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EDA Agenda 09-11-2019AGENDA REGULAR MEETING - ECONOMIC DEVELOPMENT AUTHORITY (EDA) Wednesday, September llth, 2019 — 6:00 p.m. Mississippi Room, Monticello Community Center Commissioners: President Steve Johnson, Vice President Bill Tapper, Treasurer Jon Morphew, Tracy Hinz, 011ie Koropchak-White and Councilmembers Lloyd Hilgart and Jim Davidson Staff: Executive Director Jim Thares, Jeff O'Neill, Angela Schumann, Wayne Oberg and Jacob Thunander 1. Call to Order 2. Roll Call 3. Consideration of additional agenda items 4. Consent Agenda a. Consideration of approving Regular Meeting Minutes — August 14, 2019 b. Consideration of approving Regular Meeting Minutes — August 28, 2019 c. Consideration of approving payment of Available TIF Grant funds to Kopp Concrete and Kraemer Excavating, contractor vendors of Rivertown Residential Suites, LLC, in the amount of $204,010 and $25,124.65 respectively for underground parking structure expenses in support of a multi-family development in TIF District #1-40 d. Consideration of authorizing transfer of previously approved fa�ade funding for TriCambra Foods, Inc. dba Cornerstone Cafe to escrow agent, Riverwood Bank, in the amount of $100,0001ess building permit fees e. Consideration of approving payment of bills Regular Agenda 5. Consideration of Resolution #2019-09 approving GMEF Loan to Ausco Design and Marketing, LLC in the amount of $23,850 6. Director's Report 7. Closed Session — Consideration of recessing to closed session to develop or consider offers or counter-offers for the purchase or sale of real or personal property pursuant to Minnesota Statute 13D.05, Subdivision 3(c)(3). Property Address: 300 4TH ST E— PID #155-019-008010 8. Adj ourn MINUTE S REGULAR MEETING - ECONOMIC DEVELOPMENT AUTHORITY (EDA) Wednesday, August 14th, 2019 — 6:00 p.m. Mississippi Room, Monticello Community Center Commissioners Present: Steve Johnson, Bill Tapper, Tracy Hinz, 011ie Koropchak-White, Lloyd Hilgart, and Jim Davidson Commissioners Absent: Jon Morphew Staff Present: 1. Call to Order Jim Thares and Angela Schumann Steve Johnson called the Regular Meeting of the EDA to order at 6 p.m. 2. Roll Call 3. Consideration of additional a�enda items None. � 4. Consent Agenda BILL TAPPER MOVED TO APPROVE THE CONSENT AGENDA. OLLIE KOROPCHAK-WHITE SECONDED THE MOTION. MOTION CARR�D, 6-0. a. Consideration of approvin� Re�ular Meetin� Minutes — Julv 10, 2019 Recommendation: Approve Regular Meeting Minutes — July 10, 2019. b. Consideration of approvin� Workshop Meetin� Minutes — Julv 10, 2019 Recommendation: Approve Workshop Meeting Minutes — July 10, 2019. c. Consideration of approvin� Special Meetin� Minutes — Julv 31, 2019 Recommendation: Approve Special Meeting Minutes — July 31, 2019. d. Consideration of adoptin� Resolution #2019-07 approvin� EDA Bvlaws Amendment establishin� a Second Monthly Meetin� Recommendation: Adopt EDA Resolution #2019-07 approving the changes to the Bylaws establishing a second monthly meeting time. e. Consideration of approvin� pavment of bills Recommendation: Approve payment of bills through July, 2019. Regular Agenda 5. Consideration of Letter of Intent for UMC, Inc. Development Proposal Jim Thares introduced the item and noted that UMC, known as Proj ect Novus, is looking at an expansion of their facility. They would like to construct a new 40,000 square foot building on the site adjacent to their current 72,000 square foot facility. They expect to also add 60 full time employees. Economic Development Authority Minutes — August 14th, 2019 Page 1 � 3 Thares noted a draft Letter of Intent (LOI) between UMC and the City of Monticello has been proposed. He also noted that the LOI was non-binding and would lead up to a preliminary development agreement or a standard development agreement. Thares asked the owner of UMC, Don Tomann to speak. Tomann introduced his staff and the Decklan Group. Tomann provided the history of the company explaining the type of work they do in precision machining. He briefly explained the goals of the new project. Tim Dolan, Decklan Group, explained the expansion project goals. He noted that the goal was to break ground late this year. Dolan also said the company did look into relocating outside of Monticello and decided to keep the proj ect here. Bill Tapper asked if Tomann if he was able to review the LOI and had any questions regarding the items. Tomann said he reviewed the LOI and was comfortable with it. The EDA commended UMC for the work they have complete and thanked them for their continued investment in Monticello. BILL TAPPER MOVED TO AUTHORIZE ENTERING 1NT0 A LOI WITH UMC, 1NC. LAYING OUT 1NTENTIONS AND RESPONSIBILITIES AS THE BOTH PARTIES WORK TOWARD THE GOAL OF COMPLETING A DEVELOPMENT AGREEMENT RELATED TO THE PROPOSED DEVELOPMENT OF A NEW MAN UFACTURING FACILITY. OLLIE KOROPCHAK-WHITE SECONDED THE MOTION. MOTION CARR�D, 6-0. 6. Consideration of acceptance of Economic Development Tax Increment Financin� (TIF) District Application bv UMC, Inc. and further consideration of Minnesota Investment Fund (MIF) and Job Creation Fund (JCF) �rant recommendations to the Citv Council Decision Item One TRACY HINZ MOVED to accept the Economic Development TIF Application submittal from UMC. BILL TAPPER SECONDED THE MOTION. MOTION CARRIED, 6-0. Decision Item Two OLLIE KOROPCHAK-WHITE MOVED TO RECOMMEND THAT THE CITY COUNCIL AUTHORIZE SUBMITTAL OF A MIF GRANT APPLICATION 1N SUPPORT OF THE UMC EXPANSION. BILL TAPPER SECONDED THE MOTION. MOTION CARRIED, 6-0. Decision Item Three BILL TAPPER MOVED TO RECOMMEND THAT THE CITY COUNCIL AUTHORIZE SUBMITTAL OF A JCF GRANT APPLICATION 1N SUPPORT OF THE UMC EXPANSION. LLOYD HILGART SECONDED THE MOTION. MOTION CARRIED, 6-0. Economic Development Authority Minutes — August 14th, 2019 Page 2 � 3 7. Consideration of Adoptin� Resolution #2019-08 approvin� 2020 HRA Propertv Tax Levv in the amount of $355,000 and 2020 EDA Bud�et in the amount of $360,241 Jim Thares noted that the highest levy authority that the EDA could be establish for 2020 is $355,000. This is an increase of $7,000 from 2019. The recommendation of the EDA would go to the City Council for preliminary consideration at their meeting. Steve Johnson asked if the money allocated to the EDA would be flexible in how it was spent. Thares confirmed. BILL TAPPER MOVED TO ADOPT RESOLUTION #2019-08 APPROVING THE 2020 HRA SPECIAL BENEFIT PROPERTY TAX LEVY 1N THE AMOUNT OF $355,000 AND THE PROPOSED 2020 EDA BUDGET AS PRESENTED AND FORWARDING TO THE CITY COUNCIL FOR FURTHER CONSIDERATION AT ITS SEPTEMBER 9, 2019 MEETING. OLLIE KOROPCHAK-WHITE SECONDED THE MOTION. MOTION CARR�D, 6-0. 8. Director's Report Jim Thares provided the Director's report. He explained a recent conference that he attended with Greater MSP. Thares also provided the prospect list. � 9. Closed Session — Consideration of recessin� to closed session to develop or consider offers or counter-offers for the purchase or sale of real or personal propertv pursuant to Minnesota Statute 13D.05, Subdivision 3(c)(3). Propertv Address and/or PID #155-223-000010 & 155-194-000010 Propertv Address: 216 PINE ST — PID #155-010-034010 Propertv Address: 300 4TH ST E— PID #155-019-008010 10. Adiourn TRACY H1NZ MOVED TO ADJOURN THE MEETING AT 7:08 AM JIM DAVIDSON SECONDED THE MOTION. MOTION CARRIED, 6-0. Recorder: Jacob Thunander Approved: September 11, 2019 Attest: Jim Thares, Economic Development Director Economic Development Authority Minutes — August 14th, 2019 Page 3 � 3 MINUTE S JOINT ECONOMIC DEVELOPMENT AUTHORITY (EDA) AND CITY COUNCIL MEETING Wednesday, August 28th, 2019 — 7:00 a.m. Academy Room, Monticello Community Center Commissioners Present: Bill Tapper, Jon Morphew, Tracy Hinz, 011ie Koropchak-White, Lloyd Hilgart, and Jim Davidson Commissioners Absent: Steve Johnson City Council Present: City Council Absent: Staff Present: Brian Stumpf, Lloyd Hilgart, and Jim Davidson Charlotte Gabler and Bill Fair Jim Thares, Jeff O'Neill, Angela Schumann, Tammy Omdal (Northland Securities), Martha Ingram (Kennedy and Graven) 1. Call to Order Bill Tapper called the Joint Meeting of the EDA and City Council to order at 7 a.m. 2. Roll Call 3. Consideration of additional a�enda items 4. Consent Agenda None Regular Agenda � � 5. Global review of UMC, Inc. expansion, proposed land transaction, assistance packa�e and timeline Jim Thares introduced the item and noted that UMC was looking at expanding their business. The new 40,000 square foot building would be located on the parcel adjacent to their existing 72,000 square foot facility. UMC would add 60 new FTE jobs as part of the expansion. The project is estimated to cost about $8.7 million. The parcel UMC would like to acquire is owned by Shawn Weinand. In order for the transaction to occur, UMC has asked the EDA to purchase the land and in turn sell it to UMC for $1. Through state grants, $300,000 would be recovered by the EDA for the cost of the land. In order for Weinand to sell the land at a discounted rate, he asked that the City sell him its 20-acre parcel on Edmunson Avenue. The goal would be to build patio homes similar to the Autumn Ridge Villas proj ect. The EDA would need to establish a new TIF district to recover the full costs of the land. After the nine-year period of TIF, tax abetment could be used to return any funds not already recovered through TIF. Initial projections indicate that both TIF and Tax Abatement will be needed for the recovery of the land costs based on the present Economic Development Authority Minutes (Joint Meeting) — August 28th, 2019 Page 1 � 3 development proposal size and value. Lloyd Hilgart asked that if an additional expansion occurred on the new parcel including the proposed 40,000 square foot expansion, if the increment would change. Martha Ingram, Kennedy & Graven, confirmed and noted that the TIF district would need to be amended. Jim Thares explained that tax abatement has never been used in the City of Monticello. Tammy Omdal gave a detailed presentation of what tax abatement and TIF were and how they could both be used for the proj ect. Tammy noted that in an exhibit of the agenda a preliminary TIF calculation was determined. Darek Vetsch noted that the City of Otsego is currently completing the process for establishing a Tax abatement agreement in which Wright County has been asked to participate. This is Wright County's first proj ect like this. Thares reviewed the timeline of events for everything to go as expected. The schedule indicates that it may be possible to conclude all approvals by late November, 2019. This would still allow UMC to start grading if weather conditions permit. Several meeting attendees believe the timeline may be too aggressive. Discussion pursued regarding the TIF and Tax Abatement schedule. It was noted that the TIF District would last nine years and the Tax abatement policy could set up for a 15 year agreement, although it does not appear to be needed for that long based on the analysis of the overall investment and land costs. Darek Vetsch clarified that it looks though both the City and the County would need to allow approximately $120-$125,000 of tax abatement assistance to be provided to the project. Tammy Omdal confirmed this was correct. Thares asked if the County was optimistic about establishing the tax abatement policy. Vetsch noted that this proj ect was smaller in scale than Otsego. Vetsch explained that a preliminary request from the City should go to the Wright County board on September 9th. He will follow up with more meeting details. 6. Consideration of Memorandum of A�reement (MOA) for Public Works use of 112 West River Street Jim Thares explained that the Park's Department has indicated that they are in dire need for additional space. They have approached the EDA to consider allowing the Park's Department to use the space at 112 River Street. Thares explained the attached MOA that spells out the responsibilities of both parties. It was noted that the EDA, as they have requested, would incur no legal or building operational costs because of tor under the proposed MOA. Brian Stumpf noted frustration with holding the City to less than the same standards as the general public. He suggested that Public Works complete an inventory of their equipment and liquate anything that was unnecessary. Concerns with grandfathering were mentioned. Angela Schumann explained that the parcel was zoned CCD and public use of the Economic Development Authority Minutes (Joint Meeting) — August 28th, 2019 Page 2 � 3 building is permissible. 011ie Koropchak-White explained that the goal is for the building to stay in a substandard condition to allow it to qualify for a future Redevelopment TIF District. TRACY H1NZ MOVED TO AUTHORIZE ENTERING 1NT0 THE MOA BETWEEN THE EDA AND THE CITY PUBLIC WORKS DEPARTMENT FOR THE TEMPORARY USE OF A VACANT GARAGE FACILITY LOCATED AT 112 WEST RIVER STREET. JON MORPHEW SECONDED THE MOTION. MOTION CARRIED, 6-0. 7. Director's Report Jim Thares provided the Economic Development Director's report. He provided an update regarding Ausco Design. It was reported ined that Wright County Economic Development Partnership would approve a loan of $21,750 to Ausco for the purchase of real estate and upgrading of a facility. The approval is however contingent on the EDA also participating with a loan of the same amount. Duane Northagen, WCEDP Executive Director said if the EDA approves its loan, he will present the WCEDP proposal to the Wright County Board. The EDA asked for building inspection reports and conceptual plans. It was noted that the item would consider formal review at the EDA regular meeting on September 11. 8. Adiourn JON MORPHEW MOVED TO ADJOURN THE MEETING AT 8:10 AM OLLIE KOROPCHAK-WHITE SECONDED THE MOTION. MOTION CARR�D, 6-0. Recorder: Jacob Thunander Approved: September 11, 2019 Attest: Jim Thares, Economic Development Director Economic Development Authority Minutes (Joint Meeting) — August 28th, 2019 Page 3 � 3 EDA Agenda - 09/11/19 4c. Consideration of Authorizin� TIF Grant Pavment to Rivertown Residential Suites, LLC contractor vendors in the amount of $204,010 for underground parking structure materials expenses (JT) A. REFERENCE AND BACKGROUND: This item is to ask the EDA to authorize a TIF Grant Progress payment to Rivertown Residential Suites, LLC's (Briggs Apartment) contractor vendors, Kopp Concrete and Kraemer Excavating for underground parking structure materials expenses in the amount of $204,010 and $25,124.65 respectively. The first payment of $170,865.35, paid to Wells Concrete, was approved by the EDA in February, 2019. This payment request would use up the entire $400,000 TIF grant awarded to Rivertown Residential Suites, LLC. The Grant for the underground parking excavation and materials expenses was authorized by the EDA as a component of the financial assistance for the development. The Contract for Private Redevelopment was approved by the EDA at its July 10, 2018 meeting. A cover letter and the invoices reflecting the materials work for the proj ect are attached for review. All items in the Kopp Invoices are eligible grant expenditures. Al. STAFF IMPACT: The staff impact due to reviewing and processing the payment request items (invoices from Kopp Concrete) is relatively minimal. A2. BUDGET IMPACT: The budget impact of presenting the two invoices to the EDA to authorize release of grant funds is negligible. The cost of reviewing and presenting the payment request to the EDA, including legal counsel advice, will be covered by the developer's escrow deposit. The EDA previously committed to the TIF Grant payment for underground parking expenses when it approved and entered into the Contract for Private Development with Briggs' Rivertown Residential Suites, LLC. The extra uncommitted increment in TIF #1-19 was used to make the first installment payment to Brigg's contractor vendor, Wells Concrete. Remaining Grant payments will also be taken from TIF #1-19 and #1-24. As of August 31, 2019, the FUND balance of TIF #1-19 is $98,873 while the available FUND balance in TIF #1-24 is $190,311. B. ALTERNATIVE ACTIONS: L Motion to authorize a TIF Grant progress payment to Rivertown Residential Suites, LLC's contractor vendors, Kopp Concrete and Kraemer Excavating for underground parking materials expenses in the amount of $204,010 and $25, 124.65 respectively. 2. Motion to deny authorization of a TIF Grant progress payments. 3. Motion to table consideration of authorizing a TIF Grant progress payments. EDA Agenda - 09/11/19 C. STAFF RECOMMENDATION: Staff recommends Alternative #1. The developer has submitted the correct documentation asking for payment of completed eligible items per the Contract for Private Redevelopment. Sufficient funds are available in TIF #-19 and #1-24. This payment request will complete the Grant payments for the Rivertown Residential Suites, LLC development. D. SUPPORTING DATA: A. Letter from Pat Briggs B. Invoice Kopp Concrete C. Invoice from Kramer Excavating D. Contract for Private Redevelopment with Rivertown Residential Suites, LLC �`��` �� . ��,�- �, � . �� ; , ,� . , �.. � f ' s r � "�� ) i i = .. . � September 9, 2019 Jim Thares, Economic Development Manager Monticeflo Economic Development Authority Members City of Monticello 505 Walnut Street, Suite 1 Monticello, MN 55362 RE: Request for Znd grant payment to be released Dear Mr. Thares and Monticello, Economic Development Authority Members: Attached are invoices to be paid directly from EDA to Vendor for Project 2018-008. $204,010.00 Kopp Concrete (Invoices 12d43 & 12344) $025,124.65 Kraemer Excavating (Project #19-3011) —� T�_ � � ,,� � � �.� t�� 3 � �"�� •+.n �Uv I am asking that you bring this request for payment to the attention of the EDA at your earliest convenience. Thank you for your time in this regard. Sincerely, Pat Briggs President, The Briggs Companies � � KOPP CONCRETE INC 16455 122nd STREET BECKER, MN 55308 OFFICE: (763) 263-9479 E-MAIL: billkopp@koppconcrete.co Bill To THG BRIGGS COMPANIES 633 UPLAND AVENUE SUITE C ELK RIVF.R. Iv1N 55330 Item iVOTE Poured ��alls c� Footings Poured «alls R Footi�igs Poured ��alls �f: Footings Footii�gs Poured Walis I'ootin�s Footings Footines Footings Footings Footings Poured ��alls & Footinos Poured Walls �5 ioFZ invoice Date Invoice # 6l28/2U 19 12043 Description Concrete Rebar Consiruction & W'aterprootin� for Structured Underground Parking Garage �0�1' - P�RIn1ETER WALLS 28' - VENT WAI,LS 319' - STOOP & �V[NG �VALLS 41' - !N'f f OUT !N'C WALL i 1 - 10' PADS 3 - 7'6" PADS 1 - 6'6" PAD 2 - d'6" PADS l3 - 3' Pr1D5 GLEVATOR PAD PUMP CHARGES WATER.PRf)OP[NG /� . <� � v ` �,v � ZU`� � oi � Total P.O. No. Am ou nt 31,G-18.00 3.42a.OD .i3.31 �.00 1.737.00 7.202.Q0 28.5? 3.00 3,G43.U0 760.00 �26.00 1,521.00 2,809.00 3.000.00 I 8,9�18.00 $187.160.00 Balance Due s�a�,i6o.00 KOPP CONCRETE INC 16455 122nd STREET BECKER, MN 55308 OFFICE: (763) 263-9479 E-MAIL: bitlkopp@koppconcrete.co Bill To THE BRIGGS COIviPANIES 633 UPLAND AVENUE SUITE C ELK RIVER, MN 5�330 Invoice Date Invoice # 8/8/2019 12344 N 0 0. Z O � Z � � CW� ��Q W Z�=1" �z o Q�i vi ai vi � rn z � O � Q O �o a � d a � � N J M � � w�'� �� O�� H- �z LCN� � W 'o � a O a U � z � O w U � V Z �� Qa. � � 3 O= W � 0 $ V � � � a�� a�� g N �� a� 09� � �� c Z o� V �� Qo, o 0 0 o d � $ ti N O � m / 0 � � rn� a�� t�q�� iC O �` y 9 � € ��k' Qa , � ��.� ... 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Definitions ..........................................................................................................2 Section 2.1. Section 2.2. Section 3.1. Section 3.2. Section 3.3. Section 3.4. Section 3.5. Section 3.6. ARTICLE II Representations and Warranties Representations by the Authority .................................... Representations and Warranties by the Redeveloper...... ARTICLE III Property Acquisition; Public Redevelopment Costs .............................5 .............................5 Status of the Redevelopment Property ...............................................................7 EnvironmentalConditions .................................................................................7 Public Redevelopment Costs; Issuance of Note ................................................7 OtherAssistance ................................................................................................7 Payment of Administrative Costs ......................................................................8 NoBusiness Subsidy ..........................................................................................9 ARTICLE IV Construction of Minimum Improvements Section 4.1. Construction of Minimum Improvements .......................................................10 Section 4.2. Construction Plans ...........................................................................................10 Section 4.3. Completion of Construction .............................................................................11 Section 4.4. Certificate of Completion ................................................................................11 Section 4.5. Records and Reports ........................................................................................11 Section4.6. Income Limits ..................................................................................................11 ARTICLE V Insurance Section5.1. Insurance ..........................................................................................................14 Section5.2. Subordination ...................................................................................................15 ARTICLE VI Tax Increment; Taxes Section 6.1. Right to Collect Delinquent Taxes ...................................................................16 Section6.2. Review of Taxes ..............................................................................................16 i 521619v3 MNI MN190-156 ARTICLE VII Financing Section7.1. Generally ..........................................................................................................18 Section 7.2. Authority's Option to Cure Default on Mortgage ............................................18 Section 7.3. Modification; Subordination ............................................................................18 ARTICLE VIII Prohibitions Against Assignment and Transfer; Indemnification Section 8.1. Representation as to Redevelopment ...............................................................19 Section 8.2. Prohibition Against Redeveloper's Transfer of Property and Assignment of Agreement ...............................................................................19 Section 8.3. Release and Indemnification Covenants ..........................................................21 Section 9.1. Section 9.2. Section 9.3. Section 9.4. Section 9.5. Section 9.6. Section 10.1. Section 10.2. Section 10.3. Section 10.4. Section 10.5. Section 10.6. Section 10.7. Section 10.8. Section 10.9. Section 10.10 Section 10.11 Section 10.12 SCHEDULE A SCHEDULE B SCHEDULE C SCHEDULE D ARTICLE IX Events of Default Events of Default Defined ................................ Remedies on Default ......................................... No Remedy Exclusive ....................................... No Additional Waiver Implied by One Waiver Attorney Fees .................................................... Redevelo er's Remedies on Default ..............................................22 ..............................................22 ..............................................22 ..............................................23 ..............................................23 p................................................................23 ARTICLE X Additional Provisions Conflict of Interests; Authority Representatives Not Individually Liable.......24 Equal Employment Opportunity ......................................................................24 Restrictions on Use ..........................................................................................24 Provisions Not Merged With Deed ..................................................................24 Titles of Articles and Sections .........................................................................24 Noticesand Demands ......................................................................................24 Counterparts.....................................................................................................25 Recording.........................................................................................................25 Amendm ent . . .. . . . . . . . . . . . . . . . . . . . . . . . . . .... . . . . . . . . . . . . . . . . .. . . . .. . . .. .. . . . . . . . . . . .. . . . .. . . . . . . . . . . . . . .. . ... . . . . 2 5 AuthorityApprovals ........................................................................................25 Termination.... . ............... .... .......... .............................................. . . ....... .......... ...2 5 Choice of Law and Venue ................................................................................25 521619v3 MNI MN190-156 Description of Redevelopment Property Authorizing Resolution Certificate of Completion Form of Income Verification ii CONTRACT FOR PRIVATE REDEVELOPMENT THIS AGREEMENT, made as of the l lth day of July, 2018, by and between CITY OF MONTICELLO ECONOMIC DEVELOPMENT AUTHORITY, a public body corporate and politic and a political subdivision under the laws of the State of Minnesota (the "Authority"), and RIVERTOWN RESIDENTIAL SUITES, LLC, a Minnesota limited liability company (the "Redeveloper"). WITNESSETH: WHEREAS, the Housing and Redevelopment Authority in and for the City of Monticello (the "HRA") and the City of Monticello (the "City") previously created the Central Monticello Redevelopment Project No. 1(the "Redevelopment Project") pursuant to Minnesota Statutes, Sections 469.001 through 469.047, as amended (the "HRA Act"), and adopted a redevelopment plan for the Redevelopment Project; and WHEREAS, the Authority was established pursuant to Minnesota Statutes, Sections 469.090 to 469.1081 (hereinafter referred to as the "Act"), and was authorized to transact business and exercise its powers by a resolution of the City Council of the City, which also transferred the control and responsibility for the Redevelopment Project from the HRA to the Authority; and WHEREAS, the Authority and City have approved a Tax Increment Financing Plan (the "TIF Plan") for Tax Increment Financing District No. 1-40 (the "TIF District"), a housing district within the Redevelopment Project, pursuant to Minnesota Statutes, Sections 469.174 to 469.1794 (the "TIF AcY'); and WHEREAS, pursuant to the Act, the Authority is authorized to undertake certain activities to facilitate the redevelopment of real property by private enterprise; and WHEREAS, the Redeveloper intends to acquire certain property within the TIF District (the "Redevelopment Property") and to construct a multifamily rental housing facility (the "Minimum Improvements") on the Redevelopment Property, and has requested tax increment financing assistance from the Authority to offset certain extraordinary costs of constructing such Minimum Improvements; and WHEREAS, the Authority believes that the redevelopment of the Redevelopment Property pursuant to this Agreement, and fulfillment generally of this Agreement, are in the vital and best interests of the City and the health, safety, morals, and welfare of its residents, and in accord with the public purposes and provisions of the applicable State and local laws and requirements under which the Redevelopment Project has been undertaken and is being assisted. NOW, THEREFORE, in consideration of the premises and the mutual obligations of the parties hereto, each of them does hereby covenant and agree with the other as follows: 1 521619v3 MNI MN190-156 ARTICLE I Definitions Section 1.1. Definitions. In this Agreement, unless a different meaning clearly appears from the context: "AcY' means the Economic Development Authority Act, Minnesota Statutes, Sections 469.090 to 469.1081, as amended. "Affiliate" means with respect to any entity (a) any corporation, partnership, liinited liability company or other business entity or person controlling, controlled by or under common control with the entity, and (b) any successor to such party by merger, acquisition, reorganization or similar transaction involving all or substantially all of the assets of such party (or such Affiliate). For the purpose hereof the words "controlling", "controlled by" and "under common control with" shall mean, with respect to any corporation, partnership, limited liability company or other business entity, the ownership of fifty percent or more of the voting interests in such entity or possession, directly or indirectly, of the power to direct or cause the direction of management policies of such entity, whether through ownership of voting securities or by contract or otherwise. "Agreement" means this Agreement, as the same may be from time to time modified, amended, or supplemented. "Authority" means the City of Monticello Economic Development Authority, or any successor or assign. "Authority Representative" means the Executive Director of the Authority, or any person designated by the Executive Director to act as the Authority Representative for the purposes of this Agreement. "Authorizing Resolution" means the resolution of the Authority, substantially in the fonn of attached Schedule B to be adopted by the Authority to authorize the issuance of the Note. "Available Tax Increment" means, on each Payment Date, 90 percent of the Tax Increment attributable to the Redevelopment Property and paid to the Authority by Wright County in the six months preceding the Payment Date. `Business Day" means any day except a Saturday, Sunday, legal holiday, a day on which the City is closed for business, or a day on which banking institutions in the City are authorized by law or executive order to close. "Certificate of Completion" means the certification provided to the Redeveloper, or the purchaser of any part, parcel or unit of the Redevelopment Property, pursuant to Section 4.4 of this Agreement. 2 521619v3 MNI MN190-156 "City" means the City of Monticello, Minnesota. "Construction Plans" means the plans, specifications, drawings and related documents on the construction work to be performed by the Redeveloper on the Redevelopment Property which a) shall be as detailed as the plans, specifications, drawings and related documents which are submitted to the appropriate building officials of the City, and (b) shall include at least the following for each building: (1) site plan; (2) foundation plan; (3) basement plans; (4) floor plan for each floor; (5) cross sections of each (length and width); (6) elevations (all sides); (7) landscape plan; and (8) such other plans or supplements to the foregoing plans as the Authority may reasonably request to allow it to ascertain the nature and quality of the proposed construction work. "County" means the County of Wright, Minnesota. "Event of Default" means an action by the Redeveloper listed in Article IX of this Agreement. "Holder" means the owner of a Mortgage. "HRA Act" means the Housing and Redevelopment Authority Act, Minnesota Statutes, Sections 469.001 to 469.047, as amended. "Minimum Improvements" means the construction by the Redeveloper on the Redevelopment Property of a multifamily rental housing facility, consisting of approximately 47 rental units, and associated structured underground and surface parking. "Mortgage" means any mortgage made by the Redeveloper which is secured, in whole or in part, with the Redevelopment Property and which is a permitted encumbrance pursuant to the provisions of Article VII of this Agreement. "Note" means the Tax Increment Revenue Note, substantially in the form contained in the Authorizing Resolution, to be delivered by the Authority to the Redeveloper in accordance with Section 3.3 hereof. "Payment Date" means August 1 of the year following substantial completion of the Minimum Improvements and each February 1 and August 1 thereafter pursuant to the terms of the Note. "Public Redevelopment Costs" has the meaning provided in Section 3.3(a) hereof. "Redeveloper" means Rivertown Residential Suites, LLC or its permitted successors and assigns. "Redevelopment Plan" means the Authority's Redevelopment Plan for the Redevelopment Project, as amended. 3 521619v3 MNI MN190-156 No. 1. "Redevelopment Project" means the Authority's Central Monticello Redevelopment Project "Redevelopment Property" has the meaning provided in Section 3.1 hereof. "State" means the State of Minnesota. "Tax Increment" means that portion of the real property taxes which is paid with respect to the Redevelopment Property and which is remitted to the Authority as tax increment pursuant to the Tax Increment Act. The term Tax Increment does not include any amounts retained by or payable to the State auditor under Section 469.177, subd. 11 of the Tax Increment Act. "Tax Increment Act" or "TIF Act" means the Tax Increment Financing Act, Minnesota Statutes, Sections 469.174 to 469.1794, as amended. "Tax Increment District" or "TIF District" means the Authority's Increment Financing District No. 1-40 (Briggs Multifamily Housing). "Tax Increment Plan" or "TIF Plan" means the Authority's Tax Increment Financing Plan for Tax Increment Financing District No. 1-40 (Briggs Multifamily Housing), as approved by the City on June 26, 2018, and as it may be amended. "Tax Official" means any County assessor; County auditor; County or State board of equalization, the commissioner of revenue of the State, or any State or federal district court, the tax court of the State, or the State Supreme Court. "Termination Date" means the earlier of the following: (a) the date when the Note has been fully paid, defeased or terminated in accordance with its terms; or (b) the date of termination of the Note and this Agreement by the Authority due to an Event of Default as set forth in Section 9.2 hereof. "Transfer" has the meaning set forth in Section 8.2(a) hereof. "Unavoidable Delays" means delays beyond the reasonable control of the party seeking to be excused as a result thereof which are the direct result of war, terrorism, strikes, other labor troubles, fire or other casualty to the Minimum Improvements, litigation commenced by third parties which, by injunction or other similar judicial action, directly results in delays, or acts of any federal, state or local governmental unit (other than the Authority in exercising its rights under this Agreement) which directly result in delays. Unavoidable Delays shall not include delays directly caused by actions or inaction of the Redeveloper in obtaining permits ar governmental approvals necessary to enable construction of the Minimum Improvements by the dates such construction is required under Section 4.3 of this Agreement. 