EDA Agenda - 08/10/2022 (Workshop)AGENDA
WORKSHOP MEETING - ECONOMIC DEVELOPMENT AUTHORITY (EDA)
Wednesday, August 10, 2022 — 5:00 p.m.
Academy Room, Monticello Community Center
Members: President Steve Johnson, Vice President Jon Morphew, Treasurer Tracy Hinz,
011ie Koropchak-White, Hali Sittig and Councilmembers Lloyd Hilgart and Jim
Davidson
Staff: Executive Director Jim Thares, Rachel Leonard, Angela Schumann, and Hayden
Stensgard
1. Call to Order
2. Roll Call
3. Discussion of Facade Improvement Grant Program Proposal — Cornerstone Cafe in
Overall Context of Facade Improvement Grant Program Guidelines
4. Summary Review of Block 52 Development Terms and Funding Structure and Financial
Assistance
5. Adjournment
Block 52 Purchase and Development Agreement
August 10, 2022
Key terms of the Purchase and Development Agreement include the following:
• Conveyance of price = $1.00 (Current taxable Market Value = $1,484,100) to be
repaid by principal and interest through tax increment
• Land Value Write Down (value write down) = $132,482 (Section 3.2.(a); increment
payments to the EDA = $1,351,617
• Tax Increment Revenue Note to Deephaven Development in the amount of
$2,867,954 with an interest rate of 5.15 percent payable over 26 years
• 45 new full-time equivalent jobs within three years at $12.39 per hour benefits of
$1.75 per hour
• Submittal of annual business subsidy compliance reports
• Minimum assessment agreement in the amount of $18,500,000
• EDA Assignment of Redevelopment Grant to Deephaven Development in the
amount of $517,500 for redevelopment costs consisting of Asbestos and
Regulated Materials (ARM) and Demolition of Structures
• EDA (Authority) Pooled TIF Grant to Deephaven in the amount of $367,400 for TIF
eligible public benefit improvements
• Evidence of project financing by Deephaven Development
• Commencement of Minimum improvements by November 10, 2022
• Completion of foundation of the Minimum Improvements by June 15, 2023
• Project Completion by November 30, 2024