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05.01 - A & B Furniture
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05-01-2007 Council Meeting
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05.01 - A & B Furniture
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The Pequot Lakes area offers the demographics they desire for growing their business <br /> and encouraging direct customer sales. This move will also bring the company closer to <br /> their current suppliers which will reduce their costs. <br /> The company has already invested in the Pequot Lakes area by securing a spot in the <br /> Lakes Area Crafter's Market for this coming summer season. <br /> Preliminary Construction and Site Plans <br /> The proposed project is comprised of an 18,060 square foot manufacturing facility and <br /> 1,440 square foot room for offices and showroom. (See attached site plan and building <br /> information) <br /> Job Creation and Retention Information <br /> A &B Furniture, Inc. currently has 5 employees, including Allan and Brenda, and will <br /> immediately create 1 to 2 new jobs. The company plans to create additional jobs within <br /> the next two years. <br /> Right now A&B Furniture's hourly wage range is$9.25 to$11.00 per hour. They prefer <br /> to start new employees at about$8.50 because the position requires on the job training. <br /> After the employee progresses through the training, wages are increased according to <br /> performance, attendance, and other variables. <br /> The benefits A&B Furniture currently offers are as follows: <br /> Vacation: 1 week after 1 year of service-Paid at current hourly rate. <br /> Holiday Pay: New Years,Memorial Day,4th of July,Labor Day,Thanksgiving Day, and <br /> Christmas Day—Paid at current hourly rate. <br /> Health Insurance: 50%of the employee's monthly health insurance premium <br /> AFLAC Insurance: $4.62 per paycheck for employees choosing AFLAC insurance coverage <br /> Mandatory: Social security, Medicare,worker's comp, and unemployment insurance <br /> Anniversary bonus: $100 for each year of service up to$500(5 years of service and beyond) <br /> Birthday bonus: $10 gift certificate to employee's choice of business(list to choose from) <br /> Furniture: Available at wholesale cost. <br /> Financing Plans <br /> Allan and Brenda plan to purchase the land and finance the building personally and <br /> then lease it back to A &B Furniture, Inc. A total financing package will be used to <br /> complete the building project including equity and debt. The lease payment will equal <br /> the mortgage payment. <br /> Page 2 of 4 <br />
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