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EDA Agenda 04-14-2021 AGENDA REGULAR MEETING - ECONOMIC DEVELOPMENT AUTHORITY (EDA) Wednesday, April 14th, 2021— 6:00 p.m. Mississippi Room, Monticello Community Center Participants can choose to attend in-person or remotely via Go-To: Web: https://global.gotomeeting.com/join/949013725 Phone: (571) 317-3112 1 Access Code: 949-013-725 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, 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 Joint Workshop Meeting Minutes — March 10, 2021 b. Consideration of Approving Regular Meeting Minutes — March 10, 2021 c. Consideration of Approving Special Meeting Minutes — March 19, 2021 d. Consideration of Approving Regular Meeting Minutes — March 24, 2021 e. Consideration of Approving Payment of Bills f. Consideration of Adopting Resolution #2021-04 Ratifying Approval and Execution of a Collateral Assignment of TIF Note by GCRE-Rivertown, LLC to Bellwether Enterprise Mortgage Investments, LLC Regular Agenda 5. Consideration of adopting Resolution #2021-05 approving a GMEF Loan Guidelines Subsidy Agreement Extension for Rustech Brewing Company, LLC related to Job and Wage Compliance 6. Consideration of Development Process Related to Block 52 7. Economic Development Director's Report 8. Adjourn MINUTES WORKSHOP MEETING - ECONOMIC DEVELOPMENT AUTHORITY (EDA) AND CITY COUNCIL Wednesday, March 10th, 2021—4:30 p.m. Bridge Room, Monticello Community Center Participants attended remotely and in-person. Commissioners Present: Steve Johnson, Bill Tapper, Jon Morphew, 011ie Koropchak-White, Lloyd Hilgart, and Jim Davidson Commissioners Absent: Tracy Hinz City Council Present: Mayor Lloyd Hilgart, Jim Davidson, Charlotte Gabler, and Sam Murdoff City Council Absent: Brian Hudgins Staff Present: Jim Thares and Angela Schumann 1. Call to Order Steve Johnson called the Workshop Meeting of the EDA to order at 4:33 p.m. 2. Roll Call 3. Discussion-Duffy Development Affordable Tax Credit Housing Proposal Discussion Jim Thares provided an introduction for the meeting and welcomed Duffy Development Company staff—Jeff Von Feldt and Kevin Duffy, and CBRE Staff Richard Palmiter. Jeff Von Feldt introduced the Duffy Development Company and provided history on their organization including completed affordable housing projects throughout Minnesota. Von Feldt explained the need for affordable and workforce housing in the community and referenced the Housing Studies (2017, 2020) and the Feasibility Analysis for Monticello Workforce Housing (2020). He noted that they would propose a 53-unit affordable housing site at the same location of their previous proposal to the City in 2020, which is located at 7th Street West and Elm Street. Von Feldt also provided an overview of different costs and sources, which included an overview of the housing tax credit program (providing 70 percent of the project costs). He mentioned the extreme competitiveness of the application process. The application contains 25 scoring categories, of which, two request direct City support: 1) Readiness to Proceed and 2) Other Contributions. He also provided an estimate of development expenses (more than $13.7 million) and development sources for their proposed site in Monticello. A gap of financing was identified at over $900,000, but it was noted that amount could fluctuate depending on several factors. Von Feldt provided more information regarding their selected Monticello site proposal. Economic Development Authority Minutes(Workshop Meeting)—March 1011, 2021 Page 1 1 2 The building would contain three stories and provide underground parking and site amenities including a fitness center, playground, and community room. Von Feldt noted the need for four-bedroom units and would further refine their concept to consider adding these units. Von Feldt provided a timeline from application (July 2021) to construction completion/leasing (July 2023). 4. Adiournment Steve Johnson closed the meeting at 6:01 p.m. Recorder: Jacob Thunander Approved: April 14th, 2021 Attest: Jim Thares, Economic Development Director Economic Development Authority Minutes(Workshop Meeting)—March 1011, 2021 Page 2 1 2 MINUTES REGULAR MEETING - ECONOMIC DEVELOPMENT AUTHORITY (EDA) Wednesday, March 10th, 2021—6:00 p.m. Mississippi Room, Monticello Community Center Participants attended remotely and in-person. Commissioners Present: Steve Johnson, Bill Tapper, Jon Morphew, 011ie Koropchak-White, Lloyd Hilgart, and Jim Davidson Commissioners Absent: Tracy Hinz 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 agenda items N/A 4. Consent Agenda BILL TAPPER MOVED TO APPROVE THE CONSENT AGENDA. OLLIE KOROPCHAK-WHITE SECONDED THE MOTION. MOTION CARRIED, 6-0. a. Consideration of Approving Regular Meeting Minutes— February 10, 2021 Recommendation: Approve Regular Meeting Minutes— February 10, 2021. b. Consideration of Approving Payment of Bills Recommendation: Approve Payment of Bills through February 2021. Regular Agenda 5. Consideration of an Update to the TIF District Fund Balance Spreadsheet (Table 2. 2016 TIF Management Plan) Jim Thares noted at the Regular Meeting in February, the fund balances were provided for the general fund and the TIF Districts. Thares noted that staff, with assistance from Northland Securities, updated the fund balances for each of the TIF Districts. Thares noted currently that nearly $225,000 is available for redevelopment purposes and approximately $519,000 for affordable housing projects. Available fund balances will continue to grow each year through 2025. Discussion regarding the projected funds of approximately $183,000 being returned to the County was discussed. It was noted that 60 percent of the funds would be returned to the City of Monticello general fund. Lloyd Hilgart noted that the money should be transferred back to the EDA. Hilgart asked why the money was not spent in the first Economic Development Authority Minutes—March 10', 2021 Page 1 1 2 place. Thares stated that each year funds from TIF District 1-22 have to be returned to the County though the available funds balance continues to increase. Hilgart asked if there was a timeline to spend the available TIF dollars including the affordable housing funds. Thares stated that 2025 appears to be end of being able to collect the funds in the various districts. Staff will check on expenditure of the funds may be required by that time as well. Tapper noted a footnote indicating that once a district is decertified, any remaining balance must be returned to the County. Steve Johnson asked if funds available for affordable housing was in cash. Thares confirmed. Johnson noted that the EDA could provide an affordable housing developer with EDA subsidy from remaining affordable housing funds. The EDA could also approve a new TIF District supporting the same affordable housing project if needed. Thares noted the Rivertown Residential Suites project was supported through this dual funding method. Johnson asked if the EDA could spend more than the currently available redevelopment funds and issue an interfund loan from other available TIF funds. Thares would seek clarification on that concept and where the money could be sourced from. Thares noted that no staff recommendation was offered because the report was informational. 6. Economic Development Director's Report Jim Thares provided the Economic Development Director's Report. Thares explained that staff are working on a marketing effort program. He noted that staff are looking for one EDA and one IEDC member to join staff in finalizing the marketing proposal. Steve Johnson volunteered. 7. Adiourn BILL TAPPER MOVED TO ADJOURN THE MEETING AT 6:40 P.M. OLLIE KOROPCHAK- WHITE SECONDED THE MOTION. MOTION CARRIED, 6-0. Recorder: Jacob Thunander Approved: April 14th, 2021 Attest: Jim Thares, Economic Development Director Economic Development Authority Minutes—March 10', 2021 Page 2 1 2 MINUTES SPECIAL MEETING - ECONOMIC DEVELOPMENT AUTHORITY (EDA) Wednesday, March 19th, 2021—7:45 a.m. Mississippi Room, Monticello Community Center Participants attended in-person or remotely. Commissioners Present: Steve Johnson, Bill Tapper, Tracy Hinz, 011ie Koropchak-White, Lloyd Hilgart, and Jim Davidson Commissioners Absent: Jon Morphew Staff Present: Jim Thares 1. Call to Order Steve Johnson called the Special Meeting of the EDA to order at 7:45 a.m. 2. Roll Call 3. Consideration of Resolution #2021-02 Approving Loan Subordination Agreement with Associated Bank, National Association and UMC Real Estate, LLC Jim Thares explained that staff received a request asking the EDA to consider subordinating its $300,000 mortgage loan to Associated Bank, the primary lender for the UMC expansion project. Thares reminded the EDA members of the land sale transaction with UMC in April 2020 wherein $300,000 of the price was structured as an Advance Funding loan. The loan allowed UMC to acquire the 7.39-acre development site property with no funding exchanged at that time. The remainder of the purchase value in the amount of$731,000 will be recaptured by the EDA through the Tax Increments that flow from the new development over a 9 year collection period. The EDA wrote down the sale amount through the TIF process. Thares stated that the $300,000 Advance Funding loan was secured through a first real estate mortgage. The EDA Attorney reviewed and provided markups to the loan subordination agreement. Steve Johnson asked if was appropriate to have a UCC filing on the equipment for which the MIF (Minnesota Investment Fund) loan, also in the amount of$300,000, would be used for. Thares explained that there would be a UCC filing when the equipment is purchased. OLLIE KOROPCHAK-WHITE MOVED TO APPROVE RESOLUTION #2021-02 ENTERING INTO A LOAN SUBORDINATION AGREEMENT WITH ASSOCIATED BANK, NATIONAL ASSOCIATION AND UMC REAL ESTATE, LLC RELATED TO THE EDA'S $300,000 ADVANCE FUNDING LAND PURCHASE MORTGAGE SECURED LOAN. BILL TAPPER SECONDED THE MOTION. MOTION CARRIED, 6-0. Economic Development Authority Minutes(Special Meeting)—March 191", 2021 Page 1 1 2 4. Adjourn TRACY HINZ MOVED TO ADJOURN THE MEETING AT 7:55 A.M. OLLIE KOROPCHAK- WHITE SECONDED THE MOTION. MOTION CARRIED, 6-0. Recorder: Jacob Thunander Approved: April 14, 2021 Attest: Jim Thares, Economic Development Director 1w Economic Development Authority Minutes(Special Meeting)—March 19t", 2021 Page 2 1 2 MINUTES REGULAR MEETING - ECONOMIC DEVELOPMENT AUTHORITY (EDA) Wednesday, March 24th, 2021—7:00 a.m. Mississippi Room, Monticello Community Center Participants attended in-person or remotely. Commissioners Present: Steve Johnson, Bill Tapper, Jon Morphew, Tracy Hinz, 011ie Koropchak-White, Lloyd Hilgart, and Jim Davidson Staff Present: Angela Schumann 1. Call to Order Steve Johnson called the Regular Meeting of the EDA to order at 7:00 a.m. 2. Roll Call 3. Consideration of Resolution #2021-03 Approving Consent of Pledge of TIF Note by and between the EDA and GCRE-Rivertown, LLC for the Benefit of Bellwether Enterprise Mortgage Investments, LLC Angela Schumann explained that in February 2021, the EDA approved an assignment and assumption of the contract for redevelopment from the Briggs Property to GCRE Rivertown. This would facilitate the sale of the 47-unit apartment to GCRE Rivertown. In association with the sale, the parties are asking the EDA to consider the "Consent of Pledge of TIF Note" which is a requirement of the financing for GCRE Rivertown to be able to complete the land transaction. Schumann noted that the EDA's Attorney has assisted with the drafting and revision of the document to meet the EDA's requirements. Jon Morphew asked who would be picking up the cost of this. Schumann confirmed GCRE would be paying for the cost of this item, in addition to those related to the assignment and assumption, and the City's action related to the Planned Unit Development and Development Agreement. BILL TAPPER MOVED TO ADOPT EDA RESOLUTION #2021-03 APPROVING THE CONSENT TO THE PLEDGE OF TIF NOTE BY AND BETWEEN THE EDA AND GCRE-RIVERTOWN, LLC FOR THE BENEFIT OF BELLWETHER ENTERPRISE MORTGAGE INVESTMENTS, LLC. JON MORPHEW SECONDED THE MOTION. MOTION CARRIED, 7-0. 4. Adiourn OLLIE KOROPCHAK-WHITE MOVED TO ADJOURN THE MEETING AT 7:03 A.M. TRACY HINZ SECONDED THE MOTION. MOTION CARRIED, 7-0. Economic Development Authority Minutes(Special Meeting)—March 24t", 2021 Page 1 1 2 Recorder: Jacob Thunander Approved: April 14, 2021 Attest: Jim Thares, Economic Development Director Economic Development Authority Minutes(Special Meeting)—March 24t", 2021 Page 2 1 2 EDA Agenda: 04/14/21 4e. Consideration of Approving Payment 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: 1. Motion to approve payment of bills through March 2021. 2. Motion to approve payment of bills through March 2021 with changes as directed by the EDA. C. STAFF RECOMMENDATION: Staff recommends approval of Alternative #1. D. SUPPORTING DATA: A. Accounts Payable Summary Statements 0 O � o 0 0 0 0 0 0 o O N oo O o C M O O M O O O O O 00 Oi O_ C V Ni 0 � M M l� O O rq N �O �--� l- 00 � � N8 - V LL N N cd U M_ N A O O O O O O O O Gr N N N N N N N N fah O O O O O O O O w V M M M M M M M M id O O O O O O O O 46 Con Q Q Q Q 7 W W W W id cad .bhp O N O O N O 'O Lr 'U N U U U 00 �i 6 •� V1 V] Vl kU-1 � �" CD a A a a a N Q N W N � � U o zzz UU z w oo as Q Q Q ¢ ¢ H a s w w w x z z z a ,It 0 N F4 N C O N N O T .c o U o U N ri O O O M M OIt It O O O M M M z m m m o 1800 00 0cd 00 c� U O v v v v v v v P-i W 0 i N N N N N N N N 0 '� N �" F4 � O � C_ O Q � O Z u v s U v A C7 0 a a 0 r a �L U h C L O "� C �-r /. P, V O N N O N M O M O O U U L T � � 7 O z a � Page: 1 Kennedy & Graven, Chartered 150 South Fifth Street, Suite 700 D� Minneapolis, MN 55402 Monticello EDA D January 31, 2021 MN325-00042 101, 107, and 121 Broadway Through January 31, 2021 For All Legal Services As Follows: Hours Amount 1/11/2021 TMR Review final policy and recorded documents; save to file; 0.50 email to Jim Thares 63.50 1/11/2021 TMR Draft Lease Agreement 0.90 114.30 1/15/2021 MNI Email correspondence with J Thares regarding lease for 0.10 church. 20.00 1/15/2021 MNI Review lease for church; circulate to J Thares 0.40 80.00 1/15/2021 TMR Email from Martha Ingram regarding updating Lease 0.50 Agreement; update Lease Agreement; foward to Martha 63.50 Ingram for review Total Services: $ 341.30 Total Services and Disbursements: $ 341.30 DocuSign Envelope ID:9AC4F629-53FC-43F9-9471-C43377703F8E Kennedy & Graven, Chartered 150 South Fifth Street, Suite 700 Minneapolis, MN 55402 (612) 337-9300 41-1225694 February 12, 2021 Monticello EDA Statement No. 159408 505 Walnut Ave, Suite 1 Monticello, MN 55362 Through January 31. 2021 MN325-00042 101, 107, and 121 Broadway 341.30 Total Current Billing: 341.30 1 declare, under penalty of law, that this account, claim or demand is just and correct and that no part of it has been paid. DocuSigned by: M_ Tn�r.ti. F7F?(Qf14757Gd FR Signature of Claimant From: Jim Thares To: Julie Cheney Subject: RE: Kennedy&Graven(3) Date: Monday,March 1,2021 5:25:26 PM Attachments: imaae001.ono Julie, these are okay to pay. Please see coding below. From:Julie Cheney<Julie.Cheney@ci.monticello.mn.us> Sent: Monday, March 1, 2021 3:40 PM To:Jim Thares <Jim.Thares@ci.monticello.mn.us> Subject: FW: Kennedy & Graven (3) Hi Jim Following up on these. I'd like to include in the AP on Wednesday. Thanks! Julie From:Julie Cheney Sent: Friday, February 19, 2021 1:41 PM To:Jim Thares <Jim.TharesPci.monticello.mn.us> Subject: Kennedy& Graven (3) Jim Attached are the following invoices from Kennedy & Graven: Inv# MN190-00156—TIF District#40-$120.00 213-46301-430400 Inv# MN190-00101—General FDA-$200.00 213-46301-430400 Inv# MN325-00042— 101, 107, 121 Broadway-$341.30 213-46301-430400 Okay to pay? Please provide coding. Thanks, Julie Cheney Finance Assistant City of Monticello 763-271-3205 Julie.Cheney@ci.monticel lo.mn.us AP@ci.monticel lo.mn.us CITY C)I Monticeffo Email correspondence to and from the City of Monticello government offices is subject to the Minnesota 6overnment Data Practices Act and may be disclosed to third parties. Page: 1 Kennedy & Graven, Chartered 150 South Fifth Street, Suite 70 Minneapolis, MN 55402 D City of Monticello January 31, 2021 MN190-00156 TIF District No. 40 (Briggs Housing) Through January 31, 2021 For All Legal Services As Follows: Hours Amount 1/19/2021 MNI Review Assignment and Assumption of Contract and TIF 0.30 60.00 Note 1/28/2021 MINI Phone call with A Schumann regarding assignments of 0.30 60.00 contract after certificate of completion (EDA approval requirement). Total Services: $ 120.00 Total Services and Disbursements: $ 120.00 From: Jim Thares To: Julie Cheney Subject: RE: Kennedy&Graven(3) Date: Monday,March 1,2021 5:25:26 PM Attachments: imaae001.ono Julie, these are okay to pay. Please see coding below. From:Julie Cheney<Julie.Cheney@ci.monticello.mn.us> Sent: Monday, March 1, 2021 3:40 PM To:Jim Thares <Jim.Thares@ci.monticello.mn.us> Subject: FW: Kennedy & Graven (3) Hi Jim Following up on these. I'd like to include in the AP on Wednesday. Thanks! Julie From:Julie Cheney Sent: Friday, February 19, 2021 1:41 PM To:Jim Thares <Jim.TharesPci.monticello.mn.us> Subject: Kennedy& Graven (3) Jim Attached are the following invoices from Kennedy & Graven: Inv# MN190-00156—TIF District#40-$120.00 213-46301-430400 Inv# MN190-00101—General FDA-$200.00 213-46301-430400 Inv# MN325-00042— 101, 107, 121 Broadway-$341.30 213-46301-430400 Okay to pay? Please provide coding. Thanks, Julie Cheney Finance Assistant City of Monticello 763-271-3205 Julie.Cheney@ci.monticel lo.mn.us AP@ci.monticel lo.mn.us CITY C)I Monticeffo Email correspondence to and from the City of Monticello government offices is subject to the Minnesota 6overnment Data Practices Act and may be disclosed to third parties. Page: 2 Kennedy & Graven, Chartered 150 South Fifth Street, Suite 700 Minneapolis, MN 55402 �� V City of Monticello V January 31, 2021 MN190-00101 General EDA Matters Through January 31, 2021 For All Legal Services As Follows: Hours Amount 1/19/2021 MNI Review agenda for monthly finance meeting. 