4 521619v3 MNI MN190-156 ARTICLE II Renresentations and Warranties Section 2.1. Representations by the Authoritv. The Authority makes the following representations as the basis for the undertaking on its part herein contained: (a) The Authority is an economic development authority duly organized and existing under the laws of the State. Under the provisions of the Act, the Authority has the power to enter into this Agreement and carry out its obligations hereunder. (b) The activities of the Authority are undertaken to foster the redevelopment of certain real property which for a variety of reasons is presently underutilized, to create increased tax base in the City, to increase affordable housing opportunities in the City, and to stimulate further development of the TIF District and Redevelopment Project as a whole. Section 2.2. Representations and Warranties bv the Redeveloper. The Redeveloper represents and warrants that: (a) The Redeveloper is a limited liability company duly organized and in good standing under the laws of the State of Minnesota, is not in violation of any provisions of its organizational documents or the laws of the State, is duly authorized to transact business within the State, has power to enter into this Agreement and has duly authorized the execution, delivery and performance of this Agreement by proper action of its governing members. (b) After acquisition of the Redevelopment Property and on or prior to the dates specified in Section 4.3 hereof, the Redeveloper will commence and complete construction of, and operate and maintain the Minimum Improvements in accordance with the terms of this Agreement, the Redevelopment Plan and all applicable local, state and federal laws and regulations (including, but not limited to, environmental, zoning, building code and public health laws and regulations). (c) The Redeveloper has received no notice or communication from any local, state or federal official that the activities of the Redeveloper or the Authority in the Redevelopment Project may be or will be in violation of any environmental law or regulation (other than those notices or communications of which the Authority is aware). The Redeveloper is aware of no facts the existence of which would cause it to be in violation of or give any person a valid claim under any local, state or federal environmental law, regulation or review procedure. (d) The Redeveloper will obtain, in a timely manner, all required permits, licenses and approvals, and will meet, in a timely manner, all requirements of all applicable local, state and federal laws and regulations which must be obtained or met before the Minimum Improvements may be lawfully constructed. (e) Neither the execution and delivery of this Agreement, the consummation of the transactions contemplated hereby, nor the fulfillment of or compliance with the terms and 5 521619v3 MNI MN190-156 conditions of this Agreement is prevented, limited by or conflicts with or results in a breach of, the terms, conditions or provisions of any corparate restriction or any evidences of indebtedness, agreement or instrument of whatever nature to which the Redeveloper is now a party or by which it is bound, or constitutes a default under any of the foregoing. ( fl Whenever any Event of Default occurs and if the Authority shall employ attorneys or incur other expenses for the collection of payments due or to become due or for the enforcement of performance or observance of any obligation or agreement on the part of the Redeveloper under this Agreement, and the Authority prevails in such action, the Redeveloper agrees that it shall, within ten days of written demand by the Authority, pay to the Authority the reasonable fees of such attorneys and such other expenses so incurred by the Authority. (g) The proposed development by the Redeveloper hereunder would not occur but for the tax increment financing assistance being provided by the Authority hereunder. (h) The Redeveloper is not currently in default under any business subsidy agreement with any grantor, as such terms are defined in the Business Subsidy Act. (The remainder of this page is intentionally left blank.) 6 521619v3 MNI MN190-156 ARTICLE III Propertv Acquisition, Conveyance; Public Redevelopment Costs Section 3.1. Status of the Redevelopment Property. (a) As of the date of this Ageement, the Redeveloper has entered into a purchase agreement with a third party for the purchase of the Redevelopment Property. If all contingencies in the purchase agreement are satisfied, the Redeveloper will acquire the Redevelopment Property on or before July 12, 2018. The Authority has no obligation to acquire any portion of the Redevelopment Property. Section 3.2. Environmental Conditions. (a) The Redeveloper acknowledges that the Authority makes no representations or warranties as to the condition of the soils on the Redevelopment Property or the fitness of the Redevelopment Property for construction of the Minimum Improvements or any other purpose for which the Redeveloper may make use of such property, and that the assistance provided to the Redeveloper under this Agreement neither implies any responsibility by the Authority or the City for any contamination of the Redevelopment Property or poor soil conditions nor imposes any obligation on such parties to participate in any cleanup of the Redevelopment Property or correction of any soil problems (other than the financing described in this agreement). (b) Without limiting its obligations under Section 8.3 of this Agreement the Redeveloper further agrees that it will indemnify, defend, and hold harmless the Authority, the City, and their governing body members, officers, and employees, from any claims or actions arising out of the presence, if any, of hazardous wastes or pollutants existing on or in the Redevelopment Property, unless and to the extent that such hazardous wastes or pollutants are present as a result of the actions or omissions of the indemnitees. Nothing in this section will be construed to limit or affect any limitations on liability of the City or Authority under State or federal law, including without limitation Minnesota Statutes Sections 466.04 and 604.02. Section 3.3. Public Redevelopment Costs; Issuance of Note. (a) Generally. If the Redeveloper acquires the Redevelopment Property, in order to make construction of the Minimum Improvements financially feasible, the Authority will reimburse the Redeveloper for a portion of the Public Redevelopment Costs incurred by the Redeveloper in accordance with this section. The term "Public Redevelopment Costs" means costs of acquisition of the Redevelopment Property, and costs of site preparation, public improvements including without limitation street parking and sidewalk improvements, costs of construction of the affordable housing units of the Minimum Improvements, and structured parking on the Redevelopment Property (to the extent such structured parking costs exceed the amounts paid by the Authority under Section 3.4 hereo�. (b) Terms. To reimburse the Public Redevelopment Costs incurred by Redeveloper, the Authority shall issue and the Redeveloper shall purchase the Note in the maximum principal amount of $785,000. The Authority shall issue and deliver the Note upon compliance by the Redeveloper with the following conditions: 7 521619v3 MNI MN190-156 (i) delivered to the Authority one or more certificates signed by the Redeveloper's duly authorized representative, containing the following: (i) a statement that each cost identified in the certificate is a Public Redevelopment Cost as defined in this Agreement and that no part of such cost has been included in any previous certification; (ii) evidence that each identified Public Redevelopment Cost has been paid or incurred by or on behalf of the Redeveloper; and (iii) a statement that no uncured Event of Default by the Redeveloper has occurred and is continuing under the Agreement. The Authority may, if not satisfied that the conditions described herein have been met, return any certificate with a statement of the reasons why it is not acceptable and requesting such further documentation or clarification as the Authority may reasonably require; (ii) submitted and obtained Authority approval of financing in accordance with Section 7.1; and (iii) delivered to the Authority an investment letter in a form reasonably satisfactory to the Authority. The terms of the Note will be substantially those set forth in the form of the Note shown in Schedule B, and the Note will be subject to all terms of the Authorizing Resolution, which is incorporated herein by reference. (c) Termination of right to Note. All conditions for delivery of the Note must be met by no later than the date which is less than five (5) years after the date of certification of the TIF District by the County and complies with the so-called five-year rule under Section 469.1763, subd. 3(c) of the TIF Act. If the conditions for delivery of the Note are not satisfied by the date described in this paragraph, the Authority has no further obligations under this Section 3.3. (d) Assignment of Note. The Authority acknowledges that the Redeveloper may assign the Note to a third party. The Authority consents to such an assignment, conditioned upon receipt of an investment letter from such third party in a form reasonably acceptable to the Authority, and will reasonably execute any document evidencing such assignment within 30 days after receipt and review by Authority's legal counsel. (e) Qualifzcations. The Redeveloper understands and acknowledges that all Public Redevelopment Costs must be paid by the Redeveloper and will be reimbursed from Available Tax Increment pursuant to the terms of the Note. The Authority makes no representations or warranties regarding the amount of Tax Increment, or that revenues pledged to the Note will be sufficient to pay the principal and interest on the Note. Any estimates of Tax Increment prepared by the Authority or its financial advisors in connection with the TIF District or this Agreement are for the benefit of the Authority, and are not intended as representations on which the Redeveloper may rely. Public Redevelopment Costs exceeding the principal amount of the Note are the sole responsibility of Redeveloper. Section 3.4. Other Assistance. In addition to the reimbursement of a portion of Redeveloper's Public Redevelopment Costs through issuance of the Note, the Authority will pay a 8 521619v3 MNI MN190-156 portion of the costs of excavation and materials necessary to construct the structured parking required in connection with construction of the Minimum Improvements (the "Authority GranY'), pursuant to and in conformity with the Authority's Policy Statements for Management of Available Tax Increment Financing Funds, adopted by the Authority on January 10, 2018. The Authority Grant shall be in the amount of $400,000. The Authority shall disburse the Authority Grant to the Redeveloper within twenty (20) days after receipt by the Authority of evidence submitted by the Redeveloper of structured parking expenditures paid or incurred by the Redeveloper, in at least the amount of the Authority Grant. Section 3.5. Pavment of Administrative Costs. The Authority acknowledges that Redeveloper has deposited with the Authority $10,000. The Authority will use such deposit to pay "Administrative Costs," which term means out of pocket costs incurred by the Authority together with staff costs of the Authority, all attributable to or incurred in connection with the negotiation and preparation of this Agreement, the TIF Plan, and other documents and agreements in connection with the development of the Redevelopment Property. At Redeveloper's request, but no more often than monthly, the Authority will provide Redeveloper with a written report including invoices, time sheets or other comparable evidence of expenditures for Administrative Costs and the outstanding balance of funds deposited. If at any time the Authority determines that the deposit is insufficient to pay Administrative Costs, the Redeveloper is obligated to pay such shortfall within twenty (20) days after receipt of a written notice from the Authority containing evidence of the unpaid costs. If any balance of funds deposited remains upon issuance of the Certificate of Completion pursuant to Section 4.4 of this Agreement, the Authority shall promptly return such balance to Redeveloper; provided that Redeveloper remains obligated to pay subsequent Administrative Costs related to any amendments to this Agreement requested by Redeveloper. Upon termination of this Agreement in accordance with its terms, the Redeveloper remains obligated under this section for Administrative Costs incurred through the effective date of termination. Section 3.6. No Business Subsidv. The parties agree and understand that the primary purpose of any financial assistance to the Redeveloper under this Ageement is to facilitate development of housing and is therefore not a"business subsidy" within the meaning of Minnesota Statutes, Sections 116J.993 to 116J.995. The Redeveloper releases and waives any claim against the Authority and its governing body members, officers, agents, servants and employees thereof arising from application of the Business Subsidy Act to this Agreement, including without limitation any claim that the Authority failed to comply with the Business Subsidy Act with respect to this Agreement. (The remainder of this page is intentionally left blank.) 9 521619v3 MNI MN190-156 ARTICLE IV Construction of Minimum Improvements and Public Improvements Section 4.1. Construction of Minimum Improvements. The Redeveloper agrees that, after acquisition of the Redevelopment Property, and on or prior to the dates provided in Section 4.3 hereof, it will commence and complete construction of the Minimum Improvements on the Redevelopment Property, in accordance with approved Construction Plans and at all times while Redeveloper owns the Redevelopment Property, will operate and maintain, preserve and keep the respective components of the Minimum Improvements or cause such components be maintained, preserved and kept with the appurtenances and every part and parcel thereof, in good repair and condition. Section 4.2. Construction Plans. (a) Before commencing construction of the Minimum Improvements, the Redeveloper shall submit to the Authority Construction Plans. The Construction Plans shall provide for the construction of the Minimum Improvements and shall be in conformity with the TIF Plan, Redevelopment Plan, this Agreement, and all applicable State and local laws and regulations. The Authority Representative wi11 approve the Construction P1ans in writing i£ (i) the Construction Plans conform to the terms and conditions of this Agreement; (ii) the Construction Plans conform to the goals and objectives of the Redevelopment Plan; (iii) the Construction Plans conform to all applicable federal, state and local laws, ordinances, rules and regulations; (iv) the Construction Plans are adequate to provide for construction of the Minimum Improvements; (v) the funds available to the Redeveloper from all sources for construction of the Minimum Improvements are adequate to construct the project described in the Construction Plans; and (vi) no Event of Default has occurred. No approval by the Authority Representative shall relieve the Redeveloper of the obligation to comply with the terms of this Agreement or of the Development Plan, applicable federal, state and local laws, ordinances, rules and regulations, or to construct the Minimum Improvements in accordance therewith. No approval by the Authority Representative shall constitute a waiver of an Event of Default. If approval of the Construction Plans is requested by the Redeveloper in writing at the time of submission, such Construction Plans shall be deemed approved unless rejected in writing by the Authority Representative, in whole or in part. Such rejections shall set forth in detail the reasons therefor, and shall be made within 20 days after the date of their receipt by the Authority. If the Authority Representative rejects any Construction Plans in whole or in part, the Redeveloper shall submit new or corrected Construction Plans within 20 days after written notification to the Redeveloper of the rejection. The provisions of this Section relating to approval, rejection and resubmission of corrected Construction Plans shall continue to apply until the Construction Plans have been approved by the Authority. The Authority Representative's approval shall not be unreasonably withheld, delayed or conditioned. Said approval shall constitute a conclusive determination that the Construction Plans (and the Minimum Improvements constructed in accordance with said plans) comply to the Authority's satisfaction with the provisions of this Agreement relating thereto. The Redeveloper hereby waives any and all claims and causes of action whatsoever resulting from the review of the Construction Plans by the Authority and/or any changes in the Construction Plans requested by the Authority that comply with applicable codes and laws. Neither 10 521619v3 MNI MN190-156 the Authority, the City, nor any employee or official of the Authority or City shall be responsible in any manner whatsoever for any defect in the Construction Plans or in any work done pursuant to the Construction Plans, including changes requested by the Authority, if such changes comply with applicable codes and laws. (b) If the Redeveloper desires to make any material change in the Construction Plans or any component thereof after their approval by the Authority, the Redeveloper shall submit the proposed change to the Authority for its approval. For the purpose of this section, the term "material" means changes that increase or decrease construction costs by $500,000 or more. If the Construction Plans, as modified by the proposed change, conform to the requirements of this Section 4.2 of this Ageement with respect to such previously approved Construction Plans, the Authority shall approve the proposed change and notify the Redeveloper in writing of its approval. Such change in the Construction Plans shall, in any event, be deemed approved by the Authority unless rejected, in whole or in part, by written notice by the Authority to the Redeveloper, setting forth in detail the reasons therefor. Such rejection shall be made within ten (10) days after receipt of the notice of such change. The Authority's approval of any such change in the Construction Plans will not be unreasonably withheld. Section 4.3. Completion of Construction. Subject to Unavoidable Delays, the Redeveloper must commence construction of the Minimum Improvements by June l, 2019, and substantially complete construction of the Minimum Improvements by June 1, 2020. All work with respect to the Minimum Improvements to be constructed or provided by the Redeveloper on the Redevelopment Property shall be in substantial confonnity with the Construction Plans as submitted by the Redeveloper and approved by the Authority. The Redeveloper agrees for itself, its successors and assigns, and every successor in interest to the Redevelopment Property, or any part thereof, that the Redeveloper, and such successors and assigns, shall promptly begin and diligently prosecute to completion the redevelopment of the Redevelopment Property through the construction of the Minimum Improvements thereon, and that such construction shall in any event be commenced and completed within the period specified in this Section 4.3 of this Agreement. Subsequent to execution of this Agreement and until construction of the Minimum Improvements has been completed, the Redeveloper shall make reports, in such detail and at such times as may reasonably be requested by the Authority, as to the actual progress of the Redeveloper with respect to such construction. Section 4.4. Certificate of Completion. (a) Promptly after substantial completion of the Minimum Improvements in accordance with those provisions of the Agreement relating solely to the obligations of the Redeveloper to construct the Minimum Improvements (including the date for completion thereof j, the Authority will furnish the Redeveloper with a Certificate of Completion in substantially the form attached as Schedule C. Such certification by the Authority shall be a conclusive determination of satisfaction and termination of the agreements and covenants in the Agreement with respect to the obligations of the Redeveloper, and its successors and assigns, to construct the Minimum Improvements and the date for the completion thereof. Such certification and such determination shall not constitute evidence of compliance with or satisfaction of any obligation of the Redeveloper to any Holder of a Mortgage, or any insurer of a Mortgage, securing money loaned to finance the Minimum Improvements, or any part thereof. 11 521619v3 MNI MN190-156 (b) The Certificate of Completion provided for in this Section 4.4 of this Agreement shall be in such form as will enable it to be recorded in the proper office for the recordation of deeds and other instruments pertaining to the Redevelopment Property. If the Authority shall refuse or fail to provide any certification in accordance with the provisions of this Section 4.4 of this Agreement, the Authority shall, within thirty (30) days after written request by the Redeveloper, provide the Redeveloper with a written statement, indicating in adequate detail in what respects the Redeveloper has failed to complete the Minimum Improvements in accordance with the provisions of the Agreement, or is otherwise in default, and what measures or acts it will be necessary, in the opinion of the Authority, for the Redeveloper to take or perform in order to obtain such certification. (c) The construction of the Minimum Improvements shall be deemed to be commenced when foundations are completed (as reasonably determined by the Authority Representative); and shall be deemed to be substantially complete upon issuance of a certificate of occupancy far the Minimum Improvements, and upon determination by the Authority Representative that all related site iinprovements on the Redevelopment Property have been substantially completed in accordance with approved Construction Plans, subject to landscaping and/or public art that cannot be completed until seasonal conditions permit. Section 4.5. Records and Reports. (a) The Authority, through any authorized representatives, shall have the right at all reasonable times after reasonable written notice to inspect, examine and copy all books and records of Redeveloper relating to the Minimum Improvements. Such records shall be kept and maintained by Redeveloper through the Termination Date. (b) The Redeveloper also agrees to submit to the Authority written reports so as to allow the Authority to remain in compliance with reporting requirements under state statutes. The Authority will provide information to the Redeveloper regarding the required forms. Section 4.6. Income Limits. (a) The Authority and the Redeveloper understand and agree that the TIF District will constitute a"housing district" under Section 469.174, subdivision 11 of the TIF Act. The Redeveloper covenants that, for the duration of the TIF District, it will comply with all income requirements for a qualified residential rental project as defined in Section 142(d) of the Internal Revenue Code of 1986, as amended. Specifically, the Redeveloper agrees to reserve at least 20% of the units of the Minimum Improvements for families with incomes at or below 50% of area median income in the County, adjusted for family size. (b) On or before February 2 of each year for the duration of the TIF District, the Redeveloper shall submit evidence in substantially the form in Schedule D, showing that the Minimum Improvements meet the relevant income requirements. The parties agree and understand that the Redeveloper may retain a manager (the "Manager") who will review such evidence and will certify to the Authority that the TIF District remains a housing district under the TIF Act. Redeveloper is responsible for any costs incurred to compensate the Manager (or any successor) for 12 521619v3 MNI MN190-156 such activities. (c) If the Authority receives notice from the Manager, if any, the State department of revenue, the State auditor, any Tax Official or any court of competent jurisdiction that the TIF District does not qualify as a"housing district," such event shall be deemed an Event of Default under this Agreement. In addition to any remedies available to the Authority under Article IX hereof, the Redeveloper shall indemnify, defend and hold harmless the Authority for any damages or costs resulting therefrom. (The remainder of this page is intentionally left blank.) 13 521619v3 MNI MN190-156 ARTICLE V Insurance Section 5.1. Insurance. (a) The Redeveloper will provide and maintain at all times during the process of constructing the Minimum Improvements an All Risk Broad Form Basis Insurance Policy and, from time to time during that period, at the request of the Authority, furnish the Authority with proof of payment of premiums on policies covering the following: (i) Builder's risk insurance, written on the so-called `Builder's Risk -- Coinpleted Value Basis," in an amount equal to 100% of the principal amount of the Note, and with coverage available in nonreporting form on the so-called "all risk" form of policy. The interest of the Authority shall be protected in accordance with a clause in form and content satisfactory to the Authority; (ii) Comprehensive general liability insurance (including operations, contingent liability, operations of subcontractors, completed operations, and contractual liability insurance) together with an Owner's Protective Liability Policy with limits against bodily injury and property damage of not less than $1,000,000 for each occurrence (to accomplish the above-required limits, an umbrella excess liability policy may be used). The Authority shall be listed as an additional insured on the policy; and (iii) Workers' compensation insurance, with statutory coverage, provided that the Redeveloper may be self-insured with respect to all or any part of its liability for workers' compensation. (b) Upon completion of construction of the Minimum Improvements and prior to the Termination Date, the Redeveloper shall maintain, or cause to be maintained, at its cost and expense, and from time to time at the request of the Authority shall furnish proof of the payment of premiums on, insurance as follows: (i) Insurance against loss and/ar damage to the Minimum Improvements under a policy or policies covering such risks as are ordinarily insured against by similar businesses. (ii) Comprehensive general public liability insurance, including personal injury liability (with employee exclusion deleted), against liability for injuries to persons and/or property, in the minimum amount for each occurrence and for each year of $1,000,000, and shall be endorsed to show the City and Authority as additional insureds. (iii) Such other insurance, including workers' compensation insurance respecting all employees of the Redeveloper, in such amount as is customarily carried by like organizations engaged in like activities of comparable size and liability exposure; provided that the Redeveloper may be self-insured with respect to all or any part of its liability for workers' compensation. 14 521619v3 MNI MN190-156 (c) All insurance required in Article V of this Agreement shall be taken out and maintained in responsible insurance companies selected by the Redeveloper that are authorized under the laws of the State to assume the risks covered thereby. Upon request, the Redeveloper will deposit annually with the Authority policies evidencing all such insurance, or a certificate or certificates or binders of the respective insurers stating that such insurance is in force and effect. Unless otherwise provided in this Article V of this Agreement each policy shall contain a provision that the insurer shall not cancel nor modify it in such a way as to reduce the coverage provided below the amounts required herein without giving written notice to the Redeveloper and the Authority at least thirty (30) days before the cancellation or modification becomes effective. In lieu of separate policies, the Redeveloper may maintain a single policy, blanket or umbrella policies, or a combination thereof, having the coverage required herein, in which event the Redeveloper shall deposit with the Authority a certificate or certificates of the respective insurers as to the amount of coverage in force upon the Minimum Improvements. (d) The Redeveloper agrees to notify the Authority immediately in the case of damage exceeding $250,000 in amount to, or destruction of, the Minimum Improvements or any portion thereof resulting from fire or other casualty. In such event the Redeveloper will forthwith repair, reconstruct, and restore the Minimum Improvements to substantially the same or an improved condition or value as it existed prior to the event causing such damage and, to the extent necessary to accomplish such repair, reconstruction, and restoration, the Redeveloper will apply the net proceeds of any insurance relating to such damage received by the Redeveloper to the payment or reimbursement of the costs thereof. The Redeveloper shall complete the repair, reconstruction and restoration of the Minimum Improvements, regardless of whether the net proceeds of insurance received by the Redeveloper for such purposes are sufficient to pay for the same. Any net proceeds remaining after completion of such repairs, construction, and restoration shall be the property of the Redeveloper. (e) In lieu of its obligation to reconstruct the Minimum Improvements as set forth in this Section, the Redeveloper shall have the option of: (i) paying to the Authority an amount that, in the opinion of the Authority and its fiscal consultant, is sufficient to pay or redeem the outstanding principal and accrued interest on the Note, ar(ii) so long as the Redeveloper is the owner of the Note, waiving its right to receive subsequent payments under the Note. (� The Redeveloper and the Authority agree that all of the insurance provisions set forth in this Article V shall terminate upon the termination of this Agreement. Section 5.2. Subordination. Notwithstanding anything to the contrary herein, the rights of the Authority with respect to the receipt and application of any insurance proceeds shall, in all respects, be subordinate and subject to the rights of any Holder under a Mortgage allowed pursuant to Article VII of this Agreement. 15 521619v3 MNI MN190-156 ARTICLE VI Tax Increment; Taxes Section 6.1. Right to Collect Delinquent Taxes. The Redeveloper acknowledges that the Authority is providing substantial aid and assistance in furtherance of the redevelopment described in this Agreement, through reimbursement of the Public Redevelopment Costs. The Redeveloper understands that the Tax Increment pledged to payment of the Public Redevelopment Costs is derived from real estate taxes on the Minimum Improvements, which taxes must be promptly and timely paid. To that end, the Redeveloper agrees for itself, its successors and assigns, that in addition to the obligation pursuant to statute to pay real estate taxes, it is also obligated by reason of this Agreement to pay before delinquency all real estate taxes assessed against the Redevelopment Property and the Minimum Improvements. The Redeveloper acknowledges that this obligation creates a contractual right on behalf of the Authority through the Termination Date to sue the Redeveloper or its successors and assigns to collect delinquent real estate taxes and any penalty or interest thereon and to pay over the same as a tax pa}nnent to the county auditar. In any such suit, the Authority shall also be entitled to recover its costs, expenses and reasonable attorney fees. Section 6.2. Review of Taxes. The Redeveloper agrees that prior to the Termination Date, it will not cause a reduction in the real property taxes paid in respect of the Redevelopment Property through: (A) willful destruction of the Redevelopment Property or any part thereof; or (B) willful refusal to reconstruct damaged or destroyed property pursuant to Section 5.1 of this Agreement. The Redeveloper also agrees that it will not, prior to the Termination Date, apply for a deferral of property tax on the Redevelopment Property pursuant to any law, or transfer or permit transfer of the Redevelopment Property to any entity whose ownership or operation of the property would result in the Redevelopment Property being exempt from real estate taxes under State law (other than any portion thereof dedicated or conveyed to the City or Authority in accordance with this Agreement). (The remainder of this page is intentionally left blank.) 