HomeMy WebLinkAbout99-256 Resolution No . 99-256
RESOLUTION
APPROVING AGREEMENT UNDER THE SPECIAL BUSINESS LOAN PROGRAM
FOR BUILDING IMPROVEMENTS IN ELGIN CENTER CITY
(11-15-17 Douglas Avenue)
WHEREAS, the City of Elgin and certain banks and savings
and loan institutions have established a special business loan
program for building improvement in Center City Elgin for
revitalization purposes; and
WHEREAS, Frederick J. Steffen and Doris J. Steffen have
submitted an application to Home Federal Savings of Elgin for
a loan under the special business loan program; and
WHEREAS, Home Federal Savings of Elgin has approved this
loan under the special business loan program; and
WHEREAS, the loan is for the improvement of a type of
business located in an area of the Center City of Elgin which -
meets the eligibility requirements of the special business
loan program; and
WHEREAS, the loan application meets the general
requirements concerning type of financing, contractor bids of
the special loan program; and
WHEREAS, the loan applicants meet the qualifying
standards as set out in the special business loan program; and
WHEREAS, it is determined that funds are available for
the loan, the development plans are compatible with the Center
City development plans, and the application is in adherence to
the objectives and regulations of the program.
NOW, THEREFORE, IT IS RESOLVED BY THE CITY COUNCIL OF THE
CITY OF ELGIN, ILLINOIS, that Joyce A. Parker, City Manager,
and Dolonna Mecum, City Clerk, are hereby authorized to
approve the special business loan agreement as set forth in
the loan approval of Home Federal Savings of Elgin attached
hereto and made a part hereof by reference, and to make
monthly interest payments in the amount of 9 . 25% percent so
long as the borrower continues to make regularly scheduled
loan payments .
s/ Ed Schock
Ed Schock, Mayor
Presented: October 13 , 1999
Adopted: October 13 , 1999
Omnibus Vote : Yeas 7 Nays 0
Attest :
s/ Dolonna Mecum
Dolonna Mecum, City Clerk
CITY OF ELGIN CENTER CITY SPECIAL
BUSINESS LOAN AGREEMENT
This Agreement made and entered into on this 18T1-1 day of
October 1999, by and between the City of Elgin, Illinois, a
municipal corporation, (hereinafter referred to as the "City" ) ,
and Fredrick J. and Doris J. Steffen (hereinafter referred to
as the "Owner" ) ,
WHEREAS, the City has established a City of Elgin Center
City Special Business Loan for building improvements in the
Center City area in an effort to stimulate expansion,
reinvestment and business retention, a copy of such Center City
Special Business Loan Program for building improvements being
attached hereto and made a part hereof by reference as Exhibit
A (hereinafter referred to as the "Program" ) ; and
WHEREAS, pursuant to the Program, the City would pay a
portion of the financing costs for eligible building
improvements, and
WHEREAS, Owner is the owner of the property commonly known
as 11 - 15 and 17 Douglas Avenue, Elgin, Illinois, (hereinafter
referred to as the "Subject Property" ) which is located in the
Center City area as described in Exhibit A hereto; and
WHEREAS, Owner has applied for and obtained approval for a
loan agreement to finance the cost of the proposed building
improvements on the subject property, a copy of the subject
loan agreement being attached hereto and made a part hereof by
reference as Exhibit B (hereinafter referred to as the "Subject
Loan Agreement" ) ; and
WHEREAS, Owner has completed an application for
participation in the subject Program which identifies the
proposed improvements to the Subject Property, a copy of
Owner ' s application for participation in the Subject Program
being attached hereto and made a part hereof by reference as
Exhibit C.
NOW, THEREFORE, for and in consideration of the mutual
promises, covenants and undertakings contained herein, and
other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties
hereto agree as follows :
1 . That the foregoing recitals are hereby incorporated
into this agreement in their entirety.
2 . That Owner ' s application for participation in the
Program is hereby approved.
3 . That as long as the Owner continues to make regularly
scheduled loan payments on the Subject Loan Agreement the City
agrees to pay on a monthly basis the difference between annual
interest rate of the Subject Loan Agreement of 9 . 25% and 6% for
the 120 month term of the Subject Loan Agreement . The total
amount of all payments by the City shall in no event exceed
$30 , 622 . 00 . The Owner shall make all other principal and
interest payments and all other payments on the Subject Loan
Agreement . It is expressly agreed and understood that the City
is not and shall not be deemed to be a party to the Subject
Loan Agreement or an obligor thereunder. The City ' s agreement
to make interest payments as provided in the paragraph may not
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be relied upon or enforced by any other party including but not
limited to the lender in the Subject Loan Agreement or any
successor or assign thereof .
4 . That the terms, requirements and conditions of the
Program as set forth in Exhibit A hereto are hereby
incorporated into this agreement in their entirety. The City' s
obligations under this agreement including but not limited to
the City' s obligations to make continued interest payments are
subject to Owner' s ongoing compliance with all terms and
requirements of the Program.
5 . That the Owner agrees to complete the improvements on
or before December 31, 2000 . In the event Owner fails to
complete the work in accordance with the terms of this
agreement or otherwise breaches the terms of this agreement ,
the City may terminate this agreement upon written notice of
breach and termination to Owner, and any and all financial or
other obligations on the part of the City shall cease and
become null and void.
6 . That upon completion of the improvements, and for a
period of five (5) years thereafter, Owner shall properly
maintain the improvements in their finished form, without
alteration or change thereto.
7 . That nothing herein is intended to limit, restrict or
prohibit the Owner from undertaking other work in or about the
Subject Property which is unrelated to the improvements
provided for in this agreement .
8 . That this agreement may not be assigned without the
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prior written consent of the City.
9 . That the Owner hereby holds harmless and indemnifies
the City from and against any and all causes of actions, suits,
claims for damages and any and all other liability which may
arise out of or in connection with the proposed improvements or
other work at the Subject Property or with Owners or Owners
agents, employees, contractors and permitted assigns negligent
performance of any of the terms of this agreement .
10 . That this agreement shall not be construed to create
a partnership, joint venture or employment relationship between
the parties hereto.
11 . That this agreement shall be subject to and governed
by the laws of the State of Illinois . The parties hereto agree
that venue for any and all actions which may be brought by each
and either of them to enforce the provisions of this agreement
shall be in the Circuit Court of Kane County, Illinois .
12 . That 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 or otherwise unenforceable for
any reason, the remainder of this agreement shall remain in
full force and effect .
13 . 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
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Attention: City Manager (with a copy to
Corporation Counsel)
To : Fredrick J. and Doris J. Steffen
Owner ' s Name
17 Douglas Avenue
Address
Elgin, IL 60120
City, State, Zip Code
847-741-0503
Telephone Number
11-15 and 17 Douglas Avenue
Property Location
Ownership Interest - Owner
IN WITNESS WHEREOF, the parties hereto have entered
into and executed this agreement the day and year first written
above .
CM" O ELGIN OWNER ittice,„By: � L..� (1'Lc�j _J ce ` . Parker ��Gs
City Manager .4491 4:
ej ay,/
Attest : 7
994-14,,,Az M,L,(. —
Dolonna Mecum, City Clerk
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' i-/ •
. CITY OF ELGIN
Center City Special Business roan Program
for Building Improvements
1 DURPOSE STATEMENT :
The City of Elgin and the Elgin financial institutions have estab-
lished a special loan program for building improvements in center
city Elgin in an effort to stimulate expansion, reinvestment and
business retention . .
