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EDA Agenda 10-26-2004 . I. 2. ,., -) . 4. . 5. . AGENDA MONTICELLO ECONOMIC DEVELOPMENT AlJTHORITY 'fuesday, October 26,2004 - 4:00 p.m. City Hall - Academy Room MEMBERS: Chair Bill Demeules, Vice Chair Barb Sehwientek, Roger Carlson, Robbie Smith, Clint Herbst, Ron Hoglund, and Darrin Lahr. STAFF: Treasurer Riek Wolfsteller, Executive Director Ollie Koropchak, Recorder Angela Schumann. GUEST: Bruce (lamond, Visicom, Inc. Call to Order. Consideration to approve the July 27,2004 EDA minutes. Consideration of adding or removing agenda items. Consideration of a request from VisiCom, Inc. relative to balloon payment date for DMRF No. 111. Consideration to approve authorization to execute a Satisfactory of Mortgage for GMEF Loan No. 006 (Custom Canopy). 6. Consideration to review terms and expiration dates of EDA Commissioners. 7. Executive Director's Report. 8. Other Business. 9. Adjournment. . . . MINUTES MONTICELLO ECONOMIC DEVELOPMENT AUTHORITY Tuesday, .July 27, 2004 - 4:00 p.m. City Hall - Academy Room MEMBERS: Chair Bill Dcmeules, Viee Chair Barb Schwientek, Roger Carlson, Clint IIerbst, Ron Hoglund, Darrin LaIn ABSENT: Robbie Smith ST AFF: Executive Dircctor Ollie Koropchak, Recorder Angela Sehumann. GUESTS: AI Loch, Block 35 Property Owner 1. Call to Order. Chair Demeu1es called the meeting to order at 4:00 PM, declaring a quorum. 2. Consideration to approve the June 22, 2004 EDA minutes. MOTION BY COMMISSIONER IIOGLUND TO APPROVE THE MINUTES OF JUNE 221ld, 2004. MOTION SECONDED BY COMMISSIONER SCHWIENTEK. MOTION CARRIED. 3. Consideration of adding or removing agenda items. Koropchak added payment of bills as item number 7. 4. Consideration of notices received from some of the Block 35 property owners and consideration whether to move forward or not move forward with Block 35 improvements. Koropchak provided an update on the progress of the proposed Block 35 project to this point. Koropchak reviewed an outline of how the development and serviee agreement would work should the project move forward. Koropehak indieated that she had discussed with the attorney the difference of the (429) versus (428) public hearing process. She noted that the (428) service district would levy a dollar amount onto their existing taxes. Property owners would have an association which would bid out maintenance for a fee. At a specified time, the property owners would request for disbursement through the tax levy to pay the contractor. EDA Minutes - 07/27/04 . Koropchak stated that one of the primary remaining issues f()f the property owners were the proposed parking restrictions. Koropchak indicated that the attorney specifically asked the EDA to consider a policy for private parking. Due to the fact that the project funds would be coming from the liquor store, the City would have the flexibility to restrict parking. The EDA would have to make a motion on that matter in order to clearly resol vc the matter. Koropehak noted that the Council had opened and continued the public hearing on the 429 until further recommendations were made by the EDA. Property owners Doug and Karen Schneider and the Masons have indicated they do not want to be assessed, nor do they want to be part of the public funding improvements and service district. They have indicated that they will not grant access to their properties to complete the projeet. AI Loch, representing the Block 35 property owners, indicated that Schneider had criticized the proposed parking situation due to agreements with leasees. Originally, she had indicated that they would work through that with the City. Loch stated that he had also specifically asked Schneider that if parking issue could be resolved, would they move forward. Loch stated that does not appear to he the case. . Hoglund had spoken with Schneider who had also indicated to him that parking is still the main issue. It appeared to him at that time, that if the parking could he resolved, it could possibly move forward. Lahr indicated that perhaps the EDA could negotiate on the parking issue if other