein, and other good and valuable consideration, the suffi- ciency of which is hereby mutually acknowledged, the parties hereto hereby agree as fol- lows: 1. The foregoing recitals are hereby incorporated into and made a part of this agree- ment in their entirety. 2. The Tenants' application for participation in the Program is hereby approved. 3. So long as the Tenants continue to make regularly scheduled loan payments on the Subject Loans and otherwise comply with the terms of this agreement, City shall pay an interest subsidy on the Subject Loans consisting of monthly reimbursement payments to Tenants as follows: a. For the conventional commercial loan with American Chartered Bank in the amount of $175,000 with an interest rate of 7.95 percent, the City shall pay an interest subsidy consisting of quarterly reimbursement pay- ments to Tenants in an amount equal to 90 percent of the first year's in- terest, 80 percent of the second year's interest, 70 percent of the third year's interest, 60 percent of the fourth year's interest, and 50 percent of the fifth year's interest, said interest payments commencing as of Janu- ary 2011. b. For the Small Business Administration 504 Loan in the amount of $144,000 with an interest rate of 3.16 percent, the City shall pay an in- terest subsidy consisting of quarterly reimbursement payments to Ten- ants in an amount equal to 90 percent of the first year's interest plus eli- gible SBA fee costs, 80 percent of the second year's interest plus eligible SBA fee costs, 70 percent of the third year's interest plus eligible SBA fee costs, 60 percent of the fourth year's interest plus eligible SBA fee costs, and 50 percent of the fifth year's interest plus eligible SBA fee costs, said interest payments commencing as of January 2011. The City shall make payment to Tenants upon receipt of verification of payment from the respective lenders and pursuant to the amortization and payment sched- ules attached hereto and made a part hereof as Exhibit "C." 4. In no event shall the interest rate of any Subject Loan Agreement provided for here- in exceed ten percent (10%). In no event shall the total amount of any single loan of the Subject Loans exceed $200,000. In no event shall the total interest payments provided for herein from City to Tenants exceed $49,963.82. The Tenants shall make all other principal and interest payments and all other payments on the Sub- ject Loans. The City is not and shall not be deemed to be a party to the Subject Loans or an obligor or obligee thereunder. This agreement in general, and the City's agreement to make interest payments hereunder in particular, shall not be con- strued, and shall not be relied upon by any party, including, but not limited to, the lender in the subject loan agreement or any successor or assign thereof, to require the repayment of any principal loan amounts, the execution of any mortgage loan documents, or to otherwise act as a guarantor on any loan agreements under any circumstances. Additionally, the provisions of this agreement shall not be construed so as to create any obligations as to City based on any theory of equitable or prom- issory estoppel. 5. In the event any of the Tenants convey any of their respective interests in Subject Property prior to May 1, 2016, Tenants shall refund all payments made by City pur- suant to this agreement no later than 30 days after such conveyance. Each Tenant shall be jointly and severally liable to City for such refund payments. 6. The terms, requirements and conditions of the Program as set forth in Exhibit "A" hereto are hereby incorporated into and made a part of this agreement in their en- tirety. The City's obligations under this agreement, including but not limited to the City's obligations to make continued interest payments, are subject to Tenants' on- going compliance with all terms and requirements of the Program and this agree- ment. 7. Upon completion of the improvements, and for a period of five (5) years thereafter, Tenants shall properly maintain the improvements in their finished form, without al- teration or change thereto. 8. Nothing herein is intended to limit, restrict or prohibit the Tenants from undertaking other work in or about the Subject Property which is unrelated to the improvements provided for in this agreement. 9. This agreement may not be assigned without the prior written consent of the City. 10. Tenants hereby agree to hold harmless, defend and indemnify the City from and against any and all causes of action, suits, claims for damages and any and all oth- er liability which may arise out of or in connection with the proposed improvements or other work at the Subject Property, or which may arise out of or in connection with Tenants or Tenants' agents, employees', contractors' and assigns' negligent performance of any of the terms of this agreement. In the event the provisions of this paragraph are invoked, counsel for City shall be of City's choosing. The terms and provisions of this paragraph shall survive any termination and/or expiration of this agreement. 11 . This agreement shall not be construed to create a partnership, joint venture or em- ployment relationship between the parties hereto. 12. Tenants shall also pay when due all other obligations for the subject property, in- cluding but not limited to, payments on any other loans, real estate taxes and insur- ance. 13. This agreement shall be subject to and governed by the laws of the State of Illinois. Venue for the resolution of any disputes or the enforcement of any rights arising out of or in connection with this agreement shall be in the Circuit Court of Kane County, Illinois. 14. The terms of this agreement shall be severable. In the event that any of the terms or provisions of this agreement are deemed to be void otherwise unenforceable for any reason, the remainder of this agreement shall remain in full force and effect. 15. That notices regarding in this agreement shall be sent to the parties at the following addresses: To: City of Elgin 150 Dexter Court Elgin, IL 60120-5555 Attention: City Manager (with a copy to Corporation Counsel) To: Marty Mingl Registered Agent Future Link of Illinois, Inc. 25W658 St. Charles Carol Stream, IL 60188 16. This agreement constitutes the only agreement between the parties hereto regard- ing the subject matter hereof. There are no other agreements, either oral or implied, in existence between the parties hereto regarding the subject matter hereof. The terms and provisions of this agreement shall not be amended unless such amend- ments are in writing and, are properly executed by the parties hereto. 17. In the event of Tenants' breach of any of the terms of this agreement, Tenants' shall refund to City the full amount of any payments made by City to Tenants' or to any other entity on Tenants' behalf, including but not limited to, any lender, upon thirty (30) days written demand. City shall thereafter be entitled to any and all other rights and remedies as may be available to it by law. All parties to this Agreement, includ- ing Marty Mingl and Carl Roedel, shall be jointly and severally liable to the city pur- suant to this Agreement. 18. This agreement shall terminate on May 1, 2016. City may terminate this agreement for any or no reason upon fourteen (14) days written notice. In the event city termi- nates this agreement, City shall be under no further obligations pursuant to this agreement, and Tenants shall be entitled to no further relief pursuant to this agree- ment. IN WITNESS WHEREOF, the parties hereto have entered into and executed this agreement the day and year first written above. CITY OF ELGIN LEATH PARTNERS, LLC and FUTURE LINK OF ILLINOIS, INC. faltd Sean Stegall, City Manag It Attest: Its City Clerk ELGIN THE CITY IN THE SUBURBS" DOWNTOWN BUSINESS LOAN INTEREST SUBSIDY PROGRAM PURPOSE: The City of Elgin has established the Downtown Business Loan Interest Subsidy Program ("Program") for building improvements and business development in the Center City to stimulate expansion, reinvestment and business retention. Interest on loans, up to a maxi- mum of$200,000, may be subsidized by the city for the first five years of the loan. LOAN TERMS: Interest Rate: The interest rate for an eligible loan may not exceed ten percent (10%) interest. The eligible loan's interest rate must be at or above the prime rate of interest. Terms of Loan: Eligible loans may not exceed a 10-year amortization. U.S. Small Business Administration (SBA) "504" loans shall not exceed a 20-year amortization. Collateral: First or second mortgage on property. Maximum Loan: Up to $200,000 per building project. Purpose of Loan: Eligible loans shall be used solely for the acquisition or lease of oper- ating facilities, the purchase of equipment or fixtures, space built out or inventory. Conventional Commercial Loans City's Monthly Interest Payments. Interest payments made by the city under the Program shall be at the following rates payable over a period of five (5) years: First year: 90 percent of first year interest costs Second year: 80 percent of second year interest costs Third year: 70 percent of third year interest costs Fourth year: 60 percent of fourth year interest costs Fifth year: 50 percent of fifth year interest costs Exhibit A Home Equity and Second Mortgage Loans City's Monthly Interest Payments. Interest payments by the city under the Program shall be at the following rates payable over a period of five years: First year: 85 percent of first year interest costs Second year: 75 percent of second year interest costs Third year: 65 percent of third year interest costs Fourth year: 55 percent of fourth year interest costs Fifth year: 45 percent of fifth year interest costs U.S. Small Business Administration (SBA) 504 Loans City's Monthly Interest and SBA Program Fee Payments. Interest payments and the SBA program fee payments commonly referred to as the SBA Small Business Administration fee (covering a loss reserve for the program), the CSA Colson Services Corporation fee (covering charges by Colson Services Corporation to handle payment processing and loan accounting) and the CDC Certified Development Company fee (covering servicing the loan and enforcing the terms of the loan documents) made by the city under the Program shall be at the following rates payable over a period of five (5) years: First year: 90 percent of first year interest and eligible SBA fee costs Second year: 80 percent of second year interest and eligible SBA fee costs Third year: 70 percent of third year interest and eligible SBA fee costs Fourth year: 60 percent of fourth year interest and eligible SBA fee costs Fifth year: 50 percent of fifth year interest and eligible SBA fee costs Limitations Notwithstanding anything to the contrary in this Program, the maximum amount of interest and any eligible related loan fee payments by the city for any loan shall be in the maximum amount of$75,000. ELIGIBILITY REQUIREMENTS: To be eligible to apply for the Program, the applying business must satisfy both of the fol- lowing criteria: 1 . Location: The business must be located in Elgin's "Center City," as depicted in the areas outlined in the accompanying target area map. 2. Type of Business: The business must be engaged in retailing, wholesaling, distri- bution, professional services, technology industry and other types of general com- mercial and retail lines of business consistent with those business uses identified as desirable in the city's adopted Riverfront/Center City Master Plan. 2 GENERAL REQUIREMENTS: 1. The Program does not include financing for furniture, standard office equipment (i.e. personal computers and related equipment) or operating capital. 