EDA Agenda 07-19-2001
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AGENDA
MONTICELLO ECONOMIC DEVELOPMENT AUTHORITY
Thursday, ,July 19,2001 - 4:00 p.m.
City Hall - 505 Walnut Street
MEMBERS: Chair Bill Demeules, Vice Chair Barb Sehwientek, Assist Treasurer Ken Maus,
Clint Herbst, Roger Carlson, Ron Iloglund, and Darrin Lahr.
STA FF:
Treasurer Rick Wolfsteller, Executive Director Ollie Koropehak, Recorder Lori
Kraemer.
GUESTS:
Steve Grittman, Northwest Associated Consultants
Pat Jensen, EDMA Company
Bruce Hamond
DAT
Call to order.
Consideration to approve the June 19,2001 EDA minutes.
Consideration of adding or removing agenda items.
Consideration to hear results of meeting between Block 35 property owners as presented
by Consultant Grittman and consideration to authorize DMRF funding.
Consideration of a request to amend terms orthe Loan Agreement for DMRF Loan No.
111 between the EDA and VisCom, Inc.
6. Consideration to review for discussion the preliminary GMEF loan application for
EDMA Company.
7. Consideration to approve or deny GMEP Loan No. 019 for r;;DMA Company.
8. Consideration of Executive Director's Report.
9. Other Business.
10. Adjournment.
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MINUTES
MONTICELLO ECONOMIC DEVELOPMENT AUTHORITY
Tuesday, .June 19,2001 - 4:00 p.m.
City Hall - Academy Room
Members Present:
Vice Chair Barb Schwientek, Assist Treasurer Ken Maus, Clint Herbst,
Roger Carlson and Ron Hoglund.
Absent:
Chair Bill Demeules and Darrin Lahr
Staff Present:
Executive Director Ollie Koropchak and Recorder Lori Kraemer.
Guests:
Steve Grittman. Northwest Associated Consultants
Brian Thickpenny, Primerica
Pam Campbell, DA T
1. Call to order.
Vice Chair Barb Schwientek called the meeting to order at 4 pm.
2.
Consideration to apProve the Mav 22. 2001 EDA minutes.
A MOTION WAS MADE BY CLINT HERBST AND SECONDED BY BARB
SCHWIENTEK TO APPROVE THE MINUTES OF THE MAY 22, 2001 EDA
MEETING. Motion carried unanimously.
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Consideration of adding or removing agenda items. None
4.
Consideration to review concepts for Block 35 as prepared bv Steve Grittman. determine
next steps. and authorize to proceed if appropriate.
Ollie Koropchak reviewed the discussion from the May EDA meeting where the
commissioners authorized Planner Consultant Grittman to proceed with site concepts for
an overall trash handling and private parking plan within Block 35 and to work with the
Public Works Director and the business owners. Pam Campbell, DA T Chair was present
to hear Grittman's concepts, although they are site and not design concepts.
Steve Grittman, NAC, provided a presentation with several concepts he had designed.
One concept contained several trash areas, defining the alley with striped parking which
would pull the parking out to the alley versus head~in parking, and leaving plaza space
with common trash handling areas. Grittman also proposed a second option which would
be to try to create a more remote area for trash, a combination of head-in/banked parking
and alley parking. This area creates a plaza type area where trash enclosures are more
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EDA Minutes - 06/19/01
accessible. Both designs would allow for approximately 25 parking spaces.
Schwientek felt that with the first concept the cars may be parked in the way of trash
handling and possibly the second option was more conducive. Herbst added that he liked
the concept of having only 2 trash enclosure areas versus 6, the distance is not as
significant and the accessibility is good. Carlson asked Grittman if the individual owners
own all the way to the alley and they agreed it appears that way.
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Grittman also provided some landscaping ideas as well as photos taken of the back side
of these buildings. He also provided photos of existing back entrance buildings in other
cities showing their trash enclosures to give the EDA a perspective of what they may be
able to do. They did discuss that gates on these trash enclosures are typically a problem,
and Grittman stated there are some with auto closures as well as enclosures with doors
that slide in. Hoglund asked if these enclosures would be locked as well. They also
talked about an agreement with the owners to using the dumpsters and sharing costs.
Grittman stated he tried to provide space large enough for each of them to have their own
containers within that enclosed area. Also discussed if curbing would be put in as well as
striping and Grittman stated it is a design issue and depends on how much the EDA
would be willing to put in dollar wise. Schwientek asked about the cost of Grittman' s
concepts and he stated he would need to talk further with the city engineer to determine
that.
Maus stated he had a concern on how functional one of the plans was with cars backing
up after parking near the building and then not being able to get back out. Possibly a
plaza area would work better. Grittman stated the stalls are 10ft and 10 & 1/2 ft wide,
added back lip and felt this provided adequate reverse space. Could also add curb stops if
they wanted.
Koropchak also talked about the city's revitalization plan and the proposed walkway, and
Grittman stated he left 20 to 25 ft of space assuming that would still occur. Schwientek
also talked about facades in the back, hoping the owners would be encouraged to do that
as well. Maybe a larger plaza versus parking up to the building would create a more
attractive area and people would use the back entrances more, tying the plaza in with the
public parking. Herbst asked about the buildings sloping to the back and Grittman stated
that the owners could put up a false face to change that.
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Maus added that perhaps there needs to be a financial incentive to the owners to get them
to want to fix up that arca. Herbst added that possibly the owner having the dumpster on
their site would get a bigger break cost wise as an incentive. Koropchak asked if
Grittman would talk with Flicker's as well and he stated he would do so. Maus added
that maybe the owners would want to have their own carts closer to their buildings giving
them more control.
Schwientek added that the EDA talked about paying the cost of the trash enclosures.
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EDA Minutes - 06/19/01
Grittman advised he would start by contacting Al Loch and then go from there. They
talked about creating a contract stating the owner and the tenant would be willing to use
and maintain the enclosures.
Possibly Grittman could bring up the plaza concept as another option to the owner.
Schwientek added that they would like to see something done yet this summer.
Steve Grittman advised that he would proceed with contacting the business owners with
his concepts and then report back to Koropchak.
The EDA concluded: of the two options, the EDA preferred the second option; however,
encouraged a third option of a rear plaza concept to encourage use of rear entrance public
parking lot. EDA may consider 50% of funds for common trash handling.
5.
Consideration of a request to aoprove/disaporove additional funds to DMRF No.
112 for removal of asbestos.
Vice Chair Schwientek advised that at the EDA meeting in May, the commissioners
approved the use of DMRF in the amount of $5,366.50 for facade improvements to four
exterior walls at 207 Walnut Street plus up to $500 for fee reimbursement. Additionally,
the commissioners stated if upon removing the current siding asbestos was found, the
applicants were invited to approach the EDA for additional funding as the total maximum
amount of DMRF available per parcel is $7,500 for three sides.
Mr. Thickpenny stated he was pleased with the quotes he received for asbestos removal,
which copies of were provided by Thickpenny. Using the lower bid of $2,950 from
Metro Environmental, the EDA could approve a matching amount of $1,4 75 and remain
below the $7,500 maximum. Total EDA contribution would be $6,841.50 ($5,366.50 +
$1,475).
Ken Maus added that although he was not at the last meeting he felt if the EDA stated
their support, they should follow through with it.
A MOTION WAS MADE BY CLINT HERBST AND SECONDED BY RON
HOGLUND TO APPROVE AN ADDITIONAL $1,475 TO DMRF NO. 112 FOR
REMOV AL OF ASBESTOS. TOTAL AMOUNT OF EDA MATCHING DOLLARS IS
$6,841.50 PLUS UP TO $500 FEE REIMBURSEMENT. Motion carried unanimously.
Consideration of Executive Director's Report.
Koropchak asked Pam Campbell, DA T Chair, if she knew why the Chamber had not yet
started their project and Campbell stated she was not aware that they hadn't but would
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EDA Minutes - 06/19/01
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check with Susie Wojchouski.
Koropchak provided her report to the members.
· Block 52 - Since the joint meeting of the HRA/Council, HRA Chair Frie and
Koropchak met or spoke with all property owners of Block 52 with the exception
of Kathy Froslie and including Pat Sawatzke to determine their short and long
term plans. Additionally, Frie and Koropchak met twice with Pat O'Donnell,
proposed owner, and Mike Cyr, proposed contractor, relative to the options for
redevelopment of Block 52. Based on our conversations with property owners,
the direction from Council and, given the fact, the preference of the proposed
developers was either to redevelop along River Street or redevelop along Walnut
Street at their existing site; the HRA on June 6, 200 I encouraged the developers
to proceed with redevelopment on their existing site. The developer approached
the HRA with the River Street concept knowing of the HRA's interest to
redevelop the block and the project along River Street cash-flowed for the
developer because of the proposed mixed use concept: retail, office, and upscale
condos with underground parking which was consistent with the Comprehensive
Plan. A project along Pine and Broadway would not include housing and
underground parking.
