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EDA Agenda 08-26-2020AGENDA REGULAR MEETING - ECONOMIC DEVELOPMENT AUTHORITY (EDA) Wednesday, August 26th, 2020 —7:00 a.m. Academy Room, Monticello Community Center Participants can choose to attend in-person or remotely via Go-To: Web: https://�lobal.�otomeetin�.com/ioin/393416349 Phone: (646) 749-3122 � Access Code: 393-416-349 Commissioners: President Steve Johnson, Vice President Bill Tapper, Treasurer Jon Morphew, Tracy Hinz, 011ie Koropchak-White and Councilmembers Lloyd Hilgart and Jim Davidson Stafi 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 Consideration of Approving a Certificate of Completion for the Rivertown Residential Suites Apartment (The Briggs Companies) Development Regular Agenda 5. Consideration of Approving Small Business Emergency Grant Agreement in the Amount of $5,000 to Live Laugh Bloom Floral to Mitigate COVID-19 Economic Impacts 6. Economic Development Director's Report 7. Adjourn EDA Agenda — 08/26/20 4a. Consideration of Approvin� a Certificate of Completion for the Rivertown Residential Suites Apartment (The Bri��s Companies) development (JT) A. REFERENCE AND BACKGROUND: This item is for consideration of the Certificate of Completion for the recently completed The Briggs Companies development known as Rivertown Residential Suites. The City Chief Building Official issued a Certificate of Occupancy for the 47-unit apartment development in early May, 2020. At that time, there were a couple of e�terior items that were not yet fully completed though they were expected to be finished in approximately a month after the first week of May. The Certificate of Completion is related to the Tax Increment Financing assistance that was provided by the EDA to help The Briggs Companies finance the project. A 26-year Affordable Housing TIF District was created to support the project. As part of the TIF assistance, 20 percent of the units (10 units) have to be rented to households with incomes at or below 50 percent of inedian household income level for Wright County. The total amount of TIF assistance expected to be generated through the cumulative increment collections is $785,000. A$400,000 TIF grant was also provided to The Briggs Companies to help construct the underground parking structure at the development site. The three e�terior items that remained to be completed after early May 1, 2020 included: • second (final) asphalt lift in the apartment parking lot and the public street excavation area for the angled on-street parking, • revisions to the sidewalk pedestrian ramps to ensure compliance with ADA standards, and • installation of street lighting (poles and fi�ures) Work has now been completed on the parking lot and public street asphalt lifts as well as the pedestrian ramp(s). The street light poles have been installed and the fi�tures were re-ordered because the wrong color fixtures were delivered. They were reordered in late July, 2020 and are expected to arrive at the site for installation in early November. Al. STAFF IMPACT: The staff impact related to asking the EDA consider approving the Certificate of Completion for Rivertown Residential Suites is minimal. A2. BUDGET IMPACT: The cost of presenting the Certificate of Completion consists of drafting the form and preparing the staff report for the EDA meeting. The EDA attorney prepared the Certificate of Completion form and may have a total of one hour committed in drafting the document. Preparing the report for the EDA meeting is part of normal staff duties. B. ALTERNATIVE ACTIONS: Motion approving issuance of a Certificate of Completion for Rivertown Residential Suites. 2. Motion denying approval of issuing the Certificate of Completion for Rivertown Residential Suites. Motion to table consideration of approving the Certificate of Completion for Rivertown Residential Suites. C. STAFF RECOMMENDATION: Staff recommends that the Certificate of Completion be approved. The apartment development is essentially fully complete and is being leased up at this time. The light fi�tures represent the sole remaining work item left to be done. The correct fi�tures are expected to be installed in early November, 2020. The EDA may also be able to tour the property in late September, 2020. D. SUPPORTING DATA: A. Certificate of Completion (Form) B. Photos of Completed Rivertown Residential Suites Apartment Development CERTIFICATE OF COMPLETION WHEREAS, the City of Monticello Economic Development Authority (the "Authority") and Rivertown Residential Suites, LLC ("Redeveloper") entered into a certain Contract for Private Redevelopment dated , 2018 (the "Contract"), recorded at the office of the County Recorder of Wright County as Document No. ; and WHEREAS, the Contract contains certain covenants and restrictions set forth in Articles lII and IV thereof related to constructing certain Minimum Improvernents; and Va'HEREAS, the Redeveloper has performed said covenants and conditions insofar as it is able in a manner deemed sufficient by the Authority to permit the execution and recording ofthis certification; NOW, THEREFORE, this is to certify that all construction and other physical improvements related to the Minimum lmprovements specified to be done and made by the Redeveloper have been completed and the agreements and covenants in Articles III and IV of tlie Contract relating to such construction have been perfonned by the Redeveloper, and this Certificate is intended to be a conclusive detennination of the satisfactory tennination of the covenants and conditians of Articles III and IV of the Contract related to completion of the Minimum Improvements, but any other covenants in the Contract shall re�nain in full force and effect. 521619v3 MNl MN190-156 �_� Dated: , 20 . CITY OF MONTICELLO ECONOMIC DEVELOPMENT AUTHORITY STATE OF MINNESOTA COUNTY OF WRIGHT : Authority Representative The foregoing instrument was acknowledged before me this day of 20_, by , the of the City of Monticello Economic Development Authority, a public body corporate and politic under the laws of the State of Minnesota, on behalf of the authority. Notary Public This document was drafted by: KENNEDY & GRAVEN, Chartered (MNI) 470 U.S. Bank Plaza Minneapolis, Minnesota 55402 Telephone: 337-9300 (Signature page to Certificate of Completion) 521619v3 MNI MN190-156 C-3 II �I ' `" �M� � `'y� fv ; .