EDA Agenda 04-08-2020AGENDA
REGULAR MEETING - ECONOMIC DEVELOPMENT AUTHORITY (EDA)
Wednesday, April 8th, 2020 — 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, Sarah Rathlisberger 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 — March 11, 2020
b. Consideration of approving payment of bills
Regular Agenda
5. Consideration of termination of Fa�ade Improvement Grant Agreement with Tricambra
Foods, Inc. dba Cornerstone Cafe
6. Consideration of GMEF Loan Payment Forbearance for Rustech Microbrewery
7. Consideration of GMEF Loan Payment Forbearance for Monticello RV Center
8. Director's Report
9. 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: PID #155223000010 and PID #155194000010
Property Address: 213 - 3rd Street West — PID #155010031031
10. Adj ourn
MINUTES
REGULAR MEETING - ECONOMIC DEVELOPMENT AUTHORITY (EDA)
Wednesday, March llth, 2020 — 6:00 p.m.
Mississippi Room, Monticello Community Center
Commissioners Present: Steve Johnson, Bill Tapper, Jon Morphew, Lloyd Hilgart and Jim
Davidson
Commissioners Absent: Tracy Hinz and 011ie Koropchak-White
Staff Present: Jim Thares and Angela Schumann
1. Call to Order
Steve Johnson called the Regular Meeting of the EDA to order at 6:00 p.m.
2. Roll Call
3. Consideration of additional a�enda items
None.
4. Consent A�enda
BILL TAPPER MOVED TO APPROVE THE CONSENT AGENDA WITH THE
REMOVAL OF 4C. JINI DAVIDSON SECONDED THE MOTION. MOTION
CARRIED, 5-0.
a. Consideration of approvin� Re�ular Meetin� Minutes — Februarv 12, 2020
Recommendation: Approve Regular Meeting Minutes — February 12, 2020.
b. Consideration of approvin� Re�ular Meetin� Minutes — Februarv 26, 2020
Recommendation: Approve Regular Meeting Minutes — February 26, 2020.
c. Consideration of approvin� pavment of bills
-REMOVED FROM THE CONSENT AGENDA-
Re�ular A�enda
4D. Consideration of approvin� pavment of bills
Bill Tapper asked about a$600 bill. Jim Thares indicated that it was an annual seminar
fee.
Tapper also asked about a$325 fee. Thares explained that was a bi-annual fee to attend
the EDAM conference.
Lastly, Tapper asked for more details about the Surface Pro purchase for $838.99. Thares
indicated that the purchase was for a tablet. It was noted that the Surface Pros are shared
with the Planning Commission.
BILL TAPPER MOVED TO APPROVE PAYMENT OF BILLS THROUGH
FEBRUARY, 2020. LLOYD HILGART SECONDED THE MOTION. MOTION
CARRIED, 5-0.
Economic Development Authority Minutes — March 11�', 2020 Page 1 � 4
5. Consideration of Draft RFQ-RFP for Housin� Market Analvsis and Demand Studv
Jim Thares explained that the EDA gave prior approval for staff to develop an RFP for an
updated Housing Study. Staff created a combined RFQ and RFP to ensure a
comprehensive document would be achieved and to speed up the timeframe of the
process. Thares explained that the content of the request included specific criteria and a
comprehensive look at housing needs.
BILL TAPPER MOVED TO APPROVE THE COMBINED RFQ-RFP (REQUEST FOR
QUALIFICATIONS-REQUEST FOR PROPOSAL) FORMAT FOR A HOUSING
NEEDS AND MARI�ET DEMAND STUDY AND FURTHER AUTHORIZE
ISSUANCE TO CONSULTANTS. LLOYD HILGART SECONDED THE MOTION.
MOTION CARRIED, 5-0.
6. Consideration of First Amendment to Block 52 Preliminarv Development
A�reement with Beard Group, Inc. Hopkins, MN
Jim Thares introduced the item and explained that the Beard Group would like an
extension of their predevelopment agreement for Block 52. The original termination date
is set at March 31, 2020. Thares explained that additional work by the EDA and Beard
Group needs to occur prior to moving forward with further redevelopment steps.
Thares noted the request is for an eleven-month extension to February 28, 2020 to allow
the Beard Group and EDA more time to collaboratively work on various tasks to move
the proposed concept forward. Thares indicated that the Beard Group is whole heartily
involved in the moving the proj ect forward and agrees with the PDA timeline extendsion.
Jim Davidson noted that the Beard Group at one time had indicated that they would
participate in property acquisition tasks. Davidson recommended that staff reach out to
the Beard Group to see if they are still interested in the approach or if they would like to
move forward with property the EDA already owns. Thares responded that he would
follow up with the Beard Group about this.
Jon Morphew asked if the original predevelopment agreement terms were in place and
that the only change was to the date. Thares confirmed that was the case.
JINI DAVIDSON MOVED TO ADOPT RESOLUTION #2020-OS APPROVING THE
FIRST AMENDMENT TO THE PDA BETWEEN BEARD GROUP, 1NC. OR ITS
ASSIGNS AND THE EDA 1N CONNECTION WITH THE POTENTIAL MIXED-USE
REDEVELOPMENT 1N BLOCK 52 BY EXTENDING THE TERMINATION DATE
BY ll MONTHS TO FEBRUARY 28, 2021. BILL TAPPER SECONDED THE
MOTION. MOTION CARRIED, 4-0-1 WITH STEVE JOHNSON ABSTAINING
FROM VOTING.
7. Consideration of Economic Development Assistance Update from WSB and
Economic Trends Report
Jim Thares provided the staff report for the item and explained that per the Economic
Development Services contract with WSB, they are to provide quarterly updates to the
Economic Development Authority Minutes — March 11�', 2020 Page 2 � 4
EDA. This report was the first update.
Lloyd Hilgart asked for more details on the progress of Project #6580. Thares indicated
that cost estimates have been prepared for the company, but they have indicated that a
large financing gap exists. Thares indicated that they are working with DEED to
determine if they can help finance any of that gap. Hilgart asked if the EDA needs to
have a closed meeting in the future to further discuss land sale.
The EDA determined that after their next regularly scheduled meeting on March 25,
2020, would be the best time to have a closed meeting.
8. Director's Report
Jim Thares provided the Director's Report. He explained in further detail the EDA's
recent acquisition of property at 300 E 4th Street. He noted that the property contains a lot
of debris and will require costs to remove the materials. It was noted that in the future
staff would set up a final inspection prior to purchasing property to ensure that this
situation would not again. Thares also indicated that the Fire Department was interested
in using the house for a training burn. Due to State funding, the Fire Department has
requested to wait until after July 15, 2020 to conduct the training.
Lloyd Hilgart asked if the City had a list of EDA properties so that they could begin
marketing some of the parcels. Angela Schumann explained that staff are working with
WSB to create property inventory maps. We have received a draft version and staff are
working on making additions to the map with all EDA and City of Monticello properties
identified.
The EDA discussed in detail the co-work concept brought to Monticello. It was noted
that St. Michael recently opened up their co-work space. They did not use any sort of
public funds to cover the cost of the space.
Thares provided the prospect list. Bill Tapper asked what the under -onstruction property
was. Thares indicated that it was owned by Mike Mossy for his plumbing business.
Thares indicated that he removed proj ects that are no longer in consideration. One new
prospect was added to the list —"Project Panda-v3".
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: 213 3''d Street West — PID #155010031031
Economic Development Authority Minutes — March 11�', 2020 Page 3 � 4
10. Adiourn
JINI DAVIDSON MOVED TO ADJOURN THE MEETING AT 6:56 P.M. BILL
TAPPER SECONDED THE MOTION. MOTION CARRIED, 5-0.
Recorder: Jacob Thunander
Approved: April7th, 2020
Attest:
Jim Thares, Economic Development Director
Economic Development Authority Minutes — March 11�', 2020 Page 4 � 4
EDA Agenda: 04/08/20
4c. 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 March, 2020.
2. Motion to approve payment of bills through March, 2020 with changes as directed
by the EDA.
C. STAFF RECOMMENDATION:
Staff recommends approval of Alternative #1.
D. SUPPORTING DATA:
A. Accounts Payable Summary Statements
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EDA Agenda: 04/08/20
4c. 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 March, 2020.
2. Motion to approve payment of bills through March, 2020 with changes as directed
by the EDA.
C. STAFF RECOMMENDATION:
Staff recommends approval of Alternative #1.
D. SUPPORTING DATA:
A. Accounts Payable Summary Statements
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�ud h�s full knowlc�l�� of the. fact� sl�k:ed
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(.�} �[�h� t7ew�sp�per h�� cc�mplied r��iih a11 0!'
tlte e�.quire�trenis L-c�nsiitutin� quali��a�
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b�' �fin,17,. SCt�I- ��31A,€1�.
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a'i[It #is� ��nt3ition� dc�r.ribed in ;�$0.�333,
subd_ 1, 4CiZuse (11 4,r [2.�, lf ihc n�,w��pap�r's
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iic�ll[�, b�Fm�cu�aaa �lhc ':;dy"I will
hplCi S¢ut7lie P'�te3riru,� on Maich �,
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�t C#y Hall, .ri0� 'lhl�lnuk Sire�t,
Nkar4ticello. Minn�sat�, r��rdir� �
pr�osed bu5in�s6 s�aSlOy C�] be
grsntetl �o U�1C F1e�l LSk�!e, LLC
(the "'R��ipi�nk"I ���r Mir�n�sa-
t� SIS#ules, �cti�ns i1�J.993
lhfo�e�h 116J.9°�5. Th� proposed
subsi�fy+ C�9Sist9 0l a 'orgivable
IcY3n �n tha �rinaipai emount ad
53��,0(1� foe the purchase af ms-
ch nery arrd eqvipm�nl r� ipf
the en€pansian qf R�Ipief�i'3 8xi�1-
ing ms�v�f8r.4uflrx� Pecihky, Initxma-
tiQ.n ats?�ut t7te p�oposeti bu�i�lesa
:�Ubs�. inClu�ir7g b summarya� 1he
ker�K; �P 7hc subs�y ana a copy oP
1�5u tir2fi h�s�ness suhaidy ag�iee-
merrt, are awaileble fpr sng�r�tipn
at City Hall during reguler �ussn��g
haurs. Any resident qF �ryr �wn�r pf
t�xslsle �r�prly+ in 1ne ��b! rn�f fil�
a wrirs� �qmpl�ink w�th Ut� G�ty
�f Ch� Cd+f fiSds k� �r�ply urit�i Ihe
E3u�nr1a5S Subsidy Act FJn e�tian
�tt3y ��z �ilesi againsp khe Cityt far the
laiilure 10 comply untess a wtitt�n
�cartyplai ni is f�led.
All irsterested p�e�sng may 8p-
pear e! IF� h��nng �n� pi�ilk
th�ir ,news an the �tt�ars tn te
C4�k7�e�i 4r�fy c7r priar to t�e
m�skin+� ir writing.
D�5E9d: rabru�ary ?7, 202{S
6Y ORaER JFTHE �I1V Ci]LJPJ�IL
sJ� T"�E CITY CaF MQNTICELLO,
M1INNESQTA
r�r ..��,,,�r�f scn���er C�1� �I�rk
P�pl s� In i�s
Monr�c+�llfl times
� �'L'ruzlry �T, 2{12C}
'02527�5
Julie Cheney
From: Jim Thares
Sent: Wednesday, March 4, 2020 828 AM
To: Julie Cheney; Jennifer Schreiber
Subject: RE: ECM $110.76
Yes, this is okay to pay. Please code to: UMC Escrow Account
From: Julie Cheney <Julie.Cheney@ci.monticello.mn.us>
Sent: Monday, March 2, 2020 11:49 AM
To: Jennifer Schreiber <Jennifer.Schreiber@ci.monticello.mn.us>; Jim Thares <Jim.Thares@ci.monticello.mn.us>
Subject: ECM $110.76
Jennifer & Jim
Attached is Inv# 761452 from ECM. It is for a PH for a proposed business study granted to ECM.
Okay to pay $110.76? Please provide coding.
I wasn't sure who needs to approve this.
JuCie Cheney
Finance Assistant
City of Monticello
763-271-3205
Julie.Cheney@ci.monticel lo.mn.us
AP@ci.monticel lo.mn.us
('1ii' €7F
�� ��I'I�IC���
Email 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
��g�: 2
�►�fl�l��]� � �1"�V�i`I, +�i1��#��'E�t�
��3Q �outh Sixth �Cr�et, �uite 47p
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ca#jj �� i,�7+��1tIC�2I�O
J�nu�ry 31, �(��0
J�IN�9{7-0��£� ��p79 U�u1C �conc�mic I�evelopme�tTiF
Through Janu�ry �1. 2�2D
F�r AJl Leg�l Ser�ri�e� qs Fall�uv�s:
�1��2p�f] M�11 i}r�f# PurcF��se �nd R�d�ueloprnent �an;r��t
11612 Q 2�1
1 Ji,r2�12G
"11�r202�
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4 0(} 1,i�0�1,{]f}
MNI Re�ise ar�d frialize in�t�21 a�rafk �` [JM� �'urchase �r�� 3.�0
C�evel�ppm�nt ��r��ra�t; cir��l�te to �i}A tearri
fa+11Vf Monti�e�lo: r�vis� P&D �ontract ��r neu�r inf[� fr�m J �.2C1
�n�r�*s; �cir�ul�te far irste�r�ai r�+.riev�r
Mhll M�et w�#h ,Ashley reg�r�ing M�r.ticello TIF �n�d up��rnir�g (].6{]
r��l ��tat� trans��ti�ins
f�1Nl Revi�+,� cornm�e�[s from J Thares �r�d A, �ci�urr��nr; {�.8p
inct�r�orate ��tt[a c€�rr#r��t; cir�ul��� ta a�l p�r;ies far r��l�w
�NI Draf# pubfic h��r�n� ��tic� �or ran�d sal� �rrd bus�n�.�s b.�b
subsidy for lJl'��
MNI ara�k M��1tic+�ll� l�M� re�ofuti�ns. i.,pq
� 50. 0�[7
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'Il�7l2Q�0 MIVI Fin�aize E�7I� resaluti�ns for Feb 12 public he�ring 1�[� �S�.Q{�
Tt�t�l Servic�s; $ �,°���,0�
Tat�l ��rvices and Di�bursements: 5 3,12 i.00
Julie Cheney
From: Jim Thares
Sent: Wednesday, March 4, 2020 8:16 AM
To: Julie Cheney
Subject: RE: Kennedy & Graven (4)
Julie, these invoices are all okay. Please see below for coding.
From: Julie Cheney <Julie.Cheney@ci.monticello.mn.us>
Sent: Monday, March 2, 2020 10:21 AM
To: Jim Thares <Jim.Thares@ci.monticello.mn.us>
Subject: FW: Kennedy & Graven (4)
Following up on these. Please submit by end of day tomorrow. Thanks!
From: Julie Cheney
Sent: Tuesday, February 25, 2020 1:12 PM
To: Jim Thares <Jim.Thares@ci.monticello.mn.us>
Subject: Kennedy & Graven (4)
Jim
Attached are the following invoices from Kennedy & Graven:
Inv# MN190-00162 — 8617 Edmonson -$1,516.90 = 213-46301-430400
Inv# MN190-00161— 4065 Chelsea -$103.50 = UMC Escrow Account
Inv# MN190-00160 — 2019 UMC TIF -$3,125.00 = UMC Escrow Account
Inv# MN190-00101— General EDA -$600.00 = 213-46301-430400
Okay to pay? Please provide coding for each.
Thanks,
JuCie Cheney
Finance Assistant
City of Monticello
763-271-3205
Julie.Cheney@ci.monticel lo.mn.us
AP@ci.monticel lo.mn.us
`�`� �%I���{���.�
Email 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
Page: 3
��C�F1EC�]j' � �a�'�V�'�, �il�f'��1'�C�
�Ofi S�aut�h Si�[h Stre�t �uite 47C�
Ndinneapofis. MN �5�0�
�Ci[y c�f Monticerlv
Janua�ry �1, �0�0
P�+1N1�0-�p1�61 �4D6� �h�lsea Rc�a� 1+'+J.
TY�rouc�h J�nuary 3�� , �L120
F�+r ,�II L�g�l 5er�ri��s As F�Il�v�s:
, '� ���^
����:
� ,��-__�.
H�u�s �rn�unt
�l�1��Q�0 TMR �hc�ne call yvith Tim'�hares, intr�office c�rfere��� w�ih M�.�Q
Ingrarn regarding obj��kic�n 1�4ker
1d23f���� Iv1Nl Review c�rr�sp��cf��tc� with title regar�iing �eleCion o� �1.Z�
exC�pti�t�s t�a titpe.
1J�3J�(l�� TMFt E��vi�w aett�r from Jenny �Mr�hlm�nn r��arding vbj�c#i�� �.3tJ
I�tt�r; forward #o �1 Ingr�m f�r review
Total 5�ruice�
�'�.40
40. �Q
38.10
5 103,5Q
T�tal ��nrice� �nd Disbursements: $ 103.5b
Julie Cheney
From: Jim Thares
Sent: Wednesday, March 4, 2020 8:16 AM
To: Julie Cheney
Subject: RE: Kennedy & Graven (4)
Julie, these invoices are all okay. Please see below for coding.
From: Julie Cheney <Julie.Cheney@ci.monticello.mn.us>
Sent: Monday, March 2, 2020 10:21 AM
To: Jim Thares <Jim.Thares@ci.monticello.mn.us>
Subject: FW: Kennedy & Graven (4)
Following up on these. Please submit by end of day tomorrow. Thanks!
From: Julie Cheney
Sent: Tuesday, February 25, 2020 1:12 PM
To: Jim Thares <Jim.Thares@ci.monticello.mn.us>
Subject: Kennedy & Graven (4)
Jim
Attached are the following invoices from Kennedy & Graven:
Inv# MN190-00162 — 8617 Edmonson -$1,516.90 = 213-46301-430400
Inv# MN190-00161— 4065 Chelsea -$103.50 = UMC Escrow Account
Inv# MN190-00160 — 2019 UMC TIF -$3,125.00 = UMC Escrow Account
Inv# MN190-00101— General EDA -$600.00 = 213-46301-430400
Okay to pay? Please provide coding for each.
Thanks,
JuCie Cheney
Finance Assistant
City of Monticello
763-271-3205
Julie.Cheney@ci.monticel lo.mn.us
AP@ci.monticel lo.mn.us
`�`� �%I���{���.�
Email 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
��ty �f Monticelf�
J�r�uar�+ 37. �(]2D
P�ge: 7
�iennedyr � t;r�vren, �hart�red � ;�''���,k'
21D0 ao6+t�1 Sixth �t�eet. Suite 4�0 �� `` ° ��i'�� �,
Mrnreapolis� �+1N 5�4f�2 �, �
��� ;- . � '",7� .�I�, L�'
_ � , _ ;�
. Gy�, '
.� �����- -
�?1Nf9�-001�1 �ener�lED,4M�tters
Thr�ugh J�nuary 3f , 20��
F�,£ AI�' Leg�� �ervi�es A,� Fcsll�w��: Ho�rs 1�m�unt
'11�1I�p�C Mf�l Nior�thly #in�r�ce conf�rer�ce c�ll w?th EI�,FI sta�f, I�orthi�r�d 3.[]� 6410.0(l
1'otal �ervices: $ 617D.Q0
Total S�rvices ant! I��sbursem�nts: � �(�4.Q�p
Julie Cheney
From: Jim Thares
Sent: Wednesday, March 4, 2020 8:16 AM
To: Julie Cheney
Subject: RE: Kennedy & Graven (4)
Julie, these invoices are all okay. Please see below for coding.
From: Julie Cheney <Julie.Cheney@ci.monticello.mn.us>
Sent: Monday, March 2, 2020 10:21 AM
To: Jim Thares <Jim.Thares@ci.monticello.mn.us>
Subject: FW: Kennedy & Graven (4)
Following up on these. Please submit by end of day tomorrow. Thanks!