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Given the interest of certain property owners of Block 52, upon finalizing the TIF
assistance for redevelopment of the Amoco and Front Street sites, and based on
the decision of the Legislators to reduce the tax classification rates; the HRA
plans to meet with interested sellers to proceed with negotiations to acquire in a
partnership approach for redevelopment within two/four years.
· The HRA authorized the preparation of the Contract for Private Redevelopment
with Masters Fifth Avenue for redevelopment of the Amoco site. The proposed
project is the construction of 5,700 sq ft restaurant and office facility with second-
floor rental apartments (6 units) and a detached carriage house consisting of
indoor parking and second-floor apartments (2 units). The HRA will reimburse
the developer of the lesser: A. the cost to acquire and demolition the Amoco site,
B. not-to-exceed $185,000, or C. the amount of the "available tax increment"
generated from the project during the life of the district. In addition, the HRA
approved up to $45,000 for parking development on adjacent parcels from surplus
funds within the Downtown TIF District.
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Based on tax increment cash-flows including the proposed classification rate
reductions, the committed debt on the Amoco site, and the proposed debt on the
Front Street site; the Downtown TIF District has sufficient tax increment to
proceed with negotiations for redevelopment of Block 52.
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Marketing Team of Barger, Hoglund, Doty, Belsaas, and Koropchak visited a
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EDA Minutes - 06/19/01
small machine shop in Eden Prairie June 19. Looking at a 10,000 sq ft building.
3-5 jobs at $20 per hour without benefits.
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In lieu of the two articles in the Minneapolis Tribune on Sunday and Monday
relative to tax increment financing, Koropchak provided a copy of the Tax
Increment Property Tax Data, Taxes Payable 2000 for Wright County. The City
of Monticello has 14 active TIF Districts for a captured tax capacity of 3.85% of
the city's total tax capacity. Assuming the Council approved TIF District No. 1-
28 and with the HRA adopting a resolution decertifying TIF District No. 1-12
(Aroplax) on June 6, the city remains at 14 active districts. In past years, the
HRA has used the pay-as-you-go finance method (reimbursement). Therefore, if
the classification rates are reduced, the property owner pays less property taxes,
the HRA collects less tax increment, and the developer is reimbursed less tax
increment ("available tax increment").
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GMEF No. 007 - The first Standard Iron balloon payment was paid the end of
May 2001 per Loan Agreement.
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It was advised that Ron Hoglund had given a lead for potential industry from
South Carolina - copy of letter was provided, faxed lead sheet from CB Richard
Ellis on FayMar building for lease and Barger's phone number. Had call from
real estate agent "thanks" and company representative planning to visit site. 20-
30 jobs.
· H- Window building - Red Wings Foods elected not to proceed with acquisition.
Currently are working with local lender for potential to construct.
· One local manufacturer looking to expand in 2002.
· IRTI - Steve will execute Contract for Private Development today and loan
closing planned at lender office the week of June 18. Watch for groundbreaking.
7. Other Business.
None
8. Adjournment.
The meeting was adjourned at 5 pm.
Recorder
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EDA Agenda - 7/19/01
4.
Consideration to hear results of meeting between Block 35 property owners as
presented by Consultant Grittman and consideration to authorize DMRF fundin!!.
A. Reference and Background:
At the June EDA meeting, Consultant Grittman presented two design concepts for the
rear of the buildings on Block 35. 'rhe objective to create uniform parking and common
trash areas. Grittman had not met with property owners. The EDA suggested a third
option: a rear plaza concept. The EDA to evaluate the potential to participate with the
funding suhject to cost estimates and willingness of property owners. Grittman was
directed to meet with propel1y owners, prepare cost estimates, and report back to the
EDA.
Grittman will report on his meeting and present concepts. DAT was invited for input.
pollowing discussions, the EDA will consider funding a portion or all of the estimated
costs from the DMRF.
B. Alternative Action:
1.
Consideration to authorize expending DMRF in the amount of $_____
to assist with creation of uniform parking and common trash areas to the rear of
buildings on Block 35.
2. Consideration to deny authorizing expending DMRF to assist with creation of
uniform parking and common trash areas to the rear of buildings on Block 35.
3. Consideration to table any action.
C. Recommendation:
No recommendation is given without cost estimates and unknown of property owners
interest.
D. Supporting Data:
None.
JUL-19-2001 12:04
WSB & RSSOCIRTES INC.
- (b.ci:>4J. J. - (I!II!I t"". I!I<:::/ 1!I..:l
OF MONTICELLO
K 35 PARKINGfTRASH IMPROVEMENTS ~ NO CONCRETE SIDEWALK OR CURB
7/19/2001
WS8 PROJECT NO. 1010.00
ITEM
125
2 2104.507 REMOVE BITUMINOUS PAVEMENT
3 2104.513 SAWING BITUMINOUS PAVEMENT FULL DePTH)
4 2106.501 COMMON exCAVATION (P)
5 2105.526 SELECT TOPSOIL BORROW (P)
6 2105.609 GEOTEXTILE FABRIC. TYPE II
7 2331.521 IRREGUlAR WIDTH PAVING
B 2411.505 CONCRETE STRUCTURE. DESIGN SlAB
9 2531.603 PRECAST CONCRETE CURB STOP
10 2540.602 BRICK DUMPSTER ENClOSURE
11 2557.516 PEDESTRIAN GATE
12 2557.517 VEHICLE GATE & 8" WIDE
13 2564.603 4- SooD LINE WHITE. EPOXY
14 2571.502 oeClDUOUS TREE. 3- CAliPER. B&8
15 2571.504 CONIFEROUS SHRUB. 24& HIGH. CONTAINER
16 2571.505 DECIDUOUS SHRUB, 24" HIGH, CONTAINER
17 2575.511 MULCH MATERIAl, TYPE 9
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. COST OPINION
QUANl1TY UNIT UNIT COST TOTAL COST
1 LUMP SUM 1.600.00 1,600.00
185 SQ. YD. $2.00 $370.00
500 UN. FT. $3.00 $1.500.00
100 CU.YD $6.00 S6OO.oo
45 CU.YD $20.00 $900.00
150 sa. YD. 53.00 $460.00
50 SO. YD. $18.00 $900.00
49 so.. Yo. $40.00 $1.960.00
2S EACH $50.00 $1.250.00
600 sa. FT. 525.00 515,000.00
2 EACH $350.00 $700.00
2 EACH $600.00 $1,200.00
805 LIN.FT. $O.SO $402.50
7 EACH $350.00 $2.450.00
20 EACH $75.00 $1.500.00
20 EACH $75.00 $1,500.00
25 Cu. YO $55.00 $1,375.00
SUBT01AL 3,657.50
+ 10% CONTINGENCY $3,365.75
SUBTOTAL $37.023.25
+ 21% INDIRECT COSTS $10.366.51
TOTAL ESnMAlED PROJECT COSTS $47.389.76
JUL-19-2001 12:04
WSB ~ H~~UC1Hlc~ lN~.
OF MONTICELLO
cat 35 PARKINGlTRASH IMPROVEMENTS
WSB PROJECT NO. 1010.00
ITEM DESCRIPTION
1 2021.501 MO lL
2 2104.507 REMOVE BITUMINOUS PAVEMENT
3 2104.513 SAWING BITUMINOUS PAVEMENT FUll. DEPTH)
4 2105.501 COMMON EXCAVATION (P)
5 2105.526 SELECT TOPSOIL BORROW (P)
6 2105.609 GEOTEXTILE FABRIC. TYPE /I
7 2331.521 IRREGULAR WIDTH PAVING
8 2411.505 CONCRETE STRUCTURE, DeSIGN SLAB
9 2411.600 BRICK OUMPSTER ENCLOSURE
10 2521.501 4" CONCRETE WALK
11 2531.501 CONCRETE CURB AND GUTTER, DESIGN va
12 2557.516 PEDESTRIAN GATE - 3' W x 6' H WITH POSTS
13 2557.517 VEHICLEGATE-8"Wx6'HWITH POSTS
14 2564.603 4" SOUD UNE WHITE. EPOXY
15 2571.502 DECIDUOUS TREE, 3" CALIPER, B&B
16 2571.504 CONIFEROUS SHRUB,24~ HIGH, CONTAINER
17 . 2571.505 DECIDUOUS SHRUB, 24~ HIGH, CONTAINER
18 2575.511 MULCH MAiERJAL, TYPE 9
(O."JJ.....J....L r UrcJ I' . tU....J.... t:.J-'
7/1912001
COST OPINION
QUANTITY UNIT UNIT COST TOTAL COST
1 LUMP SUM 2.400.00 .400.00
975 SO. YD. $2.00 $1,950.00
835 UN. FT. $3.00 $2,505.00
100 cu. YO $6.00 $600.00
45 CU. YO $20.00 $900.00
150 SQ.VO. $3.00 $450.00
so sa. YD. $18.00 $900.00
50 sa. YD. $40.00 52,000.00
600 sa. FT. $25.00 $15.000.00
2.575 sa. FT. $3.50 $9,012.50
835 UN. FT. $8.00 $6,680.00 .
2 EACH $350.00 $700.00
2 EACH $600.00 $1,200.00
380 UN. FT. $0.50 $190.00
7 EACH $350.00 $2,450.00
20 EACH $75.00 $1,500.00
20 EACH. $75.00 $1.500.00
25 cu. YO $SS.OO $1.375.00
SUBTOTAL
+ 10% CONTINGENCY $5.131.25
SUBTOTAL $56.443.75
+ 28% !NDIRECT COSTS $15.804.25
TOTAL ESTIMATED PROJECT COSTS $72,248.00
NOTES:
1. Dumpsters enclosures to be 4" block with brick facing, 6'hlgh.
2. All gates to be heavy duty screened chain-link.
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TOTAL P.03
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EDA Agenda - 7/19/01
5.