16 521619v3 MNI MN190-156 ARTICLE VII Financing Section 7.1. Generallv. (a) Before commencement of construction of the Minimum Improvements, the Redeveloper shall submit to the Authority or provide access thereto for review by Authority staff, consultants and agents, evidence reasonably satisfactory to the Authority that Redeveloper has available funds, or commitments to obtain funds, whether in the nature of mortgage financing, equity, gants, loans, or other sources sufficient to construct the Minimum Improvements, provided that any lender or grantor commitments shall be subject only to such conditions as are normal and custoinary in the commercial lending industry. (b) If the Authority finds that the financing is sufficiently committed and adequate in amount to pay the costs specified in paragraph (a) then the Authority shall notify the Redeveloper in writing of its approval. Such approval shall not be unreasonably withheld and either approval or rejection shall be given within twenty (20) days from the date when the Authority is provided the evidence of financing. A failure by the Authority to respond to such evidence of financing shall be deemed to constitute an approval hereunder. If the Authority rejects the evidence of financing as inadequate, it shall do so in writing specifying the basis for the rejection. In any event the Redeveloper shall submit adequate evidence of financing within ten (10) days after such rejection. Section 7.2. Authority's Option to Cure Default on Mort�a�e. In the event that there occurs a default under any Mortgage authorized pursuant to Section 7.1 of this Agreement, to the extent the Redeveloper is aware of such default, the Redeveloper shall cause the Authority to receive copies of any notice of default received by the Redeveloper from the holder of such Mortgage. Thereafter, the Authority shall have the right, but not the obligation, to cure any such default on behalf of the Redeveloper within such cure periods as are available to the Redeveloper under the Mortgage documents, if negotiated and permitted by the Holder. In the event there is an event of default under this Ageement, the Authority wi11 transmit to the Holder of any Mortgage and to the Redeveloper's Tax Credit Investor (as hereinafter defined) a copy of any notice of default given by the Authority pursuant to Article IX of this Agreement. Section 7.3. Modification; Subordination. In order to facilitate the securing of other financing, the Authority agrees to subordinate its rights under this Agreement provided that such subordination shall be subject to such reasonable terms and conditions as the Authority and Holder mutually agree in writing. Notwithstanding anything to the contrary herein, any subordination agreement must include the provision described in Section 7.2. 17 521619v3 MNI MN190-156 ARTICLE VIII Prohibitions Against Assignment and Transfer; Indemnification Section 8.1. Representation as to Redevelopment. The Redeveloper represents and agrees that its purchase of the Redevelopment Property, and its other undertakings pursuant to the Agreement, are, and will be used, for the purpose of redevelopment of the Redevelopment Property and not for speculation in land holding. Section 8.2. Prohibition Against Redevel�er's Transfer of Property and Assignment of Agreement. The Redeveloper represents and agrees that until the issuance of the Certificate of Completion for the Minimum Improvements: (a) Except as specifically described in this Agreement, the Redeveloper has not made or created and will not make or create or suffer to be made or created any total or partial sale, assi�mment, conveyance, or lease, or any trust or power, or transfer in any other mode or form of or with respect to this Agreement or the Redevelopment Property or any part thereof or any interest therein, or any contract or agreement to do any of the same, to any person or entity (collectively, a "Transfer"), without the prior written approval of the Authority's board of commissioners. The term "Transfer" does not include (i) encumbrances made or granted by way of security for, and only for, the purpose of obtaining construction, interim or permanent financing necessary to enable the Redeveloper or any successor in interest to the Redevelopment Property or to construct the Minimum Improvements or component thereof; (ii) any lease, license, easement or similar arrangement entered into in the ordinary course of business related to operation of the Minimum Improvements; (iii) admitting or removing limited partners or transferring direct or indirect limited partner interests or interest in the general partner of Redeveloper or admitting or removing members of any of Redeveloper's partners in accordance with the applicable organizational documents, or (iv) removing the general partner of Redeveloper for cause at the direction of its limited partner(s) (whether one or more, the "Tax Credit Investor") in accordance with Redeveloper's partnership agreement. (b) If the Redeveloper seeks to effect a Transfer requiring the approval of the Authority prior to issuance of the Certificate of Completion, the Authority shall be entitled to require as conditions to such Transfer that: (1) any proposed transferee shall have the qualifications and financial responsibility, in the reasonable judgment of the Authority, necessary and adequate to fulfill the obligations undertaken in this Agreement by the Redeveloper as to the portion of the Redevelopment Property to be transferred; and (2) Any proposed transferee, by instrument in writing satisfactory to the Authority and in form recordable in the public land records of Wright County, Minnesota, shall, for itself and its successors and assigns, and expressly for the benefit of the Authority, 18 521619v3 MNI MN]90-156 have expressly assumed all of the obligations of the Redeveloper under this Agreement as to the portion of the Redevelopment Property to be transferred and agreed to be subject to all the conditions and restrictions to which the Redeveloper is subject as to such portion; provided, however, that the fact that any transferee of, or any other successor in interest whatsoever to, the Redevelopment Property, or any part thereof, shall not, for whatever reason, have assumed such obligations or so agreed, and shall not (unless and only to the extent otherwise specifically provided in this Agreement or agreed to in writing by the Authority) deprive the Authority of any rights or remedies or controls with respect to the Redevelopment Property, the Minimum Improvements or any part thereof or the construction of the Minimum Improvements; it being the intent of the parties as expressed in this Agreement that (to the fullest extent permitted at law and in equity and excepting only in the manner and to the extent specifically provided otherwise in this Agreement) no transfer of, or change with respect to, ownership in the Redevelopment Property or any part thereof, or any interest therein, however consummated or occurring, and whether voluntary or involuntary, shall operate, legally, or practically, to deprive or limit the Authority of or with respect to any rights or remedies on controls provided in or resulting from this Agreement with respect to the Redevelopment Property that the Authority would have had, had there been no such transfer or change. In the absence of specific written agreement by the Authority to the contrary, no such transfer or approval by the Authority thereof shall be deemed to relieve the Redeveloper, or any other party bound in any way by this Agreement or otherwise with respect to the Redevelopment Property, from any of its obligations with respect thereto. (3) Any and a11 instruments and other legal documents involved in effecting the transfer of any interest in this Agreement or the Redevelopinent Property governed by this Article V1II, shall be in a form reasonably satisfactory to the Authority. (c) If the conditions described in paragaph (b) are satisfied then the Transfer will be approved and the Redeveloper shall be released from its obligation under this Agreement, as to the portion of the Redevelopment Property that is transferred, assigned, or otherwise conveyed. The provisions of this paragraph (c) apply to all subsequent transferors, assuming compliance with the terms of this Article. (d) Upon issuance of the Certificate of Completion, the Redeveloper may transfer or assign the Minimum Improvements and/or the Redeveloper's rights and obligations under this Agreement with respect to such property without the prior written consent of the Authority; provided that: (i) until the Termination Date the transferee or assignee is bound by all the Redeveloper's obligations hereunder with respect to the property and rights transferred. The Redeveloper shall submit to the Authority written evidence of any such transfer or assignment, including the transferee or assignee's express assumption of the Redeveloper's obligations under this Agreement. If the Redeveloper fails to provide such evidence of transfer and assumption, the Redeveloper shall remain bound by all obligations with respect to the subject property under this Agreement; and 19 521619v3 MNI MN190-156 (ii) upon compliance with clause (d)(i) above (whether the transfer occurred before or after issuance of the Certificate of Completion), the Redeveloper shall be released from its obligations under this Ageement with respect to the property transferred. The provisions of this paragraph (d) apply to all subsequent transferors, assuming compliance with the terms of this Article. Section 8.3. Release and Indemnification Covenants. (a) The Redeveloper releases from and covenants and agrees that the Authority and the governing body members, officers, agents, servants and employees thereof (the "Indemnified Parties") shall not be liable for and agrees to indemnify and hold harmless the Indemnified Parties against any loss or damage to property or any injury to or death of any person occurring at or about or resulting from any defect in the Minimum Improvements. (b) Except for any willful or negligent misrepresentation or any willful or wanton misconduct or negligence of the Indemnified Parties, the Redeveloper agrees to protect and defend the Indemnified Parties, now or forever, and further agrees to hold the Indemnified Parties harmless from any claim, demand, suit, action or other proceeding whatsoever by any person or entity whatsoever arising or purportedly arising from this Agreement, or the transactions contemplated hereby or the acquisition, construction, installation, ownership, and operation of the Minimum Improvements. (c) Except for any negligence of the Indemnified Parties (as defined in clause (b) above), and except for any breach by any of the Indemnified Parties of their obligations under this Agreement, the Indemnified Parties shall not be liable for any damage or injury to the persons or property of the Redeveloper or its officers, agents, servants or employees or any other person who may be about the Minimum Improvements due to any act of negligence of any person. (d) All covenants, stipulations, promises, agreements and obligations of the Authority contained herein shall be deemed to be the covenants, stipulations, promises, agreements and obligations of the Authority and not of any governing body member, officer, agent, servant or employee of the Authority in the individual capacity thereof. 20 521619v3 MNI MN 190-156 ARTICLE IX Events of Default Section 9.1. Events of Default Defined. The following shall be "Events of Default" under this Agreement and the term "Event of Default" shall mean, whenever it is used in this Agreement, any one or more of the following events, after the non-defaulting party provides 30 days written notice to the defaulting party of the event, but only if the event has not been cured within said 30 days or, if the event is by its nature incurable within 30 days, the defaulting party does not, within such 30-day period, provide assurances reasonably satisfactory to the party providing notice of default that the event will be cured and will be cured as soon as reasonably possible: (a) Failure by the Redeveloper or the Authority to observe or perform any material covenant, condition, obligation, or agreement on its part to be observed or performed under this Agreement; or (b) The Redeveloper: (i) files any petition in bankruptcy or for any reorganization, arrangement, composition, readjustment, liquidation, dissolution, or similar relief under the United States Bankruptcy Act or under any similar federal or State law; or (ii) makes an assignment for benefit of its creditors; (iii) admits in writing its inability to pay its debts generally as they become due; (iv) is adjudicated a bankrupt or insolvent. Section 9.2. Remedies on Default. Whenever any Event of Default referred to in Section 9.1 of this Agreement occurs, the non-defaulting party may: (a) Suspend its performance under this Agreement until it receives assurances that the defaulting party will cure its Event of Default and continue its performance under the Agreement. (b) Upon an Event of Default by the Redeveloper under this Agreement, the Authority may terminate the Note and this Agreement. (c) Take whatever action, including le�al, equitable, or administrative action, which may appear necessary or desirable to collect any payments due under this Agreement, or to enforce performance and observance of any obligation, agreement, or covenant under this Agreement, provided that nothing contained herein shall give the Authority the right to seek specific performance by Redeveloper of the construction of the Minimum Improvements. Section 9.3. No Remedy Exclusive. No remedy herein conferred upon or reserved to the Authority or Redeveloper is intended to be exclusive of any other available remedy or remedies, 21 521619v3 MNI MN190-156 but each and every such remedy shall be cumulative and shall be in addition to every other remedy given under this Agreement or now or hereafter existing at law or in equity or by statute. No delay or omission to exercise any right or power accruing upon any default shall impair any such right or power or shall be construed to be a waiver thereof, but any such right and power may be exercised from time to time and as often as may be deemed expedient. In order to entitle the Authority to exercise any remedy reserved to it, it shall not be necessary to give notice, other than such notice as may be required in this Article IX. Section 9.4. No Additional Waiver Implied by One Waiver. In the event any agreement contained in this Agreement should be breached by either party and thereafter waived by the other party, such waiver shall be limited to the particular breach so waived and shall not be deemed to waive any other concurrent, previous or subsequent breach hereunder. Section 9.5. Attornev Fees. Whenever any Event of Default occurs (as determined by a final court or administrative order or Redeveloper admissions) and if the Authority shall employ attorneys or incur other expenses for the collection of payments due or to become due or for the enforcement of performance or observance of any obligation or agreement on the part of the Redeveloper under this Agreement, the Redeveloper agrees that it shall, within 10 days of written demand by the Authority, pay to the Authority the reasonable fees of such attorneys and such other expenses so incurred by the Authority. Section 9.6 Redeveloper's Remedies on Default. If the Authority fails to make a payment when due in accordance with the terms of Sections 3.3 and 6.3(c) of this Agreement, Redeveloper may, after providing 30 days' written notice to the Authority of the Event of Default, as applicable, suspend or terminate its performance under this Ageement, permit Redeveloper to suspend or terminate its performance under this Agreement and/or take whatever action at law or in equity may appear necessary or desirable to Redeveloper to enforce performance of an outstanding payment obligation of the Authority under this Agreement. If Redeveloper terminates its obligations hereunder, this Agreement shall be deemed terminated and Redeveloper shall have no further obligations hereunder. 22 521619v3 MNI MN190-156 ARTICLE X Additional Provisions Section 10.1. Conflict of Interests; Authoritv Representatives Not Individually Liable. The Authority and the Redeveloper, to the best of their respective knowledge, represent and agree that no member, official, or employee of the Authority shall have any personal interest, direct or indirect, in the Agreement, nor shall any such member, official, or employee participate in any decision relating to the Agreement which affects his personal interests or the interests of any corporation, partnership, or association in which he is, directly or indirectly, interested. No member, official, or employee of the Authority shall be personally liable to the Redeveloper, or any successor in interest, in the event of any default or breach by the Authority or County or for any amount which may becoine due to the Redeveloper or successor or on any obligations under the terms of the Agreement. Section 10.2. Equal Employment Opportunitv. The Redeveloper, for itself and its successors and assigns, agrees that during the construction of the Minimum Improvements provided for in the Agreement it will comply with all applicable federal, state and ]ocal equal employment and non-discrimination laws and regulations. Section 10.3. Restrictions on Use. The Redeveloper agrees that until the Termination Date, the Redeveloper, and such successors and assigns, shall devote the Redevelopment Property to the operation of the Minimum Improvements for uses described in the definition of such term in this Agreement, and shall not discriminate upon the basis of race, color, creed, sex or national origin in the sale, lease, or rental or in the use or occupancy of the Redevelopment Property or any iinprovements erected or to be erected thereon, or any part thereof. Section 10.4. Provisions Not Merged With Deed. None of the provisions of this Agreement are intended to or shall be merged by reason of any deed transferring any interest in the Redevelopment Property and any such deed shall not be deemed to affect or impair the provisions and covenants of this Agreement. Section 10.5. Titles of Articles and Sections. Any titles of the several parts, Articles, and Sections of the Agreement are inserted for convenience of reference only and shall be disregarded in construing ar interpreting any of its provisions. Section 10.6. Notices and Demands. Except as otherwise expressly provided in this Agreement, a notice, demand, or other communication under the Agreement by either party to the other shall be sufficiently given or delivered if it is dispatched by registered or certified mail, postage prepaid, return receipt requested, or delivered personally; and (a) in the case of the Redeveloper, is addressed to or delivered personally to the Redeveloper at 633 Upland Avenue, Suite C, Elk River, Minnesota 55330; and 23 521619v3 MNI MN190-156 (b) in the case of the Authority, is addressed to or delivered personally to the Authority at 505 Walnut Street, Suite 1, Monticello, Minnesota 55362, Attn: Executive Director; or at such other address with respect to either such party as that party may, from time to time, designate in writing and forward to the other as provided in this Section. Section 10.7. Counterparts. This Ageement may be executed in any number of counterparts, each of which shall constitute one and the same instrument. Section 10.8. Recordin�. The Authority may record this Agreement and any amendments thereto with the Wright County recorder. The Redeveloper shall pay all costs for recording. Section 10.9. Amendment. This Agreement may be amended only by written agreement approved by the Authority and the Redeveloper. Section 10.10. Authority Ap rp ovals• Unless otherwise specified, any approval required by the Authority under this Agreement may be given by the Authority Representative. Section 10.11. Termination. This Agreeinent terminates on the Termination Date. Upon termnation of the Ageement, the Authority shall promptly execute any reasonable documents necessary to remove this Agreement from the title records of the Redevelopment Property. Section 10.12. Choice of Law and Venue. This Agreement shall be governed by and construed in accordance with the laws of the State of Minnesota. Any disputes, controversies, or claims arising out of this Agreement shall be heard in the state or federal courts of Minnesota, and all parties to this Agreement waive any objection to the jurisdiction of these courts, whether based on convenience or otherwise. 24 521619v3 MNl MNI90-156 IN WITNESS WHEREOF, the Authority has caused this Agreement to be duly executed in its name and behalf and its seal to be hereunto duly affixed and the Redeveloper has caused this Agreement to be duly executed in its name and behalf on or as of the date first above written. CITY OF MONTICELLO ECONOMIC DEVELOPMENT AUTHORITY B Its reside By /� Its xec tive Director STATE OF MINNESOTA ) ) SS. COUNTY OF WRIGHT ) The foregoing instrument was acknowledged before me this ;�1"'` day of. �� 2018 b ' , y�"�� `,►� j�-Y v�n and �'� �,-� � s�j�� ;t= �, , the President and Ex u� i��rector of the City of Monticello Economic Development Authority, a public body corporate and politic, on behalf of the Authority. �. � . � �/..� !J'1 " ' 'v' Notary Public �>��;.� VIGKI JAN IEERHOFF r ►rOTARY PUBLIC j ��',� MINNESOTA '3�- �' �Ay Commission ERP� 01f�1R041 25 521619v3 MNI MN190-156 STATE OF MINNESOTA ) SS. COUNTY OF ��,�" � ) The f�or,�oing in� trument was ackno� 2018 by �'`;� ,� � 1 �r � �' S , � Residential Suites, LL�; a Mi esota limited RIVERTOWN RESIDENTIAL SUITES, LLC, a Minnesota Limited Liability Company By Its G , � `t?� �z �ledged befare me this ��tay of ' � , he y�-� �� ; � �C f/"�/�,, `- of Rivertown liability company, on bc�ialf of the company. ;%��, � . / � �' ' Notary Public "� PATRICIA K. KOYICH ,, COMM. #6101660 Notary Public ° State of Minnes�e ' My Canmissia� Exph� t/'31I2�Q 26 521619v3 MN1 MN190-]56 SCHEDULE A Redevelopment Property Lots 1-3, Block 36, Plat of MONTICELLO, according to the recorded plat thereof, Wright County, Minnesota. A-1 521619v3 MNI MN190-156 SCHEDULE B AUTHORIZING RESOLUTION CITY OF MONTICELLO ECONOMIC DEVELOPMENT AUTHORITY RESOLUTION NO. RESOLUTION AWARDING THE SALE OF, AND PROVIDING THE FORM, TERMS, COVENANTS AND DIRECTIONS FOR THE ISSUANCE OF A TAX INCREMENT REVENUE NOTE TO RIVERTOWN RESIDENTIAL SUITES, LLC. BE IT RESOLVED BY the Board of Commissioners (`Board") of the City of Monticello Economic Development Authority, Monticello, Minnesota (the "Authority") as follows: Section 1. Authorization; Award of Sale. 1.01. Authorization. The Authority and the City of Monticello have approved the establishment of its Tax Increment Financing District No. l-40 (the "TIF District") within Central Monticello Redevelopment Project No. 1("Redevelopment Project"), and have adopted a tax increinent financing plan for the purpose of tinancing certain improvements within the Redevelopment Project. Pursuant to Minnesota Statutes, Section 469.178, the Authority is authorized to issue and sell its bonds for the purpose of financing a portion of the public redevelopment costs of the Redevelopment Project. Such bonds are payable from all or any portion of revenues derived from the TIF District and pledged to the payinent of the bonds. The Authority hereby finds and determines that it is in the best interests of the Authority that it issue and sell its Tax Increment Revenue Note (Briggs Housing Project) (the "Note") for the purpose of financing certain public redevelopment costs of the Redevelopment Project. 1.02. A�proval of Agreement; Issuance, Sale, and Terms of the Note. (a) The Contract for Private Redevelopinent between the Authority and Rivertown Residential Suites, LLC (the "Owner"), as presented to the Board, is hereby in all respects approved, subject to modifications that do not alter the substance of the transaction and that are approved by the President and Executive Director, provided that execution of the Agreement by such officials shall be conclusive evidence of approval. Authority staff and officials are authorized to take all actions necessary to perform the Authority's obligations under the Agreement as a whole, including without limitation execution of any docuinents to which the Authority is a party referenced in or attached to the Agreement, all as described in the Agreement. 521619v3 MNI MN 190-] 56 B_ 1 (b) The Authority hereby authorizes the President and Executive Director to issue the Note in accordance with the Agreeinent. All capitalized terms in this resolution have the meaning provided in the Agreement unless the context requires otherwise. (c) The Note shall be issued in the maximum aggregate principal amount of $785,000 to the Owner in consideration of certain eligible costs incurred by the Owner under the Agreement, shall be dated the date of delivery thereof, and shall bear interest at the lesser of Owner's actual mortgage financing rate or 5.50%, from the date of issue per annum to the earlier of maturity or prepayment. The Note will be issued in the principal amount of Public Redevelopment Costs submitted and approved in accordance with Section 3.3 of the Agreement. The Note is secured by Available Tax Increment, as further described in the form of the Note herein. The Authority hereby delegates to the Executive Director the determination of the date on which the Note is to be delivered, in accordance with the Agreement. Section 2. Fonn of Note. The Note shall be in substantially the forrn attached hereto as Exhibit A, with the blanks to be properly filled in and the principal and interest rate amounts adjusted as of the date of issue. Section 3. Terms, Execution and Delivery. 3.01. Denomination, Payment. The Note shall be issued as a single typewritten note numbered R-1. The Note shall be issuable only in fully registered fonn. Principal of and interest on the Note shall be payable by check or draft issued by the Registrar described herein. 3.02. Dates; Interest Payment Dates. Principal of and interest on the Note shall be payable by mail to the owner of record thereof as of the close of business on the fifteenth day of the month preceding the Payment Date, whether or not such day is a business day. 3.03. Registration. The Authority hereby appoints the City Finance Director to perfonn the functions of registrar, transfer agent and paying agent (the "Registrar"). The effect of registration and the rights and duties of the Authority and the Registrar with respect thereto shall be as follows: (a) Re ig ster. The Registrar shall keep at its office a bond register in which the Registrar shall provide for the registration of ownership of the Note and the registration of transfers and exchanges of the Note. (b) Transfer of Note. Subject to Section 3.03(d) hereof, within 15 days after surrender for transfer of the Note duly endorsed by the registered owner thereof or accompanied by a written instrument of transfer, in form reasonably satisfactory to the Registrar, duly executed by the registered owner thereof or by an attorney duly authorized by the registered owner in writing, and consent to such transfer by the Authority if required pursuant to the Agreement, the Registrar shall authenticate and deliver, in the name of the designated transferee or transferees, a new Note of a like aggregate principal amount and maturity, as requested by the 521619v3 MNl MN190-156 B_2 transferor. The Registrar may close the books for registration of any transfer after the fifteenth day of the month preceding each Pa}nnent Date and until such Payment Date. (c) Cancellation. The Note surrendered upon any transfer shall be promptly cancelled by the Registrar and thereafter disposed of as directed by the Authority. (d) Improper or Unauthorized Transfer. When the Note is presented to the Registrar for transfer, the Registrar may refuse to transfer the same until it is reasonably satisfied that the endorsement on such Note or separate instrument of transfer is legally authorized. The Registrar shall incur no liability for its refusal, in good faith, to make transfers which it, in its judgment, deems improper or unauthorized. (e) Persons Deemed Owners. The Authority and the Registrar may treat the person in whose name the Note is at any time registered in the bond register as the absolute owner of the Note, whether the Note shall be overdue or not, for the purpose of receiving payment of, or on account of, the principal of and interest on such Note and for all other purposes, and all such payments so made to any such registered owner or upon the owner's order shall be valid and effectual to satisfy and discharge the liability of the Authority upon such Note to the extent of the sum or sums so paid. (� Taxes, Fees and Charges. For every transfer or exchange of the Note, the Registrar may impose a charge upon the owner thereof sufficient to reimburse the Registrar for any tax, fee, or other governmental charge required to be paid with respect to such transfer or exchange. (g) Mutilated, Lost, Stolen or Destroyed Note. In case any Note shall become mutilated or be lost, stolen, or destroyed, the Registrar shall deliver a new Note of like amount, Termination Dates and tenor in exchange and substitution for and upon cancellation of such mutilated Note or in lieu of and in substitution for such Note lost, stolen, or destroyed, upon the payment of the reasonable expenses and charges of the Registrar in connection therewith; and, in the case the Note lost, stolen, or destroyed, upon filing with the Registrar of evidence satisfactary to it that such Note was lost, stolen, or destroyed, and of the ownership thereof, and upon furnishing to the Registrar of an appropriate bond or indemnity in fonn, substance, and amount satisfactory to it, in which both the Authority and the Registrar shall be named as obligees. The Note so surrendered to the Registrar shall be cancelled by it and evidence of such cancellation shall be given to the Authority. If the mutilated, lost, stolen, or destroyed Note has already matured or been called for redemption in accordance with its terms, it shall not be necessary to issue a new Note prior to payment. 3.04. Preparation and Delivery. The Note shall be prepared under the direction of the Executive Director and shall be executed on behalf of the Authority by the signatures of its President and Executive Director. In case any officer whose signature shall appear on the Note shall cease to be such officer before the delivery of the Note, such signature shall nevertheless be valid and sufficient for all purposes, the same as if such officer had remained in office until delivery. When the Note has been so executed, it shall be delivered by the Executive Director to the Owner thereof in accordance with the Agreeinent. 521619v3 MNI MN190-156 B_3 Section 4. Securitv Provisions. 4.01. Pledge. The Authority hereby pledges to the payment of the principal of and interest on the Note all Available Tax Increment as defined in the Note. Available Tax Increment shall be applied to payment of the principal of and interest on the Note in accordance with the terms of the form of Note set forth in Section 2 of this resolution. 4.02. Bond Fund. Until the date the Note is no longer outstanding and no principal thereof or interest thereon (to the extent required to be paid pursuant to this resolution) remains unpaid, the Authority shall maintain a separate and special `Bond Fund" to be used for no purpose other than the payment of the principal of and interest on the Note. The Authority irrevocably agrees to appropriate to the Bond Fund on or before each Payment Date the Available Tax Increment in an amount equal to the Payment then due, or the actual Available Tax Increment, whichever is less. Any Available Tax Increment remaining in the Bond Fund shall be transferred to the Authority's account for the TIF District upon the termination of the Note in accordance with its terms. 4.03. Additional Obli�ations. The Authority will issue no other obligations secured in whole or in part by Available Tax Increment unless such pledge is on a subordinate basis to the pledge on the Note. Section 5. Certification of Proceedings. 5.01. Certification of Proceedings. The officers of the Authority are hereby authorized and directed to prepare and furnish to the Owner of the Note certified copies of all proceedings and records of the Authority, and such other affidavits, certificates, and information as may be required to show the facts relating to the legality and marketability of the Note as the same appear from the books and records under their custody and control or as otherwise known to them, and all such certified copies, certificates, and affidavits, including any heretofore furnished, shall be deemed representations of the Authority as to the facts recited therein. Section 6. Effective Date. This resolution shall be effective upon approval. Approved by the Board of Commissioners of the City of Monticello Economic Development Authority on , 2018. President ATTEST: Executive Director 521619v3 MNI MN190-156 B-q, UNITED STATE OF AMERICA STATE OF MINNESOTA COUNTY OF WRIGHT CITY OF MONTICELLO ECONOMIC DEVELOPMENT AUTHORITY No. R-1 TAX INCREMENT REVENUE NOTE SERIES 20_ (BRIGGS HOUSING PROJECT) Rate % � Date of Ori�inal Issue ,20 The City of Monticello Economic Development Authority (the "Authority") for value received, certifies that it is indebted and hereby promises to pay to Rivertown Residential Suites, LLC or registered assigns (the "Owner"), the principal sum of $ and to pay interest thereon at the rate of percent ( %) per annum, solely from the sources and to the extent set forth herein. Capitalized terms shall have the meanings provided in the Contract for Private Redevelopment between the Authority and the Owner, dated as of , 2018 (the "Ageement"), unless the context requires otherwise. 