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EDA Agenda 04-23-1996AGENDA MONTICELLO ECONOMIC DEVELOPMENT AUTHORITY Tuesday, April 23, 1996 - '7:00 p.m. City Hall MEMBERS: Chairperson Ron Hoglund, Vice Chair Barb Schwientek, Clint Herbst, Tom Perrault, Al Larson, and Bill Demeules. STAFF: Treasurer Rick Wolfsteller and Executive Director Ollie Koropchak. 1. CALL TO ORDER. 2. CONSIDERATION TO APPROVE THE JANUARY 23, 1996, EDA MINUTES. 3. CONSIDERATION TO ACKNOWLEDGE THE RESIGNATION OF HARVEY KENDALL FROM THE EDA AND TO ACKNOWLEDGE THE APPOINTMENT OF AN IDC REPRESENTATIVE. 4. CONSIDERATION TO ELECT AN ASSISTANT-TREASURER OF THE EDA. 5. CONSIDERATION OF AN UPDATE RELATING TO THE APPROVED GMEF LOAN NO. 012 FOR STANDARD IRON. 6. CONSIDERATION TO EXTEND THE DISBURSEMENT DATE FOR APPROVED GMEF LOAN Imo. 011 FOR TAPPER'S INC. 7. OTHER BUSINESS. a) H-Window receipt. b) Conflict of Interest Billing. 8. ADJOURNMENT. ~.I MINUTES MONTICELLO ECONOMIC DEVELOPMENT AUTHORITY ANNUAL MEETING Tuesday, January 23, 1996 - 7:00 p.m. City Hall MEMBERS PRESENT: Chairperson Ron Hoglund, Vice Chair Barb Schwientek, Tom Perrault, Al Larson, and Bill Demeules. MEMBERS ABSENT: Harvey Kendall and Clint Herbst. STAFF PRESENT: Treasurer Rick Wolfsteller and Executive Director Ollie Koropchak. 1. CALL TO ORDER. Chairperson Hoglund called the EDA Annual Meeting to order at 7:15 p.m. 2. CONSIDERATION TO APPROVE THE NOVEMBER 28,1995 EDA MINUTES. Al Larson made a motion to approve the November 28, 1995 EDA minutes. Barb Schwientek seconded the motion and with no corrections or additions, the minutes were approved as written. 3. CONSIDERATION TO ELECT 1996 EDA OFFICERS. EDA members were informed of the January Council meeting wherein Councilmembers waived the residency requirement for Commissioner Hoglund and re-appointed Hoglund for afive-year term on the EDA. In order to comply with EDA Ordinance Amendment No. 172, Section 2-3-2: Annual Election of Officers; Chairperson Hoglund called for nomination from the floor. Barb Schwientek made a motion nominating the 1995 EDA officers for re- election. Nomination for election as follows: President Ron Hoglund Vice President Barb Schwientek Treasurer Rick Wolfsteller Assistant-Treasurer Harvey Kendall Secretary Ollie Koropchak Al Larson seconded the motion and with no other nominations or further discussion, nominations ceased. The motion electing 1996 EDA Officers passed 5-0. Pael g EDA NIINUTES JANUARY 23, 1996 4. CONSIDERATION TO REVIEW AND A CEPT THE YEAR-END EDA FINANCIAL STATEMENTS, ACTIVITY REPORT AND PROPOSED 1996 BUDGET. Koropchak reviewed the Statement of Revenues, Expenditures and Changes in Fund Balance for the year ended December 31, 1995, noting the $50,000 revenue transferred from the Liquor Fund. This transfer for disbursement of GMEF Loan No. 010 (Vector Tool.) Approved GMEF Loan No. 009 (H-Window) was withdrawn and approved GMEF Loan No. Oll (Tapper's) was not disbursed in 1995. Other revenues included interest income of $16,956.88 (Notes), $2,900.00 (Investment Estimate), and a minus $474.05 (Investment Previous Years Adjustment.) The $750 revenue was the loan fee collected from Vector Tool and the miscellaneous revenue of $1, 275 was the annual administration and service fees collected from the Wright County/Standard Iron and CMIF/Standard Iron loans. Expenditures included legal fees of $1,257.OOto Attorney Weingarden for services render in preparation of the loan documents for GMEF No. 008 and the SCERG. The Professional Fee of $112.50 to Public Resource Group, Inc. for rnnning the Vector Tool amortization schedule and the Service Fee of $60.00 to Marquette Bank for servicing GMEF No. 001 (Tapper's.) Total revenues over total expenditures was $69,978.33for a end-of- year balance of $729,853.94. Next, the EDA reviewed the Balance Sheet of December 31, 1995, starting at the Fund Equity of $729, 853.94 and the Total Assets of $729, 853.94. Included in the Total Assets were Appropriations Receivables of $200, 000, Notes Receivable in the amount of the remaining principal of each GMEF loan, and Cash-in-Bank of $202,495.31. The proposed 1996 budget or 1996 Cash Flow Projection was reviewed. Beginning with a Cash Balance of $202,495.31. Receipts included Appropriations of $200,000, Loan Paybacks (principal and interest), and Interest Income (Investment), Loan Fees, and Miscellaneous for a Total Beginning Balance and Receipts of $454,161.17. Expenditures included loan disbursements of $200,000 and Legal and