�;` k� � �',t j�l, r 4 � �� q i�l i I d �i".:p «�� �ii ( �' � ��v ���,.��-, �f 1 '� ��' � Ij�4� �� � � l��k! � � ry F� � � � � � . � ��G 'a I ���. 1`' �lr�� , i ��V �' ��� , . +, ; p� , �1 , L. �I I� �, �� � � � ��, �;►;: �. . � ; ,��; ;� �_� i � , I � I //'J i� ;� �p ������� �, � � �� � � I , ;,�� �,,_� ` r i !�,.- J � /, � . 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REFERENCE AND BACKGROUND: The EDA is being asked to consider approving a si�th batch of application(s) to the Small Business Emergency Grant Program. The EDA approved the Small Business Emergency Grant Program and a source of funding at its regular May 27, 2020 meeting. The Grant Program was set up with $100,000 as an initial emergency assistance fund, utilizing the Greater Monticello Enterprise Fund (GMEF) Loan program. The original emergency grant fund program was set up to provide a total of 20 grants in the amount of $5,000 each. Funding provided to the City of Monticello's through the Federal Government's CARES Act also allows direct assistance to be provided to businesses impacted by COVID-19 pandemic response efforts. The EDA took action at its July 22, 2020 meeting, authorizing an Interfund Loan to reimburse its GMEF account for all grants approved prior to July 22, 2020 (total of $85,000). The companion City Council CARES Act resolution, adopted on July 27, 2020, authorized the EDA to utilize up to $200,000 of CARES Act funding for its emergency grant assistance program, or a total of 40 grants (this includes the 17 grants that have been previously approved) in the amount of $5,000 each. CARES Act funding must be distributed by mid November 2020. For the August 26, 2020 EDA meeting, one (1) new Grant Assistance application was received and is being presented for consideration. Please see the table below. Name of Business Tvae of Business # of Emplovees Amount of Grant Live Laugh Bloom Floral FZoraUGift Shop 3 $5, 000 Staff have reviewed the application (attached) for completeness and adherence to the program guidelines. A summary grant review evaluation spreadsheet is also included to help the EDA in its review and discussion at the meeting. The EDA has already approved eighteen (18) grants or $90,000 in total funding since the creation of the grant program. If the EDA approves the additional grant request, a program balance of $105,000 or twenty-one (21) additional grant requests remains (utilizes CARES Act allocation of $200,000 authorized by City Council on July 27, 2020). Al. STAFF IMPACT: Staff time involved in considering the grant request involves the work related to reviewing the application and preparing the staff report for the EDA meeting. The EDA's legal counsel provided a grant agreement template which is also attached to the Staff Report. A2. BUDGET IMPACT: The budget impact from considering approving one (1) Small Business Emergency Grant is in disbursing an additional amount of $5,000 from the Emergency Grant Assistance Program. If the EDA approves the one (1) new grant in addition 1 EDA Agenda: 08/26/20 to the eighteen (18) that were previously approved, the remaining fund balance would be $105,000. It is noted that any money granted to the applicant will utilize the Federal Government CARES Act program. B. ALTERNATIVE ACTIONS: L Motion to approve Small Business Emergency Grant Agreement between the EDA and Live Laugh Bloom Floral in the amount of $5,000 to mitigate COVID-19 economic impacts. 2. Motion to deny approval of Small Business Emergency Grant Agreement between the EDA and Live Laugh Bloom Floral in the amount of $5,000 to mitigate COVID-19 economic impacts. 3. Motion to table consideration of approving Small Business Emergency Grant Agreement between the EDA and Live Laugh Bloom Floral in the amount of $5,000 to mitigate COVID-19 economic impacts. 4. Motion of other. C. STAFF RECOMMENDATION: Staff recommends Alternative # 1. It should also be noted that if the grant is approved, it is not considered a"business subsidy" as defined in state statutes. The program guidelines require the grant recipient to provide a brief follow-up report back to the EDA describing how the funding was used. D. SUPPORTING DATA: A. Live Laugh Bloom Floral Application B. Summary Grant Review-Evaluation Checklist C. Grant Agreement Template D. Small Business Emergency Grant Program Guidelines E. EDA Emergency Grant Program Interfund Resolution #2020-08 F. City Council CARES Act Resolution #2020-57 2 C: I T Y�t3 F MC������'� ��A � ���.���F'.��' SMALL, E�[]5INE5S EMERGEN+C7c' GRANT APPU�CATiC)N �. �ar�-rA�r �r��v��riaN Leg�t Name of Business: �-�'�e La� h Bloom Flaral Yroject �ite Address: 1[]� Ced�r St City 1 Statc ! Zip; Montice#1o, Mn 553C2 Cvntact Pers�n(s]: ��`II'� A LiflEa�ck Susiness Phone: 763�-314-�552' Email: Home Phone. Check 4ne: �roprie�or ❑ Corpr�rat�an Federal ID � Pr4perty Owner: KelEy A Lillb�Gk �tate Ii7 # � � Partnership Z. BUS�ESS INFC)RMA'TTT�N Flease aitach addi.�ioKa.d dac�mentslpages as x�eea�ed t� be cam�tete as pnssib2e. ra. Years of op�ratio� i� Manticeila $.� b, List belnrv the number of part time and full time exnployees. For pu�oses nf craIcutafian, the term "em�ivyees" rnu� inc�ude thase staf� rent�rc� ar �easirtg �acaiities r�ithirr tF� Manticeila busi�ess �o�zirarr. I'rior to Marci� 15�; 2fl:�€� �'"I' � 'PT � Cctrrent �T � �'`� � 1 c. Give a briQf summary Qf your busir�ess (products, services, grovvth history, operations, number of locations, etc.) Li.B is a fuli servioe flarallgift shop. We do funerals, weddings, proms, gradua#�uns as ws�l as many other corr�munity events. d, Provide irtform.ativn regarding how your oper�tions have be�n z�r►pac�ted by the pandemie, specifically hours of aperation, emp�.ayee reductions, ete. Include any strategies implemented to susiain your busi�ne�s As the "stay-at-home'" nr�er was mandated we closed our en�ire store for 5 days. Pnor #a tl�at, �I{ Proms were canceled which vre do �lowers and tuxeda rental o for ared that k�rings in a sugnificant revenue for our business to ii�e an for the summer. WI weddings were cance6ed and funeral homes �losed. Funerals are 6D% of our incoming revenue. Our storefron[ eemained dosed artd we did "no�contact" deliveries arxl "porch pick-ups" �ntill 716120 when we fineliy were able to open our front door ta walk in customers. We did recfuce our haurs of operation from being open 9 ho�urs a cEay 10 S houfs dve #a employee reduction. �. �eseribe oF the current plans for resuming operations fol�owing fihe C�VTlD-19 crisis. At ihis tirne 2 af my part time employees came back as well as a family memt�er to help get us go9ng again. We tiid miss aut on a la# of f�neraks and a11 0# th� prorns and graduaiians which is abnut a$75K loss fo our husiness. 