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C0UNtY OF WELD ss. A `--di
Filed with the Clerk of We Board
of County Commissioners
NOV201978 Castle
Company
COUNTY CLERK RRO RIGORRER BY Deputy H Y 7075 rustic trail boulder,co. Cfl
303 443-4071
November 16, 1978
Mr. Scott Goering
Weld County Government
Centennial Center
915 10th Street
Greeley, CO 80631
Dear Mr. Goering,
Attached is an application, requesting
the Weld County Commissioners to issue SA70,000 worth of Weld County
industrial development bonds. They will be used to finance the factory
and office building, to he built in Erie, Colorado, to start the Castle
Corporation. Erie really wants the Castle Corporation because we can
provide the area with about 160 Jobs In three years . . . and some added
tax base. And we would like to be in Erie.
You will recall that I met with the
Commissioners , Tom David and yourself on August 16th to review my needs
for industrial development bonds . At that time, everyone seemed favorable
toward the bond issue. Then about a month ago I met with you to review
the process for filing a bond application. At that time you still
thought the Commissioners might look favorably upon issuing the bonds .
Erie and I certainly hope so.
In our meeting we decided there were
several points which the ordinance called for in a normal application
th.Rt are not applicable to us . . . because we are a brand new company.
But we hope our application gives you everything you and your Bond
Review Team need to make a positive recommendation to the Commissioners.
There are a couple of points in the
application which we do not have confirmed in writing yet. We have
delayed doing So because of the cost involved. Let me explain.
First , the ordinance asks for a
legal opinion Indicating that our hood proposal meets the Economic
Development Rend Act requirements . our hond lawyer says it does . . .
without question. But we haven ' t started the formal legal work to
prepare the bond issue because doing so will cost us between S7000 and
cin,nnn.
7130399
1-7 ; � n?
el) Castle
Company
7075 rustic trail boulder,co. 803011
303 443-4071
November 16, 1978
Mr. Don Warden
Weld County Financial Officer
Centennial Center
Greeley, CO 80631
Dear Mr. Warden,
1 hope that by now that you are
settled into Colorado, and that you like it as well as California.
I met you very briefly about a
month ago, wanting to talk about how to file an application for Weld
County industrial development bonds. You turned me over to Scott Goering,
indicating that he would be my main contact on this subject. I did meet
with Scott , and he was very helpful .
I am now filing the bond application
with Scott , and I am enclosing a copy of mycover letter to him and a
copy of the application . . . just for your information.
The Commissioners are being asked
to not only support the bond issue, but to also quickly express their
opinions about whether or not they think these bonds will be issued.
As I pointed out in my letter to Scott, within 10 to 14 days I will
have to either accept or reject the commitment from Empire Savings
to buy the bonds . for that commitment will cost me S9400 whether
the bonds are issued or not.
So . . . I know you will appreciate
my predicament and give me whatever help you can as quickly as possible.
Many thanks!
Yours very truly,
H. Thomas Stroop
page two
But the second point is more pressing.
With it, we have some good news and some bad news . The good news is that
Empire Savings in Denver has agreed to commit to bid for the bonds, if
issued . . . and that assures us that we will have a bond buyer. The bad
news is that they are going to charge us a 2% commitment fee . . . and once
the commitment is made we will have to pay $9400 whether the bonds are
issued or not. Empire Savings is drafting their commitment now. In 10
to 14 days we will be faced with the decision on whether or not to accept
the commitment , and thereby obligate ourselves for the $9400 payment.
If we are going to get the bonds . . . fine. If not
In view of this situation, we hope
you and your Bend Review Team can act quickly . . . and that the Commissioners
might give us some idea as to how they feel about the bond issue before
I am faced with my commitment fee decision.
We want and need the bonds badly so
we can start our business in Erie. Obviously, we would hate to waste
several thousand dollars . But with a little encouragement we will go
ahead to get the legal opinion on the Bond Act confirmed and to buy the
commitment for the bond purchase. So help . . . please!
If there is any way that I can help
you and Commissioners help me , Jusy yell . I think you will find our
application complete, easy and fast to work with. But If you need some-
thing else, please call 303/530-1741 (Boulder) , collect.
Thanks for your help!
Yours very truly,
H. Thomas Stroop
cc: County Commissioners
Don Warden
•
•
•
APPLICATION FOR WELD COUNTY INDUSTRIAL DEVELOPMENT BONDS
to finance factory and offices for the Castle Corp.
November 15, 1978
•
applicant : •
H. Thomas and Marianne Stroop
7075 Rustic Trail
• Boulder, CO 80301
303/530-1741
APPLICATION FOR WELD COUNTY INDUSTRIAL DEVELOPMENT BONDS
to finance factory and offices for the Castle Corp.
November 15, 1978
applicant :
H; Thomas and Marianne Stroop
7075 Rustic Trail
Boulder, CO 80301
303/530-1741
This application contains:
1 . introduction . . . explaining the use of the funds
raised by the bonds, how the building will be
financed, benefits to Erle, Colorado, etc.
2. Legal opinion on bond proposal . . . to meet the
Economic Development Bond Act requirements .
3. Commitment to hid for the bonds . . . from Empire
Savings , Denver.
4. Letter from Town of Erie requesting bonds be
issued . . . because they want and need the Castle
Corporation.
5. How the bond issue will be sold and handled.
6. The new business that will occupy the building.
a. about the Castle Corporation
h. Castle ' s new and better concept
c. sales and distribution
d. forecasted income statement , cash flow
and balance sheet
e. about top management
f. financing commitment for the Castle Corp.
7. Personal financial statements . . . for the Stroops.
9. Plans and cost estimates . . . for the building.
9. Letters of approval . . . from various state, local
and federal agencies.
I I
1 . INTRODUCTION
H. Thomas Stroop and his wife Marianne, request that Weld County issue
industrial development bonds for S470,000 so that they may build a
30,000 sq . ft. factory and a 7000 sq . ft. office and lunch room facility
in Erie, Colorado. This facility, owned by the Stroops , will he leased '
to the Castle Corporation, a new manufacturer and marketer of a completely
new and better concept in kitchen cabinets. Mr. and Mrs . Stroop now
own 1003, of the Castle Corporation. The bonds and the lease both have
a term of 25 years .
The Stroops have tried to obtain conventional mortgage financing to
build this building. However, because of the shortage of mortgage
funds , investors have been lending money on only what they consider to
be optimum situations . Unfortunately, the investors do not consider the
Erie area to he attractive, and they have refused to lend money for the
permanent financing of the building. Obviously, the Stroops feel the
investors are wrong about Erie.
