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*Owner will need to secure and provide evidence of debt financing. <br />* *Owner has several options available to raise equity and will be deciding shortly who the limited <br />partnership will include. <br />** *The developers are proposing tax increment financing on a pay -as- you -go basis in the amount of <br />$500,000 at a 7.5% interest rate. The developer may explore the option of selling the revenue note in <br />order to provide upfront cash. Tax increment financing on a pay -as- you -go basis is needed to make <br />this project financially feasible. <br />* * ** This source and use of funds statement does not include inventory. <br />Proposed Project Timeline <br />1. August 26 2009 — Deliver Oppidan proposal to the City for the EDC packets. <br />2. September 1 2009 — Request Pequot Lakes City Council to consider the following: <br />a. Review and conceptually support establishing a TIF redevelopment district for the <br />Oppidan project. <br />b. Call public hearing for October 6 2009. <br />c. Engage financial and bond consultants. <br />d. Request BLADC's continued assistance with the project. <br />3. The City has secured a deposit from the Company. <br />4. September 2 2009 — Financial, bond, and other consultants prepare redevelopment findings, <br />necessary documents, and project analysis. <br />5. September 17 2009 — Pequot Lakes Planning Commission reviews the TIF Plan. <br />6. October 6 2009 — Pequot Lakes City Council: <br />a. Holds public hearing. <br />b. Considers adopting resolution creating TIF district and approving TIF Plan. <br />c. Considers adopting resolution entering into Contract for Private Development. <br />7. Fall 2009 Commence Construction <br />8. Spring 2010 Open for Business <br />Closing Comments <br />The Brainerd Lakes Area Development Corporation and Oppidan look forward to working with you on <br />this project. Please feel free to call us if you need any additional information or have questions, <br />Sincerely, <br />Elissa Rogers <br />Economic Development Specialist <br />cc: Oppidan <br />Briggs & Morgan <br />Ehlers <br />Attachments <br />1. Updated Site Plan <br />2. Original Request from Oppidan <br />Disclosure — The Brainerd Lakes Area Development Corporation's Involvement in Oppidan Inc.'s financing <br />application has been to assemble the information provided by company representatives. BLADC does not make <br />representations. <br />