2. Building improvements must be completed by an independent contractor. The agree- ment for the contractor must be supported by two, different contractor bids. 3. Any business which is approved and is to receive benefits under the Program must ex- ecute a written agreement with the city in a form as directed by the city which shall include the terms necessary to comply with the provisions of the Program requirements, an agreement by such business to complete building improvements within a specified time period, and an agreement by such business to continue operating at the specified location for a period of not less that three years. If the business is required to vacate the Center City location due to action directed or supported by the city, the business must relocate within the Center City in order to retain the benefits of the Program. 4. Participants in the Program must provide annual financial statements to the city during participation in the Program. QUALIFYING STANDARDS: 1 . The applicant business and owner must have an acceptable credit history with a record of timely loan payments. 2. Business profits and cash flow must be sufficient to support loan payments in accord- ance with the customary loan (with the loan to value ratio not to exceed 75 percent to 80 percent) unless other collateral or financial strength is provided. APPLICATION PROCESS: Eligible businesses should request a complete copy of the Program guidelines and a loan application form. Once the loan is conditionally approved and structured by the lending institution, the lender shall complete a loan proposal for submission to the city for final ap- proval. CORRESPONDENCE: Inquiries regarding this program may be directed to: Tonya Hudson, Executive Director, Downtown Neighborhood Association of Elgin, 847.488.1456 or Richard G. Kozel, Assis- tant City Manager, City of Elgin, 847.931.6633. (Revised April 13, 2011) 3 \I rrili L LJ -1 I_ I I I / / I Center City Map _il , L i \\11 ®CBD Boundary N �� Map prepared by City of ElginM ' Departrne of Community DevelopmentA f r . . t —L Ad, �, Q u s\ 1 cc l'110*- A 7 ' . . . 4 _ • ss, 1\ i‘litx m ■ii t 04448r, ,:,\ 111111 1 . .n• ,ye . ,',1\ 04•Pr‘, 1 6 n /1 E, 1 1 if,,07, *7 1111. uill ica• • 'i —. v,, ,0 0\\ \ , anion4 �A l� • _ t ,„ .41‘ LI \ ,..,,,,,t —\\I ...,:,, e4r,�y. kt4i,,, , ,, • . ,, .R .„,.,,, an \ u[] \ . \ ...„,,, \ .„, .,., .,...... ___ ___ , = . E ______ \170 ,, . V. ____ E ____ ___ !„ . _ 71. 1 ---- N 0 ---- -------\ , Ak \\ 4 ‘A . . - O OWNTOWN --E[ON��AA — |� OEVELOPENT_PROGRAMS ELGIN _�- THE cnY mT/,e suBuRB5 Downtown Business Loan Interest Subsidy Program Application � DATE: February 9, Z011 � BUSINESS NAME: Leath Partners LLC (property owner name) Future Link|T(business name) PRIMARY CONTACT: Marty Min0| � BUSINESS ADDRESS: 1G4'166E Chicago Street, Elgin U6O120 BUSINESS PHONE: 224'523-8000 BUSINESS FAX: 224-523'8058 EMAIL: Ma/ry@FutureLinWT.com 8U8INESSVVEBS|TE: Futu/oLink|T.cnm TYPE OF BUSINESS: Future Link specializes in |Tsuppurt/computer repair, wireless internet and custom programming YEARS IN BUSINESS: Future Link has been in business since 2002; Leath Partners LLC was established in � June 2Ol0tn put-chase and manage the property atl64-166E.Chicago St. NUMBER OFEMPLOYEES: Future Link has 11 FT 1 0PT ) ] Contracted PURPOSE FOR LOAN SUBSIDY REQUEST: FZ Property Acquisition—Appraised Value:$ 370'000.00 � &K Owner inTitle: LeathPa/tneo LL[ Z Appraisal documentation attached. � Z Description of property—Address: l64-166E Chicago Street, Elgin |L 60120 Square footage: ZZ'64O F-1 Building Improvements—Total Project Cost: $ LJ Contractor bids attached. [] Description of work: []Business Development or Expansion—Total Project Cost:$ [] Contractor bids attached. [] Description of work: Exhibit D AMORTIZATION SCHEDULE Principal Loan Date "' Maturity Loan No Call/'Coil Account Officer Initials $175,000.00 08-15-2010 08-15-2020 608164902 144027 WF_ References in the boxes above are for Lender's use only and do not limit the applicability of this document to any particular loan or item. Any item above containing"'••"has been omitted due to text length limitations. Borrower: Leath Partners,LLC Lender: American Chartered Bank 25W658 Saint Charles Road 1199 East Higgins Road Carol Stream,IL 60188 Schaumburg,IL 60173 (847)517-5400 Disbursement Date: August 15.2010 Repayment Schedule: Balloon Interest Rate: 7.950 Calculation Method: 365/360 Actuarial Payment Payment Payment Interest Principal Remaining Number Date Amount Paid Paid Balance 1 09-15-2010 1,471.03 1,198.02 273.01 174,726.99 2 10-15-2010 1,471.03 1,157.57 313.46 174,413.53 3 11-15-2010 1,471.03 1,194.01 277.02 174,136.51 4 12-15-2010 1,471.03 1,153.85 317.38 173,819.13 2010 TOTALS: 5,884.12 4,703.25 1,180.87 5 01-15-2011 1,471.03 1,189.94 281.09 173,538.04 6 02-15-2011 1,471.03 1,188.01 283.02 173,255.02 7 03-15-2011 1,471.03 1,071.29 399.74 172,855.28 8 04-15-2011 1,471.03 1,183.34 287.69 172,567.59 9 05-15-2011 1,471.03 1,143.26 327.77 172,239.82 10 06-15-2011 1,471.03 1,179.13 291.90 171,947.92 11 07-15-2011 1,471.03 1,139.15 331.88 171,616.04 12 08-15-2011 1,471.03 1,174.85 296.18 171,319.86 13 09-15-2011 1,471.03 1,172.83 298.20 171,021.66 14 10-15-2011 1,471.03 1,133.02 338.01 170,683.65 15 11-15-2011 1,471.03 1,168.47 302.56 170,381.09 16 12-15-2011 1,471.03 1,128.77 342.26 170,038.83 2011 TOTALS: 17,652.36 13,872.06 3,780.30 17 01-15-2012 1,471.03 1,164.06 306.97 169,731.86 18 02-15-2012 1,471.03 1,161.96 309.07 169,422.79 19 03-15-2012 1,471.03 1,085.01 386.02 169,036.77 20 04-15-2012 1,471.03 1,157.20 313.83 168,722.94 21 05-15-2012 1,471.03 1,117.79 353.24 168,369.70 22 06-15-2012 1,471.03 1,152.63 318.40 168,051.30 23 07-15-2012 1,471.03 1,113.34 357.69 167,693.61 24 08-15-2012 1,471.03 1,148.00 323.03 167,370.58 25 09-15-2012 1,471.03 1,145.79 325.24 167,045.34 26 10-15-2012 1,471.03 1,106.68 364.35 166,680.99 27 11-15-2012 1,471.03 1,141.07 329.96 166,351.03 28 12-15-2012 1,471.03 1,102.08 368.95 165,982.08 2012 TOTALS: 17,652.36 13,595.61 4,056.75 29 01-15-2013 1,471.03 1,136.29 334.74 165,647.34 30 02-15-2013 1,471.03 1,133.99 337.04 165,310.30 31 03-15-2013 1,471.03 1,022.17 448.86 164,861.44 32 04-15-2013 1,471.03 1,128.61 342.42 164,519.02 33 05-15-2013 1,471.03 1,089.94 381.09 164,137.93 34 06-15-2013 1,471.03 1,123.66 347.37 163,790.56 35 07-15-2013 1,471.03 1,085.11 385.92 163,404.64 36 08-15-2013 1,471.03 1,118.64 352.39 163,052.25 37 09-15-2013 1,471.03 1,116.23 354.80 162,697.45 38 10-15-2013 1,471.03 1,077.87 393.16 162,304.29 39 11-15-2013 1,471.03 1,111.11 359.92 161,944.3 7 40 12-15-2013 1,471.03 1,072.88 398.15 161,546.22 2013 TOTALS: 17,652.36 13,216.50 4,435.86 41 01-15-2014 1,471.03 1,105.92 365.11 161,181.11 42 02-15-2014 1,471.03 1,103.42 367.61 180,813.50 43 03-15-2014 1,471.03 994.36 476.67 160,336.83 44 04-15-2014 1,471.03 1,097.64 373.39 159,963.44 45 05-15-2014 1,471.03 1,059.76 411.27 159,552.17 46 06-15-2014 1,471.03 1,092.27 378.76 159,173.41 47 07-15-2014 1,471.03 1,054.52 416.51 158,756.90 48 08-15-2014 1,471.03 1,086.82 384.21 158,372.89 49 09-15-2014 1,471.03 1,084.19 386.84 157,985.85 50 10-15-2014 1,471.03 1,046.66 424.37 157,561.48 51 11-15-2014 1,471.03 1,078.64 392.39 157,169.09 52 12-15-2014 1,471.03 1,041.25 429.78 158,739.31 2014 TOTALS: 17,652.36 12,845.45 4,806.91 53 01-15-2015 1,471.03 1,073.01 398.02 156,341.29 54 02-15-2015 1,471.03 1,070.29 400.74 155,940.55 55 03-15-2015 1,471.03 964.23 506.80 155,433.75 56 04-15-2015 1,471.03 1,064.07 406.96 155,026.79 57 05-15-2015 1,471.03 1,027.05 443.98 154,582.81 58 06-15-2015 1,471.03 1,058.25 412.78 154,170.03 59 07-15-2015 1,471.03 1,021.38 449.65 153,720.38 60 08-15-2015 1,471.03 1,052.34 418.69 153,301.69 61 09-15-2015 1,471.03 1,049.48 421.55 152,880.14 82 10-15-2015 1,471.03 1,012.83 458.20 152,421.94 63 11-15-2015 1,471.03 1,043.46 427.57 151,994.37 64 12-15-2015 1,471.03 1,006.96 464.07 151,530.30 2015 TOTALS: 17,652.36 12,443.35 5,209.01 65 01-15-2016 1,471.03 1,037.35 433.68 151,096.62 66 02-15-2018 1,471.03 1,034.38 436.65 150,859.97 67 03-15-2016 1,471.03 964.85 506.18 150,153.79 68 04-15-2016 1,471.03 1,027.93 443.10 149,710.69 69 05-15-2016 1,471.03 991.83 479.20 149,231.49 70 06-15-2016 1,471.03 1,021.61 449.42 148,782.07 71 07-15-2016 1,471.03 985.68 485.35 148,296.72 Exhibit C • AMORTIZATION SCHEDULE Loan No: 608164902 (Continued) Page 2 72 08-15-2016 1,471.03 1,015.21 455.82 147,840.90 73 09-15-2016 1,471.03 1,012.09 458.94 147,381.96 74 10-15-2016 1,471.03 976.41 494.62 146,887.34 75 11-15-2016 1,471.03 1,005.57 465.46 146,421.88 76 12-15-2016 1,471.03 970.04 500.99 145,920.89 2016 TOTALS: 17,652.36 12,042.95 5,609.41 77 01-15-2017 1,471.03 998.95 472.08 145,448.81 78 02-15-2017 1,471.03 995.72 475.31 144,973.50 79 03-15-2017 1,471.03 896.42 574.61 144,398.89 80 04-15-2017 1,471.03 988.53 482.50 143,916.39 81 05-15-2017 1,471.03 953.45 517.58 143,398.81 82 06-15-2017 1,471.03 981.68 489.35 142,909.46 83 07-15-2017 1,471.03 946.78 524.25 142,385.21 84 08-15-2017 1,471.03 974.75 496.28 141,888.93 85 09-15-2017 1,471.03 971.35 499.68 141,389.25 86 10-15-2017 1,471.03 936.70 534.33 140,854.92 87 11-15-2017 1,471.03 964.27 506.76 140,348.16 88 12-15-2017 1,471.03 929.81 541.22 139,806.94 2017 TOTALS: 17,652.36 11,538.41 6,113.95 89 01-15-2018 1,471.03 957.09 513.94 139,293.00 90 02-15-2018 1,471.03 953.58 517.45 138,775.55 91 03-15-2018 1,471.03 858.10 612.93 138,162.62 92 04-15-2018 1,471.03 945.84 525.19 137,637.43 93 05-15-2018 1,471.03 911.85 559.18 137,078.25 94 06-15-2018 1,471.03 938.41 532.62 136,545.63 95 07-15-2018 1,471.03 904.61 566.42 135,979.21 96 08-15-2018 1,471.03 930.89 540.14 135,439.07 97 09-15-2018 1,471.03 