0.10 20.00 1/19/2021 MNI Monthly finance conference call with City and EDA staff, 0.90 180.00 Northland Total Services: $ 200.00 Total Services and Disbursements: $ 200.00 From: Jim Thares To: Julie Cheney Subject: RE: Kennedy&Graven(3) Date: Monday,March 1,2021 5:25:26 PM Attachments: imaae001.ono Julie, these are okay to pay. Please see coding below. From:Julie Cheney<Julie.Cheney@ci.monticello.mn.us> Sent: Monday, March 1, 2021 3:40 PM To:Jim Thares <Jim.Thares@ci.monticello.mn.us> Subject: FW: Kennedy & Graven (3) Hi Jim Following up on these. I'd like to include in the AP on Wednesday. Thanks! Julie From:Julie Cheney Sent: Friday, February 19, 2021 1:41 PM To:Jim Thares <Jim.TharesPci.monticello.mn.us> Subject: Kennedy& Graven (3) Jim Attached are the following invoices from Kennedy & Graven: Inv# MN190-00156—TIF District#40-$120.00 213-46301-430400 Inv# MN190-00101—General FDA-$200.00 213-46301-430400 Inv# MN325-00042— 101, 107, 121 Broadway-$341.30 213-46301-430400 Okay to pay? Please provide coding. Thanks, Julie Cheney Finance Assistant City of Monticello 763-271-3205 Julie.Cheney@ci.monticel lo.mn.us AP@ci.monticel lo.mn.us CITY C)I Monticeffo Email correspondence to and from the City of Monticello government offices is subject to the Minnesota 6overnment Data Practices Act and may be disclosed to third parties. 701 XENIA AVENUE S FEB L SUI1 E C sb MINNEAPAPOEIS, MN 55416 City of Monticello February 16, 2021 Attn: Sarah Rathlisberger, CPFO Finance Manager Project/invoice: R-017641-000 - 1 505 Walnut Street, Suite 1 Reviewed by: Bret Weiss Monticello, MN 55362-8831 Project Manager: James Gromberg 2021 Economic Development Services City Staff Reviewer-Jim Thares W GL Acct#213.46301.431990 �� Professional Services from January 1. 2021 to January 31. 2021 Phase 001 2021 Economic Development Services Monthly Retainer Monthly Retainer$850/Lump Sum Fee$10,200 for this task. Fee Total Fee 10,200.00 Percent Complete 8.3333 Total Earned 850.00 Previous Fee Billing 0.00 Current Fee Billing 850.00 Total Fee 850.00 Total this Task $850.00 Meetings-$135/mtg 21IS-LIU301. 431943 Hours Rate Amount Gromberg, James 1.50 152.00 228.00 Totals 1.50 228.00 Total Labor 228.00 Adjustments "Meetings$135 on 01/28/21 -93.00 Total Adjustments -93.00 -93.00 Total this Task $135.00 Special Projects Hours Rate Amount Gromberg, James 1.00 152.00 152.00 Totals 1.00 152.00 Total Labor 152.00 Total this Task $152.00 Total this Phase $1,137.00 Total this Invoice $1,137.00 Project R-017641-000 MONT-2021 Economic Development Service Invoice 1 Billings to Date Current Prior Total Fee 850.00 0.00 850.00 Labor 380.00 0.00 380.00 Add-on -93.00 0.00 -93.00 Totals 1,137.00 0.00 1,137.00 Page 2 From: Jim Thares To: Julie Cheney Subject: RE:WSB(2) Date: Monday,March 1,2021 5:34:55 PM Attachments: imaoe001.ono Julie, these are okay to pay. Please see coding below. From:Julie Cheney<Julie.Cheney@ci.monticello.mn.us> Sent: Monday, March 1, 2021 3:41 PM To:Jim Thares <Jim.Thares@ci.monticello.mn.us> Subject: FW: WSB (2) Following up on these. Thanks! From:Julie Cheney Sent: Friday, February 19, 2021 2:28 PM To:Jim Thares <Jim.Thares(@ci.monticello.mn.us> Subject: WSB (2) Jim Attached are the following invoices from WSB for January services: Inv# R014511-000 12—Downtown Redev Project-$736.00 213-46301-430300 Inv# R017641-000 1—2021 Economic Development Services -$1,137.00 (see coding breakdown) 213-46301-431993 Okay to pay? Thanks, Julie Cheney Finance Assistant City of Monticello 763-271-3205 Julie.Cheney@ci.monticello.mn.us AP@ci.monticello.mn.us CITY 0E- Monticello 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. D 701 XENIA AVENUE S i SUITE 300 MINNEAPAPOLIS, MN 55416 Vsb City of Monticello February 16, 2021 Attn: Sarah Rathlisberger. CPFO Finance Manager Project/Invoice: R-014511-000- 12 505 Walnut Street, Suite 1 Reviewed by: Bret Weiss Monticello, MN 55362-8831 Project Manager: Penny Rolf Downtown Redev. Project- Monticello City Staff Reviewer- Jim Thares a (-�3030a GL Acct# N/A Professional Services from January 1, 2021 to January 31. 2021 Phase 001 Downtown Redev. Project Acquisition Assistance Services Hours Rate Amount Rolf, Penny 1/11/2021 3.50 184.00 644.00 Prep for meeting - drive to Monticello and back - meet church board and explain relo benefits Rolf, Penny 1/13/2021 .50 184.00 92.00 update notes, file work Totals 4.00 736.00 Total Labor 736.00 Total this Task $736.00 Total this Phase $736.00 Billing Limits Current Prior To-Date Total Billings 736.00 4,175.45 4,911.45 Limit 10,208.00 Remaining 5,296.55 Total this Invoice $736.00 From: Jim Thares To: Julie Cheney Subject: RE:WSB(2) Date: Monday,March 1,2021 5:34:55 PM Attachments: imaoe001.ono Julie, these are okay to pay. Please see coding below. From:Julie Cheney<Julie.Cheney@ci.monticello.mn.us> Sent: Monday, March 1, 2021 3:41 PM To:Jim Thares <Jim.Thares@ci.monticello.mn.us> Subject: FW: WSB (2) Following up on these. Thanks! From:Julie Cheney Sent: Friday, February 19, 2021 2:28 PM To:Jim Thares <Jim.Thares(@ci.monticello.mn.us> Subject: WSB (2) Jim Attached are the following invoices from WSB for January services: Inv# R014511-000 12—Downtown Redev Project-$736.00 213-46301-430300 Inv# R017641-000 1—2021 Economic Development Services -$1,137.00 (see coding breakdown) 213-46301-431993 Okay to pay? Thanks, Julie Cheney Finance Assistant City of Monticello 763-271-3205 Julie.Cheney@ci.monticello.mn.us AP@ci.monticello.mn.us CITY 0E- Monticello 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. INVOICE Date: 2/19/2021 Wright County Economic Jim Thares City of Monticello Development Partnership 505 Walnut Street Suite 1 1405 3rd Ave NE Monticello, MN Buffalo, MN 55313 763.496.5632 admin@wrightpartnership.org Payment Method Check No. 1 2021 Membership Dues $2,606 i Total Discount Subtotal $2,606 Sales Tax Total $2,606 C ed_p Wright County Economic Development partnership If you have any questions please Po-e-graoppo,,-P,. contact Missy at 763.496.5632 Thank you for your participation! From: Jim Thares To: Julie Cheney Subject: WCEDP 2021 Membership Dues Date: Friday, February 19,2021 11:29:19 AM Attachments: 2021-WCEDP Invoice-3.odf.odf Julie, please pay this invoice. Code to: 213-46301-443300 Julie Cheney Dom v From: Bullseye Property Management & Realty <mail@managebuilding.com> Sent: Friday, February 19, 2021 3:04 AM To: AP Subject: Lease statement for Broadway Parking Easement - COMMERCIAL - 2 as of 2/19/2021 Bullseye Property Management & Realty Lease statement as of 2021-02-19_.—_- City of Monticello Economic Development Authority Account #: 00405914 35 Lake St ,,1 ; Suite 500 c�.21 J Big Lake, MN 55309 Date Memo Amount Balance Prior balance $0-00 Reconciled 2020 CAM Charge $162.13 + 12/1/2020 $186.61 $186.61 $24.48 (12 months) 12/18/2020 Payment ($162.13) $24.48 1/1/2021 Common Area Maintenance $198.02 $222.50 1/5/2021 Payment ($162.13) $60.37 2/1/2021 Common Area Maintenance $198.02 $258.39 2/11/2021 Payment ($186.61) $71.78 -- 3/1/2021 Common Area Maintenance $198.02 $269.80 I3 -L-43c,1 .LIwo 9�C� Balance due: $269.80 Payment is due on the 28th of the month. If payment isn't received, a one-time fee equal to 8%of recurring charges will be charged on the 29th of each month. Manage your account online: http://builseyeproperties.managebuilding.com Bullseye Property Management & Realty 763-295-6566 Buildium@bullseye411.com 1 , « & § \ E \ \ \ �c LL U � 2 � c \ / [ ) \ \ \ 7 ± ) } � ± ƒ 2 $ t ) / § cq 0 / ( / \ @ e $ \ \ y § ° U § g ) \ S } 4 k § ) THE LEADERSHIP GROWTH GROUP Leaders Helping Leaders INVOICE Date: March 1, 2021 Bill to: For: 2021 Leadership Growth Group Series Invoice No.: 21506 Jim Thares Economic Development Manager City of Monticello 505 Walnut Street, Suite 1 Monticello, MN 55362 DESCRIPTION AMOUNT 2021 Leadership Growth Group Series $600.00 TOTAL $600.00 Make all checks payable to. The Leadership Growth Group 71 West Golden Lake Road Circle Pines, MN 55014 If you have any questions concerning this invoice, contact Dave Bartholomay at 612.868.7203 or TheLeadershipGrowthGroup@gmail.com THANK YOU FOR YOUR BUSINESS! Leadership Growth Group 71 West Golden Lake Road Circle Pines, MN 55014 612.868.7203 TheLeadershipGrowthGroup@gmail.com From: Jim Thares To: Julie Cheney Subject: Invoice for payment Date: Thursday,March 11,2021 9:49:19 AM Attachments: Leadership Growth Group Invoice-03-01-21.pdf Hi Julie, please go ahead and pay this bill. The coding is: 213-46301-433100 0 Obi r O� LL O O O O O O O z u u U M N N N N N N N M � O C 40, itl t� O 3 Q W W W Con W 3 3 3 0 3 3 3 ?� 0 0 0 r� aar� r� r� 0 M c"I C O O C) O O O 4 C? O O O O O u lu lu v N N v v� v v v N N N N A r r r r r r C) 0 C) C) C) 0 W W W W W W H H H H H H w w w w w w c 0 0 C 0 0 C > U U U U U U cq N �-r M F4 N y � O r � OU N o 0 C O U o U N o 0 0 0 0 0 0 0 0 0 0 0 0 N N N N N N m m m m m 00 m t' 0 U z v v v v v v o o00000 U u cd Debbie Davidson From: noreply@merchanttransact.com Sent: Friday, February 5, 2021 8:54 AM To: AP Subject: Your bill from City of Monticello, MN is ready. Attachments: 2121 webinserts.pdf City of Monticello, MN 505 Walnut St, Ste 1 Monticello, MN 55362 763.271.3228 8AMto4:30PM Account Information Account: 007256-004 Name: MONTICELLO EDA(213-46301) Service Address: 130 BROADWAY E Service Period: 1/1/2021 to 1/31/2021 (31 days) Billing Date: 2/3/2021 Due Date: 3/1/2021 Meter Reading Previous Reading Current Reading Serial Date Reading Date Reading Cons Current Charges Water:ACH CREDIT-AUTO PAY ($1.25) Water: EBILL CREDIT ($0.50) Stormwater: STORMWATER/NON-RESIDENTIAL $21.00 Total Current Charges: $19.25 Bill Summary Previous Balance: $19.25 Payments Received: $19.25 Adjustments: $0.00 Current Charges: $19.25 * Total Amount Due by:3/1/2021 $19.25 * This was the amount due at the time of billing. To view your amount due at the current time and make a payment click here. Auto payment is setup for this customer account, do not pay. 1 Debbie Davidson From: noreply@merchanttransact.com Sent: Friday, February 5, 2021 8:54 AM To: AP Subject: Your bill from City of Monticello, MN is ready. Attachments: 2121 webinserts.pdf City of Monticello, MN 505 Walnut St, Ste 1 Monticello, MN 55362 763.271.3228 8AMto4:30PM Account Information Account: 007256-007 Name: MONTICELLO EDA(213-46301) Service Address: 103 PINE ST Service Period: 1/1/2021 to 1/31/2021 (31 days) Billing Date: 2/3/2021 Due Date: 3/1/2021 Meter Reading Previous Reading Current Reading Serial Date Reading Date Reading Cons Current Charges Water: $0.00 Water: CITY WATER-NON-TAXABLE $7.81 Water:ACH CREDIT-AUTO PAY ($1.25) Water: EBILL CREDIT ($0.50) Water:WATER-STATE CONNECTION FEE $0.81 Sewer: SEWER-COMMERCIAL $10.10 Stormwater: STORMWATER/NON-RESIDENTIAL $21.00 Total Current Charges: $37.97 Bill Summary Previous Balance: $36.34 Payments Received: $36.34 Adjustments: $0.00 Current Charges: $37.97 * Total Amount Due by:3/1/2021 $37.97 * This was the amount due at the time of billing. To view your amount due at the current time and make a payment click here. Auto payment is setup for this customer account, do not pay. 1 Debbie Davidson From: noreply@merchanttransact.com Sent: Friday, February 5, 2021 8:54 AM To: AP Subject: Your bill from City of Monticello, MN is ready. Attachments: 2121 webinserts.pdf City of Monticello, MN 505 Walnut St, Ste 1 Monticello, MN 55362 763.271.3228 8AMto4:30PM Account Information Account: 007256-008 Name: MONTICELLO EDA(213-46301) Service Address: 112 RIVER ST W Service Period: 1/1/2021 to 1/31/2021 (31 days) Billing Date: 2/3/2021 Due Date: 3/1/2021 Meter Reading Previous Reading Current Reading Serial Date Reading Date Reading Cons 68621907 1/1/2021 43858 2/1/2021 43861 3 Current Charges Water: $0.00 Water: CITY WATER-NON-TAXABLE Consumption $0.00 Water: CITY WATER-NON-TAXABLE $7.81 Water:ACH CREDIT-AUTO PAY ($1.25) Water: EBILL CREDIT ($0.50) Water:WATER-STATE CONNECTION FEE $0.81 Sewer: SEWER-COMMERCIAL Consumption $0.00 Sewer: SEWER-COMMERCIAL $10.10 Stormwater: STORMWATER/NON-RESIDENTIAL $21.00 Total Current Charges: $37.97 Bill Summary Previous Balance: $36.34 Payments Received: $36.34 Adjustments: $0.00 Current Charges: $37.97 * Total Amount Due by:3/1/2021 $37.97 * This was the amount due at the time of billing. To view your amount due at the current time and make a payment click here. 1 Auto payment is setup for this customer account, do not pay. z Debbie Davidson From: noreply@merchanttransact.com Sent: Friday, February 5, 2021 8:54 AM To: AP Subject: Your bill from City of Monticello, MN is ready. Attachments: 2121 webinserts.pdf City of Monticello, MN 505 Walnut St, Ste 1 Monticello, MN 55362 763.271.3228 8AMto4:30PM Account Information Account: 007256-010 Name: MONTICELLO EDA(213-46301) Service Address: 101 BROADWAY W Service Period: 1/1/2021 to 1/31/2021 (31 days) Billing Date: 2/3/2021 Due Date: 3/1/2021 Meter Reading Previous Reading Current Reading Serial Date Reading Date Reading Cons Current Charges Water:WATER-STATE CONNECTION FEE $0.81 Water: CITY WATER-NON-TAXABLE $7.81 Water: EBILL CREDIT ($0.50) Water:ACH CREDIT-AUTO PAY ($1.25) Sewer: SEWER-COMMERCIAL $10.10 Stormwater: STORMWATER/NON-RESIDENTIAL $21.00 Total Current Charges: $37.97 Bill Summary Previous Balance: $31.61 Payments Received: $0.00 Adjustments: $1.59 Current Charges: $37.97 * Total Amount Due by:3/1/2021 $71.17 * This was the amount due at the time of billing. To view your amount due at the current time and make a payment click here. Auto payment is setup for this customer account, do not pay. 1 Debbie Davidson From: noreply@merchanttransact.com Sent: Friday, February 5, 2021 8:54 AM To: AP Subject: Your bill from City of Monticello, MN is ready. Attachments: 2121 webinserts.pdf City of Monticello, MN 505 Walnut St, Ste 1 Monticello, MN 55362 763.271.3228 8AMto4:30PM Account Information Account: 007256-011 Name: MONTICELLO EDA(213-46301) Service Address: 107 BROADWAY W Service Period: 1/1/2021 to 1/31/2021 (31 days) Billing Date: 2/3/2021 Due Date: 3/1/2021 Meter Reading Previous Reading Current Reading Serial Date Reading Date Reading Cons Current Charges Water:WATER-STATE CONNECTION FEE $0.81 Water: CITY WATER-NON-TAXABLE $7.81 Water: EBILL CREDIT ($0.50) Water:ACH CREDIT-AUTO PAY ($1.25) Sewer: SEWER-COMMERCIAL $10.10 Stormwater: STORMWATER/NON-RESIDENTIAL $21.00 Total Current Charges: $37.97 Bill Summary Previous Balance: $31.61 Payments Received: $0.00 Adjustments: $1.59 Current Charges: $37.97 * Total Amount Due by:3/1/2021 $71.17 * This was the amount due at the time of billing. To view your amount due at the current time and make a payment click here. Auto payment is setup for this customer account, do not pay. 1 Debbie Davidson From: noreply@merchanttransact.com Sent: Friday, February 5, 2021 8:54 AM To: AP Subject: Your bill from City of Monticello, MN is ready. Attachments: 2121 webinserts.pdf City of Monticello, MN 505 Walnut St, Ste 1 Monticello, MN 55362 763.271.3228 8AMto4:30PM Account Information Account: 007256-012 Name: MONTICELLO EDA(213-46301) Service Address: 121 BROADWAY W Service Period: 1/1/2021 to 1/31/2021 (31 days) Billing Date: 2/3/2021 Due Date: 3/1/2021 Meter Reading Previous Reading Current Reading Serial Date Reading Date Reading Cons 38576653 1/1/2021 371008 2/1/2021 371008 0 Current Charges Water: $0.00 Water:WATER-STATE CONNECTION FEE $0.81 Water: CITY WATER-NON-TAXABLE $7.81 Water: EBILL CREDIT ($0.50) Sewer: SEWER-COMMERCIAL $10.10 Stormwater: STORMWATER/NON-RESIDENTIAL $21.00 Total Current Charges: $39.22 Bill Summary Previous Balance: $32.86 Payments Received: $0.00 Adjustments: $1.65 Current Charges: $39.22 * Total Amount Due by:3/1/2021 $73.73 * This was the amount due at the time of billing. 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 The (3) accounts listed below were entered in Springbrook 2/1/21 batch, but the money will not pull from the bank until the 3/1/21. The bill will reflect the two months charges, but only the usage for the 3/1 bill will be entered into Springbrook because the 2/1 usage was entered From: Pat Kovich previous month. To: Debbie Davidson Subject: MONTI EDA ACCOUNTS 7256-010&7256-011&7256-012 Date: Wednesday, February 3,2021 4:43:36 PM Hi Debbie, These three accounts look like they didn't get paid on 1/1/21. 1 need to add our ACH info. I checked the online and they seem to be ok to get ebills. After this billing posts, I will add the ACH; ADJ off our late penalties (I think I can do that); and I also need to add the ACH Cr to 7256-012. Blah(D Pat Ko-vic� Utility Billing Specialist City of Monticello 505 Walnut St., Suite#1 Monticello, MN 55362 (763) 271-3203 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. 