LOAN TERMS :
Interest Rate : 6% paid by borrower
Term of Loan : 10 year amortization
Collateral : First or Second mortgage on
property
• Maximum Loan : Up to $150 , 000 per building project
Purpose of Loan: Loan prcceeeds must be used for
building improvements ( interior &
exterior)
City of Elgin pays additional
interest to lender monthly at P -
• 1% less 6% paid by borrower_
Ceiling 1'4% .
Months
y payment : Separate bills sent to borrower
( for principal payment plus 6%
- interest) and to City ( for
additional interest between 6% and
ELIGIBILITY REQUIREMENTS :
To be eligible to apply
for this special lean program, the applying
business must satisfy both of the following criteria :
Geographic : The business must be located in center city
1 . Elgin, in the areas outlined in Appendix A.
d
2 . Type of Business : . The business must st,berengagednin services
retailing, wholesaling, di
and certain other types of general commercial lines of
business as described in Appendix 3 . •
GENERAL REQUIREMENTS :
• building
1 . Loan proceeds must be used strictly for commercial improvements . This program does not include financing ro..
•
working cap4ta1, not
L equipment, furniture or other purposes
o
involving building improvements .
i .2 . Building improvements must be done by an independent
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contractor. Agreement with contractor must be suppoit'
by two different contractor bids . ri`�
•
QUALIFYING STANDARDS :
1 . 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 accordance with the customary
loan (with the loan to value ratio not to exceed 75% to
80% ) unless other collateral or financial strength is
provided) .
APPLICATION PROCESS :
1 . Eligible businesses should complete the loan program
application form and submit it to the bank or savings and
loan official that normally handles their account .
2 . Once the loan is conditionally approved and structured by
the lending institution, the lender shall complete a loan
proposal for submission to the City of Elgin for final
approval .
3 . Approval by the City of Elgin will be conditioned upon ( 1)
available funds , ( 2) compatibility with Center City devel-
opment plans and ( 3 ) adherence to the objectives and regu-
lations of the program.
4 . The lending institution and business applicant may elect to
proceed with a conventional market rate loan in the event
that the City of Elgin denies the special loan program
application.
SUPPLEMENTAL LOAN AMOUNTS :
If a financial institution approves subsequent increases in the
original loan amount approved for a project under this program,
application can be made for an interest subsidy on the increment.
Provision of the subsidy is subject to approval by the City of Elgin.
The City of Elgin is under no obligation to provide benefit beyond
that previously approved.
ADDITIONAL TERMS AND CONDITIONS :
1 . The interest rate ceiling shall be 14% , at which point the
City will be paying 8% and the borrower 6% .
-2 . The City shall make monthly interest payments so long as
the borrower continues to make the regular scheduled loan
payments . If the borrower, fails to pay, the City will also
cease paying. If the borrower resumes paving, then the City-
will
will resume paying.
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SUSLOANP . ROG/TEXT081/NEWCENTU.RY
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r.i
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Appendix
PROGPav TARGET AREA •
Geo raQhic Aced/Location :
Businesses and organizations located in the following districts
may be eligible for loans provided that the proposed improve-
marts are consistent
with the Center City development goals for
their respective district and the area is not targeted for re-
d?velOpment . Districts are defined by the Center City Master
Plan .
1 . Commercial Core .
2 . Gateway - west side of State Street .
3 . State Street Corridor
west of State street north to
Kimball/Lawrence .
4 . Civic Center/Cultural .
5 . Transition. •
6 . Hill top .
•
•
•
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PROGTARG. ET/TEXTO S i/NEWCENTU•RY
Appendix B
STANDARD INDUSTRIAL CLASSIFICATION CODE
( 1987 Manual )
Major Industry Industry
Group Group
523 Paint, glass and wallpaper stores
525 Hardware stores
53 General merchandise stores
544 Candy, nuts , confectionary
545 Dairy products
546 Retail bakeries
549 Except for poultry dealers
56 ' Apparel and accessory stores
57 Home furniture, furnishings and
equipment stores
58 Eating and 'drinking places
591 Drug stores and proprietary stores
593 Antique stores only
594 Miscellaneous shopping goods stores
599 Retail stores , not elsewhere 'classified
60 Depository Institutions
61 Non-depository credit institutions
62 Security and commodity brokers , dealers ,
exchanges and services
63 Insurance carriers
64 Insurance agents , brokers and service
65 Real estate
67 Holding and other investment offices
7219 Laundry and garment services , not elsewhere
classified
722 Photographic studios , portrait
723 Beauty shops
724 Barber shops
725 Shoe repair shops and shoe shine parlors
726 Funeral service and crematories
729 Miscellaneous personal services
73 Business services
753 Automotive repair shops
78 Motion pictures
79 Amusement and recreational services
Health services, except for industry group
80 809
•
81 Legal Services
824 Vocational schools
829
Schools and educational services , not elsewhere
classified
841 Museums and art ga> > ia,s
86 Membership organizations management
87
Engineering, accounting, research, manage•
and related services
CENTER.CTY/NCPBOAR.D
•
August 31, 1999
Fredrick J. Steffen
Steffen, Kelly & Steffen
17 Douglas Avenue
Elgin, IL 60120
RE: Development and Construction and End Loan financing for 11-15 & 17 Douglas Avenue,
Elgin, IL.
Dear Mr. Steffen:
I am pleased to inform you that, subject to the conditions outlined below, Home Federal Savings of
Elgin (hereinafter referred to as "Lender") has authorized a first mortgage loan to the below named
entity (hereinafter referred to as "Borrower") on the property generally described above (hereinafter
referred to as "Subject Property").
Borrower: Fredrick J. Steffen
Guarantor: Fredrick J. and Doris J. Steffen
Loan Amount: $150,000.00
Purpose: To provide development and construction and end loan funding for
the property located at 11-15 & 17 Douglas Avenue, Elgin, IL.
Term: 10 years
Amortization: 10 years
Interest Rate: 9.25%
Accrual Method: Actual/360 day basis
Loan Service Fee: $
Default Rate: 6%in excess of the interest rate.
Name
Date
Page 2
Collateral: The loan shall be secured by:
X A first mortgage and assignment of rents and/or leases on the subject
property.
GENERAL CONDITIONS
_ Title Insurance
Borrower shall furnish the Lender with a standard form ALTA mortgagee policy of
title insurance with the same exceptions contained in the policy to be furnished by
Seller to Borrower in connection with the sale of the property to Borrower. The title
as shown is to be good and marketable and the title policy is to insure us against any
violation of restrictive covenants of any nature. If title to the Subject Property is
subject to any restrictive covenants, the title insurance policy, if available, shall
insure that said covenants have not been violated and any future violation will not
result in a forfeiture or reversion of title. The title insurance is to be in amounts and
companies (including reinsurers) approved by us prior to the closing of the loan.
Said title insurance shall contain the following endorsements:
• Comprehensive endorsement
• Zoning endorsement
Insured Closing
We shall require the utilization, without expense to us, of the title insurer's
guaranteed or insured closing service by which the title company is responsible for
the closing, the recording of documents complying with a letter of instructions
prepared by us, and the issuance of the policy of title insurance as required above.