Consideration of a request to amend terms of the Loan Agrecment for DMRF Loan
No. 111 bctween the EDA and VisCom. Inc.
A. Refercnce and hack!!round:
Bruce Hamond, VisCom, Inc., is requesting the EDA amend the terms of DMRF Loan
No. Ill. Attached is a copy of an excerpt of the Loan Agreement defining the repayment
of the loan as approved by the EDA on August 29, 2000. On November 8, 2000, the
DMRF non-performance date was extended from May 29, 200 I to August 29, 2001.
Attached is the amortization schedule based on the loan agreement and a copy of the loan
payment of] une 22, 2001, and a note attached to the payment requesting the amount of
the check be applied as interest only for June and July. The Finance Department
suggested not accepting the payment until the terms of the agreement are reviewed by
I;;DA. Mr. I lamond will request his preference of payment for the EDA to consider.
Additionally, I believe, Mr. Hamond is requesting an extension orthe non-performance
date.
B. Alternative Action:
Loan repayment terms
1. A motion amending the loan repayment terms of the Loan Agreement for DMRF
Loan No. 111 between the EDA and VisCom, Inc. as follows
2. A motion to deny amending the loan repayment terms of the Loan Agreement for
DMRF I,oan No. 111 between the EDA and VisCom, Inc.
3. A motion to table any action.
Non-performance date
1. A motion to extend the non-performance date of August 29, 2001 to
-____ f()f DMRF No. 111 (matching grant) between the EDA and
VisCom, Inc.
2. A motion to deny extending the non-performance date of the August 29, 2001 for
DMRf No. 111 between the EDA and VisCom, Inc.
3. A motion to table any action.
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EDA Agenda - 7/19/01
C. Recommendation:
Without hearing Mr. I lamond's reasons, no recommendation is given. Ilowever, it has
not been the past practice of the EDA to amend loan repayment terms. Secondly, the
loan dollars were expcnded on April 10,2001. The matching grant dollars for the
exterior of the building have not been disburscd. If completed, DA T needs to assess the
exterior for completion of design as approved and Mr. Hamond submit evidence of
payment of exterior work completed. The intent of the non-performance date was to
encourage completion of project.
D. Supporting Data:
Excerpt ii"om Loan Agreement, copy of check and note, amortization schedule.
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LOAN AGREEMENT
This Loan Agn:ement CAgreen1ent") is made thisL~ day of d~, "" L ,200 I, by
VisiCom, [nc., a Minnesota corporation ("Borrower") and the Monticello E~)Il1ic Development
Authority ("Lender"), a public body corporate and politic under the lavvs of Minnesota.
Rr::CT1ALS
i\. [n consideration for the loan contemplated by this Agreement. Borrower is executing
and delivering to [.cnder this Loan Agreement.
8. Lender agrees to loan to B01TO\Ver the maximum amount of $10,644 to pay a portion
of the costs ("Project Costs") related to the rehabilitation ofa building located within the City at 216
West Broadway ("Property')
ACCORDINGLY, to induce Lender to make the Loan to Borrower. and fix good and
valuable consideration, the receipt and sufficiency of \vhich are hereby ackno\vlcdged. the parties
hereto agree as f()llows:
1. The [,oan Amount. Subject to and upon the terms and conditions of this Agreement.
Lender allrees to loan to Borrower the sum of Ten 'Thousand Six Hundred fortv-Four and no/! OOths
~ . -
Dollars ($10,644), or so much thereof as is disbursed to 80rrower in accordance with this
Agreement ("Loan"). The Loan shall be evidenced by a promissory note ("Note") payahle by
Borrower to Lender and substantially in the form ur Exhibit ^ attached to this Agreement. \vhich
shall he dated as of the date of this Agreement. Proceeds of the Loan shall be disbursed in
accordance with Section 3 hereof.
I)J( ;-1 ')5:W I \ I
\IN.12.'-11I
2. Kl212avl11cnt of Loan. The Loan shall be repaid with interest as f()IIO\vs:
(a) Interest at the rate of five and (me-half percent (5.50%) per annum shall
accrue from the Loan Closing Date (as hereinatter detined) until the Loan is repaid in full.
(b) Payments of principal and interest shall COlnmencc on May L 200 I and
cuntinue on the first day of each and every month thcrealier until paid in full. Such
payments shall t'ldly amortize the I,oan over ten (10) years; provided, however, the entire
remaining unpaid balance of principal and interest shall be due and payable in full on May
I, 2004.
3. J)ishursemeJ~H of Loan Proceeds.
(a) The I.oan proceeds shall be paid to Borrower un April 10.2001 or stich other
date as the parties hercto agree ("Loan Closing Date").
(b) The following events shall be conditions precedent to the payment of the
Loan proceeds to Borrower on the Loan Closing Date:
5A
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VISICOM, INC.
BRUCE A. OR CYNTHIA M. HAMOND
Lie. H.553.098-067.298 H-553-132-585-643
PO. BOX 488
MONTICEllO, MN 55362
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75-235/919 3 41 8
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"" 04/10/2001
Principal $ 10644.00 Interest $ 1597.06
Total Prepaids + Pro Rata $ 0.00
Total Credit Ins $ 0.00 Insurance Renewal $ 0.00
Total Finance Charge $ 1597.06
Loan Arrount $ 10644.00
Total Misc. Fees $ 0.00
36 payrrents Of $ 115.78
Prepaid Fees $ 0.00
o Days @ 5.500% Balloon payrrent Of $ 8072.98
O:ld Days Int L> $ 0.00
Prepaid Ins $ 0.00
Escrow $ 0.00
Total Prepaid Fees $ 0.00 Total Of payrrents $ 12241.06
ArrOUIlt Financed $ 10644.00 lL A.P.R. = 5.S81% ]
ProCeeds $ 10644.00 F\.ITlCling Date 04/10/01
1st payrrent Date OS/01/01
- Maturity Date OS/01/04
A.ctual/360 canadian Rollover Loan Disclosure
09:12:21a
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In Cash
Financed
Pp:l F.C.
In Cash
Financed
Misc Fees
------~---~~--~-------~~~-----~~-~
-~--~-~--~-----~-----------~------
---------~--~---~-------~~--------
----~--------~-----------~---~----
0.00
0.00
==~~==~~=~=~~~~=~~~~===~~=~~==~~==
=~=~~~~==~~~~~~=~~=~~=~~~=~~==~~=~
0.00
0.00
Total
Total
Interest Rate Is Fixed
Interest Rate Is % 5.S00
120 IVbnths Arrortized
37 IVbnths To Call
'I'his is an estinated disclosure.
Q.lstorrer' s Narre
Loan Officer
Date of Quote
** Place this form in custorrer's loan file for audit trail **
04-10-2001
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5C-
EVf\ -
'\)\(Y\ 'Q..~ Lo ~ 'No \\\
04-10-2001 ** AMORTIZATION SCHEDULE **
( Actual/360 )
payrrent # I Date I Interest I Pr' 1
__u_u___uuuu_____ c2So. '!>"f.OI u J,5(). /9f,o{
37 I 04/10/01 I I
\) \ S I 0 0 vr.... , 1:~Yl ~
:If
09:12:25
Page 1
I Balance
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I $10644.00
?hI
5/9 .0 ( 3 '130 1 05/01 01 34.15/ 81.63""
'';''''-," .~ 2 06/01 01 50.02 65.76
- 3 07/01 01 48.11 67.67
.. 4____ Jl2L01 01 49.39 66.39
- 5 Oglo;!. 01 .. 49.0.8 66.70__ -
h 10/01 01 47.19 68.59
- 7 11/01 101 48.44 67.34
8 - 12/01 101 46.57 69.21
YEAR 2001 372.95 553.29
9 01/01/02 47.79 67.99
10 02/01/02 47.47 68.31
11 03/01/02 42.58 73.20
12 04/01/02 46.80 68.98
13 05/01/02 44.97 70.81
14 06/01/02 46.14 69.64
15 07/01/02 44.33 71.45
16 08/01/02 45.47 70.31
-
. 17 09/01/02 45.14 70.64
18 10/01/02 43.36 72 .42
19 11/01/02 44 .46 71.32
20 12/01/02 42.70 73.08
YEAR 2002 541.21 848.15
21 01/01/03 43.77 72.01
22 02/01/03 43.43 72.35
23 03/01/03 38.92 76.86
24 04/01/03 42.73 73.05
25 05/01/03 41.01 74.77
26 06/01/03 42.03 73.75
27 07/01/03 40.33 75.45
28 08/01/03 41.32 74.46
29 09/01/03 40.97 74.81
30 10/01/03 39.30 76.48
31 11/01/03 40.25 75.53
32 12/01/03 38.61 77.17
YEAR 2003 492.67 896.69
33 01/01/04 39.53 76.25
34 02/01/04 39.17 76.61
35 03/01/04 36.30 79.48
36 04/01/04 38.43 77.35
37 05/01/04 36.83 8036.18
YEAR 2004 190.26 8345.87
.