From: Julie Cheney
Sent: Tuesday, February 25, 2020 1:12 PM
To: Jim Thares <Jim.Thares@ci.monticello.mn.us>
Subject: Kennedy & Graven (4)
Jim
Attached are the following invoices from Kennedy & Graven:
Inv# MN190-00162 — 8617 Edmonson -$1,516.90 = 213-46301-430400
Inv# MN190-00161— 4065 Chelsea -$103.50 = UMC Escrow Account
Inv# MN190-00160 — 2019 UMC TIF -$3,125.00 = UMC Escrow Account
Inv# MN190-00101— General EDA -$600.00 = 213-46301-430400
Okay to pay? Please provide coding for each.
Thanks,
JuCie Cheney
Finance Assistant
City of Monticello
763-271-3205
Julie.Cheney@ci.monticel lo.mn.us
AP@ci.monticel lo.mn.us
`�`� �%I���{���.�
Email 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
Page� �
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J�r�uary 31, ��}�Q
hAN1�0-0[J16� 8617 Ed'mon�vn A�+e.
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sche�duling: �rn�il t� city re��rdin� �losing
1�17�2020 MhJI Fin�liz� Ad�iendurr� fc�r Mor�ticello Edmor*san PA; revi�vr D.4[7
�I�sir�g t�rti�icat��
1f�1l�I��Q i�1Nl Di�cus�i[�n �f prop4sed re�isi€�r�s k� �d�ier�durr� wikh A Ci.�Q
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1l�1r2{�20 Tf�lFt F;e�+ie�r �losi�g st�t�r`rrent; em�il tsa l'v4 Ingr�m � 4G
1,`�2���720 MRIN Re�u3�w cl€�sirss� ds�currti�n�5; re+ri�w f�rther pr�rpc���d 1.tlC
chanc�e ko add�ndum I�r�u�ge
1f�212�2�] TfU1R Intr2�c�ffi�� ��nfere�c� M Ingram regardrn,� r�e�rrsran on � Z�
settl�ment stat�men�
9i��i2�2� TMR F�rw�r�l d�s�um�nts to title`or �pprov�l re�uie+�+well Q.7Q
s�alin� r�cor�ds; poirat out `.her� �r� t�+o ��d injured if th�r�
are m o re�
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�linn��peli�, N1fV 5540�
�ity �f �v9onticello
J�r���r}r �1, �{}2(7 _ _
"ld�412[��0 Tf�u1R Email clvsir�g dc��urnenks and instructi�n� t� Jirr� �h�res; [�.�p
confirm wi[h t?tle +�here ����,ments �r� going For cic�sing
1��7f242Q h,ihll Edm�nsan pee�l�s�ng m�kters. �1.?��
�l�71�QZ{� Th11� C�raft in�#ruc�ian I�tt�r` fesr titde cor�npany; er�2�il t� �l�enny 0.�0
Mc��h'm�nn
1l�7�2024 ��1R F��e+�ise well �ert; send tt� Jlm Th�res; call Jirn Thar�s [o D.;��
ve�if�� wiring intru�ki���r p�ovading �,+�inng ina#eue#ions k� titl�
cornpany
1�+�S,r2{}�fl iMR Respond to em���from J�nny Moeh,lman reg�rdin� �losing 'J.��
tca tcauch f�re co�m�n[� re�ieveti by em�il fr[am M Ingram;
s�v� �o file; farr�raar dko t��le �c�r�p�rmy. email f'� le�gr�m
regar�ding mrssing �a�ument
1l2�J�(��D TMF� Revi��.v �+rell rnfnrma[ian pr��+ided by �ir.i Thar�s; reu�se we110.2i]
��rtifi��t and sen� tg ,lirrt Th�reS
1l�SJ�02i� 7MF2 R�v�er�-�rnail frorn f�1 Irrog�2�m tc� An�ella �chUrrr�r�n 0.2b
regar�ing �dditie�n�l �ic�cuments for closing, respond `,o
Jenr�y f�loehlm�n regarding; r��s `�r invc��c�: ema�� to J�m
Th�res to r�mind hcm
1!2'����2Q Tftir�R Rhar�e call fr�m Jim Tht�res; review ssgned d�ocuments: C�.2�
�rn�il rei+i�ii5n5
1J�9J24�1� TMR F�euievw �dd�tiar�al clpsin� d�cuments: �mai� ko Jim Th��r�s U.10
1l3012�2i� 14+IN1 ��view re��rded do�um�nts 0.2(l
1130i20�{} TMFt �m�il frc�m #itle k� corfim �clos�n� �rd revieva capies of 0,4p
signed �lt�sign do^umer�#�. s�v� �r�d print ko file; clo�e Fil�
ir� sp�ste�n
��t�l 5�rvi�es
�3.5�
1�0.0�
��. $4
�3. �0
�8.1�
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2.5.4�
1 �.7D
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$ 1,596.9Q
Tntal $ervi�es �nd Disbursernents: � 1,51�a.9�
Julie Cheney
From: Jim Thares
Sent: Wednesday, March 4, 2020 8:16 AM
To: Julie Cheney
Subject: RE: Kennedy & Graven (4)
Julie, these invoices are all okay. Please see below for coding.
From: Julie Cheney <Julie.Cheney@ci.monticello.mn.us>
Sent: Monday, March 2, 2020 10:21 AM
To: Jim Thares <Jim.Thares@ci.monticello.mn.us>
Subject: FW: Kennedy & Graven (4)
Following up on these. Please submit by end of day tomorrow. Thanks!
From: Julie Cheney
Sent: Tuesday, February 25, 2020 1:12 PM
To: Jim Thares <Jim.Thares@ci.monticello.mn.us>
Subject: Kennedy & Graven (4)
Jim
Attached are the following invoices from Kennedy & Graven:
Inv# MN190-00162 — 8617 Edmonson -$1,516.90 = 213-46301-430400
Inv# MN190-00161— 4065 Chelsea -$103.50 = UMC Escrow Account
Inv# MN190-00160 — 2019 UMC TIF -$3,125.00 = UMC Escrow Account
Inv# MN190-00101— General EDA -$600.00 = 213-46301-430400
Okay to pay? Please provide coding for each.
Thanks,
JuCie Cheney
Finance Assistant
City of Monticello
763-271-3205
Julie.Cheney@ci.monticel lo.mn.us
AP@ci.monticel lo.mn.us
`�`� �%I���{���.�
Email 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
foi xErvEA �+�d[r�uE 5
SUITE 3�0
MINNEApOL15, MN
5a416
�� �
�ity of Monticello February 24, 2020
Attn: Sarah Rathlisberger, CPFO Finance Manager ProjecUln�oice: R-01 5355-000 - 1
5�5 Waknut Street, 5uite 1 Reviewed by: Bret Weiss
Manticello, MN 55362-8831 Project Manager: James Gromb�rg
202a Economic De�elopment Sen+ices i' `4 �;, �� 11 j
City Sta{f Reviewer - Jim Thares
GL Acct # Zi 3.46301.431990
Professianal Services from January 1, 202t1 tq Januar►r 31, 2020
Phase 001 2020 Economic Qe�elopmer�t Ser�ices
Monthly Retainer ° ' j
__ � _-�-.��.._-_-- �
,�
Csmments: M�nthly Retainer 7i5. f0 fir thls task. _.- ---- -� �
Fee
7otal Fee 9,30D.00
F'ercent Comple#e 8.3333 Tatal Earned 775.00
Previous Fee Silling
Current Fee Biifing
7atal Fee
General Meatings
Delwiche, Ryan 1/29/202Q
Map graphics update per Eric Maass.
i'oials
Total Labor
Concept Drawings
Pittman, Bryan
City Boundary Update
Totals
Total Labor
Special Projects
1/15/2020
Hours
1.50
1.50
O.Oq
775.00
775A0
Total this Tasfc $775.Q0
Rate Amount
84.00 128.00
126.00
126.00
Total this Task $126.00
Hours Rate Amaunt
.50 13Q.Q0 65.00
,50 65.00
65,04
Total this Task $65.40
Project R-{}15355-D00 MONT - 2020 Economic De�elopment Service Invoice 1
Maass, Eric 1/1312020
residential property availability map update
Maass, Eric 1/17/2020
Map updates
Maass, Eri� 1/20/2020
Map updates
Maass, Eric 1127/202p
Maps far jacob
Toka I s
Total Labor
Billings to �ate
Fee
Labor
Tatals
Current
775.00
845.50
1,620.50
Hours Rate
.50 �19.00
2.00 119.00
1.50 119.00
1.50 119.00
5.5fl
Prior
D.00
0.00
0.00
Amount
59.50
238.00
178.50
178.50
654.50
654.50
Total this Tasfc $654.50
7otal thi$ Phase �1,62U.50
Tatai this Invoice $1,620.50
b�
Total
775.00 � %
845.50 �/�� /�
1,620.50 ! �
Page 2
Julie Cheney �- �'�� �' eY�,� �
From: Bullseye Property Management & Realty <mail@managebuilding.com>
5ent: Thursday, February 20, z020 3:Q8 AM
�a: A P
Subject: Lease statement for Broadway Parking Eas�ment - COMMERCIAL - 2 as of 2/20/�OZO �
Bullseye Praperty Manag�ment & Reafty
PLEf15E NOTE: b0 NUT REPLY TO THIS EMAIL ADDRESS
1"his email message was sertt from a notii€catian-only address that cannot aceept inepi-ning email.
L,ease statement as af 2420-02-20
City af Manticella Econamic Devefapment Authority
35 Lake St
s�,�t� �Qa
Big Lake, MN 55309
Date
Prior balance
T -C�ii�:
� 2/112019 Common Area Maintenance
12/3/2019 Payment
12/4/2019 2019 Cam shortage
1/1/2020 CQmmon Area Maintenar�ce
1/3/2020 Payment
1f3012020 Payment
2f1I2020 Common Area Mainteraance
3I112020 Common Area Maintenance
�
_ _ _ _ __ _ — — --- . _ --- ---_ � � - � +C�'�5�[.� !��- �.�.� c_ �:
Account #: 0040591�
Amount Bafance
�o.ao
$121.G0 $121.60
{$121.60) $0.00
$587.42 $5$7.42
$162.13 $749.55
($709.fl2} $40.53
($�21.60) ($8�.07)
$162.13 $81.06
$162.13 $243.19
Balance due: $243.19
P�yrnent is due an #he 28th of th� month. If payrr�ent isn't receiv�d, a one-time fee equal to 1.5% af autstanding
balances will be char�ed on the 27th of each month.
Manage your account online: http://bullseye�ro�erties.managebailding.corn
1
Bullseye Properry
Management & Re�ity
35 Lake Street 5, Suite 5flf�
Big Lake, MN 55309
(763)295-6566
�.i�l �f 1
T�nant Statement
17J1/2fl19 - 2/10/2020
City of Monticello Economic Development Authority
505 Walnut Street
Suite 1
Monticello, MN 55362
Broadway Parking Easement - COMMERCIAL - 2
Qate Destription
121�12�1t9 Peevious balance
12/1/2019 Cornmon Area Maintenance
12/3/2019 Payment (Check #12i650)
12/4/2019 2019 Cam shortage
1/1/2020 Common Area Maintenance
1/3/2020 �ayment {Check #121792}
1/30/202� Payment {Check #12i904'
2l1/2020 Common Area Maintenance
Balance due
Generated 02f10l2020 16:24:03
.�� y4 ;�•�
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`=: �� ���, �
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4� �
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Amount
121.60
-121.60
5$7.42
162.13
-709.02
-127.60
162.13
���
BPM
BULLSEYE
n�sn■�r.iaor
l.ease # 405914
Balance
O.QO
121.60
Q.00
587.42
749.55
40.53
-$�.07
81.06
S$1.Os
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Bullseye Praperty 1Vlanagement
35 Lake Street S, Suite 540
Big Lake,1V[N SS309
� ��
BULISEYE
P'ROPEATY MAlfA6 EMEIii a RfAlTlf
City of Monticello Economic Develapment Attthority
505 WaLnut Sireet
Suite 1
iVlanticeilo, MN SS362
2/1 i i2�20
Please see attached 2Q20 budget for the Braadway Parking Easement. A copy of your current ledger is attached as
well.
An increase to monthly fees was necessitated by the high cost to haul snow offsite. We are working on a plan that
may avoid the need to haul snow affsite in the future.
Please note, you may have a balance as 7annary and February fees were adjusted to cover the anticipated necessary
revenue for 2024. Any owners with accounts on recurring monthly payments will be adjusked autamatically to the
increased amount. Please call our office to authonze a payment far any back dues. You may alsa mail a check.
Per the legal documents, the charges are split as failows:
• Lc: : - 9.�� io
• Lot 2 — 12.16%
• Lot 3 — 15.Q0%
• Lot 4 — 12.03%
• Lot 5 — 17.33%
� Lat6-13.5%
+ Lot 7/8 — 24.38%
Sincerely,
Bullseye Properly Management
Julie Cheney
�ram: Jim Thares
Sent: Wednesday, March 4, Z02L} 8:29 AM
To: Julie Cheney
Subject: RE: Lease statement far 8roadway Parking Easer�ent - COMMERCEAL - Z as of
2/2a/2020 � Bullseye Praperty Management & Realty
Julie, yes this is okay to pay.
From: Julie Cheney <Julie.Cheney@ci.monticello.mn.us>
Sent: Monday, March 2, 2d20 10:22 AM
To: Jim Thares <Jim.Thares@ci.manticello.mn.us>
Subject: FW; Lease statement for Broadway Parkin� Easement - C�MMERCIAL - 2 as of 2/20/2020 � Bullseye Property
Management & Realty
Jim
Can yo�r provide an update on this?
Thanks
Julie
From: Julie Cheney
Sent: Tuesday, February 25, 20�0 �2:56 PM
To: Jim Thares <Jim.Thares@ci.monticeilo.mn.us>
Subject: FW: Lea�e statement for Broadway Parking Easemer�t - CQMMfRCIAL - 2 as af 2/20/2�ZQ � Buflseye Property
Management & Realty
Following up on this.
Frarn: Julie Cheney
5ent: Thursday, February 20, 20Z0 8:03 AM
To; Jim T�ares <Jim.Thares@ci.monticello.mn.us>
5ubject: FW: Lease statement for Braadway Parking Easement - COMMERC�AL - 2 as of 2/24/2020 � Bullseye Properiy
Ma�agement & Realty
1im
Here is an updated lea�e sta�ement from Sullseye and the iotal due to them.
Okay to pay $243.19?
Thank5
lulie
From; Bullseye Property Management & Realty [maifto:mail mana ebuildin ,com]
Sent: Thursday, February 20, 2020 3:08 AM
1
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K.+1:�i1�g2fri2nT & R�� It,r
35 Lak� Street S, �u�t� ���J
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may� a�•e��d th� r�e�d tcr h�ru1 snow� ofisite in the Fut�uri.
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re�•en�e fnr 2i��0, An�� �wi�ers +avith ac���unt� �.�n Te�:umn� manthly pa}�ment5 +x�ill b�: ��justed ��utc�maaticslly to tE��
inereas�:� �t�c}unl, �Icase eall our �f�i�;e tn aut��riz� a gayment for any �ack duc:. Yc�u rna}�� als.ca r�iaEl � che�k,
F"er �he Icg�l ��acu��en#s, the �cl�arge� are �plil as f�llow�:
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• I..�t 3 15.��1%
■ L�ot � 12.d3°��
+ L.c�t 5 - 1�.3�%�
• Lc�t fi - 13 , 5 °1'4
• Lot 71� - 20,38�10
Sinc�rely,
Bull�e}+e Pr���erty� Iv�ai�agem�s�t
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,�!��rthlan�i Se�urifies, I�Z�. Page 2 t,f 2
Julie Cheney
From: Jim Thares
Sent: Monday, March 16, 2020 428 PM
To: Julie Cheney
Subject: RE: Northland Securities $630.00
Yes, this is okay to pay. Please code to: UMC Escrow Account
From: Julie Cheney <Julie.Cheney@ci.monticello.mn.us>
Sent: Tuesday, March 10, 2020 11:39 AM
To: Jim Thares <Jim.Thares@ci.monticello.mn.us>
Subject: Northland Securities $630.00
Jim
Attached is Inv# 6092 from Northland Securities for TIF 1-41. Okay to pay $630.00?
Please provide coding.
Tha n ks,
.JuCie C(�eney
Finonce Assistant
City of Monticello
763-271-3205
Julie.CheneyC�ci.monticel lo.mn.us
APC�ci.monticel lo.mn.us
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Email correspondence to and from the City of Monticello government offices is subject to the
Minnesota Government Dntn Prnctices Act and mny be disclosed to third parties.
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„"'-,` ,N=r ot ROBERT J. HINALA
u �''-t WRIGHT COUNTY
� m AUDIT�R/TRE.�SURER
a��d o 10 SECOND STREET N.W, ROUM 23Q
s�b BUFFALO, MN 553I3-1194
7G3-682-7572 or7G3-6$2-7Sg�
�vww. co.wrigh t.mn. us
Properiy ID #: Riss-ois-ooaota
TaxpayerlD Number:248203 027683
CITY OF MONTICELLO EDA
%ACCOUNTS PAYABLE
505 WALNUT ST STE 1
MONTICELLO MN 55362-8831
i�q,iip„IIi�rl�lii��i���nirlld�Il��iPll�ui����i��q���u
2019 va�ues tor Taxes Payable in ��� d
VALUES ANC7 CLAS5IFICATION Senr h1a��crr 2014
`'i''I' TaxesPaya6leYear. 2019 2020
�� EsdmaoeJ Markc[ Value: 120,100 141,4fq
Homes�ead ExcLusion:
Taxable tilarkeS b`aluc: 120,IU0 141,400
New Improvements:
P,xpired Exelusions:
Property Qassffcation: RFS NON-H RES NON-H
S�PP PROPOSEDTF�X Senr��Nooember?o;9
,�
-- Proposed Tax:
Step PROPERTY TAX STATEMENT
� First-halfTaccs:
Second-halfTaxes;
To�al Taees Due in 2020:
li�i+�U CV �S? � l� l� }'ou mur hr elr g*rhle%�r nnc or e�-cfr 1i��a rcfirndc /a reohfce rntir/zr�npc-•rh� lnr.
RrurJ Ihe back uj thrs slatc�mc:irl to Jinca' nx! hnw !u apph�.
� I PfOPCYCY Taa "Taxes P:�yablc Ycar: 2019
SY3iCf71C Rf I. tise this amouot on Form M 1 PR to see Sf you are eligifale for a homesteud credit reCund.
File by August I5. If [his box is checked, you owe delinquent [axes and are not eligible.
2. Gse these amoums on Fonn MIPR to sce if you arc eligible fora special refund.
Properry Address: � v�
3004Tt1 ST !i y 3.. Your pruperty uxes befi�re credits 1,425.�4
MONTICELLO MN 55362 V 4. Gedi�s �hat reduce your property taxca
� A. Agricuhural and rural land credits
Properh� DCSc��ption: m B. O[her CreJils
Sec�-I I Twp-l21 Raoge-02S A C RIGGS'ADDN F 5. Property [axes aRer credi[s 1,425.24
LOWER MOVTE
Loh001 BIQck-�OH AGSO LOT 10 �
Special Assessment Breakdown:
A.ROADIMP 37111-6 57674
° b.Coumy
w
_ T. Ciry arTown (CIIY OF MONTICFLLO)
� 6. State General Tssx
�
9. Schaol District {088�)
A- Voier zpproved levies
� H. Otl�erlacallevies
� 10. Spcv:ial Taxing Districis
y A.MONTIHRA
p 11. Von-school voter appreved rcfarenda lzvies
a 12. Total property taz before special assessments
13. Special Assessments on Your Property
See LeR for E3�rakdown of 3pecial Assessmenu
Special AssessmenCs Totals
., lntcresl E26J6 Principal 450.5$ 594.76 57674
532.69
411.44
220.69
245,gy
74.38
1,425.24
t,6ai �t
I,109.OP
1,109.Q6
2,z�x.00
z�zo I
1,64L2b
1,6411b '
628.08
494.43 I
192.19
309.76 I
I&80
1,64l.26
14. YOUft TOTAL PROPERTY' TAX A[i�D SPECIAL ASSE55VIENTS
2,020.00 2,218.00 '
rAYABLE ZOLIJ Z�d HALF PAYMENT STUB PLEA$ERE/6THEBACKpF�HESTATEMENTF'JRIMPORTANTINFORMATION.