927.19 543.84 134,895.23 98 10-15-2018 1,471.03 893.68 577.35 134,317.88 99 11-15-2018 1,471.03 919.52 551.51 133,766.37 100 12-15-2018 1,471.03 886.20 584.83 133,181.54 2018 TOTALS: 17,652.36 11,026.96 6,625.40 101 01-15-2019 1,471.03 911.74 559.29 132,622.25 102 02-15-2019 1,471.03 907.91 563.12 132,059.13 103 03-15-2019 1,471.03 816.57 654.46 131,404.67 104 04-15-2019 1,471.03 899.57 571.46 130,833.21 105 05-15-2019 1,471.03 866.77 604.26 130,228.95 106 06-15-2019 1,471.03 891.53 579.50 129,649.45 107 07-15-2019 1,471.03 858.93 612.10 129,037.35 108 08-15-2019 1,471.03 883.37 587.66 128,449.69 109 09-15-2019 1,471.03 879.35 591.68 127,858.01 110 10-15-2019 1,471.03 847.06 623.97 127,234.04 111 11-15-2019 1,471.03 871.02 600.01 126,834.03 112 12-15-2019 1,471.03 838.95 632.08 126,001.95 2019 TOTALS: 17,652.36 10,472.77 7,179.59 113 01-15-2020 1,471.03 862.59 608.44 125,393.51 114 02-15-2020 1,471.03 858.42 612.61 124,780.90 115 03-15-2020 1,471.03 799.12 671.91 124,108.99 116 04-15-2020 1,471.03 849.63 621.40 123,487.59 117 05-15-2020 1,471.03 818.11 652.92 122,834.67 118 06-15-2020 1,471.03 840.91 630.12 122,204.55 119 07-15-2020 1,471.03 809.61 661.42 121,543.13 120 08-15-2020 122,375.19 832.06 121,543.13 0.00 2020 TOTALS: 132,672.40 6,670.45 126,001.95 TOTALS: 297,427.76 122,427.76 175,000.00 NOTICE: This is an estimated loan amortization schedule. Actual amounts may vary if payments are made on different dates or in different amounts. LASER PRO Lan1,Va,.5.52.20.002 CnP,.Marlene Financial Soiulana,Inc.1907.2010. All Rpnh Rarvaa. -IL IOPACF9LPL1.5510111T.FC TR•2502 PR l! Colson services Lorp. - LUL unnne l V1 -r UM U.S. Small Business Administration '�' NOTE (CDC/504 Loans) SBA Loan Number 4152705008 SBA Loan Name FUTURE LINK OF ILLINOIS INC Date August 26, 2010 Loan Amount $144,000.00 Borrower LEATH PARTNERS LLC Operating Company FUTURE LINK OF ILLINOIS INC CDC 05-270 ILLINOIS SMALL BUSINESS GROWTH CORPORATION Funding Date October 13, 2010 * Interest Rate 3.16206% First Payment Due November 01, 2010 * P&I Amount $809.50 Note Maturity Date October 01, 2030 * Monthly Payment $943.18 (' blank at signing) 1. PROMISE TO PAY In return for the Loan, Borrower promises to pay to the order of CDC the amount of $144,000.00 One Hundred Forty Four Thousand and No/100 Dollars, interest on the unpaid principal balance, the fees specified in the Servicing Agent Agreement, and all other amounts required by this Note. 2. DEFINITIONS "Collateral" means any property taken as security for payment of this Note or any guarantee of this Note. "Debenture" means the debenture issued by CDC to fund the Loan. "Guarantor" means each person or entity that signs a guarantee of payment of this Note. "Loan" means the loan evidenced by this Note. "Loan Documents" means the documents related to this loan signed by Borrower, Guarantor, or anyone who pledges collateral. "SBA" means the Small Business Adminstration, an Agency of the United States of America. "Servicing Agent Agreement" means the agreement between the Borrower and the CDC that, among other things, appoints a servicing agent ("Servicing Agent") for this Note. SBA Form (1505) Conformed Copy CDC Number:05-270 Loan Number:4152705008 https://www.colsonservices.com/cdconline/cdcfunding_p.cfm?CFID=965 7&CFTOKEN=... 10/11/2010 ‘..ViDV11 Oct v1l.cb v111111c 1 a6‘, i vs. Amortization Schedule - October 2010 Years Per Month Borrower LEATH PARTNERS LLC Amount $144,000.00 1-5 $943.18 Issue Date Oct 13 2010 Note Rate 3.16206% 6- 10 $917.10 CDC Number 05-270 Escrow $809.50 11- 15 $886.73 Loan Number 4152705008 Term 20 Years 16-20 $851.16 Month No Interest Principal Balance SBA CDC CSA Payment NOV 10 001 $227.67 $581.83 $143,418.17 $46.68 $75.00 $12.00 $943.18 DEC 10 002 $377.91 $431.59 $142,986.58 $46.68 $75.00 $12.00 $943.18 JAN 11 003 $376.78 $432.72 $142,553.86 $46.68 $75.00 $12.00 $943.18 FEB 11 004 $375.64 $433.86 $142,120.00 $46.68 $75.00 $12.00 $943.18 MAR 11 005 $374.49 $435.01 $141,684.99 $46.68 $75.00 $12.00 $943.18 APR 11 006 $373.35 $436.15 $141,248.84 $46.68 $75.00 $12.00 $943.18 MAY 11 007 $372.20 $437.30 $140,811.54 $46.68 $75.00 $12.00 $943.18 JUN 11 008 $371.05 $438.45 $140,373.09 $46.68 $75.00 $12.00 $943.18 JUL 11 009 $369.89 $439.61 $139,933.48 $46.68 $75.00 $12.00 $943.18 AUG 11 010 $368.73 $440.77 $139,492.71 $46.68 $75.00 $12.00 $943.18 SEP 11 011 $367.57 $441.93 $139,050.78 $46.68 $75.00 $12.00 $943.18 OCT 11 012 $366.41 $443.09 $138,607.69 $46.68 $75.00 $12.00 $943.18 NOV 11 013 $365.24 $444.26 $138,163.43 $46.68 $75.00 $12.00 $943.18 DEC 11 014 $364.07 $445.43 $137,718.00 $46.68 $75.00 $12.00 $943.18 JAN 12 015 $362.89 $446.61 $137,271.39 $46.68 $75.00 $12.00 $943.18 FEB 12 016 $361.72 $447.78 $136,823.61 $46.68 $75.00 $12.00 $943.18 MAR 12 017 $360.54 $448.96 $136,374.65 $46.68 $75.00 $12.00 $943.18 APR 12 018 $359.35 $450.15 $135,924.50 $46.68 $75.00 $12.00 $943.18 MAY 12 019 $358.17 $451.33 $135,473.17 $46.68 $75.00 $12.00 $943.18 JUN 12 020 $356.98 $452.52 $135,020.65 $46.68 $75.00 $12.00 $943.18 JUL 12 021 $355.79 $453.71 $134,566.94 $46.68 $75.00 $12.00 $943.18 AUG 12 022 $354.59 $454.91 $134,112.03 $46.68 $75.00 $12.00 $943.18 SEP 12 023 $353.39 $456.11 $133,655.92 $46.68 $75.00 $12.00 $943.18 OCT 12 024 $352.19 $457.31 $133,198.61 $46.68 $75.00 $12.00 $943.18 NOV 12 025 $350.98 $458.52 $132,740.09 $46.68 $75.00 $12.00 $943.18 DEC 12 026 $349.78 $459.72 $132,280.37 $46.68 $75.00 $12.00 $943.18 JAN 13 027 $348.57 $460.93 $131,819.44 $46.68 $75.00 $12.00 $943.18 FEB 13 028 $347.35 $462.15 $131,357.29 $46.68 $75.00 $12.00 $943.18 MAR 13 029 $346.13 $463.37 $130,893.92 $46.68 $75.00 $12.00 $943.18 hops://www.colsonservices.com/cdconline/cdcfunding_p.cfm?CFID=9657&CFTOKEN=... 10/11/2010 t•U1JUL1 OG1 V1L.GJ - l.1Jl. V1111111. Amortization Schedule-4152705008 October 2010 Month Na Interest P,rinepa) Seance SBA CDC CSA Pay:nent APR 13 030 $344.91 $464.59 $130,429.33 $46.68 $75.00 $12.00 $943.18 MAY 13 031 $343.69 $465.81 $129,963.52 $46.68 $75.00 $12.00 $943.18 JUN 13 032 $342.46 $467.04 $129,496.48 $46.68 $75.00 $12.00 $943.18 JUL 13 033 $341.23 $468.27 $129,028.21 $46.68 $75.00 $12.00 $943.18 AUG 13 034 $340.00 $469.50 $128,558.71 $46.68 $75.00 $12.00 $943.18 SEP 13 035 $338.76 $470.74 $128,087.97 $46.68 $75.00 $12.00 $943.18 OCT 13 036 $337.52 $471.98 $127,615.99 $46.68 $75.00 $12.00 $943.18 NOV 13 037 $336.27 $473.23 $127,142.76 $46.68 $75.00 $12.00 $943.18 DEC 13 038 $335.03 $474.47 $126,668.29 $46.68 $75.00 $12.00 $943.18 JAN 14 039 $333.78 $475.72 $126,192.57 $46.68 $75.00 $12.00 $943.18 FEB 14 040 $332.52 $476.98 $125,715.59 $46.68 $75.00 $12.00 $943.18 MAR 14 041 $331.27 $478.23 $125,237.36 $46.68 $75.00 $12.00 $943.18 APR 14 042 $330.01 $479.49 $124,757.87 $46.68 $75.00 $12.00 $943.18 MAY 14 043 $328.74 $480.76 $124,277.11 $46.68 $75.00 $12.00 $943.18 JUN 14 044 $327.48 $482.02 $123,795.09 $46.68 $75.00 $12.00 $943.18 JUL 14 045 $326.21 $483.29 $123,311.80 $46.68 $75.00 $12.00 $943.18 AUG 14 046 $324.93 $484.57 $122,827.23 $46.68 $75.00 $12.00 $943.18 SEP 14 047 $323.66 $485.84 $122,341.39 $46.68 $75.00 $12.00 $943.18 OCT 14 048 $322.38 $487.12 $121,854.27 $46.68 $75.00 $12.00 $943.18 NOV 14 049 $321.09 $488.41 $121,365.86 $46.68 $75.00 $12.00 $943.18 DEC 14 050 $319.81 $489.69 $120,876.17 $46.68 $75.00 $12.00 $943.18 JAN 15 051 $318.51 $490.99 $120,385.18 $46.68 $75.00 $12.00 $943.18 FEB 15 052 $317.22 $492.28 $119,892.90 $46.68 $75.00 $12.00 $943.18 MAR 15 053 $315.92 $493.58 $119,399.32 $46.68 $75.00 $12.00 $943.18 APR 15 054 $314.62 $494.88 $118,904.44 $46.68 $75.00 $12.00 $943.18 MAY 15 055 $313.32 $496.18 $118,408.26 $46.68 $75.00 $12.00 $943.18 JUN 15 056 $312.01 $497.49 $117,910.77 $46.68 $75.00 $12.00 $943.18 JUL 15 057 $310.70 $498.80 $117,411.97 $46.68 $75.00 $12.00 $943.18 AUG 15 058 $309.39 $500.11 $116,911.86 $46.68 $75.00 $12.00 $943.18 https://www.colsonservices.com/cdconl ine/cdcfunding_p.cfm?CFID=965 7&C FTOKEN=... 10/11/2010 LUIJU11 JCL Viccs< Ulp. - \ lJl viuun a Amortization Schedule - 4152705008 October 2010 Month No Interest Principal Balance SBA CDC CSA Payment SEP 15 059 $308.07 $501.43 $116,410.43 $46.68 $75.00 $12.00 $943.18 OCT 15 060 $306.75 $502.75 $115,907.68 $46.68 $75.00 $12.00 $943.18 NOV 15 061 $305.42 $504.08 $115,403.60 $37.57 $60.37 $9.66 $917.10 DEC 15 062 $304.09 $505.41 $114,898.19 $37.57 $60.37 $9.66 $917.10 JAN 16 063 $302.76 $506.74 $114,391.45 $37.57 $60.37 $9.66 $917.10 FEB 16 064 $301.43 $508.07 $113,883.38 $37.57 $60.37 $9.66 $917.10 MAR 16 065 $300.09 $509.41 $113,373.97 $37.57 $60.37 $9.66 $917.10 APR 16 066 $298.75 $510.75 $112,863.22 $37.57 $60.37 $9.66 $917.10 MAY 16 067 $297.40 $512.10 $112,351.12 $37.57 $60.37 $9.66 $917.10 JUN 16 068 $296.05 $513.45 $111,837.67 $37.57 $60.37 $9.66 $917.10 JUL 16 069 $294.70 $514.80 $111,322.87 $37.57 $60.37 $9.66 $917.10 AUG 16 070 $293.34 $516.16 $110,806.71 $37.57 $60.37 $9.66 $917.10 SEP 16 071 $291.98 $517.52 $110,289.19 $37.57 $60.37 $9.66 $917.10 OCT 16 072 $290.62 $518.88 $109,770.31 $37.57 $60.37 $9.66 $917.10 NOV 16 073 $289.25 $520.25 $109,250.06 $37.57 $60.37 $9.66 $917.10 DEC 16 074 $287.88 $521.62 $108,728.44 $37.57 $60.37 $9.66 $917.10 JAN 17 075 $286.50 $523.00 $108,205.44 $37.57 $60.37 $9.66 $917.10 FEB 17 076 $285.13 $524.37 $107,681.07 $37.57 $60.37 $9.66 $917.10 MAR 17 077 $283.75 $525.75 $107,155.32 $37.57 $60.37 $9.66 $917.10 APR 17 078 $282.36 $527.14 $106,628.18 $37.57 $60.37 $9.66 $917.10 MAY 17 079 $280.97 $528.53 $106,099.65 $37.57 $60.37 $9.66 $917.10 JUN 17 080 $279.58 $529.92 $105,569.73 $37.57 $60.37 $9.66 $917.10 JUL 17 081 $278.18 $531.32 $105,038.41 $37.57 $60.37 $9.66 $917.10 AUG 17 082 $276.78 $532.72 $104,505.69 $37.57 $60.37 $9.66 $917.10 $60.37 $9.66 $917.10 $37.57 SEP 17 083 $275.38 $534.12 $103,971.57 OCT 17 084 $273.97 $535.53 $103,436.04 $37.57 $60.37 $9.66 $917.10 NOV 17 085 $272.56 $536.94 $102,899.10 $37.57 $60.37 $9.66 $917.10 DEC 17 086 $271.14 $538.36 $102,360.74 $37.57 $60.37 $9.66 $917.10 JAN 18 087 $269.73 $539.77 $101,820.97 $37.57 $60.37 $9.66 $917.10 https://www.colsonservices.com/cdconline/cdcfunding_p.cfm?CFID=9657&CFTOKEN=... 10/11/2010 L,U13011 JG1 V 11..GJ Amortization Schedule - 415270500S October 2010 Mc.