0 C vNi vNi IIR O 0 0 0 o0 0 0 0{ o, C 01 01 M V'l 00 r— ^O N N M r LL i O O O O O z u u U M N V M M M M y O � O Cl O O 411 W W Un id <d O O 3 T b b o w N N 0o O N V m 7 M M ¢ O Ncq M M y �i w z w w w w w w w = w U u u x X a �-r M F4 N O O �1 . M N O d N O V C� U L1 o M �l 6 N C� O N o A-I q o o Q C40 U� Q o 0 0 0 O 00 00 00 00 z m o o 000 u u CenterPoint� Page 1 of 4 CUSTOMER ACCOUNT NUMBER CITY OF MONTICELLO 6402504048-2 AUTOPAY DATE Mar 11, 2021 Energy BILLING DATE AMOUNT DUE $90.52 SERVICE ADDRESS Feb 11,2021 CenterPointEnergy.com 107 Broadway St W,Monticello,MN 55362-9352 Gas leak or emergency Customer service Call before you dig Comments Leave immediately,then call 800-245-2377 Call 811 PO Box 1144 800-296-9815,24 hours a day Monday-Friday,7 am-7 pm 24 hours a day Minneapolis,MN 55440-1144 ACCOUNT SUMMARY Previous gas amount due $78.21 Payment Feb 9, 2021 Thank you! -78.21 Current gas charges(Details on page 2) +90.52 DO NOT PAY-Total amount due to be drafted $90.52 How to pay your bill Online Phone In person W Mail w Visit:CenterPointEnergy.com/paybill Pay Call 800-245-2377 and make a payment To find a payment location,visit: To mail a payment,send to: immediately,schedule a payment or set using your checking or savings account, CenterPointEnergy.com/paybill or call PC Box 4671 up automatic monthly payments. or by debit or credit card. 800-245-2377. Houston,TX 77210-4671 Please keep this portion for your records �entoint� ACCOUNTNUMBER 6402504048-2 gy Has your AutoPay bank AUTOPAY DATE Mar 11,2021 account changed?See form on back of stub. AMOUNT DUE $90.52 00009715 01 AV 0.39 1 CITY OF MONTICELLO Your bill is scheduled to be paid automatically by bank 505 WALNUT ST STE 1 draft on the due date Mar 11, 2021. Your bank draft is MONTICELLO, MN 55362-8822 set up for: '�I'I.IIIIIIII�I�'��I'llll��"I..III�I'lllll'll�ll�ll��l'�I�'�I� 0150151540336 007200640250404820000000090520000000905290 000001 CenterPoint Page 2 of 4 CUSTOMER ACCOUNT NUMBER CITY OF MONTICELLO 6402504048-2 AUTOPAY DATE Mar 11, 2021 Energy BILLING DATE AMOUNT DUE $ 90.52 SERVICE ADDRESS Feb 11,2021 CenterPointEnergy.com 107 Broadway St W,Monticello,MN 55362-9352 DEFINITIONS Current gas charges Rate:Residential Rate Basic Charge is a flat amount each month,regardless of the Meter Number Day Billing Period Current read date Next scheduled read date Next billing date amount of gas used,to cover a portion of costs incurred even M20011226302 32 Feb 9,2021 Mar 11,2021 Mar 12,2021 if the customer does not use gas during the billing period. Cost of Gas is the cost CenterPoint Energy pays for the gas Adjusted it delivers to its customers. Billing Period Current Reading - Previous Reading =Total x Therm factor = 1 Delivery Charge is based on the amount of gas delivered, Usage to cover the costs of delivering gas not covered by the Basic 01/08/21 -02/09/21 9958 9844 114 1.01741 116 Therms Charge. City Franchise Fee is a fee charged by a city to utility Basic charge $9.50 companies that provide natural gas,electricity or cable Delivery charge 116 therms x $ 021627 25.09 service.Utilities will collect the fee from individual customers Decoupling adjustment 116 therms x $ 0.00008 0.01 and pay it to the city.Utilities receive no revenue from this fee. Gas Affordability PRG 116 therms x $ 0.00236 027 Gas Affordability Program(GAP)covers costs to offer Cost of gas` 116 therms x $ 0.43974 51.01 a low-income customer co-pay program to reduce natural gas service disconnections.This charge is billed to all non- Interim rate adjustment 4.64 interruptible customers. (Basic Chg+($021036`therms))`l3.7000% Purchased Gas Adjustment reflects the difference between Total current charges $90.52 the base cost of gas established at the time of our most recent rate case and the price paid to purchase and transport `includes a purchased gas adjustment of$0.03832 the gas you used during this billing period. Therm is the heating value of gas.Your meter measures CCF (hundreds of cubic feet)which we multiply by the therm factor to determine the heating capacity of the gas you used. For a more detailed description of each of the terms used on your bill,please visit CenterPointEnergy.com/definitions or call Customer Support at 800-245-2377. Your account,managed your way •Pay automatically. Set up AutoPay by signing and •Other services.Report a payment made at a payment Sign up at CenferPoinfEnergy.com/myaccounf returning the form below with your check payment.Its that location,set up a payment extension and much more.View •2417 online account access.View and/or pay your bill, easy! options from your online account or visit view usage history,sign up for account services and much •Even out the highs and lows of your monthly bills. CenterPointEnergy.corn/selfservice if you'd prefer not to more. Enroll in Average Monthly Billing and spread your natural register. •Go paperless.Receive an email when your bill is ready gas costs throughout the year. • Moving?Please call us at 800-245-2377 at least two to view and pay.Get convenience,get rid of clutter. •Get bill reminders. Choose text or email, up to five weeks before you move, or complete the forms at days before your bill is due. CenterPointEnergy.corn/selfservice Register any inquiry or complaint at CenterPoint Energy,505 Nicollet Mall,PO Box 59038,Minneapolis,MN 55459-0038 Mail payments to CenterPoint Energy,PO Box 4671,Houston,TX 77210-4671 ........................................................................................................................................................................................................................................................................................................................................................................................................................ Late payment detailsldue date.Please pay your bill on time Has your AutoPay bank account changed? to reach our office by the due date shown at the top of your bill. Unpaid gas amounts over$10 are charged a late payment fee of To update your bank account information,please sign and date this form and return it with this month's payment,using one 1.5%(18%annual percentage rate)or$1 minimum on the next of your new checks.Money orders do not qualify for enrollment or updating.Your next bill will be automatically deducted billing date shown on your bill. from the account listed on your check.For more information or to update your banking information electronically,go to Returned check charge.There will be a$10 charge for any CenterPointEnergy.com/autopay. check or AutoPay payment your bank returns to us. I authorize CenterPoint Energy to automatically deduct from the checking account shown on my enclosed check all Notice of customer information availability.Customer future payments for my CenterPoint Energy bills.I will notify CenterPoint Energy if I decide to cancel my use of AutoPay. information is available upon request.Call 800-245-2377. CenterPoint Energy also has the right to discontinue my AutoPay enrollment.Once I enroll,I understand that any past due Personal checks sent for payment may be processed balances will be drafted from my account three days after my application is processed. electronically.This means your check will not be returned by your financial institution.Any funds may be debited from your account as soon as the same day payment is received.lf you have questions concerning this process,please contact customer service at 800-245-2377.For further information,visit http://federaireserve.gov/pubs/checkconv/ Account holder's signature Date 000002 NORTHERN STATES POWER COMPANY MAILING ADDRESS ACCOUNT NUMBER Xcel Energy® M 55 CITY HALL CITY OF MONTICELLO 51 0013373403 2 03I04/2021 505 WALNUT 1 MONTICELLO MN 55362-8822 STATEMENT NUMBER STATEMENT DATE ddijazl= RESPONSIBLE BY NATURE• 718977173 02/04/2021 $250.81 QUESTIONS ABOUT YOUR BILL? ACCOUNT BALANCE (Balance desu cuenta) See our website: xcelenergy.com Previous Balance As of 01/05 $223.95 Email us at: Customerservice@xcelenergy.com Payment Received Phone Pay 02/03 -$223.95 CR Please Call: 1-800-481-4700 Balance Forward $0.00 Hearing Impaired: 1-800-895-4949 Current Charges $250.81 Fax: 1-BOO-311-0050 Amount Due (Cantidad a pagar) $250.81 Or write us at: XCEL ENERGY PO BOX 8 N EAU CLAIRE WI 54702-0008 N Q O PREMISES SUMMARY PREMISES NUMBER PREMISES IDENTIFIER PREMISES DESCRIPTOR CURRENT BILL 302226904 101 W BROADWAY ST $80 0.51 .30 302634483 107 W BROADWAY ST $ Total $2550..8181 INFORMATION ABOUT YOUR BILL Different fuel sources are used to generate electricity, and they produce different air emissions. For updated environmental information for 2019, go to: xceienergy.com/EnvironmentalDisclosure. If you don't have internet access, please contact us at 800,895.4999 and we can provide you with this information. Thank you for your payment. Convenience at your service - Pay your bills electronically-fast and easy with Electronic Funds Transfer. Call us at 1-800-481-4700 or visit us at www.xcelenergy.com. RE IufiN 6.T]11M RlHTiON WITH YOUR PAYMENT•PLEASE 00 NOT USE STAPLES,TAPE OR PAPERCLIPS Xcel Energy® ACCOUNT NUMBER DUE DATE m AMOUNTOUEAMOUNT 51-0013373403-2 03/04/2021 $250.81 m Please see the back of this bill for more information regarding the late payment charge.Pay on or before the date due to avoid assessment of a late payment charge. �12 W35 6 Make your check payable to XCEL ENERGY 7 8 9 10 11 12 13 14 15 16 17 18 19 20 AV 01 024287 81093B106 A'"5DGT 21 22 23 24 25 25 21 11111�1'I{III{I'I{IIII'I"I'I'I'I'1111III I III 111 Jill. 11111111'11 28 29 30 31 CITY HALL CITY OF MONTICELLO 505 WALNUT ST STE 1 MONTICELLO MN 55362-8822 1"II1111111111111111"11"11'1111111'1111 Jill 1'1111.11'1 XCEL ENERGY P.O. BOX 9477 MPLS MN 55484-9477 32 51D30421 00133734032 0000002508100000025081 d,l0 )I i MAILING ADDRESS ACCO DUE DATE Xcel Energy® CITY HALL CIT505 WALN ITUT ST S STE 1 MONTICELLO 51-0013373403-2 03/04/2021 MONTICELLO MN 55362-8822 STATEMENT NUMBER STATEMENT DATE i I 718977173 02/04/2021 $250.81 YOUR MONTHLY ELECTRICITY USAGE SERVICE ADDRESS: 101 W BROADWAY ST MONTICELLO,MN 55362-9352 NEXT READ DATE: 03/09/21 ELECTRICITY SERVICE DETAILS PREMISES NUMBER: 302226904 ' INVOICE NUMBER: 0884557398 F M rA M 3 J A S 0 N D J f METER READING INFORMATION METER 54322001 _ Read Gates:01/05/21-02/03/21(29 Days) DAILY AVERAGES iastYear DESCRIPTION - -— - - - � --- - -- Temperature 160 F i CURRENT READING PREVIOUS READING' USAGE Total Energy - -- "— --- Electricity kWh 0.0 E- - gY _ —_ r 67583 Actual 67142 Actual 441 kWh -- �__— Electrlcitycost $0.00 ELECTRICITY CHARGES RATE:Sm Gen Svc(Metered) DESCRIPTION USAG E UNITS RATE � CHARGE Basic Service Chg $10.00 Energy Charge Winter 441 kWh $0.077570 $34.21 Fuel Cost Charge 441 kWh $0.023764 $10.48 Decoupling Adj 441 kWh $0.002849 $1.26 Affordability Chrg $1 27 Resource Adjustment Subtotal - $60.16 City Fees $5.50 Transit Improvement Tax 0.50% $0.33 State Tax 6.875% $4.52 Total -- - - - - - -- -- - $70.51 Promises Total $70.51 INFORMATION ABOUT YOUR BILL For an average non-demand customer,68% of your bill refers to power plant costs, 15%to high voltage line costs,and 17%to the cost of local wires connected to your business. For an average demand-billed customer,78% of your total bill refers to Power plant costs, 15%to high voltage lines,and 7%to the cost of local wires connected to your business. 6 Y, SAFETY IS A POWERFUL RESPONSIBILITY. When millions of people rely on you for their energy,you " hold a lot of our power in hands. In p Y Including the power to protect.That's why we trust a team of nearly 3,000 utility professionals to deliver energy right to your door,safely. For ways you can stay safe,visit xcelenergy.com/Safety. MAILING ADDRESS ACCOUNT NUMBER r Xce/Energy® CITY HALL CITY OF MONTICELLO 51 0013373403 2 o3/U4/2021 505 WALNUT ST STE 1 MONTICELLO MN 55362-8822 STATEMENT NUMBER STATEMENT DATE • t t 718977173 02/04/2021 $250.81 SERVICE ADDRESS: 107 W BROADWAY ST MONTICELLO,MN 55362 YOUR MONTHLY ELECTRICITY USAGE NEXT READ DATE: 03/09/21 ELECTRICITY SERVICE DETAILS PREMISES NUMBER: 302634483 INVOICE NUMBER: 0884561989 READINGMETER r M A M J J A S 0 N D J r _METER 52996010 Read Dates:01/05/21-02/03/21(29 Days) DAILY AVERAGES Last Year DEi SCRIPTEnergy ION l CURRENT READING PREVIOUS READING USAGE Temperature 16�F Total 97591 Actual 96227 Actual 1364 kWh Electricity kWh 0,0 f Electricity cost so.00 ELECTRICITY CHARGES RATE:Sm Gen Svc(Metered) N DESCRIPTION USAGE UNITS RATE CHARGE Basic Service Chg $10.00 0 Energy Charge Winter 1364 kWh $0.077570 $105.81 Fuel Cost Charge 1364 kWh $0.023746 $32.39 Decoupling Adj 1364 kWh $0.002849 $3.89 Affordability Chrg $1.27 Resource Adjustment $9.04 Subtotal $162.40 City Fees $5.50 :I.;' Transit Improvement Tax 0.50% $0.85 'I' State Tax 6.875% $11.55 Total $180.30 Premises Total $180.30 INFORMATION ABOUT YOUR BILL For an average non-demand customer,68% of your bill refers to power plant costs, 15%to high voltage line costs, and 17% to the cost of local wires connected to your business. For an average demand-billed customer,78% of your total bill refers to power plant costs, 15% to high voltage lines, and 7%to the cost of local wires connected to your business. ----------------------------------------------------------------------------------------------------------------------------------- - ENROLL IN AUTO PAY - 1- NO LATE FEES, NO WORRIES. Enjoy the benefits of automatic payment withdrawal from your checking account. Your payment will automatically post to your Xcel Energy account on your due date. To enroll,fill out the information below,cut off this form, and include it, along with your check and bill stub, in the remittance envelope. Money orders do not qualify. Watch for Automated Bank Payment to appear on your billing statement to ensure your enrollment is in effect. n 8 To enroll your business in Auto Pay online,visit 4"I For more information call our Business Solutions Center at Authorized signature Xcel Energy account number Date Signature above must match name on the bank account See page 1 of bill statement r I authorize Xcel Energy to initiate transfers from the bank account indicated on the enclosed check to make monthly payments on my Xcel E nergy account on my due date This authority will remain in effect until I notify Xcel Energy,or Xcel Energy notifies me,of the need to r - !. cancel the enrollment I understand that a new authorization is required if I change my bank account I have kept a record of this authorization. IMPORTANT PHONE NUMBERS IMFt�RTAhIT ADDRESSES Elociric Emergencies. By5,13�9 24 hours.7 days a weak Gewral Inquiries' Payruenrs Natural Gas Emergencies: 8W.895.2999 24 hours.7 days a week Xcel Energy Xcel Energy Residential Customer Service:` 8W.895.4999 7 a.m.-7 p.m.,Man.—Fti. PO Box 8 PO Box 9477 9 a.m.-5 p.m.,Sat Eau Claire,WI 54702 0008 Minneapolis,MN 55484 9477 Business Solutions Center:` OWAR1.4700 8 a.m.-5 p-m.,Mon—Fri. xcelensrgy.com Please include stub fur faster processing. TTD/TTY 8W.895.4949 24 hours,7 days a week Call Before You Big all 24 hours,7 days a week `Register any inquiry or complaint at the above GENERALINFORMATION City Feltz_ _ —__ Governing Regulato A fee some cities impose thatXcel Energy collects from customers and pays directly tothe city. The Minnesota Public Utilities Commission regulatesthis utility and is available for mediation. Unction ic_Check Conversion MPUC:121 7th Place E.,Suite 350,St Paul,MN 55101-2147-httpJ/mn.gov/purj. When you pay your bill by check,in most cases Xcel Energy will use your check information to Late_Pamem charge make a one-time electronic debit from your checking account on the day we receive your check Xcel Energy will assess a late payment charge on unpaid amounts two working days after There ere no fees for this electronic conversion.In all other cases we will process your check the due date,The late payment charge is 1.5%monthly or$1,whichever is greater.No late Emriroomental,lldomrlotion _ _ payment charge will be assessed ifthe unpaid amount is less than$10. Fuels used to generate electricity have different costs,reliability and air emissions.For more Pagryleeal Besrronsibililr __ information,contact Xcel Energy at 800.895.4999 or online atxcelenergy.com.You can also contact If the name on the front of your bill is not that of a person or business who has payment the Minnesota Department of Commerce at httpi/mn.gov/commercel or the Minnesota Pollution responsibility,call Xcel Energy at8g0.895.4999. Control Agency at httpsl/www.pce.state.mn.uslquick4inks/electricity-and-environment Estimated Bins - _ — Further information is available to customers upon request Xcel Energy attempts to read meters each month.If no reading is taken,Xcel Energy estimates your month's bill based on your past use. ABOUT YOUR ELECTRIC RATES morrlabilityChow —._- MercurLCostgecovery A surcharge to recover the costs of offering bill payment assistance and discount programs Minnesota law allows Xcel Energvto recover costs relatedto reducing Mercury emissions attwo for low-income customers. ofXcel Energy"s fossil fuel power plants. t3asig Service C ige . — Renewable Dereloarreat fvad __,___ __ Fired monthly charge for certain fixed costs(metering,billing,maintenance,etc.) Minnesota law requires Xcel Energy to allocate money to support research and development roet@rrafioa Imaroventant Programs __._____T __ ___ _ of renewable energy technologie grid modernization,and other projects that increase Minnesmalawroquires Xcel Energy to invest in programs dot help customers save energy. system efficiency. 1)eaaupliugltdcasomeat _ _. .._ Renewable Energy_Standard - __- A credit or surcharge to residential and non-demand business customers that separates the Minnesota law allows Xcel Energy to recover the costs of new renewable generation. recovery of fixed costs from sales,adjusted annually based on the average use of each of Resource_Aid u_.ssoraM _,_ _ these two customer classes. This includes costs related to:Conservation Improvement Programs,Mercury Cost nomad Charge Recovery,Renewable Development Fund,Renewable Energy Standard,State Energy Policy, Chargeto commercial and industrial customers for the fixed costs ofthe electric capacity required Transmission Cost Recovery. to meetthe peak electric loads on Xcel Energy's system.The charge,which is adjusted seasonally, State Energy Policy appliesto the highest 15 minute kW demand duringtho billing period. Minnesota law allows Xcal Energy to recover costs relatedto various energy policies Energy Charge , _ approved by the Legislature. Charge per kWh of electricity usage to recoverthe variable costs of producing energy. Turns nissiop Cost Re feel Cost charge Minnesota law allowsXcel Energy to recover costs associated with new investments in the Charge par kWh to recover the costs of fuel needed to run Xcel Energy's generating plants,as electric transmission system necessary to deliver electric energy to customers. wall as the cost of purchasing energy from other suppliers. Windsorrrce16 _,_. Wyk _ Windsource is an optional program where you choose haw much wind energy you would like to support.One kilowatt-hour dkWhl is a unit of electrical usage.One kWh equals 1,00f1 watts of electricity You can choose a fixed number of Windsource blocks(100 kWh each)or choose a used for one hour.This is enough alectricitvto light a 100-wan light bulb for 10 hours. 100%Windsource option. µ ` } OUT YOUR NATURAL ERAS RATES Basictayis Chatgs- _..-,.