TO AVOfD PENALTY PAY flN OR BEFORE: OCTOBER 15, 2020
Property ID Number: R1�5-o�s-oosoio Total Property Tax for 2020 $ 2,21a.00
Bill NUft'1bBf: 21342 2nd Half Tax Amount $ 1,109.00
ID Number. 2as2o3 Penafly
,�,-"�•F
�
,�:
CITY OF MONTICELLO EDA
%ACCOUNTS PAYABL�
505 WALNUT SF STE 1
MONTICELLO MN 55362-8831
2nd Half Total Amount Due
MAKE CHECKS PAYABLE & MAIL T0:
ROBERT'J. HIIVALA ��
WffiGHTCOCINTYAUDI"fOR/1BEASlBP.R I
l0 SECOhD STREET N.W. ROON 230 O
nurr.wo, Mn 553�3-��9� '
� If your address has changed please check this box
and show the change an the back of this stub.
No ��cq��V seni �nipss re(�ues�qU Vaw canca�e0<�cik �va yo��� ��erGl T�i3 recpigi �» •o�tl �� I�e cM1ed� is nci Foroietl-
PAYABLE 2020 15t HALF PAYMENT STUg PLEASEREADTHEBACKOFTHESTATEMENTFORIMPOR7ANTINFOFMAT30V.
TO AVOID PENQLTY PAY ON OR BEFOR�: MAY 15, 2D20
PropertylDNumber:R�ss-o�9-0080�o TotalPropertyTaxfor2020 $ 2,2i8.00
6111 NUmbef: 21342 1st Half 7ax Amount $ 1.109.00
ID Number: 248203 Penalty
1st Half Total Amaunt Due
'. •�M
CfTY pF MONTICELLO EDA
% ACCOUNTS PAYABLE
505 WALNUT ST STE 1
MONTICELLO MN 55362-8$31
MAKE CHECKS PAYABLE & MAIL T0:
ROReR7' J. tinvni.n
WRIGHTCOUN7YAUDITOWI'RPr1SURER � �
10 SF�O\D STREAT N.W. ROOM 230 �
a���.a,Mh55s�3-�«� o ..�
� If your address has changed please check this box
and show the change on the back oi this stub.
..eie�z y����s�oa -, ,.c.,Yc�� . .u, ec_yI.T-^ ��e�lsv��]Ith�[lie'k�s�q �nafatl
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Wright County Economic
Development Partnership
PO Box 525
Rockford MN 55373
763.477.3035
admin@wrightpartnership.org
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4v'right Gr� �� �� ,
F�.e�•�_rt�,i�t Derel�qiM�fr3k Par0.r+e=���
2020 Membership Dues
Total DisCount
Date: 3/17/202D
Jim Thares
City of Monticello
505 Walnut Street Suite 1
Monticello, MN
Subtotal
Sa/es Tax
Total
$2,606
$Z,606
$2,606
If you have any questions please
�o„ta�t Mrssy at �63.4��.3o�s. Thank you for your participation!
Julie Cheney
From: Jim Thares
Sent: Wednesday, March 18, 2020 9:30 AM
To: Julie Cheney
Subject: WCEDP 2020 Invoice
Attachments: WCEDP Invoice.pdf
Julie, please pay this invoice. Code to: 213-46301-443300.
��p�nd�tur� [�c�cum�nta�ti�� R��k�et
UMC Ex��n�i�n i�rc�je�t
7.�'�-�tre L�nd P�urchase Tran���ti�n €��otum�ntation �nd F�ndirr� �ourte Ir�form�tian
�I�sin Sthe�luled fs�r � ril 1 �pi0
1. Fundin� �t�ede�d t� c�orrtplet� tr�nsactio�t; �996,�#t2. s5 — See S�ttlerne�t St�ternent
�$4i},L]0� �arn�est maney alr�ad�r paid on ��-14-
24]1 � �
� � � � �� � ti � � I����
2. C�d'ir�� (5aur�ce of Funds'}z T�x Iner�rnent bistri�t #�p�6 = 57��,384
���
EDA G+eneral �Fund — �13-���f�1-���93,�s98.55
Tot�l Fund� Sourc�ec�: �99f�,p8�.55 {see tape]
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fi� inr! lapnriaerrmerit Fw d4#a� ire � Sitl� 1s U,s. Cotk Section 14�A1 vrrd 3ettinn i G1 G.
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EDA RESO�L�T'I+Q�1'�1C�. ��II9-10
RES�]LiJTI01�' �,�'FIt(IV�Iw,'� PL�1��HA,.�Z� .+l�����i�l'�iT
�'()�i TH� AeCQUI5ITI�N �F �HELSEA Rff]iAi�
F�O�PE1tT�' �Y' TH� �C:1"�`Y �F I��[�P+1'�'Y�:ELLO
���N�1�'I��` �E�'"��C�PM�i�1T �►UTI�ORITY'
�� �T I�.E��L�IEI] E3Y t�ie Bo�r�i af �orrrrnis�ioners �""Bs��rd"j of the �'iky of' Mnn#ic�ell�
Ec�n�mi� I���v�la�prn�ni Authc�ritv (the ".4uth�nt�v"� as f�ll�ws:
�ectinn l. Recitals,
1,01, The �uth�ri�y �nd M�nrir.etic� I�dustri�l P�, Inc. (th� "Selter") �i�sire tn ent�r intc�
a�urc��sse a�reerr�er�� (t}�e "Purc��a�� A,��ent") �ursua�rt to v�•hi��r the Au�lYcsrit}r will ��uir�
�ez�tain pr�aperky lo�a�ed on C`helsea l��ad {tl�c "�rop�,rty"� irr the Cifi� of �ic�nticello (�h� "�'i#�r„�
fr+�m tl�e ��ll�er� Th� Prap�rty is de��rihed as Lot 2, Hinck 1, �vlc�nti���1� ��mmer� Cent�r �ixth
,Addsti�nn, 'Wri�ht C'�unty. €�ii�eso�.
1,�2_ Pursuant tc� th� P�urcha�� ,��r�e�t, t�e Authoritv k4�i1� �ur�l�ase the Pro�ert;�� �r�m
�he Sel ler f�r a#c�kal p�ch�€ pri�e �f S l,1�� 1,�, �� �lus rel�t�i elc+sin� costs.
1.��. The �4utF��nt�+ �in�i� tha# a�guisa�i�an o�' th� �mpert}+ �nforrr�� to t,he �'ity's
c�arnpre}�ensiv� plan a�d �mall Are� �tud�, as �pp�r���cd by th� �ity �r,d Au�ha�-ity, �n€1 wxiiI
f��ilit�te th� oconoar�i� det��l�spment �n�i re��it�lix�tic�n t�f' thi� p�rtic�n c�f th�: �ity, in khat �h�
�uthority int�n�i� to �o��r�yy the �rop�rrty t� a tt�iir� party f�r ecx�r�ami� de���el�}�rr��n� pur�as�s.
1.f�4, Pr�rsraan� #� Mirin�sot� S�a#utes, �+e�tior� ��i'�,356, subd. ?, #he Plannin� �'amrnissic�n
o#� th+e City m�t �t� �Au��sl �, 2014, t�r r�+��ie�►� th�. prapcas�d �uisition �d fo�,nii that �u+��
ac�ui�it�c�n c,c�nfarir�� t�> �e Ciiy's f�'�m�sreh���ve �'�art_ .
Se�fion �. Pur�has� .,4�*r�em�ii :4��r�t��.
�,�11. T�ae ,�utho�� here�,' appr�a�{es t}�e Pur�hase �l�re�ment ir� �ut��tantiall}� the fc�rm
preset�te�d to the Auth�rity, �u�j�c:t t� modific�ti�ns t�hat dc� not �lter th� �ubsf�n�e cs� the
tran�a�tic�� and tl��t are a}�}�r€�u�d by the F'resi�dent an�i Fx�utiv� C?ir�tnr, pr�vi��ed that
exc�utiafl c�f the Purcha�e Agreetnent by� ��o�e off-i�ials sh�ll k�e cor�clusi�re �vidence of th�r
apprc�val.
2.�2�. Authcsrity staf�f and �f�ic�als �r� author�zed t� take all a�ti�n� nec�es�afv tn �,erfnrm
the Authr�ri#�+'s c���iga#ions us�der �1�� Purcl7a�� A�reerr�ent as a��hol�, in�iu�in� �uithc�u:t
limitatic�n ex��ati�n of at�}� �i��:�unenls to ��hic�h the: A�athc�rity is s part}�� refr:rren�ced in �r �ttached
trs t�a� Purchase A�,�reem�nt, �nd arty �t#�er d�cum�rats r��c�s��t�r ta �cq�rir� thc Pro}�eFk� �m th�
Se�ler, all as� �escri�i�d in th� F�r�hase �►�r�ernent.
6298T2u1 ht1* 194-! fi f
A�p�ved this 13th �ia}� c�f Nc�v�nkser, 201�, b�+ t�rc �c�ard �f �'+�r�nrni�si�tt� t��` tl�e �City of
Monti+�1l� Ecc�nc�mic Dev�lo�tnent Authority-
. .�'� �� ,
��' �u�[��s.�
� �.
ATTEST;
��"� �,,,.� � I �.
E� r�tiv� Direct�r
�
e2Uk372a� � xri "ti �+�ir-1 fa f
PUR���SF: A��FEMEI��
, �, � �
rn;� ��,t�n��� A��rne�t �•"A,��reement'{� is rn�de t�is ����` dsy of ��'� , 2t?l�,
L� and h�t���eenn �o�7ti��i1� ]ndu�tria� P�r�€, In�., � Mi�r�esc�ta �nr�,�rati�r� �`"�el�er") anr� thc Ci#�
c�f Mant�cell�, Ec�n��tri�: D�velcsprr��t Autk�€�r�ty, a�ut�li�c b�ad� c�orpo�tc $r�d politi�: ar��
political ��uhdi��i��c�n of it�� State of [�Iinr�es�t� {..BE�y�r").
�. �i����:Rl'1�'. �eller i� the �w��er �of ,�r�p�.rty Jc�c:at�d in th� Coty �,f hEic,nticetlo,
Minne�cst�, v���7ich is i��aliy dcscri�e,ri �n the atta�:he�i �xhibit �(m`�rn�►�rty„),
�. (]FF�:�',AG�EP"TAI+�I�E. In �onsic�erdtic�r� �af and �uha�ct t� the tertr�s and prnvisi�ns of
tliis �4�r�erti��ri�, Bu��r crff�r� and a�r�e� tc� �urchase and ��iler a�r�es tc scll and }��reh� �rants
t� Buyer th� exelu�iv� r�ght t�, purc�ase the Prup�rty ar��l all irr�prc����rr�ent� ther+�i�, toget}��r
wath all appurten�nces, �J1 �xtur�s ]��cat�d c�n tI�e I�rc��i��-Cty ��7 kl�c d�xe ca�` tl�is �1�,*r�'�rrrer�l �re
ir►clude.•ci iii th�e pur�chase nf t�1e Pr�perty, Per�r��l prt��rty is �c�t in�:lusi� in th� saie ��" #I�e
i'rn�er�y,
�. 1'UI��.H.�I�E �'�t[C,� F�R PROPERT�' A1�1[� `I`ER1�4�.
�_ PUR�C'HA�;�' PRIC'.'E: The t�t�1 �urch���c price f�� the Pr�np�erty is: C�ne �rlillivn
'd"13ir#�-�7rrcTh�usanc� an� C�O,t`1(10ths L7�I�ars (�1,�1�].Il[1[).�{�} �"Pur�:l�ase Price").
h_ `I-�:�1�1�:
1. �.A1�1�J��'T` �1rS[��l�Y� ��rr�est rn�n�y {"Earncst [�Ic�nc��"} in th� �rnnu�r� r�f
For�}° T'k�c�usa�d and �14r 100ths �o�l:�r.s �S4(1,�7�1{]_DO) sh�ll �e �ie�sit�d by
Buy�r tt� S�Ilc:r in��► �:�,crc�w ��ith F�e�isiered Ab�tr�cters, Irt�.. Anc�ka,
f�ir�nesvta ("Tikle"} up�rs exe�utiun of this A�rreen�ent_ "Th� F.amest
1�T�y�cy sha�ll be �ppli�r� to the f'urchas� �'rice a# C']c��ir��,. Thc �am�st
ivic�ney ��r�lf l�,e refuntlahl� up�n #h� terms and cc�t�diti�ns pr�rvideci iii �his
Agre�ineizt, �r�+��idc� tliat such �.arnest �9��ne�,� :;hall he n�i�r�fundable
�F�er February 15, ��720.
?. T3AIr,AIV�'� [�1.lE ��Li.EI�: Buver ��rees t� pay th� t��l�nc� o�` t1�e
P�rch$se Pri�c b�f �he�:k c�� ���ire tr�n�fer �n the �'lc�sir�� Da�e �ccordin�; �c�
the tenn� �f this A�r�eemer�t_
3, DEED;'MAT.KET�E�L� T�TL�.: Sut�ject ��a perf�nnance by Buycr, �clle.�r
a�rees tc� exec:�t� a�d c�eliv�r to f3u�'e�' � 1��rr�nl� Dl�,�i cc��z���vir�g
rr�arketabl� fe-� s�snp�� �it1c: tc� th+� Pre�perty4, fr�ee �d el�ar c�t` any
rr�c�rt�,a��s, ti�n� ur �nc:umbranc�es c�t�her t}�,ar� �n�tt�rs ercatc� by rar
�ceept�bl�e tn E3uy�er. �ubject nr�l,a tc� t}t� $`c�ll�.�t�rir�g �x�cptio�s.
i, ��ild�n� anc� r�ni�n� lav��s, c�rd�nan�es, �tat� sn�d fe�aral
regul�tion�;
(�i37QwaM`� I �k-1�1
ii, Ra:s�.'�e�F�ti�� of nlin�r�l�; «r min�;ral ri�7ls i� th�e �t�t� [�f
?aviar�n�>��t�, if �ny; :�t�d
iii_ Publi�: uti�ity .�r�d c�r�iiYa�� e€�.�eme�t* c�f r�;�€�rd w�hich ���i11 nnt
int�rfere v��ith �u}��r's int�nd+� usc of the Prc�pez�jr-
4. T�f����.J1�'IENTS Tti �� �EL�1V'E�D .4T C�,O�['VC; �Y �ELL��. I�} �dclitic�n io thc
'�arr:�rtiy D�ed r�uieeci a# para�ra�� 3.h.3. akrc�v�, �cllcr sh�ll d�liver t�► Buy�er at c�c��in,�,=
�. An affda��it fmr� S�:ll�r su#�`i�icni io re�no��e �n}P �xce�tic�n in �uy�.�r's p+�licy ot
title in��arsn��. for rr�e�h�t�ics�' �r}�1 rnaterial�nen�' �i�:r�s art�l ��hts �r1� p�rties in
}��.���s�c�n;
h_ �4 "brin�,-d�a�vn" certi�i��te, ��rtzfyin� that �11 ��F th� �varrsntics sriadc b�P �eller i��
t�is� A��r�ernent r+�rnain br►�c �s �� ���e C`lc�sira� C�at�;
�., �f�ic�a�il �uf� Se11er �c�n�z��in� th�t ��ller i� r��si � furci�n persc�n witk�in tf�e
��e�ni��� c�f ��c��on 1445 o#'th� [�t#erna] �everru� C'�rd�;
d. W�:li disclusur� ce:rtsfi�-ati�n, if r��ir�ci, c�r, �f there is n�+ urcll on t�c Prvperty, �tr�
'�Va�rar�ty I��ee�i giv�n p���ant to p�ra�;ra��r 3�(:�) ���ve mu�t i�rclud� lh�
�€71�C1L4+113� �����ITl�llt= +,-��1� �ell�.�r �:�:�ifi�s that the Sc11�r ci�es �rn# kn�v�� nf �n�=
t�•e�ls un the r1��scribcd real �rro�ert�;,,
�., �r��� ty��ticc�, ccrtaf cates, arrd affida�•ats r��;arding any pri�'atc s�ura�e sy�tern�,
unda;r�rc���nd �l��r�,�� t�nks, �.nd err�+ir�n�n�nial c�ndil�or�� t�� rn�ty k�c rc�uirrxl by
stat� �rr fe.�l�al statut�s, rul�.s or rc�,ulati�i7s; anr�
�: Any� �t�er d�curn�nt* re:a�nal�ly rcquirc�d by ��zv�r'� ti#le insuran�e cc�i3���1�� C1C
�itc�rt��y to evide�ace that title t� �h� Prc�g�r�� is m�rl�etablc a���i #ll�t �e�l�r has
cc��n�li�.d vw�ilh t��c tcrrt�s c�f`tkti� T�urcha�e Agree�l��t.
5. C�'�TI1�1�E1�lC'1F1�, Ruy�r's c�t�li��ti�rn tc� purch�s�. thc P��crty is cc�7iRir��,�r�i r�p�n tl�e
i'crtlnvs�in�:
a. �ippro��al e��`tltiis �urchas� A�reern�.nt by Bu�,�cr's ��+o�-crrrjir�� l�od}+;
b. ��'�i#t�n fiildin�.� ka�r tl�e Pl�nnirag �'s�mtr�s`ssi�n c�f #ix� t'it�' nf ''Vir�nti�ellc� that #h+�
�c�qr��sition ofthe Pro�ert� cca��fc�rn�s tc� tla� C'ity �'nrnp�chcrisi��c F'1��z;
c. �3uy'er c€�nductin� �.�n�irc�r���:nt�l invc�ti�;atios�s ��� t13e Prn�rert� an�i recei�+in�,
r�up�rts ih�t ar� satisfact�ary tc� �uyer,
�i, Bu�er I�aerin�, apprt��•ed anc� c��.�:u��d a�'ureh���. and D���e��pmen� �:c��i�ract �vith
U'.M.�'., Inc_; �nd
�
nt:�,��c��a�tv i�ro_ i�i
c. Buyer'� deterrr�i��ti�n �af rr�a�c�:tak�le title purs�aiii #� �ar��r�ph ��f th��
A�reem�.}nt.
I�u}�er sha�1 ha��e utYtil Fcbruary 15. ?(��(] to rerno��� or u+ai+��� the fc�re�;��in� c�r�#in�en�ies �t}��c
.`Duc [��li�cna:e Penc�d"}. 'I�h��e conting�n�ies are sc�lel;�� fc��e the t��ncft o� �3u��er ar�d �i��� i�e
v��ai�+ed hy Bu��er, ]f �uy�r �ar i�� �tt�,rn�y �,i��es writt�n n�ti�� t� S�ller that ali cai�tir�genei�s arc
ciuly� satisii�;�J �r �a��i�•ed, I�uy�er a�id �eller s�a�l prc��e��i tcr close tl�� trar�s��tiosa �s c:�nt+�mpla�ecf
i��erei�.