Service Fees for Total Expenditures of $201,150.00. Expected Cash Balance, December 31, 1996 is $253,011.17. Lastly, the EDA reviewed the Annual Activity Report. The EDA recommended the Executive Director draft a letter of explanation to the H-Window Company relating to the $1,257.OOlegal fee from Attorney Weingarden and requesting payment. The letter noting the GMEF Guidelines, Provision IV., • Page 2 EDA NIINUTES JANUARY 23, 1996 Non-Performance and GMEF Legal Fees, the responsibility of the GMEF applicant. Additionally, the EDA recommended that future amortization schedules be printed internally to avoid unnecessary expenditures. Al Larson made a motion to accept the 1995 Year-End EDA Financial Statements and Activity Report, and the 1996 Proposed Budget. Tom Perrault seconded the motion and with no further discussion, the motion passed 5-0. For compliance of the GMEF Guidelines, the EDA year-end reports will be submitted to the City Council for acceptance on February 12, 1996. 5. CONSIDERATION TO REVIEW YEAR-END FUND BALANCES OF THE GMEF, UDAG, AND ERG FUNDS. Koropchak informed EDA members that all GMEF loan paybacks are current as, well as, the UDAG and SCERG loan paybacks. With the withdrawal of GMEF Loan No. 009 and the SCERG by the H-Window and the disbursal of approved GMEF Loan No. O11(Tapper's) in 1996, the year-end GMEF Appropriation Balance is $150,000. Koropchak summarized the EDA available sources of funds: GMEF, $202,495.31; UDAG, $132,047.OO;and SCREG-Aroplax, $94,205.67for a subtotal of $428,747.98. With the addition of the 1996 Liquor Fund Appropriation of $100,000, the total available sources of funds is $528,757.98. It was noted that the approved $100,000 loan for Tapper would be transferred from the UDAG Fund. The EDA acknowledged review of the year-end fund balances of the GMEF, UDAG, and ERG Funds. 6. CONSIDERATION TO REVIEW FOR APPROVAL THE PRELIlVIINARY GMEF LOAN APPLICATION FROM STANDARD IRON & WIRE WORKS, INC. Koropchak recommended the EDA members review the preliminary GMEF Loan application from Standard Iron & Wire Works, Inc for approval. Recommendation is to table approval of the fmal (formal) application until selection of a lender and submittal of current company financials for analysis. Bill Demeules refrained from all discussions of the preliminary loan request. The request is for an equipment loan of $70,000, amortized over five years. The $70,OOOwould apply toward the purchase of a laser cutting machine. An application has been submitted to the CMIF requesting a $60,000 equipment loan. Currently, ~~ Page 3 EDA MINUTES JANUARY 23, 1996 the company is seeking a lender from a field of prospects including First Bank, Norwest, and First National of Sauk Centre. With the proposed purchase of a laser cutting machine, press brake, and horizontal machine center, the company projects the hiring of 14 new employees at an average wage of $10.30 not including benefits. Koropchak noted no increase of property tax is anticipated as no building expansion is planned, increase of taxes is not a mandatory requirement of the GMEF Guidelines. Secondly, Koropchak noted the need to request ashared-second position with the CMIF or accept a third position behind the CMIF. Lastly, Koropchak noted the company is a major industrial employer, has an excellent working relationship with the City, and the 1993 $75,000 GMEF, $50,000 CMIF, and $250,000 State loan paybacks are all current. EDA members, with the exception of Demeules, agreed to the approval of the preliminary GMEF application. Based on the face-value character of the company, Al Larson made a motion to approve GMEF Loan No. 012 for Standard Iron. The $70,000 equipment loan at a 6.5 % fixed interest rate amortized over seven years. Loan fee not-to-exceed $1, 050, GMEF legal fees the responsibility of the applicant, prefer shared-second position with the CMIF but will accept a third position if necessary. Collateral, guarantees, and other condition requirements to be determined and prepared by the GMEF Attorney. GMEF Loan No. 012 becomes null and void July 23, 1996. The loan is subject to lender and CMS commitment and approval. Approved Loan No. 012 to be disbursed from the Liquor Appropriation Fund. Tom Perrault seconded the motion. Discussions noted the approved $100,000 GMEF Loan No. Oll borrowed $50,000 from the 1996 Appropriation leaving a GMEF Balance of $150,000. Upon disbursal of Loan No. 012, the remaining GMEF balance will be $80,000. With no further discussions, the motion passed. Yeas: Al Larson, Tom Perrault, Barb Schwientek, and Ron Hoglund. Nays: None. Abstention: Bill Demeules. Absent: Harvey Kendall and Clint Herbst. The City Council will consider ratification of the EDA's approval of GMEF Loan No. 012 for Standard Iron on February 12, 1996. 