^.th N Interest Principal Balance SSA CDC CSA Payment. FEB 18 088 $268.30 $541.20 $101,279.77 $37.57 $60.37 $9.66 $917.10 MAR 18 089 $266.88 $542.62 $100,737.15 $37.57 $60.37 $9.66 $917.10 APR 18 090 $265.45 $544.05 $100,193.10 $37.57 $60.37 $9.66 $917.10 MAY 18 091 $264.01 $545.49 $99,647.61 $37.57 $60.37 $9.66 $917.10 JUN 18 092 $262.58 $546.92 $99,100.69 $37.57 $60.37 $9.66 $917.10 JUL 18 093 $261.14 $548.36 $98,552.33 $37.57 $60.37 $9.66 $917.10 AUG 18 094 $259.69 $549.81 $98,002.52 $37.57 $60.37 $9.66 $917.10 SEP 18 095 $258.24 $551.26 $97,451.26 $37.57 $60.37 $9.66 $917.10 OCT 18 096 $256.79 $552.71 $96,898.55 $37.57 $60.37 $9.66 $917.10 NOV 18 097 $255.33 $554.17 $96,344.38 $37.57 $60.37 $9.66 $917.10 DEC 18 098 $253.87 $555.63 $95,788.75 $37.57 $60.37 $9.66 $917.10 JAN 19 099 $252.41 $557.09 $95,231.66 $37.57 $60.37 $9.66 $917.10 FEB 19 100 $250.94 $558.56 $94,673.10 $37.57 $60.37 $9.66 $917.10 MAR 19 101 $249.47 $560.03 $94,113.07 $37.57 $60.37 $9.66 $917.10 APR 19 102 $247.99 $561.51 $93,551.56 $37.57 $60.37 $9.66 $917.10 MAY 19 103 $246.51 $562.99 $92,988.57 $37.57 $60.37 $9.66 $917.10 JUN 19 104 $245.03 $564.47 $92,424.10 $37.57 $60.37 $9.66 $917.10 JUL 19 105 $243.54 $565.96 $91,858.14 $37.57 $60.37 $9.66 $917.10 AUG 19 106 $242.05 $567.45 $91,290.69 $37.57 $60.37 $9.66 $917.10 SEP 19 107 $240.56 $568.94 $90,721.75 $37.57 $60.37 $9.66 $917.10 OCT 19 108 $239.06 $570.44 $90,151.31 $37.57 $60.37 $9.66 $917.10 NOV 19 109 $237.55 $571.95 $89,579.36 $37.57 $60.37 $9.66 $917.10 DEC 19 110 $236.05 $573.45 $89,005.91 $37.57 $60.37 $9.66 $917.10 JAN 20 111 $234.54 $574.96 $88,430.95 $37.57 $60.37 $9.66 $917.10 FEB 20 112 $233.02 $576.48 $87,854.47 $37.57 $60.37 $9.66 $917.10 MAR 20 113 $231.50 $578.00 $87,276.47 $37.57 $60.37 $9.66 $917.10 APR 20 114 $229.98 $579.52 $86,696.95 $37.57 $60.37 $9.66 $917.10 MAY 20 115 $228.45 $581.05 $86,115.90 $37.57 $60.37 $9.66 $917.10 JUN 20 116 $226.92 $582.58 $85,533.32 $37.57 $60.37 $9.66 $917.10 https://www.colsonservices.com/cdconline/cdcfunding_P.cfm?CFI D=965 7&CFTOKEN=... 10/11/2010 1..U1JUL1 JCL V 1GGJ J111111G Amortization Schedule - 4152705008 October 2010 Month No Interest Principal Balance SBA CDC CSA Payment JUL 20 117 $225.38 $584.12 $84,949.20 $37.57 $60.37 $9.66 $917.10 AUG 20 118 $223.85 $585.65 $84,363.55 $37.57 $60.37 $9.66 $917.10 SEP 20 119 $222.30 $587.20 $83,776.35 $37.57 $60.37 $9.66 $917.10 OCT 20 120 $220.75 $588.75 $83,187.60 $37.57 $60.37 $9.66 $917.10 NOV 20 121 $219.20 $590.30 $82,597.30 $26.97 $43.33 $6.93 $886.73 DEC 20 122 $217.65 $591.85 $82,005.45 $26.97 $43.33 $6.93 $886.73 JAN 21 123 $216.09 $593.41 $81,412.04 $26.97 $43.33 $6.93 $886.73 FEB 21 124 $214.52 $594.98 $80,817.06 $26.97 $43.33 $6.93 $886.73 MAR 21 125 $212.96 $596.54 $80,220.52 $26.97 $43.33 $6.93 $886.73 APR 21 126 $211.39 $598.11 $79,622.41 $26.97 $43.33 $6.93 $886.73 MAY 21 127 $209.81 $599.69 $79,022.72 $26.97 $43.33 $6.93 $886.73 JUN 21 128 $208.23 $601.27 $78,421.45 $26.97 $43.33 $6.93 $886.73 JUL 21 129 $206.64 $602.86 $77,818.59 $26.97 $43.33 $6.93 $886.73 AUG 21 130 $205.06 $604.44 $77,214.15 $26.97 $43.33 $6.93 $886.73 SEP 21 131 $203.46 $606.04 $76,608.11 $26.97 $43.33 $6.93 $886.73 OCT 21 132 $201.87 $607.63 $76,000.48 $26.97 $43.33 $6.93 $886.73 NOV 21 133 $200.27 $609.23 $75,391.25 $26.97 $43.33 $6.93 $886.73 DEC 21 134 $198.66 $610.84 $74,780.41 $26.97 $43.33 $6.93 $886.73 JAN 22 135 $197.05 $612.45 $74,167.96 $26.97 $43.33 $6.93 $886.73 FEB 22 136 $195.44 $614.06 $73,553.90 $26.97 $43.33 $6.93 $886.73 MAR 22 137 $193.82 $615.68 $72,938.22 $26.97 $43.33 $6.93 $886.73 APR 22 138 $192.20 $617.30 $72,320.92 $26.97 $43.33 $6.93 $886.73 MAY 22 139 $190.57 $618.93 $71,701.99 $26.97 $43.33 $6.93 $886.73 JUN 22 140 $188.94 $620.56 $71,081.43 $26.97 $43.33 $6.93 $886.73 JUL 22 141 $187.30 $622.20 $70,459.23 $26.97 $43.33 $6.93 $886.73 AUG 22 142 $185.66 $623.84 $69,835.39 $26.97 $43.33 $6.93 $886.73 SEP 22 143 $184.02 $625.48 $69,209.91 $26.97 $43.33 $6.93 $886.73 OCT 22 144 $182.37 $627.13 $68,582.78 $26.97 $43.33 $6.93 $886.73 NOV 22 145 $180.72 $628.78 $67,954.00 $26.97 $43.33 $6.93 $886.73 https://www.colsonservices.com/cdconline/cdcfunding_p.c fm?CFID=965 7&CFTOKEN=... 10/11/2010 Uolson services Uorp. - UUL Online r agc it Amortization Schedule- 4152705008 October 2010 Month No Interest Principal Balance SBA CDC CSA Payment DEC 22 146 $179.06 $630.44 $67,323.56 $26.97 $43.33 $6.93 $886.73 JAN 23 147 $177.40 $632.10 $66,691.46 $26.97 $43.33 $6.93 $886.73 FEB 23 148 $175.74 $633.76 $66,057.70 $26.97 $43.33 $6.93 $886.73 MAR 23 149 $174.07 $635.43 $65,422.27 $26.97 $43.33 $6.93 $886.73 APR 23 150 $172.39 $637.11 $64,785.16 $26.97 $43.33 $6.93 $886.73 MAY 23 151 $170.71 $638.79 $64,146.37 $26.97 $43.33 $6.93 $886.73 JUN 23 152 $169.03 $640.47 $63,505.90 $26.97 $43.33 $6.93 $886.73 JUL 23 153 $167.34 $642.16 $62,863.74 $26.97 $43.33 $6.93 $886.73 AUG 23 154 $165.65 $643.85 $62,219.89 $26.97 $43.33 $6.93 $886.73 SEP 23 155 $163.95 $645.55 $61,574.34 $26.97 $43.33 $6.93 $886.73 OCT 23 156 $162.25 $647.25 $60,927.09 $26.97 $43.33 $6.93 $886.73 NOV 23 157 $160.55 $648.95 $60,278.14 $26.97 $43.33 $6.93 $886.73 DEC 23 158 $158.84 $650.66 $59,627.48 $26.97 $43.33 $6.93 $886.73 JAN 24 159 $157.12 $652.38 $58,975.10 $26.97 $43.33 $6.93 $886.73 FEB 24 160 $155.40 $654.10 $58,321.00 $26.97 $43.33 $6.93 $886.73 MAR 24 161 $153.68 $655.82 $57,665.18 $26.97 $43.33 $6.93 $886.73 APR 24 162 $151.95 $657.55 $57,007.63 $26.97 $43.33 $6.93 $886.73 MAY 24 163 $150.22 $659.28 $56,348.35 $26.97 $43.33 $6.93 $886.73 JUN 24 164 $148.48 $661.02 $55,687.33 $26.97 $43.33 $6.93 $886.73 JUL 24 165 $146.74 $662.76 $55,024.57 $26.97 $43.33 $6.93 $886.73 AUG 24 166 $144.99 $664.51 $54,360.06 $26.97 $43.33 $6.93 $886.73 SEP 24 167 $143.24 $666.26 $53,693.80 $26.97 $43.33 $6.93 $886.73 OCT 24 168 $141.49 $668.01 $53,025.79 $26.97 $43.33 $6.93 $886.73 NOV 24 169 $139.73 $669.77 $52,356.02 $26.97 $43.33 $6.93 $886.73 DEC 24 170 $137.96 $671.54 $51,684.48 $26.97 $43.33 $6.93 $886.73 JAN 25 171 $136.19 $673.31 $51,011.17 $26.97 $43.33 $6.93 $886.73 FEB 25 172 $134.42 $675.08 $50,336.09 $26.97 $43.33 $6.93 $886.73 MAR 25 173 $132.64 $676.86 $49,659.23 $26.97 $43.33 $6.93 $886.73 APR 25 174 $130.85 $678.65 $48,980.58 $26.97 $43.33 $6.93 $886.73 https://www.colsonservices.com/cdconline/cdcfunding_p.c fm?CFI D=965 7&CFTOKEN=... 10/11/2010 S.-V1JV11 JV1 v1V�.J 1.Vll,/. L.L I. l.l1111111. +`+b" • "� Amortization Schedule - 4152705008 October 2010 Month No Interest Principal Balance SBA CDC CSA Payment MAY 25 175 $129.07 $680.43 $48,300.15 $26.97 $43.33 $6.93 $886.73 JUN 25 176 $127.27 $682.23 $47,617.92 $26.97 $43.33 $6.93 $886.73 JUL 25 177 $125.48 $684.02 $46,933.90 $26.97 $43.33 $6.93 $886.73 AUG 25 178 $123.67 $685.83 $46,248.07 $26.97 $43.33 $6.93 $886.73 SEP 25 179 $121.87 $687.63 $45,560.44 $26.97 $43.33 $6.93 $886.73 OCT 25 180 $120.05 $689.45 $44,870.99 $26.97 $43.33 $6.93 $886.73 NOV 25 181 $118.24 $691.26 $44,179.73 $14.55 $23.37 $3.74 $851.16 DEC 25 182 $116.42 $693.08 $43,486.65 $14.55 $23.37 $3.74 $851.16 JAN 26 183 $114.59 $694.91 $42,791.74 $14.55 $23.37 $3.74 $851.16 FEB 26 184 $112.76 $696.74 $42,095.00 $14.55 $23.37 $3.74 $851.16 MAR 26 185 $110.92 $698.58 $41,396.42 $14.55 $23.37 $3.74 $851.16 APR 26 186 $109.08 $700.42 $40,696.00 $14.55 $23.37 $3.74 $851.16 MAY 26 187 $107.24 $702.26 $39,993.74 $14.55 $23.37 $3.74 $851.16 JUN 26 188 $105.39 $704.11 $39,289.63 $14.55 $23.37 $3.74 $851.16 JUL 26 189 $103.53 $705.97 $38,583.66 $14.55 $23.37 $3.74 $851.16 AUG 26 190 $101.67 $707.83 $37,875.83 $14.55 $23.37 $3.74 $851.16 SEP 26 191 $99.80 $709.70 $37,166.13 $14.55 $23.37 $3.74 $851.16 OCT 26 192 $97.93 $711.57 $36,454.56 $14.55 $23.37 $3.74 $851.16 NOV 26 193 $96.06 $713.44 $35,741.12 $14.55 $23.37 $3.74 $851.16 DEC 26 194 $94.18 $715.32 $35,025.80 $14.55 $23.37 $3.74 $851.16 JAN 27 195 $92.29 $717.21 $34,308.59 $14.55 $23.37 $3.74 $851.16 FEB 27 196 $90.40 $719.10 $33,589.49 $14.55 $23.37 $3.74 $851.16 MAR 27 197 $88.51 $720.99 $32,868.50 $14.55 $23.37 $3.74 $851.16 APR 27 198 $86.61 $722.89 $32,145.61 $14.55 $23.37 $3.74 $851.16 MAY 27 199 $84.71 $724.79 $31,420.82 $14.55 $23.37 $3.74 $851.16 JUN 27 200 $82.80 $726.70 $30,694.12 $14.55 $23.37 $3.74 $851.16 JUL 27 201 $80.88 $728.62 $29,965.50 $14.55 $23.37 $3.74 $851.16 AUG 27 202 $78.96 $730.54 $29,234.96 $14.55 $23.37 $3.74 $851.16 SEP 27 203 $77.04 $732.46 $28,502.50 $14.55 $23.37 $3.74 $851.16 https://www.co lsonservices.com/cdconline/cdcfunding_p.cfm?CFID=9657&C FTO KEN=... 10/11/2010 1..U1J4/11 JCIVIGCJ I..oip. -l.Ll. 1J111111C a uw .. ..� Amortization Schedule - 4152705008 October 2010 Month No Interest Principal Balance SBA CDC CSA Payment OCT 27 204 $75.11 $734.39 $27,768.11 $14.55 $23.37 $3.74 $851.16 NOV 27 205 $73.17 $736.33 $27,031.78 $14.55 $23.37 $3.74 $851.16 DEC 27 206 $71.23 $738.27 $26,293.51 $14.55 $23.37 $3.74 $851.16 JAN 28 207 $69.28 $740.22 $25,553.29 $14.55 $23.37 $3.74 $851.16 FEB 28 208 $67.33 $742.17 $24,811.12 $14.55 $23.37 $3.74 $851.16 MAR 28 209 $65.38 $744.12 $24,067.00 $14.55 $23.37 $3.74 $851.16 APR 28 210 $63.42 $746.08 $23,320.92 $14.55 $23.37 $3.74 $851.16 MAY 28 211 $61.45 $748.05 $22,572.87 $14.55 $23.37 $3.74 $851.16 JUN 28 212 $59.48 $750.02 $21,822.85 $14.55 $23.37 $3.74 $851.16 JUL 28 213 $57.50 $752.00 $21,070.85 $14.55 $23.37 $3.74 $851.16 AUG 28 214 $55.52 $753.98 $20,316.87 $14.55 $23.37 $3.74 $851.16 SEP 28 215 $53.54 $755.96 $19,560.91 $14.55 $23.37 $3.74 $851.16 OCT 28 216 $51.54 $757.96 $18,802.95 $14.55 $23.37 $3.74 $851.16 NOV 28 217 $49.55 $759.95 $18,043.00 $14.55 $23.37 $3.74 $851.16 DEC 28 218 $47.54 $761.96 $17,281.04 $14.55 $23.37 $3.74 $851.16 JAN 29 219 $45.54 $763.96 $16,517.08 $14.55 $23.37 $3.74 $851.16 FEB 29 220 $43.52 $765.98 $15,751.10 $14.55 $23.37 $3.74 $851.16 MAR 29 221 $41.50 $768.00 $14,983.10 $14.55 $23.37 $3.74 $851.16 APR 29 222 $39.48 $770.02 $14,213.08 $14.55 $23.37 $3.74 $851.16 MAY 29 223 $37.45 $772.05 $13,441.03 $14.55 $23.37 $3.74 $851.16 JUN 29 224 $35.42 $774.08 $12,666.95 $14.55 $23.37 $3.74 $851.16 JUL 29 225 $33.38 $776.12 $11,890.83 $14.55 $23.37 $3.74 $851.16 AUG 29 226 $31.33 $778.17 $11,112.66 $14.55 $23.37 $3.74 $851.16 SEP 29 227 $29.28 $780.22 $10,332.44 $14.55 $23.37 $3.74 $851.16 OCT 29 228 $27.23 $782.27 $9,550.17 $14.55 $23.37 $3.74 $851.16 NOV 29 229 $25.17 $784.33 $8,765.84 $14.55 $23.37 $3.74 $851.16 DEC 29 230 $23.10 $786.40 $7,979.44 $14.55 $23.37 $3.74 $851.16 JAN 30 231 $21.03 $788.47 $7,190.97 $14.55 $23.37 $3.74 $851.16 FEB 30 232 $18.95 $790.55 $6,400.42 $14.55 $23.37 $3.74 $851.16 https://www.colsonservices.com/cdconline/cdcfunding_p.cfm?CFID=9657&CFTOKEN=... 10/11/2010 uoison Jervices uorp. - LVL uniine rayo 7 UI Amortization Schedule - 4152705008 October 2010 Month No Interest Principal Balance SBA CDC CSA Payment MAR 30 233 $16.87 $792.63 $5,607.79 $14.55 $23.37 $3.74 $851.16 APR 30 234 $14.78 $794.72 $4,813.07 $14.55 $23.37 $3.74 $851.16 MAY 30 235 $12.68 $796.82 $4,016.25 $14.55 $23.37 $3.74 $851.16 JUN 30 236 $10.58 $798.92 $3,217.33 $14.55 $23.37 $3.74 $851.16 JUL 30 237 $8.48 $801.02 $2,416.31 $14.55 $23.37 $3.74 $851.16 AUG 30 238 $6.37 $803.13 $1,613.18 $14.55 $23.37 $3.74 $851.16 SEP 30 239 $4.25 $805.25 $807.93 $14.55 $23.37 $3.74 $851.16 OCT 30 240 $2.13 $807.37 $0.56 $14.55 $23.37 $3.74 $851.16 Totals: $50,280.56 $143,999.44 https://www.colsonservices.com/cdconline/cdcfunding_p.cfm?CFID=9657&CFTOKEN=... 