Survey
Prior to the funding, the Borrower shall furnish the Lender with an as completed
ALTA survey certified by a licensed surveyor. The survey shall be in form and
and the title insurer required above so as to permit said
content satisfactoryto us q
title insurance company to issue its title policy without survey exception.
-
Name
Date
Page 3
_ Appraisal
The Borrower shall supply the Lender with a certified appraisal prior to the
disbursement of the loan. Said appraisal shall conform to the standards prescribed
by the Financial Institute Reform Recovery and Enforcement Act of 1990
(FIRREA) and be in form and content acceptable to Lender and support a loan-to-
value not to exceed 80%.
_ All Perils Insurance
Lender requires that an All Perils Insurance policy be provided prior to closing and
maintained throughout the life of the loan. Said policy shall reflect the following:
1) Property Address: Subject property
2) Insured: Borrower
3)Mortgage Clause Payee: Home Federal Savings of Elgin, its successors or assigns
4)Minimum Insurance:
A. Hazard -Replacement cost of the improvements as per the appraisal
B. Liability - $1,000,000.00
Said policy shall be underwritten by an insurance company with a minimum Best's
rating of A(15) for the last three years.
Taxes
All taxes and assessments which are payable on the Subject Property must be paid
in full prior to our disbursement of the loan.
Governmental Requirements
The loan documents shall require the Borrower to obtain, and at all times, keep in
full force and effect any other governmental and municipal approvals as may be
necessary to comply with all environmental, ecological, safety, licensing, and other
governmental requirements relating to the Subject Property and/or occupancy
thereof, as such requirements may exist from time to time, and prior to the closing
of the loan, we shall be furnished evidence satisfactory to us that all such approvals
have been obtained by Borrower.
_ Documents and Other Matters
The note and security instruments creating the lien shall be executed by the
Borrower and all other parties who by record or by operation of law have any
interest in the Subject Property. All other instruments shall be executed by parties
required to consummate the loan. The legal instruments and all other documents
necessary to complete this transaction are to be in substance and form satisfactory to
us.
MASTER.COM\FRM
Name
Date
Page 4
_ Easement Rights
If the Subject Property has or needs easement rights for ingress, egress or parking
over other real estate or if any lease to be assigned as security for our loan requires
any additional rights, then the mortgage must likewise encumber them and we shall
be furnished acceptable title evidence for same and furnished a copy of any such
easements for our records.
Deposit Accounts
The Borrower shall maintain its principal deposit relationship with Home Federal
Savings of Elgin.
•
Funding Date Expiration
This commitment will expire on November 1, 1999 if not initially funded by that
date. Extension of the commitment is not automatic. In the event a request for an
extension is made, such may be granted, but solely at our discretion, and only upon
the terms and conditions as may be required by us at the time the extension is
sought.
Borrower's Expenses
It is understood and agreed that whether or not the transaction herein contemplated
is completed, the Borrower will pay all costs incurred by the Borrower and the
Lender incidental to the transaction including, without limiting the generality
thereof, all costs of title insurance, revenue stamps, recording fees, attorney's fees,
and any and all other incidental expenses.
Assignment Prohibited
This commitment is an executory contract and may not be transferred or assigned by
the Borrower. The filing of any voluntary petition by the Borrower under the
Federal Bankruptcy Act or any state insolvency law shall constitute a default and
render this commitment null and void. In the event an involuntary petition is filed
against the Borrower and not vacated within 60 days, we may, at our option, declare
this commitment to be null and void.
_ Call Provision
The loan documents shall contain a provision that permits us the option to call the
loan at par if at any time during the term of the loan the Borrower sells, assigns or
otherwise transfers all or any part of its interest in the Subject Property without our
express written consent. In addition, the loan documents shall contain a provision
that prohibits secondary financing of any type on the Subject Property without our
express written consent. The call provision shall also be invoked if the Lender
MASTER.COM\FRM
Name
Date
Page 5
deems itself insecure as a result of financial losses or a material adverse change in
the financial condition of the Borrower or the guarantor as determined by the
periodic review of their financial statements. Lender shall act in good faith in the
matter.
_ Environmental Disclosure
If requested, the Borrower and seller shall complete an Environmental
Questionnaire relative to the condition and use of the property. If the answer to any
question in the questionnaire or if any information contained in the document has an
adverse effect on the Loan or the Property, then Lender may terminate this
commitment no later than thirty (30) days after receipt. In which event, the
Borrower and Lender shall thereafter be released from all obligations under this
commitment except for Borrowers payment of the fees and expenses of the Lender
as provided for in this commitment letter.
Borrower will complete this questionnaire annually during the term of the loan.
Borrower will also complete an affidavit stating that the Subject Property has no
underground storage tanks and is not subject to the disclosure requirements of the
Illinois Responsible Property Transfer Act.
Nothing contained in this Section shall release or waive any liability against
Borrower arising out of a breach of any representation or warranty contained in any
of the Loan Documents.
_ Environmental Disclosure for Properties Subject to IRPTA
If required, no later than ten (10) days prior to closing, Borrower shall deliver to
Lender a disclosure document (the "Disclosure Document") as required under the
Illinois Responsible Property Transfer Act (IRPTA) (P.A. 85-1228), as amended. If
the answer to any question in Section IV of the Disclosure Document is "yes" or if
any information contained in the Disclosure has adverse effect on the Loan or the
Property, then Lender may terminate this Commitment no later than thirty (30) days
after receipt of the Disclosure Document. In which event, the Borrower and Lender
shall thereafter be released from all obligations under this Commitment except for
Borrower's payment of the fees and expenses of the Lender as provided for in this
commitment letter.
At the closing, Borrower shall record or cause to be recorded the Disclosure
Document with the Recorder of Deeds and shall file the Disclosure document with
the Illinois Environmental Protection Agency, and shall deliver to Lender evidence
of such recording and filing promptly thereafter. Nothing contained in this Section
Name
Date
Page 6
shall amend or modify the requirements of the section titled Environmental Audit or
release or waive any liability against Borrower arising out of a breach of any
representation of warranty contained in any of the Loan Documents.
Environmentally Reportable Sites
If requested, prior to closing on the loan, Borrower must supply Lender with a
listing of any sites within one (1) mile of the Subject Property that are included on
state or federal environmental contamination lists or have any underground storage
tanks (usts). Said report must be prepared by an independent source, and be in form
and content acceptable to the Lender.
_ Environmental Audit
If required, prior to funding, the Borrower shall supply the Lender with a Phase 1
environmental audit performed by a Lender approved environmental assessment
firm certifying that the Property is free and clear of contamination by hazardous
materials and is in accord with Federal and State laws regulating environmental
compliance.
Certificate and Indemnity Regarding Hazardous Substances
The Borrower shall execute on an annual basis an Agreement indemnifying the
Lender against any and all claims, demands, damages, liens, liabilities, etc. arising
from contamination of the property by hazardous substances.
_ Construction Related Information
See Addendum Regarding Construction Related Issues (Exhibit A) attached hereto
for specific information on the disbursement procedure, loan balancing, etc.
Property Inspection
Borrower will allow the Lender access to the Subject Property to make periodic
inspections at least once annually.
_ Financial Statements
Annually during the term of the loan, the Borrower shall supply the Lender with the
following financial information:
_ Borrower's Financial Statements and Federal Income Tax Return
_ Guarantor's Financial Statement and Federal Income Tax Return
Major tenant financial statement
Rent roll and income and expense summary for the Subject Property
This information shall be supplied to the Lender by March 31, of each succeeding
year or within 90 days of the fiscal year-end of the company. The information shall
be acceptable to the Lender in form and content.