The building can he successfully built . . . and the Castle Corporation
started in Erie . . . if Industrial development bonds can he used in
conjunction with the SPA' s Local Community Development program, their
program number SO2 .
The huildinq will he constructed with a construction loan from the First
National Rank of Boulder. When the building is finished , the permanent
financing will he handled thru the SBA' s Local Community Development
program as follows :
1 . The industrial development bonds are used to finance
55+• of the cost of the project . . . secured with a first
mortgage.
2. The next 253 of the cost of the project is provided directly
by the SPA . . . with second mortgage protection.
3. The remaining 202 of the funds for the project will be
supplied by the Erie Development Co. , a non-profit local
community development corporation that has just been formed
for this purpose by 27 Erie oriented , community- interested
stockholders .
Because Erie has been designated as a target area for revitalization by
the SPA, Mr. a Mrs . Stroop can provide up to three fourths of the money
to the Erie Development Company. The remaining money to make up the
Erie Development Company 's 2n9 of the funds for the project will he
supplied by a private Boulder investor, Dr. Joel Rusted. Dr. Rusted
will have third mortgage protection. Mr. c Mrs . Stroop 's investment
in the Erie Development Co. . which is in turn loaned back to them for
the building , earns a fourth mortgage position.
Funds for all these loans are lent to the Erie Development Co. , who
Immediately relend the money to the Stroops. The Stroops give mortgages
for each loan to the Erie Development Company . The Erie Develpment
Company immediately assigns these mortgages to the respective lenders
in order to secure their loans . The Erie Development Company merely
acts as a conduit between the lenders and the borrower . . . to satisfy
the SBA regulations.
While the requirements and regulations of the SBA Local Community
Development program are somewhat difficult and complicated, working
thru this program is the economical way of financing the building. That
25% of the cost of the project financed by the SBA directly has a current
interest rate of only 6 5/8%.
While conventional mortgage financing is not available for our project
at this time , Empire Savings in Denver has committed to hid to buy the
Weld County industrial development bonds for this project at 8 1/29,
interest , if the ponds are issued. This investment is attractive to
Empire Savings because the bonds will be tax-free and offer an excellent
net yield. On the other hand, the Interest to the Stroops on these
bonds is more than 2% less than they could get on conventional mortgage
financing, if it was available.
Weld County has no fiancial responsibility for these bonds . However,
Empire Savings feels that the bonds are secure because they are for only
55% of the property value.
The total cost of the project is 5315,000. Reviewing , here Is a break-
down of the source of the funds for the building and the land:
First mortgage . 55t . . . $448,250
(Empire Nuys Weld County bonds),
Second mortgage . . . 25% . . . 203,750
(SBA funds)
Erie Development Co. funds . . . 20%
Dr. Rusted 's investment with
third mortgage (5q) . . . 40,750
Stroop ' s investment with
fourth mortgage (1S%) . . . 122 ,250
Total $815,000
While Empire Savings in Denver has committed to bid for these bonds ,
the bonds could he sold to a lower bidding financial institution at
public auction when the bonds are sold.
These honds are for S47D,000. The first mortgage is for $448,250.
The difference of $21 ,750 is to be used to pay for the commitment fees
to Empire Savings , legal fees for the bond issue, application and closing
fees , etc.
The Castle Corporation is extremely important to Erie. Erie is town of
about 175n people. It is the home of mainly families of modest to
average income. Most residents work outside of Erie because Erie has
no industry and very few businesses . There is a hank, one beauty shop,
one garage, two small convenience-type grocery stores and four taverns
. . . no doctors , dentists , or lawyers . Erie doesn' t even have a super-
market . Only two streets are paved. Both the water and sewer system
need work. Erie is short of funds .
Erie desperately needs to attract good industry to provide jobs for
its people and a tax base to help pay for needed improvements.
Within three years , Castle Corporation will provide at least 160 jobs
to the Erie area. In addition, the Castle Corporation will add substantially
to the Erie . . . and Weld County . . . income thru property , sales and use
taxes .
Issuing the industrial bonds to make it possible to build the Castle
Corporation facilities in Erie seem to be an ideal use of Weld County
industrial development bonds . This project meets all of your objectives
for the icsuance of industrial development bonds , it meets everyones
planning criteria, and it will be of tremendous benefit to the local
community.
2 - 1
2 . LEGAL OPINION ON BOND PROPOSAL
This Industrial bond proposal has been reviewed with Mr. Stephan M. Brett,
attorney with Dawson , Nagel , Sherman 6 Howard, a promient Denver law
firm with experience in bond issues.
In Hr. Brett 's opinion , this proposal diffently meets the requirements
of the Economic Development Bond Act.
!',s soon as the Weld County Commissioners indicate that they are favorable
toward the issuance of the needed bonds , the Stroops will authorize
Dawson, Nagel , Sherman and Howard to proceed with all the necessary legal
work to issue the bonds . This will include the required written legal
opinion concerning our proposal meeting the requirements of the
Economic Development Bond Act .
3. COMMITMENT TO BID ON BONDS
Empire Savings , one of the leading savings and loan associations in
Denver has carefully considered this project . After having it appraised,
Empire Saving ' s loan committee agreed to bid and try to buy the proposed
industrial development bonds . . . at a A 1/2't interest rate . This can
he confirmed by calling Mr. Clarence M. Hughes , Assistant Vice President
for their commercial loan department . . . phone 303/623-1771 .
Because Empire Savings is spending considerable time and effort on this
project . . . and another investor could hid lower , resulting in Empire
Savings not getting the bonds . . . they are requiring a commitment fee
from the Stroops . The commitment fee will he 2 or Si700, within
ten days from the time their commitment to hid on the bonds is confirmed
in writing. The second 54700 commitment payment will he paid at the
time the bonds are actually issued . . . regardless of who is the successful
bidder for the bonds .
Few financial institutions are sophisticated enough at this time to
understand and use industrial revenue bonds for real estate financing .
Because of this and the general short money supply, Empire Savings was
the only investor the Stroops could find who would he interested in
bidding for the bonds for this project . While the Stroops would he most
happy tnsee Empire Savings he the successful bidder for the hoods ,
the sale to another lower interest bidder would he satisfactory to the
Stroops .
Just as soon as the Weld Commissioners confirm their favorable attitude
toward these bonds , Empire Savings will he asked to issue their formal
letter of commitment , thereby obligating the Stroops to pay the commitment
fees .
•
4. LETTER FROM TOWN OF ERIE REQUESTINGDONDS BE ISSUED
On the following page is a letter from the Town of Erie. It indicates
Frie' s desire to have Weld County issue the industrial development
bonds which the Stroops need in order to place the Castle Corporation
facility in Erie.