1Ne are still operating by doing floral deGveries and ran allpw a few customers in for wedding eonsul#ations. 5ome weddings have rebooked but nol al !he level as pre-covid. We no longer have mar�y gift items since we dorr't �ta�e much walk-in shnpping or the capital to purchase. �uring the vrinter aur sfarefront windnws iroze and cracked so I wi1� be needing that replaced. See quote a�Eached. E won't ever get the lost revenue back 6u1 we would like to bouce bac�c and still provide the happieness of flowers to our community and famifies during tMis aweful unforseen pandemic. i did r�cieve PPP $ through Coretn�st bank and i used every dims to pay erriploye�s �ca�se l didn't wan! fa have a loan to pay back. i dan`i pay mysetf at this fime so that I ran see my business wrill pull fhraugh this cr�s�s. 2 3. GRANT REQLTEST Amount Requested: $ 4, FINANCING Please provide dacuments{evidence of o�her saurces of s�ai�e or federal funds your business has been awarded ar dQnied duri�ag the COVID paandemic, as applicable, ineluding Econamic In�ury funds, PPP, etc. 5. ATTACHMENTS CHECK LIST Please attach the follt�wing: A} Prvof of address B) Financial staternents, such as: . 1'revious year's a�nual gt'ass revenue Average manthly gross revenue prior to C�VID-19 I'rojec�eci monthly gross revenue for the next three months PLEASE DO €�30T SUBMIT �'INANCIAL STATEMENT5 RATHER SUBMIT A SUMNiARY QF THE INFQI�MATT�N REQLTESTEU. Cj Proo€ of expe�s ta be paid C7) Award/denial letters — State and Federal Assistance Progra�ns 6. AGREEMENT I/ We certify that all inforrnation provided in this applicakian is trize �nd correct to the best of rny/aux knowledge. I J We authorize the Montice�.lo EDA to veri�y financial a�nd other information. I/ We agree io provide any additi�nal information as may be requested by the cify. The t�ndersigned has received the EDA's policy regard'utg the program and eamplies wiih all eligibility requirement�. Further, the applicant understands that funds are awarded on a first-came first served basis. APPLICANT SIGNATURE . ��'� ��� _ - APPLICANT NAME (Print}: ����Y A Lillback DATE. $/10/202(1 The EDA is a governmentat entity and as such musf prvvide pubide uccess to pubTic data it recei�es. �3atq deesned by Appiicant to be nonpublic data uru�er State iaw shauId be so designuted or marked by Appticant. See Mimtesvta 6tat°utes, Sections 13.�9I, Subd.1 a�t 2. EAST SIDE GLASS C[JMPA1`�� 3dS FRANKLIN AVENUE NE ST. CLOUD, MINNESOTA S63fl4 PH�NE # (320} 25 1-1 900 1 FAx # (3Z0) 251-9471 ASC Member FOR: Live, Lau�;h & Bloo�l�, Mantic�llo F4R THE SUM UF: NIhiE THOUSAND, NINE HUNDRED Dt7L�.ARS �9,900.04 This price is to remove the existin� alumiilum starefront and a nerv alu�ninurr► door and storefront. Aluminum Finish: Dark Bronze Anodized C`ilass: 1" Clear w/ SN6� �.ow � Door stile: Mediunn Stile w/ lf3" bottom raii Hardwar�: i-1/2 Pr. Butt hinges Deadbolt lack Standard cy�inders Offs�t pull handle Push bar LCN closer Sweep Threshc�ld Add tn re�ove exesting hoilo4v metal ertiry and install a� new aluminuxn enh-y: �4,200.�0 Exclusions: Modification of existing o�ei�ings and surrounding materia�s. TIifS PRQP6S.lL !S Si:BJECT 7Q TiiB FOF.LOtYE1'C TER�LS :�VD CO\Di7'IQtiS_ 1. PA12"ClhL P.7�5`:►t@?Vi' Oi 9U 1 OF M1I �TERLIL Fi'R»SIIED :atiCi LABOit FERFOR�IEU 9. 'fliFS PRQPOSAL IS Ap5EU L'P01 OUR �V��G T1fE 1�'U3tK Ut;hL�tiG iHE tFO�TEf 13 T4 HE PAIll LS Q\ �R SE€OIaE TI-FE "fENTIi OF 711� FOLLOWf1G IYVOF.�'Ell, i§7Tf�1!\ 4iiR RECIii„1R \1'ORK pAY h\fl dC%it '41�t�Tii. �3\,#1, 5E'i"1'LEWE�T EY PA1'�18NT OF 9ALA�CE Il ri:LL Ti? BE M1IADE w'll'H!N REGULAR �VOA[� WEEii. FOR ALE. �F'QRIC PP:ItFORIlED O[f'1'SI�� 34 D.4�'S FFL0►9 C0�1P1.�`°I'iQFi OF OE:'R COtiTRACT. TII� SPEC:Ir[C� TW{E q�t O� SA7'IRDAYS. SU\4T�A�'S 4E2 ? �in CL�hiNC OF GC..15$ OR ►9E'F'AL 57'�REFR0IT GOk5TR4;CTi�� IS !:\Ci.::UED. HOI.IU.aYS w1 WnITiQtiAi. CtI.iRGE v�nLL H[ �'Y?.DE O� �\ 3_ 15'E ARE:I'/Yi" EtESPQS[8LE FOR BFLEAlG.\GE U\LS�SS C�USFD 17lftECTLY B1' i:5. Oti FJtT1:L1E BA515. d. TifIS (1RUER iS rlCd'EPTED S�BJEC_'i' TQ AL.L QRLIERS AND REGLLhX10�S QF,1RY 10. SF10iJL� VQi: ACCE�'i' TH[5� PRQPO5AL pN YbUR UW� BRAYCN, AGE\CY (lR AGEIY'F OF 7flE Ii1tiFTE� S'lATF.S GO�°EIL1�i�riT RELATESiG T(3 COniAA�CT FOFtli, 1`C IS UN1YEItST��B TFC4i ALL OF THE T.Eif. aLLOCAiiON C}F CRIIiCAL OR 5CARCE 17AT8RIA1.5, OR OF �LA�PO�uE[t, OR OF TP.RY'iS A�A CONOITIUtiS OF Tfi1S PRpPO5AL �YILL BE 'FRhV5PDR'EATiO� F.4CiLiTIE.., Ai�iD N'� SHALL � A&tiOL.1"Eii F�LU�i RES�'PM1SEBiE.I'il' INCORPORATm tN THE AGftE.E�i�tiT BF.7"�VCEK VS. WITH FIiE FDR FAi7.URF. f1F U�i.II'81tY P9CCA510kEi1 B!' TIlESA=�EE. SA1SE FOR£'F. A\p �:x�'ECi`.15.IHUEdGi1 YOU SICiEP �THIS S. WOIiK WIl.L 13E �iECi;TE� AS PR()1'1PTL1` A5 i'OSSllit-�k B(i'F SfiH.IECT HO��'EL'ER, 'i'O PR�'POSAL. f'AILURE DR D�R:-4Y OCGASOIA�p FtY STRIi�5, LO('�iOl1I5.6R UTIIER L,1BOR 11. A?�SATUILIL 4'ARNT[O`: 1\ 5HAilF �l'ItFi OCCGEiS [�' 71fE pIFF7CULT��5, A('CID�h�`S, UEi.�4`S OF CARRdEN, FAlLG�i£ a?F G$�!AL 5€)LRCES OF PIti3RiiC'fE4I� OF ALG S"�R�C"FU[ZU. G4ASS 11CS7 8E 5L'PP1,Y QF F11�L. 11ATSRI:tt.S� QR i.ABOR. GOVER:\pP�:�'i=1L IN'f'F.RFE[tn!vC� OA nCCEPFA6LE. ItFGUL:#'ifDi4.FIRES.A:�ii?O`fNERCALSkSfi�AYili()ARLEOIiBE\'OitiDOL1RC0\TitOl.: 12. A4LBACl+'1�iGFf3RSTRUCfI'R,�LGLASSPttO�i➢�D91 AtiD \VE 5EL-LLf. BE A656L�`En FA0�1 RESPfJNSi6t€.IIY F4'H FAlLi;RE 4F plFLlYEftY OlL 4itlF.[LS. BACKING 11iST SE PLL�\1B, STRAfCliI. A\D DELAS' ARISIIG kR037.4�Y Si;CFi CAl;SES OR CO;�Ui7tO,S. ACCCPTAQ[.8 BY OL'R C'4JIPAtiV. G, CF.Eii1f.AL. ERRORS SIiALL 6E 5(,'IRFECi TU COR[{ECTfO� PEYSOft TO� ACCE!''i'A�CE t3. WE .►SSF:A/E �O RESPOti5E61Lt'CY F�R CULOR VhRlpT[{I�5 IY 7. TEII5 Pii�POSAL IF ACCEFz"I"��� 6V YQ[I, IS Si;BdEC77'4 7HE APPRQVAL OF O��Fi C}YEDIT �1�Tni 5"CQtiFRON'i' CON5T3ltiCl'F(1N OR FQE1 STAINS O!I EfEPART�9�:NT. CORRQSIt)r5 OCC�RING �FTEH IVSTALLATF4\. 8. THiS PROPOSAL f5 SE' kifECT TO REVIS-i6NS IF 10T ACC�P7'� \3'�tTNf.i TESV DAVS 19. �VHE[tE SA1.ES'l,�X iS i6YIE[7. SAiD "F,iX L\'iLL 8E A,DDE� TO AF'I`[:1t D.