payrrent Arrount $
Final Payrrent Arrount $
115.78
8073.01
\
\
10562.37
10496.61
10428.94
10362.55
10295.85
10227.26
10159.92
10090.71
10090.71
10022.72
9954.41
9881. 21
9812.23
9741.42
9671.78
9600.33
9530.02
9459.38
9386.96
9315.64
9242.56
9242.56
9170.55
9098.20
9021.34
8948.29
8873.52
8799.77
8724.32
8649.86
8575.05
8498.57
8423.04
8345.87
8345.87
8269.62
8193.01
8113.53
8036.18
0.00
0.00
5b
.
.
.
EDA Agenda - 7/19/01
6.
Consideration to review for discussion the preliminary GMEF application for LLC
dba EDMA Company. Pat Jensen, Applicant.
A. Reference and Background:
GMEF Loan Application: See Attachment A.
Request is for an $30,000 real estate loan.
P roj ect Summary:
Pat Jensen is President and 51 % owner of EDMA Company. The company is six years
old and leases space in Eden Prairie. The company is a small machine shop which does
engineering, design, machining, and assembly. This business will occupy 5,000 sq ft of
the proposed 10,000 sq ft mctal with rock front. The remaining 5,000 sq ft will house a
new business specializing in maintenance of and leased indoor-storage of recreational
trailers. The company requires no outside storage. The proposed builder is Unlimited
Trades of Rogers, MN.
The Prospect Team of Kevin Doty, Ron Hoglund, Brad Bm-ger, and myself visited the
existing plant in June. Pat Jensen will be present at the EDA meeting.
The company has a Purchase Agreement with Carl and Eric Bondhus for a lA-acre parcel
to the north of Lake Tool. The project will create 3 new jobs for the City of Monticello
within two ycars. See Attachment B.
USES AND SOURCES
Estimated Uses of Funds
Construction Costs
Land Costs
Contingency
TOTAL
$348,000
$ 75,000
$ 27.000
$450,000
Estimated Uses of Funds
Lender
SBA
OMEF
Equity (2(Y%)
$225,000
$175,000
$ 30,000
$ 20,000
EDA Agenda - 7/19/01
.
TOTAL
$450,000
Please review the application for compliance with the EDA-GMEF Business Subsidy
Criteria.
GREATER MONTICELLO ENTERPRISE FUND GUIDELINES
PUBLIC PURPOSE CRITERIA: Must comply with four or more of the criteria listed
below, criteria #1 being mandatory.
1.
Job Goal:
Three new full-time jobs to the City of Monticello within two
years of the benefit date.
Wage Goal: At least 4.5 ofthe new jobs must pay a wage of the higher of$9.00
per hour, or at least 160% of the federal minimum wage, exclusive
of benefits, for individuals over the age of 20 during the term of
the assistance. See Attachment B.
Annual reports are required until termination date. Failure to meet job and wage goals
require partial or full payment of the assistance plus interest.
.
2.
Increases the community tax based: EMV of building is $290,000
Estimated increase of annual taxes is $5,900
(land and building). Use of new class rate.
3.
Factors:
To assist a new manufacturing business to expand their operations.
Other factors for consideration but no limited to: Nature of
business (manufacturing), no availability of service and product
currently, potential adverse environmental effect (permit for
furnace), and compatibility to the comprehensive plan and zoning
policy (yes, steel exterior acceptable in 1-2 zone.)
4. Used as a secondary source to supplement conventional financing.
Thc Ci-MEF is a secondary suurce to the Western Bank and SBA.
5.
Used as gap financing: Used as gap financing. [t is the intent for the EDA to take
a first position on one piccc ofequipmcnt and shared position of the remaining
equipment. Thc $30,000 EDA loan would be used as equity into thc real estate
construction/real estate loan. It was the opinion of a local lender, this was a good
use of gap financing dollars. It encouraged the use of the loan program verus the
.
2
.
.
.
EDA Agenda - 7/19/01
lIse of '1'1 F.
6. Used to assist other funds: In addition to the GMEF, other funds obtained are
lenders, SBA and equity.
GREATER MONTICELLO ENTERPRISE FUND POLICIES
1. BUSINESS ELIGIBILITY
Industrial business: Yes.
Located within city limits: Yes, Zoned 1.2.
Credit worthy existing business:
For determination by Vonda Wurzburger of
Western Bank, Wayzata, MN. (Bank Commitment)
$10,000 loan per each job created. $10,000 X 3 "" $30,000.
Or $5,000 per every $20,000 increase in property market valuation, whichever is higher.
$290,000 divided by $20,000 is 14.5 X $5,000 "" $72,500.
Criteria: $30,000
II.
FINANCING METHOD:
Companion Direct Loan:
All such loans may be subordinated to the primary lender if
requested by the primary lender. The GMEF is leveraged
and the lower interest rate of the GMEF lowers the
eflective interest rate on the entire project.
Criteria: The GMEF takes a first position on the 1996 Milltronies and 2nd lien of the
remaining equipment. Attachment C.
III. USES OF PROCEEDS:
Real property development.
IV. TERMS AND CONDITIONS:
Loan Size:
Maximum not to exceed 50% of the remaining revolving loan fund
balance. Approximate balance July 13,2001, $560,000. Request:
$30,000. Criteria: $30,000. Remaining balance thereafter, $530,000.
..,
.)
.
EllA Agenda - 7/19/01
Leveraging: Minimum 60% private/public non-GMEF
Maximum 30% public (GMEF)
Minimum 10% equity of ED A loan
Proposed
Lender
SBA
GMEF
[:quity
TOTAL
$225,000 (50%)
$175,000 (38.8%)
$ 30,000 (6.6%)
$ 20,000 (4.4%) (>10% EDA)
$450,000 (99.8%)
Loan Term: Real estate property maximum of 5-year maturity amortized up to 30
years. Balloon payment at 5 years.
Criteria: As stated above.
Interest Rate: Fixed rate not less than 2% helow Minneapolis prime rate. Prime rate per
National Bank of Minneapolis on date of EDA loan approval. Prime rate
July 19,2001. ___'
.
Criteria:
Loan Fee:
Criteria:
Minimum rate is
fixed rate.
Minimum fee of $200 but not to exceed 1.5% of the total loan project.
Paid hy applicant to the FDA within five working days after City Council
approval of GMEF loan. Non-refundable. Loan fee may be incorporated
into project costs. EOA retains the right to reduce or waive loan fee or
portion of loan fee.
Minimum fee of $200 or $450, due and payable not later than .July 30,
2001.
Prepayment Policy: No penalty for prepayment.
Deferral of Payments: 1. Approval of the EOA membership by majority vote.
2. Extend the halloon if unahle to refinance, verification letter
from two lending institutions subject to Board approval.
Latc Payment Policy: Failure to pay principal or interest when due may result in the loan
being immediately called.
.
4
.
EDA AgendH - 7/19/01
Interest lilnitation on guaranteed loans:
Not applicable.
Assumability of loan: None.
Business equity requirements:
Subject to type of loan; Board of Directors will
determine case by case, analysis under normal
lending guidelines.
Collateral:
Personal and/or corporate guarantees (requires unlimited personal
guarantees) as per the GMEF attorney.
Non-perfortnance:
An approved GMEF loan shall be null and void if funds are not
drawn upon or disbursed within 180 days from date of EDA
approval.
July 19,2001 F-DA Hpproval - 10Hn becomes null Hnd void .JHnuaryI9, 2001.
Non-performance extension: Not applicable.
Legal Fees: Responsibility of the GMEF applicant.
.
B.
Recommendation:
Recommendation is to review this information prior to the EDA meeting tl)f
discussion and potential questions. Consideration to approve or deny GMEF
Loan No. 019 is the next agenda item.
C SUIJDortinf! DHtH:
Preliminary GMEF application and job and wage-level goals.
.
5
.
.
.