-_—__�. -- ---__- _ _ _ HemConteutAdjustmem Monthly charge for certain fixed costs(metering,billing,maintenance,etc.) Corrects for variances m the heating capability ofriatural gas,and the adlusunealvanes monthly. Gorge pertberm_T_,___ The higherthe heat cortem,the lowerthe volume of natural gas needed to provide the same heating. Charge to recover the cost of natural gas purchases from wholesale suppliers and delivered to New —Se Ex...PAP11sum arse . Xcel Energy's distribution system via pipeline.This charge is adjusted each month. Monthly charge for extending natural gas service to areas wherethe costwould otherwise have been prohibitive under Companys present rates and service extensionpolicy. Minnesota law requires Xcel Energy to invest in programs that help customers save energy. Pressure Correction Adjastnreat Distriiati Charge Adjusts for variances in the amount of natural gas measured bydiffererdtypesofineters due to Charge per therm that covers only the delivery costs of natural gas to a home or business through our pressure differences in the natural gas delivered to a service. distribution system.It does not include the charges for the natural gas itself. RourcEAushment _ Gas Affop bill Pro_,grarlr y This includes costs related to Conservation Improvement Programs,Gas Utility Infrastructure Costs and A surcharge to recover the costs of offering a low-income customer co-pay program designed to State Energy Policy Rider. reduce natural gas service disconnections.Billed to all norrAnterruptible customers. State EaerAdP_olicx.__.. Gas UGWlelrasutretare Costs _ Minnesota law allows Xcel Energy to recover costs related to various energy policies Minnesota law allows Xcel Energvto recover MPUC-approved costs of assessments, approved by the Legislature. modifications,and replacement of natural gas facilities as required to comply with state Thene and federal pipeline safety programs. A therm is a unit of heating value equal to 100,000 British Thermal Units(BTUs}.Since natural gas meters measure the volume of natural gas consumed in cubic feet,the Heat Content Ad- jusrment is used to deternime hew much heat,io therm,.is contained in the volume consumed. #A 1n-cha. Tt7PbONS Learn more atxceIleoergycouWPayment , Standard Payment Options: (No fees apply) Other Payment Options i Third-party fees will apply.Xcel Lnergy dues not collect nor benelk • My AccounVe$iIVMobile App—View/pay your bill electronically,view energy usage and from these fees.) r access account information. •CrediVDebit Cad Payment—Pay with your credit or debit card electronically in •Auto Pay—Automatically pay your bill directly from your bank account My Account/eBilVMobile App,or by calling 888.747.1523.A processing fee is charged • Pay By Phone—Make your payment by phone from your checking or savings account by for each credit/debit card payment. calling 800.895.4999. •Pay Stations—Pay your bill in-person at a location near you.A processing fee is • Pay By Mail—Return the enclosed envelope and attached bill stub with your payment. charged for payments made at a pay station. e Apply proper postage. Learn more atxcelenergy.COrf7✓MyACcount h • Bank View and Pay—View and pay your bills online through a third-party vendor. R 3/9/2021 My Account-Make A Payment-By Bank Account-Confirmation Payment Complete Pay by Bank Account Information Payment Reference Number: 20210309GKBQ7J Payment Account: CityofMonti-0017 Payment Amount: $250.81 (Full Amount) Payment Date: March 9, 2021 Account Overview https:Hmyaccount.xcelenergy.com/oam/user/showPaymentConfirmationFinal.req 1/1 NORTHERN STATES POWER COMPANY Page 1 of 4 MAILING ADDRESS ACCOUNT NUMBER Xcel Energy® CITYA MONTICELLO ECONOMIC DEV AUTH 51 0013295413 8 ;$;11726; 505 WALNUT ST STE 1 MONTICELLO MN 55362-8831 STATEMENT NUMBER STATEMENT DATE RESPONSIBLE BY NATURE® 719348299 02/08/2021 QUESTIONS ABOUT YOUR BILL? ACCOUNT BALANCE (Balance de su cuenta) See ourwebsite: xcelenergy.com Previous Balance As of 01/05 $122.49 Email us at: Customerservice@xcelenergy.com Payment Received Auto Pay 02/05 -$122.49 CR Please Call: 1-800-481-4700 Balance Forward $0.00 Hearing Impaired: 1-800-895-4949 Current Charges $117.26 Fax: 1-800-311-0050 Amount Due (Cantidad a pagar) $117.26 Orwrite us at: XCEL ENERGY PO BOX 8 EAU CLAIRE WI 54702-0008 M N N (2 PREMISES SUMMARY PREMISES NUMBER PREMISES IDENTIFIER PREMISES DESCRIPTOR CURRENT BILL 302923602 103 PINE ST EDA $38.60 303409149 112 W RIVER ST PW Split $78.66 Total $117.26 f . F INFORMATION ABOUT YOUR BILL } XceI Energy works hard to keep bills low and that's why we are lowering the processing fees for the credit/debit card payment option for residential customers. Beginning February 21, 2021,the fee decreases to$1.50 for residential customers, and changes to a 2.2% fee for all other customers. See xcelenergy.com/MyAccount for more details. Different fuel sources are used to generate electricity, and they produce different air emissions. For updated environmental information for 2019, go to: xcelenergy.com/Environmental Disclosure. If you don't have internet access, please contact us at 800.895.4999 and we can provide you with this information. RETURN BOTTOM PORTION WITH YOUR PAYMENT•PLEASE DO NOT USE STAPLES,TAPE OR PAPER CLIPS XcelEnergy® ACCOUNT NUMBER DUE DATE I I I ENCLOSED 51 0013295413 8 03/08/2021 $117.26 Automated Bank Payment MARCH Your bill is paid through an automated bank payment plan. 1 2 3 4 5 6 7 9 10 11 12 13 14 15 16 17 18 19 20 ------manifest line--------- 21 22 23 24 25 26 27 I"IIIII"I'I'I'II'IIIIIIIIIIII'III'IIIII--IIIIII-III'IIIIII'III' 28 29 30 31 CITY MONTICELLO ECONOMIC DEV AUTH 505 WALNUT ST STE 1 MONTICELLO MN 55362-8831 I"I�III"�'I'�'�I'IIIIIII�II�I'II�'lll�l��ll�lll�l�l'I�IIII'I��' XCEL ENERGY P.O. BOX 9477 MPLS MN 55484-9477 32 51030821 00132954138 0000001172600000011726 Page 2 of 4 MAILING ADDRESS ACCOUNT NUMBER ;$7117.26 XCel Energy® CITY A NTICELLO ECONOMIC DEV AUTH 51 0013295413 8 505 WALNUT ST STE 1 MONTICELLO MN 55362-8831 STATEMENT NUMBER STATEMENT DATE 719348299 02/08/2021 INFORMATION ABOUT YOUR BILL Thank you for your payment. s SAFETY IS A POWERFUL UTILITY RESPONSIBILITY. WORKWhen millions of people rely on you for their energy,you T hold a lot of power in your hands_ Including the power to HE protect.That's why we trust a team of nearly 3,000 utility professionals to deliver energy right to your door,safely. Far ways you can stay safe,visit xcelenergy.com/Safety. Page 3 of 4 MAILING ADDRESS ACCOUNT NUMBER ;$7117.26 XCel Energy® CITYA MONTICELLO ECONOMIC DEV AUTH 51 0013295413 8 505 WALNUT ST STE 1 MONTICELLO MN 55362-8831 STATEMENT NUMBER STATEMENT DATE 719348299 02/08/2021 SERVICE ADDRESS: 103 PINE ST MONTICELLO,MN 55362-8564 NEXT READ DATE: 03/09/21 ELECTRICITY SERVICE DETAILS PREMISES NUMBER: 302923602 INVOICE NUMBER: 0884983555 READINGMETER i i METER 3632365-Multiplier x 40 Read Dates:01/05/21 02/03/21(29 Days) MEASURED BILLED DESCRIPTION CURRENT READING PREVIOUS READING USAGE USAGE Total Energy 21396 Actual 21393 Actual 3 120 kWh Demand Actual 0.4 kW N Billable Demand 0 kW N M ELECTRICITY CHARGES RATE:Sm Gen Svc(Metered) DESCRIPTION USAGE UNITS RATE CHARGE Basic Service Chg $10.00 Energy Charge Winter 120 kWh $0.077570 $9.31 Fuel Cost Charge 120 kWh $0.023750 $2.85 f Decoupling Adj 120 kWh $0.002849 $0.34 Affordability Chrg $1.27 jr Resource Adjustment $0.84 }" Subtotal $24.61 City Fees $5.50 Total $30.11 OTHER RECURRING CHARGES DETAILS INVOICE NUMBER: 884983519 ADDRESS: 103 PINE ST MONTICELLO,MN 55362-8564 UNIT DESCRIPTION USAGE UNITS CHARGE OTY CHARGE Install Number 157123 01/05/21 to 02/02/21 100 WATT HPS AREA CO OWN Auto Protective Lgt 49 kWh $7.41 1 $7.41 Fuel Cost Charge $0.90 Resource Adjustment $0.18 Total $8.49 N 0 Premises Total $38.60 0 N O DAILYAVERAGES Last Year Temperature 16'F i' Electricity kWh 4.1 Electricity Cost $1.11 i o, M a INFORMATION ABOUT YOUR BILL N M For a In average non-demand customer, 68% of your bill refers to power plant costs, 15% to high voltage line costs, and 17% to the cost of local wires connected to your business. For a n average demand-billed customer, 78% of your total bill refers to power plant costs, 15% to high voltage lines, and 7% to the cost of local wires connected to your business. Page g of g MAILING ADDRESS ACCOUNT NUMBER XCel Energy® CITY A MONTICELLO ST S ECONOMIC DEV AUTH 51 0013295413 8 ;$;117.26 1 505 WALNUT ST STE 1 MONTICELLO MN 55362-8831 STATEMENT NUMBER STATEMENT DATE 719348299 02/08/2021 SERVICE ADDRESS: 112 W RIVER ST MONTICELLO,MN 55362-8766 DAILY ES Last Year NEXT READ DATE: 03/09/21 Temperaatureture 16°F Electricity kWh 6.2 ELECTRICITY SERVICE DETAILS Electricity Cost $3.52 PREMISES NUMBER: 303409149 INVOICE NUMBER: 0884992248 READINGMETER i METER 15062258 Read Dates:01/05/21-02/03/21(29 Days) DESCRIPTION CURRENT READING PREVIOUS READING USAGE Total Energy 69017 Actual 68908 Actual 109 kWh Demand Actual 1.5 kW Billable Demand 1 kW ELECTRICITY CHARGES RATE:General Service DESCRIPTION USAGE UNITS RATE CHARGE Basic Service Chg $25.64 Energy Charge 109 kWh $0.034070 $3.71 Fuel Cost Charge 109 kWh $0.023028 $2.51 Sales True Up 109 kWh $0.001950 $0.21 Demand Charge Winter 1 kW $10.490000 $10.49 Affordability Chrg $3.60 Resource Adjustment $1.50 Subtotal $47.66 City Fees $31.00 Total $78.66 Premises Total $78.66 INFORMATION ABOUT YOUR BILL For a n average non-demand customer,68% of your bill refers to power plant costs, 15%to high voltage line costs,and 17%to the cost of local wires connected to your , business. For an average demand-billed customer,78% of your total bill refers to power plant costs, 15%to high voltage lines,and 7%to the cost of local wires connected to your business. TOR BLOWING HOT AIR (AND COLD AIR). Air leaks can, inflate your heating and energy costs. Insulate doors,windows, and anywhere air can escape. Get more tips at xcelenergy.corn/EnergySavingTips, EDA Agenda: 04/14/21 4f. Consideration of Adopting Resolution #2021-04 Ratifying Approval and Execution of a Collateral Assignment of TIF Note by GCRE-Rivertown, LLC to Bellwether Enterprise Mortgage Investments, LLC (JT) A. REFERENCE AND BACKGROUND: The EDA is asked to consider adopting EDA Resolution #2021-04 ratifying approval and execution of a "Collateral Assignment of TIF Note" by GCRE-Rivertown, LLC to Bellwether Enterprise Mortgage Investments, LLC (BWEMI). The Collateral Assignment was determined to be the most appropriate security form related to the financing for GCRE-Rivertown, LLC's purchase of Rivertown Residential Suites. Rivertown is an apartment property located at 212 Locust Street. This request came from BWEMI and it will replace the previous "Pledge of TIF Note" to which the EDA "consented" through EDA Resolution #2021-03 at its regular March 24, 2021 meeting. The sign off on the Collateral Assignment document was requested after the March 24, 2021 meeting and staff was informed that it would be needed for the transaction closing which was scheduled for early April 2021. The EDA attorney was involved in the discussions with the finance entity's attorney regarding the preferred security format and reviewed the Collateral Assignment document and helped shape its final format. Since an executed Collateral Assignment document was needed to allow the transaction to occur, prior to the April 14, 2020 EDA meeting, staff is providing an update on the requested change in preferred security forms and is asking the EDA to consider ratifying the approval and execution of the document through EDA Resolution #2021-04 at the April 14, 2021 meeting. Al. Staff Impact: City staff's time commitment to the processing and consideration of the Collateral Assignment of the TIF Revenue Note is minimal.The EDA attorney reviewed and edited the Collateral Assignment and prepared the EDA Resolution. A2. Budget Impact: An estimate of the EDA attorney's costs for reviewing and editing the both the previous Pledge of TIF Note and the Collateral Assignment document and preparing the two EDA Resolutions (#2021-03 and #2021-04) is estimated to be $1,350.00 +/-. These costs will be billed to GCRE-Rivertown, LLC. Staffs time commitment to the item is part of typical duties and is funded through the EDA's General Fund. B. ALTERNATIVE ACTIONS: 1. Motion to adopt EDA Resolution #2021-04 ratifying the Collateral Assignment of TIF Revenue Note by GCRE-Rivertown, LLC to Bellwether Enterprise Mortgage Investments, LLC EDA Agenda: 04/14/21 2. Motion of other as determined by the EDA. C. STAFF RECOMMENDATION: Staff recommends approval of EDA Resolution #2021-04 ratifying the Collateral Assignment of TIF Revenue Note. The EDA's sign off of the Collateral Assignment was required by GCRE-Rivertown, LLC's lender to allow the closing to occur. The closing was scheduled to occur in early April. The EDA is not affected financially, nor does it incur any risk by ratifying the approval and execution of the Collateral Assignment. The EDA attorney recommends such actions are approved through a Resolution. EDA Resolution #2021-04 is attached to the staff report along with the final and redline Collateral Assignment document. D. SUPPORTING DATA: A. EDA Resolution #2021-04 B. Collateral Assignment— Final C. Collateral Assignment— Redline CITY OF MONTICELLO ECONOMIC DEVELOPMENT AUTHORITY EDA RESOLUTION NO. 2021-04 RESOLUTION RATIFYING APPROVAL AND EXECUTION OF A COLLATERAL ASSIGNMENT OF TIF NOTE BY GCRE — RIVERTOWN, LLC TO BELLWETHER ENTERPRISE MORTGAGE INVESTMENTS, LLC BE IT RESOLVED By the Board of Commissioners ("Board") of the City of Monticello Economic Development Authority("Authority") as follows: Section 1. Recitals. 1.01. The Authority currently administers its Redevelopment Project No. 1 (the "Project") pursuant to Minnesota Statutes, Sections 469.001 to 469.047, and within the Project has duly established Tax Increment Financing District No. 1-40 (the "TIF District"). 1.02. The Authority and Rivertown Residential Suites, LLC (the "Redeveloper") entered into a Contract for Private Redevelopment dated as of July 11, 2018 (the "Contract"), regarding redevelopment of the property (the "Property") within the TIF District by means of the construction of a multifamily rental housing facility, along with associated parking (the"Minimum Improvements"), on the Property. 1.03. The Redeveloper duly completed construction of the Minimum Improvements, and on November 23, 2020, the Authority issued its Tax Increment Revenue Note (the "TIF Note")to the Redeveloper pursuant to the Contract. 1.04. The Redeveloper and GCRE — Rivertown, LLC (the "Assignee") have entered into an Assignment and Assumption Agreement, providing for the conveyance of the Property to the Assignee and the assumption by the Assignee of Redeveloper's obligations under the Contract, and have further agreed to the transfer of the TIF Note from the Redeveloper to the Assignee. 1.05. In order to receive financing for the acquisition of the Minimum Improvements, the Assignee's mortgage lender, Bellwether Enterprise Mortgage Investments, LLC (the "Lender") requires a collateral assignment of the TIF Note by the Assignee to the Lender, and previously presented a Pledge of TIF Note to the Authority (the "Pledge Agreement"), to which the Authority approved the execution of a consent at a special meeting held on March 24, 2021. 1.06. On March 29, 2021, the Assignee presented a proposed form of Collateral Assignment of Redevelopment Agreement and TIF Note between the Assignee, the Lender, and the Authority (the "Collateral Assignment") to Authority staff and requested execution on behalf of the Authority of the Collateral Assignment in place of the Pledge Agreement. DOCSOPEN\MN190\156\711528.v1-3/30/21 1.07. Authority legal counsel has reviewed the Collateral Assignment and determined that it is substantially similar to the Pledge Agreement previously approved by the Authority, such that additional formal approval of the Collateral Assignment is not required prior to execution of the Collateral Assignment by the President and Executive Director. Section 2. Authority Ratification of Approval; Other Proceedings. 2.01. The Collateral Assignment is hereby found and determined to be substantially similar to the Pledge Agreement previously approved by the Board, and the Board ratifies its approval of the Collateral Assignment. 2.02. The Board hereby approves and ratifies the actions of the President and Executive Director in executing the Collateral Assignment in the form presented to such officials. 