1. Payments. Principal and interest ("Payments") shall be paid on August l, 20_ and each February 1 and August 1 thereafter ("Payment Dates") to and including February 1, 2046 (the "Maturity Date") in the amounts and from the sources set forth in Section 3 herein. Payments shall be applied first to accrued interest, and then to unpaid principal. Interest accruing from the date of issue through and including February 1, 20_ shall be added to principal. Payments are payable by mail to the address of the Owner or such other address as the Owner may designate upon thirty (30) days written notice to the Authority. Payments on this Note are payable in any coin or currency of the United States of America which, on the Payment Date, is le�al tender for the payment of public and private debts. 2. Interest. Interest at the rate stated herein shall accrue on the unpaid principal, commencing on the date of original issue. Interest shall be computed on the basis of a year of 360 days and charged for actual days principal is unpaid. 3. Available Tax Increment. (a) Payments on this Note are payable on each Pa}nnent Date solely from and in the amount of Available Tax Increment, which shall mean, on each Payment Date, Ninety percent (90%) of the Tax Increment attributable to the Miniinum 521619v3 MNI MN190-156 B-5 Improvements and Redevelopment Property that is paid to the Authority by Wright County in the six months preceding the Payment Date. (b) The Authority shall have no obligation to pay principal of and interest on this Note on each Payment Date from any source other than Available Tax Increment and the failure of the Authority to pay the entire amount of principal or interest on this Note on any Payment Date shall not constitute a default hereunder as long as the Authority pays principal and interest hereon to the extent of Available Tax Increment. The Authority shall have no obligation to pay any unpaid balance of principal or accrued interest that may remain after the final Payment on the Maturity Date. 4. Default. If on any Payment Date there has occurred and is continuing any Event of Default under the Agreement, the Authority may withhold from payments hereunder under all Available Tax Increment. If the Event of Default is thereafter cured in accordance with the Agreement, the Available Tax Increment withheld under this Section shall be deferred and paid, without interest thereon, within thirty (30) days after the Event of Default is cured. If the Event of Default is not cured in a timely manner, the Authority may terminate this Note by written notice to the Owner in accordance with the Agreement. 5. Prepayment. The principal sum and all accrued interest payable under this Note is prepayable in whole or in part at any time by the Authority without premium or penalty. No partial prepayment shall affect the amount or timing of any other regular Payment otherwise required to be made under this Note. 6. Nature of Obli ag tion. This Note is one of an issue in the total principal amount of $ , issued to aid in financing certain public redevelopment costs and administrative costs of a Redevelopment Project undertaken by the Authority pursuant to Minnesota Statutes, Sections 469.090 through 469.1081, and is issued pursuant to an authorizing resolution (the "Resolution") duly adopted by the Authority on , 2018, and pursuant to and in full conformity with the Constitution and laws of the State of Minnesota, including Minnesota Statutes, Sections 469.174 to 469.1794, as amended. This Note is a limited obligation of the Authority which is payable solely from Available Tax Increment pledged to the payment hereof under the Resolution. This Note and the interest hereon shall not be deemed to constitute a general obligation of the State of Minnesota or any political subdivision thereof, including, without limitation, the Authority. Neither the State of Minnesota, nor any political subdivision thereof shall be obligated to pay the principal of or interest on this Note or other costs incident hereto except out of Available Tax Increment, and neither the full faith and credit nor the taxing power of the State of Minnesota or any political subdivision thereof is pledged to the payment of the principal of or interest on this Note or other costs incident hereto. 7. Re�istration and Transfer. This Note is issuable only as a fully registered note without coupons. As provided in the Resolution, and subject to certain limitations set forth therein, this Note is transferable upon the books of the Authority kept for that purpose at the principal office of the City Finance Director, by the Owner hereof in person or by such Owner's attorney duly authorized in writing, upon surrender of this Note together with a written instrument of transfer satisfactory to the Authority, duly executed by the Owner. Upon such 521619v3 MNI MN190-156 B-6 transfer or exchange and the payrnent by the Owner of any tax, fee, or governmental charge required to be paid by the Authority with respect to such transfer or exchange, there will be issued in the name of the transferee a new Note of the same aggregate principal amount, bearing interest at the same rate and maturing on the same dates, within 15 days after the delivery by the Owner of its request and approval of such request by the Authority if required under the Agreement. Except as otherwise provided in Section 3.3(d) of the Agreement, this Note shall not be transferred to any person or entity, unless the Authority has provided written consent to such transfer. IT IS HEREBY CERTIFIED AND RECITED that all acts, conditions, and things required by the Constitution and laws of the State of Minnesota to be done, to exist, to happen, and to be performed in order to make this Note a valid and binding limited obligation of the Authority according to its terms, have been done, do exist, have happened, and have been performed in due form, time and manner as so required. IN WITNESS WHEREOF, the Board of Commissioners of the City of Monticello Economic Development Authority have caused this Note to be executed with the manual signatures of its President and Executive Director, all as of the Date of Original Issue specified above. Executive Director CITY OF MONTICELLO ECONOMIC DEVELOPMENT AUTHORITY President REGISTRATION PROVISIONS The ownership of the unpaid balance of the within Note is registered in the bond register of the City Finance Director, in the name of the person last listed below. Date of Registration , 20 Re�istered Owner Rivertown Residential Suites, LLC Federal Tax I.D No 521619v3 MNI MN190-156 B_� Signature of Finance Director SCHEDULE C FORM OF CERTIFICATE OF COMPLETION (The remainder of this page is intentionally blank.) 521619v3 MNI MN190-156 C-1 CERTIFICATE OF COMPLETION WHEREAS, the City of Monticello Economic Development Authority (the "Authority") and Rivertown Residential Suites, LLC ("Redeveloper") entered into a certain Contract for Private Redevelopment dated , 2018 (the "Contract"), recorded at the office of the County Recorder of Wright County as Document No. ; and WHEREAS, the Contract contains certain covenants and restrictions set forth in Articles III and IV thereof related to constructing certain Minimum Improvements; and WHEREAS, the Redeveloper has performed said covenants and conditions insofar as it is able in a maruler deemed sufficient by the Authority to permit the execution and recording of this certification; NOW, THEREFORE, this is to certify that all construction and other physical improvements related to the Minimum Improvements specified to be done and made by the Redeveloper have been completed and the ageements and covenants in Articles III and N of the Contract relating to such construction have been performed by the Redeveloper, and this Certificate is intended to be a conclusive determination of the satisfactory termination of the covenants and conditions of Articles III and IV of the Contract related to completion of the Minimum Improvements, but any other covenants in the Contract shall remain in full force and effect. 521619v3 MNI MN190-156 C_2 Dated: STATE OF MINNESOTA COUNTY OF WRIGHT ►31� CITY OF MONTICELLO DEVELOPMENT AUTHORITY : Authority Representative ECONOMIC The foregoing instrument was acknowledged before me this day of 20_, by , the of the City of Monticello Economic Development Authority, a public body corparate and politic under the laws of the State of Minnesota, on behalf of the authority. Notary Public This document was drafted by: KENNEDY & GRAVEN, Chartered (MNI) 470 U.S. Bank Plaza Minneapolis, Minnesota 55402 Telephone: 337-9300 (Signature page to Certificate of Completion) 521619v3 MNI MN190-156 C-3 SCHEDULE D Form of Renter's Income Verification Form PROPERTY INFORMATION Postal Address of Property Unit Number TENANT INFORMATION Name of Tenant Phone # Number of family/household members: Annual Household Income* $ *Annual Household Income must he supported by documentation (i.e. copy of most current 1040's, etc.). Failure to provide verification will constitute a"non-qualifying tenant". - -_ iNCOME LIMIT INFORMATION Does the Tenant meet these limits and has appropriate documentation been submitted? YES NO Pursuant to the Contract for Private Redevelopment between the City of Monticello Economic Development Authority and Rivertown Residential Suites, LLC dated as of , 2018, at least 10 of the 47 rental units comprising the Minimum Improvements must be reserved for tenants whose income is 50% or less of the area's median gross income. Signature of Tenant(s) Reviewed and approved on behalf of Rivertown Residential Suites, LLC. BY Date D-1 521619v3 MNI MN190-156 Date Date EDA Agenda - 09/11/19 4d. Consideration of Authorizin� Transfer of Fa�ade Improvement Grant funds for Tricambra Foods, Inc. dba Cornerstone Cafe proiect to escrow a�ent, Riverwood Bank, in the amount of $100,000 less buildin� permit fees (JT) A. REFERENCE AND BACKGROUND: The EDA is being asked to authorize the transfer of previously approved Fa�ade Improvement Grant funds for the Tricambra Foods, Inc., dba Cornerstone Cafe project to the escrow agent, Riverwood Bank, in the amount of $100,000 less building permit fees. The EDA approved the Cornerstone fa�ade improvement proposal at a special meeting on May 29, 2019. Cornerstone presented its improvements as being nearly $150,000 in total for two facades (north and west sides). The EDA approved a grant of $100,000 ($50,000 per fa�ade) related to a specific architectural plan that met the EDA goals and standards. Cornerstone now indicates that the total project cost is almost $167,000 +/-. Now that Cornerstone and the contractor are wrapping up final administrative steps and ready to move forward with the work, funding will need to be transferred to Riverwood Bank, acting as the program's escrow agent. Al. STAFF IMPACT: The staff impact due to preparing the transfer of Fa�ade Improvement Grant funds to Riverwood Bank acting as the escrow agent is minimal. A2. BUDGET IMPACT: The budget impact of transferring $100,000 less building permit fees to Riverwood Bank is primarily to the FUND that is the source of dollars for the Fa�ade Improvement Grant Program. The EDA has previously committed to set aside $250,000 for the Program. This will be the first transfer of funds from TIF #1-6 to the escrow agent for a specific project. Riverwood Bank is charging approximately $75.00 to administer each project. This amount will be paid from the EDA general fund under a separate invoice. The actual Fa�ade Improvement Grant dollars will be drawn from extra unneeded funds in TIF #1-6. There is sufficient funding in this FUND to allow the transfer of $100,000 +/- to Riverwood Bank to occur. B. ALTERNATIVE ACTIONS: Motion to authorize the transfer of Fa�ade Improvement Grant funds for the TriCambra Foods, Inc. dba Cornerstone Cafe proj ect to the escrow agent, Riverwood Bank, in the amount of $100,0001ess building permit fees. 2. Motion to deny authorization of the transfer of Fa�ade Improvement Grant funds for the Tricambra Foods, Inc. dba Cornerstone Cafe project to the escrow agent, Riverwood Bank, in the amount of $100,0001ess building permit fees. Motion to table authorization of transfer of Fa�ade Improvement Grant funds for the Tricambra Foods, Inc. dba Cornerstone Cafe project to the escrow agent, Riverwood Bank, in the amount of $100,0001ess building permit fees. EDA Agenda - 09/11/19 C. STAFF RECOMMENDATION: Staff recommends Alternative #1. The property owner and the contractor are wrapping up final details and ready to sign the Grant Agreement. The window of timeline to complete the improvements will conclude in late November, 2019, unless a change order is approved by the EDA. Accordingly, the transfer of previously approved EDA Grant funds to the escrow agent is the next step to allow the first fa�ade improvement proj ect to move forward. D. SUPPORTING DATA: A. Escrow Agreement B. Grant Agreement FA�ADE IMPROVEMENT GRANT PROGRAM ESCROW AGREEMENT This Agreement is entered into this day of , 20� by and between (the "Grantee"), , a Minnesota (the "Escrow Agent"), and the City of Monticello Economic Development Authority, a public body corporate and politic under the laws of Minnesota (the "Authority"). Purpose The purpose of the escrow established pursuant to this Agreement is to provide assurance to the Authority that Grantee will complete the proposed improvements ("Improvements") described in the Grant Agreement between the Authority and the Grantee dated (the "Grant Agreement"), which is incorporated herein by reference. Escrow The Escrow Agent hereby acknowledges receipt from the Authority of $ in Fa�ade Improvement Grant funds (the "Grant Funds") to be disbursed in connection with the construction by Grantee of the Improvements. Grant Funds will be disbursed to the Grantee in one or more payments as evidenced by the provisions of this section. Before disbursement of any Grant Funds deposited hereunder, Grantee must submit to the Authority and Escrow Agent a written statement containing evidence showing that costs for the Improvements have been paid or incurred by the Grantee in at least the amount requested. Prior to the final disbursement of Grant Funds, the Grantee must submit to the Authority and Escrow Agent lien waivers from all contractors or sub-contractors performing work or supplying materials in connection with the Improvements. The Authority may, if not satisfied with the evidence provided, request such further documentation or clarification as the Authority may reasonably require. The Authority will authorize disbursement by the Escrow Agent of the Grant Funds upon receipt and approval of the Grantee's written statement evidencing Improvement Costs in at least the amount of the requested disbursement. Final disbursement of Grant Funds must be made no later than six months after the date hereof. 290813v1 MNI MN190-116 1 Indemnitv Grantee agrees to indemnify and hold harmless the Authority from and against any claim, damage, liability, loss or expense, including reasonable attorney's fees, made by any party in connection with the performance of obligations under this Agreement. Title and Escrow Char�es Any escrow fees will be paid by Authority. Termination This Agreement will terminate upon the earlier to occur of one of the following: i) mutual written agreement of the parties; ii) disbursement of all Grant Funds to Grantee; or iii) [date six months after execution of Agreement]. Any balance of Grant Funds remaining in escrow as of will be returned to the Authority. 290813v1 MNI MN190-116 2 [Grantee] I� Date: CITY OF MONTICELLO ECONOMIC DEVELOPMENT AUTHORITY Executive Director [Escrow Agent] By: Its 290813v1 MNI MN190-116 Date: Date: GRANT AGREEMENT This Grant Agreement ("Agreement") is made this _ day of , 2018, between the City of Monticello Economic Development Authority, a public body corporate and politic and political subdivision of the State of Minnesota ("Grantor"), and , a Minnesota (" Grantee"). RECITALS A. Grantor has duly established its Downtown Fa�ade Improvement Grant Program (the "Program") and has approved guidelines for said Program. B. Grantee has submitted an application for a grant pursuant to the Program guidelines, and Grantor has approved a grant to the Grantee in the maximum principal amount of $ (the "Grant") to pay a portion of the costs of certain fa�ade improvements at Grantee's business located at in the City of Monticello, Minnesota (the "City"), as more fully described in Exhibit A hereto (the "Improvements"). C. The Grantor and Grantee have negotiated the terms of the Grant, and now desire to memorialize such terms in this Agreement. ACCORDINGLY, to induce Grantor to make the Grant to Grantee, and for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 1. The Grant Amount. Subj ect to and upon the terms and conditions of this Agreement, Grantor agrees to grant to Grantee the sum of and no/100ths Dollars ($ ). Proceeds of the Grant shall be disbursed in accordance with Section 2 hereof. 2. Disbursement of Grant Proceeds. (a) All Grant proceeds shall be paid to Grantee in accordance with the terms and conditions of this Agreement. Notwithstanding anything to the contrary herein, if the cost of the Improvements exceeds the amount to be reimbursed under this Agreement, such excess shall be the sole responsibility of the Grantee. (b) On the date of closing on the Grant, all Grant proceeds shall be deposited into an escrow account with an escrow agent (the "Escrow Agent") selected by the Grantor. The disbursement of proceeds of the Grant will be made subject to the conditions precedent that prior to or as of each date of disbursement: (i) The Grantor has received from Grantee, without expense to Grantor, an executed copy of this Agreement and of an escrow agreement in substantially the form attached as Exhibit B(the "Escrow Agreement"); 538719v3 MNI MN325-40 1 (ii) The Grantor and Escrow Agent have received a written statement from the Grantee's authorized representative certifying with respect to each requested disbursement: that each item for which the disbursement is proposed is included in the Improvements, accompanied by paid or payable invoices or other comparable evidence that the cost has been incurred and paid or is payable by Grantee; (iii) Grantee has provided evidence satisfactory to Grantor that Grantee has established an account for the exclusive purpose of recording the receipt and expenditure of the Grant proceeds; (iv) Grantee is in compliance with the terms of the Fa�ade Improvement Program Guidelines and this Agreement; (v) Upon final disbursement of Grant proceeds, Grantee has obtained lien waivers from all contractors and sub-contractors for all work and/or materials in connection with the Improvements; and (vi) No Event of Default shall have occurred and be continuing. 3. Representations and Warranties. Grantee represents and warrants to Grantor that: (a) Grantee is duly authorized and empowered to execute, deliver, and perform this Agreement and to receive the Grant from Grantor. (b) The execution and delivery of this Agreement, and the performance by Grantee of its obligations hereunder, do not and will not materially violate or conflict with any applicable provision of law and do not and will not materially violate or conflict with, or cause any default or event of default to occur under, any material agreement binding upon Grantee. (c) The execution and delivery of this Agreement has been duly approved by all necessary action of Grantee, and this Agreement has in fact been duly executed and delivered by Grantee and constitutes its lawful and binding obligation, legally enforceable against it. (d) Grantee warrants that it shall keep and maintain books, records, and other documents relating directly to the receipt and disbursements of Grant proceeds and that any duly authorized representative of Grantor shall, with reasonable advance notice, have access to and the right to inspect, copy, audit, and examine all such books, records, and other documents of Grantee pertaining to the Grant until the completion of all closeout procedures and the final settlement and conclusion of all issues arising out of this Grant. (e) Grantee warrants that to the best of its knowledge, it has fully complied with all applicable state and federal laws reasonably relevant to this Agreement and will continue to comply throughout the terms of this Agreement. If at any time Grantee receives notice of 538719v3 MNI MN325-40 2 noncompliance from any governmental entity, Grantee agrees to take any necessary action to comply with the state or federal law in question. (� Grantee warrants that it will use the proceeds of the Grant made by Grantor solely for the Improvements. 4. No Business Subsidv. The parties agree that the Grant is not a business subsidy as defined in Minnesota Statutes, Sections 116J.993 to 116J.995, as amended (the "Business Subsidy Act"), because the assistance is in an amount less than $150,000. [IF AMOLJNT GREATER THAN $25,000: Notwithstanding the foregoing the parties agree and acknowledge that disbursement of the Grant complies with the Grantor's written criteria for the granting of business subsidies. The Grantee releases and waives any claim against the Grantor and its governing body members, officers, agents, servants and employees thereof arising from application of the Business Subsidy Act to this Agreement, including without limitation any claim that the Grantor failed to comply with the Business Subsidy Act with respect to this Agreement.] 5. Event of Default bv Grantee. The following shall be Events of Default under this Agreement: (a) failure to complete any part of the Improvements within 180 days after the date of this Agreement; (b) any representation or warranty made by Grantee herein or in the Escrow Agreement is false when made; (c) Grantee files a petition under any chapter of the Federal Bankruptcy Code or any similar law, state or federal, now or hereafter e�sting becomes "insolvent" as that term is generally defined under the Federal Bankruptcy Code, or is adjudged a bankrupt or insolvent, or has a custodian, trustee, or receiver appointed for, or has any court take jurisdiction of its property, or any part thereof, in any proceeding for the purpose of reorganization, arrangement, dissolution, or liquidation, and such custodian, trustee, or receiver is not discharged, or such jurisdiction is not relinquished, vacated, or stayed within thirty (30) days of the appointment; (d) any material breach or failure of Grantee to perform any material term or condition of this Agreement not specifically described as an Event of Default in this Agreement and such breach or failure continues for a period of thirty (30) days after Grantor has given written notice to Grantee specifying such default or breach, unless Grantor agrees in writing to an extension of such time prior to its expiration; provided, however, if the failure stated in the notice cannot be corrected within the applicable period, Grantor will not unreasonably withhold its consent to an e�tension of such time if corrective action is instituted by Grantee within the applicable period and is being diligently pursued until the Event of Default is corrected, but no such e�tension shall be given for an Event of Default that can be cured by the payment of money (i.e., payment of taxes, insurance premiums, or other amounts required to be paid hereunder). 538719v3 MNI MN325-40 3 6. Grantor's Remed�pon Grantee's Default. Upon an Event of Default by Grantee and after provision by Grantor of written notice, Grantor shall have the right to suspend or terminate its performance under this Agreement. 7. Indemnification. (a) Grantee shall and does hereby agree to indemnify against and to hold Grantor, and its officers, agents, and employees, harmless of and from any and all liability, loss, or damage that it may incur under or by reason of this Agreement, and of and from any and all claims and demands whatsoever that may be asserted against Grantor by reason of any alleged obligations or undertakings on its part to perform or discharge any of the terms, covenants, or agreements contained herein. (b) This indemnification and hold harmless provision shall survive the execution, delivery, and performance of this Agreement and the payment by Grantor of any portion of the Grant. (c) Nothing in this Agreement shall constitute a waiver of or limitation on any immunity from or limitation on liability to which Grantee is entitled under law. 8. Miscellaneous. (a) Waiver. The performance or observance of any promise or condition set forth in this Agreement may be waived, amended, or modified only by a writing signed by Grantee and Grantor. No delay in the exercise of any power, right, or remedy operates as a waiver thereof, nor shall any single or partial exercise of any other power, right, or remedy. (b) Assi�nment. This Agreement shall be binding upon the parties, their successors and assigns. All rights and powers specifically conferred upon Grantor may be transferred or delegated by Grantor to any of its successors and assigns. Grantee's rights and obligations under this Agreement may be assigned only when such assignment is approved in writing by Grantor; except that if such assignment is made to an affiliate or subsidiary of Grantee, Grantee may assign any of its rights or obligations to such affiliate or subsidiary upon written notice to the Grantor. (c) Governin� Law. This Agreement is made and shall be governed in all respects by the laws of the state of Minnesota. Any disputes, controversies, or claims arising out of this Agreement shall be heard in the state or federal courts of Minnesota, and all parties to this Agreement waive any objection to the jurisdiction of these courts, whether based on convenience or otherwise. (d) Severability. If any provision or application of this Agreement is held unlawful or unenforceable in any respect, such illegality or unenforceability shall not affect other provisions or applications that can be given effect, and this Agreement shall be construed as if the unlawful or unenforceable provision or application had never been 538719v3 MNI MN325-40 4 contained herein or prescribed hereby. (e) Notice. All notices required hereunder shall be given by depositing in the U. S. mail, postage prepaid, certified mail, return receipt requested, to the following addresses (or such other addresses as either party may notify the other): To Grantor: City of Monticello Economic Development Authority 505 Walnut Street, Suite 1 Monticello, MN 55362 Attn: Executive Director To Grantee: Attn: (f) Termination. Upon the final date of disbursement of Grant proceeds under the Escrow Agreement, or if the Grant is not disbursed pursuant to this Agreement by , 201� this Agreement shall terminate and neither party shall have any further obligation to the other, except that if the Grant is not disbursed because Grantee has failed to use its best efforts to comply with the conditions set forth in Section 2 of this Agreement then Grantee shall pay to Grantor all reasonable attorneys' fees, costs, and expenses incurred by Grantor in connection with this Agreement. (g) Entire A�reement. This Agreement, together with the Exhibits hereto, which are incorporated by reference, constitutes the complete and exclusive statement of all mutual understandings between the parties with respect to this Agreement, superseding all prior or contemporaneous proposals, communications, and understandings, whether oral or written, concerning the Grant. (h) Headin�s. The headings appearing at the beginning of the several sections contained in this Agreement have been inserted for identification and reference purposes only and shall not be used in the construction and interpretation of this Agreement. 538719v3 MNI MN325-40 S IN WITNESS WHEREOF, this Agreement has been duly executed and delivered by the proper officers thereunto duly authorized on the day and year first written above. GRANTOR: MONTICELLO ECONOMIC DEVELOPMENT AUTHORITY By: Its President By: Its Executive Director [SIGNATi JRE PAGE TO GRANT AGREEMENT - CITY OF MONTICELLO ECONOMIC DEVELOPMENT AUTHORITYJ 538719v3 MNI MN325-40 6 GRANTEE: : Title: [SIGNATiJRE PAGE TO GRANT AGREEMENT- 538719v3 MNI MN325-40 EXHIBIT A IMPROVEMENTS 538719v3 MNI MN325-40 A-1 i � i: : ESCROW AGREEMENT FA�ADE IMPROVEMENT GRANT PROGRAM ESCROW AGREEMENT This Agreement is entered into this day of , 20� by and between (the "Grantee"), , a Minnesota (the "Escrow Agent"), and the City of Monticello Economic Development Authority, a public body corporate and politic under the laws of Minnesota (the "Authority"). Purpose The purpose of the escrow established pursuant to this Agreement is to provide assurance to the Authority that Grantee will complete the proposed improvements ("Improvements") described in the Grant Agreement between the Authority and the Grantee dated (the "Grant Agreement"), which is incorporated herein by reference. Escrow The Escrow Agent hereby acknowledges receipt from the Authority of $ in Fa�ade Improvement Grant funds (the "Grant Funds") to be disbursed in connection with the construction by Grantee of the Improvements. Grant Funds will be disbursed to the Grantee in one or more payments as evidenced by the provisions of this section. Before disbursement of any Grant Funds deposited hereunder, Grantee must submit to the Authority and Escrow Agent a written statement containing evidence showing that costs for the Improvements have been paid or incurred by the Grantee in at least the amount requested. Prior to the final disbursement of Grant Funds, the Grantee must submit to the Authority and Escrow Agent lien waivers from all contractors or sub-contractors performing work or supplying materials in connection with the Improvements. The Authority may, if not satisfied with the evidence provided, request such further documentation or clarification as the Authority may reasonably require. The Authority will authorize disbursement by the Escrow Agent of the Grant Funds upon receipt and approval of the Grantee's written statement evidencing Improvement Costs in at least the amount of the requested disbursement. Final disbursement of Grant Funds must be made no later than six months after the date hereof. Indemnitv Grantee agrees to indemnify and hold harmless the Authority from and against any claim, damage, liability, loss or expense, including reasonable attorney's fees, made by any party in connection with the performance of obligations under this Agreement. 290813v1 MNI MN190-116 1 Title and Escrow Char�es Any escrow fees will be paid by Authority. Termination This Agreement will terminate upon the earlier to occur of one of the following: i) mutual written agreement of the parties; ii) disbursement of all Grant Funds to Grantee; or iii) [date six months after execution of Agreement]. Any balance of Grant Funds remaining in escrow as of will be returned to the Authority. 290813v1 MNI MN190-116 2 [Grantee] I� Date: CITY OF MONTICELLO ECONOMIC DEVELOPMENT AUTHORITY Executive Director [Escrow Agent] By: Its 290813v1 MNI MN190-116 Date: Date: EDA Agenda: 9/11/19 4e. Consideration of approvin� pavment of bills (JT) A. REFERENCE AND BACKGROUND: Accounts Payable summary statements listing bills submitted during the previous month are included for review. B. ALTERNATIVE ACTIONS: Motion to approve payment of bills through August, 2019. 2. Motion to approve payment of bills through August, 2019 with changes as directed by the EDA. C. STAFF RECOMMENDATION: Staff recommends approval of Alternative #1. D. SUPPORTING DATA: A. Accounts Payable Summary Statements 0 z 0 4 L+ C '3 � � a 0 .� .0 O L �r�. 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MN 55�Q� M�r�tiuell� EaA Jur�� 3C1, 20T9 �?1N3�5-(�(1f�4� �aMEF �oarr - Mc��tli�c<�Il�s �'J �en#er Trrcaugh J�ne �0. ��719 �c�r,qil Leg�l �er�+iC�s AS �ollo��: ��J�[]1� �� 4X�4 � r ��g 7r� '� rv � ��1 �ti 7 �. � �I�� 1�� Ffau�s Amount M�Jp R�vr�w de��rJt Iette� fc�� GM�F laan tp �.�'. center. (].2�1 To#�I �ervice�� Tc�tal Servi�es �nti C�isbur��rrr��nts; 4c].D� $ 40,U0 $ 4�.QQ F'age: ' K�nr��dy � �r��n, �h�r��r�� (}0 S�Jth Sixth �tr�et, �uut� �7p Mir�neapolis, MN 554Q� Mon#ie�llo� EDA� Ju�t� 3�. ��'�1� MN3�'�•Q0�4� ��siness Fa�ade Gr,�r�t Progr2,m Thcbugb� June ��, �0�9 FO:� A.II Leg�l �ervices A5 F�ii�iu�� .�� LIP'L F 4 ;'[�19 6r'4+�Q1� Mhll Draft Fac��e ��nt F��r�em�nt revisiorss �er ph�r�2� ��II w�th f� Schumarn F-C�ur� �mour�t f�.�r0 1�i1.(]C� 6d�12C11� M�ll Pt�c��e ��Il with J Thares regard ng ne��r s�r�r�t� review 1.�U^ appliC2,tipr� rr��feri�ls asrd draft ��lontic�ll[� f��d� impravesnent gr.