If one �r mar� �rf tii�. c.�ntin,�enc�es is t�n# satisficd, �r is n�t �ati�fiecl �vitk�ief t�Yc D�a� Dilig�ce
�e:rit��, and i� n;c�t w��ived by B��rcr, this A�eernent shall th�re�p�an bc ��c�id �i the: w�ntten r�pti�r�
of Buy�er, ti�� �ellcr shall refi�nd th� Fat-nest fvioney t� �h� Buyer, �� �uyer ��d �ell�° sha11
e���ute �nd del��•�r tr� eae1� ather d�e�mcnta�i�r� eff�e�cting th� te�ninat��r� �f tt�is ���,�reerrrer�t_
�uver sl�alf also dc�i�rcr to S�Iler c���i�� c�f �11 d�cu���nt�tic�s� �,�lhcre�i �iurir�� th� 1]�e Dil��enc�
P�r�c��. in�ludin� k��ith�aut li��ixatic�r� a�11 �u��cy, enr��irunrnent�l ar svi� ��e�#s. �►s a ce�ntin�e:rit
�'urc:i�ase ��r�rx�er�t, tl�� i�errr�in�tic�r� c�f this r�greeinent i� iroc�t rcc�uir� pursuant t�� tvlinnesota
S�at:utes Scc:lic�n �59,�1, �t. ���y-
b. T1T[,E EK�4N111�.�T1+�I111�C L`RI]"w� �T'�7"F.� L]EF�'E�T�, B�,�er �i�al�, �t Sel��r'�
cxp�nse: �nil vwilhin a rea����ab�e �itfi�c a�1�r ���ler'� ��:c�.��a�ce c�f kl�i� �,,�r��cnt, cabtain a
c�arnr�lit�nee�t f�r titl� insura�ce �..C'�����mit�ner�t") fc?r �aje Proper�v �'rorn Ti�le_ E�u��er �I�al1 h�,��e
15 business day� af��r t�,� later c�i r�cei�3t c�f #�tic �'ornmitme�t anc� exe�,utinr� it� ti.c]] �f t��
Pu�-chawse Agre�r���ttit t[� cx�t7'�in� th� Cc�rnmitmen# ar1Ci t(� Ci�]1k��� k���ittCil t�15jeGtitkr�s to �'i�le, if
aiYy�, t� Se1�er, c�r Buy��r's nght tc� cie� ��n �hall k�e deerned ������cd. 5����r :�h�l] h��F� �nti1 tl�e end
�1' th� I�u� �ili��nce f'eric�d (�r sueiti �a#er �i�t+� as ih� p�rties �na�' a�r�e u��r�) to n�akc titl�
�n�rketakale, at ��Iler's �ct�st. ]n tl�c ����i th�t t�tle �c� the �rnperty ��i�r,ot }�c ma�ie Fn�rketat,le ��r
is n�at inarie ��arke��ti?le �}+ ��11�r ���ithz�� lh�: Due I']ili�en�e P�r��d, �hcF1 thi� ��ri;crner�t �i1�y he
termisiat� at th� r�p[ia�7 c�T �u���r �nd the �ei[er �h�'1 refu�d thc Earn�s� ?��ic��ae�� t�� the ��ay��r.
7. �1"��'Tk��1�11'IE'VTAL 11'r��E�'i'I�A7`"��1�1�. �u��er ack���u��]c�ri�c� thal it ]�a� �e�en
�ut1���i�.�d bv� S�:II�r t�� enlc.=r th� 1'r����er[ya a�t�i c;�i�c�uet c��virctinmentaf �i���e�ti�,�tic�ns c�fi tl�e
Froperty�,
8. ItE.�I.� �S7"A1"�'� T�►?�ES f'�:�D �PECTAL A�SE'SS'��1�I!'+wT�. �eli�r shall pa}r ��1] r��l
�sta#� taxe�, ir�ter��# artid p�'najli�s, i!' �n��, r�eEatin� �o tl�e �'rc���rt} tor ih�: y�e:ar� pri��r tn th�e ye�r
a#� cic�s:ing, Pr�a�vici�d that thi:� tran5actir.�t7 shal] �9�sc �� pr�rti i�ed her�ir�, �3uy�r a�,rc�cs to �ay
t�xe� fnr t11� _y�ar follnvs-in� t�1e y�e�ir ��` closi��; artd all €�xe� f�nr 4�ear� th€��`���t�r, Prc�p�rty� �axes
t�ri' t}iC !,�C�r {�t CIC�Siri� S�l�l� b� prc�r�te€� �etvvee�n �e11er anci ��z}�cr �s of t9�� C]c�sin� 17ate_ S�ller
shall pa�� �11 sp�:cial �ssessment� re�ardar�� tl�e Prc�p�rcy u��ii+ch ar+� lek•ied nf p�r�dit�� as �f` the
Clc�sin�; �at�:, is�clr�dir�� poa�ics��s w�hir�h a���uld ottr�e�vis� 13ave ��r� p�yabl� �n future
ir�stallmen#�.
9. CLOSIN[� I]}�,TF:. '�t�c d�tc nf c:l�sin� �hall he c�n tl�e �arli�r ��f ��) s��klc.� (7} �iavs
f�llc�u�°sil� t�1C '.�'�it�5�c7�ii[J13 C1i' k�=�14'CP C}t ��� ���tin��neic�; c�r {t�) A�rril �� 2f�?� (•`�'Ios�n�; �3�it";1.
)��l i��er}r �nf a11 �aper� �i�d �h� �losin� shall be r���ci� at �]Ze affic�� of 8uy�r, 5(}5 VV�Isrut �tre�t,
S�uit� 1, I�ontic�ll�, I��iN 55362 ckr at :�uch �tk�cr l�c:a#ivn a� is m�tu�ll�� ��ree� up�t� �y t}z�
p�ies, r�ll �c�li��eaies and n��tice� t� B��ex sh�ll b� s��a�e �s �r�vi�ied in �ectitrt� ] 7�t' this
�
�u73 ?rtve�a h � a�ti- � � �
A��:e.�mcnt.
1f�. P[���5�:��I[)�;lU7`1LIT1E�.
�. Pass�cssE�r�. ��11e�' �gree� tn deliver po�ssion of th�e Pro�rty to l3uv�r an the�
C°�vsir�� I]at�_ S�llc;r sh�ll r�i�o�+� all p�er�c�nal �ai3p�,�riy�, j�nk, t�arre9�, �n�l del�n:�
�ar;ur t� #�i� �I�sin� Dat�_ Any p�rs�nal pr��cr��r r�rnainir�� �sn kh�: Prup�rly after
the �'1e}sin� D�tc shall �e�oine the �r�}�rty� c�f` tl�c Buyer,
�. Littlities. No �ater than t+�� ci�ys priar tu th� �lo��ng I.]�te, Se�lc�r �h��i pa}� al]
actua9 u#ilat�� char�;e�, �alr�n� v�ith cstiin€�ted �til�ty� ch;�r�;es thru���i th� Clc�s�ixg
I]at�, Buyer shall �-efuzr� a�1�� ��v�er���ment af esti�at�d utility �.har�es to Scller
u�on recei�at �ri_ uti�i�y k��iis ewidencin� ��tu�l utility usa�e Chr�u�lY the Cac��i�,�
C�a��.
1�. :���.1���'S 1��vAFkRr11�T1E�. �e�9�r herehy re}����cnts and v���rrar�ts� t�, �3uver �d Scl��r
will �prc�cf�k �,r�d �vairarrt #c� Buy�.r as �f'th+� C"].�:�ir��; �atc th�t:
ii. ��v►��r �nd watcr. ��ll�r kv�r����ts t�y�t tc� the kr�st c�i' �ell�'s kno��rt�ci��, t�1�
Prc�pc:rty is cat�r���t�ed tn C:ity s��er ar�d �tiratcr.
b. ;���chan�cs' f�icns. Sel1�r r��arra�ts tlYa1, �r�or tc� th� �:lc�sita,�, ��ll�.�r shal� pa� in
full all �rrtc�un�s clu� fc�r l�t�nr, mat�rials, tna�,�inery�, fix�ure� �r ton�s fumish�d
��itt�i�z t�� 12� ��ay�s irrti�nedi�tely �Srec:�ciiri�, l�ie �l�sin� in �rs�nectic�n with
c:���str`iucti�n, �lterattc�n c�r r�}��it' �f �1�Y �tru�cture u}�o1� c�r imprc���'�mcnt t[� t%e
Prc���rty causcci �y or r��utit�n�, fr�m any ac,tic�� �f S�ller.
c_ '�lc�tieest �����t' vv�;�rr���s #h�xt :�e�l�:r h�� rza�l r�.�iv�d �.iiy' ��c�t��e frck�n ���
�;����mr��enta! a�thr��itiy �s to '�'i��a#i�n nf �n�r l��v, �+rciin�t'ic:�: or r��u��fiii�n ir�
c:��r��nccti+�r� �']t�l t�l� Prc��erilr, �x�ep# i#� at�}{ vic�9�xicsn� ar�e n�1�3 in thc; C:�rt�fi�at�
c�f Prc�pc.rt�� 1vi�irt#cs�ai���_
�3� Ten�n#�, �ell�r �aFarr�onts th�[ th�r� �rc p�� ��nants c��i ihe �'rckp�:r�y.
c, �:�ndcrnnation. S�11cr v���rrants that there is ��+ ���dit7�, or, t� t�e a�tual
kno�vle�ge nf ;�ell�r, tlirc�alcrl�� u�i14��t]Cl�tlC��l l�r Sitriil�r pr��c.�c:[i�[i�, �l���C[1M� t�7�
1�'rc�pert� tar �i�)+ p��rti�airo tl�erec�f, �r��3 ��llc�r has r��r �ctual kt�ov�=�ed�e t�-�at an}' sui:h
acti�n i� cnnt�tnplatu3..
f, I����L Pruc�edin�s. Ther� ar�e ��cr Ic�al �etion�, suit� c�r nthcl- le��l c�r
�di�e7iilistrativ� prc�cec:din�,s, ����cl�r�� c�c thrc�iene�3, tha[ itf��c� �hc Pr��erty or �xr�}r
�ac�riican ik�erol�f, aexd �e��er ]i�� n� kn�►���lcd�,� tlt�# ���� �uch actic,n i� �rescr�tl�+
c:�c�nt��n}�lal�:d,
�. Leg�l ['apacs���. �Ct1�C� h&S t��C �C�dl �pa�:ity tc� �rtl�•r �[�lCa 1i11S ���'�CI]1C�1�- `�eal�r
h�s noi �lv�, ���71ui1t�r�ly� ��r in����lu�tari$y, fcar �iar�l�ru�atcy r�lief+��i#hin t�c, la�t y�;�"
4
�[�?3��w�Mr� I 4n-arti
ur�d��r �hc Ur�itcd St��e� B�n�cru�t�c�� C'���, i,�,r h�� at�� p�titic�al far b�r�krx��a�c:y c�r
rec�io��r-s�i� hee�� fiie�i t'���it�st S�llcr r��ithin tl�e ���t vear,
h. 1��1eth�rrtiph�ta��a�e Pro�u�cti�atr. Ta ihe best c�f �eller�'s knou������,
rnetharr�ph�k�min� prc�duc�i�n �aa� nc�t c.>c�urre� or� the P`rop�er�}r,
Broker Gornmissions. Seller k��arrant� a�1d repr���ii�s t� Buy�er tia�t il Y��s
r��tai���i °�4'ayn�e �:ta��� of C:�rs�rnercial Re�lt}r Solutic�ns as its ���ent ��r �rc�ker in
��r�ectic�n ��=it�i this trans�clic�n; an�i th�t it u�i€I ir�de��ir�ify, defend and hc�ld
h�rn�less �u}rer ��airtst any elsin� �r�a€�e �r}� an a�ent or �r�,ker #or a c�infinissi�n c�r
f� ba��rd un �cli�r'� act:� car a�reen��i�ts.
�eller' r��rescr�tatic��ts �nd ���aer�nties s�t fnrth i�� tl�is para�ra�h �1�all bc e�+ntinuir��; ar�d are
c�e;�ix��c� tcf be m�t�nal tn �uye�-'� ��e��tic�� of t�tiis �,�r'��m�:�il �nd $Layer's �erfc�nna�rt�e �f �ts
c�hli��tic�rr.� 13ereunder. �►i] su�h rcpr��cn�a�i�ns arod w�rrantie� �;hal1 be tru� ar�c� c�rre�t �n or �s
�f tl�c Clos�in� D�t� +��iEh th�. �����e force �►��c� effect a� if m��e at that �im�; �nil �11 c�f �uch
r��Sr�:�e�ltatican*; �nd o����'�n,#ies sh�ll sur�iv� �losin� �nd �ny� �:�r��c.11�ti�n c�r ter�nin�tior� �t this
A�re��nen�, a�id �}Y�11 nat l�� a�f'e�:t�c� h�� anv in�{e�ti�,ata��, ����ific�xtion or �ppr���aJ by° any p�rt
h�..-r�:t�a c�r t�y an}�c�ne c�n h�eh�.�F o� r�r}y ��rt}r i��re#o, �+�11�.~r ��re��:s t�a sl�fer�rl, inde�r�nify, �,nd hcrl�
�3�a�Per harn�less f�r, fi�rn and a�;�ins� �n� loss, c:ca�ts, da�na�es, e�peJ�ses, �bli�ati�ans arrd
t�ttiarnc�,�s' �E:�� ir��:urret� �hcrul� an as��rk%[�11. rlairzi, cieii�ar�d c�r �a�se of`ac[i��n he ira�;tituted, mad.e
c��- taken, ���hich is cc�v3te�ry t� or is�u�r�sis#c��it t�rith th� re}�r�esenfati€�n� ��r �4+a:rT-ar�tl�e5 cottt�incd
h�rcrn.
�2. C�1��3S1NG C:��T�l1�EC�RDt:V� FEE���I��I.I `l'��. �el��� s��alt �a}': #a) P�ror�i�d
pr�perty� tax�.s thr�u��i the C1�}�in� L�ate: �C�� �ny �,�:cial �:��c��mcrtits 3c���cc� ���in�t th� Prc��xrty
aiid due and p�yabl�: in th� y��ar �f �.Ic�sin�;; ��.j �i�� �.C�St O� �I) 1171tic�� t1t1� COfi"11t11[ztt�nt; ��) the
�:tsst c�f an}� d��.ui�ents require� �c� cl��r tit�e ar to c►,+i��nc� rnar�cctabl�. di�le, inuluc�in�; ft,es a�}d.
ci�ar�es #o rece�rd suctY d�c��mcr�ts; ��) �ny o�eratin�,e.��st� nt th� Properk�° up to the �'losin� I}�t�;
(f� ihe �rok�r��,e c.ommissic�r� c�f ��eller'� rea� e�t�te �irr�l��r; ar�d {g} �ne-}t�lf o#� [�te c�osin�. fe��
��st��rnanl�� ch�r�ec1 hy� th� #ifle �snp�n}+. $uy+�~t` sh�ll pa}r: {d� �ny° er���irc�ii�rrenta�' irsv�sti�tion
ccs�#s; �h) C(��t� C�� t�Ll� 1t1SUr�1]CE �Tld �,�r'rd�r��nzent�; {c) any tr�nsfer [�r [���i� tAXCS hci� 3�S c� rt��ult
c�f' t�is teansa�:tion; �d) �rrc�rat�d �rro�iert}•' t�xes �fte�` #}�e C"��sir�,� [}�t�:; ��ic� (e} c�n�-h�lf �f the
cl�sin� fees �ust�,��ari��y ����r�ed b}� thc #itl� c�i�p��y, E��li �art�� shall �,��� it� res�c�tk�r�
att�rncys' ic��.
1x3, I�'�FFC'T1ONS. Fr�rrti th� ci�ic� �f this A�n.e�n�nt tc� t�ie �'�CYS9ll�; ��I�C, R�ycr, its
�rnpJc�y�r;cs �n�i a���il�, s}��11 he entitlied tc� enker u�t�ti th� Prc���rky� #o �i�r��u�.t ��ch sur��ey�ir��;,
ins�s�ction�, �n���sti�ati�ns, �c�il k�t��n�� ���ci tes#ir��, �r�� �]riIlim�, r'nt�nia�ri�i�, �;arr���iar�g ���d
#�sttn� crf �rour�d�v�tr� Fn�r�itorin�. ���.I1�. �s B���r sh�ll C��C;t_ L�L1V�T 5�7�1I $1�1 �7� �?1'C1tiCA� tC7 �
gen�ra] u��9kt�irtu�h ir��.Frec�ti��n ��ithin fia�e da}'� c��th� �'�osirYg �at�,
14� RISI� C3F �.OSS. �1' lhcr� i� ��Yy` lc��� ur �iarri���, lc� ihe 1'r�per�y bet��e�en t�ie d�t� he��.�f
at�d dhe C:l�rsii�� C��te, tor an}� r+�asr�t� incl�di�ig fir�, van�i�lisrn, tic�c]�l, ea�thqua�C� c�r a�t �f �Gc�d,
lhe nsk �#`l�ss �itiall b� on 'Scll�er. If- th� Pr�p�rt}� is �i�:;trn��� nr suh:stanti�ll�� cia�n�,��� b�for�
the C`1c��in� �at�, this A��eme��� sh�ll hec�me i�ull at�d ��o�d, �t �u}�cr's c�piic�n, �t the r�qu��t
�
h1773`� i}c�.� hi > I'�[I- I ii I
c�f 13uy�r, 4e�ler �xgree� tc� �i�-� a c:ancellat���n c�f �'urch��e �'��-�m�riz and tc� r��und thc: E��rn�s[
[��l�nev io Buyer,
1.5, f]�EFA�L![.T�'Fi�k�l4'I���li��. If T3uy�r d�efault� u�lder this ��re���sent, ��Iler h�� lhe n�h� �t�
��rmint�ic ihis �1�;r�;�:mcnt by ,�ir�ir�� �vrittcn nc�ticc e�F �u�ch electic�n ir� �u�+er, w17o�0� r�c�tice shall
��ecify thc �ic:f�ult_ lf Buy�:r �:�ils tc� curc: su�.h de�ault +�ithin 1����s �f the d��e �f such r�oti�ce,
S�ll�.r s��y ter���i�at� thi� A�r�en�ent, tiinc ��in� �£ the c.�sence af thi� A�r�:rnc:�nt. 'l�li�.
i��rmin�tic�r� ��� t�ii� Agre���tcnl and relei�ti�an af� t}�� �a�m�st 1�ian�y by ��11�r �+ill be tl�e ��►1�
remed}� ��'ailahle tn S��ler iar s�.«;h def�ult t�y f3uy�r, �rt�l Bu��� r��ill r��t �e f`t�rl�i�:r li�blc 1'r�r
dasnages. if �e�1er defau�ts uz�der this A�r�n�ent, �3�yer �hall ha��� the ri�,ht {i} tc] tern�ia��t� ti�is
A,gr�e�nent and r�c�i���+e a refund ��f ��I �arn�st °v1«n�;y fi-om the �eller, +�r (ii} �o crii'or�e �nd
t�e�vc-� tro� Sc�lcr ���e�iic perf�rrnance of tl�o� �4�r�rr��nt, "T'h� t�ninat��fl crf t�is Agr�e9��ent
�n� ref4,n�1 �f E�mest �1���;�� �-�r thc �;nf�rc�tirraen� �nd r�ec���ery fro�� �e11�r ot s��ci�ic
�erfixr�nanc� c�f`this .�►�re��t��ni, sha11 he th� scrle remec�iccs a���ilabie to �u�er fa� sueh d�faul# b�
Sell��, �t�d �c11�r �tYalt �c�� h� fuitl�er liable f�nr ci�m��e�..
lb. R�I.O��.�1i'I+�I�1 �E�,'EFIi�; I�D�A`iNIFIC:�TI��It �el��r ackn����ler��cs that in thc
e�re��t tl��� Se1�eG� is eli�ahle f�� relc��atic��� a�.�istance anci ia�n�fi�, the Pur�hase I'rice in�;l�,des
cnrripensa�i�n fi�r �ny ��,d �11 r�1oe��ior� a�ss��tat�ce �rad ber��efi#s far �v�ic1� �Seller rnay be eli�it�leT
isicC�di�lg t�enefit�; f�r I€�ss c�f ��rin� cck�ic�rn, Tl�e pr�vi�i�ns uf- l�is p�r�graph �h�all s�r�'i+��c
C1C�SIii�; C�f i17C iF��18�C#14ii C�Rt�Tn�1�1�i� �� t�i5 .4�;r����nt-
�'�ar �u�'icr��� t�f t1��� A�reeme3it, „r�lck�attc�r� assi�t�rc�. �nd h��ie�fit�'' sh�l� hat�� t}t� rri�:�nin�s
����ibe� Cc� t1�ci� by #lh� Lft�if�rm Re1crc�ti«r� �4��isi����.e and Real f�rc�perty .Ae��i�it�r�n f'nlici�s
,�►�t, �� U.�.C. S�.ctic�st� 4�at�1-4655 �thc i��xl�ral l�-F�} an�d t��c r��ul�ti�iis irnp�����entin� ihe
fed�ral LJRr'�, 4'�J C`_F.R, S�ecti�ns 24.��24.6L��.
l7, l�'[]TI�'F. fi��1�` 11C?t1C�� d�ma��d, reyu�est crr ckkh�er �:c�mix�urai�;�lic�n o��hich m��� ��r shall b��
�i��cr� �r �cr�+c�i by tl�c partics, ���11 bc c�c�ct��d t� 9�z��c been given c�r s���+ec� nn the c�ate fhe ��me
is �er�c�nali� s�r���� up�+�� �,ne ��" ���e fu�fov��in�, i�di��tcd recipie��l� f�r ttioticcs c�r i� d��sit+� i��
the �.Jrlited �tates 1�rlail, registerec� ��r �.eriifie�, r�tum r�c�i�sl r��uested, pc�si��� pr�p:�id �r�d
addr��ssu� �s �`c�]lc���.�s:
��LL�,Ft: 1�rlont�c�.11c� In�iustr���� £'{iric, In�:.