Erie 's letter points out that they have already changed the zoning
for the Stroops ' land, and that they have approved the needed subdivision
of the land so that construction can take place immediately. In the
process , this project has been reviewed by County and State agencies
. . . to make sure it complies with planning and land use regulations .
4 - 2
TOWN OF ERIE
POLICE DEPARTMENT 843 IIOI.RPOOK FIRE DEPARTMENT
828-3200 Box Rs 828-3232
ERIE. COLORADO 80516
828-3843 449-3085
( le r' I
• 'Tr. Eci 11 nUn.l•, Chai man
die] d (;runty lioaru of Commii co T one :i ;
Centennial_ Center
;i15 - 10 L�h ;it roe
O1-'1'0 , CC/ (Lll) I•a.(m `101-+;1
Lear Pir•. Uunl'or':
B ; , ..1 ''i i'l U I '_ r ,1 rl r � �„ T ,
i s
plunc to l con.Le his Kitchen cal) inet, frtetor•y and
the office hill nit; for the Cn.atlo Corporation
n Fir:ie . Vie v/ant, thin, rem}•rrm;/ in Lei to help
promo to our. econo-^' c ciette 1Opmrni, --- to i ncrea:;e
our emp Hymen L , r >:nrr ta hare an,-1uur over• rl ]
nnnnr m, -
1n iJrr' eiLr1 ttelt , L1!n IPnwn I) f !Hi he ;
Lhe 1 [rnrl frr - frtci1.1I7 fruci rul.tur•rl to
I i :'}it In,IIr.:1, ri ;i1 . hr.!ye rtl: ,o prroved Lain cuh-
c] ivision of hi :? land so that ho may build iirnmediate-
ly .
7:e under•r; Lnnd 7 1r. ,;troop has approached the 'Acid
County !toa.rid of fommisni °ner:: nruc Uri n1
dive7o; menL hone!:; to help firumen hi nen f'oei1ity ,
e hope the 7;e. 1(1 County Comm.i.:,uaoners iiCe fTh I. to
immediately i :,:;ur the honric Mo. :;Ewell is re(lee tirr
LfCgrCIy , •
r
tlal tan L. It ruck
Mayor
111;11/r n •
5 - I
5. HOW THE BOND ISSUE WILL BE SOLD AND HANDLED
Outlined here is a general description of the process of approving,
issuing, selling and paying off the bonds as it is understood. Changes
may be made in this process to comply with the wishes of Weld County,
the bond legal counsel or the purchaser of the bonds. However, this
outline reflects the desires and understandings of the applicant.
1 . The Weld County Bond Review Team reviews the bond application
and makes a recommendation to the Board of Commisloners .
2. If the Commissioners decide to go forward the bonds, they
schedule and hold a public hearing on the bonds .
3. At the end of the public hearing , if the Board of Commissioners
Is favorable, they declare their intent to issue the bonds and
direct the Bond Review Team to work with the applicant and the
bond counsel to prepare the bond issue.
The applicant suggests that the bond Issue he prepared by
Dawson, Nagel , Sherman and Howard, with legal fees paid for
by the Stroops. The bond issue should be prepared for sale
only to "sophisticated investors". This would eliminate
extremely expensive legal fianclal disclosure statement work
which would he required if the bonds were to be offered to the
general public. The preparation of the bond issue will contain
provisions desired by Empire Savings and other similar type
Investors for the purchase and handling of the bonds and the
mortgage.
4. Bond specifications and invitations to bid on the bonds will be
sent to interested and qualified financial institutions who might
want to bid on the bonds .
5. Those bond bids received are to be opened at a regular Board of
Commissioners meeting. The Board then resolves to award the sale
of the bonds to the best qualified and responsible bidder. If no
one bids at a lower interest rate, the bonds will be sold to Empire
Savings at 8 1/2% interest .
6. A Trustee to administer the bonds and mortgage is set up at the
direction of the original bond purchaser. The Trustee will act on
behalf of all bondholders , now and in the future. (The original
bond purchaser may resell any or all of the bonds during their life.)
5 . 2
The Trustee will handle all details concerning the mortgage
financed with the bonds . This Includes receiving collections
from the borrower, interest payments to the bondholders, paying
off bonds scheduled for retirement , and foreclosure on the real
estate securing the bonds should that ever become necessary.
7, The Trustee , using the proceeds from the sale of the bonds , lends
5448,250 to the Erie Development Co. . . . to immediately relent to
H. Thomas and Marianne Stroop. The Stroops give the Erie Development
Co. a first mortgage and deed of trust on the real estate to secure
the loan. The Erie Development Company immediately assigns the
Stroop ' s mortgage note to the Trustee to secure their loan to
the Erie Development Company . . . and thereby securing the bonds .
3. Fach month the Stroops send a check to Erie Development Company' s
hank (the First National Rank of Boulder) for payment on all of
the loans on the real estate. Upon receiving the Stroops check,
the hank automatically issues checks to all of the mortgage holders,
including the Trustee holding the first mortgage, making payments
on their loans .
The monthly payments on the first mortgage used to retire the
Weld County honds over 25 years will be 53600.47.
D. Each month . the Trustee , after receiving the mortgage payment from
the hank . forwards the interest to the bondholders . Portions of
the monthly payments which are for principle reduction are held
by the Trustee and used to pay off the bonds as they are scheduled
for retirement . Normally , bonds are numbered and scheduled for
retirement at specified dates to coincide with the accumulation
of the principle repayment funds in sufficient amounts to handle
the bond retirements .
Bond denominations , and therefore the bond retirement schedules ,
can he established to meet the desires of the potential bond
purchasers.
At the end of 25 years , the mortgage is paid off and all bonds
will have been retired.
r, !
F . THE NFW BUSINISS THAT WILL OCCUPY THE OH?LDIo0
The business that will occupy the building is brand new . . . Just heing
started. Rut this business has been planned for several years , and
the planning has been done meticulously and in great detail . To start
this business we have had to obtain working capital financing arrangements
thru banks and the SBA. As a result , our basic business concept has
been carefully analyzed . . . and our forecasted financial results have
been scrutinized carefully by conservative financial analysts for the
lenders . These conservative lenders , even in these times of tight money,
feel so sure about the success of our future that we have had the
working capital loans we need committed to us . This fact should give
Weld County some comfort in considering whether or not the Castle
Corporation will be able to pay off the mortgage financed with the Weld
County bonds .