2.03. Authority staff and consultants are authorized to take any actions necessary to carry out the intent of this resolution. Approved by the Board of Commissioners of the City of Monticello Economic Development Authority this day of April, 2021. President ATTEST: Secretary DOCSOPEN\MN190\156\711528.v1-3/30/21 COLLATERAL ASSIGNMENT OF REDEVELOPMENT AGREEMENT AND TIF NOTE This Collateral Assignment of Redevelopment Agreement and TIF Note ("Collateral Assignment") is dated as of April , 2021, by and between GCRE —RIVERTOWN, LLC, a Delaware limited liability company ("Assignor"), whose address for notice purposes is 3900 Roosevelt Road, Suite 125, Saint Cloud, MN 56301, c/o Andrew P. Martin; BELLWETHER ENTERPRISE MORTGAGE INVESTMENTS, LLC, a Maryland limited liability company ("Lender"), whose address for notice purposes is 11000 Broken Land Parkway, Suite 700, Columbia, MD 21044; and the City of Monticello Economic Development Authority, a public body corporate and politic and political subdivision under the laws of the State of Minnesota, (the "Authority"), whose address for notice purposes is 505 Walnut Street, Monticello, MN 55362. Recitals A. Simultaneously herewith, Assignor is financing certain improved real property located in the City of Monticello (the "City") and County of Hennepin, State of Minnesota, as more particularly described on Exhibit A attached hereto ("Property"). B. Assignor is a party, as successor in interest to RIVERTOWN RESIDENTIAL SUITES, LLC, a Minnesota limited liability company (the "Developer") to that certain Contract for Private Redevelopment dated July 11, 2018 (the "Redevelopment Agreement") with the Authority, pursuant to which the Property was subjected to certain restrictions by the Authority in connection with the development of the Property. C. Pursuant to the Redevelopment Contract, the Authority has issued and delivered to the Developer that certain Tax Increment Revenue Note dated as of November 23, 2020, in the original principal amount of$785,000.00 (the"TIF Note"). D. Pursuant to that certain Assignment and Assumption of Contract for Private Redevelopment dated as of , by and between Assignor and Developer, it was acknowledged that Developer transferred fee title to the Property to Assignor, that Assignor assumed the obligations of Developer, and that the rights of Developer to receive the TIF Note were assigned to Assignor. E. In connection with the acquisition and financing of the Property by Assignor, Lender is making a loan to Assignor in the original principal amount of$[6,720,000.00] ("Loan") pursuant to a Multifamily Loan and Security Agreement between Lender and Assignor (as supplemented or amended from time to time, the "Loan Agreement") and evidenced by a Multifamily Note by Assignor to Lender (as supplemented or amended from time to time, the "Note"). The Loan is to be secured by a Multifamily Mortgage, Assignment of Leases and Rents, Security Agreement and Fixture Filing that will be recorded with the Wright County, Minnesota (as supplemented or amended from time to time, the"Mortgage") (the Loan Agreement,the Note and the Mortgage, together with all other documents executed with respect to the Loan, are hereinafter collectively referred to as the"Loan Documents"). Page 1 DOCSOPEN\MN 190\156\711195.v2-3/29/21 F. As a condition of the Loan, Assignor has agreed to assign its rights and interests under the Redevelopment Agreement and the TIF Note to Lender for the purpose of securing the Loan. Now therefore, in consideration of their mutual undertakings, and intending to be legally bound hereby, Lender and Assignor agree as follows: 1. For the purpose of securing the Loan, Assignor hereby transfers and collaterally assigns to Lender, its successors and assigns, and grants to the Lender a security interest in, all of Assignor's right, title and interest in and to the Redevelopment Agreement and the TIF Note. 2. Assignor shall not take or omit to take any action, the taking or omission of which might result in an alteration or impairment of(a) the Redevelopment Agreement, (b) the TIF Note, (c) this Collateral Assignment, or (d) any of the rights created by the aforementioned documents in the foregoing subparagraphs (a)—(c). 3. Assignor represents and warrants to Lender that: (a)Assignor has not assigned or pledged, and hereby covenants that it will not assign or pledge, so long as this Collateral Assignment shall remain in effect, any of its right, title or interest in or under the Redevelopment Agreement and/or the TIF Note to anyone other than Lender, its successors or assigns, and that it will not, except upon the prior written consent of Lender and upon the terms and conditions, if any, specified in any such consent, enter into any agreement amending or supplementing the Redevelopment Agreement and/or the TIF Note, or settle or compromise any claim against the maker of the TIF Note; (b) Assignor's right, title and interest in and to the TIF Note is not now subject to any lien, encumbrance or security interest; (c) to Assignor's knowledge, the Redevelopment Agreement and/or the TIF Note are in all respects in full force and effect and enforceable in accordance with their terms; and (d) to Assignor's knowledge, no default exists under the Redevelopment Agreement and/or the TIF Note as of the date of this Collateral Assignment. 4. This Collateral Assignment shall be binding upon Assignor, its heirs, successors and assigns, and shall inure to the benefit of Lender, its successors and assigns. 5. To the extent permitted by applicable law, Assignor waives all claims, damages and demands it may acquire against Lender arising out of the exercise by it of any rights hereunder, except for the Lender's gross negligence or willful misconduct. If any notice of a proposed sale or other disposition of the TIF Note shall be required by law, such notice shall be deemed reasonable and proper if given at least ten(10) days before such sale or other disposition. 6. All rights and remedies afforded to Lender by reason of this Collateral Assignment and any other Loan Document, or by law, are separate and cumulative and not alternative to the exercise of any other of such rights or remedies. No delay or omission by Lender in exercising any such right or remedy shall operate as a waiver thereof.No waiver of any right or remedy hereunder, and no modification or amendment hereof, shall be deemed made by Lender unless in writing and duly signed by an expressly authorized officer of Lender. Any such written waiver shall apply only to the particular instance specified therein and shall not impair the further exercise of such right or remedy or of any other right or remedy of Lender, and no single or partial exercise of any right or remedy hereunder shall preclude other or further exercise thereof or of any other right or remedy. Page 2 DOCSOPEN\MN 190\156\711195.v2-3/29/21 7. Any provision of this Collateral Assignment which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions of this Collateral Assignment or affecting the validity or enforceability of such provision in any other jurisdiction. 8. This Collateral Assignment shall be governed by, and construed in accordance with, the laws of the State of Minnesota. Assignor waives personal service of any process and consents that such process shall be made as set forth in the Loan Agreement. 9. From and after the date hereof, and for so long as this Collateral Assignment shall remain in full force and effect, Assignor, for itself, its successors and assigns, covenants and agrees to do all acts and execute and deliver all documents reasonably necessary to assist Lender in obtaining the rights, benefits and privileges granted pursuant to this Collateral Assignment. 10. Assignor shall have the right to receive all payments under the TIF Note until such time as Lender shall deliver to the Authority written notice that Assignor is in default under the Loan Documents. Following receipt of such notice, the Authority and Assignor hereby acknowledge and agree that Lender(i)shall have control of all payments that Assignor is entitled to receive with respect to the TIF Note, and(ii) shall have the right and power to instruct and direct the Authority, pursuant to a written notice from Lender to the Authority and without any further consent of Assignor, to make all payments that Assignor is entitled to receive with respect to the TIF Note directly to Lender, or as Lender may otherwise instruct and direct in writing to the Authority, all in accordance with the provisions of the TIF Note and Redevelopment Agreement. 11. The Authority hereby consents to the Assignor's collateral assignment of the Redevelopment Agreement and the TIF Note to Lender pursuant to the terms and conditions of this Collateral Assignment. The Authority also confirms that, to its knowledge, there are no defaults under the TIF Note and Redevelopment Agreement, and that Lender shall have the right, but not the obligation, to cure any default by Assignor under the TIF Note and Redevelopment Agreement on Assignor's behalf. 12. This Assignment may be enforced from time to time by Lender at its discretion, with or without order of any court, as Lender shall determine. Lender shall have no obligation to enforce or continue to enforce this Assignment. Any failure on the part of Lender promptly to exercise any option hereby given or reserved shall not prevent the exercise of any such option at any time thereafter. Lender may pursue and enforce any remedy or remedies accorded it herein independently of, in conjunction or concurrently with, or subsequent to its pursuit and enforcement of any remedy or remedies which it may have under the Loan Documents. For avoidance of doubt, Lender shall have the option, in its sole discretion, to assume the obligations of Assignor under the Redevelopment Agreement, but not the obligation to do so. 13. Assignor warrants and represents to Lender that: a. It has the right to exercise and deliver this Assignment under the terms of the Redevelopment Agreement. The execution of this Assignment and performance and observance of its terms hereof have been duly authorized by necessary Page 3 DOCSOPEN\MN 190\156\711195.v2-3/29/21 company action and do not contravene or violate any provision of Assignor's organizational documents. b. There have been no prior assignments of the Redevelopment Agreement,other than a collateral assignment of the Redevelopment Agreement in connection with indebtedness of Developer which indebtedness has been paid in full. c. The Redevelopment Agreement is in full force and effect, subject to no defenses, setoffs or counterclaims whatsoever; and there exists no event, condition or occurrence that would cause the Redevelopment Agreement to be subject to any defenses, setoffs or counterclaims whatsoever. d. Assignor has performed all of its obligations under the Redevelopment Agreement and, to the best of Assignor's knowledge, information and belief, there exists no event, condition or occurrence which constitutes, or which with notice and/or the passage of time would constitute, a breach of or default under any terms or conditions of the Redevelopment Agreement. e. Assignor has filed all tax returns required to be filed and paid all taxes shown thereon to be due, including interest and penalties,which are not being contested in good faith and by appropriate proceedings, and Assignor has no knowledge of any objections or claims for additional taxes in respect to federal tax or excise profit tax returns for prior years. f. The outstanding principal balance of the sum due to Assignor under the Redevelopment Agreement is $785,000. Assignor has not received from the Authority any notice of the Authority's intention to prepay all or any portion of the sum due to Assignor under the Redevelopment Agreement in advance of the regularly scheduled payments thereunder. [The remainder of this page intentionally left blank; signature pages follow] Page 4 DOCSOPEN\MN 190\156\711195.v2-3/29/21 IN WITNESS WHEREOF, the parties have signed and delivered this Assignment under seal (where applicable) or have caused this Assignment to be signed and delivered under seal (where applicable)by their duly authorized representative. Where applicable law so provides, the parties intend that this Assignment shall be deemed to be signed and delivered as a sealed instrument. ASSIGNOR: GCRE - RIVERTOWN, LLC, a Delaware limited liability company By: Andrew P. Martin President [DOCUMENT EXECUTION CONTINUES ON THE FOLLOWING PAGES] Page S-1 DOCSOPEN\MN 190\156\711195.v2-3/29/21 LENDER: BELLWETHER ENTERPRISE MORTGAGE INVESTMENTS, LLC, a Maryland limited liability company By: Therese Callahan Senior Vice President [DOCUMENT EXECUTION CONTINUES ON THE FOLLOWING PAGES] Page S-2 DOCSOPEN\MN 190\156\711195.v2-3/29/21 AUTHORITY: CITY OF MONTICELLO ECONOMIC DEVELOPMENT AUTHORITY By: Name: Title: President By: Name: Title: Executive Director Page S-3 DOCSOPEN\MN 190\156\711195.v2-3/29/21 COLLATERAL ASSIGNMENT OF REDEVELOPMENT AGREEMENT AND TIF NOTE This Collateral Assignment of Redevelopment Agreement and TIF Note ('Collateral Assignment') is dated as of April , 2021, by and between GCRE —RIVERTOWN, LLC, a Delaware limited liability company (`Assignor'), whose address for notice purposes is 3900 Roosevelt Road, Suite 125, Saint Cloud, MN 56301, c/o Andrew P. Martin; BELLWETHER ENTERPRISE MORTGAGE INVESTMENTS, LLC, a Maryland limited liability company (`Lender'), whose address for notice purposes is 11000 Broken Land Parkway, Suite 700, Columbia, MD 21044; and the City of Monticello Economic Development Authority, a ublic body co orate and politic and political subdivision under the laws of the State of Minnesota, (the `C4tyAuthority'), whose address for notice purposes is 505 Walnut Street, Monticello, MN 55362. Recitals A. Simultaneously herewith, Assignor is financing certain improved real property located in the City of Monticello (the "Cit ') and County of Hennepin, State of Minnesota, as more particularly described on Exhibit A attached hereto (`Property'). B. Assignor is a parry, as successor in interest to RIVERTOWN RESIDENTIAL SUITES, LLC, a Minnesota limited liability company(the `Developer') to that certain Contract for Private Redevelopment dated July 11, 2018 (the `Redevelopment Agreement') with the CAA h ri , pursuant to which the Property was subjected to certain restrictions by the C4t-yA h ri in connection with the development of the Property. C. The C74y has exec-„ted it fa of efpursuant to the Redevelopment Contract_ the Authority has issued and delivered to the Developer that certain Tax Increment Revenue Note dated as of November 23, 2020, in the original principal amount of $785,000.00 (the `TIF Note'). D. Pursuant to that certain Assignment and Assumption of Contract for Private Redevelopment dated as of , by and amengbetween Assignor;�nd Developer,- atid the, it was acknowledged that Developer transferred fee title to the Property to Assignor, that Assignor assumed the obligations of Developer, and that the rights of Developer to receive the TIF Note were assigned to Assignor. E. In connection with the acquisition and financing of the Property by Assignor, Lender is making a loan to Assignor in the original principal amount of$[6,720,000.00] (`Loan') pursuant to a Multifamily Loan and Security Agreement between Lender and Assignor (as supplemented or amended from time to time, the `i.oan Agreement') and evidenced by a Multifamily Note by Assignor to Lender (as supplemented or amended from time to time, the `Tote'). The Loan is to be secured by a Multifamily Mortgage, Assignment of Leases and Rents, Security Agreement and Fixture Filing that will be recorded with the Wright County, Minnesota (as supplemented or amended from time to time, the `Mortgage') (the Loan Agreement, the Note and the Mortgage, together with all other documents executed with respect to the Loan, are hereinafter collectively referred to as the`Loan Documents'). Page 1 DOCSOPEN\MN190\156\711195.v-2-3/29/21 F. As a condition of the Loan, Assignor has agreed to assign its rights and interests under the Redevelopment Agreement and the TIF Note to Lender for the purpose of securing the Loan. Now therefore, in consideration of their mutual undertakings, and intending to be legally bound hereby, Lender and Assignor agree as follows: 1. For the purpose of securing the Loan,Assignor hereby transfers and collaterally assigns to Lender, its successors and assigns, and grants to the Lender a security interest in, all of Assignor's right, title and interest in and to the Redevelopment Agreement and the TIF Note. 2. Assignor shall not take or omit to take any action, the taking or omission of which might result in an alteration or impairment of(a) the Redevelopment Agreement, (b) the TIF Note, (c) this Collateral Assignment, or (d) any of the rights created by the aforementioned documents in the foregoing subparagraphs (a)—(c). 3. Assignor represents and warrants to Lender that: (a) Assignor has not assigned or pledged, and hereby covenants that it will not assign or pledge, so long as this Collateral Assignment shall remain in effect, any of its right, title or interest in or under the Redevelopment Agreement and/or the TIF Note to anyone other than Lender, its successors or assigns, and that it will not, except upon the prior written consent of Lender and upon the terms and conditions, if any, specified in any such consent, enter into any agreement amending or supplementing the Redevelopment Agreement and/or the TIF Note, or settle or compromise any claim against the maker of the TIF Note; (b) Assignor's right, title and interest in and to the TIF Note is not now subject to any lien, encumbrance or security interest; (c) to Assignor's knowledge, the Redevelopment Agreement and/or the TIF Note are in all respects in full force and effect and enforceable in accordance with their terms; and (d) to Assignor's knowledge, no default exists under the Redevelopment Agreement and/or the TIF Note as of the date of this Collateral Assignment. 4. This Collateral Assignment shall be binding upon Assignor, its heirs, successors and assigns, and shall inure to the benefit of Lender, its successors and assigns. 5. To the extent permitted by applicable law, Assignor waives all claims, damages and demands it may acquire against Lender arising out of the exercise by it of any rights hereunder, except for the Lender's gross negligence or willful misconduct. If any notice of a proposed sale or other disposition of the TIF Note shall be required by law, such notice shall be deemed reasonable and proper if given at least ten (10) days before such sale or other disposition. 6. All rights and remedies afforded to Lender by reason of this Collateral Assignment and any other Loan Document, or by law, are separate and cumulative and not alternative to the exercise of any other of such rights or remedies. No delay or omission by Lender in exercising any such right or remedy shall operate as a waiver thereof. No waiver of any right or remedy hereunder, and no modification or amendment hereof, shall be deemed made by Lender unless in writing and duly signed by an expressly authorized officer of Lender. Any such written waiver shall apply only to the particular instance specified therein and shall not impair the further Page 2 DOCSOPEN\MN 190\156\711195.v-�2-3/29/21 exercise of such right or remedy or of any other right or remedy of Lender, and no single or partial exercise of any right or remedy hereunder shall preclude other or further exercise thereof or of any other right or remedy. 7. Any provision of this Collateral Assignment which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions of this Collateral Assignment or affecting the validity or enforceability of such provision in any other jurisdiction. 8. This Collateral Assignment shall be governed by, and construed in accordance with, the laws of the State of Minnesota. Assignor waives personal service of any process and consents that such process shall be made as set forth in the Loan Agreement. 