concerns hadn't arisen. Herbst indicated that when he had spoken with the Schneider's, it seemed to be more of an issue with potential costs. Without the support of all of the property owners and other unresolved engineering issues, Koropchak and Wolfstellcr are not recommending moving forward. Ilerbst agreed that having four parcels in disagreement with the project presents a problem. I Ioglund stated that it was important to the EOA that 100% of the property owners agree to the terms of the project. Loch questioned the parking restriction on behalf of Schneider, indicating that if that were the only issue, could the EI)A make a motion to allow some private parking. Koropchak stated that should the FDA decide to move forward, they will also have address other concerns outside of parking and then deal with the discussions surrounding the development agreement and service district. Herbst believes that there are multiple issues preventing the project from moving forward at this point. . 2 EDA Minutes - 07127/04 . It was noted that the project had originated as a way to improve drainage in the area, and to clean up the blight and improve the look of the plaza. Koropchak stated that the ratio of public to private funding was closer at the start of project consideration. Loch stated that when the parking lot is repaved he will still ask that a storm water line connect to a catch hasin for his parcels. Loch would put underground lines in at his expense. Loch will still be putting on awnings. Koropchak stated that John Simola would still like to move forward with the public parking lot. At some time, the alley will still need to he re-done as it is a liability for the City. Carlson commented that the alley easement was never recorded. The EDA Commissioners recommended that the City get a permanent easement on the north half. Herbst discussed the ramifications for business owners without the easement, including plowing, etc. Loch asked how to proceed as he would like to complete his work at the same time that the alley work is completed. Koropchak stated that Council hadn't considered the matter independently of the proposed project at this time. . Discussion on alley improvements tabled until August 9th. Koropchak thanked the properties owners, and specifically AI Loch, for their work on the proposed project. Loch stated that the Schneiders had indicated that they were interested in finding out the final prices after the bids came in for reference on potential costs. A hrief discussion on whether to move forward in acquiring hids and specs tl)f the purposes of cost analysis for property owners progressed. MOTION RY COMMISSIONER LAlIR TO CANCEL THE PREPARA nON OF THE PLANS AND SPECS AND ADVERTISING FOR BIDS AND REQUEST COUNCIL CANCEL THE 429 PUBLIC I IEARING OF AUGUST <i'\ 2004. MOTION WAS SECONDED BY COMMISSIONER HERBST. M(JrION CARRIED. Lahr thanked AI Loch for the numerous hours he put into the project. Carlson echoed that and noted the number of obstacles prevcnting the project from moving forward at this time. Koropchak also thanked the EDAmembers fiJr their time. She recommended Loch talk to John Simola about the alley projcct and design. . ~ -, . . . EDA Minutes - 07/27/04 5. Consideration to define terms and conditions and authorize preparation of a draft copy of the Development Agreement between EDA and Block 35 property owners. NO ACTION REQUIRED DUE TO PREVIOUS ITEM DECISION. 6. Consideration to authorize execution of a Satisfaction of Mortgage for GMEF Loan No. 16 (Aroplax). MOTION BY COMMISSIONER SCHWEINTEK TO AUTHORIZE EXECUTION OF THE SATISFACTION OF MORTGAGE FOR GMEF LOAN NO. 016 FOR AROPLAX. MOTION SECONDED BY COMMISSINER HOGLUND. MOTION CARRIED. 7. Other Business. MOTION BY COMMISSIONER HERBST TO AUTHORIZE PA YMENT OF EDA BILLS. MOTION SECONDED BY COMMISSIONER CARLSON. MOTION CARRIED. 