�fl�fi5 ['I�el�� I�nad 1J�Ve�#
IvS�niiccllu. MI� 5��if��
6
(�41,�� 7U�4M h' � �17- U 6 ]
BU7`�l�o Citv c�f'1��itaniice�l�, E;�:�n�rni� �7e����l�prn�nt Aut}�ority
At#n: Executi�=� Dircci�r
SC}� ��V'alnut Str�et, Suite l
�rl��rticell�. [�i'.'� 553�?
�'v'ifil� � c:o�ay t��:
'��artl�a Cn�rait�, ��q.
K�r�rte�y �. C�r����:n, C']i�riereri
470 LJ,S, �sn�c P1�za
�.�]{] ��uth �ixt�r Street
t���in�3c��aolis, hllN 55�(�?
18. EI�'�'f�� AGIiEr�:��1F�tiT� Th�s r��r�crncnt, in�l�din� �xhibits �tta�lheci h�ret�, anr� any
am�ndt��cr�ts l�c.retc� si�rted by tltic parti�s, shall c;c�n�;titu�� �11e entir� �gr�e��r��t b�#���eer� �e�l�r
�nd $�i��c:r an[� :�u�ar:rs�si+�s �nv c�tll�r kt�rit�e2� �I' �.�T�I ����t�617CP7tS L�Ct���C�T] t}1C p�i�tiCS r�181i[1� lc� l�i�
Prn�e�ty�_ '�'�i� �4�T��inent ��n be n�o�ifi�d ui�l}•' in �t v�'rilin� �r�aperly si�ned c�n h�C���f caf �eller
and ��p��r.
]�. �C?R�''[1�'AL,. I��Extti��ithstandin� an}� c�tl�er �r�,�risi+�n� c�f ]a��� nr �nu�t �i��.isinr� #c� t}te
i;�,ntrary�, �h� �r��•isio�as c]f thi� r��;���ntet�t �ha11 �u��i��e ��os�in�,
,�[}. [�I�D1�►1G EFFEC'T. �f`his .A�n-eemen# hind� a��� �����ts the p�rtie� �iY� �h�ir su���:wsr�r�
an€i a��i�;ns_
(t�se r+�ni��i3der r�f this �5��� i�lter�tio€�a�ly left �il�nk�
"�
��17 }��,.,.� A�t� I 9�'1. I� r
fN 1�V[Tl\E�� �VHF�FC]F, the u�1riersi�n�d h�ave exec�te,d t�i� A�,Reer�r�.�nt «n th�: datc:
�rid y°c:�r �rst ►vrittc:n �b�uc.
�u}rcr:
�'ity n�f Mc�ilti�elln Fc�nc�mic []eveln�rm��t
A�utharity
B•
�Pr��: ent ���
:
utir�� L�ircc;tar
$fk7�i7@a�¢!41�S1p+�') �isl
�ell�r:
hflontiicello lfl�u�tri�1 F'�rk, ]nc,
� � a� �
. _�.
��:kll��� �i
�.e�a� L�e��ripti�rY c�f F'r�per��
L�[ �. Bl�ck 1. hflr�nl�c�llc� +�'€kinm�Fcs� {Center S�i?�th ,F�cic�iti€�t�, ��'r�ght �:c�wnt�, 1�9tnnesc�t��
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�t�:��LAf� �1EETIN� - FCU�(}11�1�[' I�E�•'EL(�Pl�'lEl�'[" .�C�THQ��'T3�' (�I]�l)
��'�dr�esd�t�, 11�c�r�entb�r 13t�� �(I1� — �i.�lF p.re�,
h'�iss�s��p�� �uar�,'.Ifi�vnti�e�la C'oe�rttuni#}° �enter
C'c���rnissioners Presc��: ��:cr��c� J�r�utson, Bill Tapper, `I`rac.y� 1-lina. �C}��ie K�rc���hal:-�'�hite
and .�inl []���i�i�vn
�,c�m��lissi[����rs .���errot; ,Tae� [`�ur���w �r�d L,i�.�}�d Hil�ri
Sl�ff Pr�s�nt: Jirr� T�ares� a�3d �n�ela �c��umar�r�
l. �a11 #a (]r�cr
�tek•� Jc�hn��r� calleci #he Regx�lar'�+Ieetin� c�f t��� �I���, t� car�d�:r at b�.m.
�_ Ro�l Call
?�. Ct�ttsider'�ljon �f �€�[�itional ��cnds� it�cros
N��it�.. ., �.._�
�o C'�ins�ent A�cnd�
B1LL TAi}�'ER ;Uf�i���I] T+�} .�f'T�fip�'F ��iE ���S�NT A��EAII�A. JiI+vi D��IL)��l?�1
��_-t`(]'.`wll]F:f]'I'fiF. h��()7'IC�N, M[_�T1�� �'AF�RI�I], 5-0,
a. t_vnsi,d�ra�i�n �f a�r�rc�►�i.n� R�eu�l�r 1�=i��R;�� n�i���,��� —o�����f �t 201�
r�ecn�r����c�}c{atic���; :�pp����� R��ul�r 1��i�ctin� 1��fi�trat�4 €�ct�i}��r�, �.�1�.
ki. ��ns�d�ration �f a �•o��in � ec�a11��1�etin A1i��utes �-+[�ct+�l��r �� 2f119
1���;c�rnnl�.��datic��7: ,4��r����e S�e:cia1 'a�Iectin�; ��linu��� — �Jct�hcr' :�0, ��I�.
e. £'ut�std�r�tiun of .���ru.�in� v����n�nt c�i bills
C��c:��r��7ti������tic�n; .�,pprc���� p���ers�ai� caf'�riil� thr{���� ��tc�ber, ?()19_
�e��rla�r .4gencla
C`�t�s�c��rati�rn vf �2cs+�lutioo #�2{1l�-[19 ��tfaorizin �nterin i�tc► Purc��.�s�
.��r•ermcnt ��-ith C��+ur�� aa�d 14�aur�e�a Lars�►n f�r aca+�isi#ic�n nf rresid�r�ti:�l Ic�t
]v�at�d at ��{� East 4"M' Slreet �F1D #��501900�Si�1�0� in �h� u�nount c�f �92,��#��l
li�l T�ar�cs i�tr�duccd t�c i��:m. H�: �+cpl�tinec� ihal �h� �aar��:l a��aEl�ble i� ]c��ate�1 i�� �
rc�ide:T�ti�l rr�xi�hb�nc����d, lt 3� �a}�}�rt�,xirnacelv �?,(}fD(1 syuar� ft;�#, lilc par��pert}� is I�c:�t+�d
at 3{�{} �a�t �r�, �treet a��c3 a�ja�ent tc� t}�� Falrr3 �tr��t ri�h� c�f�+v�y, T�ar�� i�dt�al�ri ir,.
e�rt� �[l] f�, t}�e FDA �t�r'�has� thc �r��p�r#y� ic� dh� u�tst caf lhe l�alm 5�treet n�h� nf�.va}a.
If t��e GII�'t de�ided tU ertt�E intc� a purch�se ��reearrerlt fc�r �{�4.1 F:��k �`" �tr�et, t�e�'e
v���ulc� b�e ��;o�r,t�ineci aereat�e �,f 1_ia a�cres_ T31e �r�a �w�auld b�; rY7�rkctutl f�r
�"���V#,'I[?�}171�.TlE 1���71�T�llTllti4'S. I� �4r�� t��1�d tht°�t ihc prc�pert�� �s currer�tiv vac:�nl.
T1�.�+�C'� HII�lZ M��ED T�} .4F'I'I�[]VE � F�[���.UT�CIti #�(}19-{}9 �4U'T'���I�ING
�`�i�. l'[1Ft('H14.4F: �� r� RE�II]�1�STIAf. AR�PFRTY L�CATEI]� ,AT 304 �AE�1�
�"C1�Fh.T. [�LLIE 1�C11�OP'CHA����'1-�1TE SEC�I�i�EI�TI�E tvi€�T�[�'�_ 1v1i�Ti(��
Ec€�nea�aic I����c[c�pmcnt �uth�nrit�� ��iinut��; Na�;�emU�r 13, ?�l l9 ]���e � � 4
(:'ARRIFI�, �-1 WITii �I[,l� Tr�P�FR V[�T1I`��+� [1�1 C�PP+C1�fT[t�1�! �L1E �'� THE
PRI�'� ��"Ti�E F'1�[�F'EL�T�r',
�i. �o�si�iera�i�,n c�f l�e�al�iion #�(�]9�-f� �a�ihor"u°.�n� �ni�r�r�� i�ta Pur��as�
�t'e�e_n�.ni uvith_�1'Iun4icE�lu Tmd��tria�' P��•1:, L�.(` %r ac��isitic�n vf i.3��acr� fi�ht
i��u�tr-��� ��rc�� �Inr�� �'h�ls�� �o�d [�;a�t iP1D #1551�3U[I lll�d�l. �n #hc �rx�oue�# of
�1.[��1.��0 - —
di�rY 7'���r�s ind���uccd thc itcm �nd n�tc5d that ��i� c:c�nsidcratic�n tc�r �;nt��r-in�; intc� a
purr,h�.t�c ���c��.�nent is fc�r th�e U�1�' ex�ansic�n prc�j�ct. The 1���1 is �;�.arrer�tl� c�v�vre�ecl by.
�lia�.�a� VVeirrar�ci (f���r�tic�ellc� andx�s�tr�a;l Par9c, [,LC}. T�t� pr�n�er�y is rn��eci lA£' a�d ys
alre�d� graded t��r fi�tur� �1e��el�pm�nt, The �stirna#ed �V'ri�t �'ounty ���luc ui'th�c
�rrck}�erty i:� $416,5{?�. Tha�s n�rt�d that fltie �ra�sert�+ h�s �r��n ��steci �crr s�•�er�� yc:ar� at
��.5t] �r�r sy�aar� fc�c�t_ TF�e �rn�rt�+[�vvner i� v��illi�ig tn s�ll the �rc��iert�+ fi�e �1 �(1;i1,(}iJfl,
�a=h,ict� �s a �9 �ercc�t dis�unt fr�tt} �he �ist �ric�,
`��ar�s pr��=ided hack�;rc?ui�d �n#'nrmakinn nn 111+v1�C'_ [.�M{' �� a�re�ci�ic�� n���hining
���ai�ufaeturer°, Th�� cx�ect tc� crc�,te �iCl rze�+ �ul l tiinc� jo�is that �ay b�twe�:n ��� to $�9
pc:n c��ur. T1�� builc�in� wc�u��l be. cc�n�[rucic� ur� th� n�►x Ickt. "l'hc ���r.�c.t�:c� c.xpan�it�r�
u���uld l�e ��.�D�J�I� S�U�iI"� ���� �1fY{� Ci]YZIl����Ci �{T ttl�tl' �JCIStI�i�, I3L1lIt�1Fk� t�li'#��.1�I7 ii �ll1t[;t1�717r��
��o stc�r��� �ir��.ck����, Th�r�s ttiotc�i t}��t a Platuaixl LJriit C���rcl�p�rr+�r�l {P�LIi�} wc��l� �ic
r�yuir�d �� lh�; ��a��l��pm�.ni �rc�pcasc,� �:c�anmc,r� sp�c;� l�el��ee�i th�: tuw•t� �r�r�.eIa a� vv�ll ��
�h�r�.c� �S�rkin�;-
Th�: LD� i� �sl€e:d ic� purch�s� the ]�n� and ����blisli ti �I`IF L7i�tnci tc� r��c�v�r tli�ir cu.�sts.
'I�����-e;� ��ded tl�e la�id a�quisiti�an ��c�ul� he fin�nc+�i thrnu�h nld T1P �7��trict #I-�i �,�xd
tl�e H[)A ��neral �`u��c1,
T'l��r�� al�ca nc}te� t��at th� sell�r ask� that tlic. eamest Rzc�nev t�� nc�n-refundahle �fter
Fehtuarv 15, ?f}�fl_ ~
�i�l T:��p�r �s,k�ci w�nc� p�y�� fi�r the 5�{�,OOi� �.�rnest m�r�s;y. `i"�:�r�s resp�n�3�,�1 th�t tlie
E[�A aiid �a l�'I(' w�[��Ic� �e���entually �nfei- �izt� a[]e:���I���nlent A�reein�nt th�t indicake:� tl��t
Ui�ri�' v�rn�l�i ��c r�s�x�its�bl� fnr t}�� e�r��e�# ri�oi�cy �f tt�c pr€�jcct fcl� t}�rx�u�h attc�• #�at
d�le, �ica�� J�hnson �sk�d if�the a�,�r�:emenl is in pla�cc y�:t. Th�r�s ���t�i] it v���s n�t and
�4��]�i �z4k� t�� �.���r,��i�t��i y�t du� t�� t�,�. r��u��e��,��,iw th�t �Si�-L�EE� h�.� �t�r c.�an�ideratinn
c�f the �rant and fc�r�;i���ite I���� fundin� tl�a# th� C'�ty �i��i 4.lM{�' �re �ee'�j n� ii1 tl�e tot��
arnoutlt �f ��475,f���,
J€�hnsr�n al�c� �skeci #`crr c3a�ificatinri �ail the �LJA's fiii��,�ir�� fc�r �11e pr�j�k. '�`��i-es
indieate�i t��at TIF L�is�rict ��-� ��vas an �1d T1F �7istrict and klae funds ��������si�.a�l�r
unrestri�.t�c� d`c,r cconor�ii� clt�ti�cl���atne�li pur�c?��:s.
B�[LL TAi�f LF� ;��C��'EI� iCl �►@PR[��E I�ES�C3L�i`1�1�DN #?U1��-10 AL'T�iL1f2lZi�][�
`f"Flf' P��T�C"H�SE DF � i,��-���`1�E LIGFfT rh]L�L.�S�'RL1lL Pr�l��"�L AL4N�
C�IEL�E,� L���4C} [''�I T`I�� e"�1v�t�1�1�]T IC�F �l,{7_�1,[}f?t} r�iVi] FIiRT�F'I�
E:�4.C71.{71CJ14 1}wx�c��1.�.,�it�trul .+'i.Ul�l[icll}' �.�Ypl�9::; - 'tiL,��t��r�t��.r � 3. �yU I�� �.i�r �? r 4
�#���HO�t���I�!!+� T"HE; I'F_,��'�:l��l#-:fti�F C�F THE E,'�R1���7' 1��1C��1�`f �3i�:1'��i 1� l�l TII�
14?��1��,'N�' f.l� �;AI�.�1[1�1 ��fiTi� RECiF�`!�F'�+' ��'.l AFi�i"RA�TDR,�. AI�E)1�.��„ ��1h', T1Ti.�
�-
FC�� T��'FI�NS���'�f ����. f]L1.1� I�c��[)P'Ci�,�"�I�.-G��HIi'E �E��3�L1��'C"��
I��4TiC31�J. iv��l'NC�?�1 C'f�1�Ft[�13. ��0.
7. Cons��derati�n a�f yuotes tne� TlF Sli�hted �nd �ubst�n�s�r� B�ildir��s .�nd Fr�r��erti�s
Ins cction �er�ices a�xd a���ardin �Canrtr�et ta I������t ualified � aate ro�°ider
Jim Tl�ares indic.atcd dh�l lhis ��rvic:� ��=a� a�-ec���ix�d step ir71�i� cr�:a�ion oi" � n�.}��
r�de�+�l�pmcn� TIF District_ .1.�4�c� �}��lific-d �qu�tes v�r+�r� r�eiw•��d. Staf�rec°c��ntn�nd�d
t�biing aetie,n �c� ��ok�� d�wn t�i� proc�a and t� lhat�•�e �'urth�r discus�iuns u�itt� B�ra�.k 52
}�r��ertY �ou��r�e�s.
Ji�rr I]a��id�ori a�sked al���at t�e expec;ae� tirn�lcne fc�r cc►mpletiri�, the �ns�cction ��rv�ie�.
Thares cstimat+;�id at��n�u� a �nc�ntl�_
'I`�A��'�' E I��1�? 1�1C?V�.1� T[ � T.�►BL� .�C'Fi�IC��I Cl'V TH� IT�M FC)R FL;R�`HEI�
RE��ARCH ANU.�(�R D��('E;��I[l�;_ F�II_f: Tr�PP�I� S�C`�f_}NL7ED `I�H�. f�'IC}`T'IC�'�_
rvi�Ti��J �`.�RI�IF�7, �-�Q.
�, L1Ji�1C E� ��saor� �tatu� iJ d��� �nd :�ch�c�uie of A�ti�n ltems
Jiin Th�rc:� prc,��id+�d at� u��f�ate r����rdiiro� �:1+�SC"'� �xp�nsic�n aar�1 a*che�1U�� i�� i#�f7�5 �S
inc�icated iii khe st��f�report.
St�:�'� Jcihn:;�,n a�ke€i if 11MC.' ���4�uld }�e ��+lc to f'ul�il] ii� c�krli�ati��n� and �ne�f tl�e
}�rc����se� scC���dul� �s tY�+� r�vi��v pruces� �.canti�ues �nc�k�ir�� �`c�r�var�, Tit�r�s inc�i�alc� y�s
w�i1e s�o�ir�� xi��� i� ���ill b� �,�rilic�l ��rr tl��m tcr �u1���1[ t}�eig 1i,�n�din� �ppli�{t�icrn� in �
tirn�:1y mann�;r ir� nrd�er tn �i��r c�r� tlte c�utlin�d s�h�°d�le.
�. Ai��e�tor's R�t�ort
,I�rr� 7���res �rc���idc,d lhe Dir�:ctc�r's R�pnrt_ Tl�ares ex�l�ir��d irt dct�.il thc F`�3�:��d�
l�n�rou�,��n� GT�nr f'rca�rar� �`c,rner�toi3e C'afe upc�iqta:, He nckter� t�at they are acti�=cly
id:entifyin� fundin� ��urc�s tc� c�mp]�tc th�ir p�c?rti�n nf the �rc���ct_ P�r fhe �r�a�t
a�;r�er��nt, Cc�rncrstone ha� 1�� �ia��S �[) CC7i7l�}j'��� t}l� �OTy�tTU�t10Y1 �v°c�rk or� th�ir huilc�in�
fr�m thc �pp�r�v�L Th� a�r�eir�ent �v�uld r��cd tc� b�. t�rmir��t�ci b�� tln� EI]A effe�cti��e
:����emher ? �"�' nr �xter�de� i�a#o ?'{�2�,
Th&�� �Is�k �'x�l�i�ed ifl �iet�i I the C'rrea#e�' 1�v15� A�tir��a�l 11��tin�. He nc�tet� that �e v��asra't
�ble te� �tter�c�, hut recei��ed a�un�rnar�. He v��ill b�: emailin�, tl�at �aut the c�nin�iss�oncrs.
L�stl��, the pr�i��a��:t li�t vw���; r�vie��.��d. f-Ee r��t�d tkt�t �n� n�.t�� pr�jc�t w�s rec:ently adde�
tf3 [}�C li5t -- PFi]je[;L I�Cata.
1 ii. �:tns�d ��ssio�a —�:on��c�er�li�n u�' rec��sin� t� c[a�s�d ��essi�� fa �i�►i�elav �ar co��sidcr
offers t��` cuunter-��fers #`ur th�e eer°cli�s� or �2�1� €�f resl �ar ersonai r� �r��
�ursu��nt io I�7inne�ota �tatute 13i}.US, �ubdC�•isiut� 3[c.)f?�).