�TE. TiEE AA'104'yT Ok TH� CQ?�"!RA[:F 1li1E1 FE*[AL t11'OICB FS �iAELE�. RESPECTFULLY SLTBMI��D, ACCEPTED BY: EAST SIgE GLiAS� COMFA3VtY DATE: �� ��"��; 71 �7f'��� vQ r� r- C7 V �. v8 .,Z/k „ 04 vp c� � � O m � Q�O � nZ14 t6 awe�� „39 J Q � � {i1 � � W � � .- � W `-' J �m i C � W � C p � � � . � � x � � .- X � � Q O d m C L � U1 � J R 9� S � � � ro � ,� t�8 �� 0£ n��� � Q�Q � ��fl IF �� Z� ��ZI 4 LZ --'r 8U1�J� n �� _� � �763J 295-�714 �:T�r��a� �,; . - i � � ._ _. . -_ . - 4 . �Tl � ouT� am _ I � LIVE LAUGH & BLC}OM FLQRAL c}n Ft�LLY LILL�ACK 908 CEOAR S7 MONTICELLQ, Mf� 553fa2 -- Rgsi�snl& fr;ay� gv arnina to �i�v PAont�ccllti s: s3�C Cvnsumee Confidence Report at: https:l�tinyuri.com12C12[] montiwater. Please c�nlact the M�nliceNo Watcr qepanni�nt ai (763� 295-3170 to requcst a{�aper copy af the report or if p�u have any additic�rral qvestior�s. Accour�t Statemen� . , ,.. . . Accvur�r: � SE1-2VICERC}�F'rFSS� 1�8 CEDAFt SY SERVIGE �ERiOa; G111202U to 61:iu1z02d 61LLIfJf� QATE: TI2l202Q QA�E: Sl112aZD * t Pre�ious FZeadlny Current R�ading 9Eral No �ate Reading �aie RetHSiil� GOnS - i�412�20 J3'a4$ rl1f202D 7i3294 ��a W'J11TER - �C]MM�P.�C!{1L ? � � WATi �F7 - STATE GQfVi�ECTiOh� FE� d•$� ACH �REQiT - AU70 PAY '1 •�' SEWER - CC}MMERCIP,L 9,18 WATER TAx 4N 1d�°/p �.�� $TORMWATER f N(7N-RE51C3ENTIAL �Q��� 70TAi� CURR�I�'T CHAFtGES �'�•$�' . ,�,� - -- PF�E1/1dUS BALANCE 26.86 ,�;�o r' - � - '� — - PAYMENTS RECEIVEL� -26.86 ,z�4' ADJ4J5TM�NTS ��'�� ,ouo - - AQD�TI�IVAL BILLING a.aa �� i�... �" . � ` CURRENT Gi-IAl�GES 2fi.86 E. ;� : - i; � � � � - Prior Corss � ,r� .,�, Y�' c'1}ifTlf..'flt - - - - - - Caupon . .� . YLEliS� ILN:ll1KN i HIS P�C}RTif]T�f .��CY�[� li'1'Ili 7'C1UC�P:1YhIL:N'I' PLEASf: �IAKk�. C'FII_CKPr'1l'�F�LI: I[l� ClTY OF MOh[71C�LL+D ACCOU h#T: SERVICE ADDRESS' SERVICE PERIQQ: BiLLIN� �AT�: oUE DATE: LI11E U1UGf I& B���M FLORJlL cIo K'�LLY LCLLBACK 108 ��C1AR ST MaNTIGELLa, MN ��362 — 1 �8 CEDAR ST 6111�020 to 613{11�Q2iJ T1212�20 81'lt2a�[� TaTAL AM�IJiVT fl�]E ��•�'� s s �y T(]TiAL AMOU�IT DUE BY 811l�020 2fi.86 , .. AUTO F'AY REhAIT PAYMENT TO: City Qf Mc�nticeilo 5Q5 Walnut St., Ste. #1 Maniicello, MI� 55362 a � �� a a°'i a � a c a a c m a°Ji a• T � � p, X C � � W O Z a c y � � u — y p, X .� � � C Q a a o y W � U N � V N \ � O LL J a o � W C � C Q N u a � a x :' a ¢ m •V J C � f0 W C LL N � O a�+ O � m io } O � u Z L O u N � at-� 7 C � L } � � N � N � tl4 N N N H M N LL 3 a m � � � ° o �o L °' '^ m > c a g �n � O o �° a .� � o � Vc u � T • _ � Y T '� V } m a � J W C y � a a � c > 7 ' ai i � u a > N � X O � tlq W N — (� W a :% c �c � m o a�i � ¢ � m 0 LLC C � m L 7 N N � J � � 7 > m J SMALL BUSINESS EMERGENCY ASSISTANCE GRANT AGREEMENT This Grant Agreement ("Agreement") is made this _ day of , 2020, between the City of Monticello Economic Development Authority, a public body corporate and politic and political subdivision of the State of Minnesota ("Grantor"), and [name of business], a Minnesota [type of business entity, e.g. limited liability company, sole proprietorship, assumed name, etc.] ("Grantee"). RECITALS A. In March 2020, Governor Tim Walz issued a series of Emergency Executive Orders in response to the COVID-19 pandemic which closed public and private schools, closed bars, restaurants, and other places of accommodation and generally required Minnesotans to stay at home, while acknowledging that the State's response to the COVID-19 pandemic would result, either directly or indirectly, in the closure of many of Minnesota's businesses. B. In an effort to mitigate the economic distress caused by the COVID-19 pandemic, Congress passed the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) to provide funding to States and local governments to cover costs associated with the COVID-19 pandemic. C. Guidance issued by the federal government provides that CARES Act funding is intended to cover a variety of costs incurred by State and local governments in responding to and mitigating the effects of the COVID-19 public health crisis, including expenses to enable compliance with public health measures such as facilitating distance learning and improving telework capabilities, and expenses associated with economic support, such as grants to businesses. D. Pursuant to federal and State guidelines established for expenditure of the CARES Act funding Grantor has created its Small Business Emergency Assistance Grant Program (the "Program") and has approved guidelines for the Program (the "Program Guidelines"), which are incorporated into this Agreement by reference. E. Grantee has submitted an application for a grant (the "Grant Application") under the Program Guidelines, and Grantor has approved a grant to the Grantee in the amount of $ (the "Grant") to pay a portion of the expenses described in the Grant Application, in connection with Grantee's [kind of business, e.g. restaurant, salon, etc.] located at in the City of Monticello, Minnesota (the "City") (the "Grant Activities"). F. The Grantor and Grantee wish to memorialize the terms of the Grant in this Agreement. ACCORDINGLY, the parties agree as follows: 1. The Grant Amount. Subject to the terms of this Agreement, the Program Guidelines, and the Grant Application (together, the "Grant Documents"), Grantor agrees to grant to Grantee the sum of and no/100ths Dollars ($ ). The Grant will be paid by 1 Grantor to Grantee for the Grant Activities approved under the Grant Documents in accordance with Section 2 hereof. 2. Pavment of Grant Proceeds. (a) The Grant will be paid to Grantee in accordance with the terms and conditions of the Grant Documents. The Grantee agrees that any costs of the Grant Activities exceeding the amount to be paid under this Agreement are the sole responsibility of the Grantee. (b) The Grantor will pay the Grant to Grantee once the Grantor has received from Grantee, without expense to Grantor: (i) a signed copy of this Agreement; (ii) a list of the Grant Activities that will be paid from the Grant; and (iii) a written statement from the Grantee certifying that none of the Grant Activities for which the payment is proposed to be made has formed or will form the basis for any payment made under any other agreement with any other grantor. 