8. Adjournment. MOTION BY COMMISSIONER HERBST TO ADJOURN. MOTION SECONDED BY COMMISSIONER CARLSON. MOTION CARRIED. Recorder 4 . . . EDA Agcnda - ) 0/26/04 4. Consideration of a reQuest from VisiCom relative to thc balloon payment date of DMRF Loan No. 111. A. Refcrence and hackeround: Bruce Hamond, VisiCom, Inc., I believe, will be requesting the EDA to extend the balloon payment date for DMRF I,oan No. Ill. This interior rehabilitation loan in the amount of $10,644 was the only DMRF loan approved by the EDA. Unlike the GMEF Guidelines and Business Subsidy Criteria, the DMRF Guidelines for rehabilitation loans are less restrictive only stating: Loan amortization schedule not to exceed ten years, balloon payment in five years. There is no reference to extending the balloon payment, perhaps, because the maximum loan amount is the lesser of 25<Yo of total cost of improvements or $20,000. In April, 2004, the FDA approved extending the balloon payment date from May 1, to November 1,2004, or six months. This was to coincide with such time the lender, First Minnesota Bank, approved a new loan combining the existing bank loan and the new loan for the proposed construction of a building on the vacant lot located on the second block along West Broadway. At that time, it was Mr. Hamond's plan to construct a two-story 1,600 sq ft per 110or, retail/office building. Second floor being rental housing or onice. The exterior facade of the existing building and the new constructed building was proposed to have a uniform look. With a confirmation letter from First Minnesota Bank and a $2,000 payment Irom VisiCom. Inc., the request for the extension was approved. Principal balance as of May I, $6,073.01. The EDA approved DMRF Loan No. III on August 29, 2000, and the rehabilitation loan was disbursed on April 10, 2001, in the amount of$10,644, 5.5% interest rate, amortized over 10 years; provided, however, the entire remaining unpaid balance of principal and interest shall be due and payable in full on May 1,2004. The payments of principal and interest shall commence on May 1, 200 I and continue on the first day of each and every month thereafter until paid in full. On July 19,2001, the EDA approved an annLlal payment of principal and interest ($ 1,389.36). The current principal balance of DMRF Loan No. 111 is $6,073.01. Should the EDA approve calling for the balloon payment, the amount due is $6,212.21 ($6,073.01 plus interest 01'$139.20.) Should the EDA approve extending the balloon payment date, the questions are for how long to extend and principal and interest payment due. Mr. Hamond will be at the EDA to give an update and make his request. EDA Agenda - 10/26/04 . B. Alternative Action: 1. A motion to approve extending the balloon payment datc from November 1, 2004, to ---___ for the Loan Agrccment between the Monticcllo FDA and VisiCom, Inc. datcd April 10,2001, and rcquesting a principal and intcrest payment 01'_ due November 1,2004 2. A motion to approve calling fix the balloon payment of $6,212.21 (principal and intercst) due November 1, 2004, for the Loan Agrccment bctween the Monticello EDA and VisiCom, Inc., dated April 10, 2001. 3. A motion to table any aetion. C. Recommendation: No recommendation is given as staff is unaware of the exact request. Ifthc request is to extend, staff does rccommcnd the rcquest bc supported by a letter for the lender. . Statl did rccommend an extension in April 2004 J()r thcse reasons: This a DMRF Loan with Icss dollar risk, no specific DMRF Guidelines relating to balloon datc extension, sufficient EDA funds, encourages spin-off downtown rcdevelopment, given Icnders letter stating approval for construction financing subject to bank appraisal and first floor tcnant lcase, and recommcndation by lender to cxtend for six months. D. Supporting: Data: Excerpt from I "oan Agreement. . 2 . . . LOAN AGREEiVIENT lhis LO~lI1 i\gn.:ement (n/\greelllellt") is ll1ellk this 1(2,_ day or ,"J~"--=(, 200 I. hy VisiCOIll. Ine.. a IVlinlll:sotel corporation ("L3orrll\ver") ellld the i'vlollticelll) LC0nolllic Developmcnt i\uthority ("Lender"), a puhlic hudy curpnl'elte and pnlitic undcr the laws n!'[\/Iinnesuta. RI:CI'!'/\L.S 1\, In cllllsideratiun I'ur the IUeln contemplated by this /\greemenL Borrowel' is L'\ecllting and del i \'er'i ng to Lender this LO~lIl !