HRA Minutes 03-14-2000
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MINUTES
SPECIAL MEETING
MONTICELLO HOUSING AND REDEVELOPMENT AUTHORITY
Tuesday, March 14,2000 - 4:30 p.m.
City Hall- 505 Walnut Street
MEMBERS PRESENT:
Chair Bob Murray, Vice Chair Darrin Lahr, and Dan Frie.
MEMBERS ABSENT:
Brad Barger and Steve Andrews.
COUNCIL LIAISON ABSENT:
Brian Stumpf
STAFF PRESENT: Executive Director Ollie Koropchak.
1. Call to Order.
Chair Murray called the special HRA meeting to order at 4:30 p.m.
2.
Consideration to approve the Estoppel Certificate associated with the Contract for Private
Development between Twin City Die Castings Company. the lIRA. and the City.
Koropchak noted the execution copy of the Estoppel Certificate had arrived and includes
the recommendation of Attorney Greensweig to add Twin City Die Castings as a party to
the Certificate. Attorney Greensweig reviewed the execution copy and recommended no
additional changes. The City Council approved the Certificate on March 13,2000.
Additional1y, the City Council approved changing the construction completion date for
Phase I from June 1,2000 to September 1,2000.
Bob Murray made a motion to approve the Estoppel Certificate, acknowledging the
change in the construction commencement date from December 1, 1999, to January 1,
2000, and approving and acknowledging the change of the construction completion date
for Phase 1 from June 1, 2000, to September 1, 2000, within the Contract for Private
Development between Twin City Die Castings Company, the lIRA, and the City of
Monticel1o. Darrin Lahr seconded the motion and with no further discussion, the motion
passed unanimously.
3. Consideration to approve the Subordination Agreement associated with the Contract for
Private Development between Twin City Die Castings Company. the lIRA. and the City.
Koropchak noted the execution copy of the Subordination Agreement had arrived and
includes the recommendations of Attorney Greensweig to add a provision to the
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HRA Minutes - 3/14/00
Agreement: The Authority has the ability to cure upon defa.ult of the Contract and to add
Twin City Die Castings Company as a party to the Agreement. Attorney Greensweig
reviewed the execution copy and recommended no additional changes.
The City Council approved the Subordination Agreement on March 13,2000.
Dan Frie made a motion to approve the Subordination Agreement associated with the
Contract for Private Development between Twin City Die Castings Company, the lIRA,
and the City. Darrin Lahr seconded the motion and with no further discussion, the motion
passed unanimously.
4.
Consideration to review and discuss potential TIP assistance for Profile Powder Coating.
Inc.
The Commissioners reviewed the proposed job and wage goals and the estimated TIP cash
flow based on a 30,000 sq ft block or tip-up panel building. It was noted this facility
would house a new process for wood finishing whereas the Rogers facility's process is
metal finishing. That business would remain in Rogers. The closest wood finishing
facility is located in Michigan. This process being fairly new leaves the potential for
growth or the difficulty of acceptance to a new process. Koropchak noted their lender is
Security State Bank of Albertvitte and the company has submitted proposals to various
building contractors. They would like to be operational late fall. The owner lives in Big
Lake and prefers a Monticel1o location because of Interstate 94.
Koropchak noted from the lender's prospective the pay-as-you-go financing method was
acceptable; however, no financial statements have been submitted to the State, CMIF, or
the City. Monticello has not been selected as the site location for the new facility.
Stating this is not an approval of TIF assistance, the Commissioners suggested a range of
$100,000 to $125,000 of pay-as-you-go TIF assistance as a guide. This would allow for
an early decertification.
5. Other Business.
Koropchak advised the Commissioners the City Council and Planning Commission
approved the conditional use permit for Skipper's Pool & Spas subject to certain
conditions. Attorney Bubul has been authorized to prepare the Lease Agreement
between Skipper's and the HRA as per the HRA approval and Council approval.
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HRA Minutes - 3/14/00
6.
Adjournment.
The HRA meeting adjourned at 5:10 p.m.
C0~.\~^~~
HRA Executive Director
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