Name
Date
Page 7
To accept this commitment, sign where indicated below and return by September 15, 1999.
Otherwise this commitment will, at our option, become null and void.
The headings of the several conditions and special requirements contained herein are for
convenience only and do not define, limit, or construe the contents of such conditions and special
requirements. This commitment letter in its entirety represents a contractual agreement between the
parties hereto and cannot be changed, discharged, or terminated, without an instrument in writing
signed by the party against whom enforcement of any change, discharge, or termination is sought.
Home Federal Savings of Elgin
By:
Kenneth L. Moran
Senio Vice President
By:
. d A.! wieci
• ce President Commercial Lending
Borrower hereby accepts this agreement and agrees to fulfill the terms and conditions hereof and to
consummate the loantransaction herein provided for within the time limits herein set forth.✓Accepted this day of ogerdeele 1999.
By: — Lv
Its: \� I�g5l,>'1,�
v
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Name
Date
Page 8
Exhibit A
Addendum Regarding Construction Related Issues
Permits: The Borrower agrees to supply the Lender with copies of all the
required permits for the construction of the proposed project
and a certification from the project's architect that the
improvements will meet all of the municipal building and
zoning codes and provisions of relevant annexation
agreements.
Land Suitability: Prior to the initial disbursement of the Lender's funds, the Borrower
shall provide the Lender with soil boring results and the
architect's certification that the land is fully adequate for the
proposed development.
General Contractor: The Borrower and general contractor shall be required to supply the
completed and notarized contractor's and owner's affidavits
in form and content acceptable to the Lender.
Contracts: The Borrower shall supply the Lender with the Plans and
Specifications, with copies of the executed contracts with the
general contractor. Said contract and plans shall be assigned
to the Lender.
Construction Disbursements: The construction portion of the loan shall be disbursed in
coordination with a mutually accepted title company under
the escrow method, including interim certifications.
It is anticipated that draws will be made monthly. The draws
will be presented to the Lender by the 15th of the month for
payment by the 30th of the month.
No disbursement will be made for items which are not
permanently affixed to the real property in a proper fashion.
Additionally, no payments will be made for labor where the
work has not already been performed or for materials stored
on the site or at an off-site facility.
Name
Date
Page 9
In Balance Provision: No disbursements will be made unless the loan is in balance and
maintained in balance. To be in balance, adequate loan funds
must be available to complete the proposed construction.
Any shortfall which may develop shall be funded by the
Borrower.
Monthly Reporting: During the construction period, the Borrower will supply to the
Lender the following information on a monthly basis:
Month to month cash flow projections of the project
which include revenues,borrowings, and expenses.
Status Report of Borrower's other development/
construction projects.
Signage: The Borrower agrees to allow the Lender to erect a sign indicating
that the Lender is supplying the construction financing for
the project.
•04/13/1999 16:26 8477416973 STEFFEN KELLY STEFFE PAGE 02
.._... • •,•, ,,.., 1v4rvJ141J1Q r. Ub
APPLICATION FOR
CITY OF ELGIN `.
CENTER CITY SPECIAL BUSINESS LOAN PROGRAM
DaLE : March 24, 1999 V each of 4 projects listed
•
Loan Amount Requestad: 1 Tote: Project Cost: 5
below exceeds
11 --45 DOUGLAS AVE BUILDING TRUST $150, 000. 00
Company Name :
Address :
17 Douglas Avenue, Elgin, IL 60120
Phone; (847) 741-0503
owner' s Nama( s ) : Fred & Judy Steffen, Trustees
Type of Business :
Purpos o of Loan •_ exterior and inter demolition and,ismnriszation
Does this loan represent an addition to a Ivan previously approved
for this project? YES X NO
If yes, please indicate original amount, date approved and total loan
amount with proposed increment.
Home Federal Savings (Ken Moran) has approved
Original loan approved:4
' separate loans for each of 4 projects
Date Approved:
total of 4 loans to exceed $800 00C
.Total loan with proposed increment:$ _
BREAKDOWN OF PROJECT
AMOUNT CONTRACTOR DESCRIPTION OF WORK
Driessen Construct, front facade demo (interior
161, 420. 00. Kresmery Construct.1 . $ -demo /
office/retail
2 . 5 200, 000+ Est to follow +� 1st_ floor rezmu.at 4�
3 , . 5 200,000+ Est to follow 2nd floor renovation Office
residential
4 . $ 200, 000+ Est to follow 3rd floor renovatio ,
BUSLOANA.PPL/TEXT081/NEWCENTU,RY
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>F14/13/1999 16:26 8477416973 STEFFEN KELLY STEFFE PAGE 03
. �' '' ._ .... v. i VI I..1V7I1/VI I f tivrt. rriA NU. 164( .lbb]U P. 07
OTHER CONTRACTOR BIDS OBTAINED
DESCRIPTION OF PRCPERTY: 44' x 85 ' 3 storey w/fully improved basement
(Size & Description)
APPRAz5c,l7 vALUE :
Fred and Judy Steffen , beneficiaries under Land Trust
OWNER IN TITLE:
EXISTING MORTGAGE property vacant with exception of basement restaurant
ON PROPERTY: Banger 1_'L_fnugi q A1rarn , Elcia, IL
OTHER INFORMATION REQUIRED INITIALLY :
1 . Business Year end Financial Statements - last two years.
2 . Business Interim Financial Statement - currant year-to-date .
3 . Personal Financial Statement - current.
4 . Copy of Contractor Estimates .
5 . Corporate and/or Personal Tax Returns may be required.
6 . Appraisal of property may be required.
The undersigned applicant hereby certifies that the loan funds
obtained shell be used for the purposes outlined in this application-.
DATE April 8 , 1999 1 I —(5 .0 04 / .3XIN
- :
-" Applicant Business
BY:
otgn2I ill
' Sim
Please deliver this completed application to the bank or savings end
loin official of your choice. They will process your credit app/ica-
tion and submit a loan proposal to the City of Elgin for final
approval..
I
•F
� c 1Agenda Item No.
Ve, City of Elgin
ti
September 13, 1999
TO: Mayor and Members of the City Council
FROM: Joyce A. Parker, City Manager
SUBJECT: Application for Participation in Special Business Loan
Program for Building Improvements at 11-15 Douglas Avenue
PURPOSE
The purpose of this memorandum is to provide information to the
City Council in order to consider subsidizing interest on a loan
for building improvements made to Fredrick J. Steffen by Home
Federal Savings and Loan.
BACKGROUND
As a partner with private financial institutions in the Special
Business Loan Program for Building Improvements, the City of Elgin
has subsidized interest on loans made to target area businesses.
At present, the City is involved in such loans made for projects
undertaken by Center City businesses.
In order to participate in the program, the applicant must seek
financing through and receive approval from a participating lending
institution, and file an application for the interest subsidy with
the City through the lender. If approved, the City will subsidize
the interest rate between 6% and Prime plus 1% (14% ceiling) for
ten years. A bill for the interest payment is sent to the City
from the lending institution.
