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5/26/89 <br />PROJECT SYNOPSIS FOR MAC'S MODELS PURCHASE OF THE. SUBJECT <br />PREMISES - 75 SOUTH OWASSO BLVD W. LITTLE CANADA <br />Mac's Models is a continuous 15, year business with its origin and <br />entire operating history on the near north side of St Paul. It was <br />originally incorporated by Charles McCracken in 1974 and began <br />doing business in Roseville on North Dale. In 1976 the business <br />was moved to a store front on North Rice Street. Mac's did <br />business on Rice street until July of 1988, when due to a loss of <br />leased property, the business was moved to a strip mall at the <br />intersection of 35E and Larpenteur Ave. The principle business of <br />Mac's Models is the distribution and sales of Radio controlled <br />hobby merchandise. The Radio Control hobby has been one of the <br />fastest growing sales and use categories in leisure time activities <br />for many years. It has been the largest growing hobby in America <br />at least five of the last ten years. Radio controlled airplanes have <br />traditionally been the mainstay of the hobby industry, but for the <br />last five years, the radio controlled car market has experienced <br />growth which has been unprecedented in any hobby sales <br />category. The track we intend to install would be for the use of <br />1 /10th scale electric cars. These vehicles are battery operated, <br />which means they are virtually noiseless and create no exhaust <br />gases. <br />The Nelson Family, current owners of Mac's Models, purchased the <br />business in the fall of 1978. The principle owners all have homes <br />in the near north suburban area, with two families living on Lake <br />Owasso in Shoreview, and a third family residing on North <br />Edgerton Ave in St Paul. The Nelsons have been seeking to <br />purchase a piece of commercial property on which to operate their <br />businesses for the last 5 years. They are looking to make a long <br />range, stable investment in such a property, and the premises in <br />concern in Little Canada would be an ideal location; close to home <br />yet commercially suitable, with excellent visibility and good <br />freeway access. Financing for the project would be underwritten <br />by Norwest. Collateral for the financing will be provided by <br />Dr. and Mrs. Nelson. Dr. Nelson is a sQnor partner in Rice Street <br />Clinic and is co- medical director for the Share corporation. The <br />Nelsons have lived on the east side of Lake Owasso for 23- years. <br />Page 33 <br />