3. Representations and Warranties. Grantee represents and warrants to Grantor that: (a) Grantee is authorized to sign, deliver, and perform this Agreement and to receive the Grant from Grantor. (b) Grantee agrees that it will keep and maintain books, records, and other documents relating directly to the receipt and payment of Grant proceeds and that any authorized representative of Grantor, with reasonable advance notice, may have access to and the right to inspect, copy, audit, and examine all such books, records, and other documents of Grantee related to the Grant until Grantee provides its final report to Grantor. (c) To the best of Grantee's knowledge, Grantee has fully complied with all applicable federal and State laws reasonably relevant to this Agreement and will continue to comply throughout the term 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 federal or State law in question. (d) Grantee will use the proceeds of the Grant made by Grantor only for the Grant Activities, and within 60 days after the date of this Agreement, Grantee will provide to Grantor in writing a brief report stating how all of the Grant funds have been used and providing evidence in the form of paid invoices, statements, or similar. 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. 5. Indemnification. 2 (a) Grantee agrees to indemnify against and to hold Grantor, and its officers, agents, and employees, harmless of and from any and all liability, loss, or damage that it may incur under or by reason of this Agreement, and of and from any and all claims and demands whatsoever that may be asserted against Grantor by reason of any alleged obligations or undertakings on its part to perform or discharge any of the terms, covenants, or agreements contained herein. (b) This indemnification and hold harmless provision will survive the execution, delivery, and performance of this Agreement and the payment by Grantor of any portion of the Grant. (c) Nothing in this Agreement will constitute a waiver of or limitation on any immunity from or limitation on liability to which Grantee is entitled under law. 6. Miscellaneous. (a) Waiver. The performance or observance of any promise or condition set forth in this Agreement may be waived, amended, or modified only by a writing signed by Grantee and Grantor. No delay in the exercise of any power, right, or remedy operates as a waiver thereof, nor shall any single or partial exercise of any other power, right, or remedy. (b) Assi n� ment. This Agreement is binding upon the parties. 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. (c) Governin.e�. This Agreement is made and shall be governed in all respects by the laws of the state of Minnesota. Any disputes, controversies, or claims arising out of this Agreement shall be heard in the state or federal courts of Minnesota, and all parties to this Agreement waive any objection to the jurisdiction of these courts, whether based on convenience or otherwise. (d) Severabilitv. If any provision or application of this Agreement is held unlawful or unenforceable in any respect, such illegality or unenforceability shall not affect other provisions or applications that can be given effect, and this Agreement shall be construed as if the unlawful or unenforceable provision or application had never been contained herein or prescribed hereby. (e) Notice. All notices required hereunder shall be given by depositing in the U. S. mail, postage prepaid, certified mail, return receipt requested, to the following 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 City of Monticello, MN 55362 3 To Grantee: Attn: Executive Director Attn: (� Termination. On the date the Grantor receives Grantee's written report on Grantee's expenditure of Grant proceeds as described in paragraph 3(� of this Agreement, this Agreement will terminate and neither party will have any further obligation to the other. (g) Entire A�reement. This Agreement, together with the Grant Documents, is the entire statement of agreement between the Grantor and Grantee regarding the Grant. � 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: CITY OF MONTICELLO ECONOMIC DEVELOPMENT AUTHORITY By: Its President By: Its Executive Director [SIGNATURE PAGE TO GRANT AGREEMENT - GRANTOR] GRANTEE: [Business name] : Title: [SIGNATURE PAGE TO GRANT AGREEMENT - GRANTEE] 656052v1 MNI MN190-101 CITY OF • 'I�ril on l�� � MONTICELLO ECONOMIC DEVELOPMENT AUTHORITY SMALL BUSINESS EMERGENCY ASSISTANCE PROGRAM POLICY PURPOSE The Economic Development Authority for the City of Monticello (EDA) recognizes that small businesses are vital to the fabric of the Monticello community. Accordingly, the Monticello Economic Development Authority (EDA) has developed a Small Business Emergency Assistance Program to address working capital needs upon the declaration of a state of emergency by the State of Minnesota (State) and the City of Monticello (City). The purpose of this program is to ensure the viability of the community's small businesses faced with the current COVID-19 health emergency, which is adversely impacting the local economy. The goal of this program is to provide needed financing for local businesses to help sustain operations and endure economic hardships during this challenging time. The program is structured as grant assistance. Grant funds are available on a first-come, first-served basis. The program is subject to funding availability from the EDA. The EDA retains the authority and discretion to approve or deny an application, and reserves the right to subsequently add further priorities, change eligibility criteria, or discontinue the program in response to changing circumstances. ELIGIBILITY a. Eligible Businesses To be eligible to receive Small Business Emergency Assistance funds, a business must demonstrate that its operations have been directly and adversely affected by the COVID-19 Health Pandemic and include the following: Eligible business types include locally owned and operated businesses noted in Executive Orders 20-04 and 20-08, such as those listed below. • Restaurants, cafes, coffeehouses, and other places of public accommodation offering food or beverage for on-premises consumption. • Taverns, brew pubs, microbreweries, distilleries, wineries, tasting rooms, and other places of public accommodation offering alcoholic beverages for on- premises consumption. Gymnasiums, fitness centers, indoor sports facilities, indoor exercise facilities, businesses offering massage therapy, spas, salons, nail salons, cosmetology salons, and barber shops. This includes, but is not limited to, all salons and shops licensed by the Minnesota Board of Cosmetologist Examiners and the Minnesota Board of Barber Examiners. Bowling alleys, theaters, skating rinks, and other similar recreational or entertainment facilities. • Local boutique and specialty retailers. 