Frederick Steffen is requesting participation in the Facade
Improvement Program for work done at 11-15 Douglas Avenue. The
applicant intends to do brick cleaning and tuckpointing on three
exterior walls as well as window replacement and other historic
restorations. The loan application requests an interest subsidy on
a loan totaling $150, 000 . Home Federal is providing the borrower
the $150, 000 at an interest rate of 9.25% over 120 months. The
borrower will be responsible for 6% interest with the City
subsidizing the remaining payments over the same time frame. The
total obligation to the City over the 120-month period is $30, 622 .
A schedule for the interest subsidy is attached as exhibit I .
Special Business Loan Program Application
September 13, 1999
Page 2
In his application for the Business Loan Program, Mr. Steffen
indicates that he may be requesting assistance from the City on
four separate loans relating to improvement at 11-15 Douglas
Avenue. The four individual loans would relate to the following
building areas, 1) facade and interior demolition, 2) first floor
commercial renovation, 3) second floor office renovation, and 4)
third floor renovations. It is anticipated that the value of the
four proposed loans would exceed $800, 000. 00.
Past participants in the Business Loan Program have only requested
one loan for each address. The current program guidelines do not
address the issue of multiple loans. It should be noted that Mr.
Steffen is applying for one loan at this time and that Home Federal
Savings and Loan has approved only one loan. Changes would be
required to the current business loan guidelines to allow for loans
in excess of $150, 000 or multiple loans on a single property.
COMMUNITY GROUPS/INTERESTED PERSONS CONTACTED
New Century Partnership and the Downtown Neighborhood Association
are aware of the project.
9ç7lLLFIN.ANCI.AL IMPACT
The City will be responsible for subsidizing interest payments over
120 months, which will total $30, 622. Funds are available in
account number 350-0000-795. 78-03, Commercial Rehab Loans.
IN- y4/LEGAL IMPACT
An agreement will need to be prepared. The current program
guidelines limit total loans for a project to $150, 000. Any
proposed loans which individually or in total exceed such amount
would require an amendment to the program guidelines.
ALTERNATIVES
1. To approve an application by Frederick J. Steffen to
participate in the Special Business Loan Program for Building
Improvements.
2 . To reject an application for participation in the Special
Business Loan Program for building improvements.
Special Business Loan Program Application
September 13, 1999
Page 3
RECOMMENDATION
It is recommended to approve participation in the loan to Frederick
J. Steffen by subsidizing the interest as allowed.
Re ectfully submit ,
a. GLOL,
J ce Parker
City Manager
STEFFEN, KELLY & STEFFEN
17 Douglas Avenue
Elgin, Illinois 60120
(708) 741-0503
Prepared for: FREDERICK J. STEFFEN, Trustee July 30, 1999
Borrowers :
Amount Loan Loan 1st Pmt #of Pmts Amtz
Borrowed Date Rate % Date Pds /Yr Payment Mthd Pts APR
+ + + +----+--+ +---+----+
150 , 000 . 00110/ 1/991 9. 2500111/ 1/991 1201121 1,920. 49ISTDI
+ + + +----+--+ +---+----+
Outstanding Principal Interest Interest
Date Principal This Period This Period To Date
11/ 1/99 149, 235.76 764 . 24 1, 156 . 25 1 , 156 . 25
12/ 1/99 148 ,465. 63 770. 13 1, 150. 36 2 , 306 . 61
Subtotal : 148,465.63 1 , 534. 37 2 ,306 .61 2 , 306.61
1/00 147,689 .56 776 .07 1, 144 . 42 3 ,451 .03
1/00 146 ,907 .51 782.05 1, 138.44 4 ,589. 47
3/ 1/00 146 , 119.43 788 .08 1 , 132 .41 5, 721 . 88
4/ 1/00 145, 325. 28 794 .15 1 ,126.34 6, 848 . 22
5/ 1/00 144 ,525 . 00 800. 28 1 ,120. 22 7 ,968. 44
6/ 1/00 143 ,718 . 56 806 .44 1 , 114 .05 9,082 . 48
7/ 1/00 142 ,905.90 812.66 1,107 .83 10, 190. 31
8/ 1/00 142 ,086.97 818 .92 1 ,101 . 57 11 , 291.88
9/ 1/00 141, 261. 74 825. 24 1 ,095. 25 12 , 387 . 13
10/ 1/00 140, 430. 14 831 . 60 1 ,088.89 13 , 476.03
11/ 1/00 139,592 . 13 838. 01 1 ,082 . 48 14 ,558 . 51
12/ 1/00 138 ,747. 66 844 .47 1,076.02 15,634.53
Subtotal : 138 ,747. 66 9 ,717.97 13 , 327 .92 15,634. 53
1/ 1/01 137 ,896 .68 850.98 1,069.51 16,704 . 05
2/ 1/01 137 , 039. 15 857. 54 1 ,062 .95 17, 767. 00
3/ 1/01 136 , 175. 00 864 . 15 1 , 056 . 34 18 ,823 . 34
4/ 1/01 135 , 304 . 19 870. 81 1,049.68 19, 873 .02
5/ 1/01 134 ,426 .67 877 . 52 1 ,042 . 97 20, 915 . 99
6/ 1/01 133 ,542 . 38 884 . 29 1 ,036 . 21 21 ,952 . 20
7/ 1/01 132 ,651. 28 891 . 10 1 ,029. 39 22 , 981 .59
