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HomeMy WebLinkAboutR-01-0643J-01-1095 7/9/01. RESOLUTION NO. Oj_ 643 A RESOLUTION OF THE MIAMI CITY COMMISSION ALLOCATING $50,000 OF COMMUNITY DEVELOPMENT BLOCK GRANT FUNDS FROM THE AVAILABLE FUND BALANCE OF THE COMMERCIAL LOAN PROGRAM TO CAMACOL LOAN FUND, INC. `PO SUPPORT ADMINISTRATIVE ACTIVI."-.F.S THROUGH SEPTEMBER 30, 2003; ALLOCATING $150,000 FROM THE SAME SOURCE TO THE FUND POOL TO COVER ACTUAL REHABILITATION e%os-s OF BUSINESSES PARTICIPATING IN THE COMMERCIAL FAgADE PROGRAM; AUTHORIZING THE CARRYOVER UNTI7 SEPTEMBER 30, 2C01 OF $18,773.63 OF FUNDS PREVIOUSAI,Y ALLOCATED TO CAMACOL LOAN FUND, INC. FOR THE CONTRACT PERIOD ENDING APRII, 30, 2001; AND A(,ITHORI7TNC THE CITY MANAGER TO AMEND THE KXISTING AGREEMENT WITH CAMACOT, hOAN FUND, INC.IN ACCORDANCE HEREWITH, IN A FOILM ACCEPTABLE TO THE CITY ATTORNEY. WHZRFA8, Resolution No. 00- 41:3 allocated $150,000 from the available Commercial Loan Fund balance as administrative support to CAMACOL Loan Fund, Inc. to implement a restructured Commercial Loan Program through April 30, 2001; WMREAS, additional funds are needed by CAMACOL Loan Fund, Inc. to maintain services iii providing technical assistance to stabilize and stimulate Local businesses through the current fiscal year ending September 30, 2001; and CITY COWi 055 MEETING ff((7r ,1111 1 n 2001 Hasolutwa OP. 01- 643 WHEREAS, funds allocated for rehabilitation activities to support businesses in the Community Revitalization Districts through the Commercial Facade Program have been depleted; NOW THEREFORE, BE IT RESOLVED BY THE COMMISSION OF THE CITY OF MIAMI, FLORIDA: Section 1. The recitals and findings contained in the Preamble to this Resolution are hereby adopted by reference thereto and incorporated herein as if fully set forth in this Section. Section 2. Community Development Block Grant ("CDBG") funds, in the amount of $50,000, from the available fund balance of the Commercial Loan Program are allocated to CAMACOL Loan Fund, Inc. to support administrative activities to maintain services in providing technical assistance to stabilize and stimulate local businesses through the current fiscal year ending September 30, 2001. Section 3. The City Manager is authorized to carryover until September 30, 2001 the available balance in the amount of $18,773.63 of CDBG funds previously allocated to CAMACOL Loan Fund, Inc, for the contract period ending April 30, 2001. Section 4. The City Manager is authorized to amend the contract with CAMACOL Loan Fund, Inc. that expired April 30, 2001 in accordance with this Resolution and in a form acceptable to the City Attorney. 66 4 Page 2 of 3 (� aas�e� Section 5. community Development Block Grant funds, in the amount of $150,000, from the available fund balance of the Commercial Loan Program are reprogrammed to the fund pool used to cover the actual rehabilitation costs of businesses participating in the Commercial Fagade Program administered by community based organizations in the Community Revitalization Districts. Section 6. This Resolution shall become effective immediately upon its adoption and signature of the Mayor.' PASSED AND ADOPTED this 10th day of July —1 2001. JOE CAROLLO, MAYOR ce with M4)n,,i (:ode S a.yor dki not Indicate OPPrOV61 Of In &Ooordan tjnCq the M: this legl5fA!tan by zi,)U-1.1- it il) th3 Pnco pro""P.1m. =11 lColslCilon now C� ciao bocotn% -3 of Ccrjj;jjjGbI0n acOon rogartfin5 tall'u, villhOut 11*.-.: , NiYLI 4r ;4&'00 a Vl­tO- ATTEST: J. Fooman, City Clark �ftr'j- WALTER J. FOEMAN CITY CLERK APX05QArb-/"'TO, ORM AND CORRECTNESS: .XANDR ILARELLO ;KTY ATTORNEY W6100;rm:IT 1./ if the mayor does not sign this Resolution, it shall become effective at the end of ten (10) calendar days from the date it was passed and adopted. If the Mayor vetoes this Resolution, it shall become effective immediately upon override of the veto by the City Commission. Page 3 of 3 pi — (%43- CITY OF MIAMI, FLORIDA INTER -OFFICE MEMORANDUM TO: The Honorable Mayor and Members of the City Commission FROM City Manager RECOMMENDATION DATE JUN 2 6 1 FILE SUBJECT: Allocation to CAMACOL, Inc. and the Commercial Fagade Program REFERENCES ENCLOSURES City Commission :Meeting July 10. 2001 It is respectfully recommended that the City Commission adopt the attached resolution allocating a total of $200,000 from the available fund balance of the Commercial Loan Program by directing $50,000 from said allocation to CAMACOL, Inc. to support administrative activities through September 30, 2001 and increasing the funding pool of the Commercial Fagade Program by $150,000; also authorizing the carryover of $18,773.63 of funds previously allocated to CAMACOL, Inc. for the contract period ending May 31, 2001; and further authorizing the City Manager to amend the existing Agreement with the aforesaid Agency by extending the contract term through September 30, 2001 and increasing the funding as indicated in a form acceptable to the City Attorney. BACKGROUND: At its meeting of May 11, 2000. the City Commission adopted Resolution No. 00-413, which allocated $150,000 of Community Development Block Grant (CDBG) funds from the Commercial Loan Program to the CAMACOL Loan Fund, Inc. to administer the restructured Commercial Loan Program through April 30, 2001 to provide economic development assistance to stimulate businesses in the City of Miami and create jobs for City residents. The Administration has serious concerns regarding the effectiveness of the restructured Commercial Loan Program, however, it also recognizes CAMACOL's impact in providing technical assistance to stabilize and stimulate local businesses and the Agency's increased involvement in the Special Economic Development Initiatives proposed for the Little Havana Revitalization District. The fund balance of $18,773.63 from the existing agreement, which expired April 30, 2001 and an additional $50,000 is needed by CAMACOL to provide administrative support to maintain operations through September 30, 2001 and to continue these activities through the current fiscal year. Therefore, it is also recommended that the contract that expired April 30, 2001 be extended through September 30, 2001 and that the fund balance of $18,773.63 from that contract be carried over to the extension period. CAMACOL has submitted an application for continued 01- 643 • 0 administrative support through the Request for Proposal process for the period commencing October 1, 2001 and this request will be considered in the staff evaluation and recommendations for 27th Year funding. In addition, the Commercial Fagade Program administered by community-based organizations (CBO) in the various Community Revitalization Districts has been extremely active and the fund pool for the actual fagade improvements to assist local businesses has been depleted. The City Commission originally allocated $400,000 for this purpose during the 260' Year CDBG allocation process. To enable the CEOs to continue to assist local businesses through the Commercial Fagade Program for the remainder of the fiscal year, it is recommended that $150,000 from the Commercial Loan Program be reprogrammed to the fund pool for fagade improvements. It is recommended that the City Commission adopt the proposed resolution allocating $50,000 from the available fund balance of the Commercial Loan Program to the CAMACOL Loan Fund, Inc. to support administrative activities through September 30, 2001 and $150,000 from the same source to the fund pool to complete rehabitiation activities through the Commercial Fagade Program; authorizing the carryover of $18,773.63 of CDBG funds previously allocated to CAMACOL, Inc. for the contract period ending April 30, 2001; and further authorizing the City Manager to amend the existing Agreement with the aforesaid Agency by extending the contract term through September 30, 2001 and increasing the funding as indicated,in a form acceptable to thhee�City Attorney. DB/GCLF 01.- 643 0 • J-00-413 5/11/00 �U- 1` �;3 ..�.SCLUT ION NO. A RESOLUTION OF THE MIAMI CITY COMMISSION AUTHORIZING 'rXE ALLOCATION OF FUNDS IN THE TOTAL. AMOUNT OF $300,000 OF COMMUNITY DEVELOPMENT BLOCK GRANT FUNDS TO PROVIDE ADMINISTRATIVE COSTS TO REESTABLISH A COMMERCIAL LOAN PROGRAM, AS OF MAY 1. 2000, TO STIMULATE BUSINESS DEVELOPMENT AND GROWTH IN THE CITY OF MIAMI, WITH SAID ALLOCATION INCLUDING INDIVIDUAL AWARDS OF $150,000 TO THE LITTLE HAITI CREDIT UNION, SUBJECT TO CERTAIN CONDITIONS, AND THE LATIN CHAMBER OF COMrlERCE (CAMACOL); AND AUTHORIZING THE CITY MANAGER TO EXECUTE AGREEMENT(S), IN A FORM ACCEPTABLE TO THE CITY ATTORNEY, WITH SAID AGENCIES. WHEREAS, the City Commission terminated its contractual relationship with Miami Capital Development in December 1999; and WHEREAS, the City Commission agreed that there is a need to reestablish a Commercial Loan Program to assist local businesses and stimulate business development and growth in the City; and WHEREAS, the Department of Community Development has developed a restructured Commercial Loan Program; and WHEREAS, the use of Community Development Block Grant funds complies with all applicable rules, regulations or laws regarding same as approved by the Director of Community Developments cm COMM$= MEMO or MAY 1 1 2000 X43 NOW, THZRErORE, 89 IT RESOLVED BY THE COMMISSION OF THE CITY OF MIAMI, FLORIDA: Section 1. The recitals and findings contained in the Preamble to this Resolution are hereby adopted by reference thereto and incorporated herein as it fully net forth in this Section. Section 2. The allocation of funds, in the total amount of $300,000, of -:ommu:iiLy Development Plock Grant Funds is hereby authorized to t:ie following agencies to provide administrative support to reestablish a Commercial Loan Program, as of May 1, 2000, to stimulate business development and growth in the City of Miami: �Cy A1„Lecat� on Latin Chamber of Commerce $150,000 Little Haiti Credit Union.190-boo Total 0300,000 Section 3. The herein allocation to the Little Haiti Credit Union &hall commence as of July 1, 2000, and shall be subject to further approval by the City Commission. Section 4. The City Manager is hereby authorized" to execute agreement (a), in a form acceptable to the City Attorney, with the Latin Chamber of Commerce and Little Haiti Credit Union. it The herein authorization is further subject to compliance with all requirements that may ba impostd by the City Attorney, including but not limited to those prescribed by Applicable City Charter and Code provisions. Page 2 of 3 01— 643 0 • PA89$13 AND ADOPTED this ll&h day of May- _' 2000. 35 JOE CAROLLO, !KAY071 In accordance with IV' 3rrd Code See. 2.39, slnca th' MAW did not WWI* sp^rnw--! of this bgislstion by it in the desgnated pr.ca Vvdded. ccid .7w becomes effective with the v4se of ten (10) days .om the ' to of Camrnis , .....gin regarding cams, without the Mayo erc imp a ATTRST : W R�Ufk WALT KETH J. FOBMAN s f/ 6 w It the mayor doer not sign this Resolution, it shall become atfeetive ac the and of tea calendar days from the date it arae passed and adopted - It the Mayor vetoes this Jtesolation, it Shull become affective imonadistely upon override of the veto by the City CONSisaiou. Page 3 of 3 01— 643 • • NOTICE OF PUBLIC HEARING ON COMMUNITY DEVELOPMENT ISSUES AND THE PROPOSED FY 2001 ACTION PLAN FOR THE USE OF HUD GRANT FUNDS BY THE CITY OF MIAMI Z.. �� ieaer can s :CN.. V r, Funding recommendations for the City of Miami Community Development Block Grant (CDBG) Program, Housing Opportunities for Persons With AIDS (I-IOPWA) Program and the Emergency Shelter Grant (ESO) Program will be considered and approved. Pursuant to the Department of Housing and Urban Development 24 CFR Part 91, et al, it is required that the City of Miami submit its Annual 2001.2002 Action Plan to the U.S. Department of Housing and Urban Development (HUD). The City of Miami has completed a series of Public Hearings in each City Commission District to solicit community input and participation in the development of the proposed Annual Action Plan. The final Public Hearing to discuss and approve funding recommendations for FY'2000-2001 activities for the aforementioned HUD grant programs and other Community Development issues will be held: Tuesday. July 10, 2001 at 8:55 A.M. City of Miami Commission Chamber 3500 Pan American Drive Miami, Florida The Agenda for the Special Meeting is as follows: 1. Discussion and proposed resolution to establish a policy on the rollover of finds for multi-year contracts for construction related brick and mortar projects. 2. Discussion and proposed resolution to establish a policy that establishes time limits for multi-year brick and mortar project contracts for no less than two (2) years or no longer than three (3) years. 3. Discussion and proposed resolution approving the City of Miami Public Housing Plan. 4. Second reading of Ordinance creating the Model City Homeownership Trust. S. Discussion and proposed resolution appointing the following six (6) individuals as members to the Model City Homeownership Trust: Shalley Jones, George Knox, Lucia Dougherty, Hector Brito, Patrick Range and Linda Haskins. 6. Update on the Model City Homeownership Pilot project. 7. Discussion and proposed resolution ratifying the purchase of computer training at a cost of $5,133 to implement the mortgage servicing system software. 01- 643 1141 IN16ll• • • 8. Discussion and proposed resolution ratifying the retention of the Stanley G. Tate Management Company to provide management services relating to the Ideal Rehab foreclosure property. 9. Discussion and proposed resolution extending the construction and completion date for the Rafael Hernandez Housing and Economic Development Corporation to complete its affordable housing project. 10. Discussion and proposed legislation amending previously adopted resolutions to properly reflect the legal name of the joint venture developer of 15-21 new single family homes planned for development on scattered city -owned parcels located in the Edison -Little River Community Revitalization District; further authorizing the City Manager to approve and reimburse Banyan Townhomes, L.L.C. and Habitat for Humanity of Greater Miami, Inc. for eligible predevelopment and/or project related costa incurred since January 27, 2000 relating to the development of affordable housing units in the Edison Little River and Overtown neighborhoods. 11. Discussion and proposed legislation allocating 550,000 to CAMACOL for administrative costs to assist businesses in the Little Havana Community Revitalization District. 12. Discussion and proposed resolution allocating $50,000 to implement a Special Economic Development Initiative to assist businesses on S.W. 8 Street between S.W. 4 and 19 Avenues in the Little Havana Community Revitalization District. 13. Discussion and proposed emergency ordinance establishing a Special Revenue Fund and authorizing the City Manager to accept the 2001 Welfare Transition Program Grant from the South Florida Employment and Training Consortium. 14. Discussion and proposed emergency ordinance establishing four Special Revenue Funds and authorizing the City Manager to accept the 270' Year Entitlement grants from U.S. HUD for the Community Development Block Grant, HOME, HOPWA and Emergency Shelter Grant Programs, 15. Discussion and proposed emergency ordinance allocating 271° Year Entitlement grants from U.S. HUD for the Community Development Block Grant, HOPWA and Emergency Shelter Grant Programs. The Administration will present the following funding recommendation: Proposed Use of 513.148.000 of Community Develooment Block Gragt (CDBGI Funds and $450,000 of Program Income from the Commercial Loan PMg= Economic Develonment Fundine Allapattah Business Development Authority, Inc. $150,000 Catholic Charities Pierre Toussaint Haitian Center 150,000 Coconut Grove Pilot Project 50,000 Downtown Miami Partnership 150,000 Edgewater Economic Development Corporation 100,000 Human Services Coalition of Dade County 100,000 Latin Chamber of Commerce (CAMACOL) 200,000 Neighbors and Neighbors Association 150,000 Overtown Pilot Project 50,000 Rafael Hernandez Housing & Economic Development 150,000 Small Business Opportunity Center 250,000 Women's Business Development Center 50,000 Word of Lite Community Development Corp. 100,000 Commercial Facade Improvements 450.000 Total for Economic Development Activities 52,085,000 1101119MI 01- 6,43 • U2111hil Fundis= Allapattah Business Development Authority, Inc. S 75.000 SAME Development Corporation of South Florida 82,762 CODEC, Inc. 225,000 East Little Havana Community Development Corp. 225,000 • Greater Miami Neighborhoods 75.000 Haven Economic Development Corporation 50,000 Habitat for Humanity of Greater Miami 75,000 Jewish Family Services 55,000 Jubilee Community Development Corp. 107,238 Little Haiti Housing Association 75,000 Miami Dade Community Development, Inc. 50,000 Model Housing Cooperative 50,000 Vision to Victory 105.000 Total for Housing Activities SI,ZS01000 Historic FreserYation City of Miami retired Police Officers Community $327,100 Benevolent Association Total for Historic Preservation Activities S 327,100 Public Services Action Community Center $325,000 Allapattah Elderly Meals Program 350,000 Aspira of Florida, Inc. 55,500 Association for the Development 54,085 Of the Exceptional Boys and Girls Club of Miami 20,000 Catholic Charities/Centro Hispano 30,000 Catholic Charities/Centro Mater Child Care 74,000 Catholic Charities/Centro Mater Child Care 42,7S0 Teen Outreach Catholic Charities/Emergency Services 19,000 Catholic Charities/Notre Dame Childcare 45,000 Catholic Charities/Sagrada Familia 75,000 Catholic Charities/Services for the Elderly 28,500 Center for Haitian Studies (Food Voucher Program) 66,500 Center for Information and Orientation (Child Abuse 66,500 Project) Children's Psychiatric Center 20,000 Coconut Grove Cares 100,000 Colombian American Service Association 25.000 Deaf Services Bureau 30.000 De Hostos Senior Center 240,000 Dominican American National Foundation 25,000 Dr. Rafael Penalver Clinic 50,000 Fifty Five Years and Up 25,000 First United Methodist Church Hot Meals 21,000 HAITIAN American Foundation 75,000 Hispanic Coalition 30,000 KIDCO Childcare 100.000 01- 643 611111.. • Liberty City Optimist Club 47,500 Lions Home for the Blind 80,000 Little Havana Activities Center/Elderly Meals 260,000 Little Havana Activities Center/Pro Salud 65,000 Mental Health Association of Dade County/ 63,944 A Woman's Place Miami Behavioral Health Center 30,000 Miami Jewish Home and Hospital for the Aged/ 35,000 Douglas Gardens Southwest Social Services 125,000 The Alternative Program 75.000 Urgent, Inc. 25,000 Victim Services Center 25,000 YMCA of Greater Miami/Carver Branch 66.500 YMCA of Greater Miami/International Branch 50,000 Public Services Contingency Fund 51.721 Total for Public Service Activities 53111700 City Funded Activities Grant Administration (20%) $2,629,000 Section 108 Loan Guarantee Debt Service 1,100,000 Code Enforcement $1.000,000 CRA (baseline funding as per Interlocal Agreement) 479,900 Demolition 500,000 Lot Clearance 350,000 Parks and Recreation Dept. (Disabilities Program) 122,000 Parks and Recreation Dept. (Overtown Youth 47,500 Recreation Program in conjunction with Overtown Optimist Club) Little Haiti Job Creation Project 225,000 Planning Department — Establishment of 225,000 Comprehensive Historic Preservation Program Departments of Planning, Real Estate and Economic 140,000 Development, and Community Development - Preliminary planning study for proposed Little Havana Homeownership Project Total City Funded Activities 56,818,400 Proposed Use of UQPWA Funds - SI 0.2§2.000 Long Term Housing Miami Dade Housing Agency $3,051,930 City of Miami Dept. of Community Develop. 3,700,000 Douglas Gardens Community Mental 611,000 Health Center of Miami Beach Miami Dade Housing Agency Utilities Assistance Grant Administration 308,070 Agape Family Ministries 126,000 SAME Development Corporation of South Florida 18,300 Better Way of Miami 75,000 Center for Positive Connections 100,000 Greater Bethel AME Church 134,000 Greater Miami Community Service, Inc. 250,000 0 01- 643 0 Look Towns Community Mental Health Canter 124,700 Spanish American Basic Education & Rehabiligaion 287,000 Shelbourne Apartment Building, Inc. 103,000 Total HAPWA Funding 510,169,000 pr000sad llstof Emergency Shelter Grant Funds x/48.000 City of Miami Homeless Program $434,360 Program Administration 13.440 Total Emergency Shelter Grant $448,000 0 Interested individuals are encouraged to attend the above Public Hearing. The Hearing site is aoeossible to the handicapped. Following the Public Hearing, the public review and comment period will run from July 11, 2001 through August 10, 2001. The City of Miami invites all interested parties to communicate their comments regarding the proposed Action Pian in writing to, 01- 643 �0woo MRIA ; COL LOAN FUND, INC • "•^+'"`�'+ FI Qtr • C6.1210 • "A f b1 rlda 33135 • • t 1401 West sorer eet te am , o Telephone 305-642-7472 • Fax 305-642-9086 Pursuant to your request, enclosed please find copy of the package distributed to E 0. r ti —t AuOW 8, 2001 .:. CO f ! x 7 dd ��ity YIMiPl1 Miami ' �.' �} - City Clerk 3500 Pan American Drive Miami, Florida 33133 i Dear Sir or Madam: I Pursuant to your request, enclosed please find copy of the package distributed to E CAMACOL LOAN FUND, INC LOANS APPROVED IN 2001 ...—.. NAWOF aD1�ER A. PADRON INC d►Wa SUNCOAST MESSENGER ••. AttlOitMT DATE LOAA COMMITTEE AfMiOYlD OEBmo COMM LETTER OEFEggEO 1E&IED CONYEtfDpC3 To A1'TOla C COMPLYIAN'tkGO1Mt SKIN OiP & REUM °fes DtS8t1 ENT ,pgs �� MANUEL OTERO dVa OTERO JEWELRY •'• S 20.00000 to-►ar of x x x k TED Rerntnw -- - RCL WELDING SERVICES INC S 20,000.00 10 -Jan -01 X -- x x k x x t _ ALBERTO MEDINA d/Wa PIO W CIGARS y S ?5,00020 _ tO Jan -fit X x k x x + t SWUTHERN EXPERIENCE MOBILE KITCHEN & CATERING INC "• S 20.000.00 5 Fep O t x X x X X x x o - - -- -- BETHENCOURT & SQN §, INC d/b!a SARUSSI CAFETERIA •'• S 35.000 00 5-F� y Ct `- X X -- x - k x x s -- - 2--- IQUOR INC "' S 30.CM.00 7 Mar -0t x x x x PEUOaIG 9 12 LLI CORP dtVa M & C COIN LAUNDRY "' S 35.000-00 pular-07 X — x x x x x x 3 X `2 NDRO CABRERA drh/a WLIE S LAUNDROMAT..• KRI S 50.000.00 7 Mar 01 x x X x + 'S AUTOS FOR WHOLESALE CO. "' i 35.000 00 t4 Mar -01 x - x PEN08iG_ + z BELLWEST CORP dlbJs TRENDY EYES S 35.00000 4 -AM -0t x x PEMDNG z FASHION CAFE INC "• S 50.00000 oe -01 x - - - -- x x x PEMO�JG + 2 IDEAL AUTO SALES. INC "' S 35.0OD 00 4 -Apr 01 x x x x t t KING OF BRAKES AND TIRES CORPORATION "' S 25.000.00 4- 01 x x — — — PENDWG 2 2 _ SOAP b WATER. INC dJbh ONE STIpP CLEANERS & LAUNDRY ~' S 35.00000 -01 x x X X SOMETHING BORROWED gh BISCAYNE "• 4 -Apt -01 x x --- PENDwc PENDING t z ELOY GONZALEZ - a_ -0t x x 3 s NALDO ROdAS 0 A ARNALDO DENTAL LAB "' WIA00 _ 11 -Apr -01 x - - - MARTHA SANTOS DWA/ COFFEE SHOP Y FRUMMA NOELIA "'x -0t x z xVMMOPAM MS ARCADIA VANEGAS MBIA EL NICOYITA DISCOUNT "• z t x x x PEtto9�G , t .« Rdt BEAUTY SALON ? 1 X x x -- rERdwc + t ANGEL05 TROPICAL INC dlb/a LA NARA '•' S 8.000.00 23 1 X x X x ��� PLAZA S 325000.00 i x — PERDI 4 + TE ••- Cm of trwr t .. • 0 PERFORMING LOANS CODE NAME BALANCE 01-1002 AdvancedCorp. Supplies, Inc. 284,87 01-1003 Alfaro Baster Corp. 01-1004 Atlantis E.S.0 01-1005 BURCORP 01-1006 Country Walk Lady 01-1008 Elsa de la Torre 01-1012 Hing -Fa, Inc. 01-1014 Jessenia's Antique 01.1016 Krome Thrift Shop 01-1017 La Milagrosa Cafeteria 01-1020 Look Worldwide. Inc. 01-1021 M LP.S. Transformers Corp. 01-1024 Mortgage Plus Investment 01-1026 Proactiva Trading, LLC 01-1092 Ultra Farm, Inc 02-1009 Facundo Cafeteria 02-1010 Fruteria Tana. Inc. 02-1025 Old Cutler Lady, Inc, 02-1027 Sandors Bakery Institute 02-1029 Sky Box Services Corp. 02-1030 South Florida Bakery, Inc. 02.1031 Torrado Accents 02.1036 Inma Export Corp. 03.1001 Suncoast Messenger 03-1002 Otero Jewelry 03.1003 RCL Welding 03-1004 Palm Liquor 03-1005 Sarussi Cafeteria 03-1006 Trendy Eyes 03-1007 PIO VI Cigars 33,tN3b.lU (0.01) 69,210.14 48,371.21 10,974.98 62,422.45 (0.00) 16,039.28 0.00 0.00 28,313.30 41,407,83 28,850.08 37,420.90 5,665.68 4,931.31 19.278.01 17,503.69 54,682.02 5,688.36 11,168.58 2,738.08 18,315.15 - 18,851.66 22.876.24 34,907.95 38,844.66 49, 716.44 20,000.00 �ubmiitCd into the public record in connection withraj lion! s' Ong 1 Q- a1 o l« V 4 3 Walter Foefnan City Clerk <CAINA O IX lIc-, CAMACOL LOAN FUND, INC. • 1401 West F14er Street • Suite 210 • Miami, Florida 33135 Telephone 305.642.7472 • Fax 305.642.9086 June 20, 2001 Mr. Roy D'Erminio Program Analyst Department of Community Development 444 S.W. 2n0 Avenue, 2'11 Floor Miami, Florida 33130 Dear Mr. D'Erminio: Enclosed are seven (7) client files for the City of Miami to review and fund directly, in accordance with the Commercial Loan Program. For each we have completed a "business overview and loan evaluation" to facilitate your work. CLFI's Loan Committee has approved each application. Commitment letters specifying terms and conditions are also enclosed. Should CLFI proceed itself disburse on the loans, we will notify you. This makes a total of sixteen (16) loan applications we have presented to you since February 15, 2001. The current applications are: Name Fashion Cafe, Inc April 4, 2001 $35,000.00 Ideal Auto Sales, Inc April 4, 2001 $25,000.00 King of Brakes & Tires Corp April 4, 2001 $35,000.00 Soap & Water, Inc April 4, 2001 $30,000.00 EI Nicoyita Discount May 23, 2001 $10,000.00 Coffee Shop Y Fruteria Noelia May 23, 2001 $14,000.00 Arnaldo Dental Lab May 23, 2001 $ 8,000.00 With est ish Jos Ant i Font Executive Director Mun Submitted Into the public record In connection with 01- 643 Item I on 77- ID' nL Walter Fw=an Cit"'. r'I. `AuACOI ORKv- 1ACOL LOA..N FUND NC. r• �o ,o C . 1,1 , 1401 West Flagler Street • Suite 210 • Miami, Florida 33135 Telephone 305.642.7472 • Fax 305.642.9086 April 10, 2001 Mr. Roy D' Erminio Program Analyst Department of Community Development 444 S.W. 2nd Avenue, 2n4 Floor Miami, Florida 33130 Dear htr D' Erminio; Enclosed are six (6) loan applications for the City of Miami to fund directly, in accordance with the Commercial Loan Program. For each we have completed a "business overview and loan evaluation" to facilitate your work. CLFI's Loan Committee has approved each application. Commitment letters specifying terms and conditions are also enclosed. Should CLFI proceed to disburse on these loans, we would look to the City to purchase them, once it has obtained the required authorization from the City Council This makes a total of nine (9) loans we have presented to you since February 15, 2001. The current applications are; Name 9pgroval Date Amount 1. Alberto Medina d/b/a Pio VI Cigars: February 5, 2001 $20,000 2. Southern Experience Catering Mobile, Inc. February 5, 2001 $35,000 3. I3ethencourt & Sons d/b/a Sarussi Cafeteria March 7, 2001 $35,000 4. Palm Liquors, Inc. March 7, 2001 $35,000 S. Leon Paris Corporation March 7, 2001 $50,000 6. Alejandro Cabrera d/b/a Julie's Laundromat March 14, 2001 $35,000 We look forward to discussing each of these applications in more detail. Six additional loan evaluations have been completed by the CLFI and will be conveyed to your care by end of this week. W1tq Best Wish s, Jos Antoni Font Executive Director $ran tf Submittocl Into tho public rocord in connection with itarrt E � i_ on °—=-6 j X11— 0 4 3 W-'tltor Forman UtV (Z�.i#g of 'fflirxm! GWENDOLYN C. WARREN Director April 18, 2001 Mr. Jose Font Executive Director CAMACOL Lending 1401 West Flagler Street, t#209 Miami, Florida 33135 Dcar Mr Font: CARLOS A. GK*NEZ City Manager Under the program guidelines of the City of Miami Commercial Loan Program, the purchase of existing loans is an ineligible activity. As a result of these guidelines, the following loans are being returned to your agency: 1) Otero Jewelry 2) Suneoast Messenger 3) Fagundo's Cafeteria These are loans that have already been closed and funded by CAMACOL Loan Fund, Inc. If you have any questions regarding this matter, please do not hesitate to call Ms. Barbara Rodrigueg qt (305)416-1978. Gwendolyn C. JV*n, Director Department of joifmunity Development L into the publio raoord In connection with item S-11_. on 77J0-61 Walter Foeman City Clork DEPARTMENT OF COMMUNITY DEVELOPMENT 444 S W. 2rkl Avenue, 2nd Floor/ Miami, Florida 331300051416.2080/Far<:.13051 416.2090 Marinµ Agdrm% P 0 Hot 13070fl•070A 01- 043 gt:C�lii��C. CASIACL LOAN FUND, INC. 1401 West Flagler Street • Suite 210 • titiamt, Florida 33135 Telephone 305.642-7472 • Fax 305.642.9066 April 6, 2001 Lorenzo A. Rodriguez Contract Compliance Manager City of Miami 444 S.W. 2nd Ave. 2nd Floor Miami, I -L 33130 Dear Mr. Rodriguez: In response to your request, enclosed please find the last schedule prepared in connection with the loan applications presented to the City of Miami by the Camacol Loan Fund. In early January 2001, subsequent to my appointment as Executive Director of the Camacol Loan Fund, Inc., l met with Mr. Richard Bowman to discuss these cases. I had concluded that it would be very difficult for the City to make heads or tails of the applications under the methodology then practiced and suggested that, thereon, Camacol Loan Fund, Inc. would complete a "Business Overview and Loan Evaluation" of each case before submitting the same to the City for funding action. Of the cases presented in the enclosed schedule, we have proceeded to work with only three (3) cases for submittal to the City, and they are included in the list that I handed to you yesterday. These are 1) Julie's Laundromat, 2) Palm Liquors, Inc., and 3) King of Brakes and Tire Corp. All of these have now been approved by the Loan Committee and Board of Directors of CLFI and will be in your office by next week together with 12 other cases (for a total of 15 cases) for which "Business Overviews and Loan Evaluations" have been completed since January 1, 2001. I hope this information is useful. Sin rely s Jose Anto io Fon14 Executive Director Submitted Into tho public record in connection with stern S-11 - t -n Walter Foeman City C!ct{; 01— 643 07/12/00 2002 10711 • [-i-)0-3__ 0T/_1 07/14100 2005 107114100 2006 107/14-60- I 07/14-60 2007 07114/00 2008 07121100 i 2009 07/27/00 08/02100 PRESENTED TO CITY OF MIAMI ALEJANDRO CABRERA D/BIA JULIE'S LAUNDROMAT C&M BEAUTY SUPPLY STORE, INC LION SECURITY FORCE AGENCY, INC. MARIA O'NEIL — DBA MARIA'S FLOWERS AND GIFTS LOLITA NUNEZ D/B/A MACORIX COMMERCIAL STORE NICARAGUA BUSINESS CORPORATION D/BA/ NICARAGUA GROCERY LA CASA DEL ANGEL DE MIAMI B/D/A PLAZA MAYOR NEW ERA ENTERPRISES CORP 35,000 35,000 35.000 MERCEDES AND MARIO MILANES 25,000 D!B/A MERCYS ANTIQUE GARDEN MIAMI HEALTH CARE THERAPY CENTER, INC 35000 0712110 Submitted to City of Miami =31/W Denied Bad Credit NO LETTER RECEIVED FROM CITY OF MIAMI ABOUT DENIAL__ 07/21100 Sutxrntted to City of Miami 08117/00 Denied Start Up 10119100 LEFT MESSAGE _ 08/02/00 Submitted to City of Miami _ 08111/00 Contingences Received from Cly 08/17/00 Contingences Sent To City 08130/00 Sent to Loan Committee 08102100 Submitted to City of Miami. 08/17/00 Denied Start Up 08/10/00 Submitted to City of Miami 08/17100 Denied Start Up 10119100 Reopen the file 10/23100 Sent to CLF Loan Committee_ _ J 07/17100 Submitted to City of Miami Amount 35,000 0811 1100 Contingences received from City 08117100 Contingences Sent To Cary f 1l _ 08/30/00 Sent to Loan Committee 10.000 07/17/00 Submitted to City of Miami 4 08/17100 Denied Start Up, Main Income from gambling, bad credit. NO LETTER =5 3 1c RECEIVED FROM CITY OF p o MIAMI ABOUT DENIAL c , u_ 4 s (' - U 30,000 _ _� 07117!00 Submitted to City of Miami 08117100 Denied Start Up �S 10/19/00 NO ANSWER 08102.100 Submitted to City of Miami 1 20,000 08117/00 Denied Start Up 10120/00 Sent to CLF Board 10125/00 Resubmitted to City of Miami 20,000 07/17/00 Submitted to City of Miarru 08/17/00 Denied Start Up 10!19100 NO ANSWER 35,000 35,000 35.000 MERCEDES AND MARIO MILANES 25,000 D!B/A MERCYS ANTIQUE GARDEN MIAMI HEALTH CARE THERAPY CENTER, INC 35000 0712110 Submitted to City of Miami =31/W Denied Bad Credit NO LETTER RECEIVED FROM CITY OF MIAMI ABOUT DENIAL__ 07/21100 Sutxrntted to City of Miami 08117/00 Denied Start Up 10119100 LEFT MESSAGE _ 08/02/00 Submitted to City of Miami _ 08111/00 Contingences Received from Cly 08/17/00 Contingences Sent To City 08130/00 Sent to Loan Committee 08102100 Submitted to City of Miami. 08/17/00 Denied Start Up 08/10/00 Submitted to City of Miami 08/17100 Denied Start Up 10119100 Reopen the file 10/23100 Sent to CLF Loan Committee_ _ J 11 2013 LARRIEU i ASSOCIATES CONSULTANTS CORP CORP. ANGELO'S TROPICAL. INC. — _— DaA LA NARA CAFETERIA -FRUIT & FISH MARKET 10(19(00 REOPEN LOAN 10(27100 Sent do CLF Loan Conenmee �^ �� 10125100 Resubmitted to City 35.000 08110100 Submitted to City of Miami w a.RY a Manu 08130/00 Conbngenees Received 09(15100 Sent to City 35.000 0871100 Submitted to City of Miami 08130100 CaftWnoes Received from C ty 10/12100 Contingences SeM bo City 35.000 — 08/21/00 SWw4ved to City of Miami 08/30100 Contingences Received : 10112/00 Contingences Sent to City 35,000 10/201100 Sent to CLF Loan Committee 10(19(00 REOPEN LOAN 10(27100 Sent do CLF Loan Conenmee �^ �� � { rw�rrw awrranpu w a.RY a Manu z t:1 M - E Y ■ M <d k , 0 .01 CAMACOL LOAN FUND CREDIT REPORT Name of Business Applicant: AXADRON, INC. (DBA/ SUNCOAST MESSENGER) 500 West Ftager Street Miami Ft. 33135 Mr.Adriano Luis Padron (305) 979.300S (303)245.0408 Description of Business: A.PADRON.itiC.