7. OTHER BUSINESS. a) Update of GMEF Loan No. 009 (H-Window) -The EDA acknowledged receipt of the letter from the H-Window Company withdrawing its interest to pursue funding from the approved SCREG and GMEF. b) Update of GMEF Loan No. Oll (Tapper's) -Steams County National Bank is the lender, not Marquette Bank as originally thought. No building or site plans have been received by the City for review and approval. c) Other -None. • Page 4 EDA MINUTES JANUARY 23, 1996 8. ADJOLTIZNIVIENT. Al Larson made a motion to adjourn the EDA meeting. Tom Perrault seconded the motion and with no further business, the EDA meeting adjourned at 8:05 p.m. Ollie Koropchak, Executive Director • Page 5 EDA AGENDA APRIL 23, 1996 3. Consideration to acknowledge the resignation of Harvev Kendall from the EDA and to acknowledge the appointment of the IDC representative A. Reference and Background Enclosed is a copy of the letter of resignation from Harvey Kendall. Mr. Kendall resigned from both the EDA and the IDC effective February 14, 1996. I would appreciate a motion by the EDA acknowledging the resignation of Mr. Kendall. At the IDC meeting on March 21, 1996, the IDC approved a motion recommending the appointment of Ken Maus as the IDC representative to the EDA replacing the seat vacated by Mr. Kendall. This five-year staggered term expires December, 1996. The City Council will consider the IDC recommendation on Monday, April 22,1996. According to HRA Attorney Steve Bubul, the EDA Statute allows a boardmember or member of an advisory board of a lending institution to serve on an EDA. No "conflict of interest" prevails. Assuming the City Council appoints Ken Maus as a commissioner of the EDA, I would like a motion by the EDA acknowledging the membership of Ken Maus as '~ an EDA Commissioners. B. Alternative Action. 1. A motion acknowledging the resignation of Harvey Kendall and acknowledging the appointment of Ken Maus. 2. A motion acknowleding the resignation of Harvey Kendall. C. Recommendation. Assuming the appointment of Ken Maus, staff recommends alternative No. 1 for the purpose of entering into the EDA minutes. D. Supporting Data. Letter of resignation from Harvey Kendall. • Page 1 u February 14, 1996 Ollie Koropchak Economic Development Director 250 East Broadway Monticello, Mn. Dear Ollie, Please except this letter as my resignation from the Industrial Development Committee and the Economic Development Agency. I have enjoyed working with these groups over the years. I feel that through these groups I have been able to contribute to the growth and betterment of Monticello. I know with your leadership they wdl continue to attract new industries and to assist existing industries to grow with this community. I thank you and all the committee members for their commitment to making Monticello a great place to live. Sincerely, ~ . /' Harvey l~endall • EDA AGENDA APRIL 23, 1996 4. Consideration to elect an assistant-treasurer of the EDA A. Reference and background. With the resignation of Mr. Kendall who was elected as the assistant-treasurer of the EDA, the EDA needs to nominate individual(s) for the said office. Duties of the office are minimal and may involve assisting with the preparation of the year-end statements and proposed budget. Open up nominations from the floor for assistant-treasurer. Cease nominations and call for a vote to elect the officer. • • Page 1 EDA AGENDA APRIL 23, 1996 5. Consideration of an update relating to the approved GMEF Loan No 012 for Standard Iron. A. Reference and background The EDA approved GMEF Loan No. 012 for Standard Iron on January 23, 1996. The $70,000 equipment loan has ashared-position with the Central Minnesota Initiative Fund (CHIP). The EDA approved the loan with an abstention vote from Bill Demeules. Upon the preparation of the closing documents, Attorney Dan Greensweig, Kennedy & Graven, inquired as to the relationship between Bill Demeules and the named partners of the Seluemed Limited Liability Partnership "the Borrower" . Unlike a provision of the Minnesota Statute which provides an HRA Commissioner the ability to declare a "Declaration of Potential Conflict of Interest", no provision existed for EDA