Fcnsi�rn�ic IJe���lnprn�ni :�utEt4'�ri[y� �1ina���c� — �ti����rntaer ]s",'+Jl'4 R'a�r � I �
Fraraert�' �lddres�: 107 C�lar Str��#, P1D #I55[}i111�5�� �1
] 1. Adiour�
i31I.I.'1'AF'�'�;f� MC}''�ED T(� ADJ�l1�N �`H�: MEETf'*]G AT�i:48 P.iN. T`Ft�4('�` HI1V�
S�,C[�I�DEI� Tl°i� f�ICl�i`IQi�. MOTi+DN CARRI�D, SA�i.
Rec+arde�°; J��;c��a "I'hunander �
A��a�c����xi: Dee�mber I I, ?[�1�)
— � � .
llike�l: �``---_,�� �.,
Ec�on�mtc ���rel�p�ne�� 17�rector
C:Cc+d��nt9c De��elnprt��nl AuIE���rely Mtnllke� —'Nnvember 13, 2�19� Pa�e 4' 4
�:1`T'Y #1F i�l�(}1�TlC:ELLC} �C�IV{}��l��C: DF�•'�L(iP��1E�1T �iL;'[�I�C)�r��"�'
EtE��I.I:Ti�`�1 "�](�. �02�-[i4
�►L1THClRITI�1(r :�►f��►':���C'M: +�F Fl:l�ll� H R�?h�i 7".�� I'w+i[:RE11�iE�1T` Fl�1A'��:INC�
D1�T�1�"f N[�. 1-f� F��1� �L'Cl'�T'� 1N (:C?l�ltiEC.T'I{�:�1 ��'[Tl� T�,� I�C.FtFI��'��:1���-
1�11�:�11VC:Il�G Dl�`F1�ICT l'�(}. 1-�1
BC. 1T F�E'�{)L'��EL� B}° Ih� Bc3�rci �af� C��rn�r�is*ic�n�r� c�$' th�: t'it;�� c�f l�1�sd�#i��Io �c:�nc�t�i�.
Dc�scic��m�t�t ��thc-�rity (the "t'�u�hi�nty�") a� fc�llc�v���:
S�:#i�ri 1. Back�r��rn�l.
1.�}1. T�c; C"ityr cr�-f�'1€1nii�.�llt� �r����[�1����� e�t�,�lis}��d it� tax incren3�t�t #ii�arYcir�� c�istrict
itc�. I-f� �t17�: "TI F L�i��ricc ]-!i"� ���it}}ir� fil�e C'entiT�l h'lc��lticc�l� L]�:��el�ptn�:��# Pr��jcct �1��_ I�t]Z�
"D����I������ent T�rc��e�.t"} ��ur�u�a�t t�� N�iizne��ata �tat�tes, Sccti�.�ns �C��. ] 7� tc� �fi�J_ ] 7��� �[]Z,� ```f`I��
.�ct"), ;�e�tic���s ��i�?,C1{}] tt� ���.f)47, �t�d Sccti�tis �fit�.(}9(7 #�r �C��. I (�� ] , all a� ara��ncied. v��hic�r
`�1F �]i�trict ]-{� rw t��rren#I�' t°1L��T7�1115T�T'�.+�, �7}' TI1C t'il]��i�11'lt��.
1,U?, T�i� .��u.#t7�rit�� cxpc_�t� t�� i�t€:ur c�rtai�l �«st* r�iat�ci ta a ne��ff��-creat�d ta:�
i���rcrnct�t f'tii�n�:i���, slistri�:t ��h�. "TIF Di*irict l-4l"). �t��ricli �c,st� ��ray b� finat}c.ed ��n �
iiii��,c�r�try� h�sis frc�jt� ��°�ilahl�� �utll��nty I'uilci:;.
].{�;3. i�n�i�r S�c,tica�l ��5�,1?�, �u1�di��isiota 7�f tli� TIF ,��t. tli� .+'1utl�c�rit��� i� �uihc,a-i��ci
t�� :�ci���,�1ce c�r Ic�ail n1c�r�ey franj ;�3�y �iand fz°or�i v���Y1�CI1 Slll.�1 a���ait�:cs rri�y� h�: le�al]�a� ���aci� i�ti
c��-�ler �c� tinar�ce ex��nditur�s that are cli�ibl� to h�: }�aisl ����t}i tax in�.�•c��r��:*nts ��n�l�.r the ilfi ?�ct,
] e{��. T11� r�u�lu]rity� int�ncia tc� {�cquire c��taii� �r�pert}+ (x1Yc "I?c���,l��piricnt f'rc,�erty,'}
�r�ithin TIF l�s�tric:t I-� I at its fair mt�rket cc�st csf � i,�13 l,U�J�1, .7E1� 1[3tCTiC�S if) �}81� 3 F}[iTt]t][5 ��f' L�7�.
�.c��t €�f`a�:c�ui�in� tl�e I�e�+elc����ren# Yr•cp�rty u�iti� t3x i�icr�:�Yq�:rtit� ii-�}�r� TIF C�istnc:t 1-�i, u]y tc.� t}�e
tc�t�1 hal�n�� c��' tax in�r�.n�ej�ts {apprc��ei�7at�1�° �?[1?,�(1{�� a��ailahli tin �he a�cc���1t fc�r �l�lf;
L)i�trict 1-C, �ti�� "�3�la�olc�").
1.{}5, Thc �ut}��rit�� t��s c��.s��r��itec� tA�e �3��aa1�.e c�f��"uT�ci� tc�r tEr� L)e�°�elc�pir�er7t �'r�perty�
a�.c�uisiti�.�ri �� an i�it��rf�un�i l��an �ihe "lnic.rfund I_c��n"}.
��:i°ti�aiY �. Auth�>n-r.�tic�n ��f�L;�� ��fF�t�c��: Furthet' a��ti��v�s.
2_f�1 _ Tl�e ,��th�3rit}� hc:rek�r�' �u#��c��'i�es tlYe use c�f th�e B�latycc �`rom TIF D�:�tnct t-� ��;
c�ne ��f tl�� le�a�l�� �����ilable furldi�i� sour�es %r tlx� Iiit�rfur�d L.��ai�.
�.��. '��h� Authc�rity reser��cs #tje ri�.ht tc� ��r�na�r��ntl�r all��c:��� �I1 c�r ;�n}° �c��#ic�n ��`tlYe
f��la��c� tc� th�. acquisiti���l nf C��. i3cv�l���it�cn[ Prt�p�riw� �«c� Ec� fc�r��r�e �uc�i pc�i�ic�ii nf tl��
Interfi�nd i_c��n. �� �utl�c>n���i i�ti the �utltic�eity�'s res�l�ti�r� appro���r�� t}t�. [nt�:r#u�tc� Lcaan �n€i
�c.�4��rtec� {��� thc; c�at� lie�r�c��',
����t�r4��r���i�a-i�o
Secti�n �. �:ffe�ri��� I�ax�. r�i� resol�,�ic,r, i� ��7�c.����� u��c�R ap���c�.�al.
r�ci��pt�ci this 2�ith c�ay aif F�Yaru�ry. �Q��},
ATTF�.S�1�:
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J�uli� Che��y
Frorx�: J�r'n �har�5
Sent! ��es�la�r; �larel� 17, 2��C� �:�1 ?M
Tn= Jul�e �h�n��+
Subject: �E �l��'IC Cl�sing Request
Yes, p�e�s� r'n�ke [h�e ch�ck out to R�giS��ree� Ak�Str�ct[ar5, Ir� t�e N1ern+� line please nc�te th�t it i5, UM�C Exp, Land
Purehase
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Expenditure Dvcumentatior� Packet
3-20-20
UMC Expansion Project
7.39-atre Land Sale Transaction Documentation
Closin Scf�edufed for A rii 1 2020
Expense liem = Clasing transattian �ees
Amount: $2,Z{)6.75
Attached back-u documentation:
� Settlement Statement
✓ EDA Resolution # 2020-02
✓ Fully Exetuted Purchase Agreement
✓�DA MinuEes from February 26, 2020 Meeting
OMB �VO. 2502-0265
A. 8. TYPE OF L.OAN:
U.3. DEFAR7MENT OF HOLJ5�lJG E. URBAN flEVELOPMENT �'❑�A Z.OFmHA 3. �CONV. U�JINS. �3, �VA 5. [�CaNV. INS.
6. FILE NUlNBER: 7. LflAN NUMBER:
SE'TTLEMENi STATEMENT ��-03029
8. MORTGAGE INS CASE NUMBER:
�- �U�� 71�is form is iumished to giws y+�ru e stetement of actua! �eftlement aosts Amounts paid to and by the setNement agent a�e shown.
ltems markecf �i�pCJ" yve�e paicf out:�de the dosfng; they are shawn he� forinformationalpurposes and a� not mcluded in the totsls
1.a �e �a10-o�s�,�
D. NAMEAND ADDRESS OF BORRQWER� E. �VANIEAND ADDRESS OF SELL�R: F fVAMEANt] ApD�ESS 4�F LENDER:
UMC Real Estate, LLC City oi Monticeflo Economit De
50fl Chlesaa Road 540 Chelsea Road
Mantioeifo, M{V 55362 Montioelb, h4N 55362
G. PROPERTY LOCATEQN:
?C7()CX Chelsea Road
Monticello, MN 55362
Wright Counfy, Minnesata
Lot 2, Biodc 1, Mon4ieelEo
Gommen� Cerrter Sodh
Addition
J. SI�MNEARY
161. Contrad SaEes Price
102. Personal Properhy
703. Settlement Cha es to
104.
Forltems Paid 8 SeNerin advance
to
!o
111.
112.
i24. Gf7pS5 AMOUIVT DUE FROM Bt3RROWER
200. AMOUNTS PAID BY QR IN BEHALF QF BOF
2D�. Deposit or eamest money
2�2. F'ri� � al.Punount of N�w Loan s �
2fl3. �x�sting bare(s) taken subjed to
2{34, -- .,._.
209. -
Ad"ustments �orltems Un ard 8 SeIler
21t1. C� tfown Taxes to
211. Coun Taxes (3110112D to 0410;
212. Ass�essrnenis to
s n
293.
214. Mod a e
215.
216.
2i7.
21 B.
214.
220. TOTAL PAfD BY/FpR Bl'�RROWER
300. CASN AT SETR.EM�Nt FRQMITO BQRROW
301. GrassAmoun! Due From Borrower ine 120
302. [..�ssAmount Paid �dFar Borrawer (Line 22p)^
303. CASN ( X FRUM) ( Td) 80RROVl�R
H. S�EiV1EiVTAG�NT:
R�gisterEd,4bsfrade�s, InG
PLACE OF SET7LEMENT
2115 No+ih ThirdAvenue
Moka, MN 55303
300
41-155646D
401. Contrad
4fl2. Persanal
403.
4EiA.
.�
SELLER:
449.
41 D.
411. .
412.
3Q2,352.()0 420. Gf?(h5S,4M0UNT aUE TQ S�ELLER
0
500. REDUCT[ONS EH AMflUNT DUE 7C
5il1. ExCess �e osit See Instrudions
542. Settlement Cha es to Seller ine 14
503. Existin taan s taicen sub c# ta
504. Payoi# FEst Mongage
5D5. Pa oft Second Mart a e
5Q6.
5D7.
I. SFTTI_EMENT DA1�:
April 1, 2020
�Iler in aci�ance
lo
to
Ad�ustments Forlt�ms Un aid' 8 5efl�
510. C�tyy/Tawn Taxes tg
965.75 511. Coun 7axes 01/01l20 ta Q41Q
512. Assessmenks 10
533.
3(30,4a0.00 514. Mort a e
515.
515.
517.
518.
519.
3b0,965.75 520. TOTALREDUCTl01VAMflUNTDUESELLER
690. CASH AT SETTLEME4�T TflIFROM SE�LLER:
342,352.00 6D1. GrassAmount pue Ta Seller ine 424
300,965.75 6�2. Less R�ductions Due Seller{Line 520)
1,386.25 6p3. CASN ( Tp) ( X FROMJ SFLL�R
3ao,aoo.aa
1,2d1,d0
tr
302,206.75
3�2,2�6.7�
2 �C6. r F
CeRifed do be a t�e copy,
MiNUT�s
REGULAR MEETING - ECpNOMIC DEVELQPMENT AUTHORITY (EDA)
Wedaesrlay, February 26th, �020 — 7;00 a.m.
Academy Roam, Monticello Cortimunity Center
Commissioners Present: Steve Jflhnson, Bili Tapper, Jon Marphew, Traey Hinz, 011ie
Karopchak-W�tite, Lloyd Hrlgart, anc! Jirn Davidson
Staf#'Present: Jim Tnares and Angela Sch�mann
l. Cal� to Order
Steve lohnson called the ReguIar Meeting o#'the EpA tn order at 7;04 a.m.
2. Roll CaII
3. Considera#ian of additional a encia items
None.
4. Consent A e�c�a
N/A.
PUBLIC HEARING — LAND SALE Continuecl UNIC Ex ansion Fro'ect —
Pro osed sale of EDA ro e described as Lot 2 Block i Montice�lo Commerce
Center Sixth Additian Wr�i ht Coun MN 7.39-acres PiD #1S514300102[l ta
UMC Real Estate LLC for �he sale ur ose af uxsuin a 52 D00 s uare fa4t
expansiOn prpiect
Jrm Thares in#roduced the item and explained that the Public Hearin� for t�e land sale
was cc�ntinued irorn the EI7A meeting on February 12_ Steve Johnson opened the public
hearin� for t�e public f�rst.
Tirri Dolan, Decklan Group, e�pressed appreciation from UMC for the EDA's support Qf
their prc�ject. He noted tl�at IJMC c��-�icials were unable to be present at this meeting due
to schedul2ng canf�icts.
BILL TAPPER M(�VED TO CLOSE THE PUBLIC HEARING. JI]yI DA,VIDSON
SECQNDED THE MOT�ON. IVIQTION CARRIED. 7-Q.
6. PUBLIC HEARiNG — B
-.� v��� laa ��••�ll��n� rinancin 1��l�' Land Val�e Write llown ir� the amount of
�'131 000 for devela ment ra ertv to UMC Real Estate LLC for the sole nr ose
of e�rs�in � 52 D00 s uare fr�at ex ansion ro`ect.
Stev� Jc�hnson noted that the pubiic hearii�g was continued from the Feb�-uary I2, 2Q�p
EI3A meeting.
Economic Deve�opment Authority Mi�utes — February 26th, 2020
Page f � 5
1im Thares reminded the EI�A that per state statutes the public hearing is a requiremer�t
for the business su�sidy write down of $?3I,000. Johnson invited the public t€� speak.
OLLIE KORQPCHAK_WHITE M�VED TO CLOSE THE PUBLIC HEARING. BILL
TAPPER SECONDED THE MOT�ON. MOTION CA,RR[ED, 7_p.
7. Consideration of ResolutiQn #2U20-Q1 A rovin the Establish�ent of Tax
Iperement Finamein District No. 1-41 and �he TIF Fian for ti�e District
Jim Thares introduced t�e item and explained the land co�nponent �of the proposed
development requires the establishment of a new TIF District a�lowing the EDA to
purchase the 7.39 acres site adjacent to the UMC Facility for $1,03i,00� and eonvey it to
UMC far $300,000. Thares added that TIF District 1-41 is proposed as a 9-year �conomic
development district and will a�low the EDA to capture tax inerements suf�eient to
reirnbur�e at for its land write down amount of $73I,000 pl�as interest at the rate of 3.0
percent. The estimated taxab�e value of UMC's developrrzent is expectea tc� be ab�ut
$5,2�0,000 +f-.
Thares asked Tammy Omdal, North(and Securities, to add clariiication ana mare c�etails
regardin� the TIF Districi, Sl�e noted that the TIF District would be est�blished to
capture tax�s �enerated with the new development to repay the EDA for the conveyance
a#'th� land. Omda1 indicated it was expected and anticipated that the EDA would he paid
in full based on estimates, but i� was not guaranteed. She turther noted that incre��ent
would fluctuate �ased on value oi'property over the nine-year ternn. LocaI property tax
rates aiso wauld be a factar on the increment.
Orndal alsa noted that no TIF would be repaid ta the developer. It wc�uld instead l�e
repaid to t�e EDA with princip�e and interest. Johnson explained that the inter�st on the
$731,D00 would be estimated at $177,000 plus the $731,pQp. Omdal confumed.
Tim Dolan stated that as part csf the Purchase and Develapment �ontract, there is a
provision that UIVIC will agree to a minimu�n assessment level nf $5,200,0�0 and will not
be able to appeal that figure during the 9-year tern� af th� TIF District, Wiih that as part
ofthe Contract, the EDA wi�l be in very goad shape to capture the fu�� $731,0�0 plus the
interest in the 9-year period.
BILL TAPPER MOVED Tp ADppT ��pLUTION #2020-a1 ESTABLISHING TIF
DISTRICT #i-41 AND APPROVING THE TIF' PI,AN F`pR THE DISTRICT
(SUPPQRTiNG UMC°S 52,000 SQUARE FQpT EXPA:I�SION PROPOSAL}, TRACy
HINZ SECONDED THE MOTIt�N. 1VIOTIQN CARRIEI7, 7_0.
S. Consideration c►f Itesniutio� #2020-02 A rot��in the Purchase aad Develo ment
Contr-aci betweea UMC Real Estate LLC and Ci of Monticella Eeonornic
Develo ment Ae�tbori EDA the Land Saje b- the EDA ta UMC' described
therein ant� a Business Subsit� A reement contai�ted �vithin the Purchase and
Develo ment Contract.
Economic �evelc�pment AutE�ority Minutes —�'ebruary 2bth, 2f}20
Page � � 5
Jim Thares opened the item far d�sc�ssion. I-�e sumrnarized the cantract terms per the
E�A ag�nda report. 'Thares highlyghte� that new jabs required wa.ges per the business
subsi�dy agreement to be in th� range af $ I 5-17 an �our or mare. UMC thaugh has
pr�vi�ed additic�nal inform�tian showing that the average of alI jabs wnuld be $23.$ lper
hour.
Tim Dolan, 17eckIan Group, beiieved that the UMC �egal counsel �va�ted ta use the floor
le�el wage requirements which are out�ined in the State Statut� for business subsit�i�s.
Thares indicated that iR the TI� appticatic�n pac�Cet, u�hich is attached as an exhibit to the
staf�'report, there is an autdat�d ban�: comm�tment. He noted thai the State required that
UMC upc�ate the letter. Do1an noted that he ��ould ser�d it to .ii�n Thares far r�vie���. The
�ank increased t�eir commitment (e��ei due to the increase in buildinb size and cc�st.
Do�an ec�n�irmed that bUsiness eq�xity was comin� from the co�npany's a�ssets. It was
noted t�at ihe sources and uses had been updated in the stafl'report as well.
TRACY H[NZ MOVf:D TU AI)OP�' RLSOI,UTIGN #?0?0-02 APPR()V1NG A
PURC'��ASE AND DEVELOP]��ENT C�NTRACT �3ETWFEN UMC K��I. F.ST�TE,
LLC AND T'HE EDA, T��F iANn SAI_E BY THF CDA T� UMC DESCRIB�;D
THER�IN. AND A B[1SINFSS Sl1F3S�DY AGRF.EMENT GONTA�N1:Ll WITHIN
THE AURCf�ASE AI�¢D llE`�EI.OPMENT C�N1"RAC''1`. BILL TAYPER SECONI]ED
THF MOTIf�N. M07'I()N CARRI�I�, 7-0.
9. Consi�leratian af l�esol�tic�n #2020-U3 �► �-ovin aa in�erfund Loan author�zin
ex enditures of le al available EDA f�ends for costs related to TIF District No, 1-
41 to be reimbursed throu h tax increments frum TIF Destrict No, i-4I
T'ammy Qmdal, Northland Securities not�d that this item is reyuired. The EI�A has to
authorize ar� interfund toan that would be paid back from future incr�ments firotn the
newly established T'IF District fc�r the UMC expansion project.