Here is a recap of some of the key points concerning the new business .
a. About the Castle Corporation
The Castle Corporation is a new company being formed to manufacture
a new and better concept in kitchen cabinets . It is incorporated
in Colorado , with 5375 ,000 in equity capital , a loan from the
First National Rank in Boulder for $555 ,000 in working capital ,
and commitment from Walter E. Heller b Co. for an additional
5500,000 revolving credit line for accounts receivable financing.
In the beginning , the Castle Corporation will be privately held.
However, it is expected that the corporation will go public in
a few years .
h. Castle' s new and better concept
The Castle Corporation is entering the kitchen cabinet industry ,
which is huge , mature, competitive and rather unsophisticated. It
will have sales volume this year of 54,000,000,000! It is also
unusual in that it has no large brands that dominate the marketplace.
In fact , there are over 6000 cabinet producers . . . mostly local and
regional . . . with some makers enjoying as much as 25t of the business
in their local market . But no single brand takes over 3i of business
nationally. This ususual situation is caused by inherent problems
that have plagued the industry for year for years . . . like high
• freight costs , shipping damage, long complex product lines , big
inventories , etc.
6 - 2
But the Castle Corporation is not going to operate like a traditional
cabinet company. It will he doing almost everthing differently and
better.
To begin with, our new cabinet concept was designed to overcome
industry problems that have kept cabinet manufacturers small and
the business fragmented. We have also carefully researched the
marketplace to give cabinet buyers what they want. As a result,
our cabinets are loaded with fea/ures and better styling . . . and
all of our cabinet interiors are care-free, lifetime Formica!
Freight is the major problem for the cabinet industry. Shipping
cabinets is like shipping big boxes of air . . . with high cubic
content and low weight . Cabinets also damage easily. As a result ,
freight rates are high. And to he able to supply customers , cabinet
manufacturers must have long, complex product lines . . . often with
ASg or more stock-keeping units . So warehousing and inventory
costs are high. And because exslsting cabinet manufacturers make
only a few of a lot of different parts , their costs are high.
But with Castle, we have designed a new concept that has just 17
standardized and multi -use parts . With those parts we can easily
assemble any cabinet shells in just four man-minutes at the joh
site . . . perfectly everytime , and without damage. This means we
can mass produce our 17 parts at much lower cost . . . and therefore
afford better and more expensive material like Formica .
And those 17 mass produced parts are shipped in bulk to distribution
centers around the country . . . for tremendous savings in freight .
The result is that we offer a vastly superior product at prices
that are actually lower than the average cabinets being sold today.
With a better product at lower prices , our success is assured.
c. Sales and distribution
The cabinet parts will he manufactured in Erie, Colorado. These
parts will he hulk shipped by rail to nine different distribution
centers around the western portion of the country . . . everyplace
west of Chicano. These nine distribution centers will he factory
owned. They will provide the sales force to call on builders and
dealers as well as delivering and assembling the cabinets at the
job site. Doing so, we have minimized expenses and damage, while
optimizing fast service and reliability.
Our sales forecasts have been conservatively calculated based upon
r, 3
modest market penetration projections . Rut the cabinet industry is
so huge . . . selling over 100,000,000 cabinet per year . . . that even
small percentages of this big market produce gigantic sales results.
Here are our forecast sales for the first three years :
year 1 year 2 year 3
S2 ,066,000 512,737,600 $30, 117, 100
Despite these huge forecasted sales gains , we feel our sales forecasts
are most modest.
To begin with, we have budgeted over twice as much advertising as
our average competitor. We also have the hest cabinets on the
market : . . at pricing that is actually lower than today ' s average
cabinet without our styling , features or Formica Interiors . We
should he able to dominate the marketplace. But our forecasted
share of market is very small . For all the markets in which we
operate , after we start doing business there, we are forecasting to
sell only 1 kitchen out of every 250 sold during the first year. . .
only 1 out 111 the second year . . . and 1 out of 63 the third year.
The remember, some makers sell as much as 1 out of 4 in their
local markets with old-fashioned , inferior cabinets .
With such modest forecasts , we actually expect to sell more than
the figures shown in our financial forecasts .
d. Forecasted income statement , cash flow and balance sheet
Our costs have been carefully documented and our expenses fully
detailed on a conservative basis . In fact , our budget contains
higher monthly building occupancy costs than we will have with our
building financed thru the SBA and with Weld County industrial
development bonds.
A glance at our forecasted financial statements which follow show
that we will have no trouble paying for the building.
r• 4
Thy" r:r,tle f,ul-;nrntinn
FOREC;;ST S1/11r'I11'1T rr i.. ,ril ':1S 1v ! 1 RETA1 :1f !I 'L..
nAR
1 2
3
NET SALTS S 2,016 ,000 $ 12 ,739 ,600 S30, 117, 100
COST n'1!; 1 ' ,'f1
cost • f pr� :nct's snlr1 1 ,211 .000 [, ,205 , 200 11 , 323,700
So11iny , ❑n^raI r!'I
cLini ,t rat iv _ -.n(, , "I^ .i"p '!J , 30') 3,992,,5n0
Intrr t _ 7i,300 101 , 9 10 .900
-•r
$ ` ,7 99
0 5 ,037 ,500 $ 13,337,200
FAPtlli!'; I1FF02F TAXES S ( 143 , 700) S 3 ,902 , 100 511 ,779,900
TAXES 00 II'i'ONIF 1 , 15 . 7nn 5,076,500
FT 11;;,,01 '15, S (153 , 7n") 0 1 ,fl„c 1i0" S 5 ,`iO3,400
BCTr11 "! ' ! _ .'rI '71s ,
heoiri lnn of year ------ - --( 14 , 700) 1 ,942700
RET1T1 EO LARDIOS ,
end of year S (143 ,701) C 1 ,042 , 700 S 7,746, 100
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wk
The Castle Corpnration
FORECAST 9ALAHr.c SHEET �.
AT START
OF OPERATIONS
ASSETS
CURRENT ASSETS :
Cash S 95 , 300
PLANT, PROPERTY 6 EQUIPMENT:
Factory equipment & tooling 2:.0, 700
Factory (urn. & office equip. 4 ,200
Distribution equip. b mach. 9,600
TOTAL ASSETS S337, 300
LIA?ILITIES a STOCKHOLDERS EQUITY
CURRENT LIA9ILITIES
-0-
STOCKNoLOER 'S EQUITY
Common stock 5175,000
Convertible sub. debenture 200,000
less start-up expenses ( 37,200)
5337, 0
lhv Cos ('.(irjn rdtinn
FORECAST __L1:1CC SHEET
RID OF YEAR
I '3
ASSETS
cu"Pr'l ( ASSETS !