\greell1cn L [3, lellller agrees to loan tn Bnrmwcr the ma\illlum nlllllunt or $10,644 to pny a portion or the cOsts ("Project eusts") rclnted to thc rehabilitationuf Zl huilding lucated \vithin th-: City at 216 'vVest 13rondw~IY (npropertyn), ACCORDINCil.Y, to induce Lender to make the Loan to Borrower. and ror good ~ll1d valuable cun:;ideration. the t'eceipt and sllfticicncy of \\hich an: hereby acknO\vledged. the pmtil~s heretu agl'ee ~1S fullU\vs: I, The !.uan Amount, Subject tn and upun the ter'lllS and C\lnditiuns or this !\gn:elllcnL Lcnder :lgn..":?S to lU(ln tu 80ITO\\(:r the SUIll nt'Ten Thousand Six f lundr..:d hll"ty-Fuul' and nu'! 1 OOtlls [)()Ibrs 0; I 0,(44), or so Illuch therL'ul' as is dishursed to BUtTO\\er in accordancc \vith this i\greCIllCtll ("Loan") The: Loan shall he evidenced hy a proll1issmy nute ("Note") payahk by l1orm\\er to Lcmler and suhstantially in th-: Illl'l11 uf f':\hihit ;\ att~lchcd to this i\greUl1enL \,,!lich shall lx' dated as of the datl' or this Agreement. Proceeds uf thl' Loan shall be di:,hursccl in accordance with Sectiu!1 J hereof. --~--- ' , RepaVlllL'nt or !.oan, lhe !.oan shall he I-L'paid with intcrest as follows: (a) [nten.:st at the rate of live and une-half percent (5_50'%) per annUll1 shedl accrue rmtTl the Loan Closing Date (as hen:ina/ter delinl'd) until thc Loan is repaid ill full. (h) PaYIllents ()r principal and intLTest shall COIl1t11ence un May I, 100! unci CUlltilllle UIl the lirst day nl' cach and L'\CI"y Inonth thcreal'tcr until puid in I'ull, Stich p:lyrnenls sh,dl f'ully ,ltll()t'li/,c thc' I,oun o'ver tell (10) )ears; pm'viduJ 110WC\el', the cntirc I'elminillg unpaid baLlI1ce 01' princip;,t1 ulld intcl'esl sh,dl be due ellld payable ill rull ()Il i\'I~IY I, 2()(J4_ L2.L8)IIl~lc:!~!..!_L(_.d~L!!_Ul.LE t:()( L' t,:ll s , (a) Ihe 1,()UIl proceeds shdll he puid t() [{()IT()\,Vl'l- un April 1 (J, 2()() I ()f' such uthel delle U'; tile pur-tics IlL'l'cl() ugrl'c' ("['()dll (,Iusing IJute")_ (h) The 1()llowillg e\ents sh~dl he c()ll(liti()lls pt'l'cc'denl lu the paYlnent ()j' tile r ,()UIl pruceeds t.u Il()f'/'(mcr ()Il 11ll' f.()dn ('I()sill!! [)ut.e: lill i.I'h,~llt\ 1 :\1,'< i',.. III . . . EDA Agenda - 10/26/04 5. Consideration to approve authorization to execute a Satisfaction of Mort2:a2:e for GMEF Loan No. 006 (Custom Canopy.) A. Reference and background: On March 30, 1993, thc EDA approved G-MEF Loan No. 006 for the Custom Canopy construction projcct. The real estate loan in the amount of $42,500 was disbursed on April 29, 1993, to Stephen P. Birkeland, Jr. and Joan M, Birkeland, husband and wife, and the EDA loan was secured by a mortgage and assignment of rents, The mortgage was recorded on April 29, 1993, at County of Wright. The GMEf Loan No. 006 balloon payment was paid on August 18, 1998, in the amount of $34,824.58, About a week ago, Mr. Pat Dvvyer, Bank of Elk River, requested a Satisfactory of Mortgagc, as the Birkeland's are looking to refinance. B. Alternative Action 1, A motion authorizing the execution of the Satisfaction of Mortgage for GMEF Loan No. 006 bctween thc EDA and Stephen and Joan Birkeland, 2, A motion to not authorize the execution of the Satisfaction of Mortgage for GMEF Loan No, 006. 3, A motion of other. C. Recommendation: Alternative No.1, this a housekeeping item, D. Supporting Data: None, . . . EDA Agcnda - 10/26/2004 6. Consideration to rcview terms and expiration dates of EDA Commissioners. A. Reference and back2:round: This agenda item requires no action and is for information purposes only. Assuming this is the last meeting ofthc EDA 1()r 2004 and with Couneil members and Commissioners Rogcr Carlson and Robbie Smith's decision to not run for Council 2005, the Council will appoint two new council mcmbers to the EDA at the first meeting in January 2005. My appreciation to Roger and Robbie for serving on the EDA Many thanks l()r your years of servicc and continued good wishes. Commissioner Barb Schwientek's six-ycar term is up December 2004. Unless Rick Wolfstellcr or myselfhcar from Schwientek prior to the first of the year 2005, it is assumcd Schwientek agrees to