(DBAISUNCOAST MESSEGER) is a Florida corporation, established in SEPI1999. specializing in the delivery of documents, merchandise, and other goods within the Dade County. Sun Coast Messenger has a list of customers as; Arquitechtonica ,Hialeah Hospital. A+Drywall and others. Although the company has only few months in the market many clients have very good opinion of his work and competence. At present time Sun Coast Messenger is using only one person, however once they increase and expand the business, the company will need subcontract 4 drivers. Marketing & Sales Plan • The Industry / Marker The messenger and courier business is growing at a sustained pace, and its depends of the strong growing of business and the strength or the economic. The applicant has focused on market segment with strong competence from different firm well established and positioning in the market. Nevertheless a personal management, a sustaining growing step by step gaining the trust of new customers, and a good public relation, may keep the company in the market in the next months. Produra/Services Offered I. Delivery of documents, merchandises and others goods within Dade County. • The Cornperblon There are many companies offering the same and more complete service. At present Sun Coast Messenger can't offer an especial or unique service in this field. <:;ubn11;-,:X1 Into the public record ire connection with on:L Walter Foernan city Cletk — 6 � � - /aV 1- Repayment Ability A. Character Factors: Adriano Pedron is the sole owner of A.Padron ,Inc-(O-B.A./Sun Coast Messenger). and he is graduated in Accounting and Business Administration. He works as accountant during S year. In 1993 he decided to open his own company and started working to build Padron Enterprises,inc. offering services in the engineering and all aspects of the drywall and interior remodeling business. Which also included. flooring ,painting, demolition, windows shade, tiles, bathroom, remodeling and acoustical ceilings, Managed all levels of labor and supervised up to twenty employees. Unfortunately Mr.Padron explain. that he and his wife were basically forced into bankruptcy because an unsteady company under which they had about S55,000.00 in accounts receivables, were declared bankruptcy in 1999. There are no known derogatory character issues for the owner. S. Revenue/ Cash Flow /Earnings: Year 2000 fat 200 R 2002 ,_....3449....._._..._,.... Revenue S 44,500 $170,000 S212.000 S303.000 EBITDA: S 11,570 43.921 S 54,891 S 92.591 Eslimared Loan Payment. $ - $ 7,632 S 7,632 S 7.632 submitted Into the public f Sb)s.99 per month) ODCOrd in Connection with nom 9-11 on CLQ • 91 -- Walter Foeman City Cleric 01 643 2 /�) J' Lose Request: S 20,000.40 Purpose of Loan: Expanding business Use of Proceeds: I Fixed Assets $ 11000.00 2. Working Capital $19,000.00 Comments: Fix duets: Radio and Phone *few jot Drives Credit Analysis 1- Repayment Ability A. Character Factors: Adriano Pedron is the sole owner of A.Padron ,Inc-(O-B.A./Sun Coast Messenger). and he is graduated in Accounting and Business Administration. He works as accountant during S year. In 1993 he decided to open his own company and started working to build Padron Enterprises,inc. offering services in the engineering and all aspects of the drywall and interior remodeling business. Which also included. flooring ,painting, demolition, windows shade, tiles, bathroom, remodeling and acoustical ceilings, Managed all levels of labor and supervised up to twenty employees. Unfortunately Mr.Padron explain. that he and his wife were basically forced into bankruptcy because an unsteady company under which they had about S55,000.00 in accounts receivables, were declared bankruptcy in 1999. There are no known derogatory character issues for the owner. S. Revenue/ Cash Flow /Earnings: Year 2000 fat 200 R 2002 ,_....3449....._._..._,.... Revenue S 44,500 $170,000 S212.000 S303.000 EBITDA: S 11,570 43.921 S 54,891 S 92.591 Eslimared Loan Payment. $ - $ 7,632 S 7,632 S 7.632 submitted Into the public f Sb)s.99 per month) ODCOrd in Connection with nom 9-11 on CLQ • 91 -- Walter Foeman City Cleric 01 643 2 /�) J' Revenue projections: The revenue projections looks like very optimistic, growing almost 4 times at the end of the first year of operation and 6.8 times at the of the third year. In case of new enterprises, high projection figures, without previous experience or studies of market should be take with caution. Projected EMDA is adequate to amortize the proposed loan. I - Ratios Current Ratio: The Pro -Forma Current Ratio is pretty good, due that the current liabilities are minimum. Debt to Net Worth Ratio The Debt to New Worth Ratio of 3.78 is not acceptable. 111 - Management This is a very important aspect of the credit application A. Experience: 401ano L. Padron , age 41800% owner/ President. He has running his own business since 1993. getting sufficient experience in the managing of business. B. Expertise Adriano L Padron is very competent. He is a creative individual with a high level of energy and motivation to make this business a success. Although he has few months, in this type of business, his past experience running his own business during six years accomplish with his education make think that the applicant has the necessary expertise in the project. C. Vision / Philosophy This gentlemen appear motivated to build a serious enterprise, step-by-step. He do want to incorporate a solid enterprise in the market. IV - Collateral / Guarantors There are not important equipment or fixed assets that can secure the loan. The applicant had a recent bankruptcy There are not collateral to secure the loan V - Benefits of the Loan to the Target Area The loan will permit the applicant sub -contract 4 drivers by the end of year t. This constitutes an good ratio of I new job created for every S 5,000.00 loaned to the applicant. �ubmitt,-A into the pubfic record in conn©r;tton with 01— G 4 3 Item 8-11 on Weiltor Foeman 3 City Clork /� �. VI - Credit Recommendation A. Loan Officer Recommend decline at present time the requested loan In the amount of $20,000.00 considering a high risk loan for the following: • A very recent bankruptcy • The business don't has a rent contract of leasing. • The loan requested is for cover practically only working capital • The financials ratio not justified the credit • There are not collateral secujing the loan Approve ✓/ Decline Signed. Name: Ramon L. Rosaies Title; Loan Officer Date: December 18,2000 B. Executive Director congratulate Mr. Rosales, Loan Officer, for his prudent assessment of the case. However, 1 will disagree with him and am recommending approval of the loan. My reasons are that: 1. Mr. Padron will work extra hard to succeed at this venture, having failed in the previous one. 2. This business is very simple. He can handle it. 3. Mr. Padron and his father, Mr, Carlos Padron, are very well related socially which facilitates contact with many business owners and managers of institutions — potential clients. Therefore. I have no doubt that the Padrons will be able to expand the clientele, and to do so they require the working capital to hire additional drivers. Mr. Carlos Padron will be joining his son Adriano in the business on a part time basis, handling administration and sales. Mr. Padron Jr. will concentrate on operations and personal sales. I do agree with the Loan Officer that it is important to be prudent, and that collateral is weak, therefore. the loan is approved contingent on Mr. Carlos Padron also joining his son and his wife as personal guarantors of the note. I have spoken on the phone with Mr. Padron Sr, and he has confirmed that will sign as an unsecured personal guarantor of the loan. Mr. William Alexander has concurred with this measure. Thus I recommend that a 520,000 loan be granted beraring 9% interest and payable over 48 months term at 5497.70 per month. Also recommend that a life term insurance policy on the life of Adriano Padron be assigned to Camscol Loan Fund, Inc. to cover outstanding loan balances on a declining basis. ✓ Approve Decline Signed: )40.- Jose*Anionio Wont Executive Director December 19 2000 .islsti�r .1'ubtnl1tod into the public 43 ,1f-�rd in connection with onl_-Ip -O 4 Waiter Foeman l� 7 •,lerk • CAMACOL LOAN FUND, INC. L LOAN REPORT Name of Business Applicant: MANUEL OTERO D/B/A OTERO JEWELRY 36 NE 1sT STREET MIAMI, FL 33132 Manuel Otero, Owner 19431 Franjo Road Miami, FL 33157 Business Phone: (305) 3S8 4713 Owner Phone: (786) 293 9114 Description of Business: Otero Jewelry is a sole proprietorship established in 1997 by Manuel Otero. Otero Jewelry's specialty is the repair of all type of jowelry and also they make custom jewelry specializing in manufacturing Cuban Style Gold Chains. Marketing & Sales Plan: -The Industry/Marker The Jewelry industry is a very enduring industry were usually the small business in this industry hold a steady market with regular clients. Otero Jewelry has established its clientele based on the years that Mr. Otero has been in the business and they are recurring clients that assure him to always have a demand for his services. -Nodacls/Servkes Offered Otero Jewelry is mainly a service business, which does repair on all types of jewelry. Otero Jewelry also, at its client's request, manufactures different typos of jewelry, specializing in Cuban Style chains. -T/re Comperltion The jewelry repair and service market is stable based in the fact that olients tend to return to the same business over and over if they know it and have confidence in the repairman rather than looking for a competitor. Mr. Otero has his clientele based in many years of services and he is confident that the quality of his work and competitive prices will keep his clients coming to the business. Many now clients come referred from previous habitual clients and that is how the business clientele keeps growing and consequently, the demand for its services. of - 643 %ub'dh-4-0 Into the public record in connection with Itom S l I on 2z -Le - o I Page I of Walter Footnan , Q0 City Clark • Loan Request: S20,000 Purpose of Loan: To purchase 2 Kilos of pure gold and use it to assemble Cuban Style Gold Chitins to offer them for sale at the shop. Use of Proceeds: 2 Kilos of Pure Gold 5181000 Working Capital $2,000 TOTAL: 520400.00 CREDIT ANALYSIS I- Repayment Ability: A. Character Factors: Mr. Manuel Otero is a young entrepreneur who is the owner and manager of Otero Jewelry, he is a hardworking man who has put all his knowledge and efforts in building his business and making it profitable. Mr. Otero credit history is very conservative, he has very few outstanding debts and open accounts because he prefers to do all his payments in cash to avoid an increasing debt, and also all his accounts are paid on time. There are not factors of derogatory credit in Mr. Otero's credit report. B. Revenue/Cash Flow/Earnings: The revenue projections are reasonable based in present sales and the plans increase the sales based in the business plan. The projected before tax net profit from the overall business operations is adequate to amortise the proposed loan. II- Pro Forma Balance Sheet ^ 1999 2000 Year I Year H Year III Gross Sales 29,000 49,500 70,500 77,550 85,305 Expenses 21,480 40,200 57,732 62,169 67,050 Net Profit 7,520 9,300 7,520 9,300 12,768 Annual Loan Payment 0 6,179 6,179 6,179 The revenue projections are reasonable based in present sales and the plans increase the sales based in the business plan. The projected before tax net profit from the overall business operations is adequate to amortise the proposed loan. II- Pro Forma Balance Sheet ^ Pre -Loan Debit Credit Proforma Notes ASSETS Current Assets 17,500 20,000 37,500 A Fixed Assets 24,845 24,845 TOTAL ASSETS 42,345 62,345 LIABILITIES Current Liabilities 0 6,180 6,180 Long Term Liabilities 0 13,820 13,820 TOTAL LIABILITIES 0 20,000 CAPITAL LIABILITIES &CAPITAL 42,345 42,345 !Submitted 42,345 into Ilia publig2,3 40 I - 6 4 3 rocord In connection with !-crn Z-0 I oil 1 ttvsItei I oeman Page 1 ojI ` �T�7i17tPI A- Inventory S18,000 iiiiw Working Capital $ 2,000 A. Cwrrent Ratio The Pro -forma current ratio (Assets/Liabilities) is 6.06% is very positive The loan officer is confident that the company's liquid position will allow the company to accomplish their goal and sustain operations during the next years. This is based in the fact that the inventory of the company, which is based in pure gold, is very liquid and easy to turn to cash as needed. B. Debt to Net Worth Ratio The Pro -forma debt to net worth ratio (Liabilities/Equity) is 0.47 % is verygood. III- Management A. Experience Mr. Manuel Otero is the 100% owner and manager of tho business, he is 35 years old and has been working in the jewelry repair and manufacture business since he was 18 years old. B. Expertise Manuel Otero has many years of experience in the business, which gives him the crucial expertise to make his business a success. C. Ylslowphllosophy Mr, Otero is a very motivated and hardworking man who is determined to build his enterprise and to grow his business with his hard work and is also committed to offer the best services to its clients, which will keep them coming back to his business. He open this business in 1997 has been able to manage and work the business to make it profitable, at this time he is trying to expand and use his knowledge and experience to grow his enterprise. IV- Collateral / Guarantors Camacol Loan Fund, Inc. will take a first position on all assets owned by Otero's Jewelry that way securing the loan with UCC I IN ALL INVENTORY AND EQUIPMENT OF THE BUSINESS. Mr. Manuel Otero will personally and individually guarantee the loan. V- Benefits of the Loan to the Target Area The loan will permit the applicant to pursue the business plan's employment grow projection of new employees, most at below 80% of median income during the first year after the loan. Also they will be retaining 1 full time position. This constitutes a very positive rate of l job retained or created for every $10,000 loaned to the applicant over the life of the loan. L;ub.:rittt:d Into the publio record in connection with item -q--11 on Walter Foeman City Cleric 61" 643 Page J of I /ZZ VI- Credit Recommendation A. Loan Ofter Recommendation &- APPROVE DBCWNB Recommend approval of $20.000.00 bearing 9% of interest with a repayment term of 48 months to be paid in equal monthly payments of interest and principal in the approximate amount of S S 14.97 beginning the first day of the following month from date of disbursement. The recommendation is based on the repayment ability of the applicant, the strength of management and the long-term benefits brought to the community in connection with job creation and tax revenues to be derived from the expansion of this enterprise. /17 Signed Name: Maria el Campo Of Title: Lo Officer Date: December 19, 2000 B. Executive Director's Recommendation _X APPROVE DECLINE 1 concur with the loan officer. This is a very solid case and Mr. utero will be a very good client. Nevertheless, because gold is easily carried away, l recommend that a lien be placed in the house owned by the Otero's or the lots purchased in Cape Coral, Fl. with an approximate market value of $57,000 and a loan balance of $18,500. When he digests this original loan, we can also assist the client with additional loans through the City of Miami Program. Signed: J.A. Font Title: Executive Director Date: December 19, 2000 Oi-- 643 Submitted into the publis record In conngcc"ort with page I of i{'Inim 1.23 CAMACOL LOAN FUND CREDIT REPORT Name of Business Applicant; RCL.WELDING SERVICES, INC. 10126 N.W. 80 Th. Ave. Hialeah Gardens Florida, 33016 Mr.Pedro Crespo President.. (305)364.0130 Description of Business: • RCL.Welding Services, Inc. is a Florida corporation, established In 1997, specializing in the building of different types of aluminum and iron fences, gates, rolling and doors. RCL. Welding Services, does custom works for construction oompa Iles such as Carieon Construction, Pino Fonticella and others. Since 1997, the company has been growing and at present the company has a imperative need to increase the work space from 1800 square feet to a1 toast 7000 square feet, to meet all the actual demand from customers. At present time RLC Welding Services, Inc. is using subcontracted labor. However, once they move and expand the business, the company will need to hire two welders, one welder helper and one olifte assistant, creating 4 new jobs. Marketing & Saks Plan • The Industry/Marker The construction industry continues to grow at a sustained pace. The applicant has focused on a market segment not attended by big or medium construction companies. These corporations subcontract special works from small or medium finms according with their projects. Two elements requested aro quality, and price. Mr Crespo has reached these target in the past two years gaining trust and Contracts from important customers (Exhibit 1). • Products /services 0%lefed I. Aluminum, Iron, Galvanized steel fences 2. Iron Gates 3. Railings 4. Doors S. Custom works to construction companies ©1- 643 Submitted into the public record in connectlon with Ito m S - ± 1on '7 - +___, o,.:.p i Wak-t Foo -man ` City Clark The Competition There are several companies offering services in this field, nevertheless a growing demand and Mr Crespo's personal experience, i.e. , knowing what the customers really need, is a strength factor. One of the recent jobs that RCL Welding Services, Inc has done is the railing and fence work completed for Cadbon Construction in the new building of the Church of San Jwn Bosco. Loan Requests 535,000.00 Purpose of Loan: Expanding business Use of Proceeds: I. Acquisition of Machinery and Equipment $25,000.00 2. Working Capital $10,000.00 Comments: Attached is a list olmachinery to be acquired. .41so attached" the corresponding Price Quotes. Credit Analysis I - Repayment Ability A. Character Factors: Pedro Crespo is a hard working individual who has started a new life in the United States. Arriving in 1997 he has quickly learned how to apply his trade In this Dade County community and reinvested his earnings acquiring machinery. Pedro Crespo is the sole owner of RCL Welding Services, Inc; and has worked as welder and attendant of maintenance equipment for 30 years. Pedro Crespo is a certified Maintenance Electric System and Refrigeration Mechanic, He also has experience as a Machinery Mechanic, which helps in keeping the business machinery tuned -up at a low cost. Mr.Crespo was running his own mechanic business in Cuba up to 1968, when was confiscated by the communist government, therefore, he has experience in running a business. Pedro Crespo arrived from Cuba on April, 1996, In Miami he worked at Atlantic Engine Rebuilder for six months until he decided to open his own company and started working to build RCL.Welding Services, Inc. ' There are no known derogatory character issues for the owner. B. Re venue / Cash Flow / Eamings: Year- 1992 [it -2000 Year I Xea[ 11 Year 111111 Revenue $65,689 $101,000 $190,000 $209,000 $229,900 EBITDA: S 977 S 4,242 $16,713 $13,402 20,242 Estimated Loan Payment: $10102 $10,452 $10,452 S 10,452 ($870.98 per month) First year revenue projections are reasonable based on the sales dynamic from the Income Statement. Projected EB1TD.4 is adequate to amortize the proposed loan. into the tzt�„'ittccl v 1! 643 Public record in connection with 2 ltoin S - I oil_ _1D- 1 Uraltt�r Ft:x±rnQn :rk. H- Ratios A. Current Ratio The Pro -forma Current Ratio is 1.78. The loan officer is confident that his liquid position will allow the company to accomplish the move, and sustain operations during the next year. A Debt to Net Worth Ratio The Debt to New Worth Ratio of .99 is acceptable III - Management This is a very strong aspect of the credit application A. F-Werlenee. Pedro Crespo, age 59 /100% owner /President. He has done this same type of work since early youth. a Eve mse Pedro Crespo is very competent and self-assured in the metal fabrication trade. He is a creative individual with a high level of energy and motivation to make this business a success. Running his own business in Cuba and in Miami he has the necessary expertise for the project. C. Vision /Philosophy This gentlemen appear motivated to build a serious enterprise, step-by-step. He does want to incorporate a solid enterprise in the market. IV - Collateral / Guarantors Loan is secured by equipment to be purchased and that contributed as capital by the principal at a current approximate market value of $55,000. Mr.Crespo will be the personal guarantor. V - Benefits of the Loan to the Target Area The loan will permit the applicant to hire 3 full-time and I part time employees by end of year I This constitutes an acceptable ratio of I new job created for every $10,000 loaned to the applicant. 6 into that pubiO l — 643 rocual ;it eonnoction with 3 itant $z-11,_ on 7. 16 • 61 Walter Foeman Vi - Credit Recommendation A Loan Officer Recommend approval of the requested loan in the amount of $33,000 bearing 9.0 % interest with a repayment term of 48 months to be paid in equal monthly payments of interest and principal in the approximate amount of $970.98 beginning one month from date of disbursement. The recommendation is based on the strength of management and the long term benefits brought to the Miami -Dade County in general, in connection with jobs and tax revenues to be derived from the expansion of this enterprise. /Approve Decline Signed: Kamon Loan 0 cer December 19 2000 8 Executive Director Concur with Loan Officer in recommending approval. However, recommend that the loan amount be reduced to $25,000, bearing 9.0% over 48 months and payable at $622.13 per month beginning 30 days lfom date of note. Also, that a declining balance term life Insurance policy be issued on the life of Mr, Crespo for the same amount of the loan. The potential weakness of this case is the absence of additional collateral beyond his business. Also, Mr. Crespo has been in this country for only a few years and all of his family continues to reside in Cuba. Once Mr. Crespo digests this initial loan, and we gain a greater sense of comfort, then we can assist him with additional capital. Mr. Crespo has shown strong commitment to his business and it appears that he has the capacity to create wealth through hard work, and an austere living style. The Loan Officer should talk with his listed clients for references on his work and character. The Lan Officer's report is expected before closing. V11" ADoroVe Decline December 19 2000 8ubrr l!', c.l into It -1v publlc0 1 " 643 record in uonnovilon with itt3ttl.I on '7 - ra- O I 4 Wafter Foeman City Cl(.%t1c CAMACOL LOAN FUND LOAN REPORT Name of Business Applicant: ALBERTO MEDINA, d.b.a. Pio VI CIGARS. 1634 S.W. S ST. Miami, Florida 33135 { Mr, Alberto Medina (owner) Phone: (305)• 649-2211 Fax : (305)• 818.1545 ALBERTO MEDINA, DBA, PIO VI CIGARS, operates a Cigar factory established in Little Havana, Miami in February 1998. it specializes in the production and marketing of hand rolled cigars. using the best raw materials from different countries. ALBERTO MEDINA DBA, PIO VI CIGARS, sells throughout the United States and maintains stable customers in different States, although his principal customers are in the State of Florida. His sales are facilitated by the effort and dedication than he and his employees put into the work. PIO VI CIGARS is planning expand production increase manufacturing and sales on a monthly basis, to serve a growing number of customers and orders. At present time, P10 VI CIGARS is using 2 rollers and it is planning an increase in these positions up to 4 rollers. Loan request: Purpose of Lose Expanding business. Use of Proceeds; Working Capital I— Selling Expenses (Travel) 1,500 Trade Mark registration 700 gUbiiiltt% tt into the public V@Wfd in oonflection wiith ymitttc J --I) eman L'ilu • • Marketing & Saks Plan • The Industry / Markel The industry, of hand rolled cigars had an impressive growth 3 years ago, when the cigar boom was at its highest point. Today the industry consensus if that sales will hold steady or show a modest growth for the foreseeable future. PIO V1 CIGARS distributes and sells in the most distinguished and respected cigar stores In the United State. At present his principals customers are in the State of Florida, although he keeps increasing sales in other States as New York, Illinois. Texas , Oklahoma, Georgia etc. (1) The applicant has focused on a market segment where personal attention, relationship, quality and price are determinant. His company meets these requirements. Mr.Medins has focused his sales as a manufacturer to service wholesale customers and retail stores. Mr.Medina has experience running this type of business, gaining trust from his customers. (1) Exhibit w I • Products /Se. vices Offered The primary product is premium cigan under the brand name of PIO VI. There are many varieties in size and appearance as: Quantity Per Box Price Wholesale Price Retail Churchill 25 $77.00 $134.00 Gran Corona 25 72.00 144.00 Robusto 25 60.00 120.00 Panatela 25 54.00 108.00 Torpedo 25 85.00 170.00 The brand Pio VI, has had the fortune of obtaining superior rating in all the issues of C/gar.ffktonado. which is a well respected industry magazine that is distributed through the world. ME The Competition The majority of the cigar manufacturing companies, manufacture their cigars outside the United States. They have factories in countries like the Dominican Republic, Mexico, honduras, Nicaragua etc, but cigars manufactured in the United States, especially in Miami, are known for their higher quality and taste that does cigars manufacture in other countries. The company faces competition in this market, although there are niches that can be reached. Personal experience , knowledge of the market, quality control, and what the customers really need, is a strength factor. Submitted into tho public 01— 643 rocord In connection with atom 1C, I t on- r�=_..a I Walter Foeman 2 city cleat LA rts�aiasxf • Credit Analysis I - Repayment Ability A. Character Factors: Jose A. Medina has committed his life to becoming a cigar manufacturer. Without capital, but with the experience of 3 ,years working as representative of sales (Quality Control), for the Cigar Group, Co, Medina invested his earnings acquiring raw materials, and equipment, to open his own company in 1998. Now he has th- experience of running this kind of business and has survived. There are no derogatory character issues known. B. Revenue /Cash FJo w / Eamings: ear Est -2000 " Revenue S 69,780 169,700 186,736 205,410 225,951 COGS 13,964 33,958 37,353 41,089 45,198 Operating expenses 28,634 69,638 75,611 82,182 89,411 ESBITD.4: $27,182 S 66,104 73,770 82,137 91,341 Estimated Loan Payment 3,200.001 7,420.00 5,972 5,972 • 5,972 5972 $497.70 per month The figures projected for the year 2001-2004 are based In the production of 2300 boxes /year in 2001, with the sales growing at 10% per you. These quantities may be reached with the projected increase of rollers and the expanding area of sales. Projected EBITDA is adequate to amortize the proposed loan. • Annual Projection based in the available months of Sept/Oct/Nov -2000 infusion or Loan to the nuance ghost Sti'"m17't_;d into tho public 01— 643 record in connection with 141-tc:i Vocmin /?o r Pre -loan I Debit I Credit ProPorma Notes ASSETS Cash 47.40 12,560.00 12,827.40 A Account Receivable 1 2.437.001 2,437.00 In, 1 3,200.001 7,420.00 10,620.00 B Sti'"m17't_;d into tho public 01— 643 record in connection with 141-tc:i Vocmin /?o • • 11- Ratios A. Current Ratin The Pro -forma Current Ratio is 3.6 The loan officer is confident that this liquid position will allow the applicant to sustain operations during the current year. B. Debt to Net Wordy Zvlo The Debt to New Worth Ratio of 0.84 Is acceptable Exhibit 2 II1II1�ItI{�. Submittod Into the public 01-- 643 roc ord ;n Mnnactton with iter" 5 f 1 on 7. to -of 4 Walter Foetnan City (;lark Total current assets 5,684.40 25,684.40 Fixed assets 22,940.00 22,940.00, Other assets TOTAL ASSETS 28,e24,40 48,624.40 LIABILITIES i Current Liabilities 2,140.00 1 5,000.00 7,140.00 Long terms Liabilities 16,000.00 15,000.00 ^� r— — TOTAL LIABILITIES 1 2,140.00 22,140.00 EQUITY 26,484.40. 26,484.40 Current Ratio, 3.6 Debt to Net Worth Ratio 0.64 Notes: IY _. A ■ Loan for Working Capital B= Inventory 11- Ratios A. Current Ratin The Pro -forma Current Ratio is 3.6 The loan officer is confident that this liquid position will allow the applicant to sustain operations during the current year. B. Debt to Net Wordy Zvlo The Debt to New Worth Ratio of 0.84 Is acceptable Exhibit 2 II1II1�ItI{�. Submittod Into the public 01-- 643 roc ord ;n Mnnactton with iter" 5 f 1 on 7. to -of 4 Walter Foetnan City (;lark 1J III - Management A. Experience. Alberto Medina age 40 /10036 owner /d.b.a . Plo V1 Cigars, worked as independent musician in the City of Miami, Florida 1987-1996, and ss Sales Representative (Quality control) for the Cigar Group, Co. Miami, Florida. 1997.1999. Since Feb 1998 he is also operating PIO Vl at the current location. A. Expertise Alberto Medina , has significant expertise in the sale of cigars, in the manufacturing process , quality control, marketing , and management. He is a creative individual with a level of energy and motivation to make this business a success. Medina learned to prepare "la liga" a mix of different kinds of tobacco leaves, and had produced a special cigar taste. C. Vsslon / Philosophy This gentleman appears motivated to build a serious enterprise, step-by-step. He does want to incorporate a . solid enterprise in the market. IV - Collateral I Guarantors Mr.Medina will be the personal guarantor. Camacol Loan Fund will require Mr.Medina to secure the loan with all business assets and with his Trade Mark - PIO VI CIGARS. V - Benefits of the Loan to the Target Area The loan will permit the applicant to retain four (4) employees and hire 2 or more employees on part time basis during year I. This constitutes an acceptable ratio of I new Job retained for every $5,000 loaned to the applicant. I - Credit Recommendation A: Loan Analyst According with the personal credit analysis the loan requested is a high risk credit for the following factors •, The applicant has a bad credit history. 4- The applicant has many personal debts and should be taking in consideration that, he may declaring it bankruptcy, and if he does, the loan is not protected. v There are not a rent lease for the business. 4, The applicant did not file an income tax return in 1999 Nevertheless, the officer is confident that the business, has a potential in the near future, and that, if the applicant receive some monies , as a.g, , $12.15,000 dollars for working capital and inventory, there are possibilities that the business take off in a short time. The reasons for that are as follows: Submitted Into tho public 643 rocord in connoction with item S- l f_ on -I- lb -01, s Waltel Fopmnn / 3 7 Oily ('i,W, sZ� E • 4% The production and selling of cigars is very simple, and the applicant is capable to handling it. +% This kind of business is very profitable and the capital return is fast 4 The applicant knows the business, is highly motivated, is fighting with difficulties. and knows the potential of his business. 4- Mr.Medina, takes seriously his business. He will not sell if his product is not of the but quality fi Mr.Medina is registering his trade mark and a good trade mark is very valuable in this kind of business. Therefore the loan analyst recommends the credit, in the amount of S15,000.00, bearing a 9 °% interest with a repayment of 48 months. The loan will be contingent with the Trade Mark PTO VI as collateral. This recommendation is based on the repayment ability of the applicant with a very profitable business, the benefits of empioymprit for the target area, and the strength of the management . V Ramon L.Rosales Loan Analyst January 20, 2001 H. Executive Director Concur with Loan Analyst in recommending approval of loan, but in the full amount of $20,000, bearing a 9°% interest with a repayment of 48 months in the monthly amount of 5497.70 each, as shown in the credit analysis. Applicant is to obtain a S year lease on the premises, with an additional S year option, preferably. Applicant is to enter a credit -counseling program to insure that his personal debts come under management. I believe that this is a very strong case with excellent potential for growth. Applicant has paid his due$, survived the tough times, and is poised for take•ofr. i Jose Antonio ont, Executive Director January 22, 2001 Submitted into the public, 01— 643 record in connection with item I on 1� 6 Walter Foefnan GIN CIQ"k 3 OR IIIIil111It i • CAMACOL LOAN FUND, INC Loan Report Name of Business Applicant: Southern Experience Catering, Inc 5400 NW 22 Avenue Miami, FI 33142 John Townson, President 7940 West Drive Apt $0 2 North Bay Village, Fl 33147 Business Phone: (305)-636-0840 Business Fax: (305)-636-4076 Owner Phone: (305)-637-2008 Description of Business: Southern Experience Catering Inc., SEC, is a Florida Corporation, originally incorporated in 1991 under the name of Southern & Uncle Dixie Foods, Inc. In 1999 the name was changed to Southern Experience Catering, Inc. Southern Experience Catering Inc. is a food catering business with the mgkjority of their operation consisting of commercial catering. The company also caters private parties, weddings, receptions and company picnics. In addition, it administers a restaurant at the John Caleb Center, a facility owned by Miami -Dade County Government. Loan Request: $35,000.00 Purpose of the Loan: SEC wishes to expand the business through the operation of mobile food units to be located at the Port of Miami, the Miami International Airport, and other public centers. Use of Proceeds: Proceeds will be used for acquisition of equipment, inventory and working capital as follows: Aqua Temp Oven $ 5,400 Portable Wood Burning Barbeque $12,300 Freight $ 1,400 Port of Miami User Fee $ 2,500 Mobile Unit License/Registration/Insurance $ 2,500 Inventory $ 3,000 Working Capital S7,900 TOTAL: 535,000 Cubmittod into the publ i record in connection wi Item on Wr Iter Foc-man 643 l3Y • In connection with its most traditional business, SEC has specialized in providing �.. catering to major clients in the Dade County Government Agencies. Chef Townson is a very charismatic individual that has earned the favor of high-ranking officials occupying decision-making positions in theses governmental programs. We expect Southern Experience to be able to hold on for the foreseeable future to a good amount of the catering business required by these governmental institutions. CREDIT ANALYSIS Repayment Ability: A. Character Factors: Mr. John Townson is a respected member of his community with over 15 years of experience in the food and catering industry. There are some factors of derogatory credit in Mr. Townson credit report, which brings us to the conclusion that Mr. Townson is not bankable. Moreover, Mr. Townson, it is alleged, has served a prison term in his youth. It appears that he has rectified his ways for a good number of years now. B. Revenue/Cash Flow/Earnings: The Revenue projections for the Restaurant sales are based in the plans that the company has to host talent shows during the next three years. We believe that these projections are overly optimistic and therefore have proposed to Chef Townson that we be repaid through the Mobile Units business to be set up as an affiliate or subsidiary of Southern Experience Catering, Inc. jubmilted into the public 01- 643 record In cormeclton wih item S -1 I on D-! L' _6'i Wafter Foeman City 0,rr!t sllr1ams 1999 9/30/2000 Year I_ Year 11 Year III Restaurant ; 89,951 60,482 225,000 230,625 236,390 Sales Catering 1 115,680 113,518 235,000 282,000 338,400 Sales Other 15,233 8,600 0 0 0 Income Mobile Unit 0 0 287,200 287,200 287,200 Sales 1747,200 Total 220,864 182,600 799,825 861,990 Revenues t Cost of 71,882 60,474 261,520 279,938 301,696 Sales Gross 148,982 122,126 f 485,680 519,887 560,294 Profit 1393,315 Ex eases 185,024 148,561. 