Cash Js 40.',,2')0 ` ; ,074 .500
Accounts Receivable 4(2,400 1 ,956,800 3,917 , 500
Inventories 554 ,900 2,030,200 3 ,597,600
TOTAL CURRENT ASSETS S 1 ,034 , 100 S 4 ,395,200 513 , 169,600
PLANT, P',nrE;ITY „ EQUIPMENT:
1'achincrv , ,•,.1uip:,1rnt ` furniture 423 ,099 036 ,3GJ 947,200
less accumulated depreciation 30,29n 27+0,690_ 504 , 190
---rr-,70 S -74-3, 130
5 1 , 377 ,700 S 4 ,;90, 00 $ 13 ,632 ,700
LI SILITIFS AND STOCKI!OLDENS EQUITY
CURRENT I IAIIILITIC :
Accounts pa''a5le and
accrued e>:eenses $ 256 ,400 S D07,6n0 S 1 , 428,700
Taxes on income - 1 ,815,600 4 ,082 ,900
Current maturities on debt 390 ,000
TOTAL CURRENT LIABILITIES 5 1 , 1/46 ,1,00 S 2 ,623,200 S 5,511 ,600
LONG 1EC'1 DEFT: - - -
STOCKN'CLDFPS ' 19151TV :
C(Tnon stcc0 S 175 ,00`) 5 175,090 S 175,000
Convertible debentures 209,090 200,000 200,030
r'rt.iined rarnlnq•, ( 11N3 ,70o) I ,P/N2 ,70n 7, 746, 120
S -- 231 ,30x) S 2 ,217 , / 0 $ x-, 121 , 100
S 1 ,377,700 S 4 ,040,920 513,632, 700
6 if
The Castle Corporation
FORECAST SUMnLRY OF SIGNIFICANT OPERATING RATIOS
YEAR
1 Z- -- 3
Results of operations :
Net sales 100.0•", 100.0"; 100.0"
Cost of pre-lucts sold 52 . 1 17. 3 1+7. 5
Selling , nenerol and admin. 'i4 . 5 20.0 13. 3
Interest . 1 .03
Net earnings (after taxes) (6.9) 15.6 19.6
Current ratio : 9 to 1 1 .7 to 1 2 . h to 1
Accounts receivable turnover 11 .E times 10 :9 times 10.2 tidies
Factory inventory turnover 9.8 times 7.0 tines 10.2 times
Distribution inventory turnover 16.6 times 15.6 times 17.7 times
f, (I
e. About top management
PRESIDENT . H. THOMAS STROOP
He is an experienced and successful consumer product company
general manager. Here is a quick recap of his past responsibilities`.
3 years . . . president and owner, HI West Distributing Corp. ,
his own major appliance distributorship, Denver
i years . . , president , Head Ski Div. , AMF, Boulder
34 years . . . vice president and general manager, Furniture Div. ,
Samsonite Corp, Denver
3 years . . . director of marketing , all appliances , Philco-
Ford Corp, Philadelphia
11 years . . . general manager of three product divisions ,
refrigeration , air conditioning and specialty
products , Whirl000l Corp. , Benton Harbor, Mich.
Before that , national refrigeration sales manager
Before that , national advertising manager
1 year . . . national advertising and sales promotion manager,
General Electric Refrigerators , Louisville, Ky.
5 years . . . national advertising and sales promotion manager,
American Kitchens Div. , AVCO
VICE PRESIDENT OF FINANCE . . . H LEE STURGEON
He has the ideal talents and qualifications to compliment those_
of Mr. Stroop, for he is strongest in thoses areas where Mr. Stroop
Is weakest . . . finance, accounting, taxes.
2 years . . . secretary/treasurer , Sunflower Energy Corp. ,
Denver.
12 years . . . president and majority owner of hanks. . .
the Security National Bank , Boulder, and
the Rocky Ford National Bank, Rocky Ford, CO
In years . . . CPA and tax manager, Authur Andersen S Co,
Kansas City
( if)
DIRFCTOR OF OPERATION . . . ROBERT BOOTH
He has the educational background and the work experience that
makes him uniquely qualified to handle our manufacturing and
distribution center shop operations .
2 years . . . industrial engineering manager , Ball Brothers , '
Muncie, Ind,
2 years . . . plant supervisor , Colorado Building Specialties
prefabricated housing factory.
2 years . . , shift superintendent , Head Ski , Boulder
5 years . . . machining supervisor, Sudstrand Corp. , Denver
4 years . . test tooling laboratory specialist , Martin Co. ,
Denver
f. Financing commitments for the Castle Corporation
On the following two pages are found commitment letters from the First
National Dank and Walter E. Heller & Co. on the financing of our working
capital .
r it it�I�IV/A[-IONAL[3AN[<
I�..,�6b•, ( ,
1011 44)6170
Oct.obc r 10, 1(1711
II.
Ptor; iri-•ut: ci c, :;11O ( 1l(urnt ion
Ucnr t.lr. SCrricy
run 1.1„ns -.,1 In Lr• nclo to i nlnrn 7,41 I I;•(• Irnv,• (HT! ovnrl 1 ❑nvnn
y,ntrr Iniln Jr)nc in 1 '.r• ;v.,unnt c+l 1 n;JO (i•) Thin l o.'11 is subjeCI
toll fnl fcn/in l I ••r nr; •.inrl cnrn11I inlr: ;
Aly l l ri ii i•:I rut i"u of n Inns u .rr•In lon
rif fit 1,—; Ilr,ri 75110,(CI;I.fi(1; Clc•(•,.1O III)- • lr MIT. of tr.i 1dtr l'nl ccii-
i ^.I iill ref „(l,:it r;-•n � niiri inv��l�l nr•,, turf t:,rlinnnl Hnn4: ir1 Ponlrlr,r
I '.yii II (•-; I 1tl h,,r }v1.; LI-„n ( i)lciri .Il r thn terms
r• tiI . Ix) -.rl rr...^nin, i f '; U ,.,;,.lol>rn(di! Prngr:ni . , , fnrih,•r iuldc r;land
that- "aII (mud ccr mrei_tt,-d fo I•rnvid', I .riorlic
%,(-kiwi I-nln f -il undo a rovnlvin•.t crodit .Irr,nln(,nrnt that rorlui.res
I-hn .1- f t-r rccoienlrlc. 'firis cor mi lm••nl i nr'.rli tionttl ly
ill Iti(nr"1 uir(n u(= In 1I •.r i:Ii ndv(• ;^ in liit fin:Inci-1l c(?edition
of (Trn !It inn Or II. Thr,inn:; t rrx�lr.
if �.-I. !. in - :111,.• -II. tisnr. crinrnrnin'I I !r- rULl'�-n! I f• Iii lntI r,
I.11•.r: r-nni - ,:1 r1
F.i n(1 ; i•r;unal L-nl:n rir.,
1,1TIy I,. LI ..,,r.
ier, i'r •: n d Tv:(.I'I"Fri I;:
( ( L-I-i'(riPA lidl)
ft!