GREATER MONTICELLO ENTERPRISE
250 EAST BROADWAY
MONTICELLO, MINNESOTA
PRELIMINARY APPLICATION FOR LOAN
APPLICANT: 16.-+rl'<: K :ren~~
FIRM OR TRADE NAME: EDn'H4 CD
BUSINESS ADDRESS: 7202 W.q,$ it .nJf-...,
CITY/STATE: eck:'.., Pnt,.f',.... M nJ'
TELEPHONE: (BUS.) 9S2 - ~~2 - ffat7
Pv< f
DATE ESTABLISHED: )i95
_SOLE PROPRIETOR
ZIP CODE: S-S~Y?
(HOME) 'lS2- WfJ- 9'976
EMPLOYER I.D.# tJ/- / 8&$/';1 OS
X CORPORATION _PARTNERSHIP
,
MANAGEMENT
~~o/~..se"
fijE
~.H""",1-
c:
OWNERSHIP %
~I
W
PROJECT LOCATION:
X::K\( nuvcilf 'J' ~i'rc;.lr'
NEW LOCATION
~;25t 000
TOTAL PROJECT COST ESTIMATE: $
_EXISTING BUSINESS
~U;".3 r~) ~+~
PROPOSED USES:
REOUEST:
AMOUNT OF LOAN $ 3 U, ODI.:/
MA ruRITY & TERMS
REQUESTED /f 75% e to )'1101').
APPLICANT'S EQUITY Ej......p""c....+
LOAN PURPOSE ~
LAND $
EXISTING BUILDING
CONSTRUCTION
MACHINERY CAPITAL
WORKING CAPITAL 3c:}oc:I'';:)
OTHER
TOTAL USES: $
PROPOSED BEGINNING DATE: /lvJv:rr 01
ESTIMATED COMPLETION DA TE:Oe /'. (') I
TITLE TO
PROJECT ASSETS TO BE HELD BY:
OPERATING ENTITY
ALTER EGO
PARTICIPATING LENDER: WeSfc..fn
J J J ,(Name)
l/ /In.d~ Wv('z..bU'f'~r
jContact Person) '\
\.~ \t - ").... I
PRESENT # OF F.T. EMPLOYEES: 2-
BC1nk L/70o fA..) "77zA. Sf - 'S It.a &J/'nc,
(Address)
es-l.) 857- 4 Of.:, 2-
(' _ ('~e~ephone:) "-, 0 n ()
T'f\"(- ,,,":J-'o~"-'" -,
PROJECTED # OF F.T. EMPLOYEES(witbin 2 yearsL.l_
/7....
PROJECTED AVERAGE WAGE PER HOUR: _
ADDITIONAL PROJECT INFORMATION:
APPLICANT SIGNATURE: '~p/ ;P~
y
DATE SIGNED: 7- 5'-0/
IPA
.
.
GOALS OF BUSINESS RECEIVING ASSISTANCE
Please indicate number of employees at each level and indicate the corresponding benefit level.
Number of jobs created is over the first two years.
H RAagenda\ TI Fprocess
&13
~!be~E~"~O~'~
.
W.b pag.: hllp://Www.west.rn-bank.cam
July 12, 2001
City of Monticello
Economic Development
Ollie Koropchak
505 Walnut St. Suite I
Monticello, MN 55362
Dear Ollie,
Enclosed is the information that you requested in regards to Pat Jensen's $30,000 loan request.
Western Bank approved Mr. Jensen's loan request (commitment letter included) subject to approval of
SBA 504 financing and a $30,000 loan from the City of Monticello.
.
In order not to affect Dim Corporation's leverage position and to avoid tax consequences for Pat Jensen,
the $30,000 should not be made to Dim Corporation. Instead, we are proposing to make the $30,000 loan
to the LLC which Pat is forming. The loan will still be guaranteed by Dim Corporation and assets of Dim
Corporation will still be used as collateral.
Please notify me of any questions that you may have or if there is a problem with the change in the
borrower. I will be in the office thru Tuesday, July 17, but will then be on vacation thm July 24.
Sincerely,
(/p"'rn=k r; .. ~
M"~9 ~
Vice President
TI ~~~nv~~
ri JUl 1 3 3JOl U
:=I
.
663 University Avenue
51 Paul, MN 55104
(651) 290-81 DO
1740 Rice Street
Maplewood, MN 55113
(651) 290-7822
7035 10th Street N.
Oakdale, MN 55128
(651) 290-7844
2711 N.E. Highway 10
Mounds View, MN 55112
(651) 290-7866
3033 University Avenue S.E.
Minneapolis, MN 55414
(651) 290-7888
4700 W 77th Street, Suite 160
Edina, MN 55435 J /1 {1
(612) 857-1707 I.....V L--'
.
.
.
DIM Corporation
Equipment list
Est FMV
Est Book Value
1995 Charmilles EDM
1996 Milltronics
2000 Holepopper
2000 Haas CNC
1996 Charmilles EDM
2001 Rotary Table
$80,000
$18,000
$35,000
$55,000
$60,000
$ 7.000
$64,000
$14,000
$28,000
$44,000
$48,000
$ 5.600
$255,000
$205,000
Western Bank currently has equipment loans totaling $153,000 secured with the above equipment. Per
bank guidelines, the loan cannot exceed 80% of book value. Therefore, Western Bank needs to remain in
1 Sl position on $191,000 of equipment.
In order to accommodate the financing, Western Bank will release its position on the 1996 Milltronics. As
collateral for the subject loan, the City of Monticello will have a first position on the 1996 Milltronics and
and a 2nd lien position on the remaining equipment.
LPb
~'!~~~~Hou~'~
.
July 11, 2001
Pat Jensen
Dim, Inc. dba EDMA
7202 Washington Ave. S.
Eden Prairie, MN 55344
WeO page: hnp:/!www.wnlrrn.blnk.colII
COMMITMENT LETTER
Dear Mr. Jensen
I am happy to inform you that your loan application for a first mortgage loan on the property at
Oakwood Industrial Park, Monticello has been approved on the following terms:
BORROWER:
MORTGAGE AMOUNT:
.
PURPOSE:
MATURITY:
AMORTIZATION:
RATE:
INTEREST/PRINCIPAL&
INTEREST MONTHLY:
ORIGINATION FEE:
TAX ESCROW:
PREPAYMENT PENALTY:
.
LLC - name to be determined (owned 100% by Pat Jensen)
$400.000 (not to exceed 90% of cost or 100% of appraised
value)
purchase land. construct building. & permanent financing
8-2011
20 years
Your interest rate will be fixed at 8.35%.
Interest only payable monthly on the disbursed funds until the
earlier of project completion or 12-31-01. The SBA will then
purchase $175.000 reducing subject loan to $225,000. The loan
will begin amortizing with monthly payments of approximately
$1,945 for 120 months with a maturity date of 8-2011
1%
Lender (Mortgagee) shall require that the Mortgagor pay to the
Mortgagee on the day monthly installments of principal and/or
interest are payable under the Note, until the Note is paid in full, a
sum (the "Funds") equal to one-twelfth of the yearly real estate
taxes and assessments which may attain priority over
Mortgagee's security interest in the Mortgaged Property, as
reasonably estimated initially and from time to time by the
Mortgagee on the basis of assessments and bills and reasonable
estimates thereof.
There shall be a pre-payment penalty if the loan is pre-paid any
time until 12 months prior to maturity. The pre-payment penalty
shall be equal to 2% of the original Note amount. You may
elect to make principal reductions up to an additional 20% of
the January 1 SI balance each year without any penalty
assessed.
663 University Avenue
SI. Paul. MN 55104
(651) 290-81 DO
1740 Rice Street
Maplewood, MN 55t13
(651) 290-7822
7035 10th Street N.
Oakdale, MN 55128
(651) 29Q.1844
2711 N.E. Highway 10
Mounds View, MN 55112
(651) 290-7866
4700 W. 77th Street, Suite 160
Edina, MN 55435 j c:.
(612) 857-1707 1.J) l.---
3033 University Avenue S.E.
Minneapolis, MN 55414
(651) 290-7888
.
.
.
Page 2
ASSUMABllITY:
The loan is not assumable nor can you transfer any portion of
your interest in the Real Estate without the written consent of
Western Bank.
LATE FEE:
In the event a monthly payment on this loan is made late (10
days after due date), then a late fee of 5% of the monthly
payment will be charged.
This commitment is subject to the following:
1. APPLICATION AND PURCHASE AGREEMENT: Your application documents and the
purchase agreement, if any, pertaining to this transaction.
2. SOURCES AND USES: The sources and uses shall be as follows:
Sources
$ 30,000 Loan from City of Monticello
$ 20,000 Cash
$225,000 Bank loan
$175.000 SBA loan
Uses
$ 75,000 land
$348,000 construction costs
$ 27,000bank fee, interest, &reserve
$450,000
$450,000
3. HAZARD INSURANCE: Coverage in the amount of at least $400,000 with Western
Bank named as mortgagee and including a clause that the insurance company will
give us at least 10 days notice of cancellation or non-renewal. Evidence of
insurance must be delivered to us on or prior to closing.
4. TITLE INSURANCE: Commitment from Land Title, Inc. showing title free and clear of
any encumbrances, easements, encroachments or restrictions not acceptable to us.