10/11/2010 111 REPORT TO MAYOR & MEMBERS OF CITY COUNCIL E LG I N THE CITY IN THE SUBURBS AGENDA ITEM: G MEETING DATE: March 23, 2011 ITEM: Application for Participation in the Center City Business Loan Interest Subsidy Program Filed by Leath Partners, LLC for the Property at 164-66 E. Chicago Street ($49,963.82) OBJECTIVE: Provide a business loan interest subsidy to Leath Partners, LLC for the creation of what would constitute "Class A" tenant space in the downtown market RECOMMENDATION: Approve the application filed by Leath Partners, LLC for participation in the Center City Business Loan Interest Subsidy Program for the property at 164-66 E. Chicago Street BACKGROUND The property located at 164-166 E. Chicago Street, known as the Leath Building, was purchased in June, 2010 by Mr. Marty Mingl and Mr. Carl Roedel. In addition to purchasing the property, Mr. Mingl and Mr. Roedel relocated their company, FutureLink IT, from Carol Stream to down- town Elgin, bringing 14 high-paying tech jobs and occupying 5,000 square feet of office space on two floors of the property's 22,000 total square feet. Tonya Hudson, Downtown Neighborhood Association (DNA) executive director, worked directly with Mr. Mingl and Mr. Roedel to recruit FutureLink IT from Carol Stream and acquire the Leath Building. Following the closure of Leath Furniture in 1997, the building was purchased by a private de- veloper who invested significant resources to begin changing the property's retail use to a high- tech office use. The developer did not have the resources to complete the project, the property subsequently fell into foreclosure, and has remained vacant, incomplete and unmaintained for the past five years in the receivership of Associated Bank. In 2007, the property was on the market for over $1.2 million. It was set for auction in the spring of 2010 before Mr. Mingl and Mr. Roedel purchased it for$300,000 under the entity Leath Partners, LLC (Leath Partners). With the assistance of the Center City Business Loan Interest Subsidy Program, Leath Partners plans to continue the vision of renovating the building to create what would constitute "Class A" tenant spaces in the downtown that will attract technology-based and technology-reliant businesses to the building. These types of tenants align with the city's goal of targeting "crea- tive class" businesses to downtown. The Building Owners and Managers Association (BOMA) classifies office space into three cate- gories: Class A, Class B, and Class C. According to BOMA, Class A office buildings have the "most prestigious buildings competing for premier office users with rents above average for the area." BOMA states that Class A facilities have "high quality standard finishes, state of the art systems, exceptional accessibility and a definite market presence." BOMA describes Class B office build- ings as those that compete "for a wide range of users with rents in the average range for the area." BOMA states that Class B buildings have "adequate systems" and finishes that "are fair to good for the area," but that the buildings do not compete with Class A buildings for the same prices. According to BOMA Class C buildings are aimed towards "tenants requiring functional space at rents below the average for the area. The Center City Business Loan Interest Subsidy Program (program) has been providing financial assistance to downtown businesses for more than ten years. The program pays a portion of the interest on certain business loans not exceeding $200,000 for a period of five years to assist downtown businesses during their first critical years of operation or business expansion. Depending on the type of loan the business obtains, the city pays up to 90 percent of the inter- est on the loan during the first year; 80 percent in the second year; 70 percent in the third year; 60 percent in the fourth year; and, 50 percent in the final year of program eligibility. Under current program guidelines, eligible loans must be amortized over a ten-year period, must be at or above the prime rate of interest and may not exceed 10 percent interest. The program also caps interest payments paid by the city to any participating business at $70,000. In November, 2010, the program was amended to authorize 20-year amortizations solely in the case of SBA 504 loans. Tongue 'N Chic Dental Boutique, Al's Café, Elgin Public House, and Red Bar Winery are all cur- rently participating in the program. OPERATIONAL ANALYSIS Leath Partners, LLC has two loans that are eligible for the program. The first is a commercial loan through American Charter Bank in the amount of $175,000 with a 7.95% interest rate amortized over ten years. The second is a SBA 504 loan in the amount of $144,000 with a 3.16206% interest rate amortized over 20 years. The program allows loan amounts up to $200,000; therefore the recommended subsidy is based on the full amount of$175,000 of the American Charter loan and $24,480 (17%) of the SBA loan. While SBA 504 loans have low interest rates, they also impose three associated fees required under the Code of Federal Regulations: the SBA (Small Business Administration) fee covers a 2 loss reserve for the program; the CSA (Colson Services Corporation) fee covers charges by Col- son Services Corporation to handle payment processing and loan accounting; and, the CDC (Certified Development Company) fee covers servicing the loan and enforcing the terms of the loan documents. In a separate agenda item, staff is recommending that the Center City Busi- ness Loan Interest Subsidy Program allow for the subsidy of the interest and the associated fees for SBA 504 loans. As more small businesses are granted SBA 504 loans, this program allowance will give the city an economic development advantage to attract these businesses to down- town. INTERESTED PERSONS CONTACTED The Downtown Neighborhood Association has negotiated the proposed business loan program application on the city's behalf in accordance with DNA's expanded responsibilities under its purchase of services agreement with the city. FINANCIAL ANALYSIS The total interest subsidy recommended for Leath Partners, LLC is $49,963.82. The breakdown over the five-year period of 2011-2015 follows. Payouts are made on a quartely basis. Year Total Interest 2011 $ 13,410.44 2012 $ 11,676.23 2013 $ 9,930.63 2014 $ 8,270.93 2015 $ 6,675.59 BUDGET IMPACT FUND(S) ACCOUNT(S) PROJECT#(S) AMOUNT AMOUNT BUDGETED AVAILABLE Riverboat Lease 276-0000-791.80-27 177119 $650,000 $650,000 LEGAL IMPACT None. 3 ALTERNATIVES The city council may choose not to approve the participation of Leath Partners, LLC in the Cen- ter City Business Loan Interest Subsidy Program, requiring Leath to bear the full cost of all in- terest payments on its business loans. NEXT STEPS 1. Execute an agreement memorializing the terms for Leath Partners' participation in the Center City Business Loan Interest Subsidy Program 2. Begin processing interest subsidy payments based on terms of agreement governing participation in the Center City Business Loan Interest Subsidy Program Originator: Richard G. Kozal, Assistant City Manager Final Review: Colleen Lavery, Chief Financial Officer William A. Cogley, Corporation Counsel/Chief Development Officer Richard G. Kozal, Assistant City Manager/Chief Operating Officer Approved: Sean R. Stegall, City Manag ATTACHMENTS A: Center City Business Loan Application &Supporting Documentation B: American Charter and SBA 504 Loan Amortization Schedules C: Center City Business Loan Interest Subsidy Calculation Worksheets III 6 i�9 DOWNTOWN ECONOMIC DEVELOPMENT PROGRAMS E LG I N TI-E CITY IN THE SUBURBS" Downtown Business Loan Interest Subsidy Program Application DATE: February 9, 2011 BUSINESS NAME: Leath Partners LLC(property owner name) Future Link IT(business name) PRIMARY CONTACT: Marty Mingl BUSINESS ADDRESS: 164-166 E Chicago Street, Elgin IL 60120 BUSINESS PHONE: 224-523-8000 BUSINESS FAX: 224-523-8058 EMAIL: Marty@FutureLinklT.com BUSINESS WEBSITE: FutureLinkIT.com TYPE OF BUSINESS: Future Link specializes in IT support/computer repair, wireless Internet and custom programming YEARS IN BUSINESS: Future Link has been in business since 2002; Leath Partners LLC was established in June 2010 to purchase and manage the property at 164-166 E. Chicago St. NUMBER OF EMPLOYEES: Future Link has 11 FT I 0 PT 13 Contracted PURPOSE FOR LOAN SUBSIDY REQUEST: El Property Acquisition—Appraised Value:$ 370,000.00 ® Owner in Title: Leath Partners LLC ® Appraisal documentation attached. ® Description of property—Address: 164-166 E Chicago Street, Elgin IL 60120 Square footage: 22,640 ❑Building Improvements—Total Project Cost: $ ❑ Contractor bids attached. ❑ Description of work: ❑Business Development or Expansion—Total Project Cost: $ ❑ Contractor bids attached. 0 Description of work: LOAN TYPE: ® Commercial Loan Loan Amount: $ 175,000.00 Interest Rate: 7.95 ❑ Home Equity/Second Mortgage—Loan Amount:$ Interest Rate: ® SBA 504—Loan Amount: $ 144,000.00 Interest Rate: 3.16206 ADDITIONAL DOCUMENTATION: ® Business Year-End Financial Statements(Past Two Years) Z Business Current Year-to-Date Financial Statement PREVAILING WAGE REQUIREMENT If utilizing this program for the purposes of building improvements and/or business development, any work done by contractors or laborers must comply with the Illinois Prevailing Wage Act. The following language shall appear in any agreement between the program applicant and the city: This Contract calls for the construction of a 'public work' within the meaning of the Illinois Pre- vailing Wage Act, 820 ILCS 1301.01, et seq. (the 'Act'). The Act requires contractors and subcon- tractors to pay laborers,workers and mechanics performing services on public works projects no less than the 'prevailing rate of wages' (hourly cash wages plus fringe benefits) in a county where the work is performed. For information regarding current prevailing wage rates, please refer to the Illinois Department of Labor's website at www.state.iLus/agency/idol/rates/rates.htm. All contractors and subcon- tractors rendering services under this Contract must comply with all requirements of the Act, in- cluding, but not limited to, all wage, notice and recordkeeping duties. ►l I have read an understan e requirement to comply with the Illinois Prevailing Wage Act. Appli nt i ture Date Co-Applicant Signature Date Please submit this application and all supporting documentation to: Tonya Hudson, Executive Director Downtown Neighborhood Association of Elgin 2 Douglas Avenue Elgin, IL 60120 thudson@downtownelgin.com Phone: (847)488-1456 Fax: (847)488-1456 AMORTIZATION SCHEDULE t iir0 p-lt , Ltsart t iitirr' Nfatcttity L tort iii exfrt an AGt:et It #it>Neet tnitla $l7S,pliti Ott... .;:tia 1S 2O1O 08't 5 Wit#. .60.81649Q .... .. #.44tt 7....: . ._. . ... .. . . :.. .,_. References in the boxes above are for Lender's use only and do not limit the applicability of this document to any particular loan or item. Any item above containing '' 'has been omitted due to text length limitations. Borrower: Leath Partners,LLC Lender: American Chartered Bank 25W658 Saint Charles Road 1199 East Higgins Road Carol Stream,IL 60188 Schaumburg,IL 60173 (847)517-5400 Disbursement Date: August 15,2010 Repayment Schedule: Balloon Interest Rate: 7.950 Calculation Method: 365/360 Actuarial Payment Payment Payment Interest Principal Remaining Number Date Amount Paid Paid Balance 1 09-15-2010 1,471.03 1,198.02 273.01 174,726.99 2 10-15-2010 1,471.03 1,157.57 313.46 174,413.53 3 11-15-2010 1,471.03 1,194.01 277.02 174,136.51 4 12-15-2010 1,471.03 1,153.65 317.38 173,819.13 2010 TOTALS: 5,884.12 4,703.25 1,180.87 5 01-15-2011 1,471.03 1,189.94 281.09 173,538.04 6 02-15-2011 1,471.03 1,188.01 283.02 173,255.02 7 03-15-2011 1,471.03 1,071.29 399.74 172,855.28 8 04-15-2011 1,471.03 1,183.34 287.69 172,567.59 9 05-15-2011 1,471.03 1,143.26 327.77 172,239.82 10 06-15-2011 1,471.03 1,179.13 291.90 171,947.92 11 07-15-2011 1,471.03 1,139.15 331.88 171,616.04 12 08-15-2011 1,471.03 1,174.85 296.18 171,319.86 13 09-15-2011 1,471.03 1,172.83 298.20 171,021.66 14 10-15-2011 1,471.03 1,133.02 338.01 170,683.65 15 11-15-2011 1,471.03 1,168.47 302.56 170,381.09 16 12-15-2011 1,471.03 1,128.77 342.26 170,038.83 2011 TOTALS: 17,652.36 13,872.06 3,780.30 17 01-15-2012 1,471.03 1,164.06 306.97 169,731.86 18 02-15-2012 1,471.03 1,161.96 309.07 169,422.79 19 03-15-2012 1,471.03 1,085.01 386.02 169,036.77 20 04-15-2012 1,471.03 1,157.20 313.83 168,722.94 21 05-15-2012 1,471.03 1,117.79 353.24 168,369.70 22 06-15-2012 1,471.03 1,152.63 318.40 168,051.30 23 07-15-2012 1,471.03 1,113.34 357.69 167,693.61 24 08-15-2012 1,471.03 1,148.00 323.03 167,370.58 25 09-15-2012 1,471.03 1,145.79 325.24 167,045.34 26 10-15-2012 1,471.03 1,106.68 364.35 166,680.99 27 11-15-2012 1,471.03 1,141.07 329.96 166,351.03 28 12-15-2012 1,471.03 1,102.08 368.95 165,982.08 2012 TOTALS: 17,652.36 13,595.61 4,056.75 l 29 01-15-2013 1,471.03 1,136.29 334.74 165,647.34 30 02-15-2013 1,471.03 1,133.99 337.04 165,310.30 31 03-15-2013 1,471.03 1,022.17 448.86 164,861.44 32 04-15-2013 1,471.03 1,128.61 342.42 164,519.02 33 05-15-2013 1,471.03 1,089.94 381.09 164,137.93 34 06-15-2013 1,471.03 1,123.66 347.37 163,790.56 35 07-15-2013 1,471.03 1,085.11 385.92 163,404.64 36 08-15-2013 1,471.03 1,118.64 352.39 163,052.25 37 09-15-2013 1,471.03 1,116.23 354.80 162,697.45 38 10-15-2013 1,471.03 1,077.87 393.16 162,304.29 39 11-15-2013 1,471.03 1,111.11 359.92 161,944.37 40 12-15-2013 1,471.03 1,072.88 398.15 161,546.22 2013 TOTALS: 17,652.36 13,216.50 4,435.86 41 01-15-2014 1,471.03 1,105.92 365.11 161,181.11 42 02-15-2014 1,471.03 1,103.42 367.61 160,813.50 43 03-15-2014 1,471.03 994.36 476.67 160,336.83 44 04-15-2014 1,471.03 1,097.64 373.39 159,963.44 45 05-15-2014 1,471.03 1,059.76 411.27 159,552.17 46 06-15-2014 1,471.03 1,092.27 378.76 159,173.41 47 07-15-2014 1,471.03 1,054.52 416.51 158,756.90 48 08-15-2014 1,471.03 1,086.82 384.21 158,372.69 49 09-15-2014 1,471.03 1,084.19 386.84 157,985.85 50 10-15-2014 1,471.03 1,046.66 424.37 157,561.48 51 11-15-2014 1,471.03 1,078.64 392.39 157,169.09 52 12-15-2014 1,471.03 1,041.25 429.78 156,739.31 2014 TOTALS: 17,652.36 12,845.45 4,806.91 53 01-15-2015 1,471.03 1,073.01 398.02 156,341.29 54 02-15-2015 1,471.03 1,070.29 400.74 155,940.55 55 03-15-2015 1,471.03 964.23 506.80 155,433.75 56 04-15-2015 1,471.03 1,064.07 406.96 155,026.79 57 05-15-2015 1,471.03 1,027.05 443.98 154,582.81 58 06-15-2015 1,471.03 1,058.25 412.78 154,170.03 59 07-15-2015 1,471.03 1,021.38 449.65 153,720.38 60 08-15-2015 1,471.03 1,052.34 418.69 153,301.69 61 09-15-2015 1,471.03 1,049.48 421.55 152,880.14 62 10-15-2015 1,471.03 1,012.83 458.20 152,421.94 63 11-15-2015 1,471.03 1,043.46 427.57 151,994.37 64 12-15-2015 1,471.03 1,006.96 464.07 151,530.30 2015 TOTALS: 17,652.36 12,443.35 5,209.01 65 01-15-2016 1,471.03 1,037.35 433.68 151,096.62 66 02-15-2016 1,471.03 1,034.38 436.65 150,659.97 67 03-15-2016 1,471.03 964.85 506.18 150,153.79 68 04-15-2016 1,471.03 1,027.93 443.10 149,710.69 69 05-15-2016 1,471.03 991.83 479.20 149,231.49 70 06-15-2016 1,471.03 1,021.61 449.42 148,782.07 71 07-15-2016 1,471.03 985.68 485.35 148,296.72 AMORTIZATION SCHEDULE Loan No:608164902 (Continued) Page 2 72 08-15-2016 1,471.03 1,015.21 455.82 147,840.90 73 09-15-2016 1,471.03 1,012.09 458.94 147,381.96 74 10-15-2016 1,471.03 976.41 494.62 146,887.34 75 11-15-2016 1,471.03 1,005.57 465.46 146,421.88 76 12-15-2016 1,471.03 970.04 500.99 145,920.89 2016 TOTALS: 17,652.36 12,042.95 5,609.41 77 01-15-2017 1,471.03 998.95 472.08 145,448.81 78 02-15-2017 1,471.03 995.72 475.31 144,973.50 79 03-15-2017 1,471.03 896.42 574.61 144,398.89 80 04-15-2017 1,471.03 988.53 482.50 143,916.39 81 05-15-2017 1,471.03 953.45 517.58 143,398.81 82 06-15-2017 1,471.03 981.68 489.35 142,909.46 83 07-15-2017 1,471.03 946.78 524.25 142,385.21 84 08-15-2017 1,471.03 974.75 496.28 141,888.93 85 09-15-2017 1,471.03 971.35 499.68 141,389.25 86 10-15-2017 1,471.03 936.70 534.33 140,854.92 87 11-15-2017 1,471.03 964.27 506.76 140,348.16 88 12-15-2017 1,471.03 929.81 541.22 139,806.94 2017 TOTALS: 17,652.36 11,538.41 6,113.95 89 01-15-2018 1,471.03 957.09 513.94 139,293.00 90 02-15-2018 1,471.03 953.58 517.45 138,775.55 91 03-15-2018 1,471.03 858.10 612.93 138,162.62 92 04-15-2018 1,471.03 945.84 525.19 137,637.43 93 05-15-2018 1,471.03 911.85 559.18 137,078.25 94 06-15-2018 1,471.03 938.41 532.62 136,545.63 95 07-15-2018 1,471.03 904.61 566.42 135,979.21 96 08-15-2018 1,471.03 930.89 540.14 135,439.07 97 09-15-2018 1,471.03 927.19 543.84 134,895.23 98 10-15-2018 1,471.03 893.68 577.35 134,317.88 99 11-15-2018 1,471.03 919.52 551.51 133,766.37 100 12-15-2018 1,471.03 886.20 584.83 133,181.54 2018 TOTALS: 17,652.36 11,026.96 6,625.40 101 01-15-2019 1,471.03 911.74 559.29 132,622.25 102 02-15-2019 1,471.03 907.91 563.12 132,059.13 103 03-15-2019 1,471.03 816.57 654.46 131,404.67 104 04-15-2019 1,471.03 899.57 571.46 130,833.21 105 05-15-2019 1,471.03 866.77 604.26 130,228.95 106 06-15-2019 1,471.03 891.53 579.50 129,649.45 107 07-15-2019 1,471.03 858.93 612.10 129,037.35 108 08-15-2019 1,471.03 883.37 587.66 128,449.69 109 09-15-2019 1,471.03 879.35 591.68 127,858.01 110 10-15-2019 1,471.03 847.06 623.97 127,234.04 111 11-15-2019 1,471.03 871.02 600.01 126,634.03 112 12-15-2019 1,471.03 838.95 632.08 126,001.95 2019 TOTALS: 17,652.36 10,472.77 7,179.59 113 01-15-2020 1,471.03 862.59 608.44 125,393.51 114 02-15-2020 1,471.03 858.42 612.61 124,780.90 115 03-15-2020 1,471.03 799.12 671.91 124,108.99 116 04-15-2020 1,471.03 849.63 621.40 123,487.59 117 05-15-2020 1,471.03 818.11 652.92 122,834.67 118 06-15-2020 1,471.03 840.91 630.12 122,204.55 119 07-15-2020 1,471.03 809.61 661.42 121,543.13 120 08-15-2020 122,375.19 832.06 121,543.13 0.00 2020 TOTALS: 132,672.40 6,670.45 126,001.95 TOTALS: 297,427.76 122,427.76 175,000.00 NOTICE: This is an estimated loan amortization schedule. Actual amounts may vary if payments are made on different dates or in different amounts. LASER.,,o Loma,.V..5 52 20.053 cam...w r..,a.,e....,......n.MO Al A*M n...,... ..rs„csn11,3600T,c TO-MOO m.,. Lolson services Lorp. - LLL unnne .ue%, , �y -r r U.S. Small Business Administration ........._».� NOTE (CDC/504 Loans) SBA Loan Number 4152705008 SBA Loan Name FUTURE LINK OF ILLINOIS INC Date August 26, 2010 Loan Amount $144,000.00 Borrower LEATH PARTNERS LLC Operating Company FUTURE LINK OF ILLINOIS INC CDC 05-270 ILLINOIS SMALL BUSINESS GROWTH CORPORATION Funding Date October 13, 2010 * Interest Rate 3.16206% First Payment Due November 01, 2010 * P&I Amount $809.50 Note Maturity Date October 01, 2030 * Monthly Payment $943.18 ( blank at sIgnIng) 1. PROMISE TO PAY In return for the Loan, Borrower promises to pay to the order of CDC the amount of $144,000.00 One Hundred Forty Four Thousand and No/100 Dollars, interest on the unpaid principal balance, the fees specified in the Servicing Agent Agreement, and all other amounts required by this Note. 2. DEFINITIONS "Collateral" means any property taken as security for payment of this Note or any guarantee of this Note. "Debenture" means the debenture issued by CDC to fund the Loan. "Guarantor" means each person or entity that signs a guarantee of payment of this Note. "Loan" means the loan evidenced by this Note. "Loan Documents" means the documents related to this loan signed by Borrower, Guarantor, or anyone who pledges collateral. "SBA" means the Small Business Adminstration, an Agency of the United States of America. "Servicing Agent Agreement" means the agreement between the Borrower and the CDC that, among other things, appoints a servicing agent ("Servicing Agent") for this Note. SBA Form (1505) Conformed Copy CDC Number:05-270 Loan Number:4152705008 https://www.colsonservices.com/cdconline/cdcfunding_p.cfm?CFID=9657&CFTOKEN=... 10/11/2010 Jci viccJ - ut viuuic 1 CA ., 1 v1 Amortization Schedule - October 2010 Years Per Month Borrower LEATH PARTNERS LLC Amount $144,000.00 1 - 5 $943.18 Issue Date Oct 13 2010 Note Rate 3.16206% 6- 10 $917.10 CDC Number 05-270 Escrow $809.50 11- 15 $886.73 Loan Number 4152705008 Term 20 Years 16-20 $851.16 Month No Interest Principal Balance SBA CDC CSA Payment NOV 10 001 $227.67 $581.83 $143,418.17 $46.68 $75.00 $12.00 $943.18 DEC 10 002 $377.91 $431.59 $142,986.58 $46.68 $75.00 $12.00 $943.18 JAN 11 003 $376.78 $432.72 $142,553.86 $46.68 $75.00 $12.00 $943.18 FEB 11 004 $375.64 $433.86 $142,120.00 $46.68 $75.00 $12.00 $943.18 MAR 11 005 $374.49 $435.01 $141,684.99 $46.68 $75.00 $12.00 $943.18 APR 11 006 $373.35 $436.15 $141,248.84 $46.68 $75.00 $12.00 $943.18 MAY 11 007 $372.20 $437.30 $140,811.54 $46.68 $75.00 $12.00 $943.18 JUN 11 008 $371.05 $438.45 $140,373.09 $46.68 $75.00 $12.00 $943.18 JUL 11 009 $369.89 $439.61 $139,933.48 $46.68 $75.00 $12.00 $943.18 AUG 11 010 $368.73 $440.77 $139,492.71 $46.68 $75.00 $12.00 $943.18 SEP 11 011 $367.57 $441.93 $139,050.78 $46.68 $75.00 $12.00 $943.18 OCT 11 012 $366.41 $443.09 $138,607.69 $46.68 $75.00 $12.00 $943.18 NOV 11 013 $365.24 $444.26 $138,163.43 $46.68 $75.00 $12.00 $943.18 DEC 11 014 $364.07 $445.43 $137,718.00 $46.68 $75.00 $12.00 $943.18 JAN 12 015 $362.89 $446.61 $137,271.39 $46.68 $75.00 $12.00 $943.18 FEB 12 016 $361.72 $447.78 $136,823.61 $46.68 $75.00 $12.00 $943.18 MAR 12 017 $360.54 $448.96 $136,374.65 $46.68 $75.00 $12.00 $943.18 APR 12 018 $359.35 $450.15 $135,924.50 $46.68 $75.00 $12.00 $943.18 MAY 12 019 $358.17 $451.33 $135,473.17 $46.68 $75.00 $12.00 $943.18 JUN 12 020 $356.98 $452.52 $135,020.65 $46.68 $75.00 $12.00 $943.18 JUL 12 021 $355.79 $453.71 $134,566.94 $46.68 $75.00 $12.00 $943.18 AUG 12 022 $354.59 $454.91 $134,112.03 $46.68 $75.00 $12.00 $943.18 SEP 12 023 $353.39 $456.11 $133,655.92 $46.68 $75.00 $12.00 $943.18 OCT 12 024 $352.19 $457.31 $133,198.61 $46.68 $75.00 $12.00 $943.18 NOV 12 025 $350.98 $458.52 $132,740.09 $46.68 $75.00 $12.00 $943.18 DEC 12 026 $349.78 $459.72 $132,280.37 $46.68 $75.00 $12.00 $943.18 JAN 13 027 $348.57 $460.93 $131,819.44 $46.68 $75.00 $12.00 $943.18 FEB 13 028 $347.35 $462.15 $131,357.29 $46.68 $75.00 $12.00 $943.18 MAR 13 029 $346.13 $463.37 $130,893.92 $46.68 $75.00 $12.00 $943.18 https://www.colsonservices.com/cdconline/cdcfunding_J.c fm?CFID=9657&CFTOKEN=... 