9. From and after the date hereof, and for so long as this Collateral Assignment shall remain in full force and effect,Assignor, for itself, its successors and assigns, covenants and agrees to do all acts and execute and deliver all documents reasonably necessary to assist Lender in obtaining the rights, benefits and privileges granted pursuant to this Collateral Assignment. 10. Assignor shall have the right to receive all payments under the TIF Note until such time as Lender shall deliver to the C4tyArity written notice that Assignor is in default under the Loan Documents. Following receipt of such notice, the GityAmfljonty and Assignor hereby acknowledge and agree that Lender(i) shall have control of all payments that Assignor is entitled to receive with respect to the TIF Note, and (ii) shall have the right and power to instruct and direct the CAA h ri , pursuant to a written notice from Lender to the CAA h ri and without any further consent of Assignor, to make all payments that Assignor is entitled to receive with respect to the TIF Note directly to Lender, or as Lender may otherwise instruct and direct in writing to the CAA h ri=ty, all in accordance with the provisions of the TIF Note and Redevelopment Agreement. 11. The CArity hereby consents to the Assignor's collateral assignment of the Redevelopment Agreement and the TIF Note to Lender pursuant to the terms and conditions of this Collateral Assignment. The CAA h ri also confirms that, to its knowledge, there are no defaults under the TIF Note and Redevelopment Agreement, and that, Lender shall have the right, but not the obligation, to cure any default by Assignor under the TIF Note and Redevelopment Agreement on Assignor's behalf. 12. This Assignment may be enforced from time to time by Lender at its discretion, with or without order of any court, as Lender shall determine. Lender shall have no obligation to enforce or continue to enforce this Assignment. Any failure on the part of Lender promptly to exercise any option hereby given or reserved shall not prevent the exercise of any such option at any time thereafter. Lender may pursue and enforce any remedy or remedies accorded it herein independently of, in conjunction or concurrently with, or subsequent to its pursuit and enforcement of any remedy or remedies which it may have under the Loan Documents. For avoidance of doubt, Lender shall have the option, in its sole discretion, to assume the obligations of Assignor under the Redevelopment Agreement, but not the obligation to do so. 13. BeffowefAssi nor warrants and represents to Lender that: Page 3 DOCSOPEN\MN 190\156\711195.v-�2-3/29/21 a. It has the right to exercise and deliver this Assignment under the terms of the Redevelopment Agreement. The execution of this Assignment and performance and observance of its terms hereof have been duly authorized by necessary company action and do not contravene or violate any provision of efAssi nor's organizational documents. b. 14 haeThere have been no prior assignments of the Redevelopment Agreement, other than a collateral assignment of the Redevelopment Agreement in connection with indebtedness of erDevelo=r which indebtedness has been paid in full. c. The Redevelopment Agreement is in full force and effect, subject to no defenses, setoffs or counterclaims whatsoever; and there exists no event, condition or occurrence that would cause the Redevelopment Agreement to be subject to any defenses, setoffs or counterclaims whatsoever. d. BeffewefAssignor has performed all of its obligations under the Redevelopment Agreement and, to the best of erAssi�nor's knowledge, information and belief, there exists no event, condition or occurrence which constitutes, or which with notice and/or the passage of time would constitute, a breach of or default under any terms or conditions of the Redevelopment Agreement. e. BeffewffAs J nor has filed all tax returns required to be filed and of paid all taxes shown thereon to be due, including interest and penalties, which are not being contested in good faith and by appropriate proceedings, and BeffewffA nor has no knowledge of any objections or claims for additional taxes in respect to federal tax or excise profit tax returns for prior years. f. The outstanding principal balance of the sum due to BeffeweFAsaignor under the Redevelopment Agreement is $ Beffe T° has not received from the GiArity any notice of the CAA h ri 's intention to prepay all or any portion of the sum due to Beffewef=Assignor under the Redevelopment Agreement in advance of the regularly scheduled payments thereunder. [The remainder of this page intentionally left blank; signature pages follow] Page 4 DOCSOPEN\MN 190\156\711195.v-�2-3/29/21 IN WITNESS WHEREOF, the parties have signed and delivered this Assignment under seal (where applicable) or have caused this Assignment to be signed and delivered under seal (where applicable) by their duly authorized representative. Where applicable law so provides, the parties intend that this Assignment shall be deemed to be signed and delivered as a sealed instrument. ASSIGNOR: GCRE -RIVERTOWN, LLC, a Delaware limited liability company By: Andrew P. Martin President [DOCUMENT EXECUTION CONTINUES ON THE FOLLOWING PAGES] Page S-5 DOCSOPEN\MN 190\156\711195.v-�2-3/29/21 LENDER: BELLWETHER ENTERPRISE MORTGAGE INVESTMENTS,LLC, a Maryland limited liability company By: Therese Callahan Senior Vice President [DOCUMENT EXECUTION CONTINUES ON THE FOLLOWING PAGES] Page S-6 DOCSOPEN\MN 190\156\711195.v-�2-3/29/21 C 1 T V.2 AUTHORITY: CITY OF MONTICELLO ECONOMIC DEVELOPMENT AUTHORITY By: Name: Title: -President Bv: Name: Title: Executive Director Page S-7 DOCSOPEN\MN 190\156\711195.v-�2-3/29/21 Document comparison by Workshare 10.0 on Monday, March 29, 2021 11.55.33 AM Input: Document Powerpocs://DOCSOPEN/711195/1 1 ID Description DOCSOPEN-#711195-v1-Collateral_Assign ment_of_Redevelop ment_Agreement and TIF Note Document Powerpocs://DOCSOPEN/711195/2 2ID Description DOCSOPEN-#711195-v2-Col lateral_Assign ment_of_Redevelop ment_Agreement and TIF Note Rendering Standard set Legend: Insertion n i + . �cTcci-vrr nn., ,-I fP A PA Moved to Style change Format change Inserted cell Deleted cell Moved cell Split/Merged cell Padding cell Statistics: Count Insertions 44 Deletions 39 Moved from 1 Moved to 1 Style change 0 Format changed 0 Total changes 1 85 EDA Agenda: 04/14/21 5. Consideration of adopting Resolution #2021-05 approving a GMEF Loan Guidelines Subsidy Agreement Extension for Rustech Brewing Company, LLC related to Job and Wage Compliance (JT) A. REFERENCE AND BACKGROUND: The EDA is asked to adopt Resolution #2021-05 approving an extension of Rustech Brewing Company, LLC's GMEF Loan Guidelines Subsidy Agreement related to its job creation goals. Rustech received EDA approval for a $75,000 Greater Monticello Enterprise Fund (GMEF) gap funding loan in July 2017 to open Monticello's first microbrewery and tap room. Rustech was founded by Bill and Penny Burt, Monticello, MN. Terms of the GMEF Loan Guidelines Subsidy Agreement require Rustech to create 4 new jobs in a 2-year time frame using the benefit date of July 12, 2017. As indicated in its 2020 GMEF-Business Subsidy report, covering calendar year 2020, Rustech fell short of the required new jobs. It reported an average of 2.938 full-time equivalent staff over the entire year. Clearly the economic downturn in the second quarter of 2020, brought on by COVID-19 response efforts (shutdowns) had a significant impact on Rustech's operations and its job creation efforts. Rustech, like other bars, restaurants and micro- breweries across the entire nation were forced to close to in-person seating and rely on take-out purchases as their primary business model for a significant portion of quarter#2 in 2020 as well as time in late 2020 around the Thanksgiving Holiday. A bullet point listing of the challenges that Rustech faced in 2020 is shown in the attached email. On a positive note, in-spite of the difficult operating environment in 2020, Rustech managed to increase its FTE job count over the 1.9 jobs that it reported as an FTE average in calendar year 2019. Failure to achieve the required Job and Wage goals is considered an Event of Default of the Loan Agreement. Default penalties can include accelerated loan payments. Because the Rustech GMEF loan was less than $150,000, a public hearing is not required for the EDA's consideration of the approximately 15-month extension. Al. Staff Impact: The staff impact related to reviewing and processing information for Rustech's GMEF Loan Guidelines Subsidy Agreement extension is modest. Staff involved in the review included the Economic Development Manager, the Community Economic Development Coordinator and the EDA Attorney. Staff committed a total of 15 hours to this item. Al. Budget Impact: There is a minor budget impact due to consultation with the EDA Attorney regarding the State Statute as well as drafting of EDA Resolution #2021-05. A ballpark estimate of the EDA attorney's fee for this item is $350. B. ALTERNATIVE ACTIONS: EDA Agenda: 04/14/21 1. Motion to adopt Resolution #2021-05 approving an extension of Rustech Brewing's GMEF Loan Subsidy Agreement timeline related to job creation goal performance. 2. Motion to table for further research and discussion. C. STAFF RECOMMENDATION: Staff recommends approval of the extension of Rustech's GMEF Loan Guidelines Subsidy Agreement allowing it more time (until July 12, 2022) to meet its original goal of creating 4 FTE jobs. Rustech actually out-performed in many respects in a very tough operating environment in 2020. It fell short of its job creation goals which it expected to surpass in 2020 due to unique events and conditions that were largely beyond its control. Allowing an additional approximately 15-month job and wage performance period will give Rustech the opportunity to meet its goal of creating 4 FTE jobs. D. SUPPORTING DATA: a. EDA Resolution #2021-05 b. Email summary from Rustech re CY 2020 Challenges and Job Creation Numbers c. GMEF Loan-Business Subsidy Agreement— page 3 d. GMEF Loan Program Guidelines RESOLUTION No.2021-05 CITY OF MONTICELLO ECONOMIC DEVELOPMENT AUTHORITY RESOLUTION AUTHORIZING EXTENSION OF JOB AND WAGE COMPLIANCE DATE RELATED TO A LOAN AGREEMENT BETWEEN THE AUTHORITY AND RUSTECH BREWING COMPANY LLC WHEREAS, the City of Monticello Economic Development Authority (the "Authority") currently administers the Central Monticello Redevelopment Project No. 1 (the "Project") within the City of Monticello(the"City"); and WHEREAS,the Authority entered into a Loan Agreement with Rustech Brewing Company LLC (the `Borrower") dated as of July 12, 2017 (the "Agreement"), providing for a Greater Monticello Enterprise Fund loan by the Authority to the Borrower in the amount of$75,000 (the "Loan") for the purchase of certain equipment necessary for the operation of the Borrower's microbrewery and tap room located within the Project; and WHEREAS, the Loan did not constitute a business subsidy as defined in Minnesota Statutes, Sections 1161993 to 1161995, as amended (the "Business Subsidy Act"), because the amount of the Loan was less than $150,000, but the parties agreed and acknowledged that because the Loan was in the amount of at least $75,000, Section 1161994, subd. 2 of the Business Subsidy Act requires the Borrower to comply with the Authority's written business subsidy policy with regard to the fulfillment of certain job and wage goals, which were to be met within two years after the date of the Agreement(the"Compliance Date"); and WHEREAS, the Authority has determined that the Compliance Date was July 12, 2019, and that the Borrower has not yet satisfied the job and wage goals required under the Agreement; and WHEREAS, due to economic challenges caused by the COVID-19 pandemic, the Borrower has requested an extension of the Compliance Date to July 12, 2022; and WHEREAS, the Authority believes that approval of the extension of the Compliance Date is in the best interest of the City and its residents. NOW, THEREFORE, BE IT RESOLVED by the Board of Commissioners of the City of Monticello Economic Development Authority as follows: The extension of the Compliance Date is hereby approved. The extended Compliance Date is July 12, 2022. MN325\33\712006.v1 Approved by the Board of Commissioners of the City of Monticello Economic Development Authority this 14th day of April, 2021. President ATTEST: Secretary MN325\33\712006.v1 2 0 m � g � / / / \ g 2 e � � f f k Ln 0 \ j o _0 \ C to U / » 0 u % f R 7 u f CLO � » 0 / k / § § 2 o \ $ c k / 0 L- 0 � ƒ § / 0 \ k / w a \ 3 .E 2 -C _ u \ ƒ $ 2 ± 3 § ( to \ 0 © u E » 2 ' a) \ 6 ai E • >\ ) §� t a /o f¥ƒ CA 2o c a)to \ 0 3 ( \ \ § / } CU / _ _ 2 = C § / \ \ / / 3 o E / ? 2 \ U / 0 9 E u _ a) 2 2 e R c -a u ® R -0 -0 % $ \ & 2 E v § Ln � \ 3 � / U m \ 2 / ( } ' § c o » @ ƒ 2 A ® 2 % k \ 3 3 -0 / i 2 \ / \ / ƒ 2f % � » � % E e $ .E e E / / \ / \ \ 0 \ -0 Co & _ 3 \ f / / / \ k 2 4-1 k :3 ± \/ & c ° $f % $ � ° _ IA E % � % u tD ( E § J k f o 2 % ( / \ , LL. & 24 » 7 / SZLZ'z � .. SUM A SZ809Z ' v SZTTfiL Z a z SZ980z E SZTSOb E 5Z9LOb£ SLEE6£E ■ SZ9zLb E SZ9VZ f sons£ d ZL9 E Ox SZStZ8£ ,Z � SLBSTZ f -- L U v SM09 E a �' cr SZTTZO'b E O U S5081 Y O V 5LESO b T m sLf£s T E 3 A 0 3 _ U c T � on . T � u v SL96CT Ep v z _ c SOLS'Z L U SMS Z a -p � N Z szcts z �, D a 3 c 3 0 Sm9s z 0 3 U - — O m SUR Z U W i � _ mv N = r-1 m l0 the Borrower that all representations and warranties set forth in this Agreement are true and correct as of the date of such draw request. (d) If the Borrower has perfonned all of its agreements and complied with all requirements to be performed or complied with hereunder, including satisfaction of all applicable conditions precedent contained in this Section, the Lender shall make a disbursement to the Borrower in the amount of the requested disbursement or such lesser amount as shall be approved, within twenty days after the date of the Lender's receipt of the draw request. (a) No Subsidy. The parties agree and understand that the purpose of the Lender's financial assistance to the Borrower is to provide a business loan of less than $150,000, and is not a "business subsidy' within the meaning of Minnesota Statutes, Sections 1 l 6J.993 to ] l 6J.995. Howev the Loan is in an amount of$75,000, tl y with the Lender's_current business subsidy policy, and the parties t o a following terms in conformity with said policy. (b) Job Goals. The parties agree and understand that the Loan is being made, in part, for the purpose of facilitating the creation of jobs in the City. Accordingly, the Borrower agrees that within one year after the date of tivs Agreement, Borrower will create at leas.- jobs lithe City in connection with the operation of the Facility, and that within two years after the,,-date of this Agreement, Borrower will create at least obs in connection with the operation of the Facih y, ages of at least$1 1. 0 per hour in connection with each job created. (c) Reports. The Borrower must submit to the Lender a written report regarding job and wage results by no later than February l of each year, commencing February 1, 2018 and continuing until the date the goals stated in Section 4(b) are met. The Lender will provide information to the Borrower regarding the required forms. If the Borrower fails to timely file any report required under this Section, the Lender will mail the Borrower a warning within one week after the required filing date. If, after 14 days of the postmarked date of the warning, the Borrower fails to provide a report, the Borrower must pay to the Lender a penalty of$l 00 for each subsequent day until the report is filed. The maximum aggregate penalty payable under this Section is$1,000. (d) Default. Failure to create the jobs provided in Section 4(b) at the wages specified in such section is an Event of Default. 5. Representations and Warranties. Borrower represents and warrants to Lender that: (a) Borrower is duly authorized and empowered to execute, deliver, and perform this Agreement and to borrow money from Lender. (b) The execution and delivery of this Agreement, and the performance by Borrower of its obligations hereunder, do not and will not violate or conflict with any 500964v2 MNI MN325-33 3 CITY OF GREATER MONTICELLO ENTERPRISE FUND ontifleflo GUIDELINES 1. PURPOSE The purpose of the Greater Monticello Enterprise Fund (GMEF) is to encourage economic development by supplementing conventional financing sources available to existing and new businesses. This program is administered by the City of Monticello Economic Development Authority (EDA) and participating lending institution(s). GMEF Loans are made to businesses to help them meet a portion of their financing needs. The loans are meant to be a secondary source of financing, provide gaps in private financing, and assist in securing other grants. All loans must meet four or more of the criteria established in the Definition of Public Purpose section. 2. ORGANIZATION The Greater Monticello Enterprise Fund is administered by the EDA. It is the responsibility of the EDA to assure that loans meet the public purpose standard and comply with all other GMEF policies as defined in this document. 3. GMEF GUIDELINE MODIFICATION At a minimum, the EDA shall review the guidelines on an annual basis. Changes to the GMEF guidelines require approval by the City Council. 4. DEFINITION OF PUBLIC PURPOSE GMEF Loans must meet at least one (1) of the following public purposes (if the EDA finds that the public purpose described in b. is met, the EDA must find that the GMEF Loan meets at least one additional public purpose): a. To provide loans for credit-worthy businesses which create new jobs. 1. One job is equivalent to a total of 37.5 hours per week. 2. At least 90% of the jobs created must pay at least 160% of the federal minimum wage, exclusive of benefits, for individuals over the age of 20 during the term of assistance. Annual written reports are required until repayment of the assistance. Failure to meet the job and wage level goals requires partial or full repayment of the assistance with interest. b. To provide loans for credit-worthy businesses that would increase the community tax base. c. To provide loans to credit-worthy industrial or commercial businesses (new or existing) that would allow the ability to improve or expand their operation. Factors including but not limited to the following will be taken into account: 1 1. Type and size of the business 2. Product or service involved 3. Present availability of the product or service within the City of Monticello 4. Compatibility of the proposed business as it relates to the comprehensive plan and existing zoning policies, 5. Potential for adverse environmental effects of the business, if any. d. In the event job creation is not a viable option, credit-worthy businesses have the ability to demonstrate public purpose by means of job retention. 