The commitment shall include AL T A endorsement form No.8 (no hazard waste liens)
and TI M form No.1 00 (or equivalent comprehensive endorsement).
5. LIFE INSURANCE: Assignment of life insurance to Western Bank naming the insured
as Pat Jensen. The amount of the life insurance policy shall be at least $175,000.
6.
COSTS: Whether or not the loan is originated in accordance with this commitment, the
Borrower shall pay, upon request of the Bank, all of the legal. title, appraisal,
environmental assessment, survey and any other out of pocket charges incurred by the
Bank in connection with the drafting of this commitment and/or the Loan Documents
and any other documents referred to in this commitment. Additional costs incurred for
the closing of this loan include but are not limited to: Mortgage Registration Tax, and
recording fees.
LP-f
Page 3
.
7.
DOCUMENTATION: Borrower agrees to execute all documents as the Bank's legal
counsel may reasonably require. The documents may include but are not limited to:
Note, a combination mortgage security agreement or a mortgage and fixture financing
statement ("Mortgage"), the Guaranty{ies), an Assignment of Rents and Leases,
Estoppel Certificates, UCC-1 Financing Statements, Borrowing Resolution, Escrow
Agreement, and Loan Agreement. All such documents are to be prepared by Bank
and/or Bank's counsel. Borrower shall also execute and deliver all documents required
by the title insurance company in order to close the loan.
8. PERSONAL PROPERTY: Provide Lender a first lien on all personal property in the
building as collateral in addition to the mortgage.
9. FLOOD HAZARD ZONE: If property is located within a Flood Hazard Zone, Borrower
will be required to purchase flood hazard insurance for the term of the loan with
Western Bank named as mortgagee.
10. BORROWING AUTHORITY: Borrower must provide us with a Certificate of Good
Standing, copy of Articles of Incorporation and Bylaws certified by the Corporate
Secretary and Corporate Resolution Authorization acceptable in form to us. The
Promissory Note ("Note") and other documents shall be executed by the individuals so
authorized.
.
11. GUARANTY: The loan, as well as the performance and provisions of the mortgage and
other loan documents, will be personally and absolutely guaranteed by Pat Jensen and
Dim, Inc. in accordance with a form of guarantee acceptable to lender.
12. SURVEY: Borrower must provide a Survey to the site, which meets ALTA standards.
The title insurance company must delete the standard survey exception from the title
insurance policy. The Survey shall include a proper surveyor's certificate, legal
description and be addressed to the Bank and Title Company.
13. LOAN AGREEMENT: Borrower will execute a Loan Agreement consistent with the
attached Exhibit A.
14. City Requirements:
a. Any conditions or requirements of the City of Monticello's Commercial
Revitalization Program must be satisfied.
b. All contractors, laborers and materialmen must be paid a prevailing
wage as determined under the Davis-Bacon Act.
.
DISBURSEMENT OF CITY FUNDS:
c. The improvements, when complete, must meet City property code
requirements. Evidence to that affect must be provided.
15. MORTGAGE FILING: The mortgage must be recorded prior to any work, construction
etc. begins on the mortgaged property.
l.P0
.
.
.
Page 4
16. PLANS AND SPECIFICATIONS: The project must be completed in accordance with
the submitted plans and specifications and scope of work.
17. COMPLETION: The project must be completed by 12-31-01.
18. PERFORMANCE AND PAYMENT: Your contractor providing you with a performance
and payment bond.
19. BUILDING LOAN AGREEMENT: Borrower executing a Building Loan Agreement,
which may contain additional conditions and requirements consistent with this
correspondence.
20. ASSIGNMENT OF CONTRACTS: Borrower shall assign all contracts associated with
the construction to Western Bank.
21. AVAILABILITY OF UTILITIES: Borrower shall provide Western Bank with evidence that
all utilities necessary for construction and operation of the improvements are available
to the site.
22. SOIL CONDITIONS: Borrower shall provide lender evidence before the first draw that
the condition of the soil is adequate to support the proposed improvements.
23. INSURANCE: Borrower shall provide Western Bank with evidence of adequate
comprehensive general liability insurance and workman's compensation insurance.
24. ENVIRONMENTAL HAZARDS: Borrower shall provide evidence satisfactory to
Western Bank that there are no environmental hazards. Borrower further agrees to
indemnify Western Bank from any loss whatsoever arising by reason of the presence of
hazardous waste or toxic substances in or on the property. This indemnity and hold
harmless shall survive the payment of the note.
25. PROJECT COSTS: The total cost of the project shall not exceed $450,000 (including
land cost, bank fees and interest during construction period). You must provide a
sworn construction statement supported by contracts.
26. CASH EQUITY: Borrowers cash equity of $50,000 must be disbursed prior to
disbursement of mortgage proceeds.
27. RETAINAGE: A retainageof 10% will be withheld on each disbursement.
28. CODE COMPLIANCE AND ORDINANCE: Borrower shall provide satisfactory
evidence to lender that the Property meets city codes and ordinances, laws. and
regulations applicable thereto. This shall be provided at completion.
[PH
.
.
.
Page 5
29. APPRAISAL: As a condition precedent to the first disbursement, lender shall have
received a satisfactory appraisal prepared by Diversified Appraisers in form acceptable
to lender and the Project shall not be altered in any manner during construction so as
to cause the appraised value to decrease. As a further condition precedent, lender
shall have the right to engage a firm, at Borrower's expense to review the appraisal and
confirm that the loan to value ratio for this Project does not exceed 100%.
30. ADVERTISING: During construction, lender may place a sign on the Property
specifying that it is participating in the financing on the Property.
31. DEPOSIT ACCOUNT: As a condition precedent to the first disbursement, and
continuing throughout the term of the Loan, Borrower shall establish an account with
lender and shall maintain deposits therein with an average collected balance of
approximately $2,000.
32. EXPIRATION DATE: This Commitment shall expire and terminate and be of no further
force and effect if the loan has not closed on or before October 30,2001.
33. DELIVERY AND ACCEPTANCE OF COMMITMENT: This commitment must be
signed and returned to the Bank along with a check in the amount of $3,000. This fee
will be applied to payment of related costs or legal fees to be incurred by Bank and/or
the remainder as a partial payment of the nonrefundable Commitment fee. This
Commitment shall be deemed to be of no further force and effect if not returned by July
30, 2001. At closing, the Commitment fee will be applied as a credit towards the
Origination fee (see page 1).
This commitment is subject to APPROVAL OF A SBA 504 LOAN in the amount of $175,000 in
terms acceptable to the bank. Any additional terms that the SBA requires will also be
applicable to the bank loan.
This commitment is subject to the APPROVAL & CLOSING OF A $30,000 LOAN FROM THE
CITY OF MONTICELLO with terms acceptable to the bank and SBA
This commitment is subject to an ASSIGNMENT OF LEASE.
In the event that there is any material adverse change in your financial condition or obligations
prior to the closing, the Bank may, at its sole and complete discretion, terminate this
commitment.
We may, at our option, waive any time limitations or conditions herein.
WESTERN BANK
By:
Its:
leI
.
.
.
Page 6
ACCEPTANCE
I (we) hereby accept the terms of the above commitment
Date:
DIM,INC.
PAT JENSEN
By:
By:
Western Bank acknowledges receipt of this commitment letter.
By:
Its:
LoS
.
.
.
LOAN AGREEMENT (MORTGAGE)
This agreement is made and entered into as of the 12th day of
July, 2001, by and between LLC - NAME TO BE DETERMINED, (hereinafter
referred to as "Debtor"), Pat Jensen (hereinafter referred to as
"Principal (s) '), and WESTERN BANK, a Minnesota banking corporation,
(hereinafter referred to as "Bank").
RECITALS
A. Bank has agreed to make such a loan to Debtor subject
to the terms and conditions contained herein and in
closing documents (note, security agreement etc.).
B. Unless superseded by a subsequent Loan Agreement, terms
and conditions of this loan will continue to renewals
and extensions of Debt.
NOW THEREFORE, in consideration of the mutual covenants contained
herein, Debtor, Principal(s) and Bank agree as follows:
1. THE LOAN. At the closing hereunder Bank shall loan to
Debtor the principal sum of Four hundred thousand
dollars and NO/lOO Cents ($400,000) hereinafter
referred to as the "Loan", which shall be evidenced by
and repayable pursuant to the terms of Promissory
Note(s) of even date ("Note").
2 .
SECURITY. As security for the Loan, Debtor grants to
Bank a lien in collateral listed in Security
Agreement (s)/Mortgage.
3. FINANCIAL STATEMENTS. Debtor and Principal(s) agree to
furnish the Bank the following updated financial
information by April 30th of every year until the loan
is paid in full:
Check applicable box(es)
v'
Balance Sheet and Income Statement of most recent
Fiscal Year End on 12/31
v'
D
v'
Personal Financial Statements
Operating Statements of the property
Copy of Federal Income Tax Return
Debtor shall provide the Bank on a timely basis any
other information the Bank may request from time to
time.