�rt re�t�luli[�r ftrr A�psto La+,� C7`Fi�e. 7�t�1 Serrrices: � 2�Q. �� 324.Q0 To��l �er+�i�cea ar�€1 Disburs�rn�r�ts: $ 32Q.00 Julie Cheney From: Jim Thares Sent: Thursday, August 1, 2019 1232 PM To: Julie Cheney Subject: RE: Kennedy & Graven (2) Julie, these two invoices are good to go. Please code both to: 213-46301-430400 From: Julie Cheney <Julie.Cheney@ci.monticello.mn.us> Sent: Monday, July 29, 2019 2:44 PM To: Jim Thares <Jim.Thares@ci.monticello.mn.us> Subject: Kennedy & Graven (2) Jim Attached are the following invoices from Kennedy & Graven: Inv# MN325-00041 —GMEF Loan - $40 Inv# MN325-00040 — Business Fa�ade Grant -$320.00 Okay to pay? Please provide coding. Thanks! JuCie C(�eney Finance Assistant City of Monticello 763-271-3205 Julie.CheneyC�ci.monticel lo.mn.us APC�ci.monticel lo.mn.us ('7ii' t�F _:�� 1�1�1��C� Emnil correspondence to nnd from the City of Monticelin government offices is subject to the Minnesota Government Dntn Prnctices Act and mny be disclosed to third parties. i Page: � �C�nr��dy � �Gr�ven, �harter�d �o� s��,�n s��kr �t��t, �u�t� ��o Allir,ne�po �s. Mrv 5�ao2 ��ty c�f lM�n*icell� J�rne �{7. 2Q1 J 1�1N1�0-;�Q1�}i ��r��r�l EDA Matt�rs Thtouugh Ju�e ��. 2+�19 Fa�r All Leg�l ��rvices As F�Ilo�ws: 61171�41 � h,� �l I Re+r�ew �g�nd� fc�r rr7onthly fin�nce �all �f 6i1 � �r18�2{}i9 MNI Mor+thl}� fn�ne� call with ci[y st�ff, hdort7land 1 5{; 6119f��7� M�ll Foll�w-up on di��ussion items ff�m 6,"I� rt'i�nthly finance 0.9� me�sing. Tot�l S�rvi�es: T+�t�l �ervices and L7isb�,rs�ments: $ �� + ��-�� ' �� " � ��; ^ �, ?'�t9� i 57�3.I}0 Julie Cheney From: Jim Thares Sent: Thursday, August 1, 2019 1230 PM To: Julie Cheney Subject: RE: Kennedy & Graven (2) Julie, these are okay to pay. Please code both to: 213-46301-430400 From: Julie Cheney <Julie.Cheney@ci.monticello.mn.us> Sent: Thursday, July 25, 2019 2:19 PM To: Jim Thares <Jim.Thares@ci.monticello.mn.us> Subject: Kennedy & Graven (2) Jim Attached are the following invoices from Kennedy & Graven: Inv# MN190-00159 — Block 52 Redevelopment -$1,900.00 Inv# MN190-00101—General EDA- $520.00 Okay to pay? Please provide coding. Tha n ks, _Tulie CFceriey Finance Assistant City of Monticello 763-271-3205 Julie.CheneyC`�ci.monticel lo.mn.us APC�ci.monticel lo.mn.us ('9T�i' i)P _: �''�� 1�� EmQil correspondence to and from the City of Monticello government offices is subject to the Minnesota Government Data Practices Act and may be disclosed to third parties. i P�g�: 2 ��nne�dyr � �r��ra, �Gh�t't�r+�d zo� 5��,�th �:�ct�r str�et, �u te a7�7 h+Nins��olis, MN �5402 City of Arlontic�ll� June �(l. �019 MN�9C9-OL1�9 E3i�e.k 52 R��iev�l�o�ment —� f�_ � '�.: �° ; � � V � � � r� �. , -9 �� ,,�' ,� �� ; ; � I �, �.— _.� � ii kl,+ �..'liE - � {U�J , �� The�ugh ,lune 30, �Ci19 Far All Leg�l Serv,ces As F�Ilc�u+s� 6f3+2p19 �.+1N1 Draf� pr�liminary ��vel�prr�ent ��r�;ement for Bl��k �� rede+��l�p�nent 6j4l2019 MNI Qraft �loc� 52 Pt]A �151�019 f�1Nl �inalize and cir�ul�te M�nti�ello �D+� 6f 6?2 � 19 b,r 1'�?� (i 1 � Hot�rs A.r��unt 1.5Q 3Q�.0� 1.OU 200.Q[� �].3[� 6�.0�3 M�JI Dr�ft Mc�nti��s6� r�solu#ion a�pr�rving P[��, writh Be�rd D.70 �Gr+oup f�T BI[��C �� h+1Nl 1N�rk c�� eac�ibits lo RD,A. ern�il �nd phr�n� �.20 �c�rresp�nde�rce with J Tharea r�gardir�� s�m� MNI Fin�hze �'�A far Bls�ck �� err�ail e�rrespand�n�� 2.5Q reg2��dir�g cs�n,�e+��rr�� q,�estier�s t� ED�, staff. Nortl�I�ntC f4t�l Ph�� c�nvers�tion wii� J Th�r�s r�g�rding devel�per's 0.��] es�uns�el comm�nts �+n PC]A MIVI Rhc�ne �c�nv�rsat on with .; T°�ares r�g�rding RDA; phc�r�� '� 3Q ctanv�r�7[i�n �rrikh d�velpper'� c�unsel r�ga�ding sarre: r�`��se :��m� M1V1 �isc�ssio� of �evis �ns t� P[3A wi:h E�,4. st�ff {� 7� To��l �e�vi�es 14D.Jf7 24[�.0[� ��.�� 6�.i70 �60.�0 1 �Q 04 � �,9(�O.�li� Tot�l i�r�i�� nd i]isbursements: $ 9,'�40.�0� Julie Cheney From: Jim Thares Sent: Thursday, August 1, 2019 1230 PM To: Julie Cheney Subject: RE: Kennedy & Graven (2) Julie, these are okay to pay. Please code both to: 213-46301-430400 From: Julie Cheney <Julie.Cheney@ci.monticello.mn.us> Sent: Thursday, July 25, 2019 2:19 PM To: Jim Thares <Jim.Thares@ci.monticello.mn.us> Subject: Kennedy & Graven (2) Jim Attached are the following invoices from Kennedy & Graven: Inv# MN190-00159 — Block 52 Redevelopment -$1,900.00 Inv# MN190-00101—General EDA- $520.00 Okay to pay? Please provide coding. Tha n ks, _Tulie CFceriey Finance Assistant City of Monticello 763-271-3205 Julie.CheneyC`�ci.monticel lo.mn.us APC�ci.monticel lo.mn.us ('9T�i' i)P _: �''�� 1�� EmQil correspondence to and from the City of Monticello government offices is subject to the Minnesota Government Data Practices Act and may be disclosed to third parties. i ;r;� �� r. ;c , ., r, , .. SUIdE :s�0 MMh+�diR�[ :. r,�..: .-�.s•F � � �� 3 � �f � �� ,� q � � � "'� �'�, r� £. '_',.� �� Git� �rf �rlontfcell� 4��l,il+�-��;�i1� Attn: Va+�yn� �berg, Fi��r�ce Gireeror �'roj��tllnvoice: R-013��2-Of�O g� 5L5 W�alnut Street, �uile 1 Re�i+�wed by: Bre1 W�oSS Nlc�nticello, M� '��62-8831 Pr€�je�l M��7ager_ Jarnes �Gromberg 2b7 � Ec�namic ��v�lo�ment ��rvices �ity �t�ff f�e�'ie��r • Jirrti Th�re� A�c# # 21;i.�f>�01.431�9Q Pr�,�essi�nal Serv�ces fr�rrM June 1, 2,�a°.�tcs June 3�?. 207� PI�� 1 2019 E�onar�-�ic Developm�nt ��ruices h,�onthl�+ Re#air,er Fe� �fc�tal Fee �,UOO.Oflh P�rcent Co�rn�ket� 5a.�1�4 �"o[al €�rne�d 4,50C1��?0 I�r�ui[aus Fee �illir�g �urre�t �ee B�Ila+�e� Total F+ee C`,ener�l ��lings Ni�ass. En� Lar��i ��rdy meeting Totaas Total L�b�r S�ieei�l Projects M�c��S, Eri� pr�per�y map updat�:s I`�h��55� EriC r�� r�� T�g�51� Total Lab�ar 6,'28��?14 Hours t.pp .25 1.2�r 3,75�J.b� ��7,QiJ T�tai #hi� Task Rat� � 7 s.�a Tcstal this T�s� Rate Arr��ur�t 1 1 � tJ�1 11 �.QO 116,�1U 2�,[��7 14�,(�� 7��p_Ot} $7�l�,�0 71�_{�0 $716.�0 145, Qf7 iotal this Task $14�.(f� i�Oat�IthisPhase $1,�011_i�� Tota� this Invoi��e $1,0�97.i�0 Pe�je�t R-01.�322-p�J� f�q{}fVT -��1� E�c�n�mic b�v�lo�m�+�k �ervi�:�: In+.+oic� � �iUings t� D�te F�� Labor T�t�l� �urrent Pri�r Tot�l ��o.�a �,��c�,00 �,�oo.�� 61.[70 $65. 5� 1,1 �� 50 '1,011.Q0 4,�15.5� 5,62fi.50 Fage 2 R.eque�t D�te; � ' � � ' � � �he�k tc�; Hafry �e L�nt� ��7 �"° �,+�e S B�ffal�, �1N 55�13 M�et�n�s Wto�ke�f: �H�Ci� R�QUEST Check Amo�� '`�'� � ''� V�r�dor #� h�leeting I C��te � �irn� Planning �omr�ris�i�n � . �-' � � � , �� _ I City �a�nci! EDA c,�yc�u��i , T�c�i ��: �2�� '1�.�'�i yl -�.� ��"� Amount [7u� ��.•� � �� .� Pjarr�ing ��mrni��i�on 1C11.41910.419�� 2^• � �� _��oi.��7�� . � c�r� c�,��,��i: ��i.��.��c�.�� .�. +� r�� Authc�ri2�d By; _ Da�t�: i • �3 ` �� TIF�I� �M��T ATTA�H�C� �ity of M�nti��ll� Updated Qttob�r ��18 C;ITY Clf �� 1t�c�� .� �� TI 4�1 E�'H E ET NAfi�IE: HARR1� LAf�TC� PC��IT1�7N, Pl�BL1� �11EETaN� �,��C�R�ER — CC��JTRA�T HOU'�5 DAT� T�ME IN TIME �UT A+1E�TIhI� ��. � _ .�� _ ', ��-'��'��1 � �� I ��' �P� �` �� r�. _ " � , -- ; ��,�� ''�'�. ; ��`�� _� .�:. � � �� w �� '�`. j I - �- -- I � fl�lEE`�il�l� PAYh+1CNT: �f�0 F�R FIRST 3 FkC�Uf�S �1�1 �ER E�Q4JR F�R E1iERY F�[�UR AFTER fviCETI�JG REC�JRf�FR;� A�i A�1T�__ v . ��"�� : � SIG�IA,TURE: �� . � � ,� ,� �:� f�ATk: � ��.- �_. � . ''� AUTH04�IZEL 81��' aaT�; �11 ' �3 � I 0 z 0 4 C 'f' O � � a 0 .� .0 O L � a j O O O � O O O O O O O O O � �D �D O O �D �D �D �D M M M M W � N N O` O` ('�1 ('�1 �r, �r, m cn -� -� N N m m � � n n N N N N � �., o ,� o � N N N N N N N N M N � � � � � 0 0 0 o w O ^ -� N � O � � � O � N i. � N `� N M N m N � w rJ � � o� � 00 � D� � iC `� O � O � O � O � � � Q � Q Q Vl (1�..i .� .} � .� i �' a � � i 'J O O `� 'J p A � L n p � � CQ 'S L � o v-' o '�' � U' � v-' k v-; � ir� '��i � '��i W � L l� � l� � y � n � � a � -.J.- a � C w g �� a � a � � � � 3 c � � � x [] � � R � y� 0. N p� 0. '� a. � � � V F� � � F a � du� � � F w w x H F a H [� `v � � � � O O � O w w -� H > � x a .W-i O 5 N O r, �� 0 0 O � � N 0 � � O M �'i N Ooi 7 � G M � � N � 7 � N N V1 � � N �. F.I �f r��i LI � .. 9 ��i��:r:��i �� .��Fc��i�vci � i��r�:��a�ir�rt� i.: . o � : s��cH ,�� I�.� Pa�e 1 0! ? M�mbar FJart�s and Addr��s lnwoice �ia1e hlonticel�. Cifij {}' C9�"12,'2419 �0� �."��.Ir�us �kreet. S�iFe � 1 hfontiGel=� 'tir1N 553f��-t�821 lY ge nt Foster W�iie �,gency I�c 114 b1+ 3rd S1 h,�n�iCello, h11N 5,�a3�'-�`�7�1 (7f:3j296-26i� A�r.our�t Numl�ea: ��LO''�3 A�evun# Type Propert}},�Casua.lt�r Cov�era.y� �r�rt�it,rr� GUFrent B�lan4e= � 150.`��7.0� f4linimurn [)u�: ,� 15U.107 f]� Due Dat�; p�+r �.��{l1 s Suminary of F3�te �cll�+ity a�ti�uity since Previa�s Invo�.e B�. �.r�.�;.e lask BiYNing Payr?�ents Re��lv�� nwcaice T�o�al af Transsclions and Fe�s ShCxvrr on rever�e or �ttacheal Se� rc��r�e ��rie ard akk�CMrr�€�nis fcr �pdikiootal fnf4rm�l�c�n ��rr2n1 [�alance Det�ch and AcCGur�t Num��r reTurn this 4[i0D1 y43 R �ypane nt Ga�u�on witF� youe payrn�nt M�rnb�r Name h�oni�ccl,�. City.7' Inuai�n dat� au� date 1�6�l1 �f2�] 19 0�115f201 f1 f2 AtGDurSt �21�rtit�2 'L�.a2i.r� �.00 150,147.0�} MIInlmum bue � 150,1D7.Clb � 154,107.�t0 Current Bal�rice � 150,107_09 S Minimur� Due 15�D.147.4t1 Amvu�t Enelo�ed BILLIN� INYQ'I�E - F�et'urra stut� wlth �rayrnent - makc cheoks payalble tQ= Maii p�yment Le�g�ic of MN �iti�s Insur�n�e Trust P&�� 7�id}'S i3efJre C;'6 �E�+CI�Ey ilSi{ F�ti�rl'll�l�iStYc`t1�[}�'g �i{},+Tl�7c�n�+ Due Dste to 222 5�,�th Nin#h �tre�t, S�ite 27�]l� en�ur� tirnely P.[�. E3ox a81 �17 receipt P��li��rre�pc�lis� NIN 55�58-1517 , �-----�`,-. �� r � I.�:��;�..�t: .. �� !� � ��1":� [`��1i�1EC°TII�+1�; �� [1�1�1{l�'ATT�1� t_. � � * �i��:�r i�,�; ��'IIJC�I+C� �� r s a�t�i �= Pack�ge'G�35�7•3Agr�emerrtPeri�adQ�,`1�r'�019 -O;i�1ar'�020 �ckivi�y sinC� A��E�rl�rlt P��+i0U5 E'3�I�n�� la�k r•voie� f�c�nc�w�l • PR O�ir�i;'��19 �4r�reement Endlrrg ��I�.nce Qefense Cbs9 R�ir7tbur��:m$nt 1�p�5�9•3 Agreemea�t Period 07115.�{l19 - �]7r'15;`�Q2Q Agreement Preui�us B�I�nCe A,greement �nc�ing ��I�nG� TC�t�I �urr�nC E��.I�nGe T[�t�l Minimum Due ��t15�C�1Ql� A4CCM�UF]t 5 0. �G� 5 15�1,107.40 � 1�0,1Q7.t74 � $ $ $ 4. QC� O,f�O � � 50,107,OtJ Minimurn L7u� t ��, lQ�e�Q �k.�l� 5� 154,103�Of1 { r �1.:��1.'c . ,�'+� f '� � [ �t �-1.-`� �-� i � � c c��;c��r-l�r� � i��rc��.��rt�vc� ��.�,,_ �t,:, �l'1VClICf� �a�� f � Tha�k °�ou t�r �h�srg �:� �s p�aur Gov��rage carr�er. The ic�ls„�v,�ing i�formato,�n i� �o assist yov� in rea�i�v;ing y�ur 6ill,ng Invo�ce. Billln� fnqulri�s; Ci]NTACT YC19JR A�ENT FC}R �UESTIS3NS [�N i'`OL1R A�,REEM�N�T �R �HAhi�,ES PN C�JL+ERAG�. FUr billtng inq�iri�s, {?r�� [':il 1-412-7$�?-�G�� BILL6N� PR��E[SUF�ES tJe+�r Agreem�nt� dnd rengwal�= i' y�Vr Agra�rr?eni is icsue� after the d.�t� that cow°er�g� [rcgan, ��ou� fio•st B-J�i�g Inrroic€ f�r i�e agre�rrier�k m�y i•7t'u�ie m;�r� tY��, �rre� ��r91;�1 m,eni ,�ay�rr�n1 ds�e. Ap�rliceti�n �af �syrnent� end CanoeEl�tion: If v�u pdy� mpr� tb�n 1h� hd�n�mun^r Dug, 1t��e extra ,{sayment ti��ll b� appti� t0 yo�r nexk insCal�m�n1 p�o�rlionat�ly� to all a�r�err•ents on p�o a• �tc�4unk. FCzr A�Cotrn;� ownpd �r� �ic�reem�;nls wi8� 1�� S�m� []:,re d�t�. tn� ��yrr7�rrt vr�li f�t� �G�� i p�opartionately to all �gr�errjAn[s w^rith �h� *arne Que �d1e. h.��nsmurn i�ue �S ih� amount to pay to auoid arry agreecnerts on your acccur�t �ram goi�g �n1�a a lale p2y skdtu5 vr�r�Cn c0u�� se c�n�ell�la�n Cr� caverag� H yp� {�f' Ic� ��y k�� +1in�murn due by ine Due aate. a D4rec! �Jotice fff C�rvcell�tion f�r h�on Pay�nenl may be iss��d fo� on� or mare agr�ements �r }fCaur ��un1. 11 ypur accouni I�as r�ore than �ne a€�reemenC anG y�ou �y I��s khan !he P.�+rimum �ue, y�ur �aym.en+, vrill �r� appsied P rsd 1a �.rrsp..i�,ks �5w�3 Rr� agr�em��rts weth kh�e old$st bala�rce due li we �eceiwe a paymeni �iter the cancella+,�r�r� �f��Ck�v� d�1e �nd w� eleGk n�t t�r r�sns�ate y�ur agreemenl. she pap�ment w�ill h�e appliesi un��a�d an+� usr�a�� earned pr�rr�ium on po�r ac�csunR I�ei�ar� .�ny r�maintter is refundetl. Aft�! an �ur�L�re�rl is can�elled. we �vi�•, bill yuu �6e �ny un�.,aid eaer�d �r�rn�um� !� �ou da not �aa�y. !he ��ap7�r rnay be Re�er�� to rsollecf�ras. Ll�rdit Premium; Any f+ud�t F�r�mrurn p°��c1 wel. be incsude� ,i, bot� Curreni B�I�nce and h�1�r��murn �u� hdl�r,�? �t��wrr �n k�e 9�Ili+�t� 1�9w°��Ge. �'aymeni GP ,�Udit €'re'rtiUrn i� �fue in h�ll c�y i�re C�uc �aFe. If A�sd,t R�erniur�r .s ��4��ad. you� p�yrner�k rna.y bE: ��lo�q i,rs" 1� Aud=l P��rn�urr� px�ed �r�d ��en t� a,mounts o4ved c� agr��m�njs v.i�Pr ane �arliest �ue d�1A. li speci� arr�ngemenl5 �.re n�ec�ed 4c�r r�D�;yrr5enl oi �uriiR pe�rr��u�r� yc�u I+�UST coniavi t�e Bil�i�� Ur+it at khe n�mb�r Sn4+��n a�4oa�e fe�r eQr�sid�ral�rs oi any such a�rangemervks. Fi�fun�s: Any r�efur,d due will be m�ile� tro!n our ni#i�� wilh�r, 1� Uays aftar tn� IrrMoi�e date R�yment adclre�5: �L� PD�Y�4iEhwTS Sl-t�pULQ SE �ENT TCl c�UR RAYhlIENT PRC�CESSIhC3 C�NTEa'�- ALC?MG V`JITH THE R14�'�v1ENT �OUP�}hl T�� v�r��5 ,:��rye fr:�rn be 4w �S painte� s�n tN�e �ack a� the paymenE �ou�:�rr If nee��d i1 m�y aIS� be S�e'�# �avng �n�ith yv�r l�Yment Ca 1he Paym�7t Rroc�s.si�g Cent�r at: �'�� Sou�1� Nan9h Stree?. 5uite 27�Q Minneapaoi�� h+IN �`.,y492 . Ple2se do no§ send �ny oth�r cffrr�spcsndence 10 1ne p��n1 D�oCe55ir�g ��R�r. CHANG� C3F A�[}R ESS ,4ND1QR 'ti�h;" E RLEA�� FILL IN THE N,�ME. AGREEf�ENT NUr�,�EF� �r�U �HE��C APPRQPRI�TE ��}� �ame Change C��ly N�.me. Name and Addr�ss Ghange �__y A�ltlress Ch�nga Qnp�,� ApdreSs: F�rmer Alame Address: Agreerne�t Gily� Sfai� Zip�ade� f��ftlbec: PL�A�� REFER 11LL �TFfi�R CHANC�ES Ti� Y�1UR AGENT. THAf�lkC Yt�U. �Y�C� � ��C]�.�O�iU�e n � z� �.�.r�e 7Cx � 0�..�c�4 irn ov � r� � -n � r.; � �.-taA L7T5�� g a� Q��r�,� �,��aa?��F$a"v�a��a`��.�a ��r��xa��;;�� ' � -�2 � C.+n 7�i � e � � Gn rt r C- � rl IS4` i 2 .d -3� -} � � �„s�"� _ ��b �& � at� 3�'°; �K �.�� g�� ;w,�� '� � �� : � n$s n �t� �� `�� "��'¢��?' 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L'p � 4 , O . � u�. � b n � . . � � j d � � O� Gk �� e�i T R� r.y r.: � � � � � _ �`- -K>4 �+ -y O� kA 000� 6 Q O�O £3O 4 4 {} 0006 n' � � � b � h h - . , � � a h `a �a : � � �'�'� � � � � �i � � � � �y u w �� r.i � iu � � �� ; � o�S �' .��+.�� - � � �t,+� �oa�nS� �r.a- � - G�! � � .. � � ► � w h h h b � � 8 � � � s n � a a : � � � � �i `B'� i�i 'P� `�i � '#�, � �� i` � �.' �n � �`� j ��: T �+ ir '��, e� `�"r . �SH�� .�i��%�i S{�5,� S ��iD`O'�L' S J c n C�'US ��i 4-�, � City [af M�nficelE�o Cf�+FC 1QCI3�pT-3 Premium $�50,147,{�{l Munl�6pal Liabipit� Municip�l Pr[�per#y Cc�u�rag� Tnt�l for Munieip�l Li�bili#y Emplayrne�# Expenditures Fir�evt+orks L�n�l Us� Sev�er E&O Tot�l for Ih+luni�ip�l Rrvpefty Actua� �xposure Llmit 8� 1�,445,673 4,�67 4.,3�]3 f�li6lk}ile �r�E}efty �007 GASE �21G +A+HEEL L[7Apf�k #�0338 2{71F �A.SE IFi TRR�TQR t�5+f ATTAC�iMEN 2C]�8 N1�CLE,4N MV4 MUNIfiIPAL TR,4CTi Un��h�dulediFlat Crime �an�d [��ta �re�tl� Mitig�#i�n Petro��an� ��s�i�m�n# Br��kdo�wr� 1,�]{l�,OQ� 2�4,�'9� 105,375 i�0,Q46 1,445,6i3 � 5{], Q00 50, (30� � 50, p�}0 2��, p�00 Deductifsle Premium $�].,��6,�0 51�,�33_00 S�C�,75�_�p 5��.C]0 $50,385,00 1,C�00 $7,$b1.C7C1 �7�F1.4�.V11 �2i2_0�] 1,�JOfJ $1 ]fi_�IC� 1,OCJ0 511_�1C1 1,OC70 $8�,�1(l 1,pQ0 �5,65�,C1Q �„�3[Jt� lncluded 1,[}DC� �4�4�.4Q 1,{l07 In�lud�d ant�ucied l��t� $$,9�7,[?0 LC7��ITIC�N 1- 9f11 G�LF �OURSE Rs.7AD, M�rtiticell�, lu�N 553�� STC�RAGE BIJILDING Build�ng 1,8�3�8�l5 I,�1C1Q 5�,5��_�1(] Cont�nts ��1,675 1,0�� $�59.(�0 Tot�l f�,r LJ�ATIpN 1-�[}1 GOLF C4]URSE RC]Aa, Monti�ello. �+lhl 553fi2 - Sfi�RAGE E��1,3710�30 Ct}�ATION 2-�1� STfH STREET V`4�EST, MonliteJl�, MN 55�F�� - FIRE HALL E��rildi�� 91�.24A 1,000 �956.r�p Coratents 2�3.34(� 1,CSQQ �32�.C�i� T�stal for LO�ATI+[]h9 �- 31� 5TH STREET �h+EST, Nlanticeflv, MN 55�6� -�IFtE HALL �1,�79,(}0� L{J�ATI�)h� 3- 215 C� bA� �TR�ET, fyrl�rttlGell�S, I'ttllV 55362 - LIC�GtiI�E BI�REAU �uilding �97,151 1.� $310.�0C1 Contents 18,75C� 1.4f1� S�6_s�0 T[IR�C fpr LOCJ4TIf�N 3- 215 ICEDAfi STR�ET, Mo�1Ci�ell�1, hll�N 55362 - LICENSE BUREAU �336_i]i] LC3+CATIpN 4- 545 PINE STREET, CVi[anti��ll�, MN �5362 - L1�4J0� STOFkE Building T��S(�,443 1,C1�D0 ��33.f�C� Con[en[s �13,a��8 1,000 $647.OQ T�stal f�r LQCATIC�N 4- 5�5 PINE STRE ET. M4nticella. M hl 5�536� - LICIIJ�R 5TORE $1,540.�7D C�t� �f �+lonti�elMo C�C 1�Ck�5{}7-3 Premium $15�i,1Q7.�b C�werag� A�ctu�l Exp�Sure Lirrrit [}edur�ible F'rert�ium L�CATIQN 5- 14Q1 HAf�T 6LVb, h��nti�.ello, Mhl 553�2 - VL�bbrT FA�I LITY �SEE N1P�CBP-21f�f 6uild�ng �4,78�,4�� 1,OOQ $�,�337_�I� Cv�rtents �6$,57� 1,00ti �4F�.�� 7o#�I for LG��d�FJ 5- 14�0� HART �iLVD, Nlo�ti[ell�o, C+Af� 553b7 -'4'Jtif�JT FACIEfTY �SE! $�p,2�9,�7(� LC7�CATI�+N 6-�03 CH�LSE,4 RC1�,�, f�lonticello, N1FJ 55362 - AN IF�9AL SHELTIEI� �uil€iing 2�9,15� 1,O�Q0 �1,9�4.[}p C4nt�r�ts 17,5�7 1.0�0 �159'.�� T+�t�f for LL C{�TI�N �• 2�3 �HFI�SEA RC]Ab, ih.+lp�nti�efl�. M N�53b� - AN If�1AL �HELTE $�,153_Cl� LOCATI{�N 7- 2�J� PIhIE �TFtEET, hn�nticello, MN'S53�� CHAh+1BRER OF�ICE ��ildir�� 37,144 1,Q0+� ,�3�8,�C� C4nLL'r�LS 8��3�1 l,�p�i S%$,C1Q Tc�tal for LC�CA�ICi{U 7- 2�Q5 PPI�E STREET, f+.+lanti��llo, M N,5,53�62 - CHAhflBRER �1FFICE �41�.r�Q LQ�ATION 8- 9D1 G{3LF �COU�SE R[7Ap, Mor�ticello, �w'1N 553�� - PA�ZKS SH�sR 6uilr�ing 127,777 1,(J4[� ��4F_Q� Gontents I1,667 1,�4� ��,€]�] Totaf f�r L.00I�TIOf� S- 901 �pI.F ��URSE R�AD, Monti�ello, �1�V 5536� - P.ARKS SHC �28(},tI(i L+��ATI�Qf� 9- 909 GOLF COURSE RC�Ap. Monticella. h�lh! �5��2 - PU�LG� Wt�RKS OFFICE Buildang 3�`4,3£�2 1.0�0 ��4y.�i� Cvn#ents 5$,�3.� 1,QQ0 $$1.D[} Tot�l #or LC�GATIOFJ �-��9 �i�LF CQURSE ROl+a, M[�ntatel9[�, h+1N 5536� - PUBLIC LtifC 5430,�0 L�CATI�F� 1�0 - 418 GC�iF Cf�4�F�� RL, �Jlonticello, f�1fV 5��6� - ST�RAG E �r�ildin� 41,6�]3 1,f1� $li�EsOQ C�sr�tents 5�,33� 1,�10� ��45.�0 Toi�i frr LQC{�TfC�N 14 - 91�# G�IF �C}IJRSE RD, IVlonticell�, Ar9h1 553(� - STQRF�GE �359,�Q �[�[,�TIC]N 11 -�3� BDk+U'Y. E_, 207 �ED�R �T„ M+anticello, MI� 5��6Z - F��hAP H�USES 1&� Buifding 1,77�,774 1�OQf3 �1,543.C�Q ��nt�nt5 �,$Q1 1 G00 �1C1.�}� , T�t�l far L+�CATICIN 11- 132 BDWY_ E., ��7 CEDAR ST., �ulantie�llp� MN 553�� - PU M $7,,553_{�0 LC�CATIc�M1i �2 - 2p5 �HELSA R[��4U, h�lnntac�llo. M�1 553�2 - PIJFa+1F+H�USE #3 Build:in� �88.388 1,i�� $�71.001 Cont��t5 9.917 �,i�Q(] $1�}.00 Tot�l For Lt��,TlOhl 12 -��5 C�iEL5,4 Rt�AD, Mc,n#i�ellc�, MN 55362 - PUI�1R H{]USE �= 5781.[10 �,C��ATI4�J 13 - i2�} �]U h1A5 R�AD, Mcanticello, hAN 55�f�� • 1A+ELL #4 9uilding 635,571 1,000 5553.i}i} To�tal for i�Cl�fiI�N 13 • 1�0 L CJNAS f��Ab, M�nti[ello. f4xN 55�f�� -1NELL #4 S'S5�3.CF0 �ity trf Mor�itie�llo CMC i01J3507-3 Pr�mium $150.107,UD G�►+�rag� tk[tual Expasure �irnit Deductit�le LOCATIGN 1A -��l7 �.F�ELS,� RCJAC�, Ni�nti��llc�, MN 5�36� - BCIOSTEf� STATI[JN/RFSERV01 f� �uifding 1,9"��0�95� 1,{�p0 Contents 1,169 1,{�QQ Tot�l fi�r LQ�ATIpiV 14 -�t�7" CHELS,4 R�AD, Monticello, N1N 55352 -�C}pSTER STATII �remium $1,235.00 � 1. (7Q �',1,�36.�Q LOCATIC�h! 15 59�8� I�SOhI �,VE. fVE, Pti+lonti�ello, h'1N 5�36�2 -'bV,4TE� TANK �uildir�� 9�,45�D 1,04� $3�6,1?0 �rr�rients 1.1�9 1,OOC] �1.�]�0 Total for L��C,�TP�N i5 - 59��0 ��S{]f� A'�E, NE, MorrtGc��l�, fv�nf 553�6� - L'VA�TER TANhc 5�97.{1t] L�C�4TI�N 16 - 164� CO. RD �� N E, f+rl�ir►tl�ello, MN 55352 - S�UR,�GE Buildir�g 5�,48$ 1.�fi0 $147.QQ Content� 23,334 1.4C�0 $��.p� Tot�l tor L[�C:�TIc]�+l 1� - 1645 CG_ RC139 h1E+ Mc�nti�ellc�, M N 55�6� 5TC7RA�E $245.p0� L��ATIOf+! 17 - 5�15 Vw"k1LN U�' SY, Ar1�n#icelkc,, MN 5536� - C�]MM IJfsl[TY CEf�TER �uilding 13�8[13,5i8 1,C1C1� $7,745e�0 �pnt�nts 1,594,5�� S,QOQ �1,186_0� T�rtatl fD� Lf�CJ4'fI�pIV 17` - 5�5 kh�'ALNUT;T, h.+'le�r�ti'�:ella, M�+l 55�b2 - CQh+1h+lUN ITY C�N� $$,931.00 Lf�CAiICMN 1$ 83� RIVER STREET+NEST, Ma�rt�cePVr�, h,+1N 55362 - LI�T` SiATI�h� Buildin�; 117,19� 1,QD0 Ta[al f�r LC]C�kiI�N 1$ 835 RIVER STREET'uVEST, M��ticello, f�AN 553G2 - LI FT S7AT1 LQC,4��N 19 - 105 RI�lE.R 51�REET W�ST, I�.+laroti�elfa, M�1 5536� - LIFT �T,4T1C}N Building 117,192 l,C14�1 Total f�sr LU�A71(}N �9 - 1�� IVE�t STR�Efi+,+�E�T, M�nti��ll�, N1N �53�,� - LIFi 5��1T1 Li�CATkQIV 2� - 80� �+IEApQ'W Q�,I( D#iIVE, Monticell�, f�1N 5536� - LI�FT ST,4T1C]N Bullder�g �2,4�9 1,DCl� T�#al for LC�C,�TI�1�1 �Q - 8DD 1w'1�,4p�W f?A14 DR1VE, hrlr�ntiCelf�, MPa� 55�6� - UFT 51`A L�]CATIGN Z1 - 3�6 RIVERVlEW DRI�E, M�ntlGel�a, PJIfU 55362 - L�F7 �TATICkIN �uildir�g 117,13� 1,i��Yp T�t21 f�r L�CAT�QhJ �1 - 326 FtIVEF2±�lEW bRIVE, Plipntl�ellcl, h+'1hJ 55�b� - LIFT STATIO� LO�CATIC�N 22 - 3176 �HELSEA RO,4D 1NE�T, M�nt��ell'v. i�.+1N 55362 - L1FT STATILN Buil�dirl� T42,14� 1.04J0 T�t�l f�r LOCATIC�N 22 - 317� �HELSEA ROAD �rl�'EST, A+l�anti��ll�. MN 5.53�� - LIFT 5Ti Lt]CATl�QA1 �3 - 11� MARVIhJ I�CA�, F1lonti�ellp, �,,iN �53�2 - LIFT SFATI[]hl Etuilding 71,C�71 1,QOf� T�tal far L�SCATI�6N 23 - llp h�+1�R�+l�l R�1A[�, M�anti��ll�, Mfv �5�6� - UFT STATI�N �4i,[7Cf 547,�U $4i,QQ 5 47 _£1�1 $�.00 �9.f�D $47:0� 54�.� �56�U0 5�6.f10 528,Qo ��8,[}0 LOCATI�N 24 - 50� V4'ALhJUfi DI�1�+€, M�nticello, MN 5�36� -�Ofv3MUNITY�ENTER Property ira the (�ptn 14C1,98f� 1,I�C�O �1.1Q1.�� Tntal for L�CJ4TIOP+1 �4 - 5�5 WALNUT DRIbrE, A+1�ntic�lla. fvlN 55�52 -C[�Mf�+l�lNIT1' ( 51,101e4]0 �i#y nf �ionti��llo �MC 110035��T�3 Prem�urn �150,107.i10 �over�ge Ae#u�l ��pc�sure Lirnit UeciuctM'�le F�rerniurn �OCAsTI{)hl 25 - 3241r�E�7 5TH ST, Ni�rtticelN4, MN 553G2 - BLC1G IN�P�GTI�pN �iAR+�:GE E�uil�ing 17�,71� 1,�Of1 �49�,C��1 Cvn�er�ts 14,�03� 1,QQ0 �5�_U� T�tal fc�r L4�,4TI�ON �5 -�2�4 WEST �TH 5T, f�+�ntic�ll�, Mhl ��3b� - BL�G INSPEGTI[�I $551_C�0 LOCATIC1f� ,�{� - 4D5 I�AMSE�` ST, Mc�n#ieellc�. I'�IN 553b� - PUR+1P H�]11�E,ftiA!€LL/GENERI�TJR 6u�lding 1,Y$4,516 1,4C}IJ 51,Cr��,iJ(� C�ntents 6.417 1,QL�I� $7.00 T�tal f�r �O�CA7'I�N 26 • 4p5 RA�v15EY 5i, h+lontie�llo� MN 55��i - PUMR H�U��IV31El �1,�36,00 L(�CATI(]hl 27 - 545 PINE $TREET, fVlontl[ellc�, Mhl S��Fi2 � LIi�UClFi 5T[JR�E �coperty in the Open �5,24� 1.�100 �275.�C1 T�,tal far LOCATIC��I 27 - 545 PIN� S�REET, Nl+�nticell�o. MN 55��G,� - LI�Us�R STORE ��75_� IOC�aT1�7N' �8 - BF21[?GE P�.RK EA�fi, F:+lpnte�ell�y, h;il� 55362 - PARIC Prpp�rxy Y� the OFpe� 9,S7G 1,0�� 577,00 Tot�l for Ls�CATI�]N �$ - BFtIDGE �F�Ft1C E,��T, Mcynticello, f4�IN 55352 - PAI�K �77,0{] L�.1CA71pN z� � BFIp�GE PARK WEST, fa�lont�t��l�. N9f�l �536� -�GAZEBD Buildir�� 91� 1,[l(l4 $3��.[�L7 Total fa� L�CATION 2'9 •�RICi� E P�1RK L51E�T, Morst��lla, h+1N 5536� - GAZEBO �35�J,[DD LOG�TION 30- 6RIbGE PARK�4+EST, Monticefl�s, hutN 55�62 �c.7NCE55IC�hi BUILC�ING Buildin� 242,�15 1.�C�0 52,204.�� Total for �O�CA'S1+�N 3�7 •�R1�7GE P,4RK WEST, Mon#icell�. Ii+1N aS36� - C�NCESSILfd fe $Z,�44,�0 L[]CAAI�JIV 31 -�RIa6E PARK W�'EST, Mt�nticelNo, Mh�' �53G� PARIC Prc�perty in ihe C�pen 8?,9�i9 1.(]OQ $687_C]�r TotaNfor LOC�ITI�JV �1- ��I�]GE F,��2PC WEST, Msanti�ello, Mhl 553�� PA,RK $b8�.�p L�1CCkTItJN 3� - FRE�WAY FI�LbS, Mon#ic�llo, MhV 553fs2 - PARK Pr�perty ar� �h� C]�pen 91,773 1,OpQ �71i.GC1 Tot�l f�r L+��4TI�N 3� - Fi�EE41r'A:Y FIELUS, Mnnti�ellr�, MN �53F�- f�AFtl� �71J,DCs LO�A�TI�+N 3� - FREEL'�lAY FIELD5, Monticelln, h�1N 5536Z P�4RK SHELTER �ulldtln� �i,321 1,�Q0 $�27i.�] Tratal f�r LC��,ATI�DN 33 - FFtEEVr,+AY FIELC�S, Montieella, MN ��362 - P�4RI� S�IELTEf; ��77.(]�p Lt7�ATIC}N 34 - CIT'�F BALL FI EL� [xC�LJ, f��,nticello, hu'I N 55362 - C[��10E��I�N STAN p �uilding i5�,987 1,Ci1�4 SZ,!}D1,OC1 Cont�nts 26,�51 1,�D[} �341:f1�7 Total for �OCATf�N ��4 - CITY �qLL FIEL� ()t�fLj, Monti�eP'1o, f�1N 553�� - CC�N�CE551[]I $�,34�.0�1 L0�1TI�N 35 - CITY �ALL FIELb {x�EL�, h�l�nticelEa, I�I�I 55362 - PARK Prc�per#y in the c7pen 54�,824 Z,��i Sa,��,p0 To�t�l f�� C?�AT�l7N 35 -�ITY BALL FIELb �xC�Lj, Mcsnti��lUo� fv1N �53�� - PARK �4.23�.Dt� City af Mor�ti[ello �MC 1{NJ3�07-3 P�errwium �15f},1�7,�f} �Cs�verag� Actual Exposure Limilt ��ductible PrerrMlurn ��4T1C?N 36 - CITY L�IEW PAR14, h9r�ntice;d�� M N 55�� - N,�R�( Pr�p�rqy ir, ti3� C1pen �,3�33 1,Q� $1�.pi� To��l f�r LCaCATa[JN 3� - CITY �+IE� P.�RK, I�lc�r�ticell�a, A+1N 55362 - PARK $19.OD LOCATEs�N �7 - C�OUft1TRY �LllB F',��4K, EM�rnticello, MN 553�� - PAaK Prt�perty in the C��p�n �2,758 �,DDD $256.C10 T�tal f€�r L�CATI�7h� 37 -�C�UNTRY CLUB PARK, M�nticell�, fv�N 55��,2 - PARK ��56.pp LG�ATICIN 38 - ELLISC)fV PARI�, Monti[eBl�, M�J 55362 - GAZE��] �uil�ing �5,578 1�00{1 $332.�1� T�tal f�r L��ATI�N 38 - ELLI��N PARK, Manticelf�, fi,+l�J 55352 -�A2E �tJ 533�_�0 LL'�C,AT��hd 39 • EL1fSC�hl PARK, fJlontic�llv, �1�1 ��6� - R�STRC�OM H�il�ding 1�4,55�t 1,ppp 51,224.0(] Tot�l f�r LC]C,�TIt�N 39 - ELLIS�IN PARI�, M�nti��ll�, h+�h� �536� - RESTRflUM �1,�24.Op LO��TIOfV 40- �LLI�C1�1 P�.RK, f'�onticello, M�l553�62 � LC3� SHELTER Buildin� 56,i}85 1,LJ�� $7Z�,0� T�tal fcyr LC7C+�TIC�N 40 - ELLI�Q�J PAR,iC, f+�o�ticel�n, MN ;��36� � L{7� SHELTER �7�9 (JO L�CAT]C}M 4� - ELL15C1N P,FIRK, Mcnticeldcs. h,rl�l 5536�- P�#RK Pr�p��;y ira the �Open 12Q,78� 1.ODQ �943.C10 T�taf f�ar LQ�,�TI�N 41 - ELLI�(]IV PARK, fvlonticello, MN 55362 - RARK $�43.00 LC?CA�'I{]hi42 - FpURTH STREETPAi�1C, Monti��l.lo, fVIN 5�362 -SHELTERJF�E;TRC]C1�M Building, 56,0$� 1,0410 �7�9-� Tot�l fc�r l,+�CL4TIOf� 42 - F{�U�1H STaEE� PARK, h+lonticella, MN SS��i� SFIELTER��E' �7�9-�1�J COCAT1pN 4� Fd7URTFl STftEET PARK, d�+lan#i�ello. �'IN §53F�2 - P�Rk Proper'Cy in th� �'pen 103,4�� i3O(�D �8D8.00 Te�tal [or L��ATI�N 43 „ Ft�URTH STIiEET PA�K, P�1+on#i�ello, hllhJ 55362 - P,�RK $�(?S.Ot] L(]CATIC}N �4 - GRL'►V�LAND PAf�l4, tVlo�tic�llo, Nlhl 5��2 PAF�K Prc�perty i� [he Qpen T5.��3 1,U�0+0 �5��.�6 �01;�� for �C�C,4TIOIN 44 -{`iROv�LAND PA�K. Mc�nticellr�, IV1N 553b� • Pp��il{ $59�1,�4 L�CATI�N A5 - GROVEL,4h�G PAR�i, I��n#i�ello, f�1h! 55362 - pAR�C SHE LT�R guildir�� 58,35Q 1,Oi1p �75$.00 Tcstal for L�C,�71C�N 45 -��OVE�ANID PAF�K, ��1�nti[ello� MN 553b2- PARIC �HELTER $�S$.r�U LQC�FI�N 4b - HUN7ER'S ��iC7��ING, Mo�r�tic�llo, Nlhl 55�6� - P�RK �r�sperty in the �pen 77,25� �.Qr3C� $5�3.QQ Tot�l for L�OC,4TIC11V 4� -�il�hlTER°5 CRC]SSING, h�loniicello, MN 553�2 - i�ARK ��,0�.�[} LOC�TI�hI 47 - N1EAL OLV t�AK P�RK, I�Ic�ntieello, N1N 5536� - PARI( Pro�erty in tYre C}pen 3$,��6 1,0{l�7 5��9_QQ i��l fpr LOGATIC7N 47 - MEAbC}W �AIC P{�Rk, f1��nticell*, M�1 ��3�� - PARK $�3�.OQ City af It+l�►�ticelfa Cf�r1C 1f}t�35(17-3 Pr�mium �15(1,1�7.OQ Cavefag� ,4c#uaC �xpc,sur�e Limit [7educ�kit�le Pre�iurn LC+Cl4TI0hJ 4$ - M15�15�IPP1 PARIt, I',�9pnTi�ell�, N1N 5536� - PAR.K Properxy in tF�+� Open 3,�.58 1,(J�0 ��1.00 T�s1t�l f�� LO�ATIS7� 48 - h+11�515�IPP1 �ARK, Mc�nti�ell�, f�N 5�362 -�'ARI{ $31.Oi] L�CATI��! 49 - d�TTER CREEK PAF�K, N9�n#i�ellc�, fw7f� 55362 -�GA�EBO ��rild�ng 1�,1fi8 7,.00C] �13�.OS] Fo#�I for �,�i�ATIC�N 49 - OTTER CREEK P,�iRK, Monti�gllo, M ht 5536� -�AZEB{J $13�_(7Cl LOCfi�TION 5[] -�TTE R CREEK P,4RIC� l+�Orrticell€�s MN 553�� - PARIC Prc7p�rt}I in the [Jp�eC9 11,��5 1,[}DO ��2.C10 T�zad far L4C�1TI4F� 50 - OTTER CIiEEK PARK, A+lo�rt�cefio, Mh! �53fa� - P+�Ftlt $9�.Q[� LC7CAkTl�.7t+1 51- PAR'u`��5T F�ARK, h�i�nti�ellp, f+1'Ihi 5536� - PARK PraR�rfy in th� 4p�n 37,281 1,Q�f7 ��91,[}C� iotal f�r LO�ATC�hJ 51 - P,Al� WE5T PARK, �v'lontit€II�, 141N 553�62 - FARIC $�91,UU L+��GATI�N �� - PIC7NEER F'ARI�, M�]�1tlCell�, MN 553f�2 -��hd�ESSI�N BLDCa, Building 1�3,017 1,O�14 51,��5.�7(] ToCal far L�]CATI�kIV 5� - PIpNE�R PARK, Monticell�, N1N 553f�� -�ONCESSIO�N �LbG- �]„66S.�Q LU�ATIOhaI 5� - PI�SNEEF� PARIt, �.+lonti�ell�, �v1�V �53G�- SHELTERJftESTRC}C�•M �uilding ��,684 1,O�t] 5165.4C1 Tc�t�l f�ir LOCATIf)N 53 - RIC}NEER PARK, hll�r�ticell�, MN 5536�' - 5WELT�R,�RESTROLF �165_�70 L��,4TIOfW 54 -�I�#�IEER P�RK, A�lor�tit�ri�a, MN �536� P{�RIC Pra�erty in tk�e Open 91,135 1,C1Qi] 571�.Q(� Tot�l f�r L�C,ATION 54 - PI�NEE� PARI�, Man#i�elCv, i1+1N �53�,� - P+4RK �712.0� �L�CiCAT�ON 55 - R11JER MILL PARI�, Mvn�ic�ll�. MN 5536� - PARI{ SHELTER� {3p �uild�ng i5,�53 1,pp�p ��}7,C�f} Tot�l �vr Lc�CATICshf 55 - RIV�R f+�11LL Fl�FtK, li+lc�r�ticell�, N1N 5�3b2 - PARK �H��TERS �: ��7,DU LL��ATIQN 56 RIVER MILL PARK, h�l�nticella. MN 553b2 -�A�K Rroperty in tl�e Op�en 91,li5C1 1,04Q $711.0{J Total for LOC,�TIO�I 55 -.RIVER MILL PARIC, M�e�ti�ell�, MN 5536� - PAR�C $711.p�p �OCA�TIC�N 5l - R�LLI�I�i 4�1�C�CsdS P,4RK, h+l4ntiCellc�. MN 5336� - PARK Prvp�r#y fn #he C�pen 2�,71� 1,�{� �Z�4,�Ot7 Tatal fvr Lt7�ATl��1 57 - RC1LLIhiG WO[]�}5 PA�FiIC, M�ntic�llo, MN �53�� PARK �2�4.��1 LCICATI{3N 58 FRC�hlT STR�fT PIER; fN�niie�ll�, MI� 55�5� - PARK Pr�operty in tFre Open 18,5�6 1,C10�] $145_0�1 T[s#�I fvr Lt�C�TIC]Iwl 58- �FR�NT STRE�T PIER, Mc�ntitell�, MN� 55�� • F�ARK 5145_4l0 L[]CATIQN 53 • CIT's'b^VI�E, h.�DntiC�ll�. hr1N 55362- V,�RI[]US Property �n the Ckpen 177,C�14 1,0�1�1 $1,382_q0 Total fQr �L�C�TICYN 5� - CITYWiD�, M�nticello, h+1N 553�� -�'ARI�C7U� 51,�8�_�DO City of Mon#iceMlca CMC 100�507-3 Pr�emium $15ti,��]7.00 CQver�g� A�#u�l Expc�sure Lirrait Deduetible Premium LC�C,�.TIC)� �t1 -�IILLC�EST PA�K, h�nr#icellc�, �vlt� 5��2 -:ST[]Fi,4GE BUILt�If�C� _. Ruil�din� 1�934 1,[��Q $5.pp T�t�l f�r LO�ATI�N �i0 - HI LL�REST PARK, Mnnti�ellp, f+�,+�N 553Fi2 - STI7RAGE BU ILDIiV ��,0�1 lC}CATIUN �i1 - 1�1 CHELSEA RC},4D, N1onGicell�. Mf� 5535� - YI�l1TH S�CCEFi FACILITY Building l,bbb,�4�� ?,OOtI $1,741.I�C� �vn��nts 5,Q39 1.C70L1 �l3.�p T�,tal for L��TIC}N 61 - 161 CHELS�A RC]AC�, h+��ntic�llo, h�1�V 5536� - YQ�ITH 5C}�CEF $1,14�}.� LOGATf{]N 6� -��,17 Eo�u10N50�1 A'�E. M�rrticello, h.+1N 55362 -'�T�RAGE BUIL�ING �t�l�i�611� ��3��1�� ,�1'�� 77�e�1Q �Dntents 6,038 1,p�f� $13,OQ T�stal for LOC,4�ICiN 5� - Sb17 ��h+10�lSC7N ��VE, Mor�ti�e�ll�, MN 5�35� -�T�]�AGE Bl $7��:00 L�1CJ�TICyN 53 - 8774 ��ON �VE, A+lonticell�. Mh� 553�2 - PUf�IP BUILDIN� �uila�ing 366��3� 1,00� $��.i�Q ��ntenis ,�5[�.�43 1,D0� $158,UD Tptal f[sr LOCATf�N �3 - 817� JASQN AVE, Fall�nti�ello, MN 5536� - PU�+1P �UILC�I�I� �477,�iC� LC��TIC�N 64 - 8iVa1Y, 75, �r1�r�li��ll�, �r'lf� 553�� 1�A�RI�US Prop�rty in tF�e �.7pen 99,173 Tat�l f�r l�IC�TI�pN �4 - HVdi°, 75, M�ntie�llc�, C�1 N 553�62 VARIp�S LL��A71C}N 65 R:IVERVI�W, hJEonticell�a, �+1N 55362 -'VARIpUS �ro�erty� irr the Open 111,738 Tot�l fo�r L�ICATIi]N 6� - RI�IER�'1EW, hrlor�lirell�, MI� 55�6� �ARIOUS i.�]OC� �7i4_{10 5�74_�Q 1,0{}D 5873,0�7 S$��.o� LCi�ATIpN �56 - G,317 9�TH STREET, Mcan[itell�, 11r1N 5536� • LJFT�T�iTIQN �uilding, 117,19� 1,pCa� ��}7oD0 T(]C8U far Lt��ATICiN bfi - 6817 94TH �TREET. N1OntiCelbt]. MN �5362 - LIFT 5TAT1�]N $4�.(}C5 LOCATIO�J 67 - 3b9� SC9if��L BI,VD,. P�onti�ello, fv1N 5535� - V4',+�TER 7'0'+NER �uildang ��3�'�,[]31 1,�Of] �94Q.I�p �ontents 1.,1{�9 1,(�40 $1.0� Total fcsr LOCATI�N 67 - 36�2 S�HO�L F3LVD., M�ntic�llc�, Mh9 553�� - W�.TER 7C1��IE S'�41,00 LQC�4Tf�hJ 6$ - BRI[}�,E PARK EA�fi, �t+lonti�ell�, MN 553�6� - GAZEBt� Build�ng 29,115 1,000 �37�_4J[7 T�t�l for L�CA.TIAN �8 •��21DGE PAR�C EAS�, 141rnti[ellt,, h+11V �5��2 G�ZE�s� 53�'9_�1� LC]CATIQN 69 - BRIDGE PARK E+�ST, �.+1D�LFcel[fl, I�IN 5535Z - P,4RK SHEC� B-�rildin� �.�i07 1,O�i� Total #c�r L�CA71C1N 69 -�RIp�,E P�REC EAST, I�i�ntic�llo, N1N ��3fi� • PARK SHEa LQ�CA,TIQN 7�0 - BRICrGE P,4RK 1NEST, Nlont��ll�, A+1 N 55�G2 - I�J�]5� 9uilding 770� 1,0�0 Tvtal f�sr LQC�4TI�hJ �t� - BIRIDGE PARIC WE�T, �+1�ntiCell�s, MN 5�36� -�:1�SK $7.00 $i.Qa S�a,Do Sla.aa Cik�' o� M�r�ticello CM� i�b03�DT-3 P��errtium $154.1i}7.U0 �ouerage Aeltual �xposure Lirx�it Dedu�tible Premium L{S�ATI�N 71 - CITY BA�L FIELa (XC�L#, �."lonticellea, M�l �.5�� - STOR�SGE SHEL� ��} �uild'ng 1�,95� 1t,04C1 To4�l fvr L�3G�TION 71 - CI�Y BALL FIIECC+ �7fCEL�, h+lonCicell�, MN 5535� - STC�RAG� 5f L0�4�,TI�N 72 - RAR'u'�lEST P,4RK, Aalontic�li�� el N 553b2 -!CI[]�K �ui�ding �g� Total f�r LC]CATIp� , 2- PAR WES3 ��RK, hAoniicello; MN �53E�� I[Ic�SK 1,C�C�O �52,f�0 �52,QD $�.0(l 5�,�� Lt��A71qh� 7� - HbLLGF��ST PAFiI(, Mvnticeflo. hr1fV' �53b2 -�Tt]RC��E SHED BuildYn� 4,738 1,OCl�i $13,C}{} Total f�ar Ls�CATION 73 - HILL�Cf�E�7 PAFtK, M�ntie�llo, N1P+1 �536� � STQRAGE SHED 513.r]{] Lt��ATJ��J 74 - ELL15�N PARK+ �1+lontic�llo, MN 5536� - I(IC�SI( Bualding 593 1,ODC� �S.f](� T�[al fc�r Lf}CATI�f� 74 - ELLIS�N PARK, hdlont�[�Il�a� Mh� 55362 - K1�51� $g.0(j 40CPsTIOIV 75 - SUNS�7 PQNRS P##RK, Mo�ti[�fla, MN 5536� - P,AF�I{ Pro�erty in [h� C}p�rr $7,��8 1,pQ� �687.� 7p#e�l f�r LC7C�I.TIU�1 7S -�UNSET P'�N D5 PARK, Meanti��llc�, h+1N 55�62 -�ARK �,6�57_00 Lc�CA71GN 76 - RIVERSIDE CEfrrtETERY, M�nticello, A�fN �53b� ��v1ETERY Property in tF�e 0�2n �Ei,137 1,C�CJC? $751.OQ Toial f�r Lp�ATI{7N 76 - RI�ERSIDE CEMETERY, f��nticella, MN 5536� - CfMETERY $751,P30 L��ATF�iN i7 - HILLSIDE C�METERY, Monticello, ��IN 553b� CEh,�ET�RY P7operty in the �p�n �5,�18� 1,0�{l 55p�.(}� Total far LC]CATI�pN 77- �IILL�I�� EM�TERY, Monticella, MN �5�62 -CfME7ERY �5D8.�70 LUCATIO�f 78 - kIV�RSIQE CENIETERY, fV9an#i��llo, A+lhl 553�5� -�CIO5K B�uilriang 5�3 1,000 $S.b[1 T�tal �or Li�CATICkU 7� v Ri�lEf�51pE CEh+1ET�RY, h�9anticelic�, Mh[ 55362 - K1p5K $�.pp LC�4�ION 7� - 3�98 S�H�1+�1L �L'�lp, f4lUnticello, �1N .5535� - FI BEf�NET BLD� UVf�EfVERATORS �uilding �16,103 1,��U �.514,U0 �o�+tents �,853.954 l,��p�] ��,1��,�0 Tq��l f�r LCI�ATICIN 7� -��a�� S�I�O��. BL+JD, h�l[ar�t�tell�, hrfh� 5�362 - FIBERP�lEi QLD� $�,f,36.0�J LO�CATfOFJ$� °�69$ SCHOOL 6L'Ud, M+�nti�ell[�, M� 553�2- FI�EP�NET BLC��, Propprty in [h� �3pen 165,�17 1,000 �1,��.00J Tatal f�r LOC�TIG�N 8(� - 36�8 SCHOC�L �LVD, fvl�rrti�ell�, Mt�l 55�4�2 FIp�ERNET BLD{ $1,293,i�(} Lc��ATIL�hI $1 • 118 WEST �TH ST, f+honticell�, f�JM1 55362 -�►�FICE BL�G 6uil�ling 753,$f�$ 1,(}�0� �1,125.�4 Total For LQ�,�TIQN 81 - 118 "�tVEST 6TH 5fi, Mt�nticeCla, �v1N 553b2 - i��FIGE BLC}� 51,125.��7 Cfty of r1+l�antieella CA+1C 1��5�77•3 �+r€rnium $154.Ii�7.0U [�arerage Actu�l �xpasv�re Limit Dedu�tible IPremium LOCATIC�h! �2 -�49 W@R�]ADINAY, Mtahtic:211o, MN 553�a� - GP�RA�SE 9�il�di�� 99.123 ],C�QQ ��9I.0� Cor�t�nts �.500 �.�1�� $7.C1�1 Total �or LO�CATI�N fi2 - 34� w' BR�7,�p'�+,+�Y, Monticello. M�l 553�2 -�AFt��E ��8,00 L�CATIC}N $3 -�40� f�TH �T LV��T, F�'lr�rrtic�dla, h+1N 55�62 - LIBRl�RY �uil�din� ��7,411 1,a0{l $�iO.OQ CarrtenEs 58,8�� 1,Q�iCJ �5�3.p1� 7pt�l for L(�C+�TIC}N �� -�D� 6T�i ST Vt�EST, Mar�treell�, N1N 553fi� -� I�R.4RY $728.DQ LQ�ATI+�N 84 - CARDINRL NILLS P,4RK, A�ic�ntic�Rd�, MN �5�� PARK PFQp�Fty ir1 th� C�p�n 4,74� 1,OQ(� �37-�]il Tatal fc�r LO��TICk�I 8� - C+4RDINA�� HILI� PARIC, Manticell�s, h4h# 55362 -�A�K �37,0� LC?CATP�N $5 F REEV+IA,Y FJELDS, Monticell�, h+1N 553�,2 - P,AR� SFiE LTER 8�ildin,� 16,�26 1.i}C�0 $T�9.C1�9 T�tal ft�f L�7C�TION SS - FREE`S+t?AY FIELa�, 14fonti�ello�, N1N 5536�- PA�K SHELTER $1�}y.pp LOCJ1TIt7h186 -�RCIVEC�"+,N PA�IC, �+lanti[eilpo M�1 55362 - PARK SHELTER ��ilding 15,�32� 1�00C1 SZ1�,D� 7p#�I fvr LC�C�'�IQhJ 86 - f,�i4Ui'EL,4N PA�iI{, McanlitelCn, MFV 5'��f�� RARiC SMELTEF� 521�,(}[� L��ATI�7N $7 - C�RDIN,4L HILLS TO� LC�T, hrlt�ntitell�, MN �536� - SHELT�R!'RESTR��M Buil�iin� 5.382 1,flC1C] $7Q_� T(}t�l �� L�C1kTI�N 87 - 1=ARdIhJAL hII�L$ TCJT LCJo. fV1o�1SICeVI�, haAM 553�a2 - SH�LTERf $7C1�� L�CATIt�N a� - CARC�Ih�,4L H1LL5 T�OT LOT, I�hont��el��, M�I ��bd _ p�RK, �roperty in the �]p�n 1�,�71 1,Ot]0 $13�.0(� Totai for LC�CATTC]N 88 - CARDINAL HILLS T�� LQT. Manti�elr�a, Mfu 553b2 - FARK �1�3,00 L�D�ATIC}I�l $� - F�ILL�RE�T PARkC, rwlc]r�xicello, MN 553�i� - R,4itK Properry in tn� �7pen 9C�.78� 1,oDD $7r��.f�o Tc�t�E for LC7�ATICJN 8� - Fil LiCREST R1kRK, f��antiGello� M N 5.536� - P�RK $7iF�.