409,239 417,198 Net Profit •36,042 •26,436 92,365 110,648 143 096 Annual Loan 10,452 10,452 10,452 Payment The Revenue projections for the Restaurant sales are based in the plans that the company has to host talent shows during the next three years. We believe that these projections are overly optimistic and therefore have proposed to Chef Townson that we be repaid through the Mobile Units business to be set up as an affiliate or subsidiary of Southern Experience Catering, Inc. jubmilted into the public 01- 643 record In cormeclton wih item S -1 I on D-! L' _6'i Wafter Foeman City 0,rr!t sllr1ams 0 • The projected sales from the catering business are based in the business plan where southern Experience states that they expect to see a steady sales income of $15,000 a month with an expected annual growth of 20% The projected sale form the Llobile Unit is based on the sales of 800 lunches per day in the first six months. The; also plan to place a second unit in the Port of Miami; the projections for the second unit have not been included in this analysis. Il, Post Disbursement Pro Forma Balance Sheet Analysis Infusion of loan to the Balance Sheet �— Pre -Loan Debit 1 Credit I Proforma I Notes ASSETS I _ Current Assets 13,048,79 10,900.00 23 948.79 A Fixed Assets 50,310.00 19,100.00 69,410.00 B Other Assets 31,479.00 1 5,000.00 36,479.00 C TOTAL 98,837.79 ASSETS 129,837.79 LIABILITIES Current Liabilities 39,422 10,451.76 49,984.20 Long Term Liabilities 68,915.44 25,548.24 93,463.68 TOTAL LIABILITIES 108,357.88 143,357.88 CAPITAL •13,520.09 -13520.09 LIABILITIES 194,837.79 & CAPITAL 129,837.79 A. • Inventory and Working Capital 13. Equipment C. Port of Miami User Fee and Registration and Insurance A. Current Ratio The Pro -forma current ratio (Assets/Liabilities) is 0.47%. The ratio is nol acceptable. B. Debt to Net Wortb Ratio The Pro -forma debt to net ratio (Liabilities/Equity) is -10.60%. This is a very dangerous and weak ratio; the company has many debts and is in a very weak point if they are not productive with the new mobile units, they will not be able to comply with all the obligations. �ubmittod into the public record inonnoction with item -a,- —1( on J=10 - o I Waltor Foetnan Cily Clank ' IIIIILTiEE • • 111. Management The management of Southern Experience Catering, Inc consists of: Mr. John Townson, in the capacity of CEO and Executive Chef, with 15 years of experience as head chef and food innovator in the hotel and food industry. Edward Harding, in the capacity of cook, with over 35 years of experience in the food service. catering and personal care experience, Harold Harding, in the capacity of manager, with 20 years of management in i Food Services and Private Club Experience. IV. Collateral / Guarantors CLFI will take as collateral the title of the Mobile unit 41 owned by Mr. Townson, which will be placed in the Port of Miami and first position on all inventory and equipment related to this operation. CLFI will also take as collateral ail the stock of a new corporation to be created as explained below. Mr John Townson will personall% and individually guarantee the loan. CLFI will be named beneficiary and assigned a life insurance policy on the life of Mr. 'Townson in the amount of the loan. V. Benefits of the loan to the Target Area. The loan will permit the applicant to pursue the business plan's employment growth projection of nearly 20 new employees, over 60 % of these at below 80% of median income during the two years after the loan. They will be retaining 8 positions. This constitutes a very positive rate of 1 job retained or created for every $1,020 loaned to the applicant. Vl. Credit Recommendation A. Loan officer Recommendation X APPROVE DEVLINE Recommend approval of a loan in the amount of $35,000.00 bearing 9% interest with a repayment term of 48 months to be paid in equal monthly payments of interest and principal in the approximate amount of $870.98 beginning the first day of the following month from date of disbursement. Southern Experience Catering, Inc. has not met the liquidity and solvency requirements for making this loan, Moreover, this applicant is not bankable because of past personal credit difficulties and a deficit net worth of the business. Additionally, SEC is still at a point where any injection of capital may be diverted to other pressing uses distinct from where I believe the profit opportunities are. rocord in connoc(icm • vith Itom -S- I I_ on ? --..1.0")101- 643 On the other hand, this officer has worked closely with Mr. Townson and his staff in making this loan possible. Mr. Townson is a competent and hard working entrepreneur whose business is at a takeoff point. He reflects his financial position accurately and employs managerial support in this connection. Most significantly, he is now invested in an overhead rate (central kitchen at Caleb Center) able to service his various activities. As these flourish, the relative cost will decrease in proportion to sales and the company will become profitable. The deciding factor is that Mr. Townson has focused future business growth thought the Mobile Food Units deployed at strategic sites such as the Port of Miami and Miami International Airport. This officer has visited the Port of Miami and met with the officials responsible for assigning operating rights to SEC, and personally inspected the site assigned to SEC, as well as confirmed the market and product appropriateness to make this business expansion a success. 1 am convinced that this expansion will be successful and help Southern Experience to perfect a business model that can be replicated at other sites over time, and bring the overall company to the black. Because of this potential, I am recommending approval of the loan, but with the following condition: 1. SEC will establish an affiliate corporation, e.g., Southern Experience Mobile, Inc., distinct from restaurant and catering operations, specializing exclusively in the operation of mobile food units at the Port of Miami, the International Airport of Miami, and other public facilities. 2. Camacol Loan Fund, Inc. will have an assignment of the stock issued by the new corporation. 3. Camacol Loan Fund, Inc. will have a seat in the Hoard of Directors of the new corporation. 4. Camacol Loan Fund, Inc. will have financial management authority over new investments and mayor expenditures where its interests may be placed at risk. 5. At the discretion of the Loan Committee and Board of Directors of the Camacol Loan Fund, Inc., we may request additional compensation for management services to be provided, and to have conversion rights of our loan to ownership in the new business. Southern Experience Mobile would of course purchase the food to be sold from Southern Experience Catering and thus assist the parent company. n l 6 Signed Name: Jose Anto io F nt Title: Executive Director Date: February 3, 2001 II�7i11Sc�[: ,.tubmItt. ;.+ In'.0 the public record in connection with itom ,S -r1 on '?'10;61 _ Walter F ocinan City Cl art' 643 CAMACOL LOAN FUND CREDIT REPORT home of (mousiness Applicant, Bethencoun & Son. Inc d/bla Sarussi Cafeteria 6797 S.W It" Street Miami. Ft. 33144 Herberto Bethencoun. President (305)262.6112 R • Sarussi Cafeteria is a 149 -seat restauranucafeieria specializing in Cuban -style sandwiches. The cafeteria was established over 35 years ago and acquired in 1994 by Mr. Herberto Bethencoun. Throughout all these years, first by previous owners and since 1994 by the current ownership, a reputation has been created as the best Cuban sandwiches in Miami. Hours of operation are from 8 am through I I pm seven days a week. Wine and beer are served Sarussi's revenues were steady with an upward trend throughout the cars, This trend was reversed during 1998 and 1999 due to the infamous construction on the section of 8' Street where the cafeteria is located. The economic damage caused by the construction has been well documented by the media and caused many businesses in the area to close their doors. While this event created serious damage to Mr. Bethencourt's expansion plans and financial situation, Sarussi's reputation was strung enough to maintain a sustainable levei of business. However, Mr. Bethencourt's plans to open a second cafeteria were put on hold and what could have been accomplished without outside financing will now have to be accomplished partially throubh debt. Fortunately, Sarussi's revenues have returned to previous levels. Marketing and Sales Plan: The Industry From 27''' Avenue to the Palmetto Expressway, SW 8" Street has regained its past buoyancy. The improvements that caused many businesses to fail during the construction phase have provided the area With easier access and more convenient passing through, allowing those that swore never to go back an incentive to enjoy their old favorite eating establishments. One proof of the turnaround is the improvement shown by Sarussi's during the second half of 2000, Other well known eating establishments in the area have experienced similar results, from Bahamas and El Crucero in the West to Ayestaran at the Eastern end. Little Havana has continued to show a very strong resurgence from its own construction woes a few years hence. Older establishments with a following seem to not only be able to survive but to do better as shown by the resurgence of The Pub, the expansion of Cl Exquisito and the continuing success of such newer restaurants as Guayacan Smaller fast-food places also seem to be doing very well. The situation explained above bodes well for Sarussi's planned addition at SW 12'" Avenue and 2nd Street. in the vicinity of the cell known ^Esquina de Texas." Customer Profile The new Sarussi will be targeting residents of the immediate area and the working population of tittle Havana and Downtown Miami r'll.!i�iir' rocortl in conn3c,ion v-il.it item - 1 f _ on 7 - l D_ 10 L Walter Foernan 01— City Glefk Products/Services Offered kThe menu will be the same as the original 5arussi location. This is a very successful menu that has proven itself throughout the years. The Competition The area is well known for its abundance of eating establishments. However, Sarussi's favorable name recognition, the quality of its food and its reasonable pricing strategy should make it very competitive in Little Havana. Purpose of the Loan: To expand the business through the establishment of a new location in Little Havana. Mr.Bethencouri has the new facility almost ready to start operations but needs working capital Loan Reguestamount: 530,000 Use of eEoceeds: Mr. Bethencourt already owns the property where the cafeteria will be located. In addition, he also owns the equipment. The loan will be used for working capital. CREDIT ANAL YSIS I - Repayment Ability A. Character Factors Mr. Herberto Betl,encoun !s the owner of Bethencour. and Son, Inc, There are no known derogatory character issues. The personal Lredi: report is pending, 0. Revenue/Cash Flow/Earnings YEAR> 1999 2000 2001 2002 2003 2004 2005 Revenues 313,164 315,000 330K 370K 400K 450K 450K COGS 139.735 141.7$0 137 -SK 166.5K I 80 202.5K 202.51K New Revenues 66K 130K 165K 170K 1801K COGS 29,71K 67.5K 74.25K 76.$K 81K Gross Profit 173,429 173,250 228.8K 296K 310,75K • 341K 346.5K Expenses 156,446 150,000 165K 170K 180K 190K 195K New Expenses 30K 70K 77K 95K 94K Net Before Taxes 16,983 23,250 33.8K 46K 53.75K 66K 57.$K Loan Payment 5.7K 9.9K 9.9K 9.9K 4,1 K Net Income 16,983 23,230 28K 36.1 K 43.9K 56,1 K 53.4K �uG1ri: ;;J ln;o the public r©rard in connection with Item l L on -1 - lo- e, / Walter Foeman City Clerk. 01- 6432 Irl II — Ratio Analysis Balance Sheet as of 12/31/00 Openins Debit Credit ProForsaiA ASSETS Current Assets CASH S 17,000 $ 30,000 $47.000 Total Current Assets $17,000 $30.000 $47,000 Fired Assets Plant do Equipment $ 81,082 $81.082 Depreciation (Accum.) S(90.113) 1110,113) Total Fixed Assets S 969 S 969 Other Assets Deposits S 2,785 S 2,785 Total Assets $ 20.754 $30,000 $50,754 LIABILITIES Current Liabilities Taxes Payable S 15.000 $13.000 �— New Loan $ 3,370 $ 3,370 Total Current Liabilities S 15.000 S 3.370 S 18.370 Long Term Liabilities Loan from Owner S20.000 S 20,000 New Loan $26.630 $26.630 Total Long Term Ltabiiiiies $20,000 $26,630 $46.630 Total Liabilities S351000 $30,000 $65,000 Shareholders' Equity S(14,246) S(IQ46) A. Current Ratio Current Assets: $ 47,000 Current Liabilities: $ 18,370 Current ratio at: 2.56 will be adequate for Sarussi's, B. Debt to Net Worth Ratio The net worth for Bethencoun and Son, Inc. is negative. However. Mr. Bethencourt's ownership of the commercial condominium where the new cafeteria will be located provides excellent collateral. Submitted into tho public record In connection with 01— 643 Item S—=_1 I _ on -'2LJ—D-- 01 3 Waiter Foeman r r' City Clerk .iRtntt�Q 0 fir- Ill - Management Mr. Herberto Bethencourt and his son Ebeno Oversee Sorussi's operations. They have been. in chute of the business since purchasing it in 1991. IV - CollateraUCuarantors The loan will be secured by receiving a second position in the real property where the cafeteria will be located. The property has an estimated value of $1.000.000 and has a mortgage for approximately $490.000. V — Benefits of the Loan to the Target Area The projected loan w111 allow the applicant to pursue his business expansion and the immediate employment of 3 employees. This constitutes a ratio of one new job created for every $10,1000 loaned to ; the applicant. VI — Credit Recommendation Approval of a loan in the amount of $30,000 bearing 6% Interest to be repaid in 48 months is recommended. Repayment should be made In equal monthly payments of $704.SS. Q CAMACOL LOAN FUND • LOAN REPORT 02/28/01 PALM LIQUORS, INC. 1600 WEST FLAGER ST. Miami, Florida 33135 Mr. Orlando Garcia (owner) Phone- (3115)•541.1282 Fax: 00504 1.1 132 Description of Business: PALM LIQUORS, IIvC., is Florida Corporation established in 1983. The sole owner of PALM LIQUOR. JNC. is Mr. Orlando Garcia. PALM LIQUORS, INC. operates a retail store that sells wines, liquors, cigarettes, cigars, soda, water. and different types of snacks, and others goods. In addition it sells Florida Lottery tickets. The store is located in an area full of activity with foot traffic at all hours of the day. Its principal customers originate from the neighborhood. Palm Liquor was located for many years at 1667 W Flagier St. In 1998 the lease contract expired and the andlord wanted to increase the rent approximately 30%. Because of this rent increase issue, Mr. Garcia decided to relocate anJ purchase a building located at 1600 W Flagler Street. As a result of this purchase he incurred addrt;onnl costs, and his cash flow posit+on deteriorated. At the present moment he needs to increase his level of inventory by purchasing goods at a discounted price in order to meet customer demands, and be able to achieve acceptable gross profit margins If Mr. Garcia does not receive a loan he will have to lay off one full time employee and reduce another employee to pan time status. Marketing & Sales Plan The Indusrry/hlurhet The Ityuor store business contin res to grow at a steady pace nationally. Experts forecast that the gro%Avi trend will continue to be upward for iiie foreseeable future. Mr. Garcia has IS years of experience running this type of business. He is planning to increase the variety of inventory to meet his potential sales. The increase in working capital will optimize his purchase of goods in order to compete in the market. The applicant has focused on a market segment where the prices, personal attention, and relationship are strong rectors. His company meets these requirements. !.;,a t!7n public record in connection with Item s -t! on "I-io.o1 If Walter Fountan 2 City Cif ti•. mD>l�� / ylr • Produces ls*"kes Offered Wine dt Liquors Lottery ticket Cigtirs do Cigarettes Snacks. Chips, Soda and others rite Comp OOR The company faces competition in this target area, them are two liquor stores offering similar products in a radius of 4 to 8 blocks respectively. Nevertheless, the neighborhood continues to support the three locations. Having sufficient inventory and sustaining the personal attention Mr. Garcia extends to his customers will sustain the current and projected sales levels. and the two other liquor stores within a few blocks should not inhibit success, Purpose of Loan The purpose of the loan is to increase inventory, purchase new equipment and for working capital. Request: $33.000100 Recommended Amount: $35,000.00 Ilse of Proceeds: 1. Working capital U7,000.00 Cash 7.000.00 Inventory 20,000.00 2. Equipment $8.000.00 (Reposition) Control air conditioner 4.500.00 Glass door merchandise 2,630.00 Installation cost $50.00 Credit Analysis I • Repayment Ability A. Character Factors Orlando Garcia, worked for many years as an assistant in a MedicalCenter, holding tt sacond job as a photographer. In 1983 he invested his savings in a Liquor store, and has been running this type of business with success from then on. There ars no derogatory character issues known. ,ubr'i1L'.1, 1 In.to tho public 01— 643 rocord In connocton with item S-11 on- t�._. � - 0 t Waltor Fooaian �YL, City Unrl( B. Revenue /Cash Flow / Eamings: (Thousand S) Year 1998i11 1999(1) -2200(2) 220.1 2202 2003 2004 Revenues 406.6 447.5 723.7 849.1 9S0.9 1008.0 1058,4 COGS 176.6 234.5 564.9 616.8 692.1 739.5 777.0 O.Expenses 222.6 214.2 139.6 179.3 192.2 193.4 196.6 EBITDA 7.4 (1.2) 21.2 53.0 66.7 75.1 84.4 Loan Payment 5.7 9.8 9.8 9.8 9.8 Camacol ( I ) Income statement for federal taxes purpose. Not included lotto's sales, lotto's COGS, and state taxes (2) Income statement including lotto's sales, lotto's COGS And state taxes. The figures for the year 2000 are not audited Revenues projections are reasonable based on the current level of sales. The loan will permit the applicant to increase his level of inventory, to purchase equipment and improve cash position. Projected EBITDA is adequate to amortize the proposed loan. li- Ratios A. Current Ratio The Proforma Current Ratio is 4.31 The loan officer is confident that his liquidity position will allow him to sustain operations during the current year. 8. Debt to Net Worth Ratio The Debt to New Worth Ratio of 1.87 is acceptable. 111- Management A. Experience: Orlando Garcia age 64, 100% owner of Palm Liquor Store. Mr.Garcia his been running his business since 1983, sales have increased each year, and if this trend continues, business will be consolidated in three to four years. B. Expertise Orlando Garcia has 18 years of experience in the liquor business. He is a creative individual with an acceptable levet of energy and motivation to make this business a success. ,itb"*nITt:W Into tho public u 1- 643 MOM In connection with )tom S :11 on! --10'61 Wafter i=ooman Y City 0:u!i w— PALM LIQUOR, INC. Infusion of Loan to the Balance Shest Cash (203.67) 7,000.00 (A) 6,796.33 Account Receivable - - Inventory 81,572.60 20,000.00 (8) 101,572.60 Total current assets 81,368.93 108,368.93 Fixed assets 35,970.94 8,000.00 (C) 43,970.94 Other assets 50,000.00 50,000.00 TOTAL ASSETS 167,338.87 202,339.87 LIABILITIES Current Liabilities 25,136.40 8,730.00 (0) 25,136,40 Long terms Liabilities 80,376.35 26,250.00 (E) 106,626.35 TOTAL LIABILITIES 105,512.75 131,762.75 EQUITY 61,827.12 70,677.12 Current Ratio: 4.31 Debt to Net Worth Ratio 1.67 Notes. A =Cash from CLFI Loan 8 =To purcharse inventory from CLFI Loan C =To purcharse equipment from CLFI Loan D =Short term portion of the CLFI Loan E= Long portion of the CLFI Loan n p record in connociatar, t,viih Item s.�I! on 2--) 0 - °i IN,Zlter l=oan-ln City cl: ►Ij, 01- 643 10 • C. Vh1on / Philosophy This gentleman appears motivated to keep his business growing and maintain a serious and solid enterprise in the target market. IV - Collateral 1 Guarantors The loan wtil be secured by a UCC I on all business assets; an assignment of the liquor license with an approximate value of $50,000; and a second lien on the building located at 1600 W. Hagler Street. Mr. Orlando Garcia will be the guarantor. V - Benefits of the Loan to the Target Area The loan will permit the retention of 3 jobs during year t, and an increase of I position. This constitutes an acceptable ratio of t new job retained and I or created for every 58,750 loaned to the applicant. I - Credit Recommendation A: loan Officer I" -A- pprove Decline 1 recommend the approval of the loan in the amount of $35,000.00 bearing 6% interest with a repayment of -- 48 months. The loan will be repaid in equal monthly Installments of interest and principal In the amount of $821.98. This recommendation is based on the repayment ability of the applicant, the beneills of employment for the target area and the strength of the management. Ramon L. Rosa Loan OfTicer March 5, 200V U. Executive Director Approve I concur with Wan Officer in approving loan. Signed: Jose Antonio Font Executive Director March S. 2001 Decline Submiticd Into tho ptit-fic record In connection with ltem ' ► I on D' 10-0 Waltor F oomart Cit) cl(*,t" ,, y .. jj r" _! 4 V 1— r 4 3 / V • 0 CANIACOL LOAN FUND, INC. LOAN REPORT Name of Business Applicant: LEON PARIS CORPORATION. D/B/A. M. C. COIN LAUNDRY 1409 W. FLAGLER S7'. Miami, Florida 33135 Ms Gractrla Leon (President 5001c Owner) Mr, Fernando Paris (Vice -President 30% Owner) Phone. (305)• 649.5736 Home- (305)• 551.6665 Description of Business: PARIS LEON CORPORATION, D/B/A MC. COIN LAUNDRY is a coin laundry established in the City of Miami and incorporated in August of 1996. It provides laundry services to the working class community of Little Havana. Mc. Coin Laundry's sales have grown at a constant pace since being acquired by the Leon / Paris family. in order to keep sales up and meet the demands of their current customers, the owners believe it is important to purchase new dryers and washers. This will permit Mc Coin Laundry to offer better service by reducing drying time, improving the quarry of washes and minimizing operating cost in gas. M.C. Coin Laundry offers other services such as: phone cards, snacks, ice cream. and sodas. Marketing & Sales Plan Tile Industry i Marker The coin laundry industry is a well-established business. Today, there an approximately 30.000 coin laundries to the US, which generate several billion dollars in gross revenue annually. The following factors make the coin -laundry industry appealing; - Income is very consistent. - They are no account receivab)es.. thus is a " cash -in-advance" business. - They have proven to have a low downside risk. The leading industry critics seem to agree that the industry is stronger than ever and that there is much optimism for future growth. Al present, the MC Coin Laundry principal customers are the residents of the neighborhood, and the employees that work in the area. The applicant has focused on a market segment where quality of service. personal attention, and personal relationship are determinant. The company meets these requirements. record in connoc;ionp'iti, :.LL on ---� Wafter F ooman City Clark �ft• • • Prodwrrs iServlres offered Cleaning and drying services Sodas Snacks Phone Cards Products for Cleaning The Competition 9 There are several coin laundries in the target area, one of them is within a ratio of 3 blocks. Mr. Paris, General Manager, hes many years of experience in this business and works more than 10 hours a day, His strategy is to keep his store immaculately clean at all times and continue his had work & dedication being present and available to his customers at all times in order to have constant growth in sales. Purpose of Loan Purchase of equipment Loan request: S50,000.00 From Camacol Loan Fund $33.00040 From Other Financial Source $13,000.00 Use of proceeds: Purchase of: 1 I Dryers Q suppliers) 47,000.00 4 Washing machines Total 501000.40 Credit Analysis I - Repayment Ability A. Character Factors: Graciela I.eon, age 77, President, and her only child Fernando Paris, age 53, General Manager, are the Directors of the Corporation. Mr. Paris is a hard working individual who was employed as a certified mechanic in the airiine industry for I i1 years. Mr. Paris always wanted to establish his own business and in 1996 he decided to invest his savings in a profitable business with the financial help of his mother. He has been in this type or business now for d 1/2 years and sales are continuing to grow. In the past, Mr. Paris used to fix the washing machines at a friend's laundry. With his knowledge and experience he is able to keep his laundry equipment tuned -up at a low cost. There are no derogatory character issues known. ;3ubmitted Into the public, record InConnecctionc wwithItem .a.:I...! on Wttltor Foeman City Clerk 01- 643 2 U 8 Revenue/ Cash Flow /Eamings. Year 1999 EII-300Q. 2001 2002 100,E 2004 _ Revenue 76,683 96,000 110.400 121,400 129,940 136,437 COGS 37,286 35,520 41,952 49,584 $1,114 52,283 Operating Expenses 40,627 50,560 52,965 55,832 57,787 59,282 EBITDA: (1,230) 91920 15,482 16,023 21,038 24,871 Estimated atmos/ Loon Paymem $ 9.863.71 $7,397 $9,863 $9,863 $9.863 $821.98 per month $35,000 at 6°ti. 48 months 1 he figures projected for the year 2001.2004 are based on the solos achieved during 1999.2000. il- Ratios A. Current Ratio The Coin Laundry business is a "cash- in -advance" business, therefore requires minimum liquidity. Leon Paris has excess cash on hand. Its liquid position will allow the company to sustain operations during the current year. B. Debt to Net Worth Ratio The Debt to New Wonh Ratio of 1.06 is acceptable. III - Management A. Experience: Graciela Leon, age 77. President and Fernando Paris, her son, age 33, Manager, have been running the McCoin-Laundry. Ms Leon is a very vigorous mentally and in charge of finances. Mr. Leon takes care of the daily management of the business and personally takes care of the mechanical repairs and maintenance or machinery. thus achieving significant operating savings. is. Expertise Fernando Pans, has gained 4 l r1 years of expertise in the in the management, marketing of the laundry business. He is a creative individual with a level of energy and motivation to make this business a success. Mr. Paris had learned all the secrets of the coin laundry business, and has the know- how and management competence to succeed. -Ubriti0cJ into the public reoo►d in odnnection with Item 5, 1L on -! :1�f Walter Footnan city C!tr t4 01- 643 ,y� I— 11811M E J LEON PARIS CORP.OlB/A. MC.COIN LAUNDRY Infusion of Loan to the Balance Shoot ASSETS Cash 15,114.75 15,114.75 Account Receivable - Inventory - - - Total current assets 45,114.75 15,114.75 Fixed assets Machinery a Equ p 41100.00 35,000.00 76,800.00 (A) Other assets TOTAL ASSETS 56.914.75 91,914 75 LIABILITIES Current Liabilities - CLFI Loan 51750.00 0.750.00 (8) Long terms Liaoiiities Loan from stockholders 12,215.00 12,215.00 CLFI Loan 26,250.00 26,250.00 (C) TOTAL LIABILITIES 12,215.00 35,000.00 47,215.00 EQUITY 44,699.75 44,699.75 Current Ratio: Debt to Net Worlh Ratio Mile$ An CLFI Loan to purcharse equipment S• Current portion of the CLFI Loan C•Long term portion of the CLFI Loan �ubmJttnd into the p bite Word In connectlon ith Walter Foeman Cltv Clark J1- 643 (aw IV - Collateral / Guarantors New equipment and other assets at a current approximate market value of $ 76,000.00 -will secure the loan. Therefore CAMACOL LOAN FUND INC. will require a UCC -I filing on all business assets, - Benefits of the Loan to the Target Area The loan will permit the applicant to hire 2 more persons. One will be hired two months after the proceeds of the loan have been disbursed and the other 12 months later. This constitutes an acceptable ratio of 2 new jobs created for every 517,500 loaned to the appiicani. The Coin Laundry is a non labor-intensive business. I - Credit Recommendation A: Loan /Meer —Approve —Decline I recommenC approval of the loan application in the amount of $33,000, bearing 6 % interest with a repayment of 49 months The loan will be repaid in equal monthly installments of interest and principal. This recommendation is based on the repayment abi'ity of the applicant, the benefits of employment for Ilic target area. and the strength of the management. Loan Officer February 28, 001 A. Etecutive Director _Approve ____Decline Concur with loan approval. The loan, however, shall be secured with a valid 1" mortgage lien on the rental property (owned free and clear by Ms. Paris at 9712 N.W. 6'" Lane, Miami, Florida, with an estimated market value of $150,000 jubmittod into the public. Jose Antonio on , Executive Director record in connection with March 1. 