2. Other businesses as approved by the EDA. b. Eligibility Requirements The business shall have a physical address (proof of address required) within the corporate boundary of the City and have been operating within the City long enough to demonstrate financial viability; The business shall employ between 2 and 25 Full Time Equivalent (FTE) employees prior to the issuance of the State of Minnesota Emergency Executive Order 20-04 (March 16, 2020) and/or make $1 million or less in annual gross revenue. For purposes of calculation, the term "employees" may include those staff renting or leasing facilities within the Monticello business location. 4. All businesses must serve the general public and be a conforming or legally non- conforming use under the current zoning regulations of the City, and must not be in violation of the City's zoning code. Applicants are strongly encouraged to claim all applicable private and public insurance and utilize all other sources of applicable assistance available from other private and public sources. Applicants are also strongly encouraged to apply for an Economic Injury Disaster Grant through the Small Business Administration (SBA) and Small Business Emergency Grant through the Minnesota Department of Employment and Economic Development (DEED) prior to applying for this grant. For more information, visit: Guide to financial resources for Minnesota small businesses While not absolutely required, applications which include proof of application submittal, acceptance, approval and/or denial of State and federal emergency financing programs will receive higher scores in evaluation. Assistance cannot be provided to businesses that: • Do not have a physical address (and building/location) within the City of Monticello. • Have more than three total locations operating as part of the business enterprise. • Derive income from passive investments without operational ties to operating businesses or whose primary source of revenue is from business-to-business transactions. • Primarily generate income from gambling activities. • Have no current or historical financial statements. • See also a2 above. FUND TERMS & CONDITIONS a. Amount: Businesses may apply for a one-time emergency grant of up to $5,000. The EDA shall determine the final award amounts based upon scoring criteria. b. Term: All grant awards must be utilized within two months of the date of the grant fund disbursement. c. Uses: Awarded funds may be used exclusively for current payroll obligations (i.e. may not include employees who have been laid off), lease or mortgage payments, utilities, accounts payable, and other critical business expenses that can't be paid as a direct result of the current health emergency. Awarded funds mav not be used for �avment of �ro�erty or other taxes or for the businessowner's/manager's �ersonal uses or ex�enses. The City reserves the right to pay or require payment of delinquent bills or charges due to the City out of funds awarded. d. Proof of Need: Applicants shall be required to provide proof of financial need for grant funds. This includes but is not limited to the previous year's annual gross revenue, average monthly gross revenue prior to COVID-19, and projected monthly gross revenue for the next three months. Additionally, as noted above, applicants are encouraged to provide evidence of application submittal, acceptance, approval and/or denial of State and federal emergency financing programs. PLEASE DO NOT SUBMIT FINANCIAL STATEMENTS RATHER SUBMIT A SUMMARY OF THE INFORMATION REQUESTED. e. Proof of Expenses: Applicant shall provide proof of eligible expenses requested to be paid with grant funds. See list of eligible grant uses above. f. Disbursement of Funds: Funds shall be distributed within three weeks after fully executed grant agreement has been received. g. Termination: The EDA retains the right to terminate any agreement under the Emergency Assistance Program if a grant recipient is found to be in violation of any conditions set forth in the grant guidelines or grant agreement. h. Right to Deny: The EDA retains the right to deny any application for grant funding. i. Grant Agreement: Upon a successful grant application being awarded funds, the grant recipient shall enter into a Grant Agreement with the EDA. Funds will not be distributed for any grant award until a grant agreement has been executed by all required parties. j. Reporting: As a condition for receiving grant funding, all grant recipients are required to submit a brief report to the EDA within two months after receiving grant funds, specifying how the entirety of the grant funds were utilized and providing evidence in the form of paid invoices, statements, or similar documentation. k. Funding Availability: The Small Business Emergency Assistance program has a limited amount of funds available. Awards will be provided on a first-come, first-served basis until the earlier of the date the fund is exhausted, or the City-declared state of emergency declaration is lifted. l. Indemnification: All grant recipients shall be required to indemnify the City of Monticello, the Monticello Economic Development Authority, and any officers acting on their behalf. APPLICATION PROCESS Prior to applying, please review the Program Guidelines to determine if your business is eligible. Applications will be available June 1st, 2020. 1. Applications are available on the City's website: www.ci.monticello.mn.us. 2. Application requirements will include: • Basic details about the business. • Basic employment and annual gross revenue information. • Information on current operations including whether the business is currently closed or is providing reduced services. • Narrative descriptions and estimated calculations of the negative impacts on the business due to COVID-19. • A narrative description of the current plans for resuming operations following the COVID-19 crisis. • Information on the intended use of the grant funds. • Evidence of application submittal, acceptance, approval and/or denial of State and federal emergency financing programs, as applicable. • Supporting documentation and application attachments. 