10/11/2010 OIOZ/I I/0I '••=ICI IO.LD?8LS96=QI3DZ 3a'c1—Buipun3opa/auiluoapa/moo'saatnlasuosioa nkmmi/:sdutl 8T'£b6$ 00'ZT$ 00'SL$ 89'94$ 98'116'911$ TI'00S$ 6£'60E$ 8S0 SI OflV 81'£46$ 00'ZI$ 00'SL$ 89'94$ L6'TT4'LiT$ 08'864$ OL'OTE$ LSO ST lflf 8T'E46$ 00'ZT$ 00'SL$ 89'94$ LL'OT6'LTT$ 6b'L64$ i0'ZIE$ 9S0 ST Nfl 8I'Eb6$ 00'ZT$ 00'SL$ 89'917$ 9Z•801,'8TI$ 81•96b$ Z£'£IE$ SSD SI AVW 81'E176$ 00'ZI$ 00'SL$ 89'94$ t 'b06'8IT$ 88'46b$ Z91,i£$ 4S0 SIIddV 8I•E176$ 00'ZT$ 00'SL$ 89'917$ ZE'66E'611$ 85'£617$ Z6'STE$ ESO SIliVW 8I'E176$ 007I$ 00'SL$ 89'9b$ 06768'611$ 8Z•Z6b$ ZZ'LTE$ ZSO ST 933 81'Eb6$ 00'ZI$ 00'SL$ 89'9b$ 8T'S8E'OZT$ 66'06b$ TS'ST£$ ISO ST NW 8T'Eb6$ 00'ZT$ 00'SL$ 89'917$ LT'9L8'0ZT$ 69'68b$ T8'6TE$ 050 bT 030 8I'Eb6$ 00'ZI$ 00'SL$ 89'94$ 98'S9E'IZT$ 117'89b$ 601Z£$ 6b0 4T AON 8I'E176$ 007T$ 00'SL$ 89'914 LZ'4S8'TZT$ ZT'L84$ 8E'ZZE$ 8170 bTIDO 8i'E176$ 0073 00'SL$ 89'94$ 6E'Ti£'ZZT$ 48'58b$ 99•£ZE$ Lb0 VT d3S 8i'Eb6$ 00'ZI$ 00'SL$ 89'9b$ £Z'LZ8'ZZT$ LS'484$ E61,ZE$ 940 4i Of1V 81'Eb6$ 00'ZI$ 00'SL$ 89'94$ OWTTE'EZI$ 6Z'E817$ TZ•9ZE$ SVO bT lflf 8i'Eb6$ 00'Z3 00'SL$ 89'917$ 60'S6L'£ZT$ ZO784$ 817'LZE$ 17170 4T Nfl 8T'Eb6$ 007I$ 00'SL$ 89'94$ TT'LLZ'bZT$ 9L'084$ i'C8ZE$ Eb0 bT AVW 81'E76$ 00'ZT$ 00'SL$ 89'9b$ L8'LSL'17ZI$ 6b'6Lb$ TO'OE£$ Zb0 biIldV 8T'£46$ 00'ZI$ 00'SL$ 89'9b$ 9E'LEZ'SZT$ £Z'8L17$ LZ'IEL$ T40 bI11VW 81•E46$ 00'ZT$ 00'SL$ 89'94$ 6S'STL'SZT$ 86'9Lb$ ZS'ZE£$ Ob0 bT 933 8I'E46$ 007T$ DO'SL$ 89'9b$ LS'Z6T'9ZT$ ZL'SLb$ 8L'£EE$ 6E0 bi NVC 8I'Eb6$ 00'ZT$ 00'SL$ 89'9b$ 6Z'899'9ZI$ L4'PL17$ £0'SEE$ 8E0 ET D30 81'£46$ 00'ZT$ 00'SL$ 89'914 9L'Zbi'LZT$ £Z'EL4$ LZ'9EE$ LEO £T AON 8I'Eb6$ 00'ZT$ 00'SL$ 89'94$ 66'SI9'LZI$ 86'TLb$ ZS'L£E$ 9E0 ET 1J0 8T'E46$ 00'ZI$ 00'SL$ 89'94$ L6'L80'8ZI$ 17L'OL4$ 9L'8EE$ S£0 ET d3S 81'Eb6$ 007T$ 00'SL$ 89'91$ TL'8SS'8ZT$ OS'69b$ 00'017E$ b£0 ET Jf1V 8T'E46$ 00'ZT$ 00'SL$ 89'91$ TZ'8Z0'6ZT$ LZ'89b$ EZ'TtE$ EEO ET lflf 8i'£b6$ 00'ZI$ 00'SL$ 89'9b$ 84'964'6Z1$ 170'L9b$ 917'ZVE$ ZEO ET Nfl 81'Eb6$ 00'ZT$ 00'SL$ 89'9b$ ZS'E96'6Z1$ 18'5917$ 69'£b£$ TEO ET AVW 81'£1,6$ 00'ZT$ 00'SL$ 89'9b$ E£'6Zb'OET$ 6S17917$ T6174E$ 0£O ETlidV yuau:Aed 19S3 3Ci3 VGS a3uete8 iedpu!d ;saieWI aN tpuoW OTOZ laclo130 SOOSOLZSTV - a'czpagzs uo_[ ezpuotup . .s... 'ITTTTTTC`i cn1TA TnC' l U1JU11 Jel V1CC5 l Ulp. - l Ll viuui� Amortization Schedule -4152705008 October 2010 Month No Interest Principal Balance SBA CDC CSA Payment SEP 15 059 $308.07 $501.43 $116,410.43 $46.68 $75.00 $12.00 $943.18 OCT 15 060 $306.75 $502.75 $115,907.68 $46.68 $75.00 $12.00 $943.18 NOV 15 061 $305.42 $504.08 $115,403.60 $37.57 $60.37 $9.66 $917.10 DEC 15 062 $304.09 $505.41 $114,898.19 $37.57 $60.37 $9.66 $917.10 JAN 16 063 $302.76 $506.74 $114,391.45 $37.57 $60.37 $9.66 $917.10 FEB 16 064 $301.43 $508.07 $113,883.38 $37.57 $60.37 $9.66 $917.10 MAR 16 065 $300.09 $509.41 $113,373.97 $37.57 $60.37 $9.66 $917.10 APR 16 066 $298.75 $510.75 $112,863.22 $37.57 $60.37 $9.66 $917.10 MAY 16 067 $297.40 $512.10 $112,351.12 $37.57 $60.37 $9.66 $917.10 JUN 16 068 $296.05 $513.45 $111,837.67 $37.57 $60.37 $9.66 $917.10 JUL 16 069 $294.70 $514.80 $111,322.87 $37.57 $60.37 $9.66 $917.10 AUG 16 070 $293.34 $516.16 $110,806.71 $37.57 $60.37 $9.66 $917.10 SEP 16 071 $291.98 $517.52 $110,289.19 $37.57 $60.37 $9.66 $917.10 OCT 16 072 $290.62 $518.88 $109,770.31 $37.57 $60.37 $9.66 $917.10 NOV 16 073 $289.25 $520.25 $109,250.06 $37.57 $60.37 $9.66 $917.10 DEC 16 074 $287.88 $521.62 $108,728.44 $37.57 $60.37 $9.66 $917.10 JAN 17 075 $286.50 $523.00 $108,205.44 $37.57 $60.37 $9.66 $917.10 FEB 17 076 $285.13 $524.37 $107,681.07 $37.57 $60.37 $9.66 $917.10 MAR 17 077 $283.75 $525.75 $107,155.32 $37.57 $60.37 $9.66 $917.10 APR 17 078 $282.36 $527.14 $106,628.18 $37.57 $60.37 $9.66 $917.10 MAY 17 079 $280.97 $528.53 $106,099.65 $37.57 $60.37 $9.66 $917.10 JUN 17 080 $279.58 $529.92 $105,569.73 $37.57 $60.37 $9.66 $917.10 JUL 17 081 $278.18 $531.32 $105,038.41 $37.57 $60.37 $9.66 $917.10 AUG 17 082 $276.78 $532.72 $104,505.69 $37.57 $60.37 $9.66 $917.10 SEP 17 083 $275.38 $534.12 $103,971.57 $37.57 $60.37 $9.66 $917.10 OCT 17 084 $273.97 $535.53 $103,436.04 $37.57 $60.37 $9.66 $917.10 NOV 17 085 $272.56 $536.94 $102,899.10 $37.57 $60.37 $9.66 $917.10 DEC 17 086 $271.14 $538.36 $102,360.74 $37.57 $60.37 $9.66 $917.10 JAN 18 087 $269.73 $539.77 $101,820.97 $37.57 $60.37 $9.66 $917.10 https://www.colsonservices.com/cdconline/cdc funding_J.cfm?CFI D=9657&C FTOKEN=... 10/11/2010 L.V1JU11 JCL V1LcS - Amortization Schedule-4152705008 October 2010 Month Na Interest Principal Ba'ance S3A CDC CSA Payment FEB 18 088 $268.30 $541.20 $101,279.77 $37.57 $60.37 $9.66 $917.10 MAR 18 089 $266.88 $542.62 $100,737.15 $37.57 $60.37 $9.66 $917.10 APR 18 090 $265.45 $544.05 $100,193.10 $37.57 $60.37 $9.66 $917.10 MAY 18 091 $264.01 $545.49 $99,647.61 $37.57 $60.37 $9.66 $917.10 JUN 18 092 $262.58 $546.92 $99,100.69 $37.57 $60.37 $9.66 $917.10 JUL18 093 $261.14 $548.36 $98,552.33 $37.57 $60.37 $9.66 $917.10 AUG 18 094 $259.69 $549.81 $98,002.52 $37.57 $60.37 $9.66 $917.10 SEP 18 095 $258.24 $551.26 $97,451.26 $37.57 $60.37 $9.66 $917.10 OCT 18 096 $256.79 $552.71 $96,898.55 $37.57 $60.37 $9.66 $917.10 NOV8 097 44. 8 37.57 60.37 9.66 917.10 1 255.33 554.17 96 3 3 $ $ DEC 18 098 $253.87 $555.63 $95,788.75 $37.57 $60.37 $9.66 $917.10 JAN 19 099 $252.41 $557.09 $95,231.66 $37.57 $60.37 $9.66 $917.10 FEB 19 100 $250.94 $558.56 $94,673.10 $37.57 $60.37 $9.66 $917.10 MAR 19 101 $249.47 $560.03 $94,113.07 $37.57 $60.37 $9.66 $917.10 APR 19 102 $247.99 $561.51 $93,551.56 $37.57 $60.37 $9.66 $917.10 MAY 19 103 $246.51 $562.99 $92,988.57 $37.57 $60.37 $9.66 $917.10 JUN 19 104 $245.03 $564.47 $92,424.10 $37.57 $60.37 $9.66 $917.10 JUL 19 105 $243.54 $565.96 $91,858.14 $37.57 $60.37 $9.66 $917.10 AUG 19 106 $242.05 $567.45 $91,290.69 $37.57 $60.37 $9.66 $917.10 SEP 19 107 $240.56 $568.94 $90,721.75 $37.57 $60.37 $9.66 $917.10 OCT 19 108 $239.06 $570.44 $90,151.31 $37.57 $60.37 $9.66 $917.10 NOV 19 109 $237.55 $571.95 $89,579.36 $37.57 $60.37 $9.66 $917.10 DEC 19 110 $236.05 $573.45 $89,005.91 $37.57 $60.37 $9.66 $917.10 JAN 20 111 $234.54 $574.96 $88,430.95 $37.57 $60.37 $9.66 $917.10 FEB 20 112 $233.02 $576.48 $87,654.47 $37.57 $60.37 $9.66 $917.10 MAR 20 113 $231.50 $578.00 $87,276.47 $37.57 $60.37 $9.66 $917.10 APR 20 114 $229.98 $579.52 $86,696.95 $37.57 $60.37 $9.66 $917.10 MAY 20 115 $228.45 $581.05 $86,115.90 $37.57 $60.37 $9.66 $917.10 JUN 20 116 $226.92 $582.58 $85,533.32 $37.57 $60.37 $9.66 $917.10 https://www.colsonservices.com/cdconline/cdefundingP.cfm?CFI D=9657&CFTOKEN=... 10/11/2010 .,viJvu Oci vtL•ca - vtui1tC Amortization Schedule - 4152705008 October 2010 Month No Interest Principal Balance SBA CDC CSA Payment JUL 20 117 $225.38 $584.12 $84,949.20 $37.57 $60.37 $9.66 $917.10 AUG 20 118 $223.85 $585.65 $84,363.55 $37.57 $60.37 $9.66 $917.10 SEP 20 119 $222.30 $587.20 $83,776.35 $37.57 $60.37 $9.66 $917.10 OCT 20 120 $220.75 $588.75 $83,187.60 $37.57 $60.37 $9.66 $917.10 NOV 20 121 $219.20 $590.30 $82,597.30 $26.97 $43.33 $6.93 $886.73 DEC 20 122 $217.65 $591.85 $82,005.45 $26.97 $43.33 $6.93 $886.73 JAN 21 123 $216.09 $593.41 $81,412.04 $26.97 $43.33 $6.93 $886.73 FEB 21 124 $214.52 $594.98 $80,817.06 $26.97 $43.33 $6.93 $886.73 MAR 21 125 $212.96 $596.54 $80,220.52 $26.97 $43.33 $6.93 $886.73 APR 21 126 $211.39 $598.11 $79,622.41 $26.97 $43.33 $6.93 $886.73 MAY 21 127 $209.81 $599.69 $79,022.72 $26.97 $43.33 $6.93 $886.73 JUN 21 128 $208.23 $601.27 $78,421.45 $26.97 $43.33 $6.93 $886.73 JUL 21 129 $206.64 $602.86 $77,818.59 $26.97 $43.33 $6.93 $886.73 AUG 21 130 $205.06 $604.44 $77,214.15 $26.97 $43.33 $6.93 $886.73 SEP 21 131 $203.46 $606.04 $76,608.11 $26.97 $43.33 $6.93 $886.73 OCT 21 132 $201.87 $607.63 $76,000.48 $26.97 $43.33 $6.93 $886.73 NOV 21 133 $200.27 $609.23 $75,391.25 $26.97 $43.33 $6.93 $886.73 DEC 21 134 $198.66 $610.84 $74,780.41 $26.97 $43.33 $6.93 $886.73 JAN 22 135 $197.05 $612.45 $74,167.96 $26.97 $43.33 $6.93 $886.73 FEB 22 136 $195.44 $614.06 $73,553.90 $26.97 $43.33 $6.93 $886.73 MAR 22 137 $193.82 $615.68 $72,938.22 $26.97 $43.33 $6.93 $886.73 APR 22 138 $192.20 $617.30 $72,320.92 $26.97 $43.33 $6.93 $886.73 MAY 22 139 $190.57 $618.93 $71,701.99 $26.97 $43.33 $6.93 $886.73 JUN 22 140 $188.94 $620.56 $71,081.43 $26.97 $43.33 $6.93 $886.73 JUL 22 141 $187.30 $622.20 $70,459.23 $26.97 $43.33 $6.93 $886.73 AUG 22 142 $185.66 $623.84 $69,835.39 $26.97 $43.33 $6.93 $886.73 SEP 22 143 $184.02 $625.48 $69,209.91 $26.97 $43.33 $6.93 $886.73 OCT 22 144 $182.37 $627.13 $68,582.78 $26.97 $43.33 $6.93 $886.73 NOV 22 145 $180.72 $628.78 $67,954.00 $26.97 $43.33 $6.93 $886.73 https://www.colsonservices.com/cdconline/cdcfunding_p.cfm?CFID=9657&CFTOKEN=... 10/11/2010 Colson services Corp. - CDC Online r agc v v. Amortization Schedule - 4152705008 October 2010 Month No Interest Principal Balance SBA CDC CSA Payment DEC 22 146 $179.06 $630.44 $67,323.56 $26.97 $43.33 $6.93 $886.73 JAN 23 147 $177.40 $632.10 $66,691.46 $26.97 $43.33 $6.93 $886.73 FEB 23 148 $175.74 $633.76 $66,057.70 $26.97 $43.33 $6.93 $886.73 MAR 23 149 $174.07 $635.43 $65,422.27 $26.97 $43.33 $6.93 $886.73 APR 23 150 $172.39 $637.11 $64,785.16 $26.97 $43.33 $6.93 $886.73 MAY 23 151 $170.71 $638.79 $64,146.37 $26.97 $43.33 $6.93 $886.73 JUN 23 152 $169.03 $640.47 $63,505.90 $26.97 $43.33 $6.93 $886.73 JUL 23 153 $167.34 $642.16 $62,863.74 $26.97 $43.33 $6.93 $886.73 AUG 23 154 $165.65 $643.85 $62,219.89 $26.97 $43.33 $6.93 $886.73 SEP 23 155 $163.95 $645.55 $61,574.34 $26.97 $43.33 $6.93 $886.73 OCT 23 156 $162.25 $647.25 $60,927.09 $26.97 $43.33 $6.93 $886.73 NOV 23 157 $160.55 $648.95 $60,278.14 $26.97 $43.33 $6.93 $886.73 DEC 23 158 $158.84 $650.66 $59,627.48 $26.97 $43.33 $6.93 $886.73 JAN 24 159 $157.12 $652.38 $58,975.10 $26.97 $43.33 $6.93 $886.73 FEB 24 160 $155.40 $654.10 $58,321.00 $26.97 $43.33 $6.93 $886.73 MAR 24 161 $153.68 $655.82 $57,665.18 $26.97 $43.33 $6.93 $886.73 APR 24 162 $151.95 $657.55 $57,007.63 $26.97 $43.33 $6.93 $886.73 MAY 24 163 $150.22 $659.28 $56,348.35 $26.97 $43.33 $6.93 $886.73 JUN 24 164 $148.48 $661.02 $55,687.33 $26.97 $43.33 $6.93 $886.73 JUL 24 165 $146.74 $662.76 $55,024.57 $26.97 $43.33 $6.93 $886.73 AUG 24 166 $144.99 $664.51 $54,360.06 $26.97 $43.33 $6.93 $886.73 SEP 24 167 $143.24 $666.26 $53,693.80 $26.97 $43.33 $6.93 $886.73 OCT 24 168 $141.49 $668.01 $53,025.79 $26.97 $43.33 $6.93 $886.73 NOV 24 169 $139.73 $669.77 $52,356.02 $26.97 $43.33 $6.93 $886.73 DEC 24 170 $137.96 $671.54 $51,684.48 $26.97 $43.33 $6.93 $886.73 JAN 25 171 $136.19 $673.31 $51,011.17 $26.97 $43.33 $6.93 $886.73 FEB 25 172 $134.42 $675.08 $50,336.09 $26.97 $43.33 $6.93 $886.73 MAR 25 173 $132.64 $676.86 $49,659.23 $26.97 $43.33 $6.93 $886.73 APR 25 174 $130.85 $678.65 $48,980.58 $26.97 $43.33 $6.93 $886.73 https://www.colsonservices.cordcdconline/cdcfunding_J.cfm?CFID=9657&CFTOKEN=... 