2001 On 'LLQ _ -0j WvItr;r I't)t,m 1r1 City Gley{ 01- 643 4 • CAMACOL LOAN FUND CREDIT REPORT Alejandro Cabrera, d/b%a Julie's Laundromat 1827 S.W. 8'" Street Miami. Ft. 33135 (305) 541.2357 home f (305) 312.6029 - beep Descrig)jun of Business/Stratealc Focusi Julie's Laundromat is a full service coin laundry facility. The business offers a wide range of washers and driers to its clientele. fn addition, other such services as washing -by -the -pound, dry cleaning pick-up and availability of cieaning produets are offered. Julie's Laundromat is open from 7 am to 11 pm every day of the week, closing only two days per year: Christmas day and on Calle 8's festival. The business has been operating in this location for over thirty years. Mr. Cabrera purchased Julie's Laundromat in 1996 and proceeded to remodel it, adding new equipment and providing much needed personal attentions. Mr. Alejandro Cabrera is planning to expand Julie's Laundromat by adding higher capacity equipment that will increase the commercial cleaning of such items as carpets, tablecloths, towels and so forth. Mr. Cabrera has over ten years of experience in the laundry business. ,Marketing and Salves Pian: The Industry Julie's Laundromat is located in the heart of Little Havana, a heavily populated area with the vast majority of its residents occupying rental units that don't have washers and driers. Residents of the area are mostly recent arrivals from other countries - lower income immigrants - and retirees on fixed income. This demographic profile is not expected to change in the foreseeable future as the area will continue to be the entry point for new immigrants, thus maintaining the perfect environment for this type of business. The area is also flourishing with restaurants, some of which are currently using Julie's Laundromat's facilities regularly and provide the basis for adding larger capacity equipment to the business. Customer Prollle Residents of the immediate area and businesses, mainly restaurants, located in Little Havana provide the bulk of the business . Residents are mostly lower income immigrants and retirees on fixed income renting apartments that don't have washers and driers. This demographic profile is not expected to change as the area will continue to be the entry point for new immigrants. Prod uctslServices Offered Full service coin-operated washers and driers, complemented by the sale of washing supplies, washing -by - the -pound and dry-cleaning pick-up are offered to the general public. Limited commercial cleaning is currently offered but will expand when larger equipment is added to the facilities. The Competition Julie's Laundromat is the only coin-operated facility in the immediate area. There is another facility approximately ten (10) blocks from Julie's that lacks adequate parking, has shorter hours of operation and doesn't open on Sundays. Submitted Into the public record in connection with Rom !! on Walter Vocrrtctr► 64' �� tty C:tertc r cru 11[f» 1 Purpose of the Loan: To acquire new equipment. Loan Renuest Amount: I + $35,000 f Lin of Proceeds: i Mr. Cabrera will purchase the following equipment - 5 Speed Queen Washers - 50 -pound capacity; $21,000 3 Speed Queen Washers - 35 -pound capacity; 12.000 Tax and delivery: 2.970 Total: $35,970 CREDIT ANAL YSIS 1 - Repayment Ability A. Character Factors Mr. Alejandro Cabrera is the sole proprietor of Julie's Laundromat. There are not known derogatory character issues. The credit report shows one late mortgage payment in 1996 due to faulty loan processing after Fleet Hank acquired the loan from Source One Mortgage, B. Revenue/Cash Flow/Earnings Revenues for years 2001 through 2005 have been conservatively projected below current trends. While revenues are expected to increase by over 20% in 2000 (final numbers are not in yet), the projection for 2001 shows only a 15% increase and below that for the following years. Th�ujDment to be acogired will be used primprily for commercial pu�Qsgs. but will be available to current customers that could use the higher capacity machines. Revenue from commercial sources has been projected at S 10,000 for 2001 increasing at the modest rate of 10% per year thereafter. YEAR> 1994 2000 2001 2002 2003 2004 2005 Revenues 81,924 99,000 115,000 131,000 147,000 162,000 175,000 COGS 13,270 15,600 17,250 19,650 22,050 24,300 26,250 New Revenues 10,000 11,000 12,100 13,310 14,641 COGS 500 550 605 666 732 Gross Profit 68,654 83,400 107,250 121,800 136,445 150,344 162,659 Expenses 42,213 50,000 62,500 71,000 79,550 87,655 94,820 Net Before Tax 26,441 33,400 44,750 50,800 36,895 62,689 67,839 Loan Payments; Existing 20,143 20,143 20,143 20,14 20,143 20,143 New 7,400 9,864 9,864 9,864 2,464 Net Income 6,298 13,257 17,207 20,793 26,888 32,682 65,375 f'ubmlttcd Into 00 Public record in connection with on -! • o Walter Foertian 643 carC1101k Mfr 11— Ratio Analysis 3U1L11= S>=T Opening Oal t Cred11 Pr Fonlut - ASSETS Current Assets Cash 71500 7,504 Inventory 3.200 3.240 Total Current Assets 10.700 0 0 30,744 Fitted Assets Equipment 71,950 35.000 106,950 Acc. Depreciation (14.000) (14,000) 13 0 0) Furniture & Fixtures 3,000 Total Fixed Assets 60.950 33.000 4 93,950 Other Asset: Deposits 1.250 0 0 112$0 ; Total Assets 72,900 35,000 0 10700 LIABILITIES Current Liabilities Old Equipment Loan 12,954 1.2.954 New Loan 7,.900 7,400 .. Total Current Liabiiities 12,954 .1,400 20,354 Long Term Liabilities Old Equipment Loan 50,140 0 50.140 New Loan 27.600 27.600 Total Long Term Liabilities 50.140 Q 27,600 77,740 Total Liabilities 63,094 0 38000 98,094 Owner's Equity 9,806 9,806 Liabilities + Equity 72,900 107,900 A. Current Ratio Current Assets: $10,700 Current Liabilities: $20.354 Current ratio at. 0.53 This ratio is not gdequam S. Debt to Net Worth Ratio Debt to Net Worth Ratio is not adequate at 10.0^ubmittCtcf lMa chi: public: f900(d in CollneCtion wRom CMith Wh Oer Foeman City Clerk 3 01- 643 i�- • III - Management Mr. Alejandro Cabrera is very energetic, capable and resourceful. He has been able to turn around an unperforming business that had been practically abandoned by its previous owner into a promising venture that is in the verge of good growth if additional financing is secured. IV -Collateral/Guarantors A first position in all the equipment to be acquired with this loan, A second lien on the property located at 10000 N.W. 80"' Court, apartment 2324, Hialeah Gardens, Florida 33016, valued at approximately $54,000 with a mortgage balance of approximately S 11,000. Mr. Cabrera is to personally guarantee the loan. V — flenelits of the Loan to the Target Area The projected loan will allow the applicant to create one new job immediately and the possibility of fynher job creation within two years. VI —Credit Recommendation L'#'-�". Approve Decline Recommend approval of a loan in the amount of $35,000, bearing 6% Interest with a repayment term of 48 months to be paid in equal monthly payments in the approximate amount of $822 per month, beginning the month following the date of disbursement, The recommendation is based on the repayment ability of the applicant, the sWangth of management and the long-term benefits brought to the target area in connection with jobs and tax revenues to be derived from the survival / expansion of this enterprise. recora In connociton witn Item S_-�_I i on a- to - a Waltor t t7c own City Clerk ��1- 643 4 i�'7 L �.CAMACOL LOAN FUNDgx. c • 40112001 Business Summary and Loan Evaluation Name of Business Applicant Barbie's Autos for Wholesale, Co. 2728 NW 27'" Avenue Miami, FL 33142 Proposed Location: 3701 NW 7"' Avenue Miami, Florida 33127 Frank Fernandez 305-386.2081 Description of Business / Strategic Focus: Barbie's Autos for Wholesale, Co. is a Florida "S" Corporation formed in 03/19/1999, by Frank Fernandez. President, and Francisco Fernandez, Vice President, who is responsible to manage the general operation Francisco has been involved on the car sales business for more than 10 years, working as a used cars salesman. and owner of his own dealership. He has extensive experience, specially finding and hiring qualified and e\- perienced sales persons, to operate his used car sales lots, or buyers of used cars. He just signed a contract with N— Jose Patricio Perez as independent contractor to represent him, and buy used cars in "Indiana Auto Auction". Barbie's Autos for Wholesale dealership location is 2728 N.W., 27th. Avenue. They sell at retail prices used cars, which they purchase at wholesale, in near -by auctions in Florida, restricted only to cars dealers. They usually attend auctions in Miami, Ft. Lauderdale, Naples, and West Palm. Francisco has selected a new location to expand his present business, and sell the cars purchased in Indiana, at lower retail prices. Haying two used cars lots in different locations produces additional marketing exposure. expands sales activity, and allows a better operational control. He is evaluating the alternative of having a subsidiary company with a new name, to give potential customers the sense of two competing dealers. Marketine and Sales The lnduslry Used car sales are a very lucrative business, although it depends mostly on purchasing the right products, at the right price. The best places to buy used cars at low wholesale prices, is in "auctions" or "open bids events" in cities near the manufacturing or assembly plants, or in major distribution centers of imported cars, where to obtain really low wholesale prices, dealers must purchase "lots" of several cars. This also reduces transporta- tion costs to Miami, which normally is $400 to $500 per car. The drawback is that attending these auctions is c,xpensise, and a local Miami dealer must have a good connection or a local partner to avoid travel and lodgina Used car buyers like to search several dealers, looking for a specific model and/or brand, within a price xnJ year range. For this reason used car dealers should be strategically located in a convenient place, with ease Submlttcd Into the public [+ Barbie's Autos for Wholesale, Co. record in connocNon with iters � on �_1Q ��� >'�—I rage I of Walter Fnemrtrt / ,r- LA CAhIACOL LOAN FUSS ISC • 4/012001 Business Summary and Loan Evaluation access to potential customers, by car or public transportation, for the convenience of those that do not own a car yet, or can not use it for any reason. It is also very important to have extended working hours to service potential buyers, who usually have regular work schedules, and tend to visit dealers in the afternoons or late on the day, and specially on the week ends, to see and compare the cars on stock, test them, discuss prices, and evaluate financing alternatives, that must be available. as usually clients have limited funds, even for the down -payment, Products/ Services offerer! Barbie's Autos for Wholesale actually buy used cars in near -by auctions in Florida at wholesale prices. Car buyers and sales persons, who attend the events, and purchase the cars, have a solid knowledge of market prices, and usually buy good cars, checked and tested prior to submitting their bids or purchase offers. The cars are sold at an average profit margin of $1,000, including any expenses of repairs and/or recondition- ing, no reasonable offer «vill be turned down, in order to generate cash, and increase inventory turn -over. Advertising The advertising budget is estimated in $8,000 per year, mostly in two publications: "Auto Trader". which is sold on newsstands, and the "Flyer", which is freely distributed to over 250,000 homes on the selected areas They will test the publication "New Times", and evaluate the results, before a full commitment to this media. Competition There is plenty of competition in this business, but the key to success, in addition to advertising all cars in stock, and provide excellent customer service, is to offer competitive prices, and good quality products. It is Very important to have available financing, as most of the potential buyers are short of cash, Purnose of the Loan. Working capital to handle new business opportunities. Loan Requested Amount. $35,000 Use of 11roceeds. $ 2,000 Working Capital Financing S 7,000 Office for the new lot, and facilities, permits, etc. $26.00 To purchase used cars, in "auctions", and "dealers private bids". Credit AnalYsi's Harbie's Autos for Wholesale, Co. 'jubmi,l:.:t: in!o tho public record In connection with ROM S-iI on I ID - of Waller Foeman Page 2 of 2 I- 01- 643 I'f CAMACOL LOAN FUND, INC Business Summary and Loan Evaluation 7 1 - Repayment Ability A- Character factors- Management: •1:U1•_t1'0: Barbie's Autos for %kholesale, Co. is a company owned and operated by Francisco Fernandez, Vice -President, %%hich is responsible for overall business management. Owners and personnel of the company appears to be good standing members of Miami -Dade business community B- Revenue / Cash Flow / Earnings: :Project_ Ycar t Year 2 Revenue $ 872,000 , $ 988,800 Year 3 $ 1,049,0 18 Year 4 I Is 1,1 12 903 Year S $ 11190,679 otals $ 5,203,400 !vet Income $ 36,497 $ 51,746 $ 59,263 S 65,442 $6 7$ $ 285,984 I.oan avmews $ 7,29-7) I $ 5,431 5 (8,951) i $ 9,503 $ Z3,O3 (35,000) Net Cash Flow I $ 21,205 $ 35,427 ! S 41,466 $ 46,593 $ 62,191 ! $ 206,882 Revenue projections are reasonable based on the current level of sales, and the expected increase on husiness. by offering a bigger selection of cars and models in two difT'erent locations. The plan is to increase the options available to potential customers, by purchasing "lots" of cars directly in auctions and private bids, in cities located in the Northeast of the US, near tate manufacturing plants, and im- portant distribution centers. vdicre they can obtain lo%ker prices, and volume discounts. Also the total cost %%ill be reduced, by a lower transportation cost per unit. Francisco expects to increase sales to 20 units per month, and obtain additional annual profits of $50,000. IX - Post Loan Disbursement Pro Forma Balance Sheet. 113alance Sheet as of 3/27/2001 !Actual IDebits (Credits (Pro Forma I Used Cards (menton • OWNLD Used Cards Inventory • Cr Line Other Current Assets' Total Current Assets IS 2,000 $ 2,000 $ IS 4,000 S 24,000 $ is 26,000 $ $ 50,000 $ 69,000 $ - $ 69,000 Barbie's Autos for Wholesale, Co, mzs�.Ytzs�► 95,000 5 28,000 $ $ 123,000 ; t! . T1111ca intoCI '-� reedrd in conn `ion with item S:11_.. on-- - I " t Walter FoomZn City Gic k f — fi I"3 or /)7 CAMACOL, LOAN 1 UNA. , C • 4/01 i2001 Business Summary and Loan Evaluation FIJiE A� SSETS I ' Property and Equipment -NET is S00 $ 5,500 $ - $ 6,000 fix assets I .Other Notal Fixed Assets $ 500 $ P,.; 00 ' $ - $ 6,000 !OTHER ASSETS 'Deposits - Rent & Utilities 5 1,000 $ - $ 1,000 Pre -paid expanses S Other Total Other Assets $ 1,000 is $ 1.000 TOTAL ASSETS $ 96,500 $ 33,500 is 130,000 ICURRENT LIABILITIES i Accounts Payable Bank Line of Credit $ - $ 70,000 $ 70,000 'Current Ponion of Loans $ $ 7,297 $ 7,297 'Other Current Liabilities Total Current Liabilities $ - is - $ 77,297 $ 77,297 _ LONG TERM DEBT Long Tenn- Camacol loan Fund $ 27,703 $ 27,703 Others $ Total Long Term Debt $ - $ $ 27,703 $ 27,703 ITO'rAL LIABILITIES $ - ! $ - $ 105,000 $ 105,000 ISTOCKHOLDERS' EQUITY I r ICapital Stock $ 25,000 $ 25,000 (Retained Earnings (deficit) $ !Total Stockholders Equity $ ! $ - $ 25,000 IS 25,000 Total Liabilities & Capital $ $ - $ 130,000 $ 130,000 ,NUes; 1"Ventuq As of 4/1/01 there mere 14 used cars on inventory, with a wholesale total cost of $40,000, fully paid. •The total car inventory, including the new ones to be purchaseg&tiSItlftttilPafliwilltOmpl s a collateral fort the loan. Barbie's Autos for Wholesale, Co. record in connection with Page 4 01'4 on 3 1" 2) 01— 643 Vjl;ilter Forman • CAMACOL LOAN F'l ND4.0C • 4t01 Q100 i Business Summary and Loan Evaluation Fixed Assets The estimated cost of a used trailer to be used at the dealership office, and some furniture and office equipment. telephones, etc. is 54.800, with an annual depreciation of only $1,200. Other Assets One month rent, utilities deposits, and prepaid insurance is estimated in 51,500. Current Liabilities '1 he company dues not have accounts payable related to the rew business opportunity. Credit Report Information. Lnclosed please find Credit Report of Frank Fernandez. We consider that the projected figures, business volumes, and level of income and expenses are reasonable. based on the current level of sales and expected growth. We are confident that Serbia's Autos for Wholesale. Co. will be able to amortize the proposed loan, on the time limit agreed. A. Current Ratio, 1.59 S123,000 Current Assets $ 77.297 Current Liabilities B. && to Net Wortlt Ratio: I $105.000 Total Liabilities S 25,000 Net Worth III - Management The applicant has operated used car sales lots successfully for the past 10 years. IV - Collateral Loan is secured by: Used cars imertory «ith an estimated value of $25,000 to be purchased, and that will be pledged as collateral. together with the existing inventory of $25, 000 for a total estimated inventory value of $50,000 at cost. Frank will also pledge as collateral their home purchased in June 1996, for $125,000, with an actual market value of $130,000. The mortgage balance is 587,649, for an equity value in excess of $40,000 that easily se- cures the loan amount. Camacol Loan Fund, Inc. will require the owners and spouses to sign the loan jointl% and severalty VIC: Public rocord in conn tion with Barble's Autos for Wholesale, Co. item S- 1I on _-L Ia "D! Foge 5 ot'S Walter Foeman City Clerk L CAMACOL LOAN FUNEOI C • 4/0112001 Business Summary and Loan Evaluation V - Benefits of the Loan to the Target Area The projected loan will permit Barbie's Autos for Wholesale. Co. to pursue the business plan employmellt grow projection of 3 new full-time, and I part-time employee on the first year. Barbie's Autos for Wholesale, Co., is committed to sustain the present office, and car lot sale within the target area. The new location will also be within the Empowerment Zone The projected Camacol Loan will permit the applicant to pursue the business plan employment grow projec- tion to have three (3) persons working full time, and a part-time mechanic This constitutes a vert good ratio of ONE NEW JOB created for every SII,667loaned In the applicant VI - Credit Recommendation We recommend approval of the requested loan in the amount of 535,000 bearing b % interest, with a repay- ment term of 48 months, to be paid in equal monthly payments of interest and principal, in the approximate amount of $822, beginning 1 month from the date of disbursement. The recommendation is based on the repayment ability of the applicant, the collateral offered, the knowledge of the used car business of the owner, and the long term benefits brought to the Miami -Dade County in gen- eral, and the target area specifically, in connection with jobs and tax revenues to be derived from the expansion of this enterprise. Approved: Name: Title: Date: Jose Antonio Font Executive Director April 2, 2001 Barbie's Autos for Wholesale, Co, • mbral.'I.'d h1to tho public r"Oord In connection with Itum S-11 on -l 0 - o t Walter Footnan City Clerk Page 6 o1*6 01- 643 1,P6 Ly + k r a ?V, J9f - h$S' +rx"1fpRV-'!P J NI gi x. 1 .h ^r { COL LOAN FUND, Inc. L 1?�fa 4 EVALUATION,. 03r01n001 i It C t r i F e11wost Corp. d/b/a TRENDY EYES "� 15458 NW, 77 CI~ - Royal Oaks Plana „ s , Miami LakesFlorida 33016 `x h � � a Belveder YTSta°s a Lie '4' i:sj�3' N4 k» a r President 3 jf�r�F.z 7th �. c"�r�`. On "Xg r ,fit b vz� r�r i 'R'} t ¢a•s y>� r: -2��x ��'ay�t mz.� �e7 �Iil" ` IX,tai : (3051534-4043 (305) � ��+ �� 'l� X54 �� �F ��"x' � �{'��� ;:� � 'kt�S -i l ♦ a .� e C:r I NW 153rd Ter wv 152nd Ter 0 m v D • v CD v s NW 149th Ter NW 148th Ter 4 t NW 14M In ago NW I"th Ter Metdekh Ter JeF Ae Rei d is _ Oak to Rero's Ph2Z7 Don an Natmormw Barr,: S 8-W K" N c Bellwest Corp_ d/bia TRENDY EYES - 15458 NW, 7I Ct. Royat Oaks Plaza, Miami Lakes, FL 330160 J as a !E O NW 157th Ter NW 156th Ter 3 A 4 N Ca,nyad 8y �r�.µarrn i =ILo D lily .i ^ a i NW 155th 4 TR9+DY ElfeS . 0 M n Lake C 01 NW 154th Ter •. akes(�1 arovem at Ekav cvin Ba ' i i mft =r�i Miam Lakes Or W Mi Lakes Or W Miami U i' 4 --• -- nmenc KFC Miami Lakes Dr ' NW 153rd Ter wv 152nd Ter 0 m v D • v CD v s NW 149th Ter NW 148th Ter 4 t NW 14M In ago NW I"th Ter Metdekh Ter JeF Ae Rei d is _ Oak to Rero's Ph2Z7 Don an Natmormw Barr,: S 8-W K" N c 0 �? as a !E � U r _a' 0 W itlra` 05 CG"M%t0 t9M WW M CM*OM C.ao rata AIV .,yr,r..,Wft" 0 -MM— —1-01 C-4sttleRof Gawai Page t Op Ce%OM lift oe Geot oL Ox. iec^^omSr w4 'W' nynh lvwr 6 O T9t4 OwO^944— r Kr•'+�f'a* .pw1s ns�.V.a Tt..s Oab .nctwes .do.a.eDo.. taMen +.lo per.n ss.aw haw Cawaoyw awhork et O Ker Ntgrlry qre Q.e+w +, R.cy.t rt� OCotir.gti �9flov Cov-----M<.w...r e�.nq ;far•r.e tiy�r�w.t 1'O J Business Overview & Loan Evawation Betiwest Corp. aiwa 7RLN1UY t��� • I.fl OVERVIEW `, l3ellwest Corp m a Florida corporation. dourg bumauss a% ( d/h/a ) 'I'roudy lives filed on p4/2h/2000. a% all (1pimtI slid live Caro Ccatcr . he l lsydou l3olvuder. who m the %olu ownur and Proaidont ul'1ltc company. it sit cm%;w4o t, citpcnurw, av %lie hays uuncd slid insuagad s4wcral optical businuusuv fie more than li►urtouu veer% Bellwest Corp d/b/a/ Trendy Eyes will provide piotilssional suMou%ul'uycexamimmom. h% a ca•t11ic1! opt1+nierrisr. retail .ale% of trams. for the makmp of ei eplAs%es. wcludwg all ku►ds ol'optbalmic lianw%. still "•13.11111 wap;Ase.". %thwii arc wwodumd A11 a"cuko11lAslimn to paticnis and custon►cr•. Vlr. lie > eller c<►uducrcd a dcisilul .Iudti ol'so%.urAl madmen class iucume area. 1n Miamr•I)adc, warclimp the enc• w nh 161% an111WIIlor% 1 be vile thlit %be $deet. 1% ceulralh located 1n the *Royal Oak% I►laza". a 103,i►nn %qu,uc Ilio %huppwp unto. Auchurud b. Wiutr Dmc and OutllaA ShAbotlsc. Iocatud in Miami I•aW%; Ihnc it line of the n►aui call% from the Palmetto Shc.ignud a lass aprccmuul for an "Oplical sod 1.1c ( ai, Ccniar". with uxclumvirrights lilt ibis type of bu%inc%%. 11w Physical silo duscriphon is unit N 210• and i% Immicd hchacuu "Wain Dmi; Supumrarkat. and A "GNC" %torr;. both generators ol'high hwal customers traffic. I'lihm oru 283 0111itAI And 1•:yc Cara Center% in Miaml•Uadu. but in the gooprxphical area scrvwcd by flclllic%i (:nip d/h/s 1' I NDY I:YIiS. whwh cAmynaux the 411vide% p 33014. 33015. 33016. sed 33018, lbuc r 1111h cmc cunlpcutnw bn•u►e�.. "V1.►on Works", Immud in C'olouiAl Palms Plewa. SQ%'cl'al little% away (we cuclowd 1111111) 1- u:1111WAl a.sun►ptinu loud for the preparation of thus ioxn application. have been based on actual market and financial w►ndpu►n% 1n \uu(h Florida. and custamar) litmouss praulox% lilt the Optical and 13yu ('arc C calci hu.uic%.c. Highlights s>'tao 000 st3oo coo .,,,�•. ssoa taco $4M,OOo sates ./ Gross i30DA0D Net %x0.000 . $100.000 �Y2002 FY2003 cY2OD4 record to cottrioution w0h ltlatlt ( on ") -10 -10 ! _ Walter l=oc:man City Clods Camocol Loan Fund, Inc. 03/07/2001 01— 6431 aaz Business Overview & Loan Evaluation Bellwest Corp. dlbla TRENDY I=Ytb Table 1.0: General Assumptions General Assumptions FY2002 FY2003 FY2004 Short-term Interest Rate % 10,00% 10.00% 10.00% Long-term Interest hate % 9.00% 9.00% 9.00% Payment Days Estimator 30 30 30 Collection Days Estimator 30 30 30 Inventory Turnover Estimator 4.00 4.00 4.00 Tax Rate % 0.00% 0.00% 0.00% Expenses in Cash % 10.00% 10.00% 10.00% Sales on Credit % 25.00% 25.00% 25.00% Personnel Burden % 12.00% 12.00% 12.00% 2.0 Marketing and Sales The Industry - It is customary of the "Optical and Eye Caro Centers" to provide professional services of eye examinations by a certified optometrist, working within the premises, and their professional fees are paid directly by the customers/patients. Although the optometrist is provided with space, utilities, and instruments, TRENDY EYES will not receive any direct revenue or compensation, and will benefit only from processing and selling all the prescriptions for eyeglasses, mounts, or accessories. Services and products: Frames for the making of eyeglasses, including all minds of opthaLuuo frames: from the low-end economic and popular products, to the recognized brand names of good quahty frames. Fashion oyeglasses, special collections, well known designees products, and traady frames, which arc considered an acoessury fashion to patients and customers, as many people wear glasses today, only for the look, to complement an outfit, or to aclueve a oertain imago, either a professional, or a business person. Eye examinations by a certified optometrist, working within our promises. • Contact lenses of all types, and complementary products and acvessories. Strategy - The approach to promote sales, and develop a solid clientele will be based on the "personal touch" , with strong emphasis on "knowing the patient,", knowing the customers", showing them that we know and recognize their needs, and their preferences. Mrs. Belveder have been very successful with this technique for the last 15 years, in three different locations, and its translates basically into customer service, beyond providing an eye examination service, or making a sale of frames and glasses . New leading-edge technology. A few months atter we opeu for business, gat organized, and have the operational control, we plan to start marketing on-line the "eyeweb" systom. It combines state of tho an technology with the speed and accessibility of the tntemol, allowing us to take our selling floor directly into our patients and customers homes _ : ubmitted into the public Camacol Loan Fund, Inc. 0�fton x`10 61n ccrinoc►ion will, 2 Waltor Ftmniar, U — 643 Gly Gi.:�t'( ),n -, -Business Overview & Loan Evaluation Beliwest Corp. d/bia TRENDY EYk.) Aft With this system the patient will be able to sooess his or bar image on the Web, and can "try -on" dozens, (or kw hundreds) of our frame in the comfort of their homes. This system is not only convenient, but also Jan to do, and certainly will appal to the new "teoh generation." (For addltiona/ Wormation on the "eyeweb" sv ow, please ter the Attachment secdon). Advertising & Promotion - BeUwest Corp. d/b/a TRENDY EYES, plans to find new customers using a combination of: dwect mail to the residents of the previously mentioned four Zlp Codes, with direct sales, and the Internet marketing and promotional technique using the "eyemb" system. Sales Forecast. The area demographic studies have shown s growth of 22% on the total population fiom 1990 to 1998, sod have a pno sctod growth of more than 60% for the period until year 2003, which is a good expectation for a new bustoess. We have projected monthly sola for the first year, of our 4 major categories of products and services, and based on industry trends. and are demographics. we have considered a 7 % increase in Wes revecue for the following year.. Pricing - For planing purposes, we have obtained a wetgbted average for each one of the four major product and services categories, as follows: Fasiuon and Designer's products $400.00 Staodard products and regular bats 250.00 Low -and economic eyeglasses 150.00 Contac Leases, Prof.Services/Acces, 150,00 Strbmlmt c! into lrT�• pubic record in ccu'MMI' on with item _S - Lf'. 1 cr, -7.:.1 o.dj `1iidlt{ r t fisrnrn 'moi;+ C stat Carnacol Loan Fund, Inc. 03/07/2001 u1— 643 boy RIUKWL Business Overview & Loan Evaluation Bellwest Corp. dibia TRENDY L V Lb -- -- -- - - Table 2.01 Sales Forecast Sales Forecast Unit Sales FY2002 FY2003 FY2004 Fashion and Designer's products 361 501 536 Brand names - good quality products 410 565 603 Eoonomic and popular frames 334 437 467 Contacts, Prof. services & aoceaories 316 411 440 Total Unit Sales 1,421 11913 2,047 Unit Prices FY2002 FY2003 FY2004 Fashion and Designer's products $400.00 $440.00 479.60 Brand names - good quality products $250.00 $275.00 $299.75 Economic and popular frames $15000 S165.00 $179.85 Contacts, Prof. services & aooesones S150.00 $165,00 S179.85 Sales _ Fashion and Designar's products $144,400 $220,334 5256,976 Brand names • good quality products S102,500 S 155,364 $181,201 Eeonoaac and popular frames $50,100 $72,032 $84.011 Contacts, Prof. services & scocsones $47,400 $67,795 S79,070 Total Sales $344,400 S515,526 $601,238 Direct Unit Costs FY2002 FY2003 FY2004 Fasiuou and Designer's products $140.00 $147.00 $134.35 Brand names - good quality products $112.50 $118.13 $124.03 Economic and popular frames $90.00 S94.50 $99.23 Contacts, Prof. services & sccoaories $75.00 578.75 $82.69 Direct Cost of SalesFY2002 FY2003 FY2004 Fashion and llesIgner's products $50,540 S73,612 $32,703 Brand names • good quality products 546,125 S66,736 S74,978 Eooaomic and popular frames $30,060 S41,255 S46,350 Contacts, Prof. services & socesones S23,700 $32,357 $36,353 Subtotal Direct Cost of Sales S150,425 $213,959 5240,383 3.0 Credit Analysis Loan Requested Amount S50,000 Purpose of the Loan Complete the instsUation and set-up of the store, purchase additional inventory of frames and lenses, adqurre necesary equipment and awasories, and provide cash as working capital for the business needs of the first months of operation. Propossed Use or Loan Proceeds. S 19,000 Cash for Worlung Capital S 14,000 Complete fining -up and installation of the store. Jubmittcd ii11u tee^ public S 11,000 Purchase equipment, accesorioe and otber assets. record In Connection with S 6,000 Purchase additional inventory of frames and eyeglasses. Itorn On10-' 1 Waiter Foerttan _ Git±r t:.l8rlt Cantacol Loan Fund, Inc. 031074001 4 01- 61# Business Overview & Loan Evaluation Bellwest Corp. cllbia TRENUY LYta Repayment Abitity. LW Character Factors: The owner Mrs, Haydee Belveder, which is responsible for overall business management is a well known, and trusted business woman by the manufacturers and suppliers of products, equipment and accessones required by the business, She has a track records of over 14 years doing business in the Miami -Dade area, and knows very well the "secrets" and special requirements of and "Optical and Eye Care Center" Haydee Delveder Professional Experience. March- 1986 Opened Sunglass Comer with palmar/busband July - 1986 Opened Sunglass Boutique with partner/husband and began selling eyeglasses 1989 - 1991 Worked for Liberty Optical in the manufacturing and mounting of lenses. 1989 - 2001 Opened Eyeglass Corner with partner/husband. Supervised other 3 locations. 1992 - 2000 Started working with Optieiaa/Lab/Toolimoian to do cutting and mounting of lenses. 1999 - 2000 Negotiated exclusivity of optical busmoss with Royal Oaks Plaza, to open late 2000. Pending review of the credit report that are to be ordered, there are no known derogatory issues for Mrs. H. Belveder. Vision / Phllophy. Mrs. Behoder is completely service onented, as she believes this is the best "secret" to success on this business. Traditional customers like the personal touch, and advice selecting models, colors,designs and shapes of their eyeglasses, and the new "High -Tech Generation" wants soinething that gives them the sense of applying their computer expertise to show-off that they are on the leading edge of purchasing techniques following the latest Fashion models and designs. Mrs. Belveder has researched and found a new marketing and sales procedure to sell products and accessories through the Internet, and plan to implement it in a few months, after opening the optical business, as she wants to expand and grow the company as the most advanced optical center of the North West section of Miami -Dade county. Revenue / Cash Flow / Earnings: All three projections are reasonable, and adequate to amortize the required loan, based on the prime location, the number of potential customers, and the traffic generated by the near -by businesses. With the requested loan Bellwest Corp. d/b/a TRENDY EYES will be able to complete the set-up of the store and open it for business in 30 to 45 days. Table 3.0: Revenue / Casb Flow / EarnlnQs f year I you 2 year 3 c' .� o; U LL Revenue $344,400 S515,526 $601,258 r «. i tet,. EHI"rDA ..••., $39.058 ... ..$90,041 ••..S11. 1,285 0 ................ ................ ................ - v Estimatod Loan Payment (S9,929) (S 11,804) (S12.911) ................ ................ ................ to Net Casb Flow $15,546 545,589 $52,516 C o ................ ................ ................ Camacol loan Fund, Inc. aau�.Tnar 03107/2001 Business Overview S Loan Evaluation bellwest Lurp. G/D,d I Ktivu r L I 3.1 Post Loan Proforma Balance Sheet Table 3.1. Post Loan Balance Sbest 5ubninto feta 0011C rocord In connoctian with item 5-_1 . on 1 �_P'n!._ Walter Femmnn q( Camscol loan Fund, Inc. 03/07/2001 6 01- 643 6) 3/1/2001 Debits Credits Pro -forma CURRENT ASSETS Cub $1,000 $19,000 $20,000 Accounts Receivable SO $0 SO Inventory $4,900 $6,000 $10,900 Prepaid Expenses SO so 50 TOTAL CURRENT ASSETS $5,900 525,000 $30,900 FIXED ASSETS ( Long -Term ) Property & Equipment $20,500 511,000 $31.500 Finial -up and Installation $0 $14,000 $14,000 TOTAL FIX ASSETS (long-term) $20,500 5251000 $45,500 OTHER ASSETS Deposits SO so so Other Short -Term Assets SO so 50 TOTAL OTHER ASSETS SO so s0 TOTAL ASSETS S26.400 $50,000 576,400 y LIABILITIES AND CAPITAL Accounts Payable - - Short -Term Notes Hank Lune of Credit Current Portion of Loans Due to Stockholders Other Current (short-term) Liabilities TOTAL. CURRENT LIABILITIES s0 SO s0 $0 LONG-TERM LIABILITIES (Debt) $0 $0 $50,000 $50,000 TOTAL LIABILITIES SO s0 $50,000 $50,000 STOCKHOLDERS EQUITY Paid is Capital (Stocks) 540,000 s0 50 540.000 Retained Earnings (deficit) ($13,600) s0 $0 ($13,600) TOTAL STOCKHOLDERS EQUITY $26.400 so $0 $26,400 TOTALS $26.400 $76,400 5ubninto feta 0011C rocord In connoctian with item 5-_1 . on 1 �_P'n!._ Walter Femmnn q( Camscol loan Fund, Inc. 03/07/2001 6 01- 643 6) S 10.500 Purchase equipment. accessories and other assets. kS 500 Down payment of leased professional equipment S 6,000 Additional In%entory of frames, glasses and accessories required. POST LOAN DISTRIBUTION BALANCE SHEET (EJ00,%rdp1vll.%e firrd detuile d analysis of aetual Balance Sheet, and impact of the luau) 5.0 Credit Analysis & Recommendtions Repayment Ability. Character Factors: The owner Mrs. Haydee Belveder, which is responsible for overall business management is a well known, acid trusted business woman by the manufacturers and suppliers of products, equipment and accessories required by the business, She has a track records of over 14 years doing business in the Miami -Dade area, and knows very well the "secrets" and special requirements of and "Optical and Eye Care Center" Pending review of the credit report that are to be ordered, there are no known derogatory issues jar Mrs. H . Belveder. Revenue / Cash Flow / Earnings: All three projections are reasonable, and adequate to amortize the required loan, based on the prime location, the number of potential customers, and the traffic generated by the near -by businesses. With the requested loan Bel [west Corp. d/b/a TRENDY EYES will be able to complete,the set-up of the store and open it for business in 30 to 45 days (On lbe Utachmenl xc�clJun plerrse find n1un1h1v eqtimales for the,frst twelve n1alits, and S years proJecdoius of Pervonnr,l, .Su/es, Cash Floor, Prufil and Lasa, and Balance Sheetl- Management and Personnel 'This is a very strong aspect of the Credit Application, as the owner Mrs. Haydee Belveder is very competent and experienced on this business, and has ample experience hiring and training personnel. The company policy is to respect and support government guidelines, and pay employees and associates on a fair way. Salaries and commissions are in line with South Florida labor market, benefits are comparable to the standards for the industry. and the plan includes an average annual total compensation increase of 5% per year. The personnel plan projects the creation of 6 newjobs for the area in 2001, and additional employees will be hired up to a total of 8 by year 2006, which constitutes a very good ratio of ONE new job created for ever), $7,000 loaned to the applicant. Bellw•est Corp. d/b/a TRENDY EYES is committed to sustain the optical and eye -care facility on the Royal oaks Plana, at the Miami Lakes Drive. (Em*#%ed please find a table wiNe complere details un management, professionals and rexnlar and part-tieue, enephpvees pruiee tell nn pian) SubMRV,o tatty Jlf. }]UDIIC Haydee Belveder Professional Experience, March- 1986 Opened Sunglass Corner with partner/husband II1161 ID record in connection with Mem J ` I I on ? lc • °1 Walter Fooman City Clerk 01-- 643 C5 Cl July • 1986 Opened Sunglass Boutique with partner/husband and began selling eyeglasses. 1989 - 1991 Worked for Liberty Optical in the manufacturing and mounting of lenses. �r 1989 • 2001 Opened Eyeglass Comer with partner/r.usband. Supervised other 3 locations. 1992 2000 Started working with Optician/Lab/Technician to do cutting and mounting of lenses. 1999 2000 Negotiated exclusivity of optical business with Royal Oaks Plaza, to open late 2000. Vision / Philophy. Mrs. Belveder is completely service oriented, as she believes this is the best "secret' to success on this business. Traditional customers like the personal touch, and advice selecting models, colors,designs and shapes of their eyeglasses, and the new "High -Tech Generation" wants something that gives them the sense of applying their computer expertise to show-off that they are on the leading edge of purchasing techniques following the latest Fashion models and designs. Mrs. Belveder has researched and found a new marketing and sales procedure to sell products and accessories through the Internet, and plan to implement it in a few months after opening the optical business, as she wants to expand and grow the company as the most advanced optical center of the North West section of Miami -Dade county, The company plans a significant investment on years fourth and fifth to open new satellite stores in the North West area. Collateral. Loan is secured by the actual investment and capital contribution of $44,000 done by the owner, as well as all the equipment and assets to be purchased with the proceeds of the loan. In addition Mrs. Belveder will pledge as a collateral a condominium property owned entirely by her, with an equity exceeding $26,000. Camacol Loan Fu,td. Inc. will take a second position on the collateral of the Condominium. CREDIT RECOMMENDATION We recommend approval of the requested loan in the amount of $50,000. bearing 9.0 % interest with a repayment term o(48 months, to be paid In equal monthly payments of $1244.25, beginning two months from the date of disbursement . The recommendation is based on the experience of management, the very good business opportunity, and the projected repayment ability of the applicant, as well as social benefits to the target area, by providing a service needed, and creation of jobs. and fiscal revenues to be derived from the installation of this enterprise. , 1 Signed: Name. Jose Antonio Font Title: Executive Director Date: March 2, 2001 W"MIIt`,40 Into tho public rQl"41►d In connoctlon with Iters % WAItor 1,001TIM City Clor!t 643 7 Qui i ; � • • �AIIIIACOI. LOAN FUND, INC re ze� , C�_ 4/212001Ps tri � z �^ � r ' � �✓ t �t ti* 'WEPR " f 'd`#'y 3hv I k t' S t, ysih arr r TM'slness Summary ,' r- 4��x &Loan EvaluationsM }� { x - "_`�,�..1"�tk 4 i ri Njm2 of Business Aeeiicnt N}a Y F C Fashion Cafe, Inc. Y � OV #z < }�u t 584 NW 26 Street 'k` a Miami, FL 33127�`'�' victor Orozco "�� .Treasury EI``� fi { a d , t 5 rff s�x 305-576-2220 M Y c��Q t�ubuc 'ems'» � t irW Y i -� h � ��+i!!