BILL TAPPER MOVED TO AD�OPT RESOLUTIQN #2020-03 A1'PROVING AN
INTERFUND LQAN FpR TH� PUR�"'OSE �F RE;IMBURSING THE EDA �'OR FTS
UPFRONT EXPEI�DITURES RELATEI� TO TIF DISTRtCT #1-41. OLLIE
KOROPCHAK-WHITE SEGONI�F,D THE MQTION. MOTION CARRIEp, 7-0.
t 0. Consider�tion af Resolution #202U-Q4 A rovin an interfund Loan �e�thoriz�n
ex en�litures of � to the total balaace af tax increm�nt� available from TIF District
No. 1-6 to a a ortian of ro e ae uisition cc�sts in eDnneetio� with TTF Distriet
No. 1-42
Tammy Omdal, N�rthland Securities, exp�ained that the request would give the EDA
rnore �lexibility to pay a portion ofth� property acquisition af UMC iram existing T1F
District 1-5. The c�ption ta decertify the �newIy establtshed TIF District 1-41 at an earlier
date iifram the nine-year window cot2ld also accur at the EDA discretidn if the increments
reach th� principal amount of$731,0(?0 sooner th�n tl�e ailowed 9-vear time frame.
Economic DeveEopment Authnrity Minut�s — Fe6ruary 26th, 2020 Page 3 � 5
BILL TAPPER Iv14VED Tn ADOPT RESOLUTI�]N #2020-04 APFROVING AN
INTERFUND LOAN �OR THE PURPpSE OF AUTHORIZING THE USE O�
INCREMENT F,ROM pRE-199(} TIF DISTAICT #�-6 AS A SDURCE C)F FUNDS FQR
UpFRC7NT LAND ACQUISITION EXPENSES RELATED TO UMC, INC.'S
EXPANSIQN PRpJECT AND FTIRTHER AUTHORIZING FUTURE
REIMBURSEMENT OF TIF' DIST,RICT #1-6 FROM TAX INCREMENTS
GENERATED IN CpNNECTIC)N WITH I�TEW I�EVELaPMENT IN TIF DISTRICT
#�-41. JQN MORPHEW SECONDED THE MOTION. MOTION CARRIEL7, 7_0.
1 l. Consid�ration of A r�vin Industr�aI Land Absor tion and Demand Stud Jiru
Gromber�, WSB & Associates, Inc.
Jim Thares explained that the item was brought forward at the pr�vio�s EDA meeting,
i�ut staffr�commended ta�ling the study due to changes that staff wau�d like inci�ded in
the report. Thares also indicated that there were no additipna] EDA comments on the
draf} plan af�er the February i2, 2Q20 meetir��. Thares intraduced Eric Maass to r�view
the report with th� EDA.
Maass indicated that a com�leted study was not availabte as they wanted ta make sure
the EDA comments were included in the report. Maas ind'rcated tl�at with the current
interest level, Qtter Creek Business Park wou�d be at cagacity in thr�e to faur years.
Maas also indicated that it was important to discuss industrial growth in the City as Xc:ei
plans to decommissian its faci�ity in the f'uture. Maas presented on thr�e sites in
Monticello that could ts� t�e Iocation o# new industrial busir�ess park.
Discussion about the ad�antages and disadvantages of each of the three sites c�ccurred
with the EDA arzd WSB. U�timately, WS$ selected Site � as the preferred locati�n af a
new industr2aI business park.
Steve Johnson asked if the study could be revised ta incluc�e a�eneral understanding af
the cost of �ber in those are�as_ Maass confrmed.
LL(�YD HILGART MOVED TfJ APPRQVE THE INDUSTRIAL L,��ND
ABSORPTION AI�ID DEMAND STUDY. .�IM DAVIDSON SEC4NDED THE
MQTION. MpTION CARRIED, 7-0.
l2. Consideration of Authariz�o Hos itali Stud Pro osal an�f Enterin inta a
PrQfessional Sei-vices Contract with Hos itali Consultin Grou Excelsior M�1
in the amaunt of $5,5�0
Jim Thares indicated at the February IEDC �neetirag, the camir�ission made a motion to
recomrnending the EDA consider completing a new hospitality study. The IEDC noted
tha.t the study was completed in 2(?15 and that a new study should reflect prospeetive
room d�rraand due ta the �roposed Gaogle lData Center development in Becker. Staff�
asked Haspita�ity Consultin� Group, the cansultant v,�ho comp�eted the 20l 5 Study, to
provide a quc�te for a study upaate. The c�uote uras reeeived and is in the amount af
�s,ssa.
Econ4mic Development Auihority Minutes — February 2fitf�, 2020 Page 4� 5
Tracy I-�inz asked how the previous study was utiiized. Thares indicated that d�ring his
time with the City, the report has been sent ta severaI prQspects, although tt l�as not
spurred any develogment praposals.
Lloyd Hilgart indicated that hotel deveiopers likely wi�l create their own hote� studies
when they are lookin�; at develo�in� in cities. Ti�n DoIan observed t�at in his
exper�ence, the existence ot�a hot�l and hQspitality study tnat has been eompleted by a
municipality can be a valuable source of information regarding development plans and
initi�tives supported or ted by the City.
JIM DAVIDSON MOVED T� APPROVE THE HOSPITALITY CONSULTING
GROUP QUOTE PRQFOSAL F�R AN UPDATED HOTEL AND HOSPITALITy
STUDY IN THE AMOUNT ()F $5,55U. BIL�. TAPPER SECONDED THE MO`I'IaN.
MOTIQN CARRIED, "7-0.
13. AdiourQ
TRACY HINZ 1V10VED TO ADJOURfi1 THE EDA ME�TING AT 8:�5 A..M. $ILL
TAPER SECOND�ED THE M(�TION. 1vIOTION CARRIED, 7-�.
Recorder
�pproved
Attest:
Jacob Thunana�r
Ma�-ch 1 I th, 2020
.Titn Thares, Economic Developrraent Direcic�r
Econofnic Qevelopment Aukhority Minutes — February 26ch, 2020
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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
Account:
Name:
Service Address:
Service Period:
Billing Date:
Due Date:
Meter Reading
noreply@merchanttransact.com
Thursday, February 6, 2020 7:48 AM
AP
Your bill from City of Monticello, MN is ready.
2120WEBSINSERTS2.pdf
Previous Reading
Serial Date Reading
Current Charges
Water: ACH CREDIT - AUTO PAY
Water: EBILL CREDIT
Stormwater: STORMWATER / NON-RESIDENTIAL
Total Current Charges:
Bill Summary
Previous Balance:
Payments Received:
Adjustments:
Current Charges:
* Total Amount Due by: 3/1/2020
* This was the amount due at the time of billing.
007256-004
MONTICELLO EDA (213-46301)
130 BROADWAY E
1/1/2020 to 1/31/2020 (31 days)
2/5/2020
3/1/2020
Current Reading
Date Reading Cons
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.
($1.25)
($0.50)
$10.50
$8.75
$8.75
$8.75
$0.00
$s.�s
$8.75
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
Account:
Name:
Service Address:
Service Period:
Billing Date:
Due Date:
Meter Reading
noreply@merchanttransact.com
Thursday, February 6, 2020 7:48 AM
AP
Your bill from City of Monticello, MN is ready.
2120WEBSINSERTS2.pdf
Previous Reading
Serial Date Reading
Current Charges
Water:
Water: CITY WATER - NON-TAXABLE
Water: ACH CREDIT - AUTO PAY
Water: EBILL CREDIT
Water: WATER - STATE CONNECTION FEE
Sewer: SEWER - COMMERCIAL
Stormwater: STORMWATER / NON-RESIDENTIAL
Total Current Charges:
Bill Summary
Previous Balance:
Payments Received:
Adjustments:
Current Charges:
* Total Amount Due by: 3/1/2020
* This was the amount due at the time of billing.
007256-007
MONTICELLO EDA (213-46301)
103 PINE ST
1/1/2020 to 1/31/2020 (31 days)
2/5/2020
3/1/2020
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.
Cons
$0.00
$�.Zo
($1.25)
($0.50)
$0.81
$ 9.18
$10.50
$25.84
$25.84
$25.84
$0.00
$25.84
$25.84
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
Account:
Name:
Service Address:
Service Period:
Billing Date:
Due Date:
Meter Reading
noreply@merchanttransact.com
Thursday, February 6, 2020 7:48 AM
AP
Your bill from City of Monticello, MN is ready.
2120WEBSINSERTS2.pdf
Previous Reading
Serial Date Reading
68621907 1/1/2020 41771
Current Charges
Water:
Water: CITY WATER - NON-TAXABLE
Consumption
Water: CITY WATER - NON-TAXABLE
Water: ACH CREDIT - AUTO PAY
Water: EBILL CREDIT
Water: WATER - STATE CONNECTION FEE
Sewer: SEWER - COMMERCIAL Consumption
Sewer: SEWER - COMMERCIAL
Stormwater: STORMWATER / NON-RESIDENTIAL
Total Current Charges:
Bill Summary
Previous Balance:
Payments Received:
Adjustments:
Current Charges:
* Total Amount Due by: 3/1/2020
* This was the amount due at the time of billing.
007256-008
MONTICELLO EDA (213-46301)
112 RIVER ST W
1/1/2020 to 1/31/2020 (31 days)
2/5/2020
3/1/2020
Current Reading
Date Reading
2/1/2020 42327
To view your amount due at the current time and make a payment click here.
Cons
556
$0.00
$0.00
$�.Zo
($1.25)
($0.50)
$0.81
$0.00
$ 9.18
$10.50
$25.84
$25.84
$25.84
$0.00
$25.84
$25.84
Auto payment is setup for this customer account, do not pay.
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
Account:
Name:
Service Address:
Service Period:
Billing Date:
Due Date:
Meter Reading
noreply@merchanttransact.com
Thursday, February 6, 2020 7:48 AM
AP
Your bill from City of Monticello, MN is ready.
2120WEBSINSERTS2.pdf
Previous Reading
Serial Date Reading
60867213 1/1/2020 1001572
Current Charges
Water:
Water: CITY WATER - NON-TAXABLE
Water: ACH CREDIT - AUTO PAY
Water: EBILL CREDIT
Water: WATER - STATE CONNECTION FEE
Sewer: SEWER - RESIDENTIAL
Garbage: GARBAGE FEE - TXBL
Garbage: RECYCLING FEE - NON TAXABLE
Waste Taxes: GARBAGE TAX RES - 9.75%
Stormwater: STORMWATER / RESIDENTIAL
Total Current Charges:
Bill Summary
Previous Balance:
Payments Received:
Adjustments:
Current Charges:
* Total Amount Due by: 3/1/2020
* This was the amount due at the time of billing.
007256-009
MONTICELLO EDA (213-46301)
300 4TH ST E
1/1/2020 to 1/31/2020 (31 days)
2/5/2020
3/1/2020
Current Reading
Date Reading
2/1/2020 1001572
To view your amount due at the current time and make a payment click here.
Cons
0
$0.00
$�.Zo
($1.25)
($0.50)
$0.81
$ 9.18
$8.25
$0.75
$0.80
$1.50
$26.64
$24.01
$24.01
$0.00
$26.64
$26.64
Auto payment is setup for this customer account, do not pay.
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f}a1G
EDA: 04/08/20
5. Consideration to terminate the Fa�ade Improvement Grant A�reement with Tricambra
Foods, Inc. (JT)
A. REFERENCE AND BACKGROUND:
The EDA is being asked to consider terminating the Fa�ade Improvement Grant Agreement
with Tricambra Foods, Inc. dba Cornerstone Cafe in the amount of $100,000 due to "non-
performance". A condition in the Grant Agreement requires that the fa�ade improvement
projects are to be completed within 180 days from entering into the Agreement. Tricambra
entered into the Grant Agreement on September 24, 2019 and the six (6) month period ended
on March 24, 2020.
Tricambra had previously met with city staff to discuss the scope of the project, its funding
match and the limits of the proj ect timeline. They indicated at that time that it would be
difficult to complete the proj ect by March 24, 2020, so it is not an unexpected status for what
was to be the first fa�ade improvement project in Block 35 in the core downtown area. As the
EDA indicated continued support for the program in 2020, staff will be ready to assist
Cornerstone/Tricambra when and if they are ready to submit a new application package.
Staff is planning to hold a group meeting with property and business owners in Block 35 in
the upcoming months to re-discuss the fa�ade improvement program and potential changes
that could be made to the effort to make the funding more accessible, yet impactful. This
would be in addition to one-on-one meetings with property owners such as TriCcmbra who
have made prior applications. At this time, due to the current COVID-19 shut down,
scheduling of this meeting is on hold.
Al. STAFF IMPACT: There is a limited staff impact in considering terminating the Fa�ade
Improvement Grant Agreement with Tricambra Foods, Inc. by the EDA. The EDA attorney
was previously consulted and recommended not terminating the Grant Agreement until after
the performance deadline had been reached.
A2. BUDGET IMPACT: The budget impact is minimal as staff time related to this
consideration is part of staff duties tied to the Fa�ade Improvement Grant program
administration. It is estimated that the EDA Attorney has less than one hour devoted to
discussion of terminating the Fa�ade Improvement Grant Agreement with Tricambra Foods,
Inc.
B. ALTERNATIVE ACTIONS:
L Motion to approve terminating the Fa�ade Improvement Grant Agreement with Tricambra
Foods, Inc. dba Cornerstone Cafe due to non-performance.
2. Motion to deny terminating the Fa�ade Improvement Grant Agreement with Tricambra
Foods, Inc. due to non-performance.
EDA: 04/08/20
3. Motion to table consideration of terminating the Fa�ade Improvement Grant Agreement
with Tricambra Foods, Inc. due to non-performance.
C. STAFF RECOMMENDATION:
Staff recommends that the EDA terminate the Fa�ade Improvement Grant Agreement with
Tricambra Foods, Inc. Staff had previously discussed the project completion timeline with
Tricambra Foods wherein they indicated that further reinvestment into their property would
be off the table for perhaps 12 to 18 months +/-. The EDA attorney also recommends formal
termination of the Grant Agreement to limit future liability related to the terms of the Grant
Agreement.
As noted, staff will be ready to assist Cornerstone Cafe/Tricambra when and if they are ready
to submit a new application package.
D. SUPPORTING DATA:
A. EDA Resolution #2019-04 Approving Fa�ade Improvement Grant-Tricambra Foods, Inc.
B. Fa�ade Grant Agreement — Tricambra Foods, Inc.
EDA RESOLUTION NO. 2019-04
RESOLUTION APPROVING A GRANT AGREEMENT
BETWEEN THE CITY OF MONTICELLO ECONOMIC
DEVELOPMENT AUTHORITY AND TRICAMBRA FOODS
INC., DBA CORNERSTONE CAFE AND CATERING
BE IT RESOLVED BY the Board of Commissioners ("Board") of the City of Monticello
Economic Development Authority (the "Authority") as follows:
Section l. Recitals.
1.01. The Authority is a grantor as defined in Minnesota Statutes, Sections 116J.993 to
116J.995, as amended (the "Business Subsidy Act"), and is authorized to grant financial
assistance for private development, including grants.
1.02. The Authority and Tricambra Foods Inc. dba Cornerstone Cafe and Catering (the
"Grantee") desire to enter into a gant agreement (the "Grant Agreement") for a Downtown Fa�ade
Improvement Grant (the "Grant") to be used to pay a portion of the costs of certain fa�ade
improvements, including replacement windows and stucco work (the "Improvement Costs") on
certain real property located at 154 W. Broadway Street in the City of Monticello (the "Property"),
in conformity to the Grant guidelines.
1.03. Pursuant to the Grant Agreement, the Authority will gant to the Crrantee the sum of
$50,000 (the "GranY') to reimburse a portion of the Improvement Costs.
1.04. Pursuant to Section 116J.993, Subdivision 3(1) of the Business Subsidy Act, the
Authority is not required to hold a public hearing on the Grant because the Grant is in an amount
less than $150,000, and is therefore not a business subsidy. However, the Authority has held a
duly noticed public hearing concerning the Grant on the date hereof, and hereby finds, pursuant
to Section 116J.994, subd. 4, that the purpose of the Grant is not the creation or retention of jobs.
Therefore, notwithstanding the requirements of Section 116J.994, Subd. Z of the Business
Subsidy Act, the Authority hereby determines that the terms of the Grant may deviate from the
Authority's written business subsidy criteria, and hereby sets the job and wage goals of the Grant
at zero.
Section 2. Grant Agreement Approved.
2.01. The Authority hereby approves the Grant Agreement in substantially the form
presented to the Board. The Authority further authorizes execution of the Grant Agreement and
all documents prepared in connection therewith, 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 Grant Agreement by such officials shall be conclusive evidence of
approval.
1
583370v 1 MN325-40
Approved this 29th day of May, 2019, by the Board of Commissioners of the City of Monticello
Economic Development Authority.
President
/rWY�ICl11A
583370v I MN325-40
GRANT AGREEMENT
This Grant Agreement ("Agreement") is made this 24th day of September, 2019, between
the City of Monticello Econoinic Development Authority, a public body corporate and politic and
political subdivision of the State of Minnesota ("Grantor"), and TriCambra Foods, Inc., dba
Cornerstone Cafe, a Minnesota corporation ("Grantee").
RECITALS
A. Grantor has duly established its Downtown Facade Improvement Grant Program
(the "Program") and has approved guidelines for said Prograin.
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 $100,000.00
(the "GranY') to pay a portion of the costs of certain fa�ade improvements at Grantee's commercial
restaurant business located at 154 West Broadway in the City of Monticello, Minnesota (the
"City"), as more fully described in Eachibit 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. Subject to and upon the terms and conditions of this
Agreement, Grantor agrees to grant to Grantee the sum of One Hundred Thousand and no/100ths
Dollars ($100,000.00). Proceeds of the Grant shall be disbursed in accordance with Section 2
hereof.
538719v3MN325-40
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, witl�out 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");
(ii) The Grantor and Escrow Agent have received from the Grantee's
authorized representative one or more draw requests in substantially the form
attached to the Escrow Agreement (each a"Draw Request"), 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; provided that each Draw Request must be made for a minimum amount
of the lesser of $5,000 or the balance of escrowed Grant proceeds;
(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.
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
538719v3MN325-40 2
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 it shall keep and maintain current property insurance
from the date of this Agreement through completion of the Improvements, and will ensure
that its selected contractor carries corrnnercial general liability insurance in at least the
amount of the cost of the Improvements.
(� Grantee warrants that to the best of its lcnowledge, it has fully complied with
all applicable state and federal laws reasonably relevant to this Agreement and will continue
to comply throughout the tenns of this Agreement. If at any time Grantee receives notice of
noncompliance from any governmental entity, Grantee agrees to take any necessary action
to comply with the state or federal law in question.
(g) Grantee warrants that it will use the proceeds of the Grant made by Grantor
solely for the Improveinents.
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 AMOLTNT 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 "Criteria"), provided that the Authority agrees to deviate from the job creation
requirements provided in the Criteria, since the Grant is for the purposes of downtown revitalization
and job retention articulated in such Criteria and not for the purpose of job creation. 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 by Grantee. The following shall be Events of Default under this
Agreement:
538719v3MN325-40 3
(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 existing, 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, ar any part thereof, in any proceeding for the purpose of
rearganization, 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 extension 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 extension 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).
6. Grantor's Remedy upon 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 tenns,
covenants, or agreements contained herein.
(b) This indemnification and hold harmless provision shall survive the
execution, delivery, and performance of this Agreement and the payrnent by Grantor of any
portion of the Grant.
538719v3MN325-40 4
(c) Nothing in this Agreement shall constitute a waiver of ar limitation on any
immunity from ar 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) Assignment. 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) 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 ar 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
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: Greg or Jennifer Ashfeld
PO Box 1570
Monticello, MN 55362
(� 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 March 24tn,
2020, this Agreement shall terminate and neither party shall have any further obligation to the
538719v3MN325-40 5
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 Agreement. This Agreement, together with the E�ibits 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.
538719v3MN325-40 6
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
B:
ts sident
� /� �
h � ,.,�
By�—:—L�,,,�
Its E�ec�itive Director
�SIGNATURE PAGE TO GRANT ACREEMENT - CITY OF MONTICELLO ECONOMIC DEVELOPMENT AUTHORITY�
538719v3MN325-40 7
GRANTEE:
By:
Title:
�SIGNATURE PAGE TO GRANT AGREEMENT
538719v3MN325-40
EXHIBIT A
IMPROVEMENTS
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EXHIBIT B
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 coinplete the proposed improvements ("Improvements") described in
the Grant Agreement between the Authority and the Grantee dated (the
"Grant AgreemenY'), 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 draw request in substantially the form
attached hereto as Exhibit A(the "Draw Request") containing evidence showing that costs for
the Improvements have been paid or incurred by the Grantee in at least the ainount requested,
provided that Draw Requests inust be made for a minimum of the lesser of $5,000 or the balance
of unpaid Grant Funds. 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 Draw
Request 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.