�O LQGATION �D - 2�]�d 6TH STREET ti,�1, flri�nti�el�a, M N 553�� - L1BRA�iY Property in �he Clp�n 7,Q4(� 1,�Q4 �55,00 Total for LOCA71t?N ��1 �p4 6TH �TREET V'a+, Montleello, I�,llh 'S5362 - L�e�RARY �55,C�0 LJCA'�ION 91 -�01 G�LF C�3lJF�SE R�P��, hrlonticello, M�l ��36� - VA,�kIC}U� �Prcyperty �n [he Ope� 197,540 1.5�00 �1,543.�� T�CaI for L[�C�TIc]N �1- 901 G[��F CL�IJ&tSE R�Ad, Mr�nC Ge�lEt], hrl hl 553�� - IF,Af�JL IJS $1,��3.UQ LC3CATIt]N 9� - HUNTER� CRt�SSItV�, Man[ICello, MN 553�2 -�,4R�;HELTER �ui��n� �a,�� i,aao s��_o�o Tvt�l f�r LtJ�ATIt�N �� - FfUNTfRSCI��i551h1�. Pwl�ntic�il�� MIV 55.3€��- PAF�I( SH�LTEF �4��_QQ City �F hA�nti��llp CMC 10035U7-3 I�rerrr�um $1�U,1�7.OU A�t� Cou�r�ge Attu�l Expa�ure L'+rr,it C��d�cCfble F�remiurn L�CAT�ON 93 fl.l,:`SQN Pr'1RK LI��155HELTER, f�lt�niicello, M�l 5536� LI�NSSHELTEF� � Buildir�� 75,�74 1,b00 $�9b,00 T�stal far LOCAiICbN �3 - EL�l��7N PA�K Lf(7h15 SHE�LTER. Montitello, N1�1 5�35,� • LI{}N ��9G,00 ILC1CATf{]N 94 -��#h�r5#on�. �.+1�nti��llo� M'N 55�36� - P�rl� 5heltPr �uildin� �G.D�[� 1,QQ0 5339_� Total f�r LOC�TI�N 94 - Feaiherstvne�, M�nt�c�lfo, Nl N.5�36� - Park Shelter $333_+O�OF Lt]CATI�N 95 a�STFi &�RO,4DWAY, f'�ontiCellr�, f4ih� 55�6� - VARI�QUS Pro#��erty in the Op�en 9,04$ 1,L1�pp $i1.C1p Total far L�C,�TIC1hl 95 - 257H $� ��t�,�DVJA�Y: f�Aarrticellc�, f�fN 55�b� - vA�.l0�1S $71,00 L�C.ATIC}N 96 - d�lC]NTEVIC�EO, Mrsntaeella. MN 5536� - V,4RIC1�lS Pr�perty in ihe Qpen 6,740 1,47970 $4+3.0(� T�k�l f�sr L�GATIf�N �}E+- h+1OhlTEVIDEOF, h7�n#i��ll�. M�J 553�6� -�'ARId]US $4�.pC ��ATI0�1 97 - FeathersC�ne, hltontit�llo, MN 553�� - Play �tructures Pr�p�riy in th� CJpen 46,�00 1�OOU $��3,�C� 7�k�! f�r LC3CATI�N 97 - Feathersto��, �+l�n[ic�ll�, f�"IN 553b2 Piay Struc#ure5 5243.�Df� L�CATiflN 9$ Rr�lling ylVc�c�ds, M�n[Icell�o, M N 553b2 -�ark Sh�l#�r Buildir}� 2�,05C� 1,r�D(� 5135.{l� Total for LOCATI�IN 98 - R�Iling'Wovd�, �+lr�n�icell�i, Mh� 553�� - Rark Shelter $135.�7�1 �Li]�CAT6ON �9 - 6�OL PA�K - 1p2�4 [iRIARL�.+c��[� AV�hJ4JE NE. Nloniicella, P,+1hl 5�3�2 -�SH�D Bualdir�g B,CsCsO 1,I�pQ 5��.iJQ �ontents �,�QQ 1,[�DO �8.Q0 ��atal for LC3CATf+�N �� Ct�l PL�Rl4 - 10224 B�lARW�[�[} AVEN U E NE, fv14r�#ic�llca, h�r 530.0�] L.i�bdlit'y phy�sical D�m-a�� Hired & IVan-i]wned I�esi�+n�t�d Vc�lunt�c�r Tot�l for Auto 5�4,��411,54�i,01UG 5 00, D00�11, 5S]0, 0�14 VEH6CLE 1- 1�$� �C�f�d W,�TER TRI�GK {$�43� Liab�laty Phy'Si��l �8m�ge Total f�r �'EHI�:�E 1- 1982 FORtS V4'ATER TRU�K �$�i43k VEHICLE 2- 1�8�5 DRESSEfV T`R�41LER;��9� VEHICLE 3- 1988 A,fRIA�L FIRE TRUCI� {3143) Li.�bility �'�rysic�l [?�r��g� T�tal Far VEHICLE 3-�9$$ �.�R1,4L FIRE TRU�IC {3743J 1.00Ci 1,�DU0 $ 246e0� 511�_0� $36�.C]0 $38.0(l �244,�0 �2�2.0� City af f�+lc�r�t��llo C1�+iC 1{l�35�7-� Premium $1SUr1U��DD Cove�`�ge Attuak �x,p�sur� Litr�it D�du�tible Pr�mium VEHICLE 4- 1974 TREE SPAI]E TRr'#ILER {171�� 11E HI�LE 5- 1986 LI;CH $�Rta'ICE TRAILER {2$�8# VEHICI,� 6- 1'��8 D#N�O PLU� TR14IL�R {�4��} 'UEHICL� 7- 1995 FORL? LS 800� C�LJ AtIP TRUCK {Sb73} Li�bility Physical D�rn�ge Ts�t�l [or 1��FIICLE 7- 19�� FORD �.� 8f30h0 �U h+l P TRUCi( {8�73} VEHICLE 8- 19�5 �HE5�15 l�� PUMFER TRK {�469} Li�bility' Phys�ca� Dam�ge T�tal f�r V�HICLE 8-�99� �HE5�15 15�(i PUNIPER TRK ��+]69} VEHf�LE 9- 1999 Ih�T'� TRLICK {5350� Liability Physie�d aamag� To[al for VEH I�LE 9- 19�� I h�T'L 7RLiCK {5�5�� 'JEHICLE 10 - ��001 DC�C�GE RA�+1 PICKUP ��9�} Liability �hysi�cal Ramage Tatal tor VEHICLE 1D - 2p�11 Dpp�E R,AM PICI�UP {�6�}�} VEHICLE 11- 2Ci�1 F�iRa F�� PIGKU� �9740} Lia�i�ity Physicaf damage Ttitdl for VE�iICLE 1Y - 2001 FC}�f� IF�S(? PI��CUP {974�� 'JEHI�LE 1� - �C103 �CHEV SILVERAI�� {1$�7} Li�hili#y Phy�ocal pama�e Tv#�I for L�EHICLE 12 -�OD3 CHEIf S�LVERACiO {I8167} 1+EHI��E 13 -�00� Ff�RD F3SS] CF2E1�U �AB j6�45} Laaaility Physieal Damag� Tot�l for VEHI�LE 13 - 2�p� FQRp F350 CRE�S! CAB {�)451 '�EH ICLE 3� - �OD� STERLING [�UM�' TRUCK {791$} Li�Lility F�hysicdl a�rn�g� Tatal Ftrr �EHI�LE S�3 •�Df}0 SiERLIh�G DU h�+l P TR4�CK. {�'91�} 1,�i0 $24�.04 �,�]�D $11b,�0 5��2,�0 �.,00�o ��_�c� i3O�iCt �27:�_�i0 $31�.�7(� City [af Mo�ticel€o t�n� ��o��or-� Premium �1�p,lOT,9�(} Cover�ge Actual �xposure kirnit Deductitale F�remiarm 1+EHICL� 15 199� TflWMqSTER TRf41LER ��}�63} VEHICLE 16 - �C��1 615f�N TRAILER {�`7b4} VEH ICLE 17 - 2�2 STE RLING DUMP TRI��i{ (1543} Li�bility Ph��sical i��rtiage Teatal far VEk+I�LE 1� -�{��2 STERLING �UMP TRUC:�C �1�43} VEHl9CL� 18 -ZQ�f� BUI�T-RET� TRAILER {��82} 1dFHICLE �9 - �QOS STERLIhY� bUMP TR�1�K {0�77� Lrab�li�y P�rysical pamage tot�l f�r VEHI�L� 19 - ZS705 STERLIhl� DUMp TR4;�CIC {0�77} WEHI�LE �Q - �C��4 F�RD F45s7 PICKUP {b1�66} Li��iiPi#y �'hy�ical 6ama�e iokal f�r'a��HICLE 7tl -�D04 F�RC� F4510 PICKUP {�,l��i� VEHICL� �� - 1999 FC�DRG� F55Q B4JCK�T TFtU �2i5�} Liabil�ty Pliysic�l D�m�g� Total f�ar �IEHICL� �1 -�:9�9 FpR[? �55d7 B�JC�CET TR41 {�159,� �'�k�ICLE 2� - �003 FOi�D F15� PICKUR ��150� Liability Rhy�i�a� I��rriage 7ot�l for 11EHICI�� Z -�17�03 FC1FtG� 1�15Q PI�CKU P�315�J} VE HICLE �3 �OC�3 FCJR� F45f} P'I�CKUP �5270} Liability Physit�l ��m�g� Tntal f�r VEH ICLE �3 - 2�� F�Rp F4�D PICKUP {6�7C1} VEIHICLE �4 - �QQ� CHE',# 25(1� PICKUP {�4�6�} Li�kssliCy Physi��l C�a�� Tc�tdl �4r 1�EH IC:LE �4 - 2f3�S3 CHEV 25D� PICItl1P {�456} �JEHICLE 25 - 2C�05 FC�RCS F15{J Rf�IC�P {1196} Liabilit�+ P�ysi�af Damage Tc��al for '�EHICLE �5 - 2[�(l� F�R� F15� Pi�KUP {1196} 1,0D(� $��6_C�� 1,��p0 5135.Q0 538Y.iJ0 1,p46 $96,QQ �,tJO� �116.LQ �212.�t� 1,D00 a9�a.40 ip'V4/il �{94I.SdLP $1JFs.�[} 1,O�DQ ��,l�[? 1,pC1� �88,f30� ��r,OD Ci#y �� hAa�r�#i�e61� GNTC 113L�35ii7-� Premium �15(},IUi,I�Q Cauer�ge A�tu�l Expa�Sure Lirriit C}eductible Pr�mium VEHlCLE 26 -�fJ05 KENW�1#�TM TAMKER F{8'�81� Li�bility 1,4pp $�$.p0 P'hysical aart�age 1,� �185.0�1 Tatal far VEHICLE �b -�0�6 IC�t�UVQRTH TANICER F�$9�1} $2�3.[�0 VEHICLE �7 - �CiQ7 FORD �25� PICKUP �5�98} Li�bility Ph+�sica� Clart�a�e Tot�l for VE�iICLE �7 -.��107 FC]IRp F�5(J PICI(UP {5698} vE�� - ��os �r� �� i�v� ��a�c� {sz��} Li:abili�y Ph�°sical �arra�age Total Fcrr +��HI�CLE �8 - 2[]08 �CHEV �ILVER,4pCJ {8��i} �'EHI��E 29 - 2401 F�Rb F154 Pi�CKIJP {1�35� l.��bili[y Physical [�art�a�e Tn��lfiOr VEHICLE 29 -20Q7 FORfJ F15b PICKUP j1�3�} �'EH ICLE 3�i -�0�]8 FO��ti F45(� T��1CK �9707} Liab'lit�' Physical D�rria�e Tot�� fs�r VEHICLE 3�] -,�CGD$ F�DRD F�Sf] Ti�U�K �97Li} VEHICL� 31 - 2C108 F�RD Fi�CUS �55J5} I.i�bi]iCy Phys�cal Darnage Tcatal f�r 1lEHICLE 31 -�D�B FC1Rb FQCU� f$5�5} VEHkCLE 32 - ��10� STERLI�#� L��p �$��9} Li�bility Physical D�m�g� T�tal fa�r 11EHIGLE'�� - 2(�D8 SpEkLIN�', L�SQQ {8269) VEHf�LE 3� -�OC16 FELLING TILT TRAItER {�a�f,�} VEHI�LE 34 - 1�77 HALE TRAILE� {T52Q� 11E HI�CLE 35 - 2008 AG �RAILER {�438� �,C��iO �9f�,D� 1,OOQ �114.QQ $�1D.L►p 1,OQQ 5�6_�C► 1,000 �55_0� $Y9�,(�0 1,00� $55_Qi} 1.�OJQ �85_0� � Zao_(� 1,OOU $246,0�] 1,ODD S1f8.0�1 $4 �.4.00l '�lEHICLE �fa - 19�7 DC�D,�.�E GARAIJAkI�d {4586� �i�bility 1,��i $55,OCi PFry�ical p�mage 1,DO�J �1��QQ 7ot�l f�r V�H1�kE 36 - 1'9�7 �7�DGE CARAVAN �458b} $183.bQ City �f f1+lo�ti��elRo �MC 1�Q�507�3 Premium �150,1[}7.OQ C4uer�ge A�ctuaC Expc�sure Limit [aedu�table Pr�rnium WEHICLE 37 - 2�� S�Ai�TAN �I RE TRUCK �{7515} --- �iak�ility 1,GOQ �38.[1C� PF�ysical [��nnage 1,r��Q $4�7.�0 Totaf for 1lE+iCCLE 37 - 2Qr�� PARTAN FIRE TRU�K. {0515} $�95,Cti0 1lEHICL� 38 - 241Q4 �HEV �ILVE�AD�47 {�180} Li�bility Phy�ical �ama�e Tot�l ft�r VEHICLE 3$ -�0{J4 Ctl�EeJ SNL�ER,4�i0 ��1��} '�EHI�LE 3� • �DO� CH�V �LAZER �131f�j Liabili4y PhSysital D�m�g� Total for VEHICLE 39 • 2�;�� HE"J 9L�ZE�i {131f} VE HI�LE 4Q - 2�112 MACP� HC1[71{ TRIJGPC �14�i� Liab��ity Fhtysi�e�l [�arn�g� T�tal far �`EH9�C�E 4� - 2t]1� MACIC HOC�lC �F;U�CK {14�7} VE�IICLE 4 i- 2011 I�li�RSTATE RECs�N TRLR {z978� Physi�al D�rr��ge T�tal for 4'EHEGLE 41 -�C�11 9�YTE�STATE bEC�hd TRLR {��7g} w�Hic�� - za�� Fo�� F�� ;�zss} liabif�t�+ RhySi[.al Dartn�ge T�tal far 1�EHI�LE 42 - 2013 fC�R�i F550 {0�5E} 'VEH ICLE 43 - �Q13 FC}RD F�5(l +.i��7p� Li�bili#y Physi�al Ciarr�a�e Tp#al for VEHICLE 43 -��]13 FC9RD F55D {037�1} '�EHICLE 44 - �013 PJ F8 DE��:C�I�f {5��3� Physi�al D�mag� Te�tal fnr VEFiICLE 44 -�013 PJ F8 pECKt]l�E {5Y�83} VEHICLE 45 - 2�34 �ftEIGHTLlNER FIRE TEIVL}E {7$$3j Liability Physieal C�amage Tot�l f�r VEHICL� �� -�414 FREIfiHTL1NEIR F�RE TENpE �7893} VE HICLE 46 - 2�115 F4�Rp F�S� {$�9�} L�ability Physica� Dama�e Ta��d far +JEHICLE 4� - 2�1� �C]RI] F25� {$§9�; 1,40� 511,OQ �11,OCs 1,CsQL� �38.�0 1,Q40 $2b3.4� $301.D0 1�[�0 $9C.0� 1,L?0�0 $1�"�.0� $� 18.(�{] City o� i�'lort�icellc� CMIC 141735a7-3 Pr�mium $15D,],�7.OU �ov�r�g� I#ctual �s�p�sur� Limit �eductible Prewnium VEFiIC�� 4� - 2'01b FC]RL F35� {�9�� Liability 1,Q��i �'�6v00 Physi�al D�ma�� 1,[�0�1 $1�Ae{]0 Toz�l for VE+iV�CLE 47 -�C�16 FQRC7 F�50 �7�66} �� 1D.4]0 �+EHICLE 4$ - 2Q16 FC]R� F35�1 �12$�} Liahifit�+ Rhy�i��l D�m�g� Tot�l f�r `+IENPCLE �8 - �C31f� F�pRD F35�} {1�8�} VEHI�CE 49 - 2fJ1� F�Fll7 F�Sp �1�8�} Liabil�ty PY�ysical l3arrt�ge Lot�l fcar `�EfHf�LE 49 -�{}16 FOI�b F35� {12�3�� VEHfCLE 5{� - �[�li FELLIN� T��aILER {6511} Fh��ic�l �amage Total for'UEHI�CLE 5Q -�{Yi1 FELLICVG TR,41LE R{b511} VEHI�LE 51 -�015 PJ Tf�AILE� ��8L0} Phy�it�l C�amage T�t�l fp:r'JEF9I�LE 5S ��15 PJ TRfi11lER �8$�D} 0 V�HI�LE 5] - 2�1�� {7C�LfTTLE TRAIILER �4�8�� PhySical �ama�e Tptal fvr 11EHICLE 5� -��01� �}i�OLITTLE TR�ILER (4382} 'UEHI�LE a3 - 1�99 FCJF4[� F��I� (3324J Liability F'hysit�l b�m��e Tot�l for VEHI�LE 53 - 19�'9 FOfRa F35� {33�4� V�HICLE �4 � ��}�}� �E1�'LING TILT {911$� VEHIGLE �5 - �{}16 CHf4�Y EQ4JINc�}{ �529} Liability Physiral Dam��e T�at�l Cc�r VEHI�LE �5 - 2�1�6 �HE'�Y �C�U IN�x �5�9} VEHI�LE 5� - 2(31� FJ TRAILER {55�1} PhySical L�arr�age Total f�r VEWICLE �6 - 2C11f� RJ TRAILER ;Y521} VEHICLE 57 - �L17 �l�Rd F55� �43'�9} Ll�bili#y Ph+�sical C�amage T�rt�al for VEHI�LE 57 -�(�17 FO�tD F55(� {4�99} 1,�Q(] 59b_OU 1,�0f� $1�4.pQ �220.Q[� 1.�D0 �4�,D�7 1,�][�C� 51�4,D0 $�2(],OC� l.�o� 51�,�oa �S 1_QO 1,�OQ �96.�00 �,aoo 5��_00 Sla1_c�a i,�a� s��,o� 1, [}D�1 518 �� 00 �235.0� 1,b0[� �11.Q(} '�11.�JD 1,Q�p �9b.[l[3 1,D�� I�G.O[� 5��.c�0 +�ity �f M4�rti�el�o �CMC 1�Q03507-3 PieiiYlUM1'1 �150,1i77.QQ Gowerage Actual Ex�osure �IEH�CLE 58 - �C�17 TYN1�� 6�r� 51�4��EPER {0'�82) Lia�ility Physic�l Damage To#aM for 1f�H ICLE 58 -�0�17 fi1"MCCI �4�1 ��tV�EPER {p98�� !E HICLE 5� - 2C118 F�'+RD F3�[? {56{J3} Li�bility Physiea9 C7arn��e Total fcar'�EHICLE 59 - 2Q1� FC�RD F35� �55�3} Limi# [}edur#It�l� Prernium 1,�100 $�4�,�7�5 1,00(l $200.0(l $446.Oq 1,4�70 S9G,OD 1,�p0 $1�O.D� $216,[}6 V�hJf�LE 6Q - 2�i1� Ff�RD F15� {1�TF'UV1E5�lKKC54i7�} Liability �hysacal D�mag� T�tal f�r VEHiC�E 60 - 2019 �C1I�a F15f� {1FTF'�V1E50MC1��54172} VEI�I�CL� 61- �(119CHE'�RCJLET Ei�LI16U��€��GfVA;{5EU8Ki�517�7} �iabi�iCy Physi�al Damag� To#�I f�r VE}lIC:LE fi1 - 2f}1� CHE�+F�OL�7 �QUINp7c {�GNA}(SE�B�CL�51717} �`EHICLE 6� - ��03 ��R�] FZ�O ¢5746} Li�hifs#y PhySic�l parn��e To#al f�r VfiiIGLE 6� -�QQ3 F�Gt�p F250 ��746} VEH ICLE 63 - 2�1� FREIG3iTL�hJER �'A,CTpR #18-121f-17965} Li��ility Physical Dama�e Total for �E�ICLE b3 -�C119 FREIGHTLINER VACTt�R �18-1�'J-��965� 1,4t}Q 538_�Ij 1,C10� $1�.4_(]Q �17�_�j�j 1,Q�0 ��5.00 Y,OS]U $180.C1�1 ��S.�Q �,0(lCl $96,00 1,[��DO $89,OC� $185. 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F H H O O � � � H H `x � � 0 0 � ° ° �� :�� 0 0 ¢ � � ✓a ✓a Lr � � F� F� :n ;n ;n U U � '� '� O O O O N N � � �� o - m m � � � � � � N N O O O � � � � � � 7 7 7 � � � 0 0 0 m m m � � � � � � � � � N N N Debbie Davidson From: Sent: To: Subject: Attachments: City of Monticello, MN 505 Walnut St, Ste 1 Monticello, MN 55362 763.271.3228 8 AM to 4:30 PM Account Information Acco u nt: Name: Service Address: Service Period: Billing Date: Due Date: Meter Reading noreply@ merchanttransact.com Thursday, July 4, 2019 925 AM AP Your bill from City of Monticello, MN is ready. 7119WEBINSERTS.pdf Previous Reading Serial Date Reading Current Charges Water: ACH Credit - Auto Pay Water: E-Bill Credit Stormwater: STORMWATER / NON-RES Total Current Charges: Bill Summary Previous Balance: Payments Received: Adjustments: Current Charges: * Total Amount Due by: 8/1/2019 * This was the amount due at the time of billing. 007256-004 MONTICELLO EDA (213-46301) 130 BROADWAY E 6/1/2019 to 6/30/2019 (30 days) 7/3/2019 8/1/2019 Current Reading Date Reading Cons ($1.00) ($0.50) $7.00 $5.50 $32.20 $32.20 $ 0.00 $5.50 $5.50 To view your amount due at the current time and make a payment click here. Auto payment is setup for this customer account, do not pay. 1 Debbie Davidson From: Sent: To: Subject: Attachments: City of Monticello, MN 505 Walnut St, Ste 1 Monticello, MN 55362 763.271.3228 8 AM to 4:30 PM Account Information Acco u nt: Name: Service Address: Service Period: Billing Date: Due Date: Meter Reading noreply@ merchanttransact.com Thursday, July 4, 2019 925 AM AP Your bill from City of Monticello, MN is ready. 7119WEBINSERTS.pdf Previous Reading Serial Date Reading Current Charges Water: Water: CITY WATER - NON-TXBL Water: ACH Credit - Auto Pay Water: E-Bill Credit Sewer: SEWER - COM/MONTHLY Sewer: SW DISCHRG FEE - COM MONTHLY 2% Stormwater: STORMWATER / NON-RES Total Current Charges: Bill Summary Previous Balance: Payments Received: Adjustments: Current Charges: * Total Amount Due by: 8/1/2019 * This was the amount due at the time of billing. 007256-007 MONTICELLO EDA (213-46301) 103 PINE ST 6/1/2019 to 6/30/2019 (30 days) 7/3/2019 8/1/2019 Current Reading Date Reading To view your amount due at the current time and make a payment click here. Auto payment is setup for this customer account, do not pay. 1 Cons $0.00 $7.10 ($1.00) ($0.50) $9.00 $0.18 $7.00 $21.78 $14.78 $14.78 $ 0.00 $21.78 $21.78 V�nd�r ' � �� D�te of Tr�,�actioa� � � ��i ,�� ITY �DF IV�Of�TI�ELL� �ho� Card TI'�ns��o�r Rlea�� ,�tt�ch tF►e irrvo�c�,� reee�pt �nd ��7y o#�r�r �v�il�bPe doc��entati��t #o� �thls fvrr�. Ts� �be cor�pleted �y p�r�ci�aser: Am�unt � �1.�' � � CircPe p�rthaser rkarta�� a�� f..,.. .,... �a�,i�� c��y�� ,.. � ��----- . �xper�s�e �ade � � � -�--��' � . �� i r,r�� iJ�� Mvntic�+llo �hamber �f Cam�nerce and Industry 2Q5 Pin� 5tr��# P� Bs�x 1�� Monk;cel lu 141 N 55362 47�3i 2�5-�?OG" I fax {�63} 29�,�r �5 �nfo�.+r��,�.�ce�l�cc: ��r hAanli�ello Ci!y of A,ccoun�,5 f'��b12 �q�'+ltilaln�k �tY�2Et 5a�i#� #9 MontiYe:le, h,9N 5��2 Th�nk yr�u f�r Coming t�o ��ur, evenl. Des�rip#iv.n �nam��' L.u�ch h�errib�Y I . . � ' , , �' ---�..� � � 'J L� h �� .��i �'� �� Ir`lv�oi�c� lnvoice Date: ��2�+19 Involce C�umbar: 55�� ACGvuntlo_ T�rms N�t 15 Qu�n#ity Ftat� 1 �1�.C?J ��ht�t�l= T�x: Ta#a1; Raym�r�tlGredit Appli�d: Bal�r�ce; D�e Dat� ��I1:�� 1� A�rnvunt S1�.C°� $'� 5, 04 $0_OQ $15.0[7 $t1, 0�} 515�00 Ju�lie Chene Fr�nrn: Jim TF�ares 5ent: Tuesd�y, July 2, 20�19 10:52 Atv9 Tv: Juli� +Chen�y 5ubjec#� RE: halonti Chamb�r 515_0{} Julie, this okay �+� p�y, Fr�rn.Julie �he�ie+�<J�u�ie_Cher�ey[7ei.mor�ticell�,mn,us� S�nt. iVlt�nd�y. July 1, 2�1� 12,5.� PI�I Ta: Jim Thares �Jim,Th�res[��i_montice�l�.rnn,u�> S+�bje[k: Maiiti Charr�b�r�15.�17 J i rr't .�tta�h�d �� nv� 5542 far y+aur June att�r��ance at th� �Ch�r�k�er Vuneh_ �kay �o pay �1.�? Thanks, !tP';t' js , '°�r FI►14FIG� �i551��€]flfi �It�/ O� li�QF1t1��.�Q %��—��-��J �i li� F: ��; flC::l'. -'T',:.si'��E�.f'..I�ii� FTIr'} I_S ��'�CI .►fl��'� I�� Ii;tl.FYi��.L15 {�� . .'., � ��r-��1��11� �--��_ �rnai'� corr°��ot�d�r�r� to �rrnd �r�r� t�e �ity o� A�4ar��ice��o go��rrrrn�rr� offrce� is sub,�ect to �i�� A+��nrresota C�ver�r�rr�nt Lkrta Practrces Act a�d rrrQ}r be disc��sed t� ��ird �orti+�s. Morrticello CF�amb�r €sf C�r�nnerce �nd Industry �o� �o�,� st��t PC� Bax 1'�� I��ant�cel�o, 141N �53�2 f7B3;1 ��5-�70� fax. 4?�;i; 29�-2��5 in fs�t� r� ontic�llocei. u�rrg I�fiortieelio Ci�y of ��aunt� Payabi� 505 l�w'�inut �tr��# ��ite #1 h+�vr#�G�IIc� {�1N 5�362 Thar�k y�u far suppc�rtirg t�e Mc��kieello Cl�arnber 8 M��nw�cello Commun�#y Qes�ripti�n Chamher Lunch. tM1em��r � � � U V � � ��'",` � ' �41�� I rt�r+��e Invvi�� a�te; 5?�it�1w Invai�e [�umt>er: 550� A�c�ount ID; Terrn� N�t � V �u�ntiky Rate 1 S15 C�� ubtotal_ 'fax; T�tal; P�yrn�en�U�red'rt Appli�ed= �alanc�= au� D�t� n� 1 c�+`� Arnounk 51�?7G $1�,t?0 � �.4� $'I S.0 C7 ��_0(} �15,�� ulie �heney Frorn: Ji m Th�r�S �ent; Thursc�ay, l�un� C7, �p1 � 7;4p '�hr1 To: Ja�lie �heney 5ubject: RE� Ir�v�i�e from �lor�ticeli� Ch�arr�ber af Cornmerce and �ndustr� Ha Jul i�, yes khat is ok�y, Fr��n: Juli� �Cher��y �Juli�.Chene�r�ci_monti�eell€�,mn,us� 5enx; Thursday, �urre �7, 2019 �;1i PM To: Jim Th�res �lirr7.Th�reS�cs.m4nticello,rnr�,u�� 5uk�jectE F1+11; Invoi�e frprr} Montic��la Chamber of Commer�e �nd Indu�try !1� �]kay� tra pay $15,C7Q foa- Ma+�r �Ch�rr�k��r I��r�ch? TP��r71�� Ju'i� Fr�rn: h�l�r�y Ar�d�rson [r�nailto=n�ar�y�montice�locri,_��m] 5�nt: Th�rsday,lune 27, 2�19 3;:�4 PM T�: A.P ��R�t�c�i.rT��,r7tiC�llr�.�r�n.us> Subject: In�o,�e from �ontit�ll� Ch�rKrber c�f �ommer�e and Industry L��r ,lin1= �'c��r iri�t]i�:�: fs�r tV�� !+�i�}` �:I��tni�� luni:'h�.��n i:� �i��:h�,ci. �l�a�� C"tlTll� �c�4��t�et�l �l ��c�ur �t3rli��t c�]nrtni��t�.�, Y`��u ��1 ii�rd a linl; �,� El,� h€�ttc�m ��1-tl7i� etrn�il t� p�� bills v��line_ . I-htill� 1'l1U iur ��c��r k��siti�ss an� su��c�rtin� c�ur ��.e�t -��: appr�cia�� t ��r}� �rr��c;h_ �inc�r�l�. i��9�a�ltic.cllia C']�a�nE��r c�t��'t�rrr�z�eac� ��n�i Inciu�tr�� (?fi� ) ?{)�_�7C1U T{3 ��ii��:fpa�� bills �n16r1�. �lease clicl� ��r�; I � ., .. �� . �;��t: _.� 'I .e�� v �<a ! ]" s .a C:...�- , .. � . �'� . . _. � . . . . . , � I�'......z �'�+ �'� �`if�]'NCk'I��flf. �4�'�,. � ��l.,� ��, . ... f r . . ., r'rU ' ` !' - f:? 1��5�4yt.��G� �licit here EF ,• �� h�ve y��'• r�s Ui i;uri�riier��s u��jG�r��c«� ,hi5 �^n�,ail vr �',ro��hi�ne s€�rv�ces in •��reral ale�as�u ��.��d�' �s uy ernai, bl s.u�k �: r".` ;.. . . . Julie �Cheney F�Qrn: A�uta-Re�eipt �r�oreplyf�mail.��t'��rize,net? Sen#: Friday, July' 1�, 201� 3_1"3 Pf'� Ta: AP �ui�ject: Trans�etic�n Re��ipt Fr�prri M�r�ti[�Ilo Ch�mb�r of �omrr�erce & IM�d�stry far $�O.CJCI (L15[�1 DC5Cf3�lIitF1; P�73 ii«t9L lilr 1[1t�a.lai� �`S�� [�.�ic�itti�rllt� C'it4� �rtl} : C�hambrr Liuti�h_ 1�1..onb�.r � Y 5�f1S]i,C.l�ws; � , E'ia3�n�csi� lirr ]rati�riti� =��{l� (`�°Si5ilCicellir C'itx' [1t1 : �:h��lll'YCI' 1_ut7�h_ hl�snb�f �«.l)l1{L'I;15:,: } 1�7k��ice Vurrtt�cr 53?'.)331i liol�in�! Infarm:atir�aa ihi�aOFir��, Infr�ru��taer�i .IU�e� 4.�:T:oii\ l�fa.iiili��il« {'i�t �51. 5i1� '��k aln�ui �6�rc��l tiuEt4 I �'1i7��1��l�L�l{}_ It'1'ti �v554p� �..5 ;sE, rr ai.rc�ee��si��ll��.itti�r.us ,�yai—,r�.:?�)5 T€}�.iil: ��.{M'�N� ��f �� .�:JIC� � 1116�: I e��rsac�itai� �I l� f'ir��tl�otl �.�i�[1r�7d: Cr,�nstacKic�n C��,c ,1u�17 [`treit: ��-�kl�•��1�{� I�:��:�F)��)� �vl�nkicello Charnkser of �Gornrn�r�.e & In�iustry fUanticello, P�1N 5�362 US ma rCyQ m�an� i�e I IocGi. C�m Julie �Cheney� Fr�srr5: irr�o�,a��c�n#i��lrc��,rc�rn Sent: Frid�y, J�ly 1�, �019 3:19 �'h+1 aub�e�t: CJnline Paym�rst �canfirmatit�n 4'c�ur c�i7lar�� 73�}`t�i�:rit rs:.s�l,�st ]Z�� h�e�1 r��i�•��d �?�� ;l�9ontFc�.11�� C'h�amk�er ��f �'c�a»tii�r�� ric1 lr��iu:��r�- i'�it�l��t[ �(�drnlirii�.�ti�Mn 'ti;�tt�+�: ,i��li� ['htne� C'ort��.kn�: I�'Ick�ltiic�Il�� C.il� c�f' "fr�►t��;��tic�n 11u�t�h�cr: �1 �163 ±�l?3 I.��t � c�f .'4ect i'V�ent�i�r: i3?�55� :�lra�uuunt: � �Ci.t�� -- �-- - ._ I aescri�tlo�� Iten�j�� [�uan[i#y Total �krn�unt , P�yrnent f�r Ir��p�Ce #��a42 [Me�nl�CellCa City Charnher LunGh �lerri�e� $1'�.OQ{�I�ss: 1 �15 04 ' �fl 1 � F`ayrneni (�r I�v��c� #�50.� {Mani�c�lla Crty �harr`b�r Lunch. M�r��er $15.D(1(�lass: � �15 �0 ofl � Gr�nd Tt�kal: �3�D.OL �l�l�is 1:��:�i� �ti�� u�t�iraati�all�° �cn�r�t�d, ��c�r quc��tEc��ti� c}r fe�dk��e�:, ��l�Z�� c�r�i��t �« ai: I��'Ic��ti��llu �'I�:�rt�l�er i�f C'�tnrnerte sind In�l�str-�� ?{J� Ialll� 4��-��t !'�� Fia�x ]��? A�iv�iticellt�. l��13� ,��`i? �7fi�} ��9;-�??{J� in�i� ��`.mc�n�i��la��:�i,c:o�� ]Ztt�::°,��, n,ueltic�lloc�i,�o��ti �'endc�r I��tc�f'Trans�c#i�n � ��}' i� �ITY (�F MCIIVT'f��LLC) �itp Haii Card T�ransact��n Pfe�se a##a€h the inv�oiGelr�t�ipt and any ather a�r�fl�b�e dlo�urnentatip�n t� this f4rm. T� be �omp�leted by �Sur�ha�er. I � � A��'17�7 U�i� � ; =�i_ l � �,.�' Cir€Je pur��,�seE 113me: Trac}� Erg��. 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RA�Y L�SS ; MONTI�:FI I �} 7�� 271-13€�� ."`]I'I.'11:1`F 4:j.='ak'r M'�1 �}ti�iW'�� 119.`l]��'��f ��6��i�� 0 .�,:�,..� �r �u�,�� -at��; �.a�� Fr� :r,a� _ . .� �1��1 IdkSTL� FN �5.�� '! �:a7�lt; f1R F'E:�'f't� FT s.5�i . '.�tiVeC� '31.39 utf '.�*�08�,3 ,7��t�� F NkERaFrF�; FN ��.�y � : ��57 TiARI,FT i:t)l1F,iPJ �f�.(iG. 5l�fsTuiA� ��6.�t TA:K E;s�MF'Y :4ALE �O.CI( T��T�k. �3�.�: ��taq� viSA rli��GF aF��_ �IQ _ �s[1��ii]CatiC.�i31�71[}0: �11Sr� CRtaI: � Ih�J1�AT�S �A'�IhJi;� T(1TAl �AVINGS THIS TR�P �� . �a ,�2-v��t zla;� c��,Mr� ?s;2� � v�:r��5� �5;. a.. , Fi�l.� rn�k� �+our T�r-tld.t �'�an k�att��, Tadc� a 2 rni��ice s�s �::Qt; �s:�s;4as t�r,�1�v"� tr�js]; i f�F-�y'taf�� e_t-��r '�ksec �I� : ��1SQ ��$2 � U�31 P��ward: 979 7l3 -i� . . � � --;, I i, .� i.� �, � � i�".;� i. EDA Agenda: 9/11/19 5. Consideration of adoptin� Resolution #2019-09 approvin� a GMEF Loan to Ausco Desi�n and Marketin� in the amount of $23,850 (JT) A. REFERENCE AND BACKGROUND: The EDA is being asked to consider a loan request from Ausco Design and Marketing, LLC in the amount of $23,850 as gap financing needed to complete a real estate purchase. The company is growing and needs more space to better conduct its daily production and service its customers. Ausco Design provides graphic design and printing services as well as custom apparel and promotional products. The company was formed in 2007 by Jason Kisner and his family. The firm has grown over the past 12 years mainly from the design and creation of logos and a variety of printing solutions. Ausco has identified the former auto parts store located at 218 - 3rd Street West as good site and size for its current and future operations. The building size is 13,000 square feet. It also has ample parking on the north side of the lot. Ausco only needs to occupy 8,000 square feet so the two existing tenants, a laundry mat and a small dance studio, can stay in their current spaces. Ausco has entered into a purchase agreement with the former property owner, Shawn Grady. The site is zoned CCD. Under the updated zoning ordinance, Ausco Design meets the retail, service and production square footage ratio tests qualifying it as a permitted use at this location. In addition to the acquisition costs, Ausco is proposing to make minor upgrades to the property after the purchase is finalized. Ausco is currently renting a 3,000 square foot space in a multi-tenant building located at 4041 Chelsea Road West. They have been in that location for approximately 20 months. They have 16 months left on the current lease. Jason Kisner, Ausco's owner and manager, believes that it may be possible to backfill the space through a sublease arrangement after they vacate it. Prior to the Chelsea Road West location, they were operating out of a second-floor space in the All Elements Roofing building located at 301 Chelsea Road East. The business was started in 2007 by Jason Kisner in the family's home garage. Mr. Kisner attended the July 10, 2019 EDA meeting presenting a$75,000 gap loan request in a pre-application format. The EDA asked that additional information be provided for further review along with the addition of more owner equity in the financing package. Mr. Kisner has been able to meet those requests while also involving other parties in the proposed deal. In addition to Bank Vista (primary lender) and the MBFC (SBA — 504 lender), the Wright County Economic Development Partnership (WCEDP) and Southwest Initiative Foundation (SWIF) are now also involved in the proposed financing. The new loan request from the EDA is smaller at $21,750 plus $2,100 in legal expenses and the EDA's origination fee which brings the total to $23,850. The base loan amount request was derived by the WCEDP's recent approval of its $21,750 gap loan contingent on the EDA also lending the same amount. 1 EDA Agenda: 9/11/19 Mr. Kisner has increased the cash equity amount of the financing package by $14,000 for a new total of $15,000 or approximately 2.25 percent of the entire project funding. The proposed financing and security positions are shown in the sources and uses below: Sources Bank Vista, Sartell, MN NIBFC — SBA 504 Lender, St. Cloud, NIN WCEDP City of Monticello EDA SWIF Owner Equity — Jason Kisner Total Project Funding Sources Uses Property Acquisition $599,000 Building Remodel $ 50,000 Equipment Purchase $ 15,000 Soft Costs and Fees $ 5,100 Total Project Funding Uses $669,100 $332,500 $266,000 $ 21,750 $ 23,850 $ 10,000 $ 15,000 $669,100 1 st RE Mort 2nd RE Mort 3rd RE Mort; 2"d Equ1p 4th RE Mort 1 st Equip N/A Ausco financing pro-forma shows it plans to use the rent payments from the two tenants (combined annual rent of $48,528) plus its own annual rent savings of $24,000 (grand total of $72,528) at the Chelsea Road West location to cover the new mortgage payments. Ausco is also indicating that it will create 1 new FTE j ob through its expansion. The loan request falls outside of the GMEF loan guidelines in several ways. It is less than the $25,000 minimum loan request and the owner equity contribution is at 2.25 percent of the total funding versus the minimum requirement of 5 percent. The EDA may want to consider Ausco Design's proposal in the context of the EDA's overall economic development mission and goals of supporting activities and projects that enhance the local economy along with the partnership effort with WCEDP and SWIF. Due to the loan request being less than $150,000, there is no public hearing requirement when considering the application. Nor does it does reach the threshold of "Business Assistance" ($25,000 to $74,999). The GMEF guidelines though do require the loan recipient submit annual reports regarding the job creation results for five years. If the EDA chooses to waive the GMEF Guidelines for the loan amount and equity requirements, it may also want to consider a customized interest rate (staff proposes 5.0 percent). A completed application and the WCEDP Loan Summary have been attached to the staff report. Ausco Design owner, Jason Kisner, will be at the EDA meeting to answer questions regarding the proposed financing and the businesses operations. The EDA attorney advised that the best way to consider a loan request is through the preparation of loan documents and a resolution both of which have been included in the Exhibits of the report. Al. STAFF IMPACT: No additional staff are required to complete the review and administrative process related to Ausco's GMEF Loan request. An estimate of staff time 2 EDA Agenda: 9/11/19 committed to the file is approximately 8 hours including EDA staff report preparation and meeting time. The EDA attorney has also completed the requisite loan documents and the EDA resolution. If the loan is approved, an estimate of additional time is placed at 18 hours. A2. BUDGET IMPACT: The budgetary impact related to consideration of the EDA-GMEF loan request is to the loan fund itself. The fund currently has $850,000 +/- available to loan out. This request is for $23,850 +/- or approximately 2.81 percent of the available dollars in the EDA-GMEF. The EDA origination fee of $500 will cover some of the staff time in preparing the reports and coordinating the application. The EDA's legal fees, estimated at $1,600, will be paid by Ausco Design. Both fees sets are currently wrapped into the loan and will be deducted at the loan closing. B. ALTERNATIVE ACTIONS: L Motion to adopt Resolution #2019-09 approving a GMEF Loan Agreement and Related Documents for Ausco Design in the amount of $23,850. 2. Motion to deny adoption of Resolution #2019-09 regarding the GMEF loan request from Ausco Design. 3. Motion to table consideration of adoption of Resolution #2019-09 regarding the GMEF loan request from Ausco Design for more research and/or discussion. C. STAFF RECOMMENDATION: Staff recommends Alternative #1. The type of project and use of funds meets the GMEF criteria and the EDA's overall mission. Mr. Kisner took the EDA's feedback from the July meeting and has increased the owner equity for the proposal. He has also involved additional parties to be part of the project financing. Mr. Kisner previously indicated that Ausco's fast growth has been a blessing and a curse in that it constantly demands cash to feed the growth. The space issue is causing Ausco to turn down business. The catch 22 is that solving the space issue also requires a significant amount of cash. SUPPORTING DATA: A. EDA Resolution #2019-09 B. Loan Agreement C. GMEF Loan Application with Ausco Design Expansion Proj ect Description D. Property Marketing eBrochure E. WCEDP Loan Review Summary EDA RESOLUTION NO. 2019-09 RESOLUTION APPROVING A LOAN AGREEMENT BETWEEN THE CITY OF MONTICELLO ECONOMIC DEVELOPMENT AUTHORITY AND JASON KISNER DBA AUSCO BE IT RESOLVED BY the Board of Commissioners ("Board") of the City of Monticello Economic Development Authority (the "Authority") as follows: Section 1. Recitals. 1.01. The Authority is authorized to grant financial assistance for economic development purposes, including loans, pursuant to Minnesota Statutes, Sections 469.090 to 469.1081 (the "EDA Act"). 1.02. The Authority and Jason Kisner dba Ausco (the `Borrower") desire to enter into a loan agreement (the "Loan Agreement") for a Greater Monticello Enterprise Fund ("GMEF") Loan to be used to finance a portion of the costs of acquisition (the "Acquisition Costs") of certain real property in the City of Monticello (the "Property"), in order to relocate and expand the Borrower's existing graphic design and te�tile embroidery and printing business. 1.03. Pursuant to the Loan Agreement, the Authority will loan to the Borrower the sum of $23,850 (the "Loan"), evidenced by a promissory note (the "Note"), a personal guaranty of the owner of the Borrower (the "Guaranty"), and a mortgage (the "Mortgage"), to be executed and delivered to the Authority by the Borrower. 1.04. Pursuant to Section 116J.993, Subdivision 3(1) of the Business Subsidy Act, the Loan is not a business subsidy because the Loan is in an amount less than $25,000. However, the terms of the Loan Agreement and Note shall conform to the Authority's written Business Subsidy Policy, including a five-year operational requirement and the inclusion of job and wage requirements; all as described in the business subsidy agreement provisions contained in the Loan Agreement. Section 2. Loan A�reement and Note A�proved. 2.01. The Authority hereby approves the Loan Agreement, the Note, the Guaranty, and the Mortgage in substantially the form presented to the Board. The Authority further authorizes execution of the Loan Agreement and all documents prepared in connection therewith, subj ect to modifications that do not alter the substance of the transaction and that are approved by the President and Executive Director, provided that execution of the Loan Agreement by such officials shall be conclusive evidence of approval. 1 611272v1MN325-43 Approved this llth day of September, 2019, by the Board of Commissioners of the City of Monticello Economic Development Authority. President ATTEST: Executive Director 611272v1MN325-43 LOAN AGREEMENT This Loan Agreement ("Agreement") is made this _ day of September, 2019, between Jason Wayne Kisner, individually and doing business as Ausco ("Borrower") and the City of Monticello Economic Development Authority, a public body corporate and politic under the laws of Minnesota ("Lender"). RECITALS A. In consideration for the loan contemplated by this Agreement, Borrower is executing and delivering to Lender this Loan Agreement. B. Lender administers its Greater Monticello Enterprise Fund ("GMEF") revolving loan program pursuant to its authority under Minnesota Statutes, Sections 469.090 to 469.1081, as amended (the "EDA Act"), in order to assist Monticello businesses in financing certain economic development activities that result in the creation of jobs. C. Lender agrees to make a loan to Borrower of GMEF funds in the ma�mum amount of $23,850 to pay a portion of (a) the costs of acquisition ("Acquisition Costs") of property located in the City of Monticello, Minnesota (the "City") and legally described at Exhibit A hereto ("Property"), in order to relocate and expand the Borrower's e�sting graphic design and te�tile embroidery and printing business; (b) origination fees; and (c) legal fees associated with the negotiation and implementation of this Agreement. ACCORDINGLY, to induce Lender to make the Loan to Borrower, and for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 1. The Loan Amount. Subj ect to and upon the terms and conditions of this Agreement, Lender agrees to loan to Borrower the sum of Twenty-Three Thousand Eight Hundred Fifty and no/100ths Dollars ($23,850.00), or so much thereof as is disbursed to Borrower in accordance with this Agreement ("Loan"). The Loan shall be evidenced by a promissory note ("Note") payable by Borrower to Lender and substantially in the form of Exhibit B attached to this Agreement, which shall be dated as of the date of this Agreement. Proceeds of the Loan shall be disbursed in accordance with Section 3 hereof. 