�►� )�I IFN 1q' ed -ton With � D -b -- rtty CIAr1� 643 FASHION CAFE, Inc. 584 NW, 26 St. Miami, FL 33127 ? �i Q _I Caa�no C wcttna ElCatrachDCadetaia c :rc�i m!•rr;-:_ 304 NW " Ave(Sura h)' a c ama Supermarket IM'.arr i, FL 33127 vena 4hta E*n*W.. Tel: (M573-0006 =E IRrvhnrfow E'' 186NNf 291h St V Res Matfu, FL 33W�i!W Tel: (= 5764Rmfti!5AosKLCafefroRestasant �DNMlarniAve lami,FL 33127et (375) 5764UD NW 29th Stint i r a 8� %%Coleceon R` - Mani KovAular� ' NW 28th St L� CL NW 27th Ter s NW 27th St lesim fnl f 3�,e ,a 7615 IVtd Ave Mlarm, FL 331v -er AusbU dd Catbe MM"X "Ave Min, , FL 33127 TO On 57&fiM NW 24th St JJ'--'- NW 256 St k %j-,!na def nnbe O Yft 100— 206 Md Y1 5W -. qp,i VW a ,' . ,Y%1' ho—." Lop ano,r. r.' ...,yr.a ^" ighft .e+ -d nay ip— rn.ueson fLm1�.Llett IC Cvu,..on; �'rI" ile9np,c Data aeC N.U09, — MI 1.91. t% W -A ," O 1z" Nlw9ao— 7"w4.q— AN 'N' ,e --r d .—1,rlas ..Lam.rio., Oren .M. "am CaW.sn YVu+Oes O H. mapp v Me U,een n. R.Ow at C.-Aco paw 1 O C.wr9n' tanqu�aycn Mr+owt:W-19 ?ars ano Sru.— LW J � I i~_ C. c —.— 0AA_ v NW 31st St o cF Q C E -"Z z J cll! y C •- � E'' 186NNf 291h St V Res Matfu, FL 33W�i!W Tel: (= 5764Rmfti!5AosKLCafefroRestasant �DNMlarniAve lami,FL 33127et (375) 5764UD NW 29th Stint i r a 8� %%Coleceon R` - Mani KovAular� ' NW 28th St L� CL NW 27th Ter s NW 27th St lesim fnl f 3�,e ,a 7615 IVtd Ave Mlarm, FL 331v -er AusbU dd Catbe MM"X "Ave Min, , FL 33127 TO On 57&fiM NW 24th St JJ'--'- NW 256 St k %j-,!na def nnbe O Yft 100— 206 Md Y1 5W -. qp,i VW a ,' . ,Y%1' ho—." Lop ano,r. r.' ...,yr.a ^" ighft .e+ -d nay ip— rn.ueson fLm1�.Llett IC Cvu,..on; �'rI" ile9np,c Data aeC N.U09, — MI 1.91. t% W -A ," O 1z" Nlw9ao— 7"w4.q— AN 'N' ,e --r d .—1,rlas ..Lam.rio., Oren .M. "am CaW.sn YVu+Oes O H. mapp v Me U,een n. R.Ow at C.-Aco paw 1 O C.wr9n' tanqu�aycn Mr+owt:W-19 ?ars ano Sru.— LW J � I CA.MAC01, WAN FUNIT,'INC • I Business Summary and Loan Evaluation Name of Business Annlicant Fashion Cafe, Inc. S84 NW, 26 Street, Miami, FL 33127 Victor Orozco - Owner 305.576-2220 4/2,20Q I Aescrintion of Business i Strategic Focus: Fashion Cafe, Inc is a Florida "S" Corporation formed u) 07/19/2000, by Raul N. Abuchaibe, President, Ana J Abuchaibe, Vice -President, Ivon Ballestas, Secretary; and Victor Orozco, Treasurer; all of them directors of the corporation Marketintd and Sales The Industry The restaurant busu)ess is very competitive, and the failure rate is very high for those that do not follow the golden rules of "service, locution and adequate price". Fashion Cafe considered all three factors and abide by each one of them, by providing excellent personalized services, in a strategically located site on the Ern- powerment 'Lone at 5h4 h W , 26ih St w the "Fashion District", paying a moderate rental price, and is menu has reasonable prices for the area in breakfast, meals, snacks and beverages Fashion Cafe will focus basically on the Latin population of the area, who wants something better than a hot dog cart, or standing in a "popular" crowded cafetena. Marketing Research & Potential line "Fashion District" is an area of retail stores, outlets, warehouses, and sales spots, whose main business is mostly women and men clothes, fashion outfits, designer's collections, and apparel products. Although it went through a slow time in recent years, is now coming -up as a wholesale/retail commercial center There are many businesses, and most employees are Spanish-speaking, who prefer Latin food, rather than the American cafeteria meals, or fast food chains, which are not present on the area. The new "Free Trade zone", a 60 mullion dollars project, to be opened by mid -year, is located less than 1,000 feet away, and many businesses are located within Fashion Cafe service range. There is an excellent demand for deliveries and take-outs, and a very good potential for early breakfast, mid morning and afternoon snacks, "window services", lunch and quick meals, as well as take -away frozen food. Competition The restaurant logical coverage area is from the Interstate highway 1-95, to NW Second Avenue, and from 23id St , up to 29° St. N W There are several restaurants and cafeterias on the other side of the Interstate Highway, but access to the area is blocked, so there is no competition to Fashion Cafe from the west side of I-95. In the near -by area, there were six competitors, but two of them are now closed (Borieuo and Rosado cafete- rias). Jessica and "EJ Catracho" cafeterias are on NW god. Ave., on the south and north ends of the strategic coverage area of Fashion Cafe. Tine competitor with the biggest physical location is "Austria del Caribe", but un several occasions at lunchtime, we did not see many customers, although they have a convenient parking lot Tne only one that had more customers was "Mantza" (a stand-by) cafeteria, which is a very small place on 29d' Ave , with popular prices l� til ,lc•1N,1�'tl iIt/w IiIUINnI J,/,',i%k' \,'� , l i ILI(.Ll -li1��lo/',i Fashion Cafe, Inc. record in connoction 4iith item S - l.! on 1--i -bl Walter Foornan Page I of 7 CA*IACOL LOAN FUN&C • 4/212001 Business Summar} and Loan Evaluation kProducts and Services Fashion Cafe, Inc will have a "window pass-through" service open from 7 A.M. to 5 P.M, although serving on premises will be done from 8 00 A M. to 4;00 P T4 The following services will be offered to customers. Early breakfast, mid morning snacks, and all day espresso and "cafe con lecke". Lunch served on premises, or delivered to customer's businesses • Morning and afternoon "coffee breaks", beverages, drinks, and snacks Lunch delivery services, to be done by part-time personnel, following FDA regulations and guidelines. • Take-out orders at any time and take-home-duiner meals late afternoon, including frozen foods. Provisions, groceries, and foodstuff required will be received, stored, processed and prepared at Fashion Cafe location, using purchased brand new food service equipment FDA approved, and required handling standards and procedures Prices. Breakfast will have a range pnce from $1.00 to $5.00, with 10 items to choose from. Average consumption per client is estimated in $3.00 Lunch is based on a daily menu, served from Monday through Saturday, and with a menu price of $4.75, wi i a small bowl of soup; three options to choose on the main course, and a dessert. Juices, drinks and beverages, are not included on the lunch menu price, so the average estimated price is $5.50 Additional products: Specialty ethnic Arabic, Colombian, and Caribbean food will be prepalred and frozen, for take -away orders, delivered to local customers, and special deliveries to far -away cafeterias and restaurants /J.u:lrr�rcl/1Ji'cL�N Jinci rnc'r>u 010hNI1.?'.iLc'1. Sales Strategy. Fashion Cafe, Inc strategy is to provide reasonable priced food, and excellent personalized service to the Latin customers and employees in the area Monday through Friday, on the regular advertised hours, and Saturdays on a shorter schedule. Their clients will be employees that arrive earlyto beat the traffic, and have their breakfast on the area, others needing a fast and reasonable priced lunch, or that are able to take a break by mid mornings or afternoons, and in some cases clients that want to take home ready -to -eat meals, or specialty frozen food Sales Forecast. Fashion Cafe will be opened 6 days per week (Monday through Saturday), for an average total of 25 days per month We expect to have about 10 to 14 clients per day on the first month for each of the services (breakfast, lunch, deliveries, and coffee, drinks and snacks). As typical on the restaurant business, the gross profit is esti- mated at 50% of the sales price. This margin will be easily increased, when the preferences of clients can be well established, and proper amount of food can be prepared in advance. We have projected for cacti one of die services a monthly volume of 750 to 1,000 clients per month, averaging 15 daily customers We have considered a 10% increase on the volumes for the second year, and only a 5 % increase for years three to five of the business plan. Advertising and Promotion: Following the typical pattern of the restaurant businesses, management have already prepared and printed a "flyer -menu", which provides information about Fashion Cafe location, telephone, hours of operation, and the projected daily meals ("Plato del Dia"), with prices and options. Management is also planning to advertise on the flyer, targeting the near -by areas, east of 1-95, and to hand -deliver this "flyer -menu" before opening date, to most of the businesses within their logical coverage area, that comprises from 1-95 to the second avenue NW, and from 291° Ston the north to 23rd St on the south,,;,;; , , , , , , 1, 1. . Fashion Cafe, Inc. record in CunnCf;;c�,t in�ii,' Page 2 uC 7 item ► (_ on L 10- QI WZltr:r l=eer:+: City Cloi % KK�LYtI ?Y CAMACOL LOAN FUN III C • 4/2/2401 Business Summary and Loan Evaluation Fashion Cafe will also have an 'opening month" promotion, with free refreshments, food specials, "three-for- two" prices, etc , to induce potential customers to visit their place, take advantage of the low prices and spe- cials, and convince them that Fashion Cafe is "the restaurant" they needed in the area. They will use all these promotions to gather information and try to create a database of potential customer's and business names, tele- phones, number of employees, and hours of operation. Purpose of the Loan To provide the required funds to complete the restaurant installation and fitting -up; purchase equipment and accessories, provisions, groceries and foodstuff required, and provide the adequate level of working capital to handle the business requirements for the first few months of operation. Loan Requested Amouut, $5U,000 $35,000 from Camacol Loan Fund, Inc., and a second loan from a commercial bank for $15,000. Proposed use of Goan Proceeds. S 4,000 Casts - Working Capital, to handle initial business requirements. S 2,700 Purchase additional foodstuff and groceries inventory. S 4,000 General contractors fees, licenses and permits S 2,800 Windows, lamps, kitchen floor, chairs and fans S 19,000 Electrical and plumbing installations S 3,500 Air conditioning equipment and installation $ 14.000 Purchase of FDA approved food processing equipment, kitchen, refrigerators, accessories, washing machines, and utensils. Credit Analysis I - Repayment Ability A- Character factors- ManagIment: • Fashion Cafe, Inc is a company owned and operated by Raul N. Abuchaibe, who has a large experi- ence on the food service industry, and will be responsible for the overall business management, Ana J Abuchaibe, who will take care of the food processing and preparation activity, Ivon Ballestas that will be in charge of the administration, and Victor Orozco that will take care of the purchasing, payments and all related financial activities. Management team is committed to make Fashion Cafe, Inc. a popu- lar and convenient place on the Fashion District area. ► Owners, instead of trying to do everything, like the typical entrepreneur, recognize that they are not expert in all matters, have divided its functions and responsibilities accordingly, and are seeking help and support of outside professionals, such as. consultants, accountants, attorneys, etc., for some areas of the business B- Visioq(Philosoi �hv • Fashion Cafe, Inc is complying with FDA procedures, requisites, guidelines, and regulations; will ob- tain required permits and licenses, and will pay their workers on a fair way, following the local salary standards. i,iio the pul)Ilc rert)rd in connectlort with Fashion Cafe, Inc. ltt'n1 S I ( . pn 2� p t page 3 of 7 Walter Foeman City (,Ic'' 01— CAIM1IACOL LOAN FUNMNC • 4/212UUI I Business Summary and Loan Evaluation �r • Management team of Fashion Cafe, Inc. is service oriented, and are aware that to survive in the resmu- rant / cafeteria business, they need a good location, and offer good food at reasonable prices, but to really succeed they have to provide a personalized customer service, as clients like to be "pampered" • Owners want to immediately expand the business, producing and selling frozen special ethnic items that are in great demand, as there are not enough suppliers. They have also considered in the long range to open a second location on the area, specialized in catering services and party platters Revenue / Cash Flow / Earnings: Projected figures shown on the following table are reasonable, and based on the projected sales, and expected growth Fashion Cafe, Inc will be able to amortize both proposed loans, within the time limit of 48 months Projections Year I Year 2 Year 3 Year 4 Year 5 Totals Revenue S 199,289 J$ 312,161 S 337,603 $ 365,117 $ 394,874 S 1608,044 Net Income IS 19,2G9 I S 66,650, S 71,805 $ 79,158 S 86,136 S 322,958 Loan payments-Camacol Loan payments - Others Total Loan Payments is 13,900 S 43,100 S - $ 57 000 Fashion Cate, Inc. record ill connnc-,::)ii r,W, page 4 01,4 Net Cash Flow i$ 21,749]$ 68,756 S 70 318 $ 769051$ 96,457 $ 334J85 /PC lI - Post Loan Disbursement Pro Fonna Balance Sheet. nce Sheet aN of 4/1!2001 1 � I ICURRENT 'Cash: $ 1,800 $ 4,000 $ - $ 5,800 Inventory $ 2,300 ( S 2,900 $ - $ 5,200 JAccounts Receivable Other Current Assets I I `total Current Assets $ 4,100 Is 6,900 $ Is 11,000 1 r *IXED ASSETS, (Installation & Fitting -Up $ 13,900 $ 25,600 J$ - $ 39,500 ; Restaurant equipment $ 17,500 Total Fixed Assets is 13,900 S 43,100 S - $ 57 000 Fashion Cate, Inc. record ill connnc-,::)ii r,W, page 4 01,4 Item S 1L. on — , 3 Waltur Foom,',,J /PC C-07 Clef" IIIIIIN I. k 4 CAMACOL LOAN FUNAC 0 Business Summary and Loan Evaluation 4/2/2001 10THEII ASSETS I IS Deposits - Rent & Utilities IS 2,000 . - S 2,000 Pre -paid expenses $ • $ - $ Other IS 'Total Other Assets $ 2.000 - $ 2,000 TOTAL ASSETS $ 20,000 $ 50,000 • $ - $ 70,000 1 i !CURRENT LIABILITIES Accounts Payable S - $ - IS Current Portion of Loans - Camacol $ - $ 7,297 7,297 Portion of Loans - Other Bank $ - $ 2,979 IS 2,979 'Current Other Current Liabilities S - $ Total Current Liabilities S $ - $ 10,276 $ 10,276 ' LONG TERM -DEBT 'Long Term Loan - Camacol I $ 39,724 $ 39,724 ;Long Term Loan - OtherJS $ - 1 Total Lon Term Debt i $ - . $ 39,724 S 39,724 TOTAL LWBILITIES $ - $ - S 50,000 S 50,000 (; QCKHOLDERS' E:OUITY Capital Stock f S 20,000 $ 20,000 Retained Earnings (deficit) ! $ Total Stockholders Equity S S - S 20,000 $ 20,000 Total liabilities & C a ital $ - $ - $ 70,000 $ 70 000 .Notes: Inventory They have already about $2,300 of foodstuff, which they use to test and prepare samples of menus, as well as working on the receipts for frozen foods. They estimate that the amount required for food and groceries will be about $5,000, because of the high turnover ratio of the inventory. Ej:xrd A ssets Owners of Fashion Cafe already have invested $13,900 of their own funds in the preparation of the restaurant site, and they require $25,600 in additional funds to complete the installation, and S 17,500 to acquire the nec- essary FDA approved equipment, for a total investment of $57,000 in Assets, to be amortized on a five years period at $950 per month. Fashion Cafe, Inc. We'Ifvr Foamy.,: City Clorh Page 5oi7 01— 643 ia� CAMACOL LOAN FU:VONC • 4!2/2001 Business Surnmary and Loan Evaluation Other Assets Rent, and utilities deposits are $2,000. Current Dah!litics Fashion Cafe is a start-up company and does not have at present any accounts payable derived ftom the busi- ness. The owners do have commitments with general contractors and suppliers, but those cannot be consid- ered as current liabilities. A. Current Ratio: 1.1 Sl 1,000 Current Assets $10,276 Current Liabilities Id. Debt to Net Worth Ratio, 2.5 $50,000 Total Liabilities $70,000 Total Assets $20,000 Net Worth III - Management Raul Abuchaibe was the general manager of the restaurant bar "OH! CURRAMBA", in Barranquilla, Colom- bia from 1992 to 1998. He managed two chefs and a total of 14 employees, working on two shifts. They spe- cialized in international cuisine, as well as having the typical Colombian food. They served buffets up to 600 persons, and also did catering services. From 1998 to 2000 Raul was the general manager of food and beverages ofthe "Club Campestre dol Caribe" in Barranquilla, Colombia, a social club with over 1,000 families. He was responsible for managing four kitchens to service: one formal restaurant and bar, two facilities restaurants and bars, a cafeteria for over 100 employees, and six meeting rooms, with capacity un to 1,000 persons. Also they did buffets and catering ser- vices for the club members, who requested that special service. IV - Collateral Loan is secured by: • A rea! estate property purchased in $190,000 in 1999, located at 16218 SW, 20 St., Miramar, Fl, 33027. Actual market value is in excess of $205,000, and the mortgage balance is $155,000, for eq- uity of $50,000, which covers the total amount of the loan. • Equipment to be purchased for a total of $15,000 that will be pledged also as collateral. Camacol Loan Fund, Inc. will require the stockholders and their spouses to sign the loans jointly and severalty V - Benefits of the loan to the Target Area Fashion Cafb, Inc. is committed to sustain the restaurant site, on the same place within the target area. The projected loan will permit to pursue the business plan employment grow projection of 4 full time employees, and one half-time (earning tips) from the first year. This constitutes u very geed refits of 0,1V1NGf'Jl 3���4ult�0 00t IJv ned to the applcunJ U�Q�rO3 Fashion Cate, Inc. record in connection with Make 6 vl' 7 item S • 1 t on 6 C Walter Foeman 01— 643 City Clerk 4/4/2001 'CAMACOL LOAN FUN , NC Business Summary and Loan Evaluation `.. Pending review of the credit reports that are to be ordered for each principal, and reviewed, there are no known derogatory, issues for any of the owners, and/or principals. VI - Credit Recommendation We recommend approval of the requested loan in the amount of $35,000 bearing 6 % interest, with a repay- ment term of 48 months, to be paid in equal monthly payments of interest and principal, in the approximate amount of $822, beginning 1 month from the date of disbursement. We also recommend an additional loan in the amount of $15,000 bearing 9% interest, with a repayment term of 48 months, to be paid in equal monthly payments of interest and principal, in the approximate amount of $373, beginning 1 month from the date of disbursement. The total monthly payments for both loans are an approximate amount of $1,195. The recommendation is based on the repayment ability of the applicant, the extensive knowledge of the busi- ness of the owner, and the long term benefits brought to the Miami -Dade County in general, and the target area specifically, in connection with jobs and tax revenues to be derived from the expansion of this enterprise. Submitted Into tho public record In connection with ttem S 11 on Walter Foeman Fashion Caft, Inc. CRY Clerk Paye 7 of 7 01— 643 i� CAMACOL. LOAN P LINI T'C r `. Name of Business Aonlicpnt Ideal Auto Sales, Inc. 66 N.W. 27 Ave., Miami, 171.33125 Jorge Rodriguez Soso 305-642-8880 • Business Summan, and Loan Evaluation Descrintion of Business ; Stratceic Focus, 012 ()()1 local Auto Sales, Inc. is a Florida "S" Corporation formed in 12/03/1997, as a "Used Car Dealer", by Jorge Rodriguez Sr., President, and his .Son Jorge Rodriguez Jr., Vice President. Jorge Rodriguez Sosa has been invoked on the car sales business for more than 40 years in Cuba and Miami. working as salesman, used car buyer, and owner of his own dealership. He has extensive experience, and has developed the required expertise that allows Mm to purchase used cars, at competitive prices, which is one of the secrets to succeed in this business. The dealership is located in a high traffic area off 27th. Avenue, half a block north from Flagler St., and they sell retail used cars, %ah ich they purchase at wholesale prices, in "auctions" restricted only to car dealers. In South Florida these auctions arc held in cities such as West Palm, Jacksonville, Naples, Ft. Lauderdale, etc.. but owners attend only some of the major events. � Marketine and Sales The Industry Used car sales is a very lucrative business, although it depends mostly on purchasing the right products, at the right price, The best places to buy used cars at low wholesale prices, is in "auctions" or "open bids events" in cities near the manufacturing or assembly plants, or in major distribution centers of imported cars. In order to get really good prices dealers trust purchase "lots" of several cars. Also they need to buy a certain volume of units, to reduce the transportation costs to Miami, which can be up to $400 to $500 per car. Used car buyers like to search several dealers, looking for a specific model and/or brand, within a price and year range. for this reason used car dealers should be strategically located in a convenient place, with easy access to potential customers, by car or public transportation, as some of them do not have cars, or can not use them. It is also very important to have extended working hours to service potential buyers, who usually have regular work schedules, and tend to visit dealers in the afternoons or late on the day, and specially on the week ends. to see and compare the cars on stock, test them, discuss prices, and evaluate financing alternatives, that must be available, as usually buyers have limited funds, even for the down -payment. Products/Services offered Ideal Auto Sales strategy is to buy used cars at wholesale, mostly Japanese makes, like Honda, Toyota, Nissarn, Hyundai, etc., that require minimal repairs. The owners are directly involved in purchasing the cars, they have a solid knowledge of the resale price. and are willing to pay premium prices for good used cars, which are checked and tested prior to submitting their bids or purchasing offer. J�-- 643 Ideal Auto Sales, Inc, recUrtJ •' I " t Page I of I ROMS _1 1i on _ • o i Waiter Foeman -- ------ - _ --. __ City Clerk IIr>ti r, l v'e CAMACUL LOAN NUNUINC • 3130 ,2001 13usinecs Summary and Loan Evaluation v The cars are sold at an average profit margin of $800, after repairs and/or reconditioning, but in sonic cases they are willing to seli a car with a mark-up of only $400, to generate cash, and increase inventory turn -over. Advertising Their weekly advertising budget is $400, with two major publications: "Auto Trader" (which is sold ort news- stands), and the "Flyer". (which is freely distributed to over 300,00 homes on the selected areas). Also they sometimes put ads on the newspaper "Diario las Americas" at a weekly cost of $50. We review their recent records, and found that from 02/2 1 /01 to 3/2t0 i their advertising cost was $440, and they received I I$ telephone calls (for an average cost of $4 per "sales lead" generated by the ads). From those calls and inquires they closed 4 sales (2 from "Auto Trader" ads, and 2 from publications on the "Flyer"). for an average of $110 of advertising cost per sale. We noticed that there were not any sales originated by "Diario de las Americas", but we were informed that the readers of'th is newspaper, usually look for cheaper cars, one or two levels below the ones they have in stock. Also many of them have problems in to obtain financing of their cars, so management is evaluating to cancel this publication. Comperition There is plenty of competition in this business, but the key to success, in addition to advertising all cars in stock, and provide excellent customer services, is to offer lower prices than the near -by competitors, which normally mark-up their cars by more than $1,000, Many potential buyers, after browsing different dealers comparing prices and quality, end -up buying from Ideal Auto Sales. Purpose of the Luan. Working capital to handle new business opportunities. Loan Reuuesled Amount. $25,000 Use of Proceeds, $ 20,000 To purchase used cars, is "auctions", and "dealers private bids". $ 5,000 Working Capital Financing - Additional working capital to handle a higher volume of cors. Credit Analysis I - Repayment Ability A- Character factors- Management: Ideal Auto Sales, Inc is a company owned and operated by Jorge Rodriguez Sr., President, which is responsi• ble for overall business management. Jose Fernandez, who actually works on a part time basis as a sales per- son complements him. Upon receiving the loan Jose will work as a full time salesman, and will supervise a sub -contracted mechanic, and part-time sales persons. Owners and personnel of the company appears to be good standing members of Miami-DagV t Usi ifoffl[Yr}lc, ptlbiiQ Ideal Auto Sales, Inc. record in lconnecti In ^with Page "I of 2 item -- - 01— 643 Walter Foemon City 110,:( sZsls1xj k CAMACOL LOAN FUNA, -C • Business Surttmary and Loan Evaluation B- Revenue / Cash Flow / Earnings: Projections Year 1 I Year 2 Year 3 Year 4 $ 60,000 Year 5 Revenue 5 912,000 $ 976,934 $ 1046,492 5 1,121,002 $ 1,200,818 '�c: l'mfi; before ta�c� $ 41;,471 $ 54,997 $ 64,195 $ 74,209_L 5 85,502 Loan Payments 5 5,51: S 6,0221 b 6,394 5 6,788) $ i,5h4 Net Cash Flo„ $ 22,237 I $ 5-1,076 I $ 53,274 1$ I 62,740 I $ 79,253 Revenue projections are reasonable based on the current level of sales, and the expected increase on business. by offering a bigger selection of cars and models on inventory. Ideal Auto Sales actually sells an average of 15 cars per month, because their limited floor inventory. It is a known factor that customers prefers to buy from a dealer that have a broad selection of cars and models, thus the plan is to increase the options available to potential custumers, by purchasing "lots" of cars directly in auc- tions and private bids. ►,here they can obtain loµer prices, and volume discounts. Also they will benefit from these -%011.1111C purchases", by lowering the transportation cost per unit. rhuy expect to increase sales 50%. to 20 units per month, and obtain additional annual profits of $25,000 II - Post Loan Disbursement Pro Forma Balance Sheet. Balance Sheet as of 4/1/2001 Actual I Debits I Credits 1 Pro Forma CURIJ NT ASSETS Cash: jUsed Cars lmentur� Accuunts Receivable Other Current Assets. 'Tota) Curreut Assets i FIXED ASSETS (Property and Equipment -NET Other fix assets 'Total Fixed Assets 0111 ER ASSETS Deposits Ideal Auto Sales, Inc. $ 2,000 5 5,000 Is - $ 7,000 I $ 40,000 5 20,000. $ 60,000 $ 2,000 I $ 2,000 $ 25.000 $ - 1$ 69,000 $ 2,400 $ - $ 2,400 5 2,400 $ - $ $ 2,400 ubmltted In0 tho pu;.;I-r $ 1,600 turd in co necljoj1 wit' S 1,600 Win ?!l _0.± L Page 3 of Wafter V0e111an U I_ 643 City Cleri! /(o Ci CAMACOI. LOAN F'CIND*C 0 3;301200! Business Summary and Loan Evaluation 11're-paid expenses . HsUrance 5 2,000 1 S 2.000 Othcr Total Other Assets �$ 3,600 1 Is 3,600 $ TOTAL ASSETS IS 50,000 IS 25,000 S - $ 75,000 CURRENT LIABILITIES Accounts Pa) able 5 1,000 $1,000 Sank Line of Credit Current Port on of Lvtim Other Current Lranilities $ 1,000 116,110 $ 1,000 ,Total Current Liabilities $ 2,000 . $ - $ - $ 7,250 r—_ I LONG TERM DEBT r Long Tenn Loan S 18,750 $ 18,750 10thers is - I Total Lone Term Debt $ - $ $ 18,750 is 18,750 TOTAL. LIABILITIES $ 21000 S $ 25,000 $ 27,000 STOCKHOLDERS' F t: UITJ � Capital Stock $ 48,000 I $ 48,000 Retained Earnings (deficit) I $ - Total Stockholders Equity $ $ - $ 48,000 r $ 48,000 Total Liabilities & Capital I $ 2,000 S - $ 73,000 IS 75,000 . atm /n ventury As of 311 X01 there were 13 used cars or. inventory (please see attachment with details), with a wholesale total cost of $40,000, fully paid. The total car inventory, including the new ones to be purchased with the loan w ill be pledged as a collateral fort the loan. Fixed Assets Estimated net value of furniture and fixtures is only $2,400, with an annual depreciation of only $600. Otter Assets One month rent, and utilities deposits are $1,600. Estimated pre -paid insurance is $2,000 for a total of $3,600 . Current liabilities The company has only an appro0nate amount of $2,000 in accounts payable; and other minor liabilities. Submitted into the public Ideal Auto Sales, Inc. record In connection with Page a of l itern s - I I on 2- 10-01 .. 6403 4. , Wolter Foeman 1-1 CANIACOL LOAN FUND; itiC 9 1:30': nn Business Summary and Loan Evaluation Credit Report Information. The present healthy business environment of Ideal Auto Sales indicates an owner, who has been accustomed to a Cash only business, without getting involved in lines of credit, or a significant amount of accounts payable. Enclosed please find Credit Report of Jorge Rodriguez. In our opinion the projected figures, business volumes, and level of income and expenses are reasonable, based on the current level of sales and expected growth. We are confident that Ideal Auto Sales. Inc. will be able to amortize the proposed loan, on the time limit agreed. A. Current Ratio: 9.5 $69,000 Current Assets S 7,250 Current Liabilities B, Debt to Net Worth Ratio: O.S6 $27,000 Tota; Liabilities $4$,000 Net Worth III - Management This is a very strong aspect of the credit application, Attached please find a summary of the experience and expertise of Jorge Rodriguez -President 1V - Collateral Loan is secured bv: Used cars inventory with an estimated value of $20,000 to be purchased, and that will be pledged as collateral, together with the existing inventory (as of 3/1/01) of $40,000 fora total estimated inventory value of $60.000 at wholesale cost. Camacol Loan Fund, will require the owner Jorge Rodriguez Sosa and his wife to sign the loan jointly and sev- eralty V - Benefits of the Loan to the Target Area The projected loan will permit Ideal Auto Sales, Inc, to pursue the business plan employment grow projection of 2 new full-time, and I part-time employees on this same year, Ideal Auto Sales, Inc. is committed to sustain the office, and car lot sale within the investment target area. jubMillotl Intl) the pUJIic Ideal Auto Sales, Inc. record in connection with Page S of 5 Item s- I r on __2:L6:_6-1- 01— 643 �� Z Walter Foernan CAMACOL LOAN FU`^C • 360f2oo16 Business Summary and Loan Evaluation kw The owner is the only ful I time dedicated person, assisted by one part time employee. The projected Camaeol Loan will permit the applicant to pursue the business plan emplioYmentgrow projec- tion to have three (3) persons working full time, and a part-time mechanic, on a coaunisslon only basis. This constitutes a very good ratio of ONE NEW JOB created for every 58,333 loaned to the applicant V1 - Credit Recommendation Recommend approval of the requested loan in the amount of $25,000 bearing 6 % interest, with a repayment term of 48 months. to be paid in equal monthly payments of interest and principal, in the approximate amount of 3588, beginning 1 month from the date of disbursement (May 1, 2001). The recommendation is based on the repayment ability of the applicant, the extensive knowledge of the busi- ness of the owner, and the long term benefits brought to the City of Miami in general, and the target area spe- cifically, in connection with fobs and tax revenues to be derived from the expansion of this enterprise. Approved: i Name: Title: Date: !deal Auto Sales, lay. R Submitted Into tho public record In connectlo 7 W th Waltor Foemanpage 6 orb City Clout 01- 643 /63 • k in CAMACOL LOAN FUND King of Brakes and Tires Corporation 6455 S.W. 8'" Street Miami, FL 33144 Pedro Rudriw,ez, President (305)261.0643 in or Business/Str CREDIT REPORT 0 King of Brakes and Tires Corporacion (King of Brakes) is an automobile repair facility specializing in brakes for passenger cars. SUVs and light trucks. A tire repair and retail facility complements King of Brakes' services. The shop's hours of operation are 8 am to 8 pm, Monday through Saturday. The business is located in Little Havana in a rented 1,700 square foot facility that includes an office and a reception area. It can accommodate five cars inside the shop. As is the case with businesses located in this section of Little Havana, King of Brakes went through a very bad period during the recent construction in the area. It was worse for King of Brakes since construction started shonly cher Mr. Rouriguez started the business, not allowing him the opportunity to establish the loyal toilvwing good mechanics deveop over time. Needless to say, Mr. Rodriguez suffered severe economic hardship at that crucial time. Fortunately, the area is recovering fast and the improvements made to 8" Street are starting to show, increasing traffic, both in the thoroughfare as well as in the shop. Marketing, and 'ales Plan: The Industry The automobile repair industry continues to thrive, as cars are kept longer as new -car prices increase. In addition, the added complexity of present day automobiles, coupled with the increased dependence in that mode of transportation, has made preventative maintenance more prevalent in our society. All of this has made it possible for the industry to continue to grow at a respectable pace with a proliferation of establishments that show a continuous trend toward owner -operated shops with certified mechanics that are conveniently lucateo. Customer Profile Automobile owners that live and�or work in the general vicinity of Little Havana between the Palmetto and Downtown Miami. Mr. Rodriguez's extended hours of operation - through 8 pm and Saturdays - will make The King of Brakes very attractive to those that cannot service their vehicles during regular working hours. Also, the attractiveness of the shop - top quality equipment, cleanliness of the facility, Mr. Rodriguez's professional demeanor - will cater favorably to consumers that believe that an automobile repair shop doesn't have to be filthy to be good. Products/Services Offered King of ll, tikes offers general automobile repair work, including: Wakes and nder gear services; vehicle alignment and tire balancing; -snrsxitss; Submitted into tho public record Irl connection will Iteral -5_ on 7 - /6.Ol tAtalter Foori:a, i 01- 643 /7/ . • repair and.'or rep,acement of starters and alternators; replacement of eiectnc w indow motors; general transmission work; minor repairs and maintenance work, and sale and installation of tires, The Competition The attractiveness and maturity of this industry makes it very competitive with competing shops as close as next door and as far away as the next county. There are many characteristics that make a particular shop competitive but three of those are paramount to the continuous success of the operation: the quality of the work performed, the honesty of the owner and the staff and the reasonableness gjMe prices charged for pares and labor, h4r. Rodriguez is proud to offer his customers these three qualities, always striving to make sure that customers keep coming back and refer others to King of Brakes. Pornosr of the Loan: Mr. Rodriguez is having a very difficult time recovering from the 8's Street repair problems due to insufficient working capital. He needs to increase working capital in order to be We to hire one person that can help him with an increasing workload. Also, the shop needs additional used -tire inventory. King of Brakes and Tires has a relatively large inventory for a business that size. However, the availability of a large variety of tire sizes and specialized brake pads has proven to be a major reason for the shop's quick recovery, allowing Mr. Rodriguez to serve a clientele that needs goods and services immediately, something that no other shop in the vicinity can provide. Adding a uied•tire inventory will allow Mr. Rodriguez to service a higher margin market not currently served by King of Brakes and Tires. Loan Request Amount: $35,000 Ltof I1roceedy Working Capital: $25,000 Inventory: $10,000 Total requested: $35,000 CREDIT ANALYSIS I • Repayment Ability A. Character Factors Mr. Pedro Rodriguez owns 100% of King of Brakes and Tires, Inc. There are no known derogatory character issues. Mr. Rudrnguez's Beacon Credit Score is 636 B. Revenue/Cash Flow/Earnings Y EA R> 1999 2000 2001 2002 2003 2004 2005 Revenues $ 77,974 $145,280 $174,336 $209,203 $251,044 $301,253 $361,503 COGS $ 42,381 $ 74,618 $ 87,168 S104,602 $125,522 $150,626 $180,752 Gross Profit S 35,593 $ 70,662 S 87,168 $104,602 $125,522 $150,626 $180,752 Expenses S 42,503 $ 52,252 $ 54,865 $ 57,608 $ 60,488 $ 63,513 $ 66,688 New Employees S $ S 17,000 $ 28,000 S 30,000 S 51,300 S 55,404 Submitted into thf3 public reatxd In conn©c"on with item ,S-11 on 1,10 -DI Walter Foeman 01- 643 , 7 z_ City Clew :911=11, 1 Net Before Tax S •6.910 S 18,410 S 15,303 S 18,994 S 35,034 S 35,814 S $8,659 Loan Payment S $ S 7,398 $ 9,864 S 9,864 S 9,864 $ 2.466 ti. Net Income S •6,910 S 18.410 S 7,905 $ 9,130 S 25.170 S 25,950 $36.193 Il - Ratio Analysis BALANCE SHEET Opening Debit Credit Pro -Forma ASSETS Current Assets Cash $ 7,690 $25,000 $ $32,690 Inventory S38.490 $10,000 $ $43,490 Accounts Receivable $ 10,112 S $ $ 10.112 Total Current Assets $56492 S35,000 S $91,292 Fixed Assets Equipment $32,600 S $ $32,600 Depreciation S-8.160 S $ $-8,160 Furniture & Fixtures S 6,490 S S S 6,490 Depreciation S-3,660 $ $ $.3,660 Total Fixed Assets $27,270 S $ $27,270 Other Assets Deposits + Org. Exp. S 11,200 S $ $ 11.2Q0 Total Other Assets S 11,200 S $ S11.300 1 Total Assets $94,762 $35,000 S $129,762 LIABILITIES Current Liabilities Notes Payable S 6,210 $ $ $ 6,210 r Taxes Payable $ 1,105 $ $ $ 11105 New Loan $ $ $ 8,750 $ 8,750 Accounts Payable S 940 $ $ $ 940 Total Current Liabilities S 8,255 $ $ 8,750 S 17,OOS Long Term Liabilities New Loan $ $ $26.250 $ 26,250 Total Long Term Liabilities $ S $26,250 S 26,250 Total Liabilities S 8,255 $ $35,000 S 43,255 Owners' Equily S 86,507 S $ $ 86,$07 Liabilities * Owners' Equity $ 94,762 S. $35,000 $129,762 jUb1114t.:U 1040 010 �)UJiir: record in connection with item on !. J .