3. Fully completed and signed applications along with required documents may be submitted online to: Communitv.develo�ment@ci.monticello.mn.us Please note that mailed hard copy applications will take longer to process. 4. Upon submission of application, applicants will receive an email confirming receipt of application. The application will be reviewed for eligibility upon receipt. If additional information or documentation is necessary, EDA staff will contact the applicant. Due to an expected high volume of applications, you may consider your application complete if staff does not request additional information within 10 business days after application acceptance. FUNDING PROCESS If application is approved and funds are available, businesses will be notified within 2 business days and provided with an electronic grant agreement for signatures. Small businesses receiving funds must commit to using the funds for eligible program expenses and must agree to document and report specific uses of the funds. All grant recipients are required to submit a brief report to the Monticello EDA within two months after receipt of funds, specifying how the entirety of the funds were utilized and providing evidence in the form of paid invoices, statements, or similar documentation. GRANT AGREEMENT If the application for Small Business Assistance is approved, the applicant and business owner will be required to enter into a grant agreement to proceed. The agreement will specify the terms and conditions of the grant as identified herein. FOLLOW-UP and ADDITIONAL RESOURCES: For businesses needing additional resources such as technical assistance, larger working capital grants, or other, staff will provide ongoing assistance to businesses of all sizes and types, working with partners and other levels of government to access resources as available, such as SBA and State of Minnesota DEED grants. Staff will conduct a check-in with grant recipients within one year of the distribution of funds to learn the effect of the grant and business outcomes such as economic impact of the grant program, (including, but not limited to, employees retained or rehired, and sales) and whether they match the program's desired outcomes of business and/or job retention. QUESTIONS Any questions related to the application process or for assistance in completing the application should be directed to: Jim Thares Economic Development Manager City of Monticello 763-271-3254 communitv. develo�ment@ci.monticello.mn.us CITY OF MONTICELLO ECONOMIC DEVELOPMENT AUTHORITY RESOLUTION NO. #2020-08 AUTHORIZING INTERFUND LOAN FOR ADVANCE OF CERTAIN COSTS IN CONNECTION WITH SMALL BUSINESS EMERGENCY GRANT ASSISTANCE PROGRAM BE IT RESOLVED By the Board of Commissioners of the City of Monticello Economic Development Authority (the "Authority") as follows: Section 1. Background. 1.01. On May 27, 2020, the Authority established its Sinall Business Emergency Grant Assistance Prograin (the "Prograin") to assist small businesses located in the City of Monticello (the "City") which have experienced econoinic hardship as a result of the COVID-19 pandemic. 1.02. In establishing the Prograin, the Authority designated up to $100,000 in its Greater Monticello Enterprise Fund ("GMEF") loan fund as the source of funding for its emergency grants. 1.03. As of the date hereof, the Authority has approved and expended $85,000 in Prograin grant funding. 1.04. Subsequent to creation of the Program by the Authority, Governor Tim Wa1z authorized the allocation by the State of Minnesota (the "State"), to local goverrunents including the City, of funds established by Congress through passage of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) to provide funding to states and local governments to cover costs associated with the COVID-19 pandemic. 1.05. The Program assistance provided by the Authority consists of emergency grants to local businesses for expenditures that qualify for CARES Act funding under federal guidelines for such funds. 1.06. The Authority has detennined that it is in the best interest of the City and Authority that the Authority preserve its GMEF loan fund for the econoinic development uses designated under GMEF policies and guidelines, and that it reitnburse the GMEF loan fund from CARES Act funding to the extent approved by the City for such use. 1.06. The Authority intends to designate the Program grants previously approved and expended, as well as any additional Program grants up to the full $100,000 in GMEF funds authorized by the Authority, as an interfund loan in accordance with the terms of this resolution. 663501v1 MNI MN190-101 Section 2. Repavinent of Interfund Loan. 2.01. Subject to approval of CARES Act funding for Prograin purposes by the City, the Authority hereby ratifies and approves the expenditure of up to $100,000 in GMEF loan funds for Program purposes (the "Interfund Loan"). No interest shall accrue on the principal amount of the Interfund Loan. 2.02. Principal ("Payments") on the Interfund Loan shall be paid on the first date on which the Authority receives CARES Act funding from the City, or on any other dates determined by the City Administrator. 2.03. Payments on the Interfund Loan will be made solely from CARES Act funding, defined as CARES Act funds received by the City from the State pursuant to the processes and procedures established by the State for reiinbursement of qualified expenditures, and designated by the City for administration by the Authority for Program purposes. 2.04. The principal sum payable under this resolution is pre-payable in whole or in part at any time by the Authority without premium or penalty. 