8/ 1/01 131 ,753 .31 897. 97 1 ,022.52 24 , 004 . 11
9/ 1/01 130,848 .42 904.89 1,015.60 25,019.71
10/ 1/01 129 , 936 . 55 911 .87 1 ,008 . 62 26 , 028 . 33
11 / 1/01 129, 017 . 65 918 .90 1 ,001.59 27 , 029 .93
/ 1/01 128 , 091 .67 925.98 994.51 28 ,024 .44
Subtotal : 128 ,091 .67 10 ,655.99 12, 389.90 28,024 . 44
1/ 1/02 127, 158.56 933 . 12 987 .37 29 , 011 . 81
2/ 1/02 126 , 218 . 25 940. 31 980.18 29 ,991 .99
Outstanding Principal Interest Interest
Date Principal This Period This Period To Date
3/ 1/02 125 , 270. 69 947. 56 972.93 30 ,964 . 92
4/ 1/02 124 , 315. 83 954 .86 965.63 31, 930 . 55
5/ 1/02 123 ,353 .60 962.22 958. 27 32,888 . 82
6/ 1/02 122, 383 .96 969 .64 950.85 33 ,839.67
7/ 1/02 121 ,406.85 977.11 943 .38 34 ,783 . 05
8/ 1/02 120 ,422.20 984 .65 935. 84 35,718 . 89
9/ 1/02 119 ,429 .97 992 .24 928.25 36 , 647 . 14
10/ 1/02 118 ,430.08 999 .88 920.61 37,567 . 75
11/ 1/02 117,422 .49 1 ,007.59 912 .90 38 ,480 . 65
12/ 1/02 116, 407. 13 1 ,015.36 905. 13 39 , 385. 78
Subtotal : 116 ,407 . 13 11 ,684. 55 11 , 361 . 34 39 , 385. 78
1/ 1/03 115, 383 .94 1 ,023 . 19 897 . 30 40 , 283 .09
2/ 1/03 114 , 352.87 1 ,031 .07 889.42 41 , 172 . 50
3/ 1/03 113 , 313 .85 1 ,039.02 881.47 42 ,053 .97
4/ 1/03 112 , 266. 82 1 ,047 .03 873 .46 42 ,927.43
/ 1/03 111 , 211.72 1,055.10 865. 39 43 ,792 .82
/ 1/03 110,148 .48 1 ,063. 23 857 . 26 44 ,650 .08
7/ 1/03 109 ,077.06 1 , 071. 43 849. 06 45,499 . 14
8/ 1/03 107,997. 37 1,079.69 840. 80 46, 339.95
9/ 1/03 106 ,909 . 36 1 ,088.01 832.48 47 , 172 .42
10/ 1/03 105,812.96 1,096 .40 824 .09 47 ,996 . 52
11/ 1/03 104 , 708 . 11 1,104 .85 815.64 48,812 . 16
12/ 1/03 103 , 594 .74 1 , 113 . 37 807. 13 49 ,619 . 28
Subtotal : 103 ,594 .74 12 , 812 . 39 10 , 233 .50 49 ,619. 28
1/ 1/04 102 , 472. 79 1 ,121 .95 798.54 50 ,417 .83
2/ 1/04 101, 342 .20 1 , 130.60 789.89 51 , 207 . 72
3/ 1/04 100, 202.89 1 ,139. 31 781 . 18 51 , 988 . 90
4/ 1/04 99,054 .79 1 , 148. 09 772 . 40 52,761 . 30
5/ 1/04 97 ,897 .85 1 ,156. 94 763 .55 53 , 524 .85
6/ 1/04 96 , 731.99 1 , 165.86 754 .63 54 ,279 .47
7/ 1/04 95 , 557. 14 1 , 174. 85 745.64 55 , 025. 12
8/ 1/04 94 , 373 . 24 1 ,183 .90 736 . 59 55,761 .70
9/ 1/04 93 ,180 . 20 1 ,193 .03 727 . 46 56,489 . 16
10/ 1/04 91 ,977 . 98 1, 202 . 23 718 . 26 57 , 207 .43
11/ 1/04 90 ,766.48 1 , 211 .49 709.00 57 ,916 . 42
12/ 1/04 89 , 545. 65 1 ,220 .83 699 . 66 58 ,616 . 08
Subtotal : 89 ,545.65 14 ,049 .09 8 ,996. 80 58 ,616 . 08
/ 1/05 88 , 315.41 1, 230. 24 690 . 25 59,306 . 33
2/ 1/05 87 ,075 . 68 1, 239 .73 680 .76 59 ,987 . 10
3/ 1/05 85, 826 .40 1,249.28 671. 21 60 ,658 . 30
4/ 1/05 84 , 567 .49 1 , 258. 91 661 .58 61 , 319 .88
5/ 1/05 83 , 298 . 87 1 ,268 .62 651.87 61 , 971 . 76
6/ 1/05 82 , 020.48 1 , 278 .40 642 . 10 62 ,613 . 85
OutstandingPrincipal Interest Interest
Date Principal This Period This Period To Date
7/ 1/05 80 ,732 . 23 1 , 288 . 25 632. 24 63 ,246 . 09
8/ 1/05 79 ,434 . 05 1 , 298 . 18 622. 31 63 , 868 . 40
9/ 1/05 78 , 125.86 1 , 308 .19 612. 30 64 ,480 .71
10/ 1/05 76 , 807 . 59 1 , 318 . 27 602 .22 65 , 082.93
11/ 1/05 75 ,479. 16 1 , 328 .43 592 .06 65 , 674 .99
12/ 1/05 74 , 140 . 48 1 , 338 . 67 581 .82 66 , 256 . 81
Subtotal : 74 ,140 .48 15,405.17 7 , 640.72 66 ,256 . 81
1/ 1/06 72 ,791 .49 1 , 348 .99 571 .50 66 , 828 . 31
2/ 1/06 71 , 432 . 10 1 , 359 . 39 561 .10 67 , 389 . 41
3/ 1/06 70 , 062 . 23 1 , 369 . 87 550 .62 67, 940 . 03
4/ 1/06 68 ,681 .81 1, 380.43 540.06 68, 480 .09
5/ 1/06 67 , 290 . 74 1 , 391 . 07 529 . 42 69 ,009 . 51
6/ 1/06 65 ,888. 95 1 ,401 . 79 518 .70 69 , 528 . 21
7/ 1/06 64 , 476 . 35 1 ,412 .60 507 .89 70,036 . 11
8/ 1/06 63 , 052 . 86 1 ,423 .49 497 .01 70 ,533 . 11
1/06 61 ,618 .41 1,434 .46 486 .03 71 ,019 .15
1/06 60 , 172 . 89 1 ,445.52 474.98 71 , 494 . 12
11/ 1/06 58 ,716. 23 1 ,456. 66 463 .83 71 ,957 .95
12/ 1/06 57, 248 . 35 1 ,467 .89 452.60 72, 410 . 56
Subtotal : 57 ,248 . 35 16 ,892 . 14 6, 153 . 75 72 ,410 .56
1/ 1/07 55 , 769 .14 1 ,479 . 20 441. 29 72 ,851 . 85
2/ 1/07 54 , 278 . 54 1 ,490 .60 429 . 89 73 ,281 .73
3/ 1/07 52 , 776 . 45 1 ,502 . 09 418.40 73 ,700 . 13
4/ 1/07 51 , 262 . 77 1 ,513 .67 406 .82 74 ,106 .95
5/ 1/07 49 , 737 .43 1 ,525. 34 395 . 15 74 , 502 . 10
6/ 1/07 48 , 200 . 34 1 , 537 . 10 383 . 39 74 , 885.49
7/ 1/07 46 ,651 . 39 1 ,548 .95 371. 54 75, 257 . 04
8/ 1/07 45 ,090 . 50 1 , 560 . 89 359 .60 75 , 616 . 64
9/ 1/07 43 ,517 . 59 1 , 572 .92 347 .57 75,964 . 21
10/ 1/07 41 ,932 . 54 1 , 585.04 335 .45 76, 299. 66
11/ 1/07 40 , 335. 28 1 , 597 . 26 323 . 23 76 , 622 . 89