� - � 4 3 Walter Forintan �IRefllif! A. Current Ratio Current Assets: S$6,292 Current liabilities: 5 8,233 Current Ratio: 6.82 B. Debt to Net Worth Ratio The Debt to Net Worth Ratio is 0.1 III – Management Mr. Pedro Rodriguez owns and runs King of Brakes. He is a very capable technician and manager that has set his mind in making King of Brakes successrul in spite of all the problems encountered since the business' inception. IV – Collates)IGuarantors Mr. Rodriguez will personally guarantee the loan. CAMACOL Loan Fund will take a second mortgage in the family residence valued at approximately 5320,000 with existing mortgage debt of 5280,000. V - Benefits of the Loan to the Target Area The projected loan will allow the applicant to create one new job immediately and one additional job within Iwo years. VI – Credit Recommendation Approval of a loan in the amount of $33,000 bearing 6% interest to be repaid in 48 months is recommended. Repayment should be made in equal monthly payments of approximately $822 beginning one monin from the date of disbursement. The recommendation is based on the repayment ability of the applicant, the collateral available and the long-term benefits brought to the target area in connection with jobs and tax revenues to be derived from the expansion of this enterprise, Mr. Rodriguez perseverance has shown a remarkable recovery during 2000, almost doubling revenues from 1999. If revenues increase by just 20% per year, as shown in the projections, Mr. Rodriguez will have no problems meeting the payment schedule while adding two employees to ehe shop. As an added safety net, Mr. Rodriguez's wife is an MD eaming a decent salary. /� 4' 4 Jose Antonio Font Executive Director March 30.2001 .ub,ziitaod Into the public record In connealon with item . I t on 2--1 o -i- I Wafter Moeman Cittl f hil. 01— 643 ��y % • • `, CAMACOL LOAN FUND, INC. LOAN REPORT 3/29/2001 SOAP & WATER, INC. D/B/A. One Stop Cleaners & Laundry 840 S.W. 8 ST. Miami, Florida 33135 Ms ,Rocelia Luis (owner) Mr Lazaro Luis (General manager) Phone: (305)-856-6513 Far: (305)-856-6513 Description of Business: One Stop Cleaners & Laundry is a full service coin laundry facility. The business offers a wide range of washers and driers to its clientele. One Stop Cleaners & Laundry is open 24 hours a day from Sunday to Thursday and Friday and Saturday from 7 a.m to 1 a.m. In September 1993, Ms, Roselia Luis purchased One Stop Cleaner & Laundry and her son Mr. Lazaro Luis took up the management, proceeding to remodel it, adding new equipment and providing much needed personal �-. attentions, One Stop Cleaners & Laundry's sales have grown since being acquired by the Luis family. Sales have been increasing from S 180.000 in 1995 to $420,000 in 2000. In order to increase saves and meet the commercial dry cleaning demands of customers, Mr. Luis purchased a new dry Cleaning machine and two ironing equipments (the old machine had a leakage). These new equipments will increase the dry clean.ng and ironing services, and will permit the creation of 3 new jobs (2 full time jobs and I part titre job), in add:t:on ►he saics increase will permit rise to the average salary employee. Marketing & Sales Platt Th a lnduaay /Marker The coin laundry industry is a well-established business. Today, there are approximately 30,000 coin foundries in the US, which generate several billions dollars in gross revenue annually. The following factors make the coin laundry appealing: -income is very consistent. -There are no account receivables... this is a " cash- in- advance " business. -They have proven to have a low downside risk. One Stop Cleaners & Laundry :s located in the area of Little Havana, a heavily populated area with the vast majority of his residents occupying rental units that don't have washers and driers. Residents of the area are mostly recent arrivals fran other countries, lower income immigrants and retirees on fixed income. This demographic profile is not expected to change in the foreseeable future as the area will continue to be the entry point for new immigrants, thus maintaining the perfect environment for this type of business. a 01,.11,,..:. ., .:t.: It'ultliC rocord in connuci;on uvith itefrt �- I i on '7 -10 - O 1 Walter Footnan u l— 643 City i_'llork It C, tISI11Ls[Bs — ko,• Products /services Offered Coin cleaning and drying services Ory cleaning Press only Alterations Wash and joid by the pound Soop sojrener. and dry cleaning supplies • The C ompNuien The company faces competition in this target area, there are two -coin laundries in a ratio 3 blocks, nevertheless the demand for dry cleaning exceeds the offer and at times Mr. Luis has to sub -contract dry cleaning services or delay the time of service. Mr. Luis assures us that the new investment will increase his sales up to 25 % during the first year. His figures are based on his 5- year experience in this industry, and in the rate of sales of his own business, Purpose of Loan The purpose of this loan is to purchase a new dry cleaning machine & two ironing equipments. The proceeds will aiso be usea to relucate several machines and the installation costs. Loan request: $72,000.00 From Camacol Loan Fund 530,000.00 From other Financial Source (Supplier) $42,000.00 i Use of Proceeds: I. Equipment: Purchase of One DD cleaning equipment $42 000.00 Two Ironing equipment $20,000.00 Installation cost $10,000.00 Credit Analysis I - Repayment Ability A. Character Factors. Rocelia Luis, age 74, President, and her son Lazaro Luis, age 40, General Manager, are Directors of me Corporation. There are no known derogatory character issues. Credit Report is OULITIN'tud irjo lilt; Oui;iit: 2 record in connocilon with (teat s- i t on - r'o.c f— 643 Walter Foornw, City Clark 9 8. Revenue !Cud flow /Eeminps, (Thousands S) Year 1988 1990 2000 2001 2002 2003 3004. Revenues .329.7 3312 422.0 498,5 572.0 631.8 COOS 13.5 52.3 75.4 88.1 go 107.5 117.1 w s� Total expenses; 313.1 274.0 323.8 378.4 408.3 421.5 434:2 "� } ESITOA 1.2 4.8 22.7 34.0 67.6 102.8 134.3 Loan Paymt.Cama�i 0 0 0 4,2 8,5 8.5 85 3� . $704.551month,48 months;, Other loan Payments 12.0 10.0 10.0 10,0 The figures for the year 2000 aro not audited Revenues projections arc reasonabto bated on the currant level of$4les. *¢V '" 4 .. Projected ESITOA is adequate to amortize thesed loan, l 4 .<'' ley.01MUFM .�k ..y'k i 1°"�y�i-•�{ EY 7 zy � i i.tn 1 r f [ 3 i t "r i 1r'Akias^✓urk ln„,tk.,a'} t.." a "a t a`7>�#�.".'Y`,, a ",}r 't§� , Sri 5 { .,} t..F..�ax'�Iw ✓,``.�i ?ffigd r� 3. r �'zt t i "' .r s i n5 t`r k f ,r'• ds+ r tz t «b t w t*'tz}s-'C s 9�'"4 r fi » s � ,� ,�js s'¢rt a' ''�a � � S •,a•r' -x k� r � 5 e ,�' a'' a�+ yk `+� � H«„ �.r �.� r tr ' Y' .'. ,fit Ca tr psi, Zvro s`%f'Yi n sY'Srtir`'�m Ynrry as r xyta+ k. k t `� s'%, gau fii`",t r+,' y�v a` 'afW in �z v4 ✓ a bfTRI If, y I7a7i' a 90MItted Into the pubno rt COrd In ttonjection with ... t ;w.n i ROM ion tett" F•oaman ��- 643 Soap i Water, Inc. DBA One Stop Cleaner & Laundry Infusion of loan to the Balance Sheet SOAP i WATER Infusion of Loan to the Balance Sheet ASSETS Pre -loan Debit Credit Notes Proforms Notes Cash -18.155.02 -16,165.02 Account receivable 504 10 504.10 Inventory 3,500.40 3,500.40 Others 1.60000 1,600.00 Total current assets -12,550.52 -12,680.82 Fixed assest 84,439.84 72,000.00 (A) , 158,439.84 Other assets 84,706.00 84,705.00 TOTAL ASSETS 158,594.32 72,000.00 228,694.32 LIABILITIES Current Liabilities 44,49098 16.903.00 (a) 60,390.98 '-' Long terms Liabilities 94,239,36 64,100.00 (C) 160,339.36 TOTAL LIABILITIES 138,730.34 210.730,34 �--Vw 11• Ratios A. Cwreenr .Ratio The Proforma Current Ratio is not adequate at a deficit position B. Debt to Net Worth Rollo The Debt to New Worth Ratio is not adequate at 11,80 111 • Management l.azaro Luis age 40 is very energetic and competent, He is a creative individual with a high level of motivation to make a business a success. He has been running this business with success since I"S, and has 15 years of experience as general manager. IV - Collateral I Guarantors New equipment and other assets at a current approximate market value of $70.000.00 will secure the loan. Therefore CAMACOL LOAN FUND INC. will require a UCC) • filling on all business assets. V - Benefits of the Loan to the Target Area The loan will permit the creation of 3 new jobs, (2 full time jobs, and 1 part time job); in addition the sales increase will permit rise to the average salary employees. This constitutes an acceptable ratio of 3 now jobs created forever), $10,000 loaned to the applicant. I - Credit Recommendation A: Loan Officer Approve Decline I recommend the approval of the loan in the amount of $30,000.00 bearing 6% interest with a repayment of 48 months. The loan will be repaid in equal monthly installments of interest and principal. This recommendation is based on the repsyment ability of the applicant, the benefits of employment for the target area and the strength of the management. Jubmitted into tha public record in connOVon with rem S-:-1 —1 on 0- o Walter FOemart 0.1— 643 city Cie, /I,/V ....—,.B Lie ASigned. ,e—WK Ramon L. Rosales Lan 0171cor f March 30 2001 U ' Approve,,_:,r.,...,_aeCiitte recommend approval of this loan because the business is located in an investment target area imponwnt to the . CLIA p Wlm mission, servicing a needed community. Approval is conditioned an a mordµge aecariry interest. be it a third lien on the personal residence of Ms. Rocelia Luis locNed at 12347 WX r Street, valued at 5173.000 with a first mortgage balance of approximately $89,363 and a second mortgage in the approximate amount of S19,651. or, alternatively, that a second mortgage security be placed on a commercial propeRy owned by the applicant that is located in the State of New Jersey with an approximate value of S 1,700,000 and a mortgage balance of $730.000. �ns. r , r f ' � �i aY to D c w f r` s e rJ ex a t r a" a �• � v r a �_ d}kF 13 1s a �` -t�� + 7 JoseAn ioFo t iF Fa y � i 4, c Executive pirwor April 2001 niw J. t.h I,q,l- ICAI%IACOL LOAN I' UN*C • 3130,22 Business Summary and Loan Evaluation Name of Business Annlicant Something Borrowed ;i7 Biscayne Corp. 3700B Biscayne Blvd. Miami, Ft. 33137 Jeannette F. Katt, Owner 305 573-2228 Descrintion of Business /moi Something Borrowed L' Biscayne Corp (SB) is a Florida "S" Corporation formed in Aug. 4, 1999, as a "Bridal Boutique Center", by Jeannette F. Katz, owner, specialized in Bridal Gowns and tailor-made dresses. The store offers their clients the bridal gowns, dresses and all accessories for sale, and also through a rental program. Alith lower operating costs, it will be able to offer an economic alternative for brides who want to have a spe- cial wedding, without an excessive price, with same quality of a full service design house. Something Borrowed offers a "trental Program", as most events that require forma wear occur once in a life - tone, and the bridal gow ii, dress, afire, or accessory will not be used again, therefore renting is a viable option This is an alternative to the expense of buying, cleaning and storing a dress, as the applicant keeps an inven- tory of quality dresses and accessories for the brides and others, at a much lower cost than purchasing them. Also for those clients who want to be the first ones to use something, they have the alternative of purchasing the dress, and sell it back to the applicant after its use at a reasonable price. Marketine and Sales The Wedding Business This is a 32 billion -dollar industry The target audience for the market is 100% purchaser. Annual growth ut the average cost of weddings proves that the market is healthy and able to sustain new entries. The "knot", is a rrlativel� new wedding web site that is receiving 250,000 hits a month. The average wedding expenditure is $15,000-22,500 per event ,according to industry estimates. The bride's gown cost is 10% of the overall expeivw Most significant 70 10 of Couples are now paying for their wedding in contrast with having parents pay for it alone. As well, there is a three-year increase in the average age of a bride over each of the past four decade, - The average age of a Bride is now 28.3 years old up from the average of 18 years old in the 1950's, A perfect potential client, second time brides have become 30% of the gown market, which means that con- sumers are high educated shoppers, based on the older age and education level of the brides as well as their being a contributor to the cost of the wedding. Today's Bride is a consumer who not only has been earning her own income, but also has been exposed to various markets and the different expenses that exist at all levels, and will consider price as a very important factor in the purchasing decision. The applhcaiit believes that b� providing its clients a viable alternative with a high quality product and personalized Scrvice, will allow couples to use their money in other areas, or most important for them, upgrade in the style ofdress they arc selecting. Products and Services 'I'he entire experience of outfitting a woman in formalwear is considered traumatic for some, and challenging emotionally arid / or financially for others. Prices for formal gowns starts at $500 and can reach $10,000, but at any price level, the cost of these gowns are i;i her than everyday wear, u 1 mitted Into tho public Something Burrowed @ Biscayne Corp. record in connection with Page I or t ROM S-11 on 1:Lo •_61 C11— 6113 Waiter Foeman IZIIih%[II. /r:Y I. C A:ILACOI, LOAN FUNOW, 0 3;?q,:ru_:, Business Summary and Loan Evaluation It is critical to the applicant's success that it differentiate as a service oriented company that exists to help hs clients, enabling them to feel special, as many of the issues and complaints of clients are service -related, All clients of Something Borrowed @ Biscayne will be treated as if they are shopping in the high-end shops. 'I hey offer personalized appointments, image consulting, dresses designed to the image and body type of the client. an inventory of top qualitx dresses from major designers for its rental division, and pricing at a Icvel all 00111en can afford Utilizing its prcvrous v\perrence ,n the apparel industry, Something Borrowed will attempt to buy the nes: quality dresses for its rental division, taking advantage of closeouts and sample sales frorn different dcsigc houses, which sell dresses to opening accounts, at prices ranging from $200 to $1,000. It will focus on the dresses in the $2004500 range. SB actually reworks older dresses to create new styles that are exciting for women. 'rhe average cost to re -work a dress is $100. If a dress is worth purchasing, SB has a program for buying vintage gowns, as well as taking gowns on con- signment. Ai the same time, a line of formalwear in three different styles has been created specifically for their store, and is a proprietary line of Something Borrowed @ Biscayne. The cost for creating these dresses range from $100 on the low end to $400 on the high end. SB's experience gives them knowledge of materials and styles so inventory is e%actly what clients are looking for. 5B bel eyes tha: f volume proiections arc tower than anticipated, or if there is an unexpected demand reyutr• ing a quick increase ,n iii, erntOry, :t ;nas many different vendors they can rely on. SB believes to hake suffi- cient experience in inventory control, enough dresses to satisfy the client immediately, and the tracking tools to recognize when the mventory needs to grow or shrink. Prices Bridal gowns generally run from $200 to $800 with some falling outside this price range. SB will have dresses that rent for as low as $99 and dresses that can be sold for $150. These will not be of the same quality as the $300 rental, or the 5600 purchase, but SB states that they w:II not be either the poor quality dresses that are selling at some competitors for that same price. Suntething Borrowed at B:sLayne expects average sate price in the range of $600 for the first year, increasing about 15"', each sear, as rilore styles are ava laNe. and their store is better known. Its experience is that acae;• sures saes +sil: p udt,ce .ind additional 600' revenue ($360.00) SD has estimated the Avvrabe rental package in $450 for the first year, increasing about 3% per year t hi; is based on the needs of a complete formalwear package Shoes, veils and headpieces art: among the items a formalwear package may include. it will also offer dresses made to order, with prices based on the materials used, and the level of difficulty, in making it. Rental prices start at $250 in South Florida, compared to New York City, where for example the rental store "Just Once", rents dresses at $500. SB will have rental dresses from $200 to $1000, and its original designs sale price starts at $500 Wholesale prices are between $400 and $750, which allow retailers to resell thein for $800 to $1200. To insure competitive prices, SB will conduct periodical surveys over the phone, requesting: nformation by mail. and visaing other stores. Cutty—_ uetttiu�' • There are nuw 5 swres that rent gowns in the South Florida region, but not as their primary business. • Some of them offer only wedding gowns for rent, and others rent formal gowns for all occasions. • Most do not mention rentals, unless you ask specifically for the service. • A]I have sales of gowns as their mai4ViWdlteottdeft tilt, puultr. Something Borrowed (4;; Biscayne Corp. record in connoc"Otl with item S• 1 i nn �l D' D t_ Page 2 of 2 Walter f oerrn::t 1 9— G 3 b,� A CAMACOL LOAN FL'NQNC • 3ro �r,o, Business Summary and Loan Evaluation Something Borrowed considers bridal gown shops that sell gowns as competition. On the Miracle Mile in Coral Gables there are I 1 bridal shops that sell gowns, but its research has shown that brides walk away from those stores, frazzled, d!sappointed, and sometimes without their dress, usually by lack of quality service and products in the store, with the impression that their needs cannot be met. SB will focus equally- on both: sales and renting. By letting its clients know that we are concerned with do. Ing the thing that most convenient jor them. Purpose of the Loan Complete the installation and set-up of the store at Biscayne Blvd,, acquire necessar} fixtures fie, accessories, purchase required inventory of materials and new dresses, and provide working capital to handle the business operations for the first months. Loam Requested Amount 535,000 List of Proceeds SI9,000 Cash for Working Capital S 5,000 Purchase of equipment, accessories and other assets $11,000 Inventory -Material for new designs, and new dresses Credit Analvsis Repayment Ability A. Character factors- Management: This is a positive aspect of the Credit Application, as the management team of Something Borrowed to Biscayne Corp is very competent and experienced, It reflects the participation of the owners, that respects and supports the local government guidelines, pays workers on a fair way, following (lie lo- cal salary standards. Credit Report Information. Enclosed please find Credit Report information. The owner has used extensively her Credit Cards, to pay for most of the cost of remodeling, installation and setting -up the business. Because the opportunity of an extremely low rent deal, the owner Jeannette and her husband Kennett have com- mitted more than $20,000, and worked themselves very hard on the last few months, remodeling the main floor and the mezzanine. They are highly in debt through credit cards and CI_F1 may require that they join a credit counseling program. B. Revenue/ Cash Flow /Earnings: Pro'ections lVear 1 Year 2 Year 3 Year 4 Year 5 Revenue S 144,140 S 2 7�S-INLJ.45,805 IS 265,838 Something Borrowed (d, Biscayne Corp. record in connection will-, Page 3 of item 'S-11 on Z- 10-01 _ Walter FocmaP 643 City (,'IPFI( / 6 E1 4 trsx�rsL CA•MACOL LOAN F'UN^C 0 3/30200' Business Summary and Loan Evaluation 'et Income IS 21 944 :1$ 38,774 1$ 41,200 $ 48,479 $ 56,220 Loan a mcnts IS (7,297); $ 8,431 $ (8,951) $ 9,503 $ 818 yet Cash Flow5 In-,entory-Dresses & Accessories 17,128 ; $ 2 1917 $ 3 1536 $ 38, 150 $ 54,342 We consider that projections are reasonable based on the expertise and knowledge of the owners, the options to clients, and the planned marketing and sales strategy. Projected Cash Flow earnings is adequate to amortize the proposed loan. 11 - Post Loan Disbursement Pro Forma Balance Sheet. Balance Sheet as of 4/1/2001 !Actual !Debits Credits Pro Forma CUREEN'r ASSETS Cash: $ 11000 S IS 19,000 $ - $ 20,000 In-,entory-Dresses & Accessories $ 3,000 11,000 $ - $ 14,000 Accounts Receivable I Other Current Assets: Total Current Assets $ 4,000 $ 30,000 $ - $ 34,000 FIXED ASSETS Property and Equipment -NET $ 1,000 $ 5,000 $ - $ 6,000 Other fit assets Total Fixed Assets $ 1,000 $ 5,000 $ - $ 6.000 QTIJLR ASSIETS Deposits - Kent & Utilities 'Pre -paid expenses $ $ - $ - ,Other Notal Other Assets $ - ( $ - $ TOTAL ASSETS S 5,000 ' $ 35,000 S $ i 40,000 CU,HHF'.NT LIABILITIES Accounts Pityablc Is SubntitE. Bank Linc of Credit IS re cr%I in connoeti _in wiii'1 Something Borrowed ;a-_) Biscayne Corp, item 5. 1 on 1--A _-01 Page 4 of Walter Foemtil �6 City Cleric 01— 643 1 "1 rar�iI CAMACOL LOAN FUNAC 0 3130/200', Business Summary and Loan Evaluation Current Portion of Loans $ - i S 8,750 Other Current Liabilities $ - ' $ ' Total Current Liabilities $ - $ - S S 8,750 LQNG 'BERM DEBT Long Term Loan $ 35,000 $ 26.250 Others $ ' ,Total Long Term Debt S - S $ 35.000 S 26,250 TOTAL LIABILITIES ! $ - $ - $ 35,000 $ 35,000 (STOCKHOLDERS' EOt 111 (Capital Stock $ 5,000 $ 51000 Retained Earnings (deficit) i $ - Total Stockholders Equity $ $ - $ S,000 $ 5,000 Total Liabilities A Capital $ - $ IS 40,000 1 $ 40,000 Notes: Inventory We have considered a t►trn-over of only 4 times per year, as they need sufficient inventory, to satisfy the Rental requirements. Fixed Assess We have not included the arnount of money that the owner and her husband have invested on the recondition- ing and setting up of the business. Current Liabilities \Vith the exception of the personal Credit Cards debts, there is not a major significant debt. Ratio Analysis A. Current Ratio: 188 $34.000 Current Assets $ 8,750 Current Liabilities jubrnitt4d into tho public record In connection with Something Borrowed r"a' Biscayne Corp. Item A- I 1 on 7 - t0• t2 Nage 5 of 5 Walter Foeman U1 Cite 01('11• L� CAJ►MACOL LOAN 1+UNEWC Business Summary and Loan Evaluation B. Debi to Net Worth Ratio. 7 $ +5.000 Total Liabilities $ 5,000 Net Worth Solvency is an issue. III - Management 31,30,1200! Owner Jeannette Flores Katz came to the United States from El Salvador in 1992 to study fashion technique in San Francisco, and worked for or with "The GAP", "Casual Corner", "Oscar de la Renta", "Caroline Herrera", "Macys" and "Lord &Taylor". Jeannette then spent time studying fash- ion in Italy, came back and worked for "Chic Parisien" on Miracle Mile in Coral Gables, where she designed dresses for them under her label of Grace by JFK. Her interaction with the brides has led to her decision that this niche is available. It is with the knowledge she has from the fashion industry and understanding of the bridal marketplace that this concept has been conceived. Jeannette will take on responsibility as Operations Mgr., and supervise overall operations, including. in-store sales, client fittings, image consulting, in-store displays, rental packaging and returns. Also she will be responsible for current inventory and purchasing the new dresses, dress schedule for rent- als, schedule for timeliness of alterations, and designing and supervising manufacturing of new �.. dresses. She previously managed a clothing store on San Francisco's Pier 39, and was responsible for a "sea- sonal" type of operation, that required a tight inventory control, and was able to achieve more than 50°10 of operating profit. CFO Kenneth Katz, a native New Yorker with a degree in Economics from Emory University% has been on the opening management team for four businesses. His last job as a General Mgr. of a restau- rant in San Francisco put him in charge of a staff with 100 employees and 7 managers. He was held accountable b>, the owner's representatives for all facets of operation for this store, which had $4 mil- lion in revenue annually, and was responsible for budget writing, financial analysis, cost controls and supervision of all other areas of operations. Prior to that Kenneth has been a manager in companies such as Lombardi's Restaurants and The Stage Deli, Jaen will be the store manager and administrative person, and eventually will handle the outside sales to people who bring tehm clients such as wedding coordinators and inclusive resort properties. IV - Collateral/ Guarantors Loan is secured by: All the inventory and equipment of the business. Camacol loan Fund, will require the owner Jeannette F. Katz, and his husband Kenneth Katz to sign the loan jointly and severalty. .;uhr+litt„u in;o tho pu;Allc record in connection with Something Borrowed Cu: Biscayne Corp. item S - It oni 12 Of Page 6 ot'6 Walter Fooman U rite Cle+^, /c• I/ Zile CAMACOL LOAN FUNONC • 3130'200 Business Summary and Loan Evaluation V - Benefits of the Loan to the Target Area Something Borrowed @ Biscayne Corp. is committed to sustain the showroom, manufacturing facility and the office in the sarne location within the target area. The projected loan will permit them to pursue the business plan employment of the 2 owners, and 2 seamstresses to work on a productivity basis, and changed to full time employees as business improves, for an immediate total of 4 new jobs created on the area. Also, SB will hire friendly and courteous "Bridal Specialists" that must complete a sales training and business development program based on the feedback received from clients during the first months of operations, They will be paid on a commission/bonus system based on the sale and/or rental of items and volume. instead of commissions based on straight dollars rlris conrtitwres a very good ratio of ONE NEH' JOB crea/ed for every $9,000 loaner/ to the applicant V1 - Credit Recommendation We recommend approval of the requested loan in the amount of $35,000 bearing 6 % interest, with a rcpa)- ment term of 48 months, to be paid in equal monthly payments of interest and principal. in the approximate amount of $822, beginning I month from the date of disbursement (May 1, 2001). The recommendation is based on the repayment ability of the applicant, the extensive knowledge of the bubi- ness of the owner, and the long term benefits brought to the City of Miami in general, and the target area spe- cifically, in cortnection with jobs and tax revenues to be derived from the expansion of this enterprise. CLIA will require the applicant.to bring personal credit debts under control, While all payments are current. the load is excessive. This is take off for this young family and good for the City of Miami. Approved: Nance: Title: Date: Jose Antonio Font Executive Director March 29, 2001. Something Borrowed (w Biscayne Corp. :,ibi';itt.,d into the public record in connection with Rem S-lt on 2ra- of Walter Foemort Clty Clctlt 01 — Gc1:f Page 7o(7 i '7 e) kr 0 CAMACOL LOAN FUND CRED[T REPORT Name of Business Annlicant: Eloy B, Gonzalez 26155 S.W. 187 Avenue Homestead. FL 33031 (305)246-I1U6 Descrintion of Business/Strate¢ic rocus: 0 Mr. Gonzalez purchased a 5 -acre farm in Homestead, Florida in February of 1994 with the intention of exploiting its comnwrcial potential. However, Mr. Gonzalez's other business commitments kept him from devoting the necessary time and effort to fulfill his goal of developing the farm to its full potential. That time has finally an-ived and Mr. Gonzalez, having freed himself of other time-consuming ventures, has decided to devote himselt'to the commercial exploitation of the farm. The farm contains 300 avocado trees and 50 orange trees, all producing fruit at or near full capacity. Some installations and tools are currently available to assist in harvesting the fruit, In order to operate the farm commercially, it will be necessary to clear the pathways between the tree rows, fertilize regularly and establish a pruning plan. Also, a harvesting schedule must be prepared in conjunction with the distributors that will purchase the crop. Markellne and Sales Plan: ► The Industry Avocado farming is widespread throughout South Miami -Dade County with an estimated volume of 1 million bushels for the 2000-2001 season, up 14% from the previous year and the first time since the 1991- 1992 season that the volume surpasses 1 million bushels. Local production is complemented with avocados from California and imports from the Caribbean, and Central and South America, making avocado consumption one of the most popular tropical foods of the region. Avocado trees are also grown in individual homes for private consumption and as a cash crop. The ever-present Latin influence in South Florida, and the vertiginous growth of the Hispanic community throughout :he United States (see preliminary reports, U.S. Census, 2000), assures a continued growth of all Latin foods for yours to come. In addition, an avalanche of medical reports praising the beneficial effects of monounsaturated fats, the most prevalent fat in avocados, have transported the fruit from the enemy camp of fatty foods to the friendly confines of the American Heart Association. These two unrelated events have combined to drive avocado consumption even higher and make avocado farming very appealing to future investrnents. Recent avocado production statistics for Miami -Dade County show approximately 6,200 acres under production with an inventory of approximately 612,000 trees. This makes an average yield of approximately 160 bushels per acre, or 1.6 bushel per tree at an estimated $20 per bushel of unpicked fruit, Miami -Dade yields vary from farm to farm, falling between 1 and 3 .5 bushels per tree. Florida Agricultural Statistics Service — hltQ;;?"%v%v muss. usda.govII/Vi u LIM100. III un Customer Profile Avocados are consumed mostly in salads prepared at home, with a growing commercial market of �.. avocado -based salsas, being guacamole the most popular one, While the brunt of the market is found in the 00:;11ii: 61.10 tho public record In connactinn with 1110111171 5_ 1' ►� at`^r Iron �i� n 71-10-01 � 4 3 r, IIIZIIi�i[1 0 Hispamtc communities throughuui the country, other nationalities have been embracing the fruit in droves, especially the younger generations that frequent commercial eating and drinking establishments serving a ll✓ large variety of salsa products used mostly as "dips." 