All financial statements shall be appropriately signed
1
lP~
.
.
.
5.
and dated.
4.
EVENTS OF DEFAULT
Anyone or more of the following events is an Event of
Default under this Agreement:
a. If Debtor shall fail to make any payment(s)
required under the Loan(s) as stipulated in
Note(s) and Security Agreement(s)/Mortgage.
b. If Debtor or Principal (s) shall fail to make any
payment on any other indebtedness to Bank, now
existing or hereafter arising, on or before the
date that payment is due, whether at maturity or
by an acceleration or otherwise.
c. If Debtor or Principal (s) shall fail to observe
and perform any covenant, condition or agreement
contained in this Agreement or contained in any
other instruments or agreements evidencing or
securing the loan.
d.
If any representative or warranty of Debtor or
. Principal (s) contained in this Agreement or the
contents of any statement, certificate, document
or instrument furnished in connection with this
Loan or pursuant to this Agreement or furnished in
connection with any other indebtedness of Debtor
to Bank is untrue in any material respect.
e.
If Debtor
conditions
(Note(s) ,
Guaranty(s)
loan.
with any terms and
related documents,
Agreement (s)/Mortgage,
connection with this
fails to comply
specified in
Security
etc. ) made in
f. If the Bank at any time in good faith believes the
prospect of punctual payment of the loan is
impaired.
g. If the Bank believes the financial condition of
debtor has materially deteriorated.
h. If the Bank in good faith believes the collateral
value has deteriorated to less than 100% of the
loan balance (bank & SBA loan combined) .
i. If the debt service coverage ratio (net operating
income of property - debt service payments) is
less than 1 to 1 (bank & SBA loan combined)
J. If the debtor does not maintain it's primary
banking account at the Bank.
FORBEARANCE
NOT
A
WAIVER,
RIGHTS
AND
REMEDIES
2
LPL
.
.
CUMULATIVE. No delay by the Bank in exercising any
right shall be deemed a waiver of or preclude the
exercise of such right or remedy and no waiver by the
bank shall be deemed effective unless in writing.
6 .
RATE ADJUSTMENT. In the event of default by Debtor
then the interest rate shall be increased by 4%
annually over and above the interest rate stated in the
note (8) . The increase in the interest rate shall be
during the period of the occurrence of any Default or
Event of Default until such time as no Default or Event
of Default is continuing. This increase in interest
rate does not preclude exercise of any other collection
remedies available under the note(s), security
agreement(s), other loan document(s), or by law.
7. SUCCESSORS. Terms and conditions of the Agreement
shall apply to and inure to the benefit of the parties
hereto, their successors and assigns.
IN WITNESS WHEREOF, Debtor and Bank have read and understand this
entire Agreement, and have executed this Agreement.
WESTERN BANK
DEBTOR
3
Lorn
.
ESTIMATE OF CLOSING COSTS
Based on $400,000 loan
Origination fee
Appraisal fee
Title work
SBA fee
Environmental
Tax Escrow
.
.
$ 4,000
$ 2,700
$ 2,400
$ 1,125
$ 570
$ 1.1 90
$11 ,985
LoN
.
.
.
__w ""'.L U.1.jj; .lDfi'
03127101
l..ar.' "n D@nn@:j
EDMA CO.
Profit -.1d Loa
.Jan..". Uvaugh DM.nbw 2000
Ordln.-ylnc;o~
Income
4010 . Sill..
TotaIlncome
eo.t of Gooda Sold
5000 . Cost of Goods Sold
TObII COOs
ere- Proftt
Expen..
8025, SImple IRA Match
8157 . 2"4 DISCount
S8a5 . ConaulUnll
"" . UnCMtlgorlzed ElqJeNa
6580 . P!lyroll Exper'l88s
81 f, . Automobile Expenae
1125 ' Balk Service Charges
8145 . Contrtbu~
'1 $S , Deprec&.tlon Expenae
11 as . Du.. and SuD8ctfpCIol'l8
8175 . Equipment Rentm
8250 . I'l9lgnt and Delivery
6185 . Insurance
6200 . IntMftt Expense
8245 . Miscellaneous
6550 . otrIce\Shop SuppllM
8255 . Postage 8I1d DelIvery
&275 . Prol8Alol\lll Fees
129$ . Rent
6305 . Repelrs & Malnr.nance
6345. ToIephone
8360, Tra'''
8365 ' M.. & Enterbllnment
6395 . Utilities
Total Expense
Net Ordlnal)' 'ncom.
Other InCOl11e/Expense
Other 'ncome
7017. Mi$c. Relmb.
Total Other Income
Other Expense
7019' MN Slate Tax Expense
Total Otherl;ltper'lS&
Net Other Income
Net Income
952 r"'l 9278
Jan - o.c '00
4SO,91i19.85
-..--
4SQ,999.as
51,602.02
-"-'--
57,602.02
433,397.83
3,492.84
665.75
640.00
0.00
180,106.43
6,922.61
1.732.05
540.~ /
S3,400.ClOv'
453.15 /
70,476.56.,/
2,019.75
18, 1'i4. 38
14.090.62/
150.00
3,469.23
408.00
6,854.58 /
29,866.64'
10,555.41
4.868.95
1,000.00
2,823.3-4
6,555.77
--...-....~,-
419.235.86
14,16197
125.00
--~-
12600
300.00
..........-----. -~
300 00
-175.00
13,988.97
P.3
Page 1
cpp
/
I FRCJ1: CML50N RICHTER F=tID cor N
.
.
.
FAX NO. : 952 831 9278
."...
EDIIA Co.
...... ....
,. 01.... at,_1
AlSIITa
c.nnt .....
Cf . j\~""
1m ........ 8InIl. CMaUnt
Teal cr- ..~.....
Accounta q. nh.,bf.
1_ .-AccauID ...~
Teal Ar::cuu.b ............
0IMr CtlmncAala
121. . tnwntofy . WIll
12H . sa. Ta RIlCI1f\l4*
11M . cu. Frarn 811f*}11C6
12. . Depod . RP c.....
TcQI 0Iher cunwnt ......
TotaA CUmnt A..a
FtDd ......
1110 . Equipment
1100. ~ DeprecIIdon
ToQI Fb4cIA..-
Othef' A...u
1271. Rn DepMI
Toe.I Other Assds
TOTAL ASSETS
UA8IUT1ES.. EQUJTY
1I~1"""
CWrent l.IIlbIIIIes
Accounu PQ8Ie
2001. *AccounIs ,.,...
TaUlI Accounte ,.,...
au.. CUlNftt ~
23... . NIP WetItem
2314 . w.-.. . LOC
2100 . hyroII u.bIIIIee
2110 . ,..,.1 To WII.."\eId
2120 . 8tIIte Tax WllttMld
2140 . SUTA To ...,...
Tatal2100' Payral u.IIIIIN
21. . PFI""""I_ s.mc.
Z200 . ..... To PtlyabIe
local CldMr Cumnt UlIblIIIMII
TataI Curftnt ........
Lang Term UiIbIIaH
2312. ~ a.w. NIP
Z120 . NIP . RP c:apt.1
T otaIlong T.nn U:abIIIIu
ToOd u.bD1ea
Equity
1110 . CapIII Stodl . Joe T.
S 120 . capbI StodI ..Jenmv T~
HO' . IWaIMd Eamlnp
Net: Incor'M
TGtaI EquIIy
TOTAL UA8IlITIES & EQUITY
Ju1. ffi 2001 03:01PM P2
.... 10, 't1
-2.745.G
.2, 706SZ
122,0(21 .0.
122,421..M
3,8(XlQ)
3,275.47
3.sn.co
51.uJ
".t'!1-1'3
1:J).786.ai
382.282.64
-187 ,!Il9lIJ
214,283.84
2.41tlCO
2,470.00
M7 ..,....
12,7Sl29
12.78),29
6...10
5' .200.00
2,256.24
5100
203.88
2,fJS2.12
.78.00
-3!!nS5
--'.._.~-
eo.SI4..84
7J,284S3
145,357.03
8,1<>>.'"
15:\...44
228, 731:J7
772.51
28,278.44
88.(JI).35
.. _~,lS.az
1~7M.32
1I&7,.i1....
@
~Q
FR01 : CFlRL~ RI afTER AND CO .-lY
FAX NO. : 952 831 9278
(
Ju 1. 05 2001 03: B1PM P3
.,...
EDMA Co.
,...... ....
..... _t
~
.
..... '11 ..... ~ Jun '11
e
~... J,"". -,
...... w
tI1I . ..... _~.0l3G m.1211.25
'..