Indemnity
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
290813v1 MNI MN190-116 1
538719v3MN325-40
connection with the performance of obligations under this Agreement.
Title and Escrow Charges
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 MN] MN190-116 2
538719v3MN325-40
[Grantee]
:
Date:
CITY OF MONTICELLO ECONOMIC DEVELOPMENT AUTHORITY
EXecutive Director
[Escrow Agent]
By:
Its
290813v1 MNI MN190-116
538719v3MN325-40
Date:
Date:
EXHIBIT A TO ESCROW AGREEMENT
DRAW REQUEST — DOWNTOWN FA�ADE IMPROVEMENT GRANT
TO: City of Monticello Economic Development Authority
505 Walnut Street, Suite 1
Monticello, MN 55362
Attn: Executive Director
DISBURSEMENT DIRECTION
The undersigned Authorized Representative of , a
(the "Grantee"), hereby authorizes and requests you to disburse from
proceeds of the Grant, in accordance with the terms of the Grant Agreement between the City of
Monticello Economic Development Authority ("Lender") and the Borrower, dated as of
, 2019 (the "Agreement"), the following amount to the following person and for
the following proper Grant-related costs:
Ainount:
Payee:
Purpose:
all as defined and provided in the Agreement. The undersigned further certifies to the Lender
that (a) none of the items for which the payment is proposed to be made has formed the basis for
any payment previously made under Section 2 of the Agreement (or before the date of the
Agreement); and (b) that each item for which the payment is proposed is eligible for funding from
the proceeds of the Grant.
Dated:
Borrower's Authorized Representative
290813v1 MNI MN190-116 4
538719v3MN325-40
EDA: 04/08/20
6. Consideration of GMEF Loan Forbearance Request-Rustech Microbrewerv (JT)
A. REFERENCE AND BACKGROUND:
The EDA is being asked to consider a Greater Monticello Enterprise Fund (GMEF) Loan
forbearance request from Rustech Microbrewery due to the impacts of the COVID-19
pandemic crisis. A temporary business closure order was issued by Minnesota Governor Tim
Walz on March 13, 2020, impacting bars, restaurants, microbrewery's and other businesses
where social gathering is an inherent component of the business. As a result, Rustech had to
comply with the order starting March 17, 2020.
According to Bill Burt, owner of Rustech, they are now open for limited hours fulfilling
online sales orders of crowlers, growlers and merchandise (t-shirts, caps, pretzels etc.). They
are also limited to just three (3) people in the facility at any one time.
Bill Burt contacted City staff on mid-March 2020 asking for a three (3) month forbearance
(April, May and June 2020). While this is a reasonable request given the current situation,
staff believe that the EDA may want to consider a six (6) month forbearance period which
would match the SBA action regarding SBA 7(a) and 5041oans that have good standing status
as of March 27, 2020. Rustech's GMEF loan is currently in good standing.
Al. STAFF IMPACT: There is a limited staff impact in considering the loan forbearance
request by the EDA. The EDA attorney has been consulted and suggested an informal
approach to the forbearance loan consideration and related documentation. A letter approval
format is suggested as way to minimize expenses for the forbearance consideration. The loan
agreement does not need to be modified at this point in time as it relates to the forbearance
consideration.
A2. BUDGET IMPACT: The budget impact is minimal as staff time related to this
consideration is part of staff duties tied to GMEF loan program administration activities. It is
estimated that the EDA Attorney has less than one hour committed to the topic of loan
forbearance requests. The main budget impact is the temporary interruption of the receipt of
principal and interest loan payments back into the GMEF Fund account. The amount of the
principal and interest payments over six months is $2,570 +/-. The current balance in the
GMEF account is healthy; estimated at $1,028,000 +/-.
B. ALTERNATIVE ACTIONS:
L Motion to approve a GMEF Loan principal and interest payment forbearance period of six
(6) months beginning on April 1, 2020 and running through September 2020 (April, May,
June, July, August, September) for Rustech Microbrewery and documented through a letter
agreement.
2. Motion to deny the Rustech Microbrewery GMEF Loan forbearance request.
EDA: 04/08/20
3. Motion to table consideration of the Rustech Microbrewery GMEG Loan forbearance
request for further research and/or discussion.
C. STAFF RECOMMENDATION:
Due to the emergency response impacts related to the Covid-19 crisis, businesses like Rustech
have been negatively impacted by being asked to temporarily shut down or reduce their hours
and services as takeout only in order to reduce the spread of the corona virus. It is inherently
understandable that this situation would have serious implications for Rustech's revenue flow
needed to pay fixed and operating expenses. In that context, staff views the request as
reasonable and recommends that the EDA authorize entering into a six (6) month forbearance
agreement for the GMEF loan payments in a letter format.
D. SUPPORTING DATA:
A. SBA 7(a) Loan Debt Relief Program Summary
Coron�avirus 4G�VID-19�: Relief options ar�d Additional Resources CLICK HERE
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�'he SBA is providing a finaneial repriev� ta srna�� busin�sse.� du��ng t�e
C4�IID-�g panderr�ic.
Content
Ovenriew
Additional Qe�t Relief
�r�e rv� ew
As part o� SBA's de�t r�lief effor�s,
p The SBA will automaticaliy pay the principal, interest, and fee� of curren� 7 f�), 504, a�d
micralo�ns far a period of six mon�hs.
o The SBA wii� also au�omatically pay th�e principal, interest, and fees of new 7(aJ, 504, and
m�craloans issued �rior to September 27, 2(�20.
Additivr�a� Debt Re�ief
�ar current SBA Serviced Disaster (Home and Susiness� Laans: If your disaster loan was in
"regular se�vicir�g" status on March 1, 20�0, t�e SBA is praviding au�omatic defermentst��-ough
December 31, 202�.
What does an "automatic de�erral" me�n �o borrowers?
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EDA: 04/08/20
7. Consideration of GMEF Loan Forbearance Request-DSN Investments, LLC dba
Monticello RV Center (JT)
A. REFERENCE AND BACKGROUND:
The EDA is being asked to consider a Greater Monticello Enterprise Fund (GMEF) Loan
forbearance request from DSN Investments, LLC dba Monticello RV Center due to the
impacts of the Covid-19 pandemic crisis. According to Scott Kunz, Managing Partner, they
temporarily closed the business in mid-March due to the fact that there was no customer
traffic. The non-essential business closure executive order issued by Minnesota Governor
Tim Walz was also a factor in their decision to continue to stay shut down. In addition, the
major recreational shows at which they exhibit product have been cancelled for the spring and
summer of 2020. They indicate that these shows comprise a significant part of their sales
volume each spring and summer.
In light of the current situation, staff believe that the EDA may want to consider a six (6)
month forbearance period which would match the SBA action regarding SBA 7(a) and 504
loans that have good standing status as of March 27, 2020. DSN Investments, LLC's dba
Monticello RV Center GMEF loan is currently in good standing.
Al. STAFF IMPACT: There is a limited staff impact in considering the loan forbearance
request by the EDA. The EDA attorney has been consulted and suggested an informal
approach to the forbearance loan consideration and related documentation. A letter approval
format is suggested as way to minimize expenses for the forbearance consideration. The loan
agreement does not need to be modified at this point in time as it relates to the forbearance
consideration.
A2. BUDGET IMPACT: The budget impact is minimal as staff time related to this
consideration is part of staff duties tied to GMEF loan program administration activities. It is
estimated that the EDA Attorney has less than one hour committed to the topic of loan
forbearance requests. The main budget impact is the temporary interruption of the receipt of
principal and interest loan payments back into the GMEF Fund account. The amount of the
principal and interest payments over six months is $4,500 +/-. The current balance in the
GMEF account is healthy; estimated at $1,028,000 +/-.
B. ALTERNATIVE ACTIONS:
L Motion to approve a GMEF Loan principal and interest payment forbearance period of six
(6) months beginning on April 1, 2020 and running through September 2020 (April, May,
June, July, August, September) for DSN investments, LLC dba Monticello RV Center and
documented through a letter agreement.
2. Motion to deny the DSN Investments, LLC's dba Monticello RV Center GMEF Loan
forbearance request.
EDA: 04/08/20
3. Motion to table consideration of the GMEG Loan forbearance request for further research
and/or discussion.
C. STAFF RECOMMENDATION:
Due to the emergency response impacts related to the COVID-19 crisis, non-essential
businesses such as Monticello RV Center have been negatively impacted by being asked to
temporarily shut down or reduce their hours and services in order to reduce the spread of the
corona virus. It is inherently understandable that this situation would have serious
implications for Monticello RV Center's revenue flow needed to pay fixed and operating
expenses. In that context, staff views the request as reasonable and recommends that the EDA
authorize entering into a six (6) month forbearance agreement for the GMEF loan payments in
a letter format.
D. SUPPORTING DATA:
A. SBA 7(a) Loan Debt Relief Program Summary
Coron�avirus 4G�VID-19�: Relief options ar�d Additional Resources CLICK HERE
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�'he SBA is providing a finaneial repriev� ta srna�� busin�sse.� du��ng t�e
C4�IID-�g panderr�ic.
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Ovenriew
Additional Qe�t Relief
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As part o� SBA's de�t r�lief effor�s,
p The SBA will automaticaliy pay the principal, interest, and fee� of curren� 7 f�), 504, a�d
micralo�ns far a period of six mon�hs.
o The SBA wii� also au�omatically pay th�e principal, interest, and fees of new 7(aJ, 504, and
m�craloans issued �rior to September 27, 2(�20.
Additivr�a� Debt Re�ief
�ar current SBA Serviced Disaster (Home and Susiness� Laans: If your disaster loan was in
"regular se�vicir�g" status on March 1, 20�0, t�e SBA is praviding au�omatic defermentst��-ough
December 31, 202�.
What does an "automatic de�erral" me�n �o borrowers?
0
EDA Agenda: 04/08/20
8. Economic Development Report (JT)
A. 300 — 4th Street East Update: The hazardous materials inspector continues to make progress;
samples taken from the house and garage were recently mailed to the appropriate testing agency.
When that is completed, a report will be provided to the city staff which should inform whether
mitigation steps will be needed such as asbestos removal. The lab report timeline is a bit murky as
they are still open, but in a lesser capacity due to the COVID-19 stay at home orders at this time. The
inspector is also going to complete a custom report identifying debris and other items in the two
structures that need to be removed prior to a training burn (only certain specific items can be burned
with the structure). He further reports that outside fire training is shut down for all intents and
purposes for the foreseeable future. Only online activities are continuing at this time. Once the
reports are received from the inspector, a follow-up walk through will be completed and the junk and
debris removal quote gathering step can begin.
B. UMC Expansion Update: Financial assistance process steps wrapped up with the land purchase
from Shawn Weinand and follow on sale transaction to UMC which occurred as scheduled on
Wednesday April 1, 2020. In the process of finalizing the Purchase and Development Contract there
was a necessary adjustment to the Minimum Assessment Agreement. The original proposed
valuation of $5,200,000 outlined in the Minimum Assessment Agreement was not acceptable to the
County Assessor and was adjusted to $4,010,500. It is noted that the Assessor completed the
valuation review using the "development review" plan set instead of "building construction" plans.
Nonetheless, due to comparable property valuation factors, a determination was made that it was vital
to remain at the $77.00 per square foot figure ($4,010,000 divided by 52,000 square feet). It is
possible that the valuation will increase in the next few years as, no value was assigned to an
unfinished 6,000 square foot office mezzanine area.
The impact of the reduced value will translate into a lower amount of increment being collected from
the new development. An estimate of the increment shortfall is about $57,000 to $67,000+/-. This
means that the EDA's land costs may not be fully reimbursed. As a reminder, the goal was to have
the development generate at least $731,000 in increment to cover land costs. The shortfall amount is
equivalent to about one more year of increment being needed to make the EDA whole. While 10
years of increment collection would be ideal, per state statutes, Economic Development TIF Districts
are limited to 9 years.
Options available to the EDA at this time include several scenarios. The first option is to monitor the
value for three or four years and then review the situation. It is possible that property valuations will
gradually increase over the next few years and some of the shortfall will diminish. There is also the
potential that UMC will need to finish out the 6,000 square foot office area in the next few years.
This would add value (perhaps $400,000 to $500,000) and increase the increment for the remaining
three or four years. Depending on timing and the value assigned to a finished mezzanine office, it
may yield enough increment to offset the shortfall.
Option number two is to discuss with UMC their willingness to enter into a deficiency agreement
wherein they make up the shortfall at the end of the life of the TIF District. This arrangement has
been used in other similar situations.
1
EDA Agenda: 04/08/20
A third option is to use a wrap-around Tax Abatement to collect one or possibly two more years of
tax payments for the sole purpose of fully reimbursing the EDA for its land costs. The City Council
would have to agree to the use of Tax Abatement as it is not allowed for use by EDA's.
The fourth option is to take no extra action and do nothing. This scenario would let the TIF District
run its course wherein it is decertified after 9 years whether or not the increment amount is short of
the desired goal of $731,000. There is at least one other TIF District in the City that if facing an
increment shortfall and will may be in that status at the time of decertification.
If the EDA desires, a future workshop could be held further reviewing the scenarios and discussing
which course of action may be the most prudent to follow.
C. Hospitality and Lodging Study Update: In consultation with the consultant, Steven Sherf,
Hospitality Consulting Group, LLC, it was deemed that the present time is not appropriate to
complete a hospitality and lodging study. Mr. Sherf said the information would be of little value and
a waste of funds (the approved hotel contract amount was $5,550) at this time for the intended
purpose of documenting room demand levels to be used in discussing new development concepts
with hotel developers. He suggested waiting at 6 to 12 months or perhaps a bit longer and restart the
process.
D. Emergency Financial Assistance Programs Letter: A letter was sent to all businesses in the
community summarizing the available financial assistance programs that have been authorized and
made available to offset the COVID-19 guidance and response impacts. See Exhibit A.
E. Prospects: See attached Exhibit B. A spread sheet with information about concept stage and
active search prospects is attached.
2
April 3, 2020
Dear Sir or Madam,
During this unprecedented and chaotic time, the Monticello City Council, Economic
Development Authority (EDA), and city staff are thinking of your challenges and needs as the
impacts of the COVID-19 pandemic are felt throughout the community. We acknowledge this is
a very difficult situation for many businesses as revenue is reduced while fixed costs and
operational expenses continue.
In light of this, federal and state governments have initiated financial assistance programs to
address the impacts of the pandemic on your business. You may have already learned about
some of the federal and state efforts to support businesses; the programs are offered by the Small
Business Administration (SBA) and MN-DEED in the form of loans, loan guarantees, and debt
relief.
In addition, the City of Monticello EDA has an existing loan option that may provide interim
financial assistance. A summary of the SBA, MN-DEED and EDA programs is listed below.
Federal Programs — Small Business Administration (SBA)
Paycheck Protection Program (PPP) — A loan program helping businesses keep their
workforce employed during the Covid-19 crisis. The program is designed as a direct incentive
for small businesses, self-employed people, and gig workers to help them from going under due
to the Covid-19 pandemic. It offers incentives to keep workers on the payroll. The loans are
forgiven if all employees are kept on the payroll for eight weeks and the loan dollars are used for
payroll, rent, mortgage interest, or utility expenses. The program is available through June 30,
2020. The link for more information is: https://www.sba.�ov/fundin�-pro�rams/loans/pavcheck-
protection-pro�ram_�p
Economic Injury Disaster Loan (EIDL) Program - A loan program offering low interest rates,
long-term (up to 30 years in duration) loans in an amount up to $2 million. The first payment is
deferred for 12 months. The application has been simplified and can be completed 100% online
through the SBA's improved web portal at wwvv.sba.�ov/disaster. These loans may be used to
pay fixed debts, payroll, accounts payable and other bills that can't be paid because of impacts
related to the Covid-19 crisis. The interest rate is 3.75% for small businesses. The interest rate
for non-profits is 2.75%.
EIDL Grant Advances - Businesses applying for an EIDL loan (above) can request up to
$10,000 be disbursed immediately. This advance will need not to be repaid, regardless of the
EIDL loan decision. The request for the grant must be made within 3 days of applying to the
SBA EIDL program. Additional information is available at:
https://www.sba.�ov/pa�e/coronavirus-covid-l9-small-business-�uidance-loan-resources
504 Loan Forbearance Program — Under the CARES Act, the SBA will pay the principal,
intertest and any associated fees that are owed on a 5041oan in regular servicing status to the
Central Servicing Agent (CSA) within 30 days of April 1, 2020. The SBA will continue to make
these loan payments to the CSA for the 6-month period beginning April 1, 2020.
7(a) Debt Relief Program - Under the CARES Act, 7(a) borrowers are granted debt relief
through a reprieve of loan payments as follows:
• The SBA will pay the principal and interest of new 7(a) loans issued prior to September
27, 2020.
• The SBA will pay the principal and interest of current 7(a) loans for a period of six
months.
You can find more information on the SBA website at:
https://www. sba.�ov/pa�e/coronavirus-covid-l9-small-business-�uidance-loan-resources
State of Minnesota Programs (MN-DEED)
Minnesota Small Business Emergency Loan Program - Loans are made through an approved
lender — you can find FAQs, a�lication materials and lenders on the DEED website. These
loans are for $2,500 to $35,000 at a 0% interest rate to help meet ongoing expenses. There is a
total of $30 million available for this program.
Minnesota Small Business Emergency Loan Guarantee Program - Provides an 80% loan
guarantee for loans up to $250,000 made by a qualified economic development lender within this
program. Details for business are not yet on DEED's website, but DEED and agency partners are
reaching out to lenders to make them aware of this new program — look for more details soon.
This program is intended to incentivize the private market to make loans to small businesses and
provides the guarantee for those loan dollars. The state is providing a loan guarantee of $10
million which is likely to leverage between $20 and $25 million in lending by private banks.
City of Monticello Economic Development Authority Programs
Greater Monticello Enterprise Fund (GMEF) Loan Program — Under the authority of the
EDA, the GMEF loan program is intended to fill funding gaps and create new jobs in the
community. A wide range of businesses are eligible for the funding. The minimum size loan is
$25,000. Program minimum and job requirements may be considered for future adjustments
allowing greater access and use as an emergency mitigation fund for an interim period during the
�
COVID-19 crisis, pending feedback from the business community on this need. For more
information on the GMEF Program, please contact Jim Thares, Economic Development Manager
at 763-271-3254 or jim.thares(c�ci.monticello.mn.us.
Other Information and Resources
Temporary Signs: The City Council recently relaxed certain temporary sign ordinance
requirements to support local businesses as they communicate their available services as noted
below:
1. The requirement for permit application for temporary signs is waived through June 30, 2020.
2. No temporary sign application fee will be charged for applications for the balance of 2020.
3. Temporary signs currently in place will be allowed to remain through June 30, 2020,
regardless of their application date. Businesses with existing permitted temporary signs will
also be allowed to apply for a new 2020 temporary sign permit upon reinstatement of the full
ordinance.
4. After reinstatement of the full ordinance, any new temporary sign permits for 2020 will start
with a full 120 days available to all businesses.
5. Each business is allowed one temporary sign consistent with ordinance requirements for size
with no distance requirement between signs.
6. Each business is allowed one temporary sign at up to 40 square feet, in addition to the use of
one sandwich board per business.
The waiver applies to all business and industrial districts. Businesses should note that off-
premise signage remains prohibited. Other sign regulations also remain in place. More
information is available on the website: https://www.ci.monticello.mn.us/signpermits
Our commitment to supporting Monticello's businesses and employers is one of our top
priorities as a city. If you have any questions, ideas, suggestions or concerns you would like to
share, please do not hesitate to contact us directly.
Sincerely,
;.
�
I
Angela Schumann
Community Development Director
an�ela. schumann(a�ci.monticello.mn.us
�
w.�.
Jim Thares
Economic Development Manager
j im.thares@ci.rnonti cell o. mn.us
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