•r. . Ii,,rdl�I-°: I(tf Or41 ---
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\\ ;: H r N. Ill r ( ;t ; nl � l, ln � 12
1111111 September 27 , 1978
F. E . :'o:cr
Vice I'rer i dcnt
First National Bsnh
Broarl.:ay A Canyon
Eoti_der, Colorado 80302
7
Dear Larry :
Subject hi not limited , to a s; Lirfactory examination
of time Cinnncial books and record:; of the Castle
Cori o;::1 i r:1 , ;' _l[or E . ile] l cr c Company will provide
the folio': ini :
A $500 , 000 revolving line of' credit secured by
first position on the accounts receivable of
Castle Corporation . Availability to the Castle
Corporation till. be dcterinincd by I ;II;i.nl; r:UZ of
ells/hie ells / hie ac:o'nit:, receivable no older than 90
days ) rem invoice date .
•
SL•onId you nerd additional inforr:; iLiou , please let: me
know .
Best regards ,
WALTER B . HELLER COMPANY
/_<;:1r : I�r;i::r.Ln
A::sit; ( :JIL Vice f'rc:; i dent
C1`.; En
950 1 iI m Ltrc n; Guile 2. 10, D::nvcr, Colorado 80:'03 303/6"'-1602 fi�LL���
E
/ - I
( 7. PERSONAL FINANCIAL STATEMENTS
On the following pages are personal financial statements for H. Thomas
and Marianne Stroop , forecasted three years into the future. They show
their income, cash flow and assets , and as can be seen, the Stroops
financial condition will be most adequete to be the owner and lessor
of the building for the Castle Corporation.
I 2
H. Thomas and Marianne Stroop .
FORECASTED STATEMENT OF EARNINGS
.year...!... .year 1- - year j
Rental income (castle) S n7,R00 S 07, 900 S 27,800
Expenses
Depreciation (29,600) (29,600) (20,600
Interest (68, 372) (67, 701 ) (66,964)
Total expenses S (97,°72) S (97,351 ) S (' 6,5(i4)
Net from rental S ( 172) S 499 a 1 ,236,
Compensation intone
N. Thomas Stroop 30,000 52 ,000 66 ,000
Marianne Stroop _ 3 ,600 _ 4 ,0r'0 4,4O0
Total compensation s 33 ,600 S 56,000 S 70,400
Adjusted gross income S-3-374-23- S 51;;'4d� 5-71.,.6-36.
Deductions
'Use. . itemized deduc. ( 4 ,Cnn) ( 4 nnn) ( 11 020)
Hone- reel estate taxes (. 2 ,604) ( 2 ,(o(l) ( 3 , 500)
Naar interest ( 12 ,225) ( 12 , 114) ( 11 ,on3)
ExtSSubtotal , deductions r.( 1 . . . ' .. .
ubtot ^•°2n) S (13 'f1r) C ( 1n 403)
( 1 , 5'00) ( 1 „00) ( 1 , 500)
Subtotal , deduct . a exemp. S (20, 324) S (2n,? 1 £Z) S (2n,on3)
Het taxable income a 13,009 t 36 ,2til c 50,63
Income taxes
( 1 ,734) (1,^70) (1 ;, 596)
Net income after income taxes a 11 , 365 S 27 , 311 5 35,0/i7
•• nenrec'ation used is Stralollt Line with a 25 year life. . .htlilding
cost at S74n,000.
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II. Thor'as and 1larianne Stroop
FORECAST IIALAt10E SHEET
AT END COD END
START-UP YEAR 1 YEAR 2 YEAR 3
ASSETS
Cash S 5, 500✓ $ 25, 156 S 45,587 $ 83 ,646
Stock (Castle Corp) 100,000 110,000 121 ,000 133, 100
Autorohiles , trucks 10,0001 8,000 7 ,000 6 ,000
Furniture 15 ,000/ 14 ,000 13 ,000 12 ,000
Life insurance cash value 5,00`! 5 ,000 5 ,000 5,000
Real estate
Home 195,020✓ 210 ,002. 230,000 250 ,000
Factory r, office
Cost 915 ,000
Land apprec. 155,000
Total 5jo,0nri 1 ,067,000 1 , 173 .700 1 ,21 ,070
less accum. depreciation - 70 ,600 5° ,200 88,800
Total real estate 910,000 1 ,037,400 1 , 114 , 500 1,202 ,270
Total a.sets 51 , 300 g00 $1 ,40,1 ,I$56 c1 ,C3 °87 S1 .6°? 016
LIr_CII.ITIES
Factory mortgages S 602 ,750 $ 6R5 , 57n $ 677 , 742 S 669, 116
Home mortgage __122,_50 ____121 , 185 _ 120,003 118,689
Total liabilities S 815 ,000 806 ,764 7°.7, 745 787,855
Net worth S 485, 500 S 602 , 7^2 S__ .738,342 S _ 904_161-
Totals S1 , 300 , r,r0 51 ,400 .556 $1 ,536 ,037 $1 ,602,016
/ 1,
PCRSWIAL ElgAIICIAL STATNI1 NT
H. Thomas Stroop"— - - - ---- October 6 , 1218
ASSETS
Cash S 5 , 500✓
Stocks (see holoo) 131 , 185
Automobiles and truck 10,000
Household furniture 15,0011'
Real estate (see below) 195 ,000'/
Lire insurance cash value - 5,000✓
Total assets 5361 ,685
LIABILITIES
Hone - - -- �----
Total liabilities S -0-
Net worth 5361 .685
Total S3f1 X85
DETAILS :
Stock owned :
h 3o shares of Whirlpool Corp. '? 2h . . . S119,5(,C
y03 2ro " Ford 14otor Co r;' h6} . . . 11 ,625
$131 , 185
Real Estate:
Penn and double let ,
707:, Rustic Trail , Boulder, CO 80301 5195,000
Signed
II , Thomas Stroop
If I
8. PLANS AND COST ESTIMATES
Preliminary plans for the Castle Corporation factory and office
building accompany this application. While some engineering work has
been done on these plans , final approved engineering drawings have not
yet been completed. However , they will be available when the Stroops
apply for a building permit with Weld County.
Estimated costs for the building are shown on the following pages.