another 6-ycar term. Expiration date of December 2010. Lastly, pending the out-come of the elections, the EDA position held by Commissioncr Clint Herbst may also change. Attached is a copy of thc EDA commissioners and their terms. . EDA AGENDA - 04/27/04 8. Consideration to Elect 20ck\ EDA Officers '- . Cf A. Reference and Backqround. In order to comply wi th EDA Ordinance Amendment No. I 72, Section 2-3-2, The Authority shall annually elect a president, vice president, treasurer, assistant treasurer, and secretary. The Current list of officers are: President Vice President Treasurer Assistant Treasurer Secretary Bill Demeules Barb Schwientek Rick Wolfsteller Ron Hoglund Ollie Koropchak Nominations will be made at the meeting; therefore, any EDA member unable to attend the meeting and doesn't wish to be re-elected or nominated, please contact me. In order to comply wi th EDA Ordinance Amendment No. 172, Section 2-3-1, Creation, (el Thereafter the initial appointment, all commissioners shall be appointed for siX-year terms, except that any person appointed to fill a vacancy OCcurring prior to the expiration of the term which his/her predecessor has been appointed shall be appointed only for the remainder of such term. 2004 EDA membership and 6-year term: Barb Schwientek Bill Demeules Roger Carlson, Council Ron Hoglund Clint Herbst Robbie Smith, Council Darrin Lahr 12-2004 12-2005 12-2006 12-2007 12-2008 12-2008 12-2009 B. Alternative Action: 1. Motion to nominate and elect the . . . . C h a iI', . . . . . . .. Vi c e C h a J. r 1 . . . . . (.,~-. . . . . . . . . l\ssis tant Treasurer 1 and.. . . . . . . . . . . fOllOWing Treasurer, Secretary as Page 1 . . ~ .... EDA Agenda - 10/26/04 7. Economic Development Report: a) Industrial Leads _ - Dahlheimer Distributing - A proposal was prepared and presented to the Dahlheimer's on September 28. The proposal included a price for land located within the Otter Creek Business Campus. The performance price is based on the preliminary draft of the PerfeJfIl1anee Measure. Dahlheimer is interested in the Monticello proposal (offer). Hard core decisions will be made upon final go-ahead for development of interchange and existing property. - 28,000 sq ft manuhlcturing facility - Only four request for proposals were submitted. Company owners out looking at sites, no selections at this time. Monticello furthest out of fl)ur locations. Currently this rubber products and rubber coated rollers manufacturer is located in Plymouth. The Monticello Prospect Team will visit their existing facility prior to any linal offers. - 2,000-5,000 sq ft for purchase or lease - This NO business was looking for space to purchase or lease. Distribution of cotlee and kitchen supplies. Gave Tapper and Barger phone numbers. Follow-up: found 5,000 sq ft existing building in Big Lake to purchase. - No additional follow-up irom Chicago firm or party looking to invest in 51,000 sq ft industrial condominium i~leility. ~ 50,000-60,000 sq it ior lease or build - warehouse plus office. About 50 jobs. - Precision manufacturer, a client of a lender, looking ior sites. Will give my name and number. - Suburban and Sunny Fresh expansions continue. - Met with Erik fjerdingstad of Norway. Erik was plant manager of the H-Window and he and his family lived in Monticello for some years. - Industrial space available for lease: 20,000 sq ft It-Window building - call Bill Tapper, 7,000 sq it in Genereux building, cal1 I3ill Tapper. 5,000 sq ft in I3&I3 Metal Stamping building, call Brad Barger. b) Remember the City of Monticello has not been marketing ie)r industrial development as existing ready-to-go land is limited to a few acres. Upon closing and establishment of zoning, covenants, performance measure, and asking price, the Marketing Committee will develop marketing materials and actively market Monticello and the Otter Creek Business Campus. For the last year or so, the city has been in a re-acting mode rather than a pro-active mode. c) October 25 - Rick and myself will meet with HRA Attorney Steve I3ubul and Ehlers Consultant Mark Ruff to review performance