'These two markets are epitomized by the fact (anecdotal) that the single day of greatest consumption of avocados in the U.S is the Mexican holiday S de Mayo, celebrated by Mex ican•Americans in the U.S., and the second is Super Bowl Sunday. Products/Services Offered Mr. Eloy Gonzalez is an accomplished businessman specializing in the wholesale of finished products. His many years of experience as a very successful wholesale distributor of automotive products, mostly gasoline and other oil -derived products, have made him a true believer in keeping things as simple as possible. For this reason, Mr. Gonzalez has chosen to sell his avocado production directly to high volume distributors that will pick up the fruit at the farm and will handle all the necessary steps for the fruit to reach :ts final destination Once the farm is converted to operate commercially, there will be other products that can be exploiter: and contribute to the btntum line: the orange trees is one example of future exploitation Also, cash crops can be grown sporadically once Mr. Gonzalez gets the basic infrastructure in place. The Competition Avocado consumption varies throughout the year, depending on the season and the availability of local fruit. Large amounts are imported to the region from California and foreign producers, mostly from the Caribbean and Central and South America. As market conditions stand right now, the demand for avocados will absorb just about any offer available in the marketplace as long as prices are reasonable. Local producers will retrain competitive because of the large transportation costs associated with the fruit and the heavy restrictions imposed on imports, Considering that avocados grow in large, mature trees, new farms coming io the market will need three to five years to start production and considerably longer to reach total capacity, In addition, the high cost of land in South Florida makes it very unlikely that new farms will come on board locaily. The conditions explained above bode well for Mr. Gonzalez since the investment needed to exploit his tarm commercially is minimal considering that he owns the land, and the trees are planted and in full production. Purpose of the Loan: Mr. Gonzalez needs $3u,000 as working capital to take the final steps in preparing the farm for commercial exploitation. Loan Reougst Amount: $30,000 Use of Proceeds: Employ two laborers to �%ork in the farm. l hey will perforin all the chores customary in a farm but, during the first year, emphasis will be in making the farm ready for harvesting. Chores to be performed include: • Cleaning the pathways along the rows of trees. • Fertilize trees. • Prune trees. • Assist in harvesting. • Cleanup after harvesting. These chores have some out-of-pocket expenses associated with them, including fertilizer, rental of equipment and, possibly, some of the work may have to be contracted outside, depending on the degree of complexity of some of the tasks. record in connociton with item! ! on 2�� b1 1 _ V ;} :i Walter Hoonwr r MY clefIc CREDIT ANAL PSIS - Repayment Ability A. Character Factors Mr. Eloy Gonzalez is a respected member of the South Florida business community, having owned several businesses during the past forty years. In addition, he's been a volunteer in several business and community organizations including the Boys Scouts of America and the U.S. Hispanic Chamber of Commerce. Mr. Gonzalez is a chatter member and past president of CAMACOL. Mr. Gonzalez's personal debt is somewhat overextended, however, steps aro being taken to control It through credit counseling. The cash flow to be generated by the commercial exploitation of the farm will help his financial stability. B. Revenue/Cash Flow/Earnings YF.AR> 2001 2002 2003 2004 2005 Farm Revenues $ 25,000 $ 28,750 $ 33,063 S38,022 $ 43,725 Farm Expenses S 20,000 $ 15,000 S10,000 $ 10,000 S10,000 Net Income S 5,000 $ 13,750 $ 23,063 $ 28,022 $ 33,725 Loan Payment $ 5,640 $ 8,460 S 6,460 S 8,460 S 2.820 �- 11— Solvency and Liquidity Analysis BALANCE SHEET Opening Debit Credit Pro -Forms ASSETS Curreat Assets Cash S I,SOO S 30.000 $ S 31.300 Inventory $ $ $ $ Accounts Receivable $ $ $ $ Total Current Assets $ 1.500 $ 30.000 S $ 31,500 Fixed Assets Farm S 377,000 $ $ $ 377,000 Furniture & Fixtures S 43,000 $ $ S 43,000 Total Fixed Assets S 420,000 $ $ S 420,000 Total Assets S 421,500 S 30,000 $ $ 45100 :submlttoo lAtu tang jjulm' ; record J1 cone tion Witt, item R n .1,Q1. Waiter Foeman _ city Cl4rl 0 • LIABILITIES Current Liabilities Personal Debt $ 15.000 $ S $ 15,000 Farm Loan S $ $ 8.500 S 8.500 Total Current Liabilities S 13.000 $ S 81500 S 23,300 Long Term Liabilities Mortgage $ 217,000 $ $ $ 217.000 Personal Debt S 70,000 S S $ 70.000 ram Loan $ $ $ 21,300 S 21,500 Total Long Term Liabilities S 287,000 S $ 21.500 S 308,500 Total Liabilities S 302,000 S S 30,000 $33200 Net Worth S 119,500 S 30,000 S-30,000 $ 119.500 A. Current Ratio Current Assets: S 31,300 Current Liabilities: S 23,500 Current Ratio: 1.34 B. Debt to Net Worth patio The Debt to Net Worth Ratio is 2.8 III — Management Mr. Eloy Gonzalez is the sole proprietor of the farm. He has close to fifty years of experience running his own businesses, first in his native Cuba, and in South Florida since 1961, where he has been running his own gas stations since 1965. In addition, he was a distributor and wholesaler of Texaco products for Palm Beach, Broward and Miami -Dade County for almost thirty years. IV — Collateral/Guarantors CAMACOL will take a security interest in the farm with an estimated market value of $377,000 and a first and second montage amounting to $217,000 (172,000 and 45,000). V — Benefits of the Loan to the Target Area The projected loan will allow the applicant to create two new jobs immediately. This constitutes a ratio of one now job created for every $15,000 loaned to the applicant. Submitted Into the public record In connecilon with iterll ALL on 2_-_ IA- D► sffiaafa: Vl — Credit Recommendation 60 Approval of a loan in the amount of 530,000, bearing,6% btt mst, amortized over 48 months in equal monthly payments of approximately $705 beginning one month fMm the date of disbanemem, with a ballon repayment of the full $30,000 principal In 6 months f n dery of note. Camscol loan Fund. Inc. shall receive a transaction fee of $1,000 upon the payment of the ban. Ctsntacol Loan Fund, Inc. is also to receive a power of attorney from Mr. Eby Gonzalez authorizing It to execute the sale of the collateral should the applicant fail to pay the loan before October 13, 2001. That Is, Camacol loan Fund. Inc. shall seek legal advice to protect itself from all possible dilutions of its position and the ability of Mr. Eloy Gonzalez to repay the lotus in six months as agreed, in case of death, or otherwise. Jon Antonio Font Executive Director April I1, IOOt h x et#� �6f ai y{�t k2a$Gai M��t ii�I�r�tiYt��1tTb1 }s �t $ zE fa r 41d? 4 ra rt� sPr'Y 3'' p 'A 3 e4�jn h t rY � s Fxdtn �� u }h hFi EYE? t k,, h '�5 N4ntc? t s z c tv a fiat dy xbVv3FsNk�Flx' , �F`' �^ xr < , ew�� ,'i $Y 1 w �Y u'w �yi.ArfJ"- tt d > Y�„-11� {"M�rki IY�s''trir Fk y�'�a;e „" v+ �F�, s i4 t TAU F,te�' ` �7r4 ` +'3SkF vo-'9y,�.,�"3�a.'�''�Mr� f� '"IN, f+- '' t st r a Y. r� `a5`°, +�' •�,��'i�7-m�' r'�,t•�r . r�rr *f G a, R�.5 x r. 4t!s x t c"1�' rN �ks�. t tj t't` �')a th.�n�°3+4�21k rW? q leny�Uk` <i ,5,:{ 3� S$ &�' Y i � 4 T2 •�}bl`AYC tt}� �Y jt! r tt *'t`„'r� � 5 '�,�' a�13 `yt�V i. } t � Z:3'YL i tp.,&Z+; -Yifil'1n.#.�a°'-l,'�s` h rEtry� , fi xr 7 Sys x 4; b &��x41v:3`4^1 a � L�. 4912xxhYe$+ .q '•°6 �rX 'm'gh�+ 4 S Z b id1 ; Ur'�E rY"dY,(�+.F a� 1 y st&A.tY3 f� • s' SxY }v�C —15 IEP :• ¢s-,. z ,1.i,ay,* .ree+'' 'i'{+ r'-h<y`F vpYr,}1.�r"� 4"kK' ,M�t,'1p `5`w�*+�4'' > Y.; as e �4 'k +� 7#+ q s:i4"i, .'x-4'� 2 t' ry xhx S`.#,^ Y✓ w Ft4. °£i#�� cgtar & "?y" 9,,Ya a° a9ya" Shy}g ur..,,r z x"Y'S a�, xC�y : k K .t i S- Yt fi 4 1 as S ' �i ryr�1004- 1qt7,� 4 ktrk-1,G,5 1 tb a , Hrny.. s3J �.,,t viw"f rm,r} A x:na R. r),$Y,} 4 M 5 a r w2� a lei �a s, s r. f9';}FiSry. r w- wg r i t i �#'D. '..Sc 1 _ ' a ga.Ct,1,a^g*+�Si'w moi! c a. x7t r #"X`t�t"o- ,re*a"rt+'vu1,µ. li-s4*.i z•,-�"i JAY a" '� } px �`�'-f' �r�j€ �s'y sxt,i' 4i 'xu r,G,;�{ t". ��,7;��� y h�a�'tJ" r k t _ x ✓, 3' �d nS`t itch jv �,'"A"ia i ,t fsx � r�,yn 3 � #� } 'E.4^ +w* *An 3,`F. RWlg � �. at, �. f4 Y s � wL 60mitted into thO pabllt; y , r hi wa record in Conn Non with on Walter 1=oelttarY CAMACOL LOAK FUND LOAN REPORT os�t�ot � f its �1 D.B.A. ARNALDO DENTAL LAB, 1834 S.W. 27 TH. AVENUE. I MIAMI, FLORIDA 33145 Mr. Amaldo Rojas (owner) Phone: (305)-774-1116 Fax: (305)-774-1116 Description of Business: Arnaldo Dental Lab is a certified dental laboratory established in 1983, which offers a wide range of dental products such as: dentures, Daniels, temporary bridges, teeth replacements and other dental goods. These products are made with hign quality acrylics and metals. Amaldo Dental Lab is located at 1834 S.W. 27th Avenue. in the City of Miair, At present moment, Mr. Rojas, sole owner, needs to install equipment that enables the usage of flexible plastic. This is a new product that allows Mr. Rojas to make partials without clasps, that is virtually unbreakable and if repair is needed, it can usually be done in the dentist's office. This product has a growing demand and Mr.Rojas estimates that using this now technology will allow him to double his sales. The loan will retain one full-time job and create one part-time job. Marketing & Sales Plan Tire lndusrry / Markel The nation's 12.000 oental laboratories provide a variety of products and services to dentists, including crowns, bridges, dentures, implants, orthodontics and inlays. The bulk of these labs are small, most having less than $S00,000 in annual sales. The dental lob industry continues to grow at a moderate pace. Experts forecast that the growth trend will continue for the foreseeable future. Mr.Rojas has 31 years of experience as a dental technician and IS years experience in running this type of business. He is planning to purcharse equipment, which will offer a premium product with far more benefits in aesthetics, and comfort to the patient. At the present moment a high number of dentists are recommending this product to their patients. which has many advantages. His market strategy is to offer this product to his loyal customers and by word of mouth. He will also promote his services to potential customers in the area of the Dade and Broward County. The applicant has focused on a market segment where the prices, personal attention, and relationship are strong factors. Ws company meets these requirements. Submittod into tho public record In connection wit, Item S• 1 I ons l b- b/ Walter Foams City CIO,: (11- 64J 0 Prodwcts /Services Offered -Dentures -Partials •Temporary Bridges -PreliminaryBridges -Teeth replacements -Other dental works The Competition i The dental laboratory, virtually does not face any strong competition. Mr. Rojas' sales are based og,the seriousness. quality. price and personal relationships with the dentists. Mr. Rojas plans to expand sales by offering a high quality product according to the trend of the market, and by promoting and expanding his services and products to other dental offices. Purpose of Loan The purpose of the loan is to purchase new equipment for the manufacturing of dentures and partials, to increase inventory, and for working capital. Request: S10,000.00 Recommended Amount; 8 0000.00 Use of Proceeds: I. Workin ca ital S3,112,00 Cash 1,012.00 Invento 21100.00 Z. Eciuipment $4,888.00 Success S •seem 3.838.00 Lucitone FRS 1,050.00 Starter Kit ;t� I;tcd into the puhlin rocord in corm tion %sill, Item S _ 11 on • ! 0 -b I Walter Fov City C I,— �. - G 11 :1 Credit Analysis I • Repayment Ability A. Character Factors: Arnaldo Rojas, age 60, has worked all his life in the dental laboratory Industry. he sinned snaking deliveries and cleaning in a dental laboratory. In 1970 ha graduated in Cuba as cenifled dental laboratory technician. For 13 years he worked at "Moron Dental Lab" as a dental technician. Arriving to Miami In 1984, he worked at " Men Dental Lab" for 10 months. In 1965 he got a loan from the RNB Bank and opened his own dental laboratory. He has been running this type of business with success fPom then on. There aro no derogatory character issues known. 8. Revenue /Cash Flow/Earnings: (Thousand S) Revenues 41.9 38.9 33.5 50.2 88.0 73.0 75.3 77.9 COGS 15.0 6.3 9.3 11.0 15.3 15.9 18.7 17.5 O. Expenses 17.2 17.6 13.9 22.8 34.3 34.8 35.2 35.8 E61TDA 9.7 15.0 10.3 16.4 18.4 22.3 23.4 24.6 Loan payment Camscol 1.1 2.3 2.3 2.3 1.1 3187.88/month, Revenues projections are reasonable based on the currant level of sales. The loan will permit the applicant to increase his level of inventory, to purchase equipment and improve his cash position. Projected EBITDA is adequate to amortize the proposed loan. iht"ni'"t'd into tho public 3 roco d In conoection with Item 5:1.1.. on - /D• 12 Wafter Foeman City Clog U l- 643 ARNALDO DENTAL LAB. InfU,sion of loan to the Balance Shut ASS re -loan Debit Credit Notes Duns Notes Cash 8,718.00 1,012.00 (A) 7,730.00 Account receivable 2,937.00 2,937.00 Inventory 2:100.00 (B) 2,100.00 Total current assets 9,855.00 12,767.00 Fixed assest 19,000.00 4,888.00 (C) 23,888.00 Other assets TOTAL ASSETS 28,855.00 8,000.00 38,665.00 LIABILITIES Current Liabilities 575.00 2.000.00 (0) 2.575.00 Long terms Liaoilities 8.000.00 (E) 6,000.00 TOTAL LIABILITIES 576.00 8.575.00 EQUITY 28,080.00 28.080.00 Current Ratio 4.08 Debt to Net Worth Ratio 0.31 Notes: (A)=Portion of the loan for working capital ($)=Portion of the loan for inventory (C)=Portion of the loan for equipment (0)=Short term debt to CLFI (E)•Long term debt to CLF) Baal 4 Submitted into tho puUA'ic record to connuc:lon with Item 5-111 _ on 7h./o.'..o.! 01— 643 Waffor pian 00., r1n.fic s. FrperNse Arnaldo Rojas, has 16 years of experience running his own laboratory, he is a curative individual with an acceptable level of energy and motivation to make his business a success. C vision / Pl1llosep/ry This gentleman appears motivated to keep his business with an "table level of growth and nuintains a awious and solid enterprise in the target market. IV • Collateral / Guarantors z All his fixed assets have an approximate market value of $19,000.00. These fixed assets will secure the loan therefore, CAMACOL IRAN FUND INC, will require en UCCI•tillag on all business assets. V • Benefice of the Loan to the Target Area The loan will permit the retention of I job and create one part time job three months after the loan. This constitutes an acceptable ratio of t new job retained and / or created for every $4,000.00 loaned to the applicant. Cubmittod into the Public WON In connOcHon witi, item dal._ on-�=-l:2,�! walto Foemt:tt City Ck.,ilt 1-- 643 I • Credit Recommendatlon A: Loan Officer According with the personal credit analysis history, the loan requested is a medium risk credit. The applicant filed in April of 1995 a Chapter 7 bankruptcy. His explanatory letter is attached. Nevertheless, the office is inclined to recommend the credit for the following factors: v The applicant credit history reported as per New Empiric& score 699, figure acceptable for many creditors. 0 The bankruptcy was filed 6 years ago, and from then on the applicant is paying his credits cards on due time, 4, The applicant has done the same type of work for many years, this is his only source of income, he knows that if he doesn't pay, his laboratory's equipment will be repossessed. fi He needs the new equipment to keep up with the competition and new mchnology which will allow him to compete in the market. Z— Approve Decline recommend the approval of the loan in the amount of $8,000.00 bearing 6% Interest with a repayment of 48 months. The loan will be repaid in equal monthly Installments of interest and principal. This recommendation is based on the repayment ability of the applicant, the benefits of employment for the target area and the strength of the management. Signed: e I Ramon L. Rosales Loan Officer May 15, 2001 A Executive Director t� Approve I concur with the loan officer. Jose A ton; Font ' Executive Director May 21, 2001 Submittoci into the public Word In connection with 6ith Item S-11 on 31 Walter Foeman City and, 01- 643 W CAMACOL LOAN FUND LOAN REPORT Name or Business Applicant: / Martha L. Santos (Sanchez) d/b/a Coffee Shop y Fruterla Noelia 817 S.W. IS* Avenue Miami, FL 33135.5119 r••� (303)643.5655 Descriotii2n of Business/Strategic Focus: Retail sales of fruit, herbs and vegetables complemented by the sale ofexpreso coffee (cafb cubano), soft drinks, beer and natural juice. H ighly speclalized ethnic products will be carried, Including herb plants and Central American desserts. Ms. Santos leased the location where the shop is located. Through hard work and perseverance she has converted the facility from a hole in the wall to a very attractive shop with d6cor resembling an old-style country store. She has obtained all the necessary permits to operate as a fruit and vegetable store and limited coffee shop. This will allow Ms. Santos to sell a large variety of food for take-out prepared off the premises. Ms. Santos is a vivid example of those that want to be a driving force as part of the American Dream, not just live it. ,Marketing and Sales Plan: The Industry Coffee Shop Y Fruteria Noelis will pan of the food industry in Little Havana. Specifically, it will carry the fruit, herbs and vegetables that are consumed mostly by the Central American community. Customer Profile Residents of the area and passersby. The area residents are in its majority, lower-income Immigrants from Latin America, mostly from Central America and the Caribbean, and retirees on fixed Income. Products/Services Offered Fruits, herbs and vegetables, These will bo very popular tropical products used in the Central American and Caribbean cuisines. The Competition There is strong competition for the food dollars in Little Havana. Ail the large supermarket chains -• Publix, Winn Dixie, Sedano's — have a presence in the area as well as smaller specialized markets. Noelia's competitive edge will be service and availability of special products. Eyrposqfo the Loan: The loan will be used to acquire the remaining of the equipment, purchase the initial inventory and provide working capital for the first few weeks of operation. Jubmitt d irtta the public record in connoctlon with Itemon_ �a 01 ! - 643 Walter Foemon City clalk jgaij Reauest amount: $14,000 Use of Proceeds: Equipment: $4.000 Inventory: 6.000 Working Capital: 4,000 Total: $ 14.000 CREDIT ANAL YSIS 1- Repayment Ability A. Character Factors There are no known derogatory character Issues affecting Ms. Santos. The credit report Is good. 8. Revenue/Cash Flow/Earnings S 4,000 $ S 31000 YEARS 2001 2002 2003 2004 2005 _ Revenues $90,000 S 88,000 S 96,800 $106,480 S 117,128 COGS S 32,000 S 35,200 S 38,720 $ 42,392 S 46,831 Gross Profit $48,000 S 52,800 $ 58,080 $ 63,888 S 70,277 Expenses S32,800 S 36,080 $ 39,688 S 43,637 $ 48,022 Net Before Tax S 13,200 $ 16,720 S 18,392 S 20,231 $ 22,254 Loan Payments: S 3.620 $ 3.948 $ 3,948 S 3,948 $ 329 Not Income $ 11,580 S 12,772 S 14,444 S 16,283 S 21,925 If - Ratio Analysis ASSETS Current Assets Cash Inventory Total Current Assets Fixed Asseu Equipment Leasehold Furniture & Fixtures BALANCE SHEET Opening [kbit Credit Piro -Forms $ 1,000 S 4,000 $ S 31000 $ S 61000 $ $ 6.000 S 11000 S 10,000 S $11,000 $ 6,030 $ 21300 $ S 8,530 $ 51000 $ $ $ 51000 S 4,000 $ 11300 $ $ 51500 5ubmittcd into the public retard In connection with 2 it _._.-.1.. on Walter Foeman City clerk 01- 643 0 0 Total Fred Assets $ IS,OSO S 4,000 S $ 19,050 Other Assets Deposits $ 1,600 $ $ $ 11600 Total Other Assets S 1,600 S S S 10600 Total Assets $17,650 $14,000 $ S 3100 LIABILITIES Current Liabilities Loan-CAMACOL $ $ S 3.300 S 3,300 'i County Fee $ ISO S S $ ISO �) Total Current Liabilities S ISO S S S 3,650 Long Term Liabilities I� Loan-CAMACOL + S S S 10,500 $ 10.500 Total Long Term Liabilities $ S S 10,500 S 10,500 Total Liabilities S ISO $ S 14,000 S 14,150 Owners' Equity 517,500 $14,000 S-14,000 $ 17,500 Liabilities + Owners' Equity 517,650 S S S311650 A. Current Ratio Current Assets. $ 11.000 Current Liabilities: $ 31630 Current Ratio: 3.01 U. Debt to Net Worth Ratio The Debt to Net Womb Ratio is 0.8! 111— Management Ms. Martha Santos (Sanchez) Is the owner of the business. She will be running the shop and will hire part time help as needed. Ms. Santos will add one full time employee in one year. IV — Collateral/Guarantors Camaeol Loan Fund, Inc. will take first position in all the equipment to be acquired with this loan and will require the applicant to personally guarantee the loan. We will also secure the loan with a lien on the home owned by Ms. Santos in Homestead with an approximate value of $95,000 and a mortgage balance of $83,000. £;ubmittod into the public record in connuc:'.011 with 3 item s- f I on 1._L.;t 1. G 4 3 City U!'- O V - 0"o"ts or the Loan to the Target Area The projected loan w,il allow the applicant to create one new job immediately and one additional job Mone year, This constitutes a ratio of one new job created for every $7.000 loaned to the applicant. V3 -Credit Recommendation Recommend approval of a loan in the amount of $14,000, bearing 6% interest, to be repaid in 48 equal monthly payments or approximately $329 each, beginning one month from the We of disbursement. The recommendation is based on the repayment ability of the applicant. the ttronSth of management, the collateral available and the long-term benefits brought to the target anea In connection with jobs and tax revenues to be derived from the expansion of this enterprise. FL' � • . e,, i YS �, 5 Jose Antonio F nt S I XeCotive Director May 21 2001 a t� ` j 1 r i x a IN �i' n ta�rv+" r � .e n Y of '^5 1 �` ✓w��� '�€��"a rk�� y� .r��•t s= y'�� �` v f r�`i'r k „Sd�. � c :a t 6t p } ,�a✓x P" sf €ci a` ,Yb � 'w a4, �e ^h rr�Y iawnh�;y to i t r° r. a s a tYT s,? ,fg; �, E k ,nr „ •}�": ipy p¢.ii''� i Yw�0, Ig r4 ,:5 ` 3' i P z x' ^ ." S" t :Fk h,'>j ^ tywzi.,. d Snti�..r.�," ry$�"t -L.: 45 ,'h;..wd�t3raAd o-�.x*a%.r},.#K.xri't rd''j rt '"'}�`a'Lq yinj�+da {�t x,",1-�,r.�+�•%¢iw';r', +1 i 5. t t.S `i's r a t' e r ,aS,,, f" ' vrr ♦.4 F"i t aj 'o. v i'wi..xi M� tib Y }.k71 ±I4Y 5 �. f T -+xr ...bte k" h r#i. s 'fir. $.£s.-,},,,ro •i Sr 'f.�,''+''}` i,;x+'-qi+,- .,` sxs c �r.#5`asz 'r.,."T WDM;.- stiaa t.'tz'a P a n v�' ek. h s �5�c.+ptr4ast¢ x"° '#4si ri}t r dr�� i.: t% +' J „ M h�"` �� #�aa� ,x rs i" 3,�+ ti9 e zes'�# "^i. a�,gGi IMWI �g �mr �k �.. * tY `f "�1- `�a S 'fire }'"fly it_c :� ±c .r'r "�"r+'r �X':ati .3 f Y"Z >�)w�l 4a'�h�-A { stir,• ,{".�f' �M F7�1" " ,j 5 q� .R�tr- I �*'�a�¢s z * h� 'j»S!,`� Y'F.'t dT <*`�#Y a {'29aT"�`�,. `�.;�.'�aY4.Sj 4-z a',t�.s��r, �.. ',C . "15,�q�" �'.7r 3"71"'­ N: .d �'�" a{ w. y r k r, sae G� v a '. r r"r! u. s ,� r•x t? L, , d# 4"F,�}cr^,. „" '4 r t a d 1't 4ax,^ 3». 4'�M, ' As r kz fir r Y x a t aiy rt �; c 3, s "A" "M LM, % $ 's�^S a• 4 t a 'M r- x ✓ a ,t` x Sd. rs-- dd Y } t >4 y„;it c x '� r rwS J 4 a -' , 'n `+ s ➢'4 -�wH kip r L +5. Submitted Into the publto record In conno�on, ito-t 4 Walter Foeman City Clerk "' 643 CAMACOL LOAN FUND, INC. LOAN REPORT 3/18100 DAA El NICOYITA DISCOUNT 1401 W. FLAGLER ST. MIAMI, FL, 33135 Ms. Arcadia Vanegas (owner) Phone: (305) 643-3539 Cell (786) 457-9799 Description of Business: EI Nicoyita Discount is a dollar stcVe established in July 2000.1 Nicoyita Discount hours of operation are from Monday to Saturday from 8 a.m. 137 1$21 tT�Stuine' o` ers a wide range of products such as: apparel, household goods, beaury products, kitchen utensils, and hundreds of other goods. EI Nicoyita Discount is located in the area of Little Havana, a heavily populated area. The store sells a variety of items at the price of one -dollar and up, and the products are demanded in the neighborhood. In order to keep up with the rise of sales and to meet the demands of their customers Ms. Vanegas needs to increase her Inventory. She has estimated that sales will reach a minimum of $104,000 per year in 10 months after the loan. The loan will retain I employee and will create a pan time job. Marketing & Sales Plan The IndasrryIMarket The Dollars Stores are making big money for their owners. The publications "Wall Street Journal" and "USA Today" have reported that Dollar Stores are one of the fastest growing and most profitable business opportunities today. There are thousands of Dollar Stores in the United States and hundreds In the City of Miami that generale several hundred million dollars in gross revenue annually. "Nicoyita Discount is located in heavily populated area of Little Havana with residents from other countries, lower income immigrants and retirees on fixed income. This demographic profile is not expected to change in the foreseeable future as the area will continue to be the entry point for new immigrants, thus maintaining the perfect environment for this type of business. ,n.j iht: puulic record In connection with item on M -IO -d1 643 %Afalter Foeman 1 • Products I Sept -ices Offered Apparel Household cleaning supplies Hair -conditioners Soaps Glasses Artiflcial,Jlowers Detergent Kitchen utensils Beauty items Candy snacks Gift bogs School supplies And hundreds of other Uenrs The Competition The company faces competition in this target ansa; there are six (6) dollar & discount stores in the ratio of 0.1 miles and seven (T) more in the ratio of 0.2 miles. Nevertheless, the business is located in a busy area, next to a coin laundry, ethnic restaurant, and small shops. The people in the neighborhood or foot walkers visit the store. Purpose of Loan The purpose of this loan is to increase the level of inventory and working capital. 2 Jubmi&J-d irt.o the public rocord in connection with Item —2f i on "%- la -00 1 01- 643 WNW Foomatt • Ar Credit Analysis I - Repaymert Ability A. Character Aectont. Arcadia C. Yanegas, age 37. Owner, worked selling clothes and running her own business for 20 years in Nicaragua. Arriving to Miami in 1986 there she worked manufacturing clothes in Sara's Factory for nyd years. From 1988 to 1993 she worked in a hotel In Fisher Island as a maid. In 1994 she established her own push-carl selling hot dogs A sodas in the Downtown area. In July 2000 she established EI Nicoyits Discount, 8. Revenue /Cash Flow/ Earnings: (Thousands S) Year 2000 2001 2001 2002 2003 2004 2005 Jul -Dec Jan -Mar 1 year Revenues 5.8 12.4 80.0 60.0 96.3 102.0 108.0 COGS 3.8 5.8 37.6 41.9 44.1 47.4 50.1 Total expenses 2.9 6.2 23.5 23.9 24.3 24.6 25.1 EBIT -0.9 0.4 18.9 24.2 27.9 30.0 32.8 Loan Paymt.Camacol $234.85/month,48 months 0 1.4 2.8 2.8 2.8 1.4 Year 2001 projected after the loan Projected EBITDA is adequate to amortize the proposed �1s 3 public record in conn©calon with Rom FA11 on k i . Waiter Foaniat, 01- 643 City Clot! • 4W EI NICOYITA OiSCOUNT Infusion of loan to the Balance sheet A88 8 Pre -loan Debit Credit Notes Proforms Notes Cash 107.75 3,000.00 (A) 3,107.75 Account receivable Inventory 34,568,67 7,000.00 (8) 41,568.67 Others Total current assets 34,676.42 10,000.00 44,676.42 Fixed assest 1,715.00 1,715.00 Other assets TOTAL ASSETS 36,391.42 10,000-00 46.391.42 LIABILITIES Current Liabilities 205.21 2,500.00 (C) 2,705.21 Long terms Liabilities 25.840.70 7,600.00 (0) 33.340.70 TOTAL LIABILITIES 26,045.91 10,000.00 38.045.81 EQUITY 10,346.51 10.345.61 Current Ratio 10.51 Debt to Net Worth Ratio - 3.48 Notes Submitted Into the public record in connection with Item 5.11 on12•Q! 01- 643 Waiter Fop.; nur, •�sina�sst IV - Collateral I Guarantors The business assets have an approximate market value of $36,000.00. These assets will seoure the loan. therefore CAMACOL LOATH FUND INC. will require an UCCI•fllin& on all busineu resets. V • Benefits of the Loan to the Tar0et Area The loan will permit the retention of I job and will create a part time job throe months after the loan. This is a acceptable ratio of I new job retained and/ or created for every $6667.00 loaned to the applicant. 3 .�ubMItttad into tho public record in conn© tion with item S ' i i on -7 Walter Foernnn 01— 643 ci;,, r�,,•., a A; loon O/naa 4 ilii �i " AP 4 h { prove ,a?ti "' Ilk{'... -f§ 1 recommend the Approval cf the 160A ih theattNota►t off tio.00000 bMft 6% Wwod'with a repayment of 48 months. The loan will be repaid in equal monthly inea►llments of invest and principal of S224,8$ each: This recommendation is bated on the repayment ability, ai`tit4'Applica 11t. the benefits of employment for the Mjlg "a and the strength of the Management. y, Sighed: i Rimm L. Rosales r � a � + ria +�tvx' pv AUL 'r�-t,. J-4, ;;•.a�rrattc into tiro pudic . ret3ordsln connect with item _L.. on Walter Foeman 1 643 ' City Clerk T CAMACOL LOAN FUND, INC. WAN REPORT 404001 D/B/A. R & L BEAUTY SALON 1984 NE. 8th Street, Homestead, Florida 33030 Ms, Rebeca Ojeda (owner) Home -(305)223-1023 J S4: - -io -049 Celluiar Phone: (786) 897.4$71 Description of Business: R & L Beauty Salon is a start-up business which will offer a wide range of beauty services such as: Haircuts. Heir coloring, Hair styling, Facials, Manicures, Pedicures. Waxing, etc. and selling beauty products to Its clientele. R & L Beauty Salon is located in a very busy area in Homestead. Work hours are from Tuesday thru Sunday from 9 a.m. to 9 p.m. At the present moment R & L Beauty Salon is in the last phase of opening, with equipment, furniture and current expenses worth in about $9,000.00 and with the apace already leased. The owner Rebeca Ojeda needs the last inflow of cash to complete the investment, and start to operate the business. The loan will permit the creation of 6 new jobs, (one full time and S sub -contracted employees). Marketing & Sales Plan T/re /arli stry AfeAst The Beauty salon industry is now considered a necessary and well-established business. Today, this industry generates more than 7.0 billion dollars per year and has grown, during the last 4 years at an annual rate o(6.5%. Is it has expanded in two major areas: Services and Products. These services are In high demand and provide many benefits for the consumers and the creation of new jobs. The following factors make the Beauty Salon appealing: -Income is very consistent, -There are no account receioables... this is a " cash business" -They have proven to have a low downside risk. R & L Beauty Salon is located in the area of Homestead, a low/medium census track income, her customers are from the neighborhood and some that she has retained throughout the yam, uubmltted Into tho public rocord In conneciifUn with item S-11 on '7 1Maltcr Forman Cll,, r-1 •1. 01- 643 - Services Offered & Prodwcts Hair Coloring Haircuts Hair Styling Facials Waxing Manicures Pedicures Acrylic Nails The Competldan The company does not face significant competition in this area. The Beauty Salon will be located on Campbell Drive which is one of the most popular roads in Homestead and the closest beauty salon Is located four blocks away. Ms. Ojeda has many loyal customers fFom her previous jobs that will be following her wherever she goes. R & l sales projections are based upon Ms. Ojeda's experience. Purpose of Loan The purpose of this loan is to purchase 3 Styling Chairs, 2 Shampoo BowUChalr sets, 3 Pro Standing Dryers. I cash register and 3 large wall mirrors, The proceeds will be used to purchase & install equipment, plumbing & electrical installation, and for working capital. o the public, record In cotvection with ROM -- on -2.7-1 A- Pj � Walter F"oc>rn,tn City Loan request: $16,940.00 From Camacol Loan Fund $8,000.00 From other Financial Source Own $8,900,00 Use of Proceeds: 1, Equipment: Purchase of: 3 5 Ian Chairs, 660,00 ? Shampoo Bowl/Chair Set 750.00 3 Pro-Standing U er 390.00 1 Register Cashier 1000.00 , 3 Wal; Professional Mirrors & Furniture 2,600.00 Subtotal $ 5,400.00 2. Installation cost & Workin Capital $2,600.00 .�ubMitte'd In Credit Analysis I - Repayment Ability A. Character Factors Rebecs Ojeda, age 38, is a hard working woman who has stetted a sew lite in tM United 8tmee NTIVIng in 1999• with her daughter. Ms. Ojeda has &Iwaya warded to open her own business. Ms. Ojeda is the eolt owro 04 & L Beauty Salonand has worked as a cosmetologist for S years at the Riviera Hotel. and has been self-employed d ff 13 years. In 1986 Ms. Ojeda received a certification in Cuba for Cosmetology and in 1999 she graduated certified Cosmetologist from "Beauty School of America" in Miami. In the year 2000 she worked at "John Mc. Clain Beauty" and at "Head Huntery Barber Shop" in homestead for 13 months until she decided to open up her own business. -=NaEL DIBIA. R & L BEAUTY SALON Infusion of Loan to the Balance Sheet ASSETS Pre -loan Debit Credit Notes Proforms Cash 200.00 1,600.00 (A) 1,900.00 Account receivable 1,000.00 (B) 1.000-00Inventory Others 0.00 Total current assets 200.00 2,600.00 2,800.00 Fixed assest 8,000.00 5,400.00 (C) 13,400.00 Other assets 700.00 700.00 TOTAL ASSETS 8,900.00 8,000.00 16,900.00 LIABILITIES Current Liabilities 2,000.00 (D) 2,000.00 Long terms Liabilities 6,000.00 (E) 61000.00 TOTAL LIABILITIES 8,000.00 8,000.00 EQUITY 8,900.00 8,900.00 Current Ratio 1.40 Debt to Not Worth Ratio 0.00 0.90 Notes AmPortion of the loon for worijng capital 8=Portion of the loan for InverItory C■Portion of the loan for equipment D•Shon term debt to CLFI E•Long term debt to CLFI 4119/01 .. ubmltted Into the public rocord In connection with 01- 643 4 6 11- Ratios A. Ckearn/ Ratio The Pro -forma Current Ratio at 1.40 is adequallc B. Debt to Net Worth Rollo The Debt io New Worth Ratio at 0.90 is adequate. 111- Management This is a very strong aspect of the credit application. '4. Experience rA Ms. Rebeca Ujrda, age 38, Owner, She has done the sante type of sW* shot earJj+yotrth. R. Expertise Ms. Rebeco Ojeda is very energetic and competent. She is a creatlw woman with *high feud ONWh+ption to become a woman entrepreneur and make her b>rslness a success. IV - Collateral / Guarantors All equipments and furniture have an approximate market value of $14,000.00 which will secure the loan. Therefore CAMACOL LOAN FUND INC. will require a UCC1- tilling on all business assets. V - Benefits of the Loan to the Target Area The loan will permit the creation of 6 new jobs, (1 full time job, and 3 subcontractors jobs), This constitutes on acceptable ratio of i new job crested for every Si.333 loaned to the applicant. This business is located In a tow and medium Income census track area, servicing a needed community. auum"locl Into 1110 PuNe McOrd In connection Witt Item Ut on , ./o,�oi tj l — 643 Waiter FoornArt City riurk 011011111; }� i • CNditpp111r1Ief1da4ionn J i LFA*'��i� g fi j{ fr, R IRi i" . „ i n41 g� 'd'�� dt•`�sY 1! l,rA �G+C �. c:, as + ,4 w .y. 3. 