2. Repavment of Loan. The Loan shall be repaid with interest as follows: (a) Interest at the rate of five percent (5.0%) per annum shall accrue from the Loan Closing Date (as hereinafter defined) until the Loan is repaid in full. (b) Level payments of principal and interest shall commence on January 1, 2020 (the "Initial Payment Date") and continue on the first day of each and every month thereafter until paid in full. Such payments shall fully amortize the principal and interest over ten (10) years, provided that the final unpaid balance of principal and interest shall be 611015v1MN325-6 1 due and payable on the first day of the one hundred twentieth (120th) month following the Initial Payment Date. 3. Disbursement of Loan Proceeds. (a) The Loan proceeds shall be disbursed to the Borrower's chosen title company ("Title") and applied to the purchase price of the Property at closing on the acquisition of the Property by the Borrower ("Loan Closing Date"). (b) The following events shall be conditions precedent to the payment of the Loan proceeds to Borrower on the Loan Closing Date: (i) Borrower having executed and delivered to Lender, prior to the Loan Closing Date and without expense to Lender, executed copies of this Agreement and the Note, and Borrower further having caused to be executed and delivered to Lender a mortgage in substantially the form attached hereto as Exhibit C(the "Mortgage"); (ii) Prior to the Loan Closing Date, the Borrower having executed and delivered to the Lender a personal guaranty in substantially the form attached hereto as Exhibit D (the "Guaranty"); (iii) Prior to the Loan Closing Date, Borrower having provided the Lender with Title's contact information, and Lender having received a copy of Borrower's settlement statement evidencing the purchase price of the Property in at least the amount of the Acquisition Costs; (iv) Lender having received an executed acknowledgement from Title in connection with Lender's instructions for disbursement of the proceeds of the Loan; (v) Borrower having provided evidence reasonably satisfactory to the Lender of formal approval of a$21,750 loan from Wright County and of a$10,000 loan from the Southwest Initiative Foundation; (vi) Title having disbursed to Lender a loan origination fee of $500 from proceeds of the Loan; and (vii) Title having disbursed to Lender from proceeds of the Loan the full amount of the legal fees incurred by Lender in the negotiation and preparation of this Agreement and any other agreement or instrument securing the Loan. 4. Representations and Warranties. Borrower represents and warrants to Lender that: (a) Borrower is duly authorized and empowered to execute, deliver, and perform this Agreement and to borrow money from Lender. 611015v1MN325-6 2 (b) The execution and delivery of this Agreement, and the performance by Borrower of its obligations hereunder, do not and will not violate or conflict with any provision of law and do not and will not violate or conflict with, or cause any default or event of default to occur under, any agreement binding upon Borrower. (c) The execution and delivery of this Agreement has been duly approved by all necessary action of Borrower, and this Agreement has in fact been duly executed and delivered by Borrower and constitutes its lawful and binding obligation, legally enforceable against it. (d) Borrower warrants that it shall keep and maintain books, records, and other documents relating directly to the receipt and disbursements of Loan proceeds and that any duly authorized representative of Lender shall, at all reasonable times, have access to and the right to inspect, copy, audit, and examine all such books, records, and other documents of Borrower pertaining to the Loan until the completion of all closeout procedures and the final settlement and conclusion of all issues arising out of this Loan. (e) Borrower warrants that it has fully complied with all applicable state and federal laws pertaining to its business and will continue to comply throughout the terms of this Agreement. If at any time Borrower receives notice of noncompliance from any governmental entity, Borrower agrees to take any necessary action to comply with the state or federal law in question. (� Borrower warrants that it will use the proceeds of the Loan made by Lender solely for the Acquisition Costs, origination fee, and legal costs as described in Recital C of this Agreement. (g) Borrower warrants that it will not create, permit to be created, or allow to e�st any liens, charges, or encumbrances prior to the obligation created by this Loan Agreement, except as otherwise authorized in writing by Lender. 5. Business Subsidv. The Lender and Borrower agree and acknowledge that the Loan provided under this Loan Agreement is not a business subsidy as defined in Minnesota Statutes, Sections 116J.993 to 116J.995, as amended (the "Business Subsidy Act"), but that the Borrower must comply with the j ob and wage provisions of the Lender's written Business Subsidy Policy. To this effect, the Borrower covenants and agrees as follows: (a) .Iob and Wage Goals. The `Benefit Date" of the assistance provided in this Agreement is the Loan Closing Date. By the Compliance Date, which is the date two (2) years after the Benefit Date, the Borrower shall (i) create at least one (1) full-time equivalent job at the Facility, and (ii) cause the average hourly wage of the 1 created job to be at least $11.60 per hour, exclusive of benefits. Notwithstanding anything to the contrary herein, if the wage and job goals described in this paragraph are met by the Compliance Date, those goals are deemed satisfied as of the date such wage and job goals are met. The Lender may, after a public hearing, e�tend the Compliance Date by up to one year, provided that nothing in this section will be construed to limit the Lender's legislative discretion regarding this matter. 611015v1MN325-6 3 (b) Remedies. If the Borrower fails to meet the goals described in Section 5(a)(3), the Borrower shall repay to the Lender upon written demand from the Lender the outstanding principal amount of the Note, plus interest accrued to such payment date. Nothing in this Section shall be construed to limit the Lender's remedies under Section 7 hereo£ In addition to the remedy described in this Section and any other remedy available to the Lender for failure to meet the goals stated in Section 5(a), the Borrower agrees and understands that it may not receive a business subsidy from the Lender or any grantor (as defined in the Business Subsidy Act) for a period of five (5) years from the date of the failure or until the Borrower satisfies its repayment obligation under this Section, whichever occurs first. 6. Event of Default bv Borrower. The following shall be Events of Default under this Agreement: (a) failure to pay any principal or interest on the Loan when due; (b) any representation or warranty made by Borrower herein or in any document, instrument, or certificate given in connection with this Agreement, the Note, the Mortgage, or the Guaranty that is false when made; (c) Borrower fails to pay its debts as they become due, makes an assignment for the benefit of its creditors, admits in writing its inability to pay its debts as they become due, files a petition under any chapter of the Federal Bankruptcy Code or any similar law, state or federal, now or hereafter existing becomes "insolvent" as that term is generally defined under the Federal Bankruptcy Code, files an answer admitting insolvency or inability to pay its debts as they become due in any involuntary bankruptcy case commenced against it, or fails to obtain a dismissal of such case within thirry (30) days after its commencement or convert the case from one chapter of the Federal Bankruptcy Code to another chapter, or be the subject of an order for relief in such bankruptcy case, or be adjudged a bankrupt or insolvent, or has a custodian, trustee, or receiver appointed for, or has any court take jurisdiction of its property, or any part thereof, in any proceeding for the purpose of reorganization, arrangement, dissolution, or liquidation, and such custodian, trustee, or receiver is not discharged, or such jurisdiction is not relinquished, vacated, or stayed within thirty (30) days of the appointment; (d) a garnishment summons or writ of attachment is issued against or served upon Lender for the attachment of any properry of Borrower in Lender's possession or any indebtedness owing to Borrower, unless appropriate papers are filed by Borrower contesting the same within thirty (30) days after the date of such service or such shorter period of time as may be reasonable in the circumstances; (e) any breach or failure of Borrower to perform any other term or condition of this Agreement not specifically described as an Event of Default in this Agreement and such breach or failure continues for a period of fifteen (15) days after Lender has given written notice to Borrower specifying such default or breach, unless Lender agrees in writing to an e�tension of such time prior to its expiration; provided, however, if the failure stated in the 611015v1MN325-6 4 notice cannot be corrected within the applicable period, Lender will not unreasonably withhold its consent to an extension of such time if corrective action is instituted by Borrower within the applicable period and is being diligently pursued until the Default is corrected, but no such e�tension shall be given for an Event of Default that can be cured by the payment of money (i.e., payment of taxes, insurance premiums, or other amounts required to be paid hereunder); (� any breach by Borrower of any other agreement between Borrower and Lender, or Borrower and the City. 7. Lender's Remedies upon Borrower's Default. Upon an Event of Default by Borrower and after provision by Lender of written notice, Lender shall have the right to exercise any or all of the following remedies (and any other rights and remedies available to it): (a) declare the principal amount of the Loan and any accrued interest thereon to be immediately due and payable upon providing written notice to Borrower; (b) suspend its performance under this Loan Agreement; (c) take any action provided for at law to enforce compliance by Borrower with the terms of this Agreement and the Note; (d) exercise its rights under the Mortgage and/or Guaranty. In addition to any other amounts due on the Loan, and without waiving any other right of Lender under any this Agreement or any other instrument securing the Loan applicable documents, Borrower shall pay to Lender a late fee of $250 for any payment not received in full by Lender within 30 calendar days of the date on which it is due. Furthermore, interest will continue to accrue on any amount due until the date on which it is paid to Lender, and all such interest will be due and payable at the same time as the amount on which it has accrued. 8. Lender's Costs of Enforcement of A�reement. If an Event of Default has occurred as provided herein, then upon demand by Lender, Borrower shall pay or reimburse Lender for all expenses, including all attorneys fees and expenses incurred by Lender in connection with the enforcement of this Agreement and the Note, or in connection with the protection or enforcement of the interests and collateral security of Lender in any litigation or bankruptcy or insolvency proceeding or in any action or proceeding relating in any way to the transactions contemplated by this Agreement. 9. Indemnification. (a) Borrower shall and does hereby agree to indemnify against and to hold Lender, and its officers, agents, and employees, harmless of and from any and all liability, loss, or damage that it may incur under or by reason of this Agreement, and of and from any and all claims and demands whatsoever that may be asserted against Lender by reason of any alleged obligations or undertakings on its part to perform or discharge any of the terms, 611015v1MN325-6 S covenants, or agreements contained herein. (b) Should Lender, or its officers, agents, or employees incur any such liability or be required to defend against any claims or demands pursuant to this Section, or should a judgment be entered against Lender, the amount thereof, including costs, expenses, and attorneys fees, shall bear interest thereon at the rate then in effect on the Note, shall be secured hereby, shall be added to the Loan, and Borrower shall reimburse Lender for the same immediately upon demand, and upon the failure of Borrower to do so, Lender may declare the Loan immediately due and payable. (c) This indemnification and hold harmless provision shall survive the execution, delivery, and performance of this Agreement and the creation and payment of any indebtedness to Lender. Borrower waives notice of the acceptance of this Agreement by Lender. (d) Nothing in this Agreement shall constitute a waiver of or limitation on any immunity from or limitation on liability to which Borrower is entitled under law. 10. Miscellaneous. (a) Waiver. The performance or observance of any promise or condition set forth in this Agreement may be waived, amended, or modified only by a writing signed by Borrower and Lender. No delay in the exercise of any power, right, or remedy operates as a waiver thereof, nor shall any single or partial exercise of any other power, right, or remedy. (b) Assi n� ment. This Agreement shall be binding upon Borrower and its successors and assigns and shall inure to the benefit of Lender and its successors and assigns. All rights and powers specifically conferred upon Lender may be transferred or delegated by Lender to any of its successors and assigns. Borrower's rights and obligations under this Agreement may be assigned only when such assignment is approved in writing by Lender. (c) Governin� Law. This Agreement is made and shall be governed in all respects by the laws of the state of Minnesota. Any disputes, controversies, or claims arising out of this Agreement shall be heard in the state or federal courts of Minnesota, and all parties to this Agreement waive any objection to the jurisdiction of these courts, whether based on convenience or otherwise. (d) Severabilitv. If any provision or application of this Agreement is held unlawful or unenforceable in any respect, such illegality or unenforceability shall not affect other provisions or applications that can be given effect, and this Agreement shall be construed as if the unlawful or unenforceable provision or application had never been contained herein or prescribed hereby. (e) Notice. All notices required hereunder shall be given by depositing in the U. S. mail, postage prepaid, certified mail, return receipt requested, to the following 611015v1MN325-6 6 addresses (or such other addresses as either party may notify the other): To Lender: City of Monticello Economic Development Authority 505 Walnut Street, Suite 1 Monticello, MN 55362 Attn: Executive Director To Borrower: Jason Wayne Kisner dba Ausco 1857 85m Street NW Monticello, MN 55362 (f) Termination. If the Loan is not disbursed pursuant to this Agreement by December 31, 2019, this Agreement shall terminate and neither party shall have any further obligation to the other, except that if the Loan is not disbursed because Borrower has failed to use its best efforts to comply with the conditions set forth in Section 3 of this Agreement then Borrower shall pay to Lender all reasonable attorneys fees, costs, and expenses incurred by Lender in connection with this Agreement and the Note. (g) Entire A�reement. This Agreement, together with the Exhibits hereto, which are incorporated by reference, constitutes the complete and exclusive statement of all mutual understandings between the parties with respect to this Agreement, superseding all prior or contemporaneous proposals, communications, and understandings, whether oral or written, concerning the Loan. (h) Headin�s. The headings appearing at the beginning of the several sections contained in this Agreement have been inserted for identification and reference purposes only and shall not be used in the construction and interpretation of this Agreement. [The remainder of this page is intentionally blank] 611015v1MN325-6 7 IN WITNESS WHEREOF, this Agreement has been duly executed and delivered by the proper officers thereunto duly authorized on the day and year first written above. LENDER: CITY OF MONTICELLO ECONOMIC DEVELOPMENT AUTHORITY By: President By: Executive Director [SIGNATi JRE PAGE TO LOAN AGREEMENT - CITY OF MONTICELLO ECONONIIC DEVELOPMENT AUTHORITY] 611015v1MN325-6 g i: • : : • .��i�:� JASON WAYNE KISNER DBA AUSCO [SIGNATi JRE PAGE TO LOAN AGREEMENT — JASON WAYNE HISNER dba AUSCO] 611015v1MN325-6 EXHIBIT A LEGAL DESCRIPTION That property located in the City of Monticello, Wright County, Minnesota and legally described as follows: Lots 1, 2, 9 and 10, Block 31, Monticello, less and except that part of Lot 2 described as follows: Commencing at the NE comer of Lot 2, Block 31, Monticello; thence 14 feet along the northerly line to a point; thence at a right angle running southwesterly and parallel with the westerly line to a point on the southerly line, being 14 feet northwesterly from the southeasterly comer; thence along the southerly line to the said southeasterly comer; thence at a right angle northeasterly along the easterly line of said Lot 2 to the point of beginning, Wright County, Minnesota. 611015v 1 MN325-6 A-1 EXHIBIT B PROMISSORY NOTE -$23,850- -5.0%- 2019 Jason Wayne Kisner dba Ausco ("Maker"), for value received, hereby promises to pay to the City of Monticello Economic Development Authority, a public body corporate and politic under the laws of Minnesota or its assigns (Authority and any assigns are collectively referred to herein as "Holder"), at its designated principal office or such other place as the Holder may designate in writing the principal sum of Twenty-Three Thousand Eight Hundred Fifty and no/100ths Dollars ($23,850) or so much thereof as may be advanced under this Note, with interest as hereinafter provided, in any coin or currency that at the time or times of payment is legal tender for the payment of private debts in the United States of America. The principal of and interest on this Note are payable in installments due as follows: 1. Interest at the rate of five percent (5.0%) per annum shall accrue from the Loan Closing Date, as defined in the Loan Agreement between Borrower and Lender dated as of , 2019 ("Loan Agreement") until the Loan is repaid in full. 2. Level payments of principal and interest shall commence on January 1, 2020 (the "Initial Payment Date") and continue on the first day of each and every month thereafter until paid in full. Such payments shall fully amortize the principal and interest over ten (10) years; provided that the final payment of unpaid principal and interest shall be due and payable on the first day of the one hundred twentieth (120th) month following the Initial Payment Date. 3. The Maker shall have the right to prepay the principal of this Note and interest accrued to the date of such prepayment, in whole or in part, on any date a principal and interest payment is due and payable. 4. This Note is given pursuant to the Loan Agreement and secured by a mortgage of even date herewith delivered by Borrower (the "Mortgage") and by a personal guaranty of Jason Wayne Kisner (the "Guaranty"). If any such security is found to be invalid for whatever reason, such invalidity shall constitute an Event of Default hereunder. All of the agreements, conditions, covenants, provisions, and stipulations contained in the Loan Agreement, the Mortgage, the Guaranty, or any other instrument securing this Note are hereby made a part of this Note to the same e�tent and with the same force and effect as if they were fully set forth herein. It is agreed that time is of the essence of this Note. If an Event of Default occurs under the Loan Agreement, the Mortgage, the Guaranty, or any other instrument securing this Note, then the Holder of this Note may at its right and option, without notice, declare immediately due and payable the principal balance of this Note and interest accrued thereon, together with reasonable attorneys fees and expenses incurred by the Holder of this Note in collecting or enforcing payment 611015v1MN325-6 B-1 hereof, whether by lawsuit or otherwise, and all other sums due hereunder or any instrument securing this Note. The Maker of this Note agrees that the Holder of this Note may, without notice to and without affecting the liability of the Maker, accept additional or substitute security for this Note, or release any security or any party liable for this Note or e�tend or renew this Note. 5. The remedies of the Holder of this Note as provided herein, and in the Loan Agreement, the Mortgage, the Guaranty, or any other instrument securing this Note shall be cumulative and concurrent and may be pursued singly, successively, or together, and, at the sole discretion of the Holder of this Note, may be exercised as often as occasion therefor shall occur; and the failure to exercise any such right or remedy shall in no event be construed as a waiver or release thereof. The Holder of this Note shall not be deemed, by any act of omission or commission, to have waived any of its rights or remedies hereunder unless such waiver is in writing and signed by the Holder and then only to the e�tent specifically set forth in the writing. A waiver with reference to one event sha11 not be construed as continuing or as a bar to or waiver of any right or remedy as to a subsequent event. This Note may not be amended, modified, or changed except only by an instrument in writing signed by the party against whom enforcement of any such amendment, modifications, or change is sought. 6. If any term of this Note, or the application thereof to any person or circumstances shall, to any extent, be invalid or unenforceable, the remainder of this Note, or the application of such term to persons or circumstances other than those to which it is invalid or unenforceable shall not be affected thereby, and each term of this Note shall be valid and enforceable to the fullest e�tent permitted by law. 7. It is intended that this Note is made with reference to and shall be construed as a Minnesota contract and is governed by the laws thereo£ Any disputes, controversies, or claims arising out of this Agreement shall be heard in the state or federal courts of Minnesota, and all parties to this Agreement waive any objection to the jurisdiction of these courts, whether based on convenience or otherwise. 8. The performance or observance of any promise or condition set forth in this Note may be waived, amended, or modified only by a writing signed by the Maker and the Holder. No delay in the exercise of any power, right, or remedy operates as a waiver thereof, nor shall any single or partial exercise of any other power, right, or remedy. 9. TT IS HEREBY CERTIFIED AND RECTTED that all conditions, acts, and things required to e�st, happen, and be performed precedent to or in the issuance of this Note do e�st, have happened, and have been performed in regular and due form as required by law. [REST OF THE PAGE INTENTIONALLY LEFT BLANK] 611015v1MN325-6 B_2 IN WITNESS WHEREOF, the Maker has caused this Note to be duly executed as of the _ day of 2019. JASON WAYNE KISNER dba AUSCO [SIGNATURE PAGE FOR PROMISSORY NOTE — JASON WAYNE HISNER dba AUSCO] 611015v1MN325-6 B-3 EXHIBIT C MORTGAGE THIS MORTGAGE (the "Mortgage") made as of the _ day of , 2019 by Jason Wayne Kisner individually and doing business as Ausco, 1857 85th Street NW, Monticello, Minnesota 55362 (hereinafter designated as the "Mortgagor"), in favor of City of Monticello Economic Development Authority, a public body corporate and politic and a political subdivision of the State of Minnesota whose address is 505 Walnut Street, Suite 1, Monticello, Minnesota 55362 (hereinafter designated as the "Lender"). WITNESSETH: Mortgagor owes Lender the principal sum of $23,850. This debt is evidenced by a promissory note of even date herewith (the "Note"). This Mortgage secures to Lender. (a) the repayment of the debt evidenced by the Note, and all renewals, extensions and modifications of the Note; (b) the payment of all other sums, advanced to protect the security of this Mortgage; and (c) the performance of Mortgagor's covenants and agreements under this Mortgage and the Note. For this purpose, Mortgagor does hereby mortgage, grant and convey to Lender, with power of sale, the real property located in Wright County, Minnesota and fully described in the attached Exhibit A, together with all the improvements now or hereafter erected on the property, and all easements, appurtenances, and fixtures now or hereafter a part of the property. All replacements and additions shall also be covered by this Mortgage. All of the foregoing is referred to in this Mortgage as the "Property". MORTGAGOR COVENANTS that Mortgagor will warrant and defend generally the title to the Property against all claims and demands, subject to any encumbrances of record. Mortgagor and Lender agree as follows: 1. PAYMENT OF PRINCII'AL AND INTEREST; LATE CHARGES. Mortgagor shall promptly pay when due the principal of and interest on the debt evidenced by the Note and any late charges due under the Note. 2. SUBORDINATION. This Mortgage is subordinate to (a) the Mortgage given by Mortgagor to Bank Vista, Sartell, Minnesota, dated as of the date hereof and recorded herewith; and (b) the Mortgage given by Mortgagor to SBA 504 Lender MBFC, Inc., St. Cloud, Minnesota, dated as of the date hereof and recorded herewith. 611015v 1 MN325-6 C-1 3. HAZARD OR PROPERTY INSURANCE. Mortgagor shall keep the improvements now existing or hereafter erected on the Property insured against loss by fire and any other hazards for which Lender requires insurance. This insurance shall be maintained in the amounts and for the periods that Lender reasonably requires. The insurance carrier providing the insurance shall be chosen by Mortgagor subject to Lender's approval, which shall not be unreasonably withheld or delayed. If Mortgagor fails to maintain coverage described above, Lender may, at Lender's option, obtain coverage to protect Lender's rights in the Property in accordance with paragraph 5. All insurance policies and renewals shall be reasonably acceptable to Lender and shall include a standard mortgage clause. If Lender requires, Mortgagor shall promptly give to Lender all receipts of paid premiums and renewal notices. In the event of loss, Mortgagor shall give prompt notice to the insurance carrier and Lender. Lender may make proof of loss if not made promptly by Mortgagor. If under paragraph 15 the Property is acquired by Lender, Mortgagor's right to any insurance policies and proceeds resulting from damage to the Property prior to the acquisition shall pass to Lender to the extent of the sums secured by this Mortgage immediately prior to the acquisition. 4. PROTECTION OF THE PROPERTY. Mortgagor shall not destroy or damage the Property or commit waste on the Property. Mortgagor shall be in default if any forfeiture action or proceeding, whether civil or criminal, is begun that in Lender's good faith judgment could result in forfeiture of the Property or otherwise materially impair the lien created by this Mortgage or Lender's security interest. Mortgagor may cure such a default and reinstate, as provided in paragraph 13, by causing the action or proceeding to be dismissed with a ruling that, in Lender's good faith determination, precludes forfeiture of the Mortgagor's interest in the Property or other material impairment of the lien created by this Mortgage or Lender's security interest. Mortgagor shall also be in default if Mortgagor gave materially false or inaccurate information or statements to Lender in connection with the loan evidenced by the Note. 5. PROTECTION OF LENDER'S RIGHTS IN THE PROPERTY. If Mortgagor fails to perform the covenants and agreements contained in this Mortgage, or there is a legal proceeding that may significantly affect Lender's rights in the Property (such as a proceeding in bankruptcy, condemnation or forfeiture), Lender may do and pay for whatever is necessary to protect the value of the Property and Lender's rights in the Property. Lender's actions may include paying any sums secured by a lien which has priority over this Mortgage, appearing in court, paying reasonable attorneys' fees and entering on the Property to make repairs. Although Lender may take action under this paragraph 5, Lender is not required to do so. Any amounts disbursed by Lender under this paragraph 5 shall become additional debt of Mortgagor secured by this Mortgage. Unless Mortgagor and Lender agree to other terms of payment, these amounts shall bear interest from the date of disbursement at a rate equal to the interest rate on the Note and shall be payable, with interest, upon notice from Lender to Mortgagor requesting payment. 611015v1MN325-6 C-2 6. INSPECTION. Lender or its agent may make reasonable entries upon and inspections of the Property. 7. CONDEMNATION. The proceeds of any award or claim for damages, direct or consequential, in connection with any condemnation or other taking of any part of the Property, or for conveyance in lieu of condemnation, are hereby assigned and shall be paid to Lender. In the event of a total taking of the Property, the proceeds shall be applied to the sums secured by this Mortgage, whether or not then due, with any excess paid to Mortgagor. In the event of a partial taking of the Property in which the fair market value of the Property immediately before the taking is equal to or greater than the amount of the sums secured by this Mortgage immediately before the taking, unless Mortgagor and Lender otherwise agree in writing, if any, the sums secured by this Mortgage shall be reduced by the amount of the proceeds multiplied by the following fraction: (a) the total amount of the sums secured immediately before the taking, divided by (b) the fair market value of the Property immediately before the taking. Any balance shall be paid to Mortgagor. In the event of a partial taking of the Property in which the fair market value of the Property immediately before the taking is less than the amount of the sums secured immediately before the taking, unless Mortgagor and Lender otherwise agree in writing or unless applicable law otherwise provides, the proceeds shall be applied to the sums secured by this Mortgage whether or not the sums are then due. 8. FORBEARANCE BY LENDER NOT A WAIVER. Any forbearance by Lender in exercising any right or remedy shall not be a waiver of or preclude the exercise of any right or remedy. 9. SUCCESSORS AND ASSIGNS BOUND. The covenants and agreements of this Mortgage shall bind and benefit the successors and assigns of Lender and Mortgagor. 10. LOAN CHARGES. If the loan secured by this Mortgage is or becomes subject to a law which sets maximum loan charges, and that law is finally interpreted so that the interest or other loan charges collected or to be collected in connection with the loan exceed the permitted limits, then: (a) any such loan charge shall be reduced by the amount necessary to reduce the charge to the permitted limit; and (b) any sums already collected from Mortgagor which exceeded permitted limits will be refunded to Mortgagor. Lender may choose to make this refund by reducing the principal owed under the Note or by making a direct payment to Mortgagor. If a refund reduces principal, the reduction will be treated as a partial prepayment under the Note. 11. NOTICES. Any notice to Mortgagor provided for in this Mortgage shall be given by delivering it personally or by mailing it by first class United States mail, postage prepaid, return receipt requested. The notice shall be directed to the Mortgagor at the Mortgagor address first written above, or any other address Mortgagor designates by notice to Lender. Any notice to Lender shall be given or mailed to the Lender address first written above, or any other address Lender designates by notice to Mortgagor. Any notice provided for in this Mortgage shall be deemed to have been given to Mortgagor or Lender when given as provided in this paragraph. 611015v1MN325-6 C-3 12. GOVERNING LAW; SEVERABILITY. This Mortgage shall be governed by the law of the state of Minnesota. In the event that any provision or clause of this Mortgage or the Note conflicts with applicable law, such conflict shall not affect other provisions of this Mortgage or the Note which can be given effect without the conflicting provision. To this end, the provisions of this Mortgage and the Note are declared to be severable. 13. MORTGAGOR'S RIGHT TO REINSTATE. If Mortgagor meets certain conditions, Mortgagor shall have the right to have enforcement of this Mortgage discontinued at any time prior to the earlier o£: (a) 5 days before sale of the Property pursuant to any power of sale contained in this Mortgage; or (b) entry of a judgment enforcing this Mortgage. Those conditions are that Mortgagor. (a) pays Lender all sums which then would be due under this Mortgage and the Note as if no acceleration had occurred; (b) cures any default of any other covenants or agreements; (c) pays all expenses incurred in enforcing this Mortgage, including, but not limited to, reasonable attorneys' fees; and (d) takes such action as Lender may reasonably require to assure that the lien of this Mortgage, Lender's rights in the Property and Mortgagor's obligation to pay the sums secured by this Mortgage shall continue unchanged. Upon reinstatement by Mortgagor, this Mortgage and the obligations secured hereby shall remain fully effective as if no acceleration had occurred. 