measure and process for inii-astructure development and bonding to assure infrastructure costs qualify for TIF. Also will discuss, one-stop shop process fe)r site location, purchase, platting and closing. d) Draft copy of Site Location and Development Guide completed. e) The HRA has authorized development of a new program called "Transformation Home I-,oan". A draft copy of the program criteria is complete and a second meeting is scheduled with the local lenders. The program designed to encourage owner-occupancy in the core city and encourage home buyers/owners to add value or expand (remodel). The program is modeled after a program in Richfield. The HRA Attorney will review the criteria and application 10rms. f) Copies of EOA bills paid. . . .....- ,..".. -,,..... l.;n,:.' l~I' \..J" ,1 " .. .- " .- ~- ~ ,> l,~ \ \ \~ ,1 .' " I I ..~- '. ~ ~- l,~ \ ,1 .' > l,> /~ 0::, ;,.. !~~ \." \" \ \." \r- \ \..J" \r- m I a .0 I' ~ JU'I II 'frI' f ~ 0, f I I rit r rl ,1;1 1 I' ~ Ir!. ,I ;1 11!I:fi'!.lfQ1rI (i hli 8 II ~ ~'rr i1 (I J~'lf,J~ff'lll la i II i l~, :;! ~hf f' ; 11~'a'.Is:!k.1l '( II .,11 l.f ~ [1; I" II '~Of:ll~ IJ~IIII'; lifllll ~ ' II fl 'i I, i[r ,1,r,sII~1 JI I'''' I 'f ~ If i ~ J, ~fi~I'fllls'na If, 1l dtl; It .. "'i R p' If.I~I.rr a rf,l II 11,(, fJs" I~ If I !:!U'fJf "JSI!i l nl~ I i .( ff r II'lfallll.1 .1[1 ~l oil, f (I ..If I I jl~ iOlalll!lllllf~,;~! filii j ,i ITrii I !, (f,' IJ~I!dLlllli ;!'r II I II I 'I 't O'i'lllJ "irf 'j.. i l!j!I.1 ;. ;J!J!I J lit I !II! ! I! ill:di!lllll~1 ~ i!i! i Il.fl 'I II :1;lfi!o"I"=.r'a I~ ~l!' ~ J i~ =. r~~;, ,:.: u ..r. It.. ~ > h , ~.. .~ " .-!... l,~ ~ I ~~-U J . Kennedy & Graven, Chartered 200 South Sixth Street Suite 470 Minneapolis, MN 55402 (612) 337-9300 41-1225694 September 15, 2004 Invoice # 62887 Monticello EDA Ollie Koropchak 505 Walnut Street Suite 1 Monticello, MN 55362 I~ \" _ \\) t> G VY\ c:: \- MN325-00007 Aroplax GMEF Loan Through July 31, 2004 For All Legal Services As Follows: 7/27/2004 EMT Review file documents, O. Koropchak em ail, and draft and send satisfaction of mortgage. Total Services : .. - Total Services and Disbursements: $ . ....9- _ o\~ Hours 1.00 $ Amount 145.00 145.00 145.00 . Page: 2 Kennedy & Graven, Chartered 200 South Sixth Street Suite 470 Minneapolis, MN 55402 Monticello EDA Ollie Koropchak Maintenance Agreement Review ~s <Q\O~ July 31,2004 MN325.00017 - Through July 31, 2004 For All Legal Services As Follows: Hours Amount 7/13/2004 SJB Phone call with 0 Koropchak re: Block 35 project 0.60 108.00 7/15/2004 SJB Phone call with 0 Koropchak re: property owner mts, 0.20 36.00 financing options 7/16/2004 SJB Intraoffice conference with E Mercer-Taylor re: Block 35 0.25 45.00 options 7/16/2004 EMT Discuss issues with S. Bubul and arrange meeting next 0.30 43.50 week. . 7/21/2004 EMT Prepare for, travel to, and attend meeting with O. 5.00 725.00 Koropchak and Block 35 business owners regarding special service district, assessment, and city contribution issues. 7/22/2004 EMT Review and respond to email regarding owner withdrawal 0.30 43.50 from project. 7/23/2004 EMT Email exchange with O. Koropchak. 0.20 29.00 7/27/2004 EMT Call with O. Koropchak. 0.20 29.00 Total Services : $, 1,059.00 For All Disbursements As Follows: Fax 2.50 Total Disbursements: $ 2.50 . . Page: 3 Kennedy & Graven, Chartered 200 South Sixth Street Suite 470 Minneapolis, MN 55402 Monticello EDA Ollie Koropchak July 31,2004 Total Services and Disbursements: $ 1,061.50 . ~ OK TO PAY? oill~ Code:'-St>. ~\~ Sc\ t~(J \fV IflitiC31 ~ ...... Kennedy & Graven, Chartered 200 South Sixth Street Suite 470 Minneapolis, MN 55402 . Monticello EDA Ollie Koropchak 505 Walnut Street Suite 1 Monticello, MN 55362 Through July 31, 2004 MN325-00007 Aroplax GMEF Loan MN325~00017 Maintenance Agreement Review . 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. []~-~-~~p-~- ;-:4~!~ f"1Tvnr p, il(',rQ7WP 1 n , \.i Ii, ;"" .',",' ". ~ '!..,." \.., , ,0" L................._~,~"~_._~.._ (612) 337-9300 Tax ID No. 41-1225694 September 15, 2004 Statement No. 62887 Total Current Billing: .... ~~ 145.00 1,061.50 1,206.50