5. GREATER MONTICELLO ENTERPRISE FUND POLICIES a. Business Eli ig'bility. 1. Industrial and commercial businesses. 2. Businesses currently located or to be located within the City of Monticello. 3. Credit-worthy existing businesses. 4. Start-up businesses with worthy business plan and/or pro forma in a fonn acceptable to the EDA(historically non credit-worthy businesses will be denied). b. Acceptable Private Financing Methods: 1. Companion Direct Loan: The GMEF is subordinate to the primary lender. 2. Participation Loan: The GMEF participates in a portion of the loan. 3. Guarantee Loans: The GMEF guarantees a portion of the bank loan. a. Interest rate cap is subject to EDA approval c. Use of Proceeds: 1. Real property acquisition, development, & rehabilitation improvement costs including but not limited to the following: a. Land Acquisition b. Engineer/Design Inspection Fees c. Building Permit Fees d. Architect Fees e. Building Materials f. Soil Borings g. Construction Labor h. Appraisal Fees i. Landscaping j. Legal Fees k. Grading 1. Environmental Study in. Curbing/Parking Lot 2 n. Recording Fees o. Title Insurance 2. Machinery and equipment: a. Personal property used as an integral part of the manufacturing or commercial business, with a useful life of at least three years. Acquisition costs would include freight and sales taxes paid. As a general rule, office equipment would not qualify. d. Terms and conditions: 1. Loan Size: Minimum of$25,000 and maximum not to exceed 50% of the remaining GMEF balance 2. Leveraging: Minimum 60% private/public Non-GMEF, Maximum 30% GMEF, Minimum 10% equity. 3. Loan Tenn: Personal property term not to exceed life of equipment (possibly up to 10 years). Real estate property maximum of 10-year maturity amortized up to 30 years. Balloon payment at 10 years. 4. Interest Rate: Fixed rate not less than 2% below prime rate as published in the Wall Street Journal on date of EDA loan approval, with a minimum interest rate of 1.0%. 5. Loan Fee: Minimum fee of $500 but not to exceed 1.5 % of the total loan. Fees are to be documented and no duplication of fees between the lending institution and the GMEF. Loan fee may be incorporated into project cost. EDA retains the right to reduce or waive loan fee or portion of loan fee. Fee to be paid by applicant to the EDA within 5 working days after City Council approval of GMEF loan. The fee is non-refundable. e. Pre-payment Policy_ No penalty for pre-payment f. Deferral of Payments: 1. Extending a balloon payment will require a verification letter from two lending institutions stating the inability to refinance and is subject to approval by the EDA. 2. Monthly payments may be deferred for a detennined period of time upon approval by the EDA. g. Late Payment Polices 1. Failure to pay principal or interest when due may result in the loan being immediately called. In addition to any other amounts due on any loan, and without waiving any right of the Economic Development Authority under any applicable documents, a late fee of$250 will be imposed on any borrower for any payment not received in full by the Authority within 30 calendar days of the date on which it is due. Furthermore, interest will continue to accrue on 3 any amount due until the date on which it is paid to the Authority, and all such interest will be due and payable at the same time as the amount on which it has accrued. h. Assumability of Loan: None i. Business Equity Requirements: Subject to type of loan. The EDA will determine appropriate and applicable business equity requirements on a case by case analysis, utilizing normal lending guidelines. j. Collateral: 1. Liens on real property in project (mortgage deed). 2. Liens on real property in business (mortgage deed). 3. Liens on real property held personally(subject to EDA approval, homestead exempt). 4. Machinery and equipment liens (except equipment exempt from bankruptcy). 5. Personal and/or corporate guarantees (requires unlimited personal guarantees). k. Non-Performance: An approved GMEF loan shall be null and void if funds are not drawn upon or disbursed within 180 days from date of EDA approval. 1. Non-Performance Extension: 1. The 180-day non-performance date can be extended up to an additional 120 days, upon approval by the EDA. 2. A written request must be received 30 days prior to expiration of the 180-day non-performance date. m. Out of Pocket Fees: Responsibility of the GMEF applicant. n. Equal Opportunity: The Greater Monticello Enterprise Fund is operated as an equal opportunity program. All applicants shall have equal access to GMEF funds regardless of race, sex, age, marital status, or other personal characteristics o. Participating Lending Institution(s): 1. Participating lending institution(s) shall be determined by the GMEF applicant. 2. Participating lending institution(s) shall cooperate with the EDA and assist in carrying out the policies of the GMEF as approved by the City Council. 4 3. Participating lending institution(s) shall analyze the formal application and indicate to the EDA the level at which the lending institution will participate in the finance package. p. Loan Administration: 1. City Staff shall collect applicable GMEF payments. 2. City Staff shall assure City compliance with all applicable terms and conditions of the approved loan. 3. All loan documents shall include the following: d a. Definition of loan default, agreements regarding notification of default b. Copy of primary lenders documents C. Provisions allowing the City to inquire on the status of the primary loan 6. LOAN APPLICATION PROCEDURES The EDA desires to make the GMEF loan application process as simple as possible. However, certain procedures must be followed prior to EDA consideration of a loan request. Information regarding the program and procedures for obtaining a loan are as follows: a. Cit. S�City Staff shall carry out GMEF operating procedures as approved by the EDA and City Council. Staff is responsible for assisting businesses in the loan application process and will work closely with applicants in developing the necessary information. b. Application Process: I. Applicant shall complete a preliminary loan application. Staff will review application for consistency with the policies set forth in the Greater Monticello Fund Guidelines. 2. If applicant gains initial support from lending institution and if the preliminary loan application is approved, applicant is then asked to complete a formal application. Formal application shall include a business plan which will include its management structure, market analysis, and financial statement. Like documentation necessary for obtaining the bank loan associated with the proposal is acceptable. Attached with each formal application is a written release of information executed by the loan applicant 3. If the preliminary loan application is not approved by staff, the applicant may request that the EDA consider approval of the preliminary application at the next regularly scheduled meeting of the EDA. 4. City staff shall analyze the formal application and financial statements contained therein to determine if the proposed business and finance plan is viable. City staff shall submit a written recommendation to the EDA. A decision regarding the application shall be made by the EDA within 60 days of the submittal of a completed formal application. 5 5. The EDA shall have authority to approve or deny loans; however, within 21 days of EDA action, the City Council may reverse a decision by the EDA, if it is determined by the City Council that such loan was denied/approved in violation of GMEF guidelines. 6. Prior to issuance of an approved loan, the EDA Attorney shall review and/or prepare all contracts, legal documents, and inter-creditor agreements. After such review is complete, the City shall issue said loan. 7. REPORTING City Staff shall submit to the EDA and City Council a semiannual report detailing the balance of the Greater Monticello Enterprise Fund. 8. HISTORY Public Hearing and Adoption the 31 st day of August, 1999 Public Hearing and Adoption of Amendments the St" day of November 2000 Public Hearing and Adoption of Amendments the 24th day of April 2001 Public Hearing and Adoption of Amendments the 13th day of December 2005 Public Hearing and Adoption the 23rd day of March, 2009 Adoption the 22"d day of April, 2013 Adoption the 27th day of February 2017 6 EDA Agenda: 04/14/21 6. Consideration of Development Process Related to Block 52 (JT) A. REFERENCE AND BACKGROUND: The EDA is asked to review and discuss the preferred developer selection process and engagement format for a redevelopment project within Block 52. As of this date, there is not a specific developer committed to Block 52 redevelopment efforts. The Beard Group previously terminated the Preliminary Development Agreement (PDA) for their Block 52 proposal in early October 2020. Following Beard's decision, staff prepared a summary status update information packet, reviewed it with the EDA and then provided it to the other developers who participated in the spring 2019 RFP (Request for Proposals) interview process. In addition, the packet was provided to other firms familiar with multi-family and downtown development of this nature. The developers receiving the update consist of the following: 1. Briggs Companies, Inc. 2. Buchholz-PRG 3. Alliance Building-INH Property Partnership 4. Good Neighbor Properties, LLC In follow up discussions with each, they have indicated varying degrees of continued interest in being involved in Block 52 redevelopment efforts. Staff proposes that a hybrid RFQ (Request for Qualifications) vetting process be considered as a next step in selecting a developer to enter into a collaborative effort for Block 52. It is envisioned that the process would include the following elements: Step 1. A questionnaire regarding the pertinent critical design features and challenges would be provided to each of the developers. Step 2. EDA workshop to review the responses to the submitted RFQs. Step 3. EDA workshop with preferred developer candidate(s) to evaluate whether stated goals and ideas are mutually shared and discuss realistic project design and task delivery. Step 4. EDA enters into a Preliminary Development Agreement with selected developer reflecting workshop discussion points Step 5. Other steps as identified by staff or EDA during discussion and feedback session. One key EDA discussion point is whether a wider audience of developers should be invited to EDA Agenda: 04/14/21 submit an RFQ. Staff would ask for EDA feedback on this during the meeting. Staff also contemplate a timeline that would allow the City to submit a Redevelopment Grant application to MN-DEED in early 2022 for funding assistance to help with building demolition and utility relocates. The grant program is competitive, and it would require the EDA to make progress in further identifying the project components as well as the job creation and tax base improvement impacts. The selected developer would be asked to collaborate with City staff in assembling materials to be submitted with a potential grant application. The EDA should be prepared discuss and offer feedback regarding the merits or potential issues with this idea as well. The 2022 funding application deadline is February 1, 2022. This timeline allows the EDA approximately 8 months +/- to firm up its Block 52 redevelopment plans. If the City's application is does not score high enough, a second attempt to obtain the grant funding could occur if unused funds remain in the program. In recent years, MN-DEED has determined its 2nd round of funding based on factors of community interest-demand and quality of projects. In the past couple years, the second round of funding has been established with August 1 application deadline. Al. STAFF IMPACT: The staff impacts in discussing an outline for selecting a developer to work with on Block 52 redevelopment efforts are fairly modest. A2. BUDGET IMPACT: There is minimal cost in the effort of discussion and EDA engagement in identifying next steps in the developer vetting and selection process. The minimal cost includes staff time and minor copying expenses. A3. STRATEGIC IMPACT: The Block 52 Redevelopment efforts are part of the City of Monticello's strategic goals as identified in the City Council's recent 2021 strategic planning session In addition, the Downtown Small Area Study (SAS), adopted by the EDA and City Council in late 2017 focuses on redevelopment of Block 52 as a key strategy to revitalize the downtown area. The SAS plan calls for adding residential units (with associated purchasing power) in the core city and specifically in Block 52. The specific Block 52 plan calls for ground floor entertainment, dining and retail uses, as well as public amenities. The SAS was adopted and incorporated into the Monticello 2040 Vision + Plan. The 2040 Plan reinforces continued efforts within the downtown and Block 52. B. ALTERNATIVE ACTIONS: 1. Motion to direct staff to prepare and distribute the proposed Block 52 site development questionnaire to the four development firms noted in this report, along with any additional as proposed by the EDA. EDA Agenda: 04/14/21 2. Motion of other as determined by the EDA. C. STAFF RECOMMENDATION: The EDA should use the opportunity to discuss the developer vetting and selection process and offer direction to staff in next steps and/or direct further discussion and review. No motion is needed. If a motion is deemed necessary or helpful, staff will defer to the EDA. D. SUPPORTING DATA: a. Block 52 Status Update and Redevelopment Vision b. Block 52 Questionnaire (Draft) CITY OF PHONE:763-295-2711 Fax: 763-295-4404 Monti e 0 505 Walnut Street Suite 1 Monticello,MN 55362 Ito Part I Monticello - Block 52 Redevelopment Status November 3, 2020 Information contained in this summary status report is being provided to prospective developers as an update and an invitation to engage in discussions with the City of Monticello staff and the EDA (Economic Development Authority) regarding Block 52 in downtown Monticello. As a reminder, this Block is a prime location with high visibility and accessibility. It also has views of the Mississippi River and of West Bridge Park. The collaborative redevelopment process led by the EDA is viewed as an opportunity to create a signature redevelopment project that will strengthen the vitality of the core downtown area in the City of Monticello. Key facts regarding Block 52 are noted below: • Location: Downtown Monticello • Size: Approximately 2.51 acres or 109,131 square feet • Parcels: 16 separate and distinct parcels of various sizes • Land Area owned by City and EDA: Approximately 55 percent or 59,667 square feet Previously, the EDA had entered into a Preliminary Development Agreement (PDA) with a developer with the intent of further refining an initial concept proposal and seeking closer alignment with the City's adopted Small Area Plan vision. While progress was made, the developer recently notified the City that it was reluctantly seeking to terminate the PDA due to its intense involvement in several other development opportunities in the core Twin Cities metro area. That turn of events has led to a desire by the EDA to open up discussions with developers who may have an interest in pursuing a new Block 52 redevelopment proposal. At this point-in-time, the EDA -through numerous meetings and discussions with property owners- has been able to acquire a total of approximately 59,667 contiguous square feet or 55% of the entire Block 52 land area. In addition, there is high confidence that additional acquisitions through voluntary sales transactions will occur within the near future (estimated 1 www.ci.monticello.mn.us two to six months). If these additional properties are purchased, it will increase the EDA's contiguous land holdings in the Block to approximately 83 percent of the total land arear or 90,536 square feet. It's a slight possibility that additional property in the Block could also be acquired. It is anticipated that the next steps in the process for Block 52 will involve further EDA discussion (planned workshop for mid-November 2020) regarding the Block 52 redevelopment vision. That would likely be followed by discussions-meetings with interested developers. It is possible that a prospective developer's market knowledge and understanding of what can realistically be developed successfully will play a role in shaping the ultimate concept development proposal for Block 52. The timeframe for the commencement of a Block 52 Redevelopment is flexible, but with an ideal timeline of 18 to 36 months from December 2020. If a project can be started sooner,that is viewed as a positive as well. A Redevelopment TIF District is the EDA's preferred development tool for financial support of development efforts. Staff have analyzed data indicating that the land and improvement values and ratios in the Block will allow the formation of a new 25-year Redevelopment Tax Increment Financing(TIF) District for purposes of providing assistance for redevelopment costs. It is anticipated that when a Development Agreement is entered into with a prospective developer, a TIF District can be simultaneously established and therein create a public sector financing mechanism for eligible expenses such as land purchase costs, excavation, site