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,86/25/2004 08:32 712-737-3370 BIJINrIA & CO PAGE 02 <br /> TELEPHONE 712-737-310 <br /> FAX 712-737-3M <br /> CX>EYTRACTORS IN:STEEL MASONRY WOOD 1503 8th Street SE ORANGE CITY, IOWA 51041 <br /> Pequot Lakes industrial Park Committee <br /> Pequot Lakes,MN <br /> RE: Industrial lot purchase process <br /> The brief letter is intended to satisfy the"Business Inventory Checklist''that is required to move forward <br /> the possible purchase of Lot 4 Block 3 in the Pequot Lakes Industrial Park. <br /> A_ Company and project information <br /> 1. The lot would be purchased and owned by Ron&Ruth Bouma of Orange City,iA. We have <br /> owned land north of Pine River since 1971 and have a lake cabin on that property.We currently <br /> are developing swrie iakeshore lots in Cass Counry. We started and have owned and operated <br /> Bouma&Co Inc.in Orange City,IA for 27 years.Bouma&Co is a general contracting business <br /> specializing in commercial and industrial projects and large homes. We also own 50%of <br /> Reinders-Bouma Inc a firm that develops residential lots in Orange City,iA. <br /> 2. The lot in Pequot lakes would be used to build a pre-engineered steel building The building <br /> would be a Varco-Pruden building. We are an authorized dealer for VP Buildings. <br /> 3. The intention is to have Due North Construction,Inc.,a new firm,area and occupy the new <br /> building on the site.Due North Construction,Inc.is owned and operated by Troy Bouma(owner's <br /> son)and James Den Hartog.Both of these young men are college graduates and have worked for <br /> Bouma&Co Inc.part time and in the summers since they were freshmen in high school. <br /> 4. Due North Consnvction hopes to grow their business modeled after Bouma&Co inc.DNC,Inc. <br /> has the dealership for VP Buildings in Cass and Crow Wing counties.Currently most of the <br /> buildings in the Pequot Lakes industrial Park are pole frame buildings.DNC hopes to offer the <br /> total pre-engineered steel building as another choice to future business owners in the area. <br /> 5. The building would be a base of operations for Due North Construction,Inc.The building would <br /> also be used as a spec building and be put on the market immediately.When the building sells we <br /> would erect another building for DNC,Inc. <br /> B. Preliminary construction and site plans: <br /> 1. Erect a small 5,000-6,000 sq ft building.Building would have an office area of approximately 400 <br /> sq ft. <br /> 2. Rost of the building would be completely insulated and limed. <br /> C. Job Creation and Retention <br /> 1. Due North would start immediately with 2 employees. <br /> 2. Targeted growth would be 2-3 office employees and 7-8 crew members.Growth would occur as <br /> market permits. <br /> D. Financing Plan <br /> 1. Lot purchased and financed by cash.from Ron do Ruth Bouma <br /> 2. Building tinaneo-eombfnation of personal cash and bank financing. <br /> 3. Any tax incentives or water/sewer connection fees and building permits forgiven would be a <br /> definite plus in deciding to locate in the Industrial Park rather than outside of Pequot Lakes. in <br /> Iowa we have done similar projects and it is common to abate property tax on the building for 3 <br /> Augmt od Bonder of <br />