2.05. This resolution is evidence of an internal borrowing by the Authority, and is a limited obligation payable solely from CARES Act funding pledged to the payment hereof under this resolution. The Interfund Loan shall not be deemed to constitute a general obligation of the State or any political subdivision thereof, including, without limitation, the Authority and the City. Neither the State nar any political subdivision thereof shall be obligated to pay the principal of the Interfund Loan or other costs incident hereto except out of CARES Act funding. The Authority shall have no obligation to pay any principal amount of the Interfund Loan if CARES Act funding is not allocated by the City for such purpose. 2.06. The Authority inay at any time make a determination to forgive the outstanding principal amount of the Interfund Loan to the extent permissible under law. 2.07. The Authority inay from time to time amend the terms of this Resolution to the extent permitted by law, including without limitation amendment to the payment schedule. Section 3. Effective Date. This resolution is effective upon approval by the City of CARES Act funding by the Authority for Program uses. 663501v1 MNI MN190-101 2 Approved by the Board of Commissioners of the City of Monticello Economic Development Authority this 22nd day of July, 2020. _ �, . ` r ,�' � President ATTEST: 663501v1 MNI MN190-101 RESOLUTION NO. 2020-57 RESOLUTION AUTHORIZING ADMINISTRATION OF CORONAVIRUS RELIEF FUNDS BY THE CITY OF MONTICELLO ECONOMIC DEVELOPMENT AUTHORITY WHEREAS, the City of Monticello ("City") has received Coronavirus Relief Funds ("Funds") from the State of Minnesota, as authorized by Congress pursuant to the Coronavirus Aid, Relief, and Economic Security Act ("CARES Act"); and WHEREAS, the CARES Act authorizes the City to transfer all or a portion of the Funds to other units of government; and WHEREAS, the CARES Act authorizes Funds to be used for grants to small businesses to reimburse the costs of business interruption caused by required closures; and WHEREAS, the City of Monticello Economic Development Authority (the "Authority") proposes to administer up to $200,000 of the Funds pursuant to its previously established Small Business Emergency Grant Assistance Program (the "Program"), the purpose of which is to help offset costs far small businesses in Monticello that have been directly impacted by the COVID- 19 pandemic; and WHEREAS, the City Council has determined that transferring the administration of a portion of tlle Funds to the Au�thority for Program purposes is in the best interests of the City and that the Funds designated for Program uses will comply with federal and state guidelines for the use ot the Funds under the CARES Act. NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Monticello that the City Administrator and staff are authorized and directed to transfer the administration of a portion of the Funds, in the amount of two hundred thousand dollars ($200,000), to the City of Moi�ticello Economic Development Authority for the purpose of providing grants to small businesses through its Small Business Emergency Grant Assistance Program in accordance with federal and state guidelines for expending the Funds. Adopted by the Monticello City Council this 27th day of July, 2020. A TEST: � �9: i l �,���% 1�`����--- Clerk 1 Mayor EDA Agenda: 08/26/20 6. Economic Development Director's Report (JT) A. Project Gia-Saurus Update: The three sites identified in the Feasibility Study completed by WSB all provide sufficient land area and are viable development options. They are unique in that they have varied required levels of infrastructure costs associated with further development as industrial areas. In this regard they offer different pros and cons related to the Project Gia-Saurus proposal and future spin-off or related development opportunities. WSB is updating the Study to include all costs at each site Task efforts related to Project Gia-Saurus have been organized into four areas and each is accompanied by a short summary of the work status below: Legislative — seeking funding assistance for a portion of the $50,000,000 +/- proposal; discussion continue on a legislative financing package for the proposal. 2. Federal and State funding programs — While staff have held discussions with MN-DEED and U. S. EDA regarding funding assistance and have been informed some amount of assistance would be provided, applications have not been completed yet as they are dependent on a site specific information as a key component of the submittal materials. 3. Industrial Land Feasibility Study — WSB is updating the Study by ensuring all infrastructure costs are identified for each site. 4. Project and Process Review-Communications — Continuance of efforts to understand the desired development timeframe and deadlines. Providing introductions to potential equity investor partners. Drafting a first iteration Letter of Intent (LOI). Staff will continue to work on all of these tracks to keep the proposal moving forward. B. UMC Expansion Update: UMC provided a new project construction timeline for the proposed 52,000 square foot manufacturing facility. UMC's goal is to start construction in mid-October, 2020 and complete the new facility by June 30, 2021. An amendment to the MIF Grant will need to be processed and presented to the City Council for adjustments to the timeline. UMC is also seeking a change of the payment date for the EDA's "advance funding" loan of $300,000. The current language requires payment on February 28, 2021. UMC would like to have the payment date be post project completion and its receipt of the $300,000 MIF grant funding. A new payment date of mid-July, 2021 would satisfy this request. The proposed amendment will be presented to the EDA for consideration at a meeting in September or October, 2020. C. Childcare Center Project Panda #3 Update: The prospect has clarified the timing of the proposed childcare center development as being most likely to begin in 2022. A final GMEF loan application was received from the prospect and reviewed and noted as not being fully completed; lacking supporting financial EDA Agenda: 08/26/20 information. Staff and the prospect's primary lender and the prospect ownership have agreed to continue to stay in touch over the ne�t year regarding the project timeline. D. Potential Tour of Rivertown Residential Suites: Discussions with Pat Briggs, Briggs Companies, regarding possible tour dates indicate that a later date in September is likely to allow a better quality tour. Staff will continue to coordinate the specific date with Briggs Companies and inform the EDA in the near future. 2