- 2
TOTAL LAND AND NI)ILDIM; COSTS RECAPPED
Castle Corporation
Land S 73,690
Land irnrovea:ents 114,400
Factory building 441 ,917
Office huildinq 184 q°3
.3315,000
LAND AND LAND I!1PRGV'PNENT`
- - - - -- Castle Corporation
Land S 73, 6°0
Land Ir.provor,nnt; '
Roads and narking lots S 4n,Ot'n
Side Ioll.:s and curLs 3,500
Vlater line , fire hydrant 3 , en0
Sr'ptic systrn -r, Ann
Er,:, r I i nn 0,^r0
'.ator Lin f 3 , c,nn
I , Onn
rrnce 2 , 'nn
Rail ':ditch 15,300
tricl. 21 enn
I.and c.-iping 7,. '").0")
I14 ,1+92
S1P8,nnn
OFFICE "HII0I r0S1 ( i ,n20 ',:L. I t )
- -- Castle Corporation
s 190
Soil Lest 150
Structural cngI n� ering .
225
Drawing`' 150
Ennery load engineering f 000
rxcavatini 6 ,725
Caisons , grade beams 12
Walls , insulat -d and finished 13,45C
Goof 18,600
0oofing 11 ,500
7, 000
Floor 13 ,500
PIu•,hlnn
Electrical 4 ,000
L iobt i n❑ 4,000
"catine and air conditinnirg 15'00°
1 , 300
Exterior personnel doors 7,570
Windows
Fire extinguishers 450
150
r
Pc:ln Spo tS
750
Painting r5 000
Interior 1.:.il1 ;Interior door5 1 ,0r0
C,ilin'I l ,n n
Floorleg n, 5n�
flestrocu tile an'i ,accrssort
r05tro w pnrtitiens. nrn
Cabinets , nit I es 3 ,500
Lunchronry riuipmont 4 ,500
Telephono conduit and outlets 3 , 500
Facia trirI ,400
°uilding pornit 200
Plan checking fee 100
Sales tax 3 '800
Snpervicinn and overhold 1 ,600
Construction loan ant^rest 3 '`'00
flea! estate apnraisal n 300
00
Contingrnuics
Contractor' s profit _ 15_. 578
si ,993
FPCTORY PIIILCI0O C0;15 (3n ,Mn sq . ft . )
C,ist1e Corporation
Soil L'st 310
Structural engineering (00
Drawings 975
Fnergy load engineering 600
Excavation 25,000
Falcons . grade booms 0 ,900
1lalls , insulated and finished 46, 200
Roof , prestressed concrete 20,000
Roofing 49, 500
Floor 39,000
Plunbini 1 , 590
Electric ) 40,0'00
Lighting 13,000
'entine and ventilating 0 , 400
0verh,nd doors 1+ ,600
Exterior por_sonnel doors 340
Windows 1 , 709
Pock lev"Icrc 4 .000
Pock she) t, r s 2 .900
Fire sprinkler; 22 , 510
0o:+nspruts 350
Reinforcing steel 5 , 02
'uildino oLrrilt ; 751
Plan checking fe s 375
Sales tax 11 ,000
Supervision and overhead 6 , 400
Construction loan interest 12, 500
real est,ata a;;praisr'I 750
Contingcncies 25,000
Contractor ' s profit 30,407
;441 ,917
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9. LFTTFRs OF APPROVAL _ _ _ _
As a result of obtaining SBA financial assistance, we obtained letters
of approval and statements of support from a number of local , state
and federal agencies . For your information, copies of these letters
follow.
/ I I r r
i/ tit.. ti., )� . � ; 1' ' ' I 1 1 1 1 1' le i 1 ) I E A l i t a 1 `, ! I / , .. -1 r) . )
•
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I
t ( ,Elti! ";i( h0 NNW Il � � r67' tlllttl !'
Philip II. 'irhmu' L. Duet tut
COLOf'AT?0 CLET\RIH!L}!OU1SE
•
•
liEVILW SUMMARY
T0: HARRY 'lUDMAS AND MARIANNE S'I'ROOP DATE: November 13, 1978
STATE 1 . D. NO 78-506200-044
SUBJECT: Factory and Office for Castle Corp.
The Colorado Char ins:h'ntst' has reviewed your notice of intent to apply for federal
aid and has submitted it to appropriate state agencies. As a result of this review:
N Based on information available at this time, it has been determined that
the project rinr-s tint appear to conflict with state plans , programs , or
objectives. However, please see the attached comment from the Colorado
Department of Health' s Air Pollution Control Division .
•
However, it is recommended that the following conflicts, difficulties , or
conditions be met or solved :
The clearfnhhouse has no objections to the funding of the project when the
ahoy , have been resolved .
A request has been received from onn or more state a caries that the final.
application he submitted for review. The project cannot be signed '-fl
until the application has been reviewed .
It is recommended that ;approval of the project he withheld, for reasons
stated in the attached letter from
I
Strp'ar•.) 0. El Lis
Princ i pal Planner
This form and all attach'nents most accompany tour application to the Federal fund—
agency .
cc : Fanner;; Ilnm,- Atl m i n i!4! r/It ion
l.nr NINA. lii• Id. krPiunal Council of Covernmc•nts
SOC—A, Revised August 1977
520 Sate Gene--n„al Budding, 1317 Shetmmi Street, Denver, Colorado S0203 .202, S12-2351
I )I' It• il) tl•Ill OI I .1)a•;tl Aft• I 1
) F- •/'
) ( IOll ) I•(I(I () ) 11 () ! I ) IaJIIIIII Af%
V•i C.�J,/ Philip II. $rlinu:(6, ihn � Irrt
Ih7G
Richard I). Lamm, Go.ernor
COLOPAI1O CLEARINGHOUSE
NOTIFICATION OF APPLICATION
To.: HARRY. THOMAS ANt1 MARIANNE STHOOP
443-4071
Project Title: Factory and Office for Castle Corp.
State Identifier Assigned: 78-506200-044
Notiri /Ayplication Received: October 10, 1978
Pate by which comments must be furnished
to the applicant by the Clearinghouse: November 10, 1978
Although the folloving Metrnpolit:rn/Regional Clearinghouse have been informed
of this application, it is the applicant ' s responsibility to send SOC-1 and
arromp.cnying, iIifn! rnnt 'inII to (11 SS.r nrp,ani i.il inr if lu• has riot already done no :
L:+rimer held Repinn.t1 Coilnr' II of Cnvc nn)Emts
The Clearinghouse has sent the project to the following agencies for review and
c onimpnt:
Colorado Civil RiphtF Gennaiscdnn
Colorado hivisirn of Cozmli=rye and D velop:lou t
Colorado Ihnartmcul oI I cIth
Colorado hcp.irt meat of Highways
Colorado t)iviuion of (lousing
Colorado (hi' Ic'yiral Survey
Colorado State Planning and Budgeting
Color .ndn I) ivi •;ion of Planning,
Regional Rural I evelnpmenl Committee, Region 2
S(IC- ', Oct 78 �� lc ' 1
STATE-CLEARINGHOUSE
NOTE. 10 HEVIF.W11'C AlIiCIFS : For some projects , only er.cerpted inrcrm,.rticn is enclosed .