12/ 1/07 38, 725. 71 1 ,609 .57 310.92 76 ,933 .81
Subtotal : 38 , 725.71 18 , 522 .64 4 , 523 . 25 76,933 . 81
1/ 1/08 37 , 103 . 73 1 , 621 . 98 298. 51 77 , 232 . 32
2/ 1/08 35 ,469 . 25 1 ,634 .48 286 .01 77, 518. 33
3/ 1/08 33 ,822 . 16 1 ,647 .08 273 . 41 77 ,791 .74
7 1/08 32 , 162 . 39 1 ,659 . 78 260.71 78 ,052 .45
/ 1/08 30 , 489. 81 1 ,672 .57 247.92 78,300 . 37
b/ 1/08 28 , 804 . 35 1 ,685.47 235. 03 78,535. 39
7/ 1/08 27 , 105. 89 1 , 698 . 46 222 .03 78 ,757 .43
8/ 1/08 25 , 394 . 34 1 ,711 .55 208 .94 78 ,966 .37
9/ 1/08 23 ,669 .60 1 ,724 .74 195. 75 79 , 162 . 12
10/ 1/08 21 ,931 . 56 1 ,738.04 182 .45 79 , 344 .57
Outstanding Principal Interest Interest
Date Principal This Period This Period To Date
11/ 1/08 20, 180 . 13 1 ,751 .44 169.06 79 , 513 .63
12/ 1/08 18 ,415 . 19 1 , 764 .94 155. 56 79,669. 18
Subtotal : 18 ,415 . 19 20 , 310 . 52 2 ,735. 37 79 , 669 . 18
1/ 1/09 16 , 636 . 65 1 ,778 .54 141 . 95 79 , 811 . 13
2/ 1/09 14 , 844 .40 1 ,792 . 25 128 . 24 79 , 939 . 37
3/ 1/09 13 , 038 . 33 1 ,806 .07 114 .43 80,053 . 80
4/ 1/09 11 , 218 . 35 1 , 819 .99 100. 50 80 , 154 . 30
5/ 1/09 9, 384 . 33 1 ,834 .02 86 .47 80 ,240 .78
6/ 1/09 7 ,536 .18 1 ,848 . 15 72.34 80 ,313 . 11
7/ 1/09 5,673 .78 1 , 862 .40 58. 09 80, 371 . 20
8/ 1/09 3 ,797 .02 1 , 876. 76 43 .74 80 , 414 .94
9/ 1/09 1 , 905. 80 1 , 891 . 22 29 . 27 80 , 444 . 21
10/ 1/09 0 .00 1 ,905. 80 14 . 69 80 ,458 . 90
Subtotal : 0. 00 18 ,415. 19 789 . 72 80 , 458 . 90
Total payments: 230 , 458.90 Principal: 150,000.00 Interest: 80 ,458 . 90
STEFFEN, KELLY & STEFFEN
17 Douglas Avenue
Elgin, Illinois 60120
(708) 741-0503
Prepared for: FREDERICK J. STEFFEN, Trustee July 30 , 1999
Borrowers:
Amount Loan I,ban 1st Pmt #of Pmts Amtz
Borrowed Date Rate % Date Pds /Yr Payment Mthd Pts APR %
+ + + +----+--+ +---+----+
150 , 000 . 00110/ 1/991 6 .0000111/ 1/991 1201121 1 ,665. 311STDI
+ + + +----+--+ +---+----+
Outstanding Principal Interest Interest
Date Principal This Period This Period To Date
11/ 1/99 149 , 084 .69 915.31 750 .00 750 . 00
12/ 1/99 148 ,164 .81 919.88 745.42 1, 495.42
Subtotal : 148, 164 .81 1,835.19 1,495.42 1 , 495. 42
/ 1/00 147 , 240. 32 924.48 740. 82 2 , 236 . 25
/ 1/00 146 , 311. 22 929.11 736. 20 2 ,972 . 45
3/ 1/00 145, 377 .47 933.75 731. 56 3 ,704 . 01
4/ 1/00 144 ,439.05 938.42 726.89 4,430.89
5/ 1/00 143 ,495.94 943 .11 722 . 20 5, 153 . 09
6/ 1/00 142 ,548.11 947.83 717 .48 5, 870. 57
7/ 1/00 141 , 595.54 952.57 712.74 6,583 . 31
8/ 1/00 140, 638 .21 957. 33 707 .98 7 , 291 . 29
9/ 1/00 139 ,676.09 962.12 703 .19 7 ,994 .48
10/ 1/00 138 ,709.17 966 .93 698 . 38 8 , 692 . 86
11/ 1/00 137 ,737.41 971.76 693 . 55 9 , 386 . 40
12/ 1/00 136,760.78 976.62 688 .69 10 ,075 .09
Subtotal: 136 ,760.78 11,404.02 8,579 .67 10 ,075 .09
1/ 1/01 135,779 . 28 981.50 683 . 80 10 ,758 . 89
2/ 1/01 134 ,792.87 986 .41 678.90 11,437 .79
3/ 1/01 133 ,801 .53 991. 34 673 .96 12, 111 . 75
4/ 1/01 132 ,805.23 996. 30 669.01 12 ,780 .76
5/ 1/01 131 , 803 .95 1 ,001. 28 664 . 03 13 ,444 .79
6/ 1/01 130 ,797.66 1,006. 29 659.02 14 , 103 . 81
7/ 1/01 129,786 .34 1,011.32 653 .99 14 ,757. 80
8/ 1/01 128,769.96 1,016. 38 648 .93 15 , 406 .73
9/ 1/01 127 ,748.50 1 ,021.46 643 .85 16,050.58
10/ 1/01 126 , 721. 94 1,026.57 638.74 16 ,689 . 32
11 / 1/01 125, 690 . 24 1 ,031.70 633 . 61 17 , 322 . 93
/ 1/01 124 ,653 . 39 1 ,036.86 628.45 17 ,951. 38
Subtotal : 124 ,653 .39 12 ,107.40 7 ,876. 29 17 ,951 . 38
1/ 1/02 123 ,611. 35 1,042.04 623 . 27 18 , 574 . 65
2/ 1/02 122 , 564.09 1,047.25 618 .06 19 ,192 .71
Outstanding Principal Interest Interest
Date Principal This Period This Period To Date
3/ 1/02 121 ,511 .61 1 ,052. 49 612 . 82 19,805. 53
4/ 1/02 120 ,453 . 86 1 ,057. 75 607 . 56 20, 413 . 08
5/ 1/02 119 , 390 . 82 1 ,063 .04 602 . 27 21 ,015. 35
6/ 1/02 118 , 322 . 47 1 ,068. 35 596. 95 21 ,612 . 31
7/ 1/02 117 , 248 . 77 1 , 073.70 591.61 22 , 203 .92
8/ 1/02 116 , 169 . 71 1 , 079.06 586 .24 22 ,790 . 16
9/ 1/02 115,085. 25 1 , 084.46 580 . 85 23 , 371 . 01
10/ 1/02 113 , 995 . 37 1 , 089. 88 575.43 23 ,946 . 44
11/ 1/02 112 , 900 . 04 1 , 095. 33 569 .98 24 ,516 . 41
12/ 1/02 111 , 799 . 23 1 , 100. 81 564 .50 25,080 . 92
Subtotal : 111 ,799 . 23 12 , 854 . 16 7,129 . 53 25, 080 . 92
1/ 1/03 110 ,692 .92 1 ,106. 31 559 .00 25 , 639 . 91
2/ 1/03 109 , 581 . 07 1 , 111.84 553 .46 26 , 193 . 38
3/ 1/03 108 ,463 . 67 1, 117. 40 547 .91 26 ,741 . 28
4/ 1/03 107 , 340 .68 1 , 122.99 542 . 32 27, 283 .60
1/03 106 , 212 .08 1 , 128.60 536 .70 27, 820 . 30
1/03 105,077.83 1 ,134 . 25 531.06 28, 351 . 36