14. HAZARDOUS SUBSTANCES. Mortgagor shall not cause or permit the presence, use, disposal, storage, or release of any hazardous substances on or in the Property, except those solvents, oils, cleaning materials, and other substances as are used in the ordinary course of Mortgagor's business. Mortgagor shall not do, and will use its best efforts not to allow anyone else to do, anything affecting the Property that is in violation of any environmental law. Mortgagor shall promptly give Lender written notice of any investigation, claim, demand, lawsuit or other action by any governmental or regulatory agency or private party involving the Property and any hazardous substance or environmental law of which Mortgagor has actual knowledge. If Mortgagor learns, or is notified by any governmental or regulatory authority, that any removal or other remediation of any hazardous substance affecting the Property is necessary, Mortgagor shall promptly take all necessary remedial actions in accordance with that environmental law. As used in this paragraph 14, "hazardous substances" are those substances defined as toxic or hazardous substances by environmental law and the following substances: gasoline, kerosene, other flammable or toxic petroleum products, volatile solvents, materials containing asbestos or formaldehyde, and radioactive materials. As used in this paragraph 14, "environmental law" means federal or state laws that relate to environmental protection. 15. ACCELERATION; REMEDIES. Lender shall give notice to Mortgagor prior to acceleration following Mortgagor's breach of any covenant or agreement in this Mortgage. The notice shall specify. (a) the default; (b) the action required to cure the default; (c) a date, not less than 30 days from the date the notice is given to Mortgagor by which the default must be cured, provided, however, if Mortgagor is diligently pursuing a cure, Mortgagor shall have such additional time as is reasonably necessary to complete the cure; and (d) that failure to cure the 611015v1MN325-6 C-4 default on or before the date specified in the notice may result in acceleration of the sums secured by this Mortgage and sale of the Property. The notice shall further inform Mortgagor of the right to reinstate after acceleration and sale. If the default is not cured on or before the date specified in the notice, Lender at its option may require immediate payment in full of any sums secured by this Mortgage without further demand and may invoke the power of sale and any other remedies permitted by law. Lender shall be entitled to collect all expenses incurred in pursuing the remedies provided in this paragraph 15, including, but not limited to, reasonable attorneys' fees. If Lender invokes the power of sale, Lender shall cause a copy of a notice of sale to be served upon any person in possession of the Property. Lender shall publish a notice of sale, and the Property shall be sold at public auction in the manner prescribed by law. Lender or its designee may purchase the Property at any sale. The proceeds of the sale shall be applied in the following order. (a) to all expenses of the sale, including, but not limited to, reasonable attorneys' fees; (b) to all sums secured by this Mortgage; and (c) any excess to the person or persons legally entitled to it. 16. RELEASE OF MORTGAGE. Upon payment of all sums secured by this Mortgage, Lender shall discharge this Mortgage without charge to Mortgagor. Mortgagor shall pay any recordation costs. (The remainder of this page is intentionally blank.) 611015v1MN325-6 C-S IN TESTIMONY WHEREOF, Mortgagor has hereunto set its hand the day and year first above written. JASON WAYNE KISNER DBA AUSCO STATE OF MINNESOTA ) ) ss. COUNTY OF WRIGHT ) The foregoing instrument was acknowledged before me this _ day of , 2019, by Jason Wayne Kisner, individually and doing business as Ausco. SIGNATURE OF PERSON TAKINGACKNOWLEDGMENT NOTARIAL STAMP OR SEAL (OR OTHER TITLE OR RANK) This document drafted by: Kennedy & Graven, Chartered (MNI) 470 US Bank Plaza Minneapolis, MN 55402 FAILURE TO RECORD OR FILE THIS MORTGAGE MAY AFFECT THE PRIORITY OF THIS MORTGAGE 611015v1MN325-6 C-6 EXHIBIT A TO MORTGAGE Legal Description of Property That property located in the City of Monticello, Wright County, Minnesota and legally described as follows: Lots 1, 2, 9 and 10, Block 31, Monticello, less and except that part of Lot 2 described as follows: Commencing at the NE comer of Lot 2, Block 31, Monticello; thence 14 feet along the northerly line to a point; thence at a right angle running southwesterly and parallel with the westerly line to a point on the southerly line, being 14 feet northwesterly from the southeasterly comer; thence along the southerly line to the said southeasterly comer; thence at a right angle northeasterly along the easterly line of said Lot 2 to the point of beginning, Wright County, Minnesota. 611015v1MN325-6 C_7 EXHIBIT D GUARANTY GUARANTY AGREEMENT This Guaranty Agreement is made and entered into this _ day of , 2019, by Jason Wayne Kisner, an individual person (the "Guarantor"), for the benefit of City of Monticello Economic Development Authority ("Lender"), a public body corporate and politic and a political subdivision of the State of Minnesota. WITNES SETH: WHEREAS, Jason Wayne Kisner dba Ausco (the `Borrower") proposes to borrow the sum of $23,850 from Lender to finance a portion of (a) the costs of acquisition of property located in the City of Monticello, Minnesota (the "City"), in order to relocate and expand the Borrower's e�sting graphic design and te�tile embroidery and printing business; (b) origination fees; and (c) legal fees associated with the negotiation and implementation of such loan; and WHEREAS, pursuant to the loan agreement between Borrower and Lender dated as of , 2019 (the "Loan Agreement") Borrower has agreed to repay to Lender $23,850 together with interest thereon at the rate and within the time stated in Borrower's promissory note of even date herewith ("Note"), additionally secured by that certain Mortgage of even date herewith given by the Borrower to the Lender (the "Mortgage"); and WHEREAS, to secure payment of the Note, Lender has required, and Guarantor has agreed to provide, a guaranty of the indebtedness above described between Borrower and Lender; and WHEREAS, Guarantor will receive a direct financial benefit from the loan to Borrower by Lender pursuant to the Note. NOW, THEREFORE, to induce Lender to make the loan to Borrower, Guarantor hereby covenants and agrees with Lender, for the benefit of all who at any time become holders of the Note, as follows: Section 1.1. Guarantor hereby unconditionally guarantees to Lender for the benefit of the Holder (as defined in the Note) from time to time of the Note: (a) the full and prompt payment of the principal of the Note when and as the same shall become due, whether at the stated maturity thereof, by acceleration or otherwise; (b) the full and prompt payment of any interest on the Note when and as the same shall become due; and (c) any other amounts due Lender under the Loan Agreement or the Note. All payments shall be paid in lawful money of the United States of America. Each and every default in payment of the principal of or interest on the Note shall give rise to a separate cause of action hereunder, and separate suits may be brought hereunder as each cause of action arises. Section 1.2. The obligations of Guarantor under this Guaranty shall be absolute and 611015v1MN325-6 D-1 unconditional and shall remain in full force and effect until the entire principal of and interest on the Note shall have been paid, and such obligations shall not be affected, modified or impaired upon the happening from time to time of any event, including, without limitation, any of the following: a. The compromise, settlement, or release of less than all of the obligations, covenants or agreements of Borrower under the Note; b. The failure to give notice to any person of the occurrence of an event of default under the terms and provisions of this Guaranty or the Note executed by Borrower: c. The e�tension of the time for payment of principal of or interest on the Note or under this Guaranty; d. Any failure, omission, delay, or lack on the part of Lender to enforce, assert or exercise any right, power, or remedy conferred on Lender in this Guaranty or other instruments executed and delivered in connection with the loan contemplated thereby, or any other act or acts on the part of Lender or any of the holders from time to time of the Note; e. The default or failure of Guarantor to perform any of the obligations set forth in this Guaranty. Section 13. No set-off, counterclaim, reduction, or diminution of any obligation, or any defense of any kind or nature that Borrower has or may have Lender shall be available hereunder to Guarantor against Lender. Section 1.4. In the event of a default in the payment of principal of the Note when and as the same shall become due, whether at the stated maturity thereof, by acceleration or otherwise, or in the event of a default in the payment of any interest on the Note when and as the same shall become due, or upon the occurrence and continuance of any Event of Default under the Agreement, Lender may proceed hereunder; and Lender, in its sole discretion, shall have the right to proceed first and directly against the Guarantor for the full amount due without proceeding against or exhausting any other remedies it may have as to Borrower. Section 1.5. Guarantor hereby expressly waives notice from Lender or the holders from time to time of the Note of acceptance of or any reliance upon this Guaranty. Guarantor agrees to pay all the costs, expenses, and fees, including attorneys' fees, which may be incurred by Lender in enforcing or attempting to enforce this Guaranty whether the same shall be enforced by suit or otherwise. Section 1.6. This Guaranty is entered into by Guarantor with Lender for the benefit of Lender and the holders from time to time of the Note, all of whom shall be entitled to enforce performance and observance of this Guaranty. Section 1.7. Guarantor is duly authorized and empowered to execute, deliver, and perform this Agreement and to borrow money from Lender. 611015v1MN325-6 D_2 Section 1.8. The performance or observance of any promise or condition set forth in this Guaranty may be waived, amended, or modified only by a writing signed by Guarantor and Lender. No delay in the exercise of any power, right, or remedy operates as a waiver thereof, nor shall any single or partial exercise of any other power, right, or remedy. Section 1.9. This Guaranty is made and shall be governed in all respects by the laws of the state of Minnesota. Any disputes, controversies, or claims arising out of this Guaranty shall be heard in the state or federal courts of Minnesota, and all parties to this Guaranty waive any objection to the jurisdiction of these courts, whether based on convenience or otherwise. Section 1.10. If any provision or application of this Guaranty is held unlawful or unenforceable in any respect, such illegality or unenforceability shall not affect other provisions or applications that can be given effect, and this Guaranty shall be construed as if the unlawful or unenforceable provision or application had never been contained herein or prescribed hereby. Section 1.11. All notices required hereunder shall be given by depositing in the U.S. mail, postage prepaid, certified mail, return receipt requested, to the following addresses (or such other addresses as either party may notify the other): To Lender: City of Monticello Economic Development Authority 505 Walnut Street, Suite 1 Monticello, MN 55362 Attn: Executive Director To Guarantor: Jason Wayne Kisner 1857 85m Street NW Monticello, MN 55362 Section 1.12. This Guaranty constitutes the complete and exclusive statement of all mutual understandings between the parties with respect to this Guaranty, superseding all prior or contemporaneous proposals, communications, and understandings, whether oral or written, concerning the Guaranty. Nothing contained herein shall effect or impair Lender's rights under the Loan Agreement, the Note, or the Mortgage. Section 1.13. The obligation of the Guarantor under this Guaranty shall survive the death, divorce, or any other change in situation or relationship of the Guarantor. 611015v1MN325-6 D-3 IN WITNESS WHEREOF, the Guarantor has caused this Guaranty to be executed as of the date first above written. Jason Wayne Kisner [SIGNATURE PAGE FOR GUARANTY- JASON WAYNE HISNER] 611015v1MN325-6 D-4 {4�Y� �Cai �' . CITY OF MONTICELLO ECONOMIC DEVELOPMENT AUTHORITY �� BUSINESS SUBSIDY APPLICATION BUSINESS ASSISTANCE FINANCING 763-295-2711 — mfo@ci.monticello.mn.us Name of Contact Person: Jasoll KISI1eC Address: 1857 85th St NW Monticello MN 55362 Telephone number: 763-257-9282 Business Name: AusCo Design Business Address: 4041 Chelsea Road West Monticello MN 55362 REQUESTED INFORMATION Addendum shall be attached hereto addressing in detail the following: 1. A map showing the exact boundaries of proposed development. See AttaChed 2. Give a general description of the project including size and location of building(s); business type or use; traffic information including parking, projected vehicle counts and traffic flow; timing of the project; estimated market value following completion. See AttaChed 3. The existing Comprehensive Guide Plan Land Use designation and zoning of the property. Include a stateinent as to how the proposed development will conform to the land use designation and how the property will be zoned. See AttaChed 4. A statement identifying how the increment assistance will be used and why it is necessary to undertake the project. See AttaChed 5. A statement identifying the public benefits of the proposal including estimated increase in property valuation, new jobs to be created, hourly wages and other community assets. See AttaChed #1 Map Attached #2 We are looking to purchase the building located at 218 3rd Street West, (the old NAPA Building). The commercially zoned 13,000 square foot building would allow our business to continue to grow and expand. We pride our business on being at the forefront of technology we invest in the latest software and equipment to deliver decorated garment solutions for all types of companies. #3 The current land area is surrounded by commercial and retail business. Our use will conform with the current zoning. #4 We have experienced a 30% growth consecutively over the last 5 years and have outgrown our current space. Increment assistance would be a great help to assist in gap financing to help purchase the building which would allow for future expansion and growth. #5 With the help of increment assistance we could purchase the existing building that is currently largely vacant and introduce new commerce to the downtown area. By doing this we also would be gaining the much needed space we need to hire more employees. We are in immediate need for the addition of at least two employees but we do not have the space to place them. At our current growth I would estimate that we will need an addition of 5-8 more employees in the next 3-5 years with wages in the $30K-$40k range. We would also be replacing front windows & doors bringing a fresh clean look to the building. #6 Ausco Design & Marketing has been in business since 2007.(Ausco is named after our son Austin, and also is A US Company) What started as mainly a graphic design company which designed and created logos and offered print solutions for corporate clients, In 2012 Ausco had grown to the point where I had to quit my job to service the growing client list. Ausco started out as a small part time business that was operated out of our garage, but after just a couple years it grew out of the garage and moved to 1000sq ft location, where we were able to add 2 employees and started printing textiles. In 2017 we completely outgrew our space and leased our current location. We were then able to add another employee. We currently are shy of 3000 sq ft and are bursting at the seems. The services we offer are unlike any other business in Monticello; we offer screen printing on site, which allows us to have very competitive pricing and impressive turnaround times. We also house 6 heads of embroidery equipment with state of the art embroidery machines. Over the past decade Ausco has worked very hard to set a standard of excellence in the custom textile industry. At Ausco, we anticipate our customers' needs and have gained a reputation in the business community of integrity and always trying to go above and beyond. We pride ourselves on being community oriented. In 2016 we were awarded by the Chamber of Commerce Business of the Year for community involvement. We want to see Monticello thrive not only from a business owner perspective but we raise our family here as well. You will see Ausco at many events in Monticello volunteering and serving our community. Our principals are maintaining a high level of professional integrity and fullfing what we say we will, when we will. We have been incredibly blessed in Monticeilo, working with quite a few local companies - mainly on referrals. We work with the City of Monticello on there apparel needs, we "-.�, � �� , fl� 1 , � �! i .o . ' .y'�� ' ` . _ . .'� _� , `w r � ' ,�. �r. 0" � `°� =�:..�_ `,� ,r.'i 1 ri ' � �- �.�_�, . ��`�'`�.. � , �'`.�' I� I � ;' � � , ` ^ �: . . c�v I �j ~ `�-,� `! , ; �,, � " f • J �� -r.,,, -�.�.�� r p � �c ; � � �.. t: ' j' ,� G �{ ; ,.� � � C � � �,�' •,; ,.� � , _v� ^ ' r1 �' ,�` �'� '+• � ,�" 'r � ,.._ y L ,j� �� `;-`� / ��, � �� f :: � ��` �` �t„�f3`r � � � p�T 4 y�.` ft f:, 1 � , e— r �, i '�'"�^.W �t`i_ �� . � r 4 � _.._��i� � . ' %;��F � � -' �� s' �'• _� . 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' 1 ' �� 1 �'� � � ;, •- . r �: � � � v �i �� h, ��.�..�,. h `�� a: C' n . . 7. • , �.t � /�� j1r�' j4� �,� ' / 1 d. t i.r' J�� a� , ��. . i , �y�� il.n Pf � ! • � .� 1 /t � Yf � �/�+/�,y�'� `r�t i _ #� ' t�, � `-� / , f } ��t . ',, . �F �;,,�, . - �;t ; j'' 1' .� � ''r' - $, � ,� <jr , � '.�� _y �� .� . _ ,, c� fs�. , l "��..1 `.`'�. - GAP FINANCING INFORMATION ANSWERS What percent of your business is local sa/es to customers within 5 miles of your site? 60% of our sales are local within 5 miles of our location. What percent of sales is to regional area customers with in 6 to 40 miles of your site? 30 % of our sales come with in 40 miles of our location. 10% of our sales come from out of state. How many accounts in total you have? We have 355 active corporate clients. What percent of your entire book of business is fied to one account/cusfomer? Our top client equals about 4% of our total revenue. What percent is tied to the top five customers? Our top 5 clients create slightly over 15% of our total revenue. Asking EDA to waive the min. 5 percent equity; Due to rapid growth we have had to purchase more materials and equipment. We have been allocating funds into order fulfillment. Up until requesting financing for our building our company has carried very little debt. We have used our profits to fund our growth. We pay for all of our supplies/materials at the time we order; nothing is net 30 for our goods. The Bank and the SBA are comfortable with the financing terms. What type of SBA financing? Our lenders have us utilizing a SBA 504 Loan. FINANCIAL BACKGROUND: l. Have you ever filed for bankruptcy? NO 2. Have you ever defaulted on any loan commitment? NO 3. Have you applied for conventional financing for the project? YES 4. List financial references: a. St. Cloud Credit Union - 320.252.2634 b. Red Thread Financial - 888.237.3533 c. TCF Bank - 612.823.2265 5. Have you ever used Business Assistance Financing before? NO If yes, what, where and when? PROJECT INFORMATION: 1. Location of Proposed Project: 218 3rd STREET WEST MONTICELLO MN 55362 2. Amount of Business Assistance requested? 75,000 3. Need for Business Assistance: For the purchase and build out of commercial building 4. Present ownership of site: Shawn Grady 5. Number of permanent jobs created as a result of project? 3-8 6. Estimated annual sales: Present: 700,000 Future: 1,500,000 7. Market value of project following completion: $675,000 8. Anticipated start date: 8/1 /19 Completion Date: 9/1 /19 3 FINANCIAL INFORMATION: 1. Estimated project related costs: a. Land acquisition $ b. Site development 75,000 c. Building cost 599,000 d. Equipment e. Architectural/engineering fee £ Legal fees g. Off-site development costs 2. Source of fnancing: a. Private financing institution $ 599,000 b. Tax increment funds c. Other public funds d. Developer equity 4 6. A written description of the developer's business, principals, histary and past projects See Attached I understand that the application fee will be used for EDA staff and consultant costs and may be partially refundable if the request for assistance is withdrawn. Refunds will be made at the discretion of the EDA Board and be based on the costs incurred by the EDA prior to withdraw of the request for assistance. If the initial application fee is insufficient, I will be responsible for additional deposits. SIGNATURE Applicant's signature: � Date: 6/20/19 PLEASE 1NCLUDE: 1. Preliminary financial coinmitment from bank. 2. Plans and drawing of project. 3. Background material of coinpany. 4. Pro Fonna analysis. 5. Financial stateinents. 6. Statement of property ownership ar control. 7. Payment of application fee of $200. c i r i o r CITY OF MONTICELLO � Community Development 505 Walnut Street, Suite 1 Change in Use or Monticello Monticello, MN 55362 Occupancy Form (763) 295-2711 . info(a�ci.monticello.mn.us Name of Proposed Business: (DBA) Ausco Design Legal Name of Proposed Business (if different): Contact N�e: Jason Kisner Email: �ason@auscodesig.com Phone: 763-257-9282 Contact Address: 4041 Chelsea Road West Property Owner Name: Jason Kisner Email: jason@auscodesign.com PllOrie: 763-257-9282 ACIC�I'0SS Of BUS1rieSS: 218 3rd Street West Hours of Operation 8:00-4A� Expected Opening Date: August �st. 2o�s Space Size (Square Feet): occupy�r,g s000 How was the space previously used? Curre�tly vacant, prior to that it was an auto parts store and a on-line fullfillment center. How will you use the space? Offices, apparel embroidery and printing area as well as some showroom/retail space NAICS Code Number of Employees: Full-Time: 3 Part-Time: 2 Are you installing any signage? YES If yes, please describe type: Window decal Are you planning on having any outdoor storage? N� only Are you making any structural or other improvements within the space? YES � NO j If yes, please describe the improvements: We will need to build office walls, conference room as as replace damaged front windows. Please attach site plans, sketches, photos, o�� other information to help us better understand the use. Please note that building, land use and/or sign pernaits or other licensing may apply based on use. Applicant's Signature: � vL�-- Date: 06/20/2019 Property Owner's Signature: '7'�h ��— Date: 06/20/2019 Staff Use Only Involved Staff: Building Inspector City Clerk Date Received: Community Development/Planning Public Works Fire Department Zoning District: Licenses/Permits/Reviews Required: CQMMERCIAL REALTY SOLUTI�f�S www.commrealtysolutions.com Monticello - Commercial Space FOR SALE/LEASE 218 3rd Street W., Monticello, MN 55362 - -� _ r�" ` K =-��' t�-= -t- _ _ �_ _ _- �` _y � e F __ _��,_ � �:: _ " �__ _ _ �Fr _ �, __ I� � �� - ----- _-_- � �i--^• 4`- . ' -.'.,:=-�-. , . PROPERTY INFORMATION � * Sales Price , . Reduced to $599,000.00 * Lease Rate 9.50/ sf * Net Lease * Building is 13,225 Square Feet * Vacancy is 4,000/sf * Wright County PID 155-010-031010 * 2018 Taxes $11,104.00 * Ample Parking * Zoned: Commercial * Multi-Tenant Building * Businesses in the area include: Ace Hardware, Schlenner & Wenner, Caribou Coffee, Cub Foods, Runnings, Library, Wells Far � Multi-Tenant Building GE pRICE �� ON E�� CTI R ��T Sl F ra:��s ._ . .;� t3ak crnve MONTICELLO� t1�rP��Cr I;[�fT7t;Q� � • . �e�dov�r , �' (rsai ��°�� e �t r��n�, h��t�.�� f;onn F�a�iC�'} Li�� L� r`,�i-:�°, i FirnnklY�ii F'?rk. 4'dhite E cry �ra _ �'�� Minnea�olis '°— k.i r.na+nn4n �� Contact: WAYNE ELAM (763) 229-4982 WElam@commrealtysolutions.com The information contained herein was obtained from sources believed to be reliable, but Commercial RealTy Solutions, LLC has not verified nor has any knowledge regazding the accuracy of information and makes no representation or warranTy concerning the same. Therefore, Commercial RealTy Solutions, LLC disclaims all liabilities in connection with any inaccuracies or incompleteness. � Monticello - Commercial Space FOR SALE/LEASE 218 3rd Street W., Monticello, MN 55362 is — r � �� s � �` ��•, � 4nnwE � ��aar,��+"'��.�'�,� � a.J,.':�� f � � Z{ ,8i '�� r't. :x¢rr�aelaar�ea `� ...:. � �`: ,�,�`� ` '�� t < ��..., '�'� ti � �t `T;91 '� .s� *' 1, �� . y. �.:ty`�,�, � '� ,�. � ; � ' - .�„ �:�.�r�,� _�� "-� as /� �,+'k ; ;M, � cnrnaa�a _ � .� � "�� :� ��t WORLO � \ _ � �• ,_� � I . . . . � . � ,w ,� ,ti �� . f *y• l♦ .._ i' • � y ti�,: A' % �1.'`. � 4` � .. ! • 1R . �- _ ��`r�.,�/¢- �' � � ° j _� ' �� -y_7i':G w �:'�` '. G _.—, II 1� 1:� ly' �I� �. �_ �� E; - � ;<,. � , ��:� �; ,� : ; A �, �, � � :: r \• � r)I � y. a�'+�, f�:�- n�Y,'.. 7-'1, �z�`. '�' �- t J'��/.�'�� - ; �� '�� ""�� ' � �u"` � A-� ,�� • � .ve� �yt� y y'4 �'�r �J. .. :� 9 "—��:"C P E..p � � + .�E� „� � �' , � , ��, � i. ,�. r �,�y, � � -„q i"' �- Y � � $� � '1 =;' _ � � . r x :,�1 _ - � ' ..,� � f � � �,�, F�`�` � �" ��7+ �� r ., i � � � r�. " . c' � t ` R ` ( A fi'� � � ]j .t� �i S ! _ � � � . 1- " _ � �:.�'; � � , �1 � �.- ,. :�'� � i � �-:�-}�� . �. A � � ' � .....y:._..; � y _I. .. j I � _ � ` $.�.! { k� I , � R A.: . �i�. � _. � `A � _ A i .. f ! 1 1 4 �'� �.�FFIC �C�T � _�� * Highway 25 - 27,500 VPD * I-94 - 56,000 VPD * Chelsea Road - 1,750 VPD � � �y�r�',�•- . � :,;K''" �t � �: I�� ;�.. • a '�'�s,c:. ��F�;e�r�ideChureh �ti . � �� '. ti-'S��'`� ! � i l%G% M1. ''i� �, �H� "�� . .-. �tic» �yP��"+�..�wJ , 11 , �iTs 4: .. " . . � i�- , . . � I 4'ay� .. � ' { " Y }T ��y.� l �1 � ... + , �_h JI ~ 1„� ; �� 6�'�IX /. I �� r .._� �}��S'� �.._ .' �NfHF'[w�r � . ��w��q4-,� � . ._ � � . . %i `/ r � X �,��, BLu[SI�N[ a ` `-,. �L�a '� � �' � � .��:�� cnii,` ,p.�il �'Y��*� F . _. � r ye` . -. _ m" � �.`? �'. . . � ��r3sis +� �!'.j E '" i q � � �`' - �d�171d1't � �' �� iT -.z�r r..� [y.. ��'�i _f� �� .� ��As9S.� � '`�„� ��'�i �<..i�-4 ^� .r.�.s. �i :vt Corne�rstone Cafe �rt�r `�" � � - �� &CateringCa PROPERTY INFQRMATI�� * Located 2 blocks West of Highway 25 on the „ �,=;j �-�. �- � r„ �:�,�5.� Q corner of Locust and 3rd Street = o � �f4sryr_a * Minutes from I-94 `' °'hs��- � � Cari6ou Ck(fee -_• � * Convenient to major shopping, government �� Cuh F[aods - Monlieello � �q PQ�kins ResseUrnn� {m offices and much more! ��, ��ake�� '-Tr,s � Contact: __===:.'�-_� =-=_=====-_---- WAYNE ELAM °°-� -----__-- �� _-- COMMERCIAL REALiY SOLIIilONS � � / ��J� �� J� . � � � � � .. • mm c.lT .-I�.-i:-'-.r� The information contained herein was obtained from sources believed to be reliable, but Commercial RealTy Solutions, LLC has not verified nor has any knowledge regazding the accuracy of information and makes no representation or warranTy concerning the same. Therefore, Commercial RealTy Solutions, LLC disclaims all liabilities in connection with any inaccuracies or incompleteness. The information contained herein was obtained from sources believed to be reliable, but Commercial RealTy Solutions, LLC has not verified nor has any knowledge regazding the accuracy of information and makes no representation or warranTy concerning the same. Therefore, Commercial RealTy Solutions, LLC disclaims all liabilities in connection with any inaccuracies or incompleteness. --� Monticello - Commercial Space FOR SALE/LEASE 218 3rd Street W., Monticello, MN 55362 �.:E.;,__` _.-�-.�� . � Lar� Wareh� Spac _� � _ - � _-� � � _ �-�=-�==-=: �..�. _� - - _� _��- - _ �_ � � . .�".fi I �� _ �,f This space available for Lease , r �� ' * (1) 8'x8' Dock High Door � * Breakroom * Restrooms * Fully Sprinkled COMMEF{IAL REALiY SOL�IIil:�i'_� .,... ...mm.c=liv[-I�,-i:- i�..., Contact: WAYNE ELAM (763) 229-4982 WElam@commrealtysolutions.com The information contained herein was obtained from sources believed to be reliable, but Commercial RealTy Solutions, LLC has not verified nor has any knowledge regazding the accuracy of information and makes no representation or warranTy concerning the same. Therefore, Commercial RealTy Solutions, LLC disclaims all liabilities in connection with any inaccuracies or incompleteness. Monticello - Commercial Space FOR SALE/LEASE 218 3rd Street W., Monticello, MN 55362 �____ -� f -.�� - ��-�._ �--�! �_ J - -� � a=- = � � �---`.�A-�,R:` �� ance 5tudio F . . � Rear of Building has Loading Dock � COMMEF{IAL REALiY S�LIIilONS � ..., mm c.lT .-I�,-i:-".r�i � � � -.� � � ,� � � �1 j� _ ° �! � � � Multi-Tenant Building � �� . y �- ry , _ �,� _ � - , . , � auri� ��a��, � . � dromat (well maintained) I p'1�0l�Cl'X II�O�fA'I�ON * 38 Parking Spots + 2 Handicap * Tenants in the building: Dancing for Jesus ,_. Laundromat � ' Owner Utilizing Warehouse �� * Building is sprinkled �* Separate Entrances make it easy to demise the space * Warehouse has private offices and a conference room Contact: WAYNE ELAM (763) 229-4982 WElam@commrealtysolutions.com The information contained herein was obtained from sources believed to be reliable, but Commercial RealTy Solutions, LLC has not verified nor has any knowledge regazding the accuracy of information and makes no representation or warranTy concerning the same. Therefore, Commercial RealTy Solutions, LLC disclaims all liabilities in connection with any inaccuracies or incompleteness. WRIGHT COUNTY ENTERPR{SE LOAN FUND Date August 14, 2019 Company Ausco Design Owners Jason Kisner Location Monticello, MN Loan Request Cash Equity Tatal Project Cost Participating Lenders lobs Created Average Wages Loan Amount Interest Rate Term $ 41,500 $ 15,000 $ 665,000 $332,500 Bank Vista $256,fl00 SBA 504 $ 10,000 SW Initiative Foundation 3.5 jobs or+ginalay, 2.5 �obs are proposed in 2019-20 $ 12/hour - $15/hour $41,500 8.25% Ten-year amortization Collateral Personal Guarantees, 3�� on Reaf Estate behind Bank & SBA, 3�d on Key-man Life Insurance for Jason Kisner, 2nd on existing company equipment behind SWIF Other Conditions 1. Total combined officer compensation for Jason Kisner will be capped at $80,000 annually during the t'rfe of this loan. 2. Distributions above this amount, other than for taxes, will need prior approval by the WCEDP. 3. Construction q�otes must be subrrritted. 4. WCEF funds are contingent on written approvals by Bank Vista and the SBA. 5. Approval by the WCEDP Board waiving the 59'o cash equity ioan requirement by Mr. Kisner. Please let me know if you have any additional questions. Thank you for your time and assistance on this loan request. Duane Northagen 763-477-3086 EDA Agenda: 09/11/19 6. Economic Development Report (JT) A. WSB Economic Development Assistance Report: Please see attached report dated September 6, 2019. B. Prospects — See attached A spread sheet with the concept stage and active search prospects is attached as Exhibit B. � 0 U C� z w m � � 0 � � Memorandum To: From: Date: Re: Monticello Economic Development Authority Jim Thares, Economic Development Manager Jim Gromberg, Economic Development Coordinator September 6, 2019 Bi-Monthly Report WSB Project No. 013322-00 ws b Thank you for the opportunity to continue to assist the City of Monticello in their continued efforts to provide economic vitality for the community and the residents. Below are updates on the projects that are currently being completed for the city with regards to the economic development efforts. Some of the highlights were: Project Shepard: The company officials will be discussing and ranking the proposed sites for the possible expansion with the construction of a new facility. The schedule for the expansion may be adjusted out longer then anticipated. This longer time horizon will allow for the development of a stronger project. It will however provide some challenges for the project in the timing of assistance and how those programs will be structured. � Project 6580: As with Project Shepard, the company is currently deciding on the site that best M works for the proposed facility. We are working with them to encourage them to make a good � choice on the site to maximize the City's ability to meet its goals. We will be monitoring the project to determine if additional steps will be required to bring it to completion. � � � z � � J 0 a Q W z z � � W � z w > Q Q z w X 0 � Industrial Park Study: We are progressing on the first draft of the Industrial Park Study. To date staff has been gathering background information on recent development patterns in city to gauge anticipated annual future land absorption for the purposes of planning through 2040. Based on the discussions with the staff and elected officials we are starting to identify areas that may be sites for future industrial development. We anticipate having a full first draft of the study for review by City Staff by October 7th. In addition to this industrial land study, the City has recently begun the visioning process for the update to the Comprehensive Plan. The Industrial Land Study will need to conform to the comprehensive plan as it relates to future land use guidance to support future industrial development. Project Novus: There has been significant progress with moving the project forward. As the EDA knows, the project has multiple moving parts but after meeting with DEED, we have a clear indication on the structure needed to allow for maximizing the award from the MIF Program. Please let me know if you have any questions concerning the above projects or require additional information on the projects. 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