Please contact Clearinghouse if more information is needed .
ciC �•9ry ni d H 2 Sltr o la '3/ 2' n'1
_ Ce,�rerr c."c�n3, .I.. n-.nn 're^t, cn�e�, o a,ad� - /. . 3'12 T.351
^ /"'J IINIll I ` IAII I Nv!I?r rf 11.91 h1I AI I ' II ! um A( N( .Y
OCT Z 6 19/B
REF : RAH-A
Mr. h. Thomas Stroop
7075 Rustic Trail
Boulder, Colorado 80301
Dear Mr, Stroop:
The Denver Regional Office of the U. S. Environmental Protection
Agency has reviewed your project (offices and factory to manufacture
kitchen cabinets) and find it in accordance with the Clean Air Act
and the Water Pollution Act. This letter is to certify the same for
the purposes of the Farmers Home Administration Loan Guarantee.
Sincerely yours ,
C, •
(
Norman A. Huey, Chief
Technical Support Section
Air A Hazardous Materials Division
) • (
Roger F. Fr-enette, Chief
Permits Administration and
Compliance Branch
Enforcement Division
9 5
Of l ice of the COJ_4JIHADO October 25 , 1978
State TocicienIegist IIISTOLi,ICAL
839-3391 SOCIETY
'I'ho ( ,l(lra,h, irl'itaw! Center I30(1 I)r(itdway I)en vor, Colorado 80'203
II . Thomas S troop
7075 Rustic Trail
Boulder, Colorado 80301
Dear Mr . Stroup:
Both the Office of the State Archaeologist of Colorado
and the Department of Historic Preservation of the Colorado
Historical Society have received and reviewed the information
provided for Castle Corporation , in Weld County, TIN , R68W,
Sec . 19 . The following are our combined comments for the
Colorado State Historic Preservation Officer .
The Historic Preservation Department finds there are
no architectural c tura l or historic Et ope t ies-_that-_appear to meet
the National Register of Historic Places eligibility criteria
within the impact area of the project .
There arc no archaeological resources in the above area
on the National Register. of Ilist_or.i.c Places .
To our knowledge , however, the area has not been system-
• atically or intensively surveyed for archaeological resources .
Therefore , a survey to locate, record , and evaluate archaeolo-
gical materials should he conducted prior to ground disturbance .
The Office of the State Archaeologist will provide names of
qualified archaeological contractors , as well as any other
assistance possible; feel free to call upon us .
• Sincerely,
c. re'( %r . , . ( /(i .
r , 'Arthur C. Townsend •
aicyy,utate IlisLoric Preservation Oil ices
ACT (n IL) : jo
TOWN OF ERIE
i, li, I'Pviml ffl ��.,, ��,,, III„ ' I' I WI , I'AI lMI Nr
n:n. 1717
UOG. Crllorinf)o 005
0213-3043 449-30115
r. H. 'I }iorrr,:; ';croon
C . ,'„r;'-, is I'rii l
nn1 Ic r, CO )3' 1.1
r' 1', , I I,roOp:
Ln rn:,uon:,c to your request an to whether or not your
facil it, or; on County Line Road for Chr: Cantle Coro.
are in ;a f I cod c is in or muds Lids arc; , we arc happy
o report they are not.
c ; r:cci'✓�;'I a tcle;'houc c:. 11 I;cJ'iy Cron Lr. sync
�nith or thc: I' S'ui1 ::ni. 1_ t�onS :iVat, LOtl ';cruise confiivr. te,
Lhi : infonlu:ti.en.
?o,ur:; vary !,rn1y ,
, 0% P r �`, ('` �-I J-
O .
.17H.• ro.ni C1f:;ri.
j tii u. 'ers iee Company ''lf perm u,
v > : P.O. Box 561
boulder, Colorado P0306
ilovemher 1 , 19713
Mr. Tom SI.roo 1
70/5 Rustic Trail
Boulder, Colorado 00301
Dear Mr. Stroop:
Electric and gas utilities are available in the vicinity of the Erie
Air Park Development.
The electric requirements should present no problem and PSCo will in-
stall the permanent service as soon as the building is sufficiently
enclosed.
The natural gas situation is quite different. Public Service Company
has a has Attachment Program in effect which requires a customer to
make a gas application which could remain on the waiting list up to
fifteen months before receiving a commitment. Once the cononit.ment is
approved, PSCo will install the gas service to the proposed building.
if vin hive any further questions , please i'nli u'i'' al 112-1101 , ixten-
sion ill .
Sillcerel� ,
i
relit Mueller
Engineer
Boulder Cemmrercial F, Industrial
Consumer Service Representative
a r
TOWN or ERIE
Pr1I Ir I', I PIMA! III (.,191101 Ii ins FMI DEPAIUMFN1
ivri vnn uric nn A21-3712
FN11 . COI ONAI)O A0516
11211-3043 419-3005
IJovcmi er 2 . IT/8
Thorns :;troop
7O75 icu;tic Trail
onider. Co. H.,'3J.1-
0ear iir. itroon:
'.1e undernt:uu1 you are making an aPol.icatton for a
loan :;11arantee through the i'nnnerv, Home I'•dministration.
In Line with that e:::plication please La 'advised that
your facility for the Castle Corp. will be served with
Erie water.
The Town oi' Erie has riven you permisc-i.on to temporarily
a septic _,p tem for your Facilities until a sower
line u . l,jnccnt, to your pro rr ty . A flr n.n line dill he
re lid l r ed to Hr.l-i0 1,110 to x-11^, south of
oil your proncrty , and thin sewer er lino should be in place
i l,hin two 'wears. Ones the sewer line i,, in, the sewer
service will Lc provided t,11, the _;rio :;rater and Sanitation
J1- al : o :lc nowledt r that you have written a
letter to the Torn of Erie, l romi.crnr; to hook up to the
sewer line arc r:oon as possible.
Ciro rotcctLou tar your facility i_ l_ bo. available through
the Y-coni !'ire I) strict and the Erie 'ioluntcer Eire
.cn. 'L nn'i
Police .:rotection will be provided by the ilrie Police
Department.
vary truly .
r' l'
nilennin ' 1 oi_;;hU
'to.rn C Lori.
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