'S' Illi�a?Offker S � fi>a,as����JCT�5�}�� 5�C Y �a �{f��yt"R z= f� Approve_peeiine I recommend the approval of the lON in the amount of Sf�000.00 barial 9'A interest with a repayment of 41 months. The loan will be repaid in equal Monthly installments of intarw and principal. � ar COM11 ett� nd Ote � Is based on the repayment ability of the applicant, the benefits of employment for the to" Of the ntanaSement. h- Banton t, R les ry'( Loan Officer { April 23, 2001 3W�,� VON sf� �r ��,,tta� �t"5�r x � �q § ey✓Y. � t . slt f �r'� [,,a� �yt�'� �` Ap�ry� Y p" ov{�' ,a Y,f `N y �S�t�r� �T _' `� f k x r t'n�tt e `fa s�• �,pY`Y+y -_ • � a � z � 'i �,: iC�a`'^ � , �"m N; P tit a aAr, 4+qi with 'Loan Officer. w3r' r�""�� Executive 01roctor May i, 3001 fi'. 7 7, r ;f �i P, 4 'C; d Into the public rbmitt w. :} )U with ,�p�ord in connoctian 11tirmter Futlmstr CAMACOL LOAN FUND LOAN REPORT Name of flusiness Annlicant: Angelo's 1 ropical. Inc. d,b'a La Nara's I'laza 1277 S.W B''' Street Miami, FL 33135 Jost Angei and Orta Codetlo (305) 859.99U9 Deirrintiop of ttusinesidStrstteaic Focus: Mr. and Mrs. Cedetto want to expand their current business to include a range of products comprising the sale of fruits and vecetables, a natural fruit juice bar, a fresh -fish market and a ready to eat fast-food set-up for take-otl ur to he eaten at a finished counter on the premises. The expanded business will be like a miniature: replica of t'ie traditional wholesale food market, or "plaza de mereado." where shoppers can purchase a % 11 etr CII rank !oods wl'ile .it the same time be able to cat a relatively low-cost meal in a casual setting. 'I I•, ausntcss %% if, be open titin biun to iOpm, seven days a week, Currently, the Cedcnas run a flower shop .ird a small cuticc siwp at the same ;u,;ation. Fish ylarket. 1';x fisn market «'ill ha%c availabic a la:be variety of fresh and frozen seatood, including fish fillets, who's red snappers and other 11sh, shrimp, lobsters, oysters, crabs, squid and scallops. The set-up for the fish marker will be similar to f3roward Meat and Fish Market, a very successful fish market located in Lauderdale Lakes tit Broward County, Browarcl Meat and Fish Market is owned by Mr. Ruben Lugo, a cousin of Mr CedcAu, who will be assisting in the design of La Nara's Plaza and will supervise the installation of cite equipment. Also, Mr. Lugo will assist Mr. CedeAo in all aspects of running a fish market and in the training, of personnel. Fast Fond Counter. 1'he fast food cuuntet will be the main attraction of La Nara's Plaza and is expected to generate a .rn lar,r percentage of the re%enue and profits. The fast food counter will have a kitchen in the back v',ere .scaldod, chicRen and suup will be prepared and cocked in advance and placed in a holding area accessible to the servers. This m;thodolo.y will ensure the quick service so many want and very few get, Only 'tie(! Jishes roilI be prepared to order. Seafood will be served broiled, fried or as a prepared dish in a sauce tit wiih r,ce — enchilaclu too epmuruaes, arro: a io mat -Nora, etc Chicken will be available broiled. rotisserie s:yl:. In addition there will be a complement of such items as French fries, mash potatoes, yucca piantoins, etc. All picpared food will be availabic for take-out. This concept has been successful in Sliamt. including Fico'!, Fish Market, a very popular eatery located in the corner of West Flegler Sucot and 37"' Avenue. Fruits and Vegetables. This aspect of the business will be developed as a complement to the fish market and cafeteria salely to givo the business the proper setting desired in the plaza concept. Prices will be very competitive as an incentive to increase traffic in the store. The store will carry the most popular fruits and vegetables in th; markotplace. Juice our. `van's Plaza %ctrl markci ,i» cmviisive line ofnatural juices. This product will be sold as a drink to n%: ai the picin.sys or hN t:,c 2ai:on as a take-out item. Mr. Cedeflo has been a maker, distribulu .ind voilo of line tl ces for over ille ty years and expects this segment of the business to coi11;'.bw., hv.i� '` to ..,i Kara'b o. un :ifte Flower Shup. I nc Ccaeitos will continue to operate their very successful flower shop at the same location, This shop has'Dcen ti, c.\istence since the beginning of the year and has developed a loyal clientele with projected ,utnual stiles in ilia vicinity OI 45,000. 3ubmitteu lntu (no puwt: record in connec'lon with items t t on 1- I o- L VA— 643 Walter Foemaxri city CICA, The Industry La Nara's P;aza will be involved in several segments of the food industry, being the fast food counter the most impurtaltt one. The fast food colinier will be part of the thriving restaurant industry in Little Havana. It will be ,)art restaurant, without the waiting service, but with counter space and small tables scattered on the premises, and part fast food, without the hamburgers and pizzas, but plenty of fried fish and chicken. The restau ;int business is well represented in Little Havana where all kinds of restaurants are present ' A fish marl ct. a juice bar and a fruit cod vegetable stand will complement the fast food counter. These are Part of the grocery industry catering mosCy to local residents. The flower shop will be a sideline developed by Mrs. Cedelo to complement the food business. Customer Profile The fas: food counter kill cater to a di%erse cliente.e as follows: • Residents of ti:e area lucking for an economical tore. This is primarily it Latin market comprised of recent arrivals from the Caribbean and Central America, and long-term residents from the saint areas, all, heavy consumers of seafood that will feel comfortable in a setting familiar to thow back home. Transx:iiv Ireq.renimg 1_1ttle Fiavanu on business or pleasure. This group is comprised of tourists. lowier residents and those conducting business in nearby areas. This segment of the market is observe,i during lunchtime • People wurkuig in Downtown Miami. and nearby, looking for a quick bite. It is expeovtj that th�sc custainers wilt also purchase food offered at the fish market, the juice bar and the fruit and %ug0able static In addition to these customers, the fish market and fruit and vegetable stand will attract residents of tno imowdiate area thea wi;l process the food for home consumption. Generally speaking, the uniqueness ofthe set-up should provide a synergistic effect among the various offerings. Products/Scrvices Offered La Nara's Plaza will open I'rorn Sam through 10pin, uttering all its products and services during that time, Fish Market. 1'he fish market will have available a large variety of fresh and frozen seafood, including fish fillets, whole: fish, shrimp, tubsters, oysters, crabs, squid and scallops. Fast Food Counter. 'Pie Cast food counter will have a kitchen where seafood and chicken will be prepared and cooked Seafood will be served broiled, fried or as a prepared dish in a sauce or with rice — enchilado der contaru'te.e, arm: rd to marinera, tic Chicken will be available broiled, rotisserie style. In addition, there will be a complement of such items as Drench !'ries, mash potatoes, yucca, plantains, etc. All prepared food will ue nvailabie for take-out Fruits and Vegetables. The store wit: carry the most popular fruits and vegetables in the marketplace. ' Juice Uar. An assurt hent of tropical and inure traditional American juices, all natural, will be offered. Most juices will be prcpmto in-house and will be complemented by other popular natural juices available wholesale Flower Shop. A large variety of cut flowers and flower arrangements will continue to be ot%red at the store. Presently, Mrs. Cedeno carries what is available from distributors at very large discounts to offer customers ll supericm value fur their money. In addition, other popular flowers are offered at market prices. Submitted into the puUlic record in connection with item ?-IL L on .2--LDLO!. Walter Foemar t '� 6 4 3 t ;itu rletic • • The Comlretitiott La Nara's Plaza gill have competition from various kinds of businesses currently operating in the arca. For instance. restaurants are plentiful in the area, from fast food McDonaids to classier, higher fare Can luancho, however, white they all compete for the food dollars, each has a different market niche. The same can be said of the other oltcrings at La Nara's Plaza. Fruits and vegetables, fish, juice and flowers are offered at Sedano's. Public Presideme and other markets and specialized stores in the arca but will be offered b) La Nnra's Plaza it an entirely different setting. La Nara's ''laza Will br able to compete favorably by offering good products at reasonable prices combined with superb serv;ce. Mr. Cede►to's track record serving the public for over 40 years will provide La Nara's Plata witl: the necessary experience to make it work. Purnosut the Loan: The loan will be used to convert the current facilities at Angela's Tropical into La Nam's Plaza. provide working capital during construction and cite first few months of operation, and to improve Angelo's Tropical cash flow, Loan Reuuoat 4atount Phase 1: $ 75,000 Phase 2: $350,000 Total: .1025.0u0 Use or 111-ut:e0s: Phase 1: Architectural Design: S 8,500 hntancial Planner S 3.500 Legal and Accounting $ 3,000 Contingency $ 16,750 Accounts Payable $ 8,500 Property'raves S 15,750 l'urchasO Money Motlpgc. 119,000 Phase t Total: $ 75,000 Phase 2: Leaschuld: S 90,000 1*4uipmcnl� S 20,000 111ventory: 5 20,000 Working Capital: S 59,000 Refinance Bank: S 61,000 Pay Off' Muttgagcs: $200,000 Phnsc 2 Total. $450,000 !'01111 project Cost! $325,000 CLF't Pha>c I loan proceeds will be utilized to properly design and plan the expansion; to engage competent professional legal and accounting services and to retire tit@ only debt that can cause personal credit problems and stabilization issues pending phase It loan. It should be pointed out that the underutilization of the current facilities has been the major reason for the economic downturn of Angelo's Tropical. This situation wis precip►ta:ed by the tedious process of obtaining the necessary construction permits under the previous concept. a process that took over two years and depleted Angelo's Tropical and the Cedenos of all available capital. Hmvevcr, the current market value of the real estate makes the project financially viable. .:ubmltIj, into the pubiio record in connection with 3 iters on .3- -1 OLAL Walter f-oernevi'- (� 641 :iI11it�� CREDIT ANALYSIS 1- Repa> meat Abih(s The attacmd cast: flow and income projections show a positive picture for La Nara's Market. The low profits dwing the first year are reasonable when considering that during the first six months, only the flower shop and the rental income will contribute revenues to the operation. The projections have been developed making the Following assumptions. Revenues. Rental Income, Mr. CedePlo owns the building where Angelo's Tropical, Inc. is located. The back of the building (half of the pi iperiN) is leased to another business and the monthly rent is $3,500. Sales for +.- first month (rionth 7"' ol.he projection) are projected as follows: Fish Martie(. $7,500, or it uaily average of $250. Assuming that the average price will be S5 per pound, and that flit typical customer will purchase two pounds, it will take 25 customers per day, less than two per hour, to pc.rchasc the projected amount. Sales are projected to increase 10% per month for the remaining of the first year (fike months) and are projected to increase 10% per year thereafter. COGS (Cost of Goods Sold) for fish is projected at 50% of the sale price. Fast Food. $IS.00U, or a daily average of $60U, Assuming that the average patron will consume $4.50, it will take approx iniately 133 customers per day, less than ten per hour, to purchase the projected amount. Sales are projected to Increase 20% per month for the remaining of the first year (five months) and are projected w increase 101 ,4 per year the!ealler. COGS for food is projected at 25% of the sale price. Fruits mid Vegetables. 56.000, or .1 daily average of 5200. Assuming that the typical customer will purchase S3 50 ;ter r lsil. it will take 57 customers per day, four per hour, to purchase the projected amount. Sales art projected !u inc-ease 59 per month for the remaining of the first year (five months) and are projected w increase IMa ;nr year thirstier COGS for fruits and vegetables is projected at 70% of the sale pi icy Juice liar. $4.530, or a dage of $:50 Assuming that the typical customer will purchase $2.50 per visit, it will take 60 customers per day, just over four per hour, to purchase the projected amount (customers will either purchase a juice drink or a gallon or more to carry out, or both). Sales are projected to increase 5% per month For the remaining of the first year (five months) and are projected to increase 10% per year thereafter COGS for.juice is projected at 30% of the sale price. Flowers. Flower sales are extremely seasonal and have been projected accordingly for the first year, taking into consiueraiion industry standards and the shop's sales history. Sales are projected to increase 10% per year thure,,tier. COGS for cowers is projected ai 309iu of the sale price. flea.sv i'.r :n. d,1 th,11 . inl'H!IY1'S GI Lu VW -1!',Y I'i:i:u Cull purchase frcan wu• Of lite Individual shops or from rive or ulwv For 111.01101L a pairon .•a I1 hurt• Jish and chips ►, uh a glass Of Orange juice and goi flowers fur her muilivr, nlIn4u colada ftw her hasbana. and.raafood for cooking at home that evening. Operations. These items ale projected ,recording to the historical costs and estimates by the principals. Rent for the facilities will be $3,500. Payroll. Employees will earn between $5.00 and $7 00 per hour. The Cedenos will draw it combined monthly salary of $4.000 starting on month 7. The day will be divided in four periods according to the projected volume. 'l lie two slower periods will be from Sam to 12 noon and from 2 to 5 in the afternoon and will be staffed !)y 6 employees. The busier periods will be from 12 noon to 2pm and from Spm to 10pm anti will be staffed by 9 employees. Please refer to the table following the cash flow projections for a Submitlod into the public record In connection Woo item S (I on -7- Jo -OI 4 tAI"iltrr Foemw 1.111 1"1.— o I — G , 3 -- detailed calculation of the payroll. Hiring will start on month 6 (one month prior to the opening,) at 10% of full capacity and wi!I increase every month until reaching 100% during month 12, Payroll is expected to increase 15% per year after Year 1. Payroll expense is estimated at 10% of payroll and covers the employer contribi,ticio to Social Security, Unemployment Insurance and Workers' Compensation. [A Nora's Plaza. I he cost of refurbishing the facilities is estimated at $170,000, including equipment. While the building is operative now, making it more attractive and arranged as to enhance each segment of the business will be a design challenge for the architects, and a construction one for the contractor. This cost is considerably less than first estimated because Angelo's Tropical owns approximately $20.000 worth ofequipment that can be incorporated irtto the Plaza. A. Character Factors Due to the problems encountered by Mr. Jost Cededo during the last few years, there are some minor problems in the credit report. B. RevenuctE arninzs 1998 1999 2001' 2002 2003 2004 2005 Revenues 230,904 94,147 405,226 1,019,058 1,116,764 1,224,240 1,342,464 COGS _177,177 72,643 124,869 335,877 369,465 406,411 447,E Gross ProM $3,727 21,504 280,357 683,181 747,299 817,829 895,412 ExpSnig8 42.441 12,107 215.607 474,354 526,127 585,668 654.134 Not 19ejure rater 11,286 9,397 64,750 208,827 221,172 232,161 241,278 • Information tug 2,000 is not availab!e at this time. BALANCE SHEET Openiug Debit Credit Pro-Fortna ASSETS Current Assets Cash $ 1,000 317.80 $ S 32,7$0 (A ) Cash - 2 $ 39.000 $ 59.000 (8 ) Inventory $ 3,000 $ 20,000 $ 23,000 ( C ) Accounts Recei-able $ $ S $ Total Current assets S 4.000 $110,750 S $ 114.750 Fixed Assets Equipment $ 31,000 $ 20,000 $ $ 47,000 ( D ) Leasehold S 6,000 $ 90,000 $ S 96,000 ( F ) Furniturei, Fixtures $ 24,000 $ S S 24,000 (F) Building 5750.000 $ $ $ 750,000 (G ) Total Fixed Assets S807,000 $110,000 $ $ 917,000 Submitted Into the pubttc =01tif imectbn withort 1-L"o1 5 Walter Foeman 01- 643 City Clara Other Assets Deposits S 11250 S S $ 1.250 Total Other Assets S 11250 S $ S 1,250 Total Assets 38121250 $220,750 S 51,033,000 LIABILITIES Current Liabilities Accounts Payable S 8,500 SOO S. 0- (H) Property Taxes Payable S 15,750 iiP.pso S • 0 • (1 ) Existing Dant; Loan $ 15.000 SISAD $ - 0. (J) First Mortgage $ 25,000 S25,000 S. 0 • ( K ) Second Mortgage S 3.000 S 3,000 S - 0. (L) Purchase Money Mortgage S 1,250 1.2.1'4 S - 0- ( M ) New Loan - CAMACOL $ $ $ 18,750 S 18,750 ( N ) New Loan - Bank i SBA S S S45,000 $ 45.000 (O ) Total Current Liabilities S68.1400 ($68,500) 563,750 $ 63,750 Long Term Liabilities Existing Bank Loon S 46,000 S46.000 $ .0. (P ) First Mortgage $155.000 $155,000 S - 0 - (Q) Second MoiiSagc S 17,000 S 17,000 S .0. ( R ) Purchase Money Mcmipge S 17.750 $ 1%7J'+0 $- 0 • (S) New Loan - CAMACOL $ S S 56,250 S 56,250 ( T ) New Loan - Bank S $ $ 405,000 S 405,000 ( U ) Total Long Term Liabilities S2351750 ($235,750) $461,250 $ 461,250 Total Liabilities $ 304,250 (5124,250) S326,000 $ 525,000 Owners' Equity S508.000 S $ $ 508,000 Liabilities + Ok% tiers' Equity $812,250 $ S $1.033.000 NOTES TO BALANCE SHEET ( A) From Camacol Phase ( loan to rofloct project devo(opMent expenses and cash, as follows: 1. Architectural Design, Engineering and Supervision $ 8.500 2. Financial Consultant $ 3,500 3. Attorneys Fees $ 1,500 4. CPA Fees $ 1,500 5. Cash to. contingencies $ 16,750 Sub Total $31,750 (8) From Goleta I SBA Phase 11 loan to reflect working capital $58,250 Submitted Into the pttbIle M00rd InFortnoction with Item on ') r o � 6 w;11ter Foomrtn 6 4 3 City CIG+r'f r� Frpm Clpieta t 5i3A phase !1 lc��►n W �Nlrct;i-Olk" ory sli follows: , f �W "f; VAN, NA k.3�Y t i Y r ��� '4 e 5� ri y1Kyd ^,p t f k yd�5 lk th£ V 'a+�, 1 � , a .74 ` C a v k x t t✓ M1 v£ h-�,y5 r -. 3 a'�} a ^3,ird a F, 4a ;i o � S v� � tr q i > � � a f. W,1 }� FXV • ak�'t g�S;� y 'i i�nix'wS ed�S x+ ":`�$x�''3t�4,�'"1 7sxs ¢%F � "',�#1�101'I tl�#n �i��l#Od `4iA�l�►� 1�r�t�r� �l� �d'Spo�� y k � �t �� °�. �'� � z 4+ „aya0,�yw a>�,,, +lluds3pjab-," rC MOO,#A's Ir &}r^y "►+ o exl�tln fa+�r!!t st >fttAl 41 r ai NO '';� xt*tlr�s a -t .i. st r4 r r i 'iiar}7 t w - y!,Ba' a . w �.Cx e ara£ t St' < n' +,+,y,4' �. �t' a ��,gv�g k ,1 . '1 < s' " '4f; f"m }1 �u gfvi-Q i i# C 4i71't�+rt i his x L i �`k"kf �'���s x^5 *'i +. y t of ,� a� iY iy:i• 5c'�t}.�.`x .J�} `' f`i`` a^ n k��"'S 1 ubMItted Into the public i �thOoh 4onWWW Foeman 1- 643 City Clerk (G) To reflect value of Building at $750,000 based on a cap rate of 9% calculated as follows: Rental income of $3,500 from existing tenant and $5,000 from area to be remodeled should it be leased $102,000 per year x 70% operating profit: $71,400 / by .09 - $793.333 estimated market value. ( H ) To reflect accounts payable from phase I Camacol loan as follows: 1. Back First Mortgage payment pending over 6 months $2,454 2, Credit Card Machine $1,500 3 Phone Charges - Not his batt comp!icating credit report $ 546 4. Ocean flank $2,000 5. IRS - Toward payment arrangement of 510,000 total 1=1 Sub '!'oral $8,500 The above payments are required to stabilize project, clean applicants personal credit report and keep Ocean Bank with a total debt of $7,000 and IRS with an estimated total debt of $10,000 satisfied. Currently Mr. Magin Macias, PA is working on the tax returns that are due. (1) To reflect payment by Camecol Phase I Loan of delinquent property taxes owed as of May 17, 2001 in the amount of $15,750. (1) (P) To reticct payment of current and long-term portions ot'existing bank loan by United Bank in the amount or'S6000. Copy of note is anachcd to this report. (K) (Q) To reflect current and long teen approxonate 5180,000 balances of it first mortgage in the original amount of $?05,000 dated March 20, (997, payable to Vincent and Carmen Cossio in monthly paymcris of S2,454.34 each, bearing )2% interest and with a term of 178 months. (L) ( R) To retlect current and long term approximate balances of a second mortgage in the original amount of S4U,ODU, dated March 25, 1998, and modified on March 15, 1998 to be payable to Mr. Dontingo V,Ilalba, cio Ruben E. Dona, Esq., 6011 West 16"' Ave., Hialeah, Fl., 33012, Tel: 305- 557.3332 � 305.227.8402 for Villalba), in monthly payments of $300.00 each, bearing 13% interest, whit a balloon payment of $19.923.50 due and payable on March 25, 2003, (M) (S) To reflect ctrrrem and !ong term approximate balances of a Purchase Money Mortgage in the original amount of $16,500 dated March 20, 1997 to Beniammo, Inc. (Ms. Alba Lingswiler - principal. 89.90 S.W. 83'° Street, Miami, Fl. 33173, Tel. 305.271-4134), bearing no interest and payable in monthly payments of 5350.00 each. (N) (T) lb rellect current and long term portions of $75,000 CLFI loan bearing 6% interest and payable in equal montltfv puyments of $1,450 tach, or upon expected refinancing of building, eighteen months subsu,luen: to loan by Guleta; SBA. (0) (U) To reflect c,ureot and long term portions of 5450,000 Goleta / Sl3A loan bearing 100/a interest and payable in equal monthly payments of 53,304 over a 10 year period, or upon expected refinancing of building, 6ghteen months subsequent to approval date. , A. Current Hatio Current Assets: S! 14,750 Current Liabilit es: $ 63,750 Current Ratio: 1.8 Submitted Into the put vi; record In connection with Item s ! r. tart'- I_. o' e+ ti i fi r 3 Walter Fooman ON Clerk 0 Current ratio is adequate. Moreover, it grant by Miami -Dade County to assist in the refurbishing of the building exterior and sone interior infrastructure is pending and appears probable. Should this happen, then there shall be additional cash available for more extensive advertising and promotion campaign. ti. Debt to Net Worth Ratio Total Liabi!itics $325,000 Net Worth $508,000 The Debt to Net Wonh Ratio is acceptable at 1,03 tU - Managentcnt Josd Angel Cedefto and Olga A. CedeAo, husband and %ds, own 100% of Mtilielo's Tropkal. Mr. And Mrs. Cedaho will manage the business, Mr. Cedeilo has either managed or owned a business for over 40 years. His experience has been concentrated in the distribution and retail of food products. A. Juse.401grl Cedeno Born in Contrianaestre, Oriente, Caba. He Is a U S. Citizen. Arrived in the United States in 1%2 as a political refugee. He moved to New York City were he worked as: 1962 Kitchen and Purchasing Assistant St. Clare$ Catholic Hospital 1965-75 Superintendent Apartment Building - 117 units 1972.75 Frozen f=oods Route Marketing to Hispanic Retail Stores 1975-79 Parutcr in a Grocery Store Guayamo, Puerto Rico 1979-82 Fruit and vegetable Stand Homestead. Florida 1979-96 Lunch Truck Pon of Miami 1982 - 99 Distribution of Natural Juices (specially orange juice) Established four routes 1994-97 Distributed Shrimp together with Juice Jobbing Business 1997 - Date Acquires building at 1277 S.W. 8s' Street to house Plaza and Fish Market / Cafeteria Unable to obtain permits from City of Miami. Survives by renting back wilon of building to an Auto Paint & Body Shop, and selling flower arrangements. C' ' 40d lnto the public (OWd in emoctton with 9 on 'Nalter Foemnn I M 643 rii„ �`i^rlf' ---- ------------ a. Olga B. Cedelru Born in Managua, Nicaragua, U.S. Resident. Completed Secretarial Commercial Studies in 1973 and subsequently obtained a Bachelors Dc6ree in Industrial Relation; at the University of Managua. Nicaragua in 1977, In 198V tet: as political refugee of the war And moved to Honduras where she ompleted studies in Business Administration at the University of San Pedro de Sul&. Work experience includes: 1974.77 Legal Secretary Jaime Aguilera Cuadra, Esq. 1978.79 Director of Human Resources Crntral Bank of Nicaragua. Region V 1980.82 Administrator Printing Press Salt Pedro de Sulu. Honduras 1983.89 Hot Dog Can Operator Downtown Miami 1990 - 97 Shrimp and Fruit Distribution Milmi, Florida 1997- 1999 Administrator, Paint and Body Shop (Leased space and business to third parry shortly thereafter) 2000-01 Manager, Flower Shop Angelos Tropical, Inc. IV - CullateralrGuuranturs The loans will be gt.:rranteed by the building housing LA Nora's Plaza, and all the equipment, furniture and fixtures therein. CL I �%rtl agree to subordinate its position to a Goleta Bank i SDA Loan. With this loan. CJ i Goleta / SUA a ill make pussible to bring best use and full market valuation to the Property at an estimated 5750.000 with a current debt balance of approximately 5220,000. V - Benefits of the Loan to the Target Area The projected loans will allow the applicant to create 20 full-time equivalent jobs at the end of the Initial year of operations. l his constitutes a ratio of one new job created for every 526,250 loaned to the applicant. VI -Credit Recommendation Approval of a loun in me amount of $75,000 bearing 6% interest to be repaid in 60 months is recommended. Repa�.men: should be made in equal monthly payments of approximately $1,353 beginning one month from :he cat; o:' d;so;:rsentr nt. Approve,, is contingent on a second Dunk / SRA loan in the approxintateanmunr of 5-450.000. Should the apps cant t:nl to secure the Goleta , SBA loan or alternate financing, then the applicant will proceed to lease rice spnce herein considered for expansion. This recommendation is based on the repayment ability of the applicant, the strength of management, the collateral available and the long-term benefits brought to the target area in connection with jobs and tax revenues to be derived iron, the expansion of this enterprise. J40MIled into tho public record In connection with item S' - I I on 0' b 10 Walter Focniart 01- 643 City I MINE *i FK;5 y��*�'�i�r$'�''�„Mti.'S"1t 41j< 4p n , SRF ,�"� js iF"" +;SC -t I7 N ,{ �.i ��� i ��•� ik i° ti4� 3 KF { � a L t� {yu-' WA 1 iilo mill 1 J :Y 01- 643 1,Z 17*Aodth Cash Fit- i for La Marts PLm j Umvh morev 10 Mordov- I I Mor0i,-12. ITO&W _Py.," —IOOD -15.•168-10283. Gise, 166291 17S2801 814"1 SSSW: 66192i 67190. 8027L S4901 _ 100tl 4 - - 3S(JO 1500 3 3500 1500 35M 3500i---350c� - XW', 3500 35ml mm, iiiix _7- 8750 9075 9-4-93— I -DWI! -1-2-07S - 5706-, -7— 0— 1 0 00IWW- 21621600'31 11(W' 37325 � 447M . - . O. --- - -- --e 660 0, 6:36ST F ruts 9 Voggws 0! G -W! rml rem nce Ra! 0 41�00 47--n, dqc I 5,2m 5417b� 5743 S" 2000 20M. 20=: 3000 _2000;--:'0001 do(r: mr, I SOOk.) NMI 3000 i rix" S7C1D 7700. -17100-' 17001 1700; 117001 7 --- ---- loan 2s=! loan -3 Ttat Cash in WA)u 7200- 257?_NZT f C r 17,, m1a ob 50% 0. 3MI 41751 4538 49c- 1 54WM61 9331F d @ 2��%. — i — .. --PL 0 0j—_450 —0-. - -- 0! 01 . 0. O. o, o 8, 1488' - 16;41 - — - ;— —owl— GWI 6001 6001 GDO* 9001 1290i Smi 4500! 900 r Out CAJC-S 15W 61310 6m; Goo ow 14400! 1113�& 13m2! 27468 T45. 21WS041 4 4- 24541 2 2 2 2<541-2,,U: 2454 2454 2 2465A 19000! 35U 0i C: 01 0 01 200001 3001 2OW01 01 o: a 01 0! 01 0, of i44 O. 0 P,wA United 61 i32 5001 ot cx--an Bank t 50001 soot -5005ml 51ml SWI SIX11 5ml Sool owl 100 3-1 Taxes 2000* 20M n—_n� ---- 2000 200c), 200 IFS loom! 20M • 4500! '-r—"- 1353: 1353 13531 lj:).3 13501 1153' 13531. 1353�� i�31 135 — - — ------------ 3304 3304 3W41 3301ll 3364, 3304 300 — iaw— odx WON- �HW65 �71.111 M7. 7611 11611 11611 11111 — 1011 L, Ha ! —Plan' 1. - -.. pwnnm Haws- wo 0. 2 "om 30000 3 am: 5m: 4000 70000 10000 i --t- m 7770070 2500001A • 40 04. 01 iso, iso iso — 1`so: 300 . �-�— -- - - +00 .00, 400 , — �, J`-300: Tovd —_ -� �t 0 _.. �- of - - Ci tem.. - 1600 - 1600: so �,i x00. - 1 . to0+ 1o0i 100 100; 700 100- tOq: i50t 150 too! -_ 100: 100: 1900 -- -------- -- Tc+af 7170T— ..� 7001 t �� -.. - _ � --- - 1�' 150 1.50' 150; t i 7L'S0-- .—.-�� t 2450 ` V Nara `� �%-!L� 59X [Q 7011 �.� 607�'le 9071 -� 1001► [ "-- - ���1931.- 772x, rrS92, ,3574. 15.156T ,?�! 19710 -- --- -- = 0. 0. 0. C. 0 - _ __ - 0• 0' 0- .--• -0. 40W. 4000. 40W 4000 -40W - /000i! 66 0 inial Piyrdl r Q -�- 0 0 0. 193- 1173 tS9g� tnZ tgj6j--7t,9( - 1094 r --t --� — 0 _ —__ _ ilt5e 2332 o _1,75 -- — -. tz 1 t 197 t6 ZIp2� 23527= 25652 172ttu • twlGshOU1 - - - i `-; 6663?' 17265 172x5_ 97t0T. 1Y71ti 51036' S736Z 47765{ 51014 SD655: $; t I&mdtay Gash saw ct t -_j__'- �= { - __ - e _1 � � -- 1 --- BIOiN 5045: �o4s:,60083. .t07,� A_816 ,SS62; StU� 997f �GZ]61308710' tM67S Cum (rJ+ 8atanoe i" 15i6B; tOQ9J 61�b 166?�1! t2S280: -_ 614" 65582' 661921 671901 DO 77 �IWAM1--- - 1Stow It— p— —�1 ILP t Cost J?0!^ ��'� G°s1 +Dsp TeW i fAonat Tdsl i - V�fiwcr. be Sart 1 -<2+ 7 _42- c,_g t9— FafiMpC.--49; ----;- 1 _ — Foea 3 ' 105- C,tite S7ft. <9 9g: Bach Raort+ Q i6gr. t l !7 � u i— r �` O =L 12 Month Opxstv+v 1nOMHe Pro7ectpn for l i1� NaFa s :Plats X916/2001 , , T— Frst -�-'-- TMor I 'MaRh-2 �MonRf-3 �Morth4 ya4or�.5 JUan&.6 Month -7 MonlhlAiMaA�-9 tMorfR10-Month-ll _MatlA-12-1Tda1 —__ Rentallncome 3500 3500 3500 1506. 3600' 35001 ]500,_ 35001 --_ - - • -- - - -- - - - -'- - - -- 3500 35M ism a2000 Fah Ma+l el 0 0. 0' `^� 0 O� 75001 8'SOj 9075, 990.. 1_0981- 12079 57x57 Fast Food _ _0 - 0 'p 0• — 0; a, 18000^-210D01 25920 31104 37325 41790+ 178739 FruM 0 0. 0 _^ 0 0 O 6000 `63001 _6615: C3e6! 7?3J1 7658. a0E1S 5000 2000, _ _ 4: jSi - f961 -5209; - 5470' 5743 3WA 2000 2000 �M0 20001- 2=1 K>W. 2000' 15000) 3000 3010 45000 ruck - - _ -- i 1706 1700, 170C. _ 1700; 1700-17(O! _ - _ _ _ iC200 total Revenueti - 10200 72110 --7700 _7700: E�"'D_0, 720_0. 41500 --x8:.175; _ 52071 • 71742: _ -6756_>! 16770 405276 CCX• .- _-. - .-. - i _ __._.�.--. _.- _ I - - nh _0 0 • G-- —3750*' 4 t 75 j 4S.i8 4991- 5490: 6039 � 2Hg31 �(.50-9 25% D - - --_ -6. -. sm;- 7776. 9Sf': 11197. 44685 -D - 0 0; 0 45U0 Sado: 1 Fnats1feb 70% 0 0 _ 0 O: 0'- p; -. �7(10� --4atUt! 4t.Jt' _ 4862+ StpS_ —.100_ i 28568 JuK+ Sar 30X - - 0 0 - p _ Ot p;-` o i 350 1 a t 81' 1408' 1563 1641 1:23{ 9183 lom•.s 3076- - _ 1500: -__ _ 600: _ GOOD_ 60ot-- 9001----aoo: - cool-"izo0?- 6 pr-�-' 1 --1 _- 4500: 500' 1 13:0 ntal CC)GS 1500 600 _ i_iw 6007 900! 6170; 14400; tt,55�- 77736 236`!7 77463 75720_i748E� oss 1'rdtt 1 8700' 6600; 61100; --68001 7300 6fi0pj 2 17�C70� 318231 34135!-4804q� -451-0-/ 51549! 280367 �_1---- uS! Mat�age 2281' 2X t : 2281; _ 27111; _22611 2281, 22A1 7781 7181 - -` - -- • - 27811- —1 _. ?1_811� 71811 - 2281 27372 lankUrded 1x55 - 549; G !- 622: Oi 0; O T - - - �---. i 1 0�' 0; _0 _7551 335 330; 325 320 3147 309+ 304 299} 3G7C n7 70X11)91 --- 20831 -----1— -1'---- j a 70631 79x3; za2� 2D32 io71 2010 /63n dal lr•I.r.st t 2936: - 3z751 32Se; 3243 4699 46641 4669' �6536637 - -- __ ----- - � -� 4590 a987� abrtg F_xp-r 's --- ed O! Oi ~--,Dr - 04 0 O1_ 0 O 0 -- 0 0 O - Q � . - y 150: 1507- 150& 1-501 150 150 300 300 3001 ]OD 300 300 2700 (nano - 1 400 4991 -<oo� - ,0�00 400, :oo ieoo`�-1600 1x99 - 1899 1699 1600 12aoc TravN 0 0t - O J-- 0, D._ 300 3001 300+ 3001---300 300• 1>!0C _- - sucx>t,rn , 5o, - Sol so s0! sT— sli idol _ 1-°°L ,a0 Iw ,00h-- too Ms — - 1001 loo too' - 100° 100 ioo� i50�-- 150' 150: 150 �- 150 atiSY _ 150C {kpredion__ 1A001 1400; 1400 - 1100 1400 1.0 14001 3000 30DD 3000; 3000, 3000, 24x0( Total Open. EV 2100 2100' 2100, 2100 1100 ?119-01- 010% ,00 3851 5450 x150 1 - ---I— I — } — & — —1— —i ----1-- V Nxa0# i - ; - --V - - O - 01 --0 . o. _01- o' _Pr1fOd ��--�_ 0'. 0 Total ?a1T- �_ O 0 - 0I_ _ F�tyenses 5036 5375 • _ SiSo 1 - i-"! 9etote taxes 7661 - 1 -� -- I25 - 1241! - O _0�-' 0 rl o Ot O 1 5313 _67991 1251 SOt' 0 1D%-+� Io,c jo 60X �70l6 0QX0-"-Tei—w%- 1932] hie! 11592 13521 15456 - u l000_-!-- 4000 40001 loco _ 1431 1173�75fflL 1752 2125+ 12908 i 17151 19276 21402 ' __ 77388 1932 t# 4000 - 4000 2 _2738 _ Z332 235``+7' 25652 1Z � -� 33$631 - 35642 21' - , -- & �-_ 175 15857: 6 8909 _ _ 27419 77754 27!64 31473 -- -r-M. 56A 4568 4977 - 1 __- , 6576. E R income Prplectrpn tot La Nera's Plaza 4000 233"s _25652 _240001 11094! 122034 552A7T 32182 353998 Yvan t through 5 _461 Month 83952 639388 • 15%pory*or _ __, Tofu E,xpensss. 35692 2156071 of Vesr 1Year-1 iVear•2 Year -3 Veer4 Vear•5 Revlrnvq 6,4750 . ._, 208828 _. 221172: _. 232161 -•-r --- - Fnn Market 111 120791 57867 15944b1 i75365 •92923 _ 21221 FaitFooa 44790 178739 50`1225 650347 715382 78692 _ Fwi ` V2pgHs 75581 40811 10108'! 111190 12230V 13453 Juice ger - 5743 30509 75811 �_ 83392 91731 1� ... 10696 Flo 15 3000 45000 49500 _54450 59695 6586 Rental Income 3500 42000 4.20001 4200' 42000 X2000 Truck _ . _ 0 102001 0 j.F` 0 C Total Revenue{ 767101 - .. 405226 I 1019058 .._ 1116764 7777. . _ 1224240 —t�_..... _ 1342!6 Fr{h Mkt d5 50% 5039( 289341 79720 87692 9646t F 106101 Food 25% 11197 ' 446851 1418067 16.2587 178846 1967 FtwtfA sg 7D% 53601 28566 70757 77e39 8581 il 941 Jura Bar ® 30% 1723• 91831 2274,, 25018 27519 302 ibwen ® 30% 900 135W 14850 153351. 17869 197 Total COOS 25220 1248691 335877 368485 46411 4470 7777_._. � .. _.__ .___- t3rossProfn 51549 280357 E8318t 7x7299 81782 Y 895�t IntnsN Expense. 9 8sincUnAr10 0 _ :5540 0 �0� ••0 _ M _ - y 2281 273721- oRpaQs 27074 26732 26340 258 1,oan•1 6%-4 299 3570 3162 2356 1500 5 Ltaon-2 ® 1091! 1001 _ 261 V 16311 23250 21526! _ ! 9632 _ t 75' Tt%sl OetN _ .1.. 4590 49873 53486 50616 _ 47472 _ 440 na 7777 '•-i-��_� - --i IS s tri pr*.ohtl ' to increase 10% fir`• dear Sol"' for Ysar 2 are bi{sd on the lest basad on Year 1 total_ _ _� R�Mat mooms r�rriiin{,• -, __, the some _Operation{ expenses are •-T-- — - Rent _..0. C G C 0 0 projected to inarwa,-•- Phone 300' 2700 37801 _3969 4167' 43761 _ 596 per veer orad •7777-- i�.... t__... �.. Utilities 16001! 12000 20'60 21'68; 22226 _ 23338, _ on the last month of Trawl 3001 1600 3780 3969, 4167 4378 Yar 1, Supp1N• 100' 4001 1250 13231 1389 l].prrlclit_ron 3000 2x600; 36000 3.6000 36000�J 36000 MISC. 160 1500! 1890. 1885 2084,•_,• 2188 _. r __7771.. _..._._,......._.�.. Total 04'. Exp 5450 43700 66870 68414 70034 71736 7777 ... , ,.. .__. 1777 ... PayroN expenses are - U Nora 19320 86940 266616 306608, . 352600 40541x0 ' projeoiad to tncreso, Owners ! F�groll Expense 10'1b.1.. Total Payroll 4000 233"s _25652 _240001 11094! 122034 552A7T 32182 353998 63480 407097 73002 486182 83952 639388 • 15%pory*or _ __, Tofu E,xpensss. 35692 2156071 414354 526t27� " 585668 ..654!34}- _. _ Drofd Before Taxes 15857 6,4750 . ._, 208828 _. 221172: _. 232161 241276 Submitted into tho public record in connerl-lon v,w item S^I l on Walter Format t City Glt�r1-