preparation, underground parking structure(s), utility relocates and extensions, parking surface, and landscaping costs. Ideally, new finished development project tax values would be in a range of$22 to $26 million dollars. That value range would generate enough increment to pursue many of the EDA's objectives for the Block. At the time that a prospective developer's concept plan is endorsed by the EDA as a match for the Block 52 redevelopment vision,a Preliminary Development Agreement would be considered. In addition,the goal would be to submit a grant application to Minnesota DEED seeking funding assistance to offset some of the land acquisition and expected building- structure demolition costs. The City would then ask the prospective developer to cooperate by providing as much detail information as can be made available to the EDA regarding any proposal concept renderings, projected job creation numbers as well as excavation, site preparation, and development costs. The State of Minnesota Redevelopment Grant Program is a potential source of a modest amount of funding to support the efforts for the Block. If you have an interest in the Block 52 Redevelopment efforts, please contact me to further discuss. If you would like to tour the site and the core downtown area as part of additional 2 research or before meeting with the City, also please feel free to contact me. I will coordinate an acceptable time for a tour for all interested parties. Thank you for your time. Jim Thares, Economic Development Manager City of Monticello 505 Walnut Street, Suite 1 Monticello, MN 55362 Office Phone: 763-271-3254 Cell Phone: 612-219-8357 Email: iim.thares@ci.monticello.mn.us Part II Monticello - Block 52 Horizontal Mixed-Use Redevelopment Vision Description Block 52 is one of the most visible blocks in Monticello. It is located near the State Highway 25 Mississippi River Bridge, the only river crossing in a 35-mile area,with over 36,500 vehicles traveling through the intersection at the southeast corner of the Block each day. The Block also borders River Street, offering views of West Bridge Park and the Mississippi River to the north. Broadway Street, the community's traditional main street, fronts Block 52 to the south. Walnut Street, envisioned as a convertible street suitable for community festivals and events, borders the west side of the Block. Block 52 is located in the CCD (Central Community District). New ordinances reflecting the goals of the Small Area Study were recently adopted by the City Council. Utilization of Planned Unit Development (PUD) on this Block would allow mixed use and development density at higher levels. Block 52 Redevelopment Goal-Vision per 2017 Downtown Small Area Study: ✓ Horizontal commercial-residential mixed-use, multi-story redevelopment ✓ Residential multi-family— Desired number of units = approximately 110 +/- market rate units ✓ Commerc a`I Uses— Food-Beverage-Entertainment; Niche specialty retail Vertical mixed-use desired where possible - Retail-Service-Dining on ground Floor; Office or service uses on second floor ✓ Up to five (5) stories in height with city review 3 Contemplated-Preferred Block 52 Development Scale: ➢ % block size or slightly larger =Approximately.50-acre, or ➢ Y2 block size or slightly larger=Approximately 1 acre ➢ The entire Block is approximately 2.5 acres (109,131 sq. ft.) Expected Block 52 Parking: ❖ Underground parking structure(s) ❖ Grade drop from Block 52 to River Street may accommodate development of underground parking structures with entrance and exit points from River Street ❖ Mid-block or courtyard surface parking areas/lots Desired Block 52 Amenities and Site Enhancements: ✓ Gateway site - "gateway to the City" from the north; proposal will need to incorporate art and public and green space ✓ Conscientious building design; required commercial architectural features, with a mixture of masonry, glass, and architectural accent metal ✓ Will serve as the signature development in Monticello area and riverfront Anticipated Block 52 Financial Assistance: ➢ Redevelopment Tax Increment Financing (TIF) TIF generation based on new development valuation—goal is to offset land costs and parking structure expenses Block 52 Site Control-land Assembly: ❖ Monticello EDA and the City control 55 +/- percent of Block 52 ❖ The EDA is currently in discussions with willing private sellers regarding several additional key parcels in Block 52 Jim Thares, Economic Development Manager City of Monticello 505 Walnut Street, Suite 1 Monticello, MN 55362 Office Phone: 763-271-3254 Cell Phone: 612-219-8357 Email: iim.thares@ci.monticello.mn.us 4 Block 52 Redevelopment Draft Questionnaire 1. What is the developer's previous experience in working on downtown or urbanized redevelopment projects? 2. Is the developer open to purchasing land from private property owners in the target Block? 3. What is the developer's previous experience in acting as the land purchasing entity-agent in redevelopment or vacant land development projects? 4. Is the developer comfortable with developing vertical mixed-use structures (ground floor commercial; upper floors residential)? S. Is the developer interested in a long-term commitment as an owner of multi-family residential property in Block 52? 6. Is the developer comfortable with constructing a higher-end multi-family building? 7. What kind of finishes does the developer consider high-end in multi-family buildings? 8. Is the developer open to partner investors in commercial stand alone (horizontal mixed use or side by side mixed use) buildings? 9. Does the developer typically hold commercial property or are their preference being a short-term commercial owner? 10. Is the developer open to entering into a Development Agreement with the EDA further defining Block 52 steps? 11. Is the developer capable of self-funding or financing the redevelopment project? 12.What is the developer's estimate regarding value of total investment in Block 52? Does the developer feel comfortable in achieving a $19,000,000 to $20,.000,.000 investment level in the Block? 13. How many multi-family units does the developer believe would be possible in the Block? 14. How much commercial square footage would the developer believe would be feasible? 15.Would the developer want or need tax increment flow as a component of overall project financing? 16. Is the developer willing to pay the EDA for land that it has acquired to alleviate cost for the EDA? 17. Is the developer willing to be a collaborative partner and engage with the EDA and City staff to accomplish shared vision and objectives? EDA Agenda: 04/14/21 7. Economic Development Director's Report (JT) A. UMC Expansion Project Update: UMC finalized its primary lender financing agreements on April 2, 2021. They are hoping to begin construction at the site on April 9, 2021. UMC is committed to adding 47 new FTE position over the next two years. UMC's current headcount is approximately 200. MIF funding draws for equipment purchases are slated to occur in April, May, and June 2021. Also, under the $300,000 Advance Funding Land Purchase Loan Agreement, the EDA is scheduled to receive an installment payment, in full, from UMC on July 31, 2021. B. Project Gia-Saurus Update: City staff continue to monitor the company's efforts to understand potential funding through the recently approved American Rescue Plan (ARP) set aside for PPE production. C. Project Orion Introduction: A State led initiative brought a site selector team to the City to view a potential site for a large warehouse-distribution facility on April 7, 2021. The City staff and official team had a positive introductory meeting to review the development criteria involved in the site selection process. The project would need 115 acres, invest about $130,000,000, and create 500 new jobs in the city. D. Central Mississippi Planning Partnership: The City of Monticello is a partner jurisdiction in the Central Mississippi River Regional Planning Partnership (CMRP). CMRP evolved from the former Highway 25 Coalition, which began in 2016 and was focused on transportation concerns. The Coalition adopted a joint powers agreement in 2017. In September 2019, the joint powers agreement was updated to reflect the evolving focus on regional challenges and opportunities and the Coalition became CMRP. CMRP's purpose is to develop and implement a compelling regional vision and framework that guides local decisions on thoughtful and collaborative planning, growth, and development to benefit both individual jurisdictions and the region as a whole. The activities of the mission may include the following (as outlined in the joint powers agreement): • Examining the impacts of growth on Partner jurisdictions. • Conducting studies defining and identifying priority improvements. • Preparing collaborative project design and delivery recommendations. • Studying various risks associated with improvement alternatives and associated timing of the construction of improvements. • Developing unified efforts across local and state interests to advocate for and secure public and grant funding for priority activities. • Building strong relationships with other jurisdictions, agencies, and groups committed to the Partnership's priorities to contribute to regional policy decisions and discussions. • Incorporating key stakeholder input in planning efforts and decisions. 1 EDA Agenda: 04/14/21 Other current CMRP members include the cities of Big Lake, and Becker; Big Lake, Becker, Monticello, and Silver Creek Townships, and Sherburne and Wright Counties. More information on the CMRP and its work can be found at https://regionalplanningpartnership.org. Staff will also provide a brief overview presentation during the meeting. E. Community Energy Transition (CET) Grant Program Application Update: Several of the CET Grant work scope activities related to the Strategic Transition Plan (STP), have started. The comprehensive water system plan and the comprehensive wastewater system plan are two large studies that need to be completed to prepare for future growth of the City and new infrastructure to accommodate the expected growing service needs. Also expected environmental studies for potential new industrial sites and prepare shovel-ready documentation for existing industrial parcels and potential new areas will be scheduled for the second half of 2021. The CET Grant does not require any local matching dollars. All funds must be spent by June 30, 2022. F. Housing Development Activity: In early 2021, City staff have received numerous inquiries regarding potential sites for multi-family housing developments. These developer inquiries, in concept, could total approximately 350 units. This total does not factor in Block 52 development goals outlined by the EDA. Currently, the Deephaven (Phase 1) market rate apartment is the only active multi-family development. The 54-unit building is expected to open in July or August 2021. Deephaven's Phase 2 and 3 buildings (total of 111 units) are expected to be built in succession as each apartment reaches full occupancy. Active single family housing development projects consist of the following: ❖ Haven Ridge = total number homes expected to reach approximately 335 (build out to occur over the next 6 or 7 years) ❖ Featherstone = approximately 46 lots ❖ Edmondson Ridge = 54 lots G. WSB Update Report: Please see attached Quarter#2021-1 update (Exhibit A). H. Demographics Snapshot of Monticello: The following link opens-up a demographic summary snapshot of the City of Monticello demographics using estimated 2020 Census information. https://gis.isginc.com/ISG/Municipal/2021 Infographic Monticello.html The official 2020 Census data is expected be released by the Census Bureau in the May—July 2021 timeframe. ISG, Inc. provided this summary information to the City. I. Prospect List Update: Please see the updated Prospect List as Exhibit B. 2 ws b Memorandum To: Jim Thares, Economic Development Manager From: Jim Gromberg, Economic Development Coordinator Date: April 8, 2021 Re: Quarterly Report WSB Project No. 013322-00 Thank you for the opportunity to continue to assist the City of Monticello in their continued efforts to provide economic vitality for the community and the residents. We have finally reached the end of 2020, and hopefully 2021 will be a less exciting year for challenges facing the City and the economy. Below are updates on some of the projects and insights to the trends currently facing the City. o Project Updates: U (.`J w Project Gia-Saurus: Project Gia-Saurus continues to be active and there is continued interest m by development contractors in the construction of the facility. There are currently a few hurdles in the path pf the advancement of the proposed project. One of the hurdles is the final identification of the site for the development. The contractors that are interested in the development of the facility in a lease-back scenario for the company but cannot move forward until we have identified co a final site. The developers are also currently awaiting additional information for the company projections. M CET Grant: The City was notified that they have received a CET grant from DEED in the amount that was requested in the grant application. The City is currently beginning the plan for the expenditure of the funds in compliance with the to allow for the replacement of the tax base resulting from potential retirement of the Xcel Generating Facility. One of the areas that the City is considering, is the completion of an AUAR for the potential industrial park areas. The z completion of the AUAR will allow for projects to not have an EAW and generally an EIS when they are proposed reducing the timing and risk associated with a potential project. This is especially important when dealing with large projects that have a tight timeline and are risk ° adverse. Project Orion would be a project that would fall into that category. a w Z Project Orion: The City has been contacted by a national site selector concerning the potential 2 development of an approximately 850,000 square foot distribution facility. The site that the elector has identified as the area south of 85t" Street. It should be noted that the site selector identified the property and approached the City and state about the potential project. The project W would be an investment of$125 million and require approximately 115 acres for development. The site selector has made a preliminary visit to the City and the site on April 7t"which included U) meeting with the city staff, utility providers, state representatives and the property owner. The search is currently considering 5 sites in Wisconsin and 3 sites in Minnesota. The meeting went w well, and they will be making a recommendation to the company on reducing the number of sites Z and to plan for a second visit and determination of possible future steps. w a a z w x 0 Monticello EDA April 8, 2021 Page 2 Economic Trends: The federal government has passed a very large Covid relief package that does include a significant amount of funding for communities and the state for aid. The final guidelines for the funding are currently being developed and how the funds will be distributed are also under development. The bill does include significant funding for economic development type projects (through the federal EDA)that may be applicable to the current projects that are considering locating in the City of Monticello. The unemployment rate fell to 4.3% in Minnesota in February, from 4.5% in January, on a seasonally adjusted basis. The number of unemployed dropped by 6,215, to 129,743, and the number of employed increased by 2,544 to 2,892,393. The labor force shrunk 3,671 to 3,022,136, and the labor force participation rate decreased from 67.9%to 67.8%, dropping back to where it stood in April of 2020. On a national level, the U.S. unemployment rate dropped to 6.2% in February, on a seasonally adjusted basis. Labor force participation held at 61.4%. One of the larger hurdles facing the employment rate is the continued falling participation rate. The state will need to develop program(s)that will allow for that rate to increase to its traditional level in the low 70% range. While the employment figures have fallen, the effect on income has been less damaging then would be expected. In the table below we see that employment fell in the V quarter of 2020 (latest figures available) by 7.1%the effect on quarterly income for the same period was a 0.5% reduction. St.Cloud MSA First quarter 2019 Third quarter 2019 First quarter 020 Third quarter 202 0 EMPLOYMENT 102,994 105,666 102,754(-0.2%) 98,203(-7.1%) QUARTERLY WAGES $1,214.8 $1,273.8 $1,286.0(5.8%) $1,266.9(-0.5%) ($millions) A continued bright spot in the economy is residential home activity with demand outpacing supply of homes on the market. The imbalance has caused the average price of a home to reach and all time high and many homes being sold for over their asking price. It is anticipated that more residential units will come on the market as the weather improves (normal seasonal adjustment) and the pressure on prices should be relieved. As indicated in the chart below, this pressure has resulted in the median sale price to rise to over $314,000 compared to $ 281,500 in 2020. With Monticello's median home value of$217,594, it remains a very affordable community for new residents. When this affordability is complied with the newly realized ability for people to work remotely, the community should continue to see demand for the new housing units and development. Monticello EDA April 8, 2021 Page 3 TWIN CITIES AREA Neva Listings Active Listings Months'Supply 4,686 47670 0.80 Feb.'21 Feb_'21 Feb.'21 5,360-Feb.'20 8,701-Feb.°20 1.70-Feb.'20 -13%change -46%change -53%change Pending Sales Median Sale Price Days on Market 41226 $314k 46 r eb. 1 Feb_'21 Feb.'21 4,230-Feb.'20 $281,500-Feb.'20 67-Feb.'20 Minimal change +12%change -31%change Please let me know if you have any questions concerning the above projects or require additional information on the projects. 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