TcallIIcIlme 51,424S m.13l2S
CotII ~ CIoodI SaId
-.CaIt of~1oId ~.~ 24,1C1U2
ToW COGS --~p~ 2It.1OS.a:z
a.... ProIIt 4I,SI21.12 D.Cl22.43
~
.. ' a.... IRA Mn:II "SJ 2._70
.." ftoDIKGUM 12.18 7111.;0
-'~e..- 0.(1) om
-- . ,.,..... Exper... 23,liI53.SS 1 (1),812.02
111I'~bp 1,Bna 8,5315.51
11.....' ....c-.. 0.(1) 122.73
114I'~ 0.00 8IS.a)
81...~(I"1 11M 3,aXUXl 18,aXl.CD
'1'" au...... ......~ am 3l5.CXl
1171.~RcnUI 2.S2llS3 22,738.33
1211. F~ and DIIvety %1).87 1,784.77
8111. hIaIIollo_ 1,472.22 8.31>>.20
aae.lnIInst fIp~.. 1,838.25 to.622.98 ..
- . ome.whop ...,... 2Sl48 2.078.52
f2II . ..... and Ddvery GUD 444S)
1271 . ftror...,.... ,... O.CD 2.81 e.lX)
12M. RiInt 2,eD4.S3 15, ilB.48
. AGI. ...... a Maintenance SJB.24 1,338.El8
&1M. T...... 362.~ 2,3G2.St1
All. TrnW aD.a) 2,CXI).OO
... . Melb & Emet10tmeftt 411.07 2,9l2.~
AM. UIIIIIN D.29 3)t19.38
-----~...-
T"~ 4),381.12 205,08).41
Net OrdInary Incclme s,SCJ.cn 3,9!l9.~
otta.r IncClh1lllExpKtse
0IMr ExpMu 0.00 3D.00
711. . MN stat. To &pense
Total ClCtl<< Expen_ 0.00 3D.CO
Ntc OCher Income 0.00 .aD.CD
Net Income 1,140.00 3.18.02
-_......_-
.
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I ' " ,< . ,. .~ -~. -
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1 I! i
MONTICELLO
AUTHORIZATION RELEASING INFORMATION
TO: We.~'+C(n ~&(Jr
Name of Financ~al Institution
4700 0, -;?J:i ,<;T-
Street
EcJ'~ c.. 11
City
5v j'ie. /10 0
r0PL/'
State
55 'r'YS-
Zip
.
I hereby authorize any person to furnish to the Monticello Economic
Development Authority, 250 East Broadway, PO Box 1147, Monticello,
Minnesota 55362, any and all financial records, reports,
statements, or other documentation or information in their
possession regarding: ElJm,4- eo
Developer's name(s)
7)0;) kA.1h;/I'l p,-.. .I"7'v~
Developer's address
>
E~v, /f/t.- ~/2-- f4 #--/
f5:?Y~
Upon presentation of this authorization or an exact copy thereof,
you are directed to permit the personal review, copying, or
photostating of such records, information, and evidence and provide
same to the Monticello Economic Development Authority.
I, the undersigned, acknowledge the said above information may
become public.
This authorization shall be valid
the entire term of the loan.
7..- ~-o(
~ ;2./eh:fe->-
Authorize6 Signature
Dated:
.
One copy for each principal of a
partnership or corporation as
well as the entity itself.
loS
Monticello City Hall, 505 Walnut Street, Suite I, Monticello, MN 55362-8831' (763) 295-2711. Fax: (763) 295-4404
Office of Public Works, 909 Golf Course Rd., Monticello, MN 55362 . (763) 295-3170' Fax: (763) 271-3272
.
.
.
EOA Agenda - 7/19/01
7.
Consideration to approve or dcnv GMEF No. 019 for EDMA Comoany.
A. Reference and Back2:round:
After review and discussion of the preliminary application from EOMA Company, the
EOA is asked to consider approval or denial of the request for a $30,000 GMEF loan.
The lender, Western Bank, has provided a copy of the Bank's commitment letter which is
subject to SBA approval and other inf(Jrmation.
First, the EOA needs to determine if this GMEF loan application from EOMA will
encourage economic development. Secondly, the EOA must determine if the proposed
construction real estate project application complies with the FDA Business Subsidy
Criteria - GMEF Guidelines. Lastly, the EDA must determine the amount and terms of
the loan for approval.
The City Council will consider ratification orthe EOA's action for compliance of the
EOA-GMEF Business Subsidy Criteria on July 23, 2001. If approved, the GMEF will be
disbursed at the closing date yet to be determined.
B.
Alternative Action:
1. A motion to approve GMEF Loan No. 019 for LLC dba EOMA Company. in the
amount of $30,000 with tenn and conditions as recommended at the meeting
Collateral, guarantees, and other condition requirements to be determined and
prepared by the GMEF attorney. The GMEF loan approval subject to SBA
approval and Council ratification of EDA action.
2. ^ motion to deny GMEF Loan No. 019 l()r LLC dba EDMA Company.
3. A motion to table any action.
C. Recommendation:
Recommendation is for Alternative No. 1 with terms and conditions as recomrnended at
the meeting. Approval subject to SBA approval and Council ratification of the EDA
action.
D. Supportinl! Data:
None.
.
;XB.
.
j)
k)
m)
n)
0)
p)
.
ED~ f)!lC,/O (
~ Agenda -"'ffl1101
Consideration of Executive Director's Report.
a) Schlief House - Closed on Contract for Deed on June 19, 2001. Copies of checks
attached.
TIF District No. 1-12 (Aroplax) - Payment received on TIF loan with City
(HACA Penalty reimbursement). Invoice on second payment due for the TIF
Deficiency. Due date May 23, 2001. I need to call on this. Didn't call in May
due to Jerry's death.
225 Front Street - Copy of the appraisal for land only.
Integrated Recycling Technologies Corporation - We closed on the project at the
21th Century Bank, Rogers, on June 29. Pfeffer, myself, and closer' were present.
The EDA loan closed also. No Round-breaking reception held per request of
owner. Time frame issue. ~ho"'\ 0 - 1'\ . \\.... - 0 \
Red Wing Foods, Inc. - It is my understanding, the company has elected not to
purchase the H- Window or Fay-Mar building nor COFl.:.t1 ud iu IvlvllC........-+l.o. ~
T l..' . f ~ n ~ 000 T11 ? c............... .
.-,.OOr.11l~ uL ~1L...." .... USCI LV IIlUlt<.cL 61 m@tlo. r- ;:1 . '1"""
EDMA Corporation - A small machine shop in Eden Prairie. Has Purchase
Agreement with Carl and Eric Bondhus for construction of a 10,000 sq ft
building. Three new jobs to Monticello, one at $10.00 - $11.99 and two at over
$18. No TIF, applying for $30,000 GMEF loan. Prospect Team visited
company.
Production Stamping - Will contact next week. 1\ . \ ~ . Cl \
International Cup - Lead from Ron Hoglund - Referred to Fay-Mar building for
lease or sale. Company decided Monticello too far out.
Industrial Molded Rubber - Plymouth light rubber coating manufacturer. Lead
from Xcel Energy. Decision on-hold. Two companies- selling one. First option
to stay put. Second option for existing building or to construct. 20,000-30,000 sq
[t with expansion capabilities to 50,000 sq ft. 3 acres. Jobs? Fay-Mar building or
to build.
Quick TIF 2000 is here so will begin working on that.
Tax increment for first-halfof2001 available but have questions of the County.
Payments due developers August 1, 2001.
Notification of Fay-Mar HACA Penalty - Upon receiving TI, it may be beneficial
to payoff debt and decertify district. Maybe not, no more HACA Penalty. Hate
to payoff early if Musich sells real estate and reduced job creation.
Previous St. Henry's site - It appears the concept presented by John Komarek is
not materializing as Tom St. Hilaire is presenting a new concept to the Planning
Commission. (\ ..G~' ~',~~~
Marketing Com~:ay meet this Friday or the following. ~~ a ~
EDA may meet" , July 1Cf, 4;00 p.m.
If..tb€ I IRA accepts tf1e lJ"'eu1l1l01 6[&1, tLl:: HR. '\ 3f1ou19 ~r aHtbo0L~I&
whe.tber to fJlv....ccJ wiLL c:klllulhion VI gVillg vuL 161 bids. ~
UQ, ~ \0 (). 000 \t:l ~ {?\s.~ ~
1
\t (1.. \0. - \ IS 0 't:. ~ 'v- <?- ~
b)
c)
d)
e)
f)
g)
h)
i)
I)
~\
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v..-c-.... ~
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.
.
.
06-20-01 09:49
From-KENNEDY & GRAVEN
MontiCello EOA
Ollie Koropcnak
505 Walnut Street
SLl,te 1
Monticello, MN 55362
+6123379310
Kennedy & Graven, Chanered
200 South Sixth Street
Suite 470
Minneapolis, MN 55402
(612) 337.9300
41-1225694
June 20, 2001
invOice" 38079
? SO.
MN325-00011 Integrated ReCycling GMEF Loan
TnroLolgh June 20. 2001
For All Legal Se""ces As Follows.
5129/2001 DJG Draft GMEF loan agreement
Tatal Service& :
~
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T-B29 P-02/02 F-366
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Hours
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$
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445.50
Tatal Services and Disbur&emllnts: $
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