7/ 1/03 103 ,937 . 91 1 , 139.92 525. 39 28 ,876 . 75
8/ 1/03 102 ,792 . 30 1 , 145.62 519.69 29 , 396.44
9/ 1/03 101 ,640 . 95 1,151. 35 513 .96 29 ,910 .40
10/ 1/03 100 ,483 . 85 1 ,157 .10 508. 20 30,418 .61
11/ 1/0399 , 320 . 96 1 , 162 . 89 502 .42 30, 921. 03
12/ 1/03 98 , 152. 26 1 , 168.70 496.60 31 ,417 . 63
Subtotal : 98 , 152 . 26 13 , 646.97 6 , 336.72 31 ,417 . 63
1/ 1/04 96,977 . 71 1 , 174 . 55 490.76 31 , 908 . 39
2/ 1/04 95,797 . 29 1 , 180. 42 484. 89 32, 393 . 28
3/ 1/04 94 ,610 . 97 1, 186. 32 478.99 32 , 872 . 27
4/ 1/04 93 , 418 .72 1,192 . 25 473 .05 33 , 345. 32
5/ 1/04 92 , 220. 50 1 , 198. 21 467 .09 33 , 812 . 42
6/ 1/04 91 ,016 . 30 1 , 204 . 21 461.10 34 , 273 . 52
7/ 1/04 89 , 806 .07 1 , 210. 23 455.08 34 , 728.60
8/ 1/04 88 ,589. 79 1 , 216. 28 449 .03 35 , 177 . 63
9/ 1/04 87 , 367 . 44 1 , 222 . 36 442.95 35 ,620 . 58
10/ 1/04 86 , 138.97 1 , 228 .47 436 . 84 36 ,057 .42
11/ 1/04 84 , 904 . 35 1 , 234.61 430 . 69 36,488 . 11
12/ 1/04 83 , 663 . 57 1, 240 .79 424 . 52 36 , 912 . 63
Subtotal : 83 , 663 . 57 14 ,488 . 69 5 ,495 .00 36 , 912 . 63
1/05 82 ,416 . 58 1 , 246. 99 418. 32 37 , 330 . 95
., 1/05 81 , 163 . 35 1, 253 . 22 412.08 37,743 . 03
3/ 1/05 79 , 903 . 86 1 , 259 . 49 405.82 38, 148 .85
4/ 1/05 78 , 638 .07 1 , 265.79 399 .52 38 , 548 . 37
5/ 1/05 77 , 365. 96 1 ,272 . 12 393 . 19 38 ,941 .56
6/ 1/05 76,087. 48 1 , 278.48 386.83 39 , 328 . 39
Outstanding Principal Interest Interest
Date Principal This Period This Period To Date
7/ 1/05 74 ,802.61 1 , 284.87 380 .44 39 ,708 . 83
8/ 1/05 73 ,511. 31 1 , 291. 29 374 .01 40 ,082 . 84
9/ 1/05 72 , 213 .56 1 , 297.75 367 .56 40 , 450 . 40
10/ 1/05 70,909.32 1 , 304.24 361 .07 40 , 811 . 47
11/ 1/05 69,598.56 1, 310.76 354 .55 41,166 . 01
12/ 1/05 68 , 281.25 1 , 317.31 347 .99 41 ,514 .01
Subtotal: 68 , 281.25 15, 382.32 4 ,601 . 37 41 , 514. 01
1/ 1/06 66 ,957.35 1, 323 .90 341 .41 41 ,855 . 41
2/ 1/06 65,626.83 1, 330.52 334 .79 42 ,190. 20
3/ 1/06 64, 289.65 1 , 337.17 328. 13 42 ,518 . 33
4/ 1/06 62, 945.79 1 , 343.86 321 .45 42 , 839 .78
5/ 1/06 61 ,595.21 1, 350.58 314 .73 43 ,154 . 51
6/ 1/06 60 , 237.88 1 , 357. 33 307. 98 43 ,462 . 49
7/ 1/06 58,873 .77 1 , 364.12 301.19 43 ,763 . 68
8/ 1/06 57 ,502.83 1 ,370.94 294 . 37 44 ,058 .04
/ 1/06 56, 125.03 1, 377.79 287 .51 44 , 345 .56
/ 1/06 54 ,740.35 1 , 384.68 280.63 44,626 . 18
11/ 1/06 53 , 348.75 1, 391.61 273 .70 44 ,899.89
12/ 1/06 51 ,950.18 1, 398.56 266.74 45 , 166.63
Subtotal : 51,950.18 16,331.07 3 ,652 . 62 45 ,166 . 63
1/ 1/07 50,544.62 1, 405.56 259 . 75 45 , 426. 38
2/ 1/07 49,132.04 1 ,412.58 252 .72 45,679. 10
3/ 1/07 47,712. 39 1 ,419.65 245.66 45 ,924 .76
4/ 1/07 46 , 285.65 1 ,426.75 238.56 46 , 163 . 32
5/ 1/07 44 ,851.77 1 ,433.88 231 .43 46 , 394 .75
6/ 1/07 43 ,410.72 1,441.05 224 . 26 46,619.01
7/ 1/07 41,962.47 1,448.25 217 .05 46,836. 07
8/ 1/07 40,506.97 1,455.50 209.81 47 ,045.88
9/ 1/07 39,044.20 1 ,462.77 202 .53 47 , 248 . 41
10/ 1/07 37,574.11 1 ,470.09 195. 22 47 ,443 .63
11/ 1/07 36,096.67 1,477.44 187 . 87 47 ,631 . 50
12/ 1/07 34 ,611.85 1 ,484.82 180.48 47 , 811 . 99
Subtotal : 34,611.85 17, 338.33 2 ,645. 36 47 ,811 . 99
1/ 1/08 33 ,119.60 1 ,492. 25 173 .06 47 , 985 .05
2/ 1/08 31,619.89 1,499.71 165.60 48 ,150 . 64
3/ 1/08 30 ,112.68 1 ,507.21 158 .10 48 , 308 .74
A/ 1/08 28,597.94 1 ,514.74 150. 56 48 ,459 . 31
/ 1/08 27 ,075.62 1 ,522.32 142 .99 48 , 602 . 30
�/ 1/08 25 ,545.69 1 ,529.93 135. 38 48, 737 . 68
7/ 1/08 24,008.11 1 ,537.58 127.73 48 ,865. 40
8/ 1/08 22 ,462.85 1 ,545.27 120.04 48 ,985 .44
9/ 1/08 20,909.85 1 ,552.99 112 . 31 49 ,097 .76
10/ 1/08 19, 349.10 1 ,560.76 104 . 55 49 , 202 . 31
Outstanding Principal Interest Interest
Date Principal This Period This Period To Date
11/ 1/08 17 ,780 .53 1 , 568 . 56 96.75 49, 299.05
12/ 1/08 16, 204 . 13 1,576 .40 88.90 49, 387.96
Subtotal : 16 , 204. 13 18 , 407 .72 1 ,575.97 49 , 387 .96
1/ 1/09 14 , 619 .84 1 , 584 . 29 81 .02 49 , 468 .98
2/ 1/09 13 , 027 .63 1, 592 . 21 73 .10 49, 542 . 08
3/ 1/09 11 , 427 . 46 1 ,600 .17 65. 14 49 ,607 . 21
4/ 1/09 9 , 819 . 29 1 ,608. 17 57 . 14 49 ,664 . 35
5/ 1/09 8 , 203 .08 1,616. 21 49 .10 49 ,713 . 45
6/ 1/09 6, 578. 79 1 ,624 .29 41. 02 49,754 . 46
7/ 1/09 4 ,946 . 38 1 , 632 .41 32.89 49 ,787 . 36
8/ 1/09 3 , 305. 80 1,640. 58 24.73 49,812 .09
9/ 1/09 1 ,657.02 1 , 648.78 16 . 53 49 ,828.62
10/ 1/09 0 .00 1 ,657 .02 8 . 29 49 , 836 .90
Subtotal : 0 .00 16 , 204 .13 448. 95 49,836 . 90
Total payments: 199 , 836 . 90 Principal: 150,000. 00 Interest: 49,836 .90