10/11/2010 v V1JV11 JVl V `.VL)l. - t/L tl Vlllllll, Amortization Schedule - 4152705008 October 2010 Month No Interest Principal Balance SBA CDC CSA Payment MAY 25 175 $129.07 $680.43 $48,300.15 $26.97 $43.33 $6.93 $886.73 JUN 25 176 $127.27 $682.23 $47,617.92 $26.97 $43.33 $6.93 $886.73 JUL 25 177 $125.48 $684.02 $46,933.90 $26.97 $43.33 $6.93 $886.73 AUG 25 178 $123.67 $685.83 $46,248.07 $26.97 $43.33 $6.93 $886.73 SEP 25 179 $121.87 $687.63 $45,560.44 $26.97 $43.33 $6.93 $886.73 OCT 25 180 $120.05 $689.45 $44,870.99 $26.97 $43.33 $6.93 $886.73 NOV 25 181 $118.24 $691.26 $44,179.73 $14.55 $23.37 $3.74 $851.16 DEC 25 182 $116.42 $693.08 $43,486.65 $14.55 $23.37 $3.74 $851.16 JAN 26 183 $114.59 $694.91 $42,791.74 $14.55 $23.37 $3.74 $851.16 FEB 26 184 $112.76 $696.74 $42,095.00 $14.55 $23.37 $3.74 $851.16 MAR 26 185 $110.92 $698.58 $41,396.42 $14.55 $23.37 $3.74 $851.16 APR 26 186 $109.08 $700.42 $40,696.00 $14.55 $23.37 $3.74 $851.16 MAY 26 187 $107.24 $702.26 $39,993.74 $14.55 $23.37 $3.74 $851.16 JUN 26 188 $105.39 $704.11 $39,289.63 $14.55 $23.37 $3.74 $851.16 JUL 26 189 $103.53 $705.97 $38,583.66 $14.55 $23.37 $3.74 $851.16 AUG 26 190 $101.67 $707.83 $37,875.83 $14.55 $23.37 $3.74 $851.16 SEP 26 191 $99.80 $709.70 $37,166.13 $14.55 $23.37 $3.74 $851.16 OCT 26 192 $97.93 $711.57 $36,454.56 $14.55 $23.37 $3.74 $851.16 NOV 26 193 $96.06 $713.44 $35,741,12 $14.55 $23.37 $3.74 $851.16 DEC 26 194 $94.18 $715.32 $35,025.80 $14.55 $23.37 $3.74 $851.16 JAN 27 195 $92.29 $717.21 $34,308.59 $14.55 $23.37 $3.74 $851.16 FEB 27 196 $90.40 $719.10 $33,589.49 $14.55 $23.37 $3.74 $851.16 MAR 27 197 $88.51 $720.99 $32,868.50 $14.55 $23.37 $3.74 $851.16 APR 27 198 $86.61 $722.89 $32,145.61 $14.55 $23.37 $3.74 $851.16 MAY 27 199 $84.71 $724.79 $31,420.82 $14.55 $23.37 $3.74 $851.16 JUN 27 200 $82.80 $726.70 $30,694.12 $14.55 $23.37 $3.74 $851.16 JUL 27 201 $80.88 $728.62 $29,965.50 $14.55 $23.37 $3.74 $851.16 AUG 27 202 $78.96 $730.54 $29,234.96 $14.55 $23.37 $3.74 $851.16 SEP 27 203 $77.04 $732.46 $28,502.50 $14.55 $23.37 $3.74 $851.16 https://www.colsonservices.com/cdconline/cdcfunding_p.c fm?CFID-9657&CFTOKEN=... 10/11/2010 l.u1Ju11 Dcrvlecs v,urp. - v1111rrc Amortization Schedule - 4152705008 October 2010 Month No Interest Principal Balance SBA CDC CSA Payment OCT 27 204 $75.11 $734.39 $27,768.11 $14.55 $23.37 $3.74 $851.16 NOV 27 205 $73.17 $736.33 $27,031.78 $14.55 $23.37 $3.74 $851.16 DEC 27 206 $71.23 $738.27 $26,293.51 $14.55 $23.37 $3.74 $851.16 JAN 28 207 $69.28 $740.22 $25,553.29 $14.55 $23.37 $3.74 $851.16 FEB 28 208 $67.33 $742.17 $24,811.12 $14.55 $23.37 $3.74 $851.16 MAR 28 209 $65.38 $744.12 $24,067.00 $14.55 $23.37 $3.74 $851.16 APR 28 210 $63.42 $746.08 $23,320.92 $14.55 $23.37 $3.74 $851.16 MAY 28 211 $61.45 $748.05 $22,572.87 $14.55 $23.37 $3.74 $851.16 JUN 28 212 $59.48 $750.02 $21,822.85 $14.55 $23.37 $3.74 $851.16 JUL 28 213 $57.50 $752.00 $21,070.85 $14.55 $23.37 $3.74 $851.16 AUG 28 214 $55.52 $753.98 $20,316.87 $14.55 $23.37 $3.74 $851.16 SEP 28 215 $53.54 $755.96 $19,560.91 $14.55 $23.37 $3.74 $851.16 OCT 28 216 $51.54 $757.96 $18,802.95 $14.55 $23.37 $3.74 $851.16 NOV 28 217 $49.55 $759.95 $18,043.00 $14.55 $23.37 $3.74 $851.16 DEC 28 218 $47.54 $761.96 $17,281.04 $14.55 $23.37 $3.74 $851.16 JAN 29 219 $45.54 $763.96 $16,517.08 $14.55 $23.37 $3.74 $851.16 FEB 29 220 $43.52 $765.98 $15,751.10 $14.55 $23.37 $3.74 $851.16 MAR 29 221 $41.50 $768.00 $14,983.10 $14.55 $23.37 $3.74 $851.16 APR 29 222 $39.48 $770.02 $14,213.08 $14.55 $23.37 $3.74 $851.16 MAY 29 223 $37.45 $772.05 $13,441.03 $14.55 $23.37 $3.74 $851.16 JUN 29 224 $35.42 $774.08 $12,666.95 $14.55 $23.37 $3.74 $851.16 JUL 29 225 $33.38 $776.12 $11,890.83 $14.55 $23.37 $3.74 $851.16 AUG 29 226 $31.33 $778.17 $11,112.66 $14.55 $23.37 $3.74 $851.16 SEP 29 227 $29.28 $780.22 $10,332.44 $14.55 $23.37 $3.74 $851.16 OCT 29 228 $27.23 $782.27 $9,550.17 $14.55 $23.37 $3.74 $851.16 NOV 29 229 $25.17 $784.33 $8,765.84 $14.55 $23.37 $3.74 $851.16 DEC 29 230 $23.10 $786.40 $7,979.44 $14.55 $23.37 $3.74 $851.16 JAN 30 231 $21.03 $788.47 $7,190.97 $14.55 $23.37 $3.74 $851.16 FEB 30 232 $18.95 $790.55 $6,400.42 $14.55 $23.37 $3.74 $851.16 https://www.colsonservices.com/cdconline/cdcfunding_J.c fm?CFID=9657&CFTOKEN=... 10/11/2010 L.olson ervices corp. -L.LI, online. rage 7 01 7 Amortization Schedule - 4152705008 October 2010 Month No Interest Principal Balance SBA CDC CSA Payment MAR 30 233 $16.87 $792.63 $5,607.79 $14.55 $23.37 $3.74 $851.16 APR 30 234 $14.78 $794.72 $4,813.07 $14.55 $23.37 $3.74 $851.16 MAY 30 235 $12.68 $796.82 $4,016.25 $14.55 $23.37 $3.74 $851.16 JUN 30 236 $10.58 $798.92 $3,217.33 $14.55 $23.37 $3.74 $851.16 JUL 30 237 $8.48 $801.02 $2,416.31 $14.55 $23.37 $3.74 $851.16 AUG 30 238 $6.37 $803.13 $1,613.18 $14.55 $23.37 $3.74 $851.16 SEP 30 239 $4.25 $805.25 $807.93 $14.55 $23.37 $3.74 $851.16 OCT 30 240 $2.13 $807.37 $0.56 $14.55 $23.37 $3.74 $851.16 Totals: $50,280.56 $143,999.44 https://www.colsonservices.com/cdconline/cdcfunding.p.cfm?CFID=9657&CFTOKEN=... 10/11/2010 Center City Business Loan - Leath Partners, LLC $175,000 Loan-American Chartered Bank $24,480 [17%of$144,000 Loan-SBA] Date Interest Interest[17%] 11.Jan $ 1,189.94 $ 86.78 11.Feb $ 1,188.01 $ 86.58 11.Mar $ 1,071.29 $ 86.39 11.Apr $ 1,183.34 $ 86.20 11.May $ 1,143.26 $ 86.00 11.Jun $ 1,179.13 $ 85.80 11.Jul $ 1,139.15 $ 85.61 11.Aug $ 1,174.85 $ 85.41 11.Sep $ 1,172.83 $ 85.21 11.Oct $ 1,133.02 $ 85.02 11.Nov $ 1,168.47 $ 84.82 11.Dec $ 1,128.77 $ 84.62 City's Tot Interest Subsidy Payment Total Interest 90%Interest $ 1,276.72 $ 1,149.05 $ 1,274.59 $ 1,147.13 $ 1,157.68 $ 1,041.91 $ 1,269.54 $ 1,142.58 $ 1,229.26 $ 1,106.33 $ 1,264.93 $ 1,138.44 $ 1,224.76 $ 1,102.28 1,260.26 $ 1,134.23 $ 1,258.04 $ 1,132.24 $ 1,218.04 $ 1,096.23 $ 1,253.29 $ 1,127.96 $ 1,213.39 $ 1,092.05 tal 2011 Participation $ 13,410.44 Center City Business Loan - Leath Partners, LLC $175,000 Loan-American Chartered Bank $24,480 [17%of$144,000 Loan -SBA] Date Interest Interest[17%] 12.Jan $ 1,164.06 $ 84.42 12.Feb $ 1,161.96 $ 84.22 12.Mar $ 1,085.01 $ 84.02 12.Apr $ 1,157.20 $ 83.82 12.May $ 1,117.79 $ 83.61 12.Jun $ 1,152.63 $ 83.41 12.JuI $ 1,113.34 $ 83.21 12.Aug $ 1,148.00 $ 83.01 12.Sep $ 1,145.79 $ 82.78 12.Oct $ 1,106.68 $ 82.60 12.Nov $ 1,141.07 $ 82.39 12.Dec $ 1,102.08 $ 82.19 City's Tot Interest Subsidy Payment Total Interest 80% Interest $ 1,248.48 $ 998.78 $ 1,246.18 $ 996.94 $ 1,169.03 $ 935.22 $ 1,241.02 $ 992.81 $ 1,201.40 $ 961.12 $ 1,236.04 $ 988.83 $ 1,196.55 $ 957.24 $ 1,231.01 $ 984.80 $ 1,228.57 $ 982.86 $ 1,189.28 $ 951.42 $ 1,223.46 $ 978.77 $ 1,184.27 $ 947.41 tal 2012 Participation $ 11,676.23 Center City Business Loan - Leath Partners, LLC $175,000 Loan-American Chartered Bank $24,480[17%of$144,000 Loan-SBA] Date Interest Interest[17%] 13.Jan $ 1,136.29 $ 81.98 13.Feb $ 1,133.99 $ 81.78 13.Mar $ 1,022.17 $ 81.57 13.Apr $ 1,128.61 $ 81.36 13.May $ 1,089.94 $ 81.15 13.Jun $ 1,123.66 $ 80.94 13.Jul $ 1,085.11 $ 80.73 13.Aug $ 1,118.64 $ 80.53 13.Sep $ 1,116.23 $ 80.31 13.0ct $ 1,077.87 $ 80.10 13.Nov $ 1,111.11 $ 79.97 13.Dec $ 1,072.88 $ 79.68 City's Tot Interest Subsidy Payment Total Interest 70% Interest $ 1,218.27 $ 852.79 $ 1,215.77 $ 851.04 $ 1,103.74 $ 772.62 $ 1,209.97 $ 846.98 $ 1,171.09 $ 819.77 $ 1,204.60 $ 843.22 $ 1,165.84 $ 816.09 $ 1,199.17 $ 839.42 $ 1,196.54 $ 837.58 $ 1,157.97 $ 810.58 $ 1,191.08 $ 833.75 $ 1,152.56 $ 806.79 tal 2013 Participation "$ 9,930.63 Center City Business Loan - Leath Partners, LLC $175,000 Loan -American Chartered Bank $24,480 [17%of$144,000 Loan-SBA] Date Interest Interest[17%] 14.Jan $ 1,105.92 $ 79.47 14.Feb $ 1,103.42 $ 79.25 14.Mar $ 994.36 $ 79.04 14.Apr $ 1,097.64 $ 78.83 14.May $ 1,059.76 $ 78.61 14.Jun $ 1,092.27 $ 78.40 14.JuI $ 1,054.52 $ 78.18 14.Aug $ 1,086.82 $ 77.96 14.Sep $ 1,084.19 $ 77.75 14.Oct $ 1,046.66 $ 77.53 14.Nov $ 1,078.64 $ 77.31 14.Dec $ 1,041.25 $ 77.09 City's Tot Interest Subsidy Payment Total Interest 60%Interest $ 1,185.39 $ 711.23 $ 1,182.67 $ 709.60 $ 1,073.40 $ 644.04 $ 1,176.47 $ 705.88 $ 1,138.37 $ 683.02 $ 1,170.67 $ 702.40 $ 1,132.70 $ 679.62 $ 1,164.78 $ 698.87 $ 1,161.94 $ 697.16 $ 1,124.19 $ 674.51 $ 1,155.95 $ 693.57 $ 1,118.34 $ 671.01 tal 2014 Participation $ 8,270.93 v Center City Business Loan - Leath Partners, LLC $175,000 Loan-American Chartered Bank $24,480 [17%of$144,000 Loan-SBA] Date Interest Interest[17%] 15.Jan $ 1,073.01 $ 76.87 15.Feb $ 1,070.29 $ 76.65 15.Mar $ 964.23 $ 76.43 15.Apr $ 1,064.07 $ 76.21 15.May $ 1,027.05 $ 75.99 15.Jun $ 1,058.25 $ 75.77 15.JuI $ 1,021.38 $ 75.54 15.Aug $ 1,052.34 $ 75.32 15.Sep $ 1,049.48 $ 75.10 15.Oct $ 1,012.83 $ 74.87 15.Nov $ 1,043.46 $ 74.65 15.Dec $ 1,006.96 $ 74.42 City's Tot Interest Subsidy Payment Total Interest 50%Interest $ 1,149.88 $ 574.94 $ 1,146.94 $ 573.47 $ 1,040.66 $ 520.33 $ 1,140.28 $ 570.14 $ 1,103.04 $ 551.52 $ 1,134.02 $ 567.01 $ 1,096.92 $ 548.46 $ 1,127.66 $ 563.83 $ 1,124.58 $ 562.29 $ 1,087.70 $ 543.85 $ 1,118.11 $ 559.05 $ 1,081.38 $ 540.69 tal 2015 Participation $ 6,675.59 ELGIN THE CITY IN THE SUBURBS" DATE: April 29, 2011 TO: Rick Kozal, Assistant City Manager and Chief Operating Officer FROM: Jennifer Quinton, Deputy City Clerk SUBJECT: Resolution No. 11-80, Adopted at the April 27, 2011, Council Meeting Enclosed you will find the agreement listed below. Please distribute this agreement to the other party and keep a copy for your records if you wish. If you have any questions please feel free to contact our office 847-931-5660 and we will do our best to assist you. Thank you. • Downtown Business Loan Interest Subsidy Program Agreement with Leath Partners, LLC and Future Link of Illinois, Inc. (164-66 E. Chicago Street)