Commissioners. Therefore and although the EDA, EDA staff, Commissioner Demeules, and Standard Iron acted in good faith and as innocent parties, a conflict of interest exists. Mr. Demeules' abstention was not good enough and the risk became that of Mr. Demeules as a gross misdemeanor. The written law was perhaps an oversight and the issue has been raised by more than one EDA or entity; therefore, Kennedy & Graven lobbied Legislation for an amendment. The amendment was part of the Omnibus Tax Bill. The lobbyist were successful to get the non-controversial amendment out of the Omnibus Tax Bill. The amendment passed with an understanding the language intent includes a provision allowing members of an EDA to receive loan funds. The bill is not effective until August 1, 1996. Two options exist for Bill Demueles to consider: One -Demeules resign from the EDA, the EDA find a replacement for Bill, the EDA consider re-approval of the Standard Iron loan, and Bill can not be re- appointed to the EDA. Second -GMEF Loan No. 012 becomes null and void, July 23, 1996. The EDA consider approval of a new loan (GMEF No. 013) after August 1, thereafter seek Council approval on August 12, and close loan and disburse funds the following day. • Page 1 EDA AGENDA APRIL 23, 1996 After consulting with his attorney and CMIF and reviewing the company's ability to absorb upfront equipment costs, Demeules prefers the second option and wishes to remain on the EDA. This is an informational item and no action necessary. Note a special meeting will be called the early part of August. ~~ • Page 2 +w• r" , I • 9848 JOVRxAt of TF~" FIovsE L112T'~ DwY bar a >n excess of }x,15 years after the date conditions: (1) tax inereawnts may not be collected for a program tax m_ ~ is may not be used for an u~tereat of the first interest rate reduction payaumt for the progsam, ( ) reduction program, if fire proceeds of bonds issued pursuant to section 469.178 after Decea+ber 31, 1985,'have been or will be used to provide finandel aas~sstar~ee to ~ Prol~t which would receive the benefit of the interest reduction program, and (3) tax iY+a^emenlr- may not be used to finance an interest seduction program for ownesoccupied single-fau~ily dwellings. Sec. 16, Mirutesota Statutes 1995 Suppletrtient, section '169.176, subdivision 7, is amended to read: Subd. 7. [PARCELS NOT INCLUDABLE 1N DLSTRICTS.] (a) The authority may ne4 request inclusion in a tax increment financing district and the county auditor array net c~fY the original tax cepaaty of ttw~ieHerri:egt (}) a parcel or a part of a parcel that qualified under the provisions of section 273.111 ~ 273.112 ar chapter 473H for taxes payable in any of the five calendar years before the filing of the request for a uag lied hoi~ ' dustnct as defined in section 2?3_ 1399. su~bdi'v~eion 1. Sec. 17. Minnesota Statutes 1994, section 969.1761, subdivision 1, is aanended to~read Subdivision 1. (REQUIIti~vLENT IIvlPC6ED•l In order for a tax increment finartdrtg district to qualify as a housin district, the inwme limitatwns provided m this sec~on must be satisfied. The requirements imposed by this eectia apply to re~dential property receiving assistance financed with tax inoeea-ents, including interest redustort, b`n= transfers at less than the authorityrs cost of aQgnisitien, utility service or connections, roads, or other subsidies. Tl: provisions of this section do not apply -- _-.. -- ,+• to districts located in a targeted area as define .. ._____ L~~. in section 4620.02, subdivision 9, clause (e). Sec .18. Minnesota Statutes 1994, section 471.88, subdivision 14, is aanended to read: Subd. l4. L.OCAL DgVEI.OPMFNI' ORGANIZATION] f For the purer oece f this subdivis~a~n: ~• anew ~ $ and redey orient at .}tyi developme "local dev_ elovment ara~iza _, ~ -. ~ au ~ coaununi action !O am o~rt authori or 'QOVernment urilt" has the ~ given ut section 47159, s~ ~On 1. . When a ~ de`relo~ment ~ administers a loan or grant program for individual ~ p~~Y avvneY'a within the geographieal~ of a govea~ment unit by an agreeatcs~t erttred into by the government unit and the ~r local deve]a~oment n_~____aruzati~y an officer of the gaverr~ment unit ataxy apply for a lo®tt os grant from t< local develovment orQ,anization. ~ ~ o ea~avae n~ unit that the o~ffLeer 1? officer must disclose as part of the of5cial minutes of a public meeting go applied for a loart or. grant. . Sec. 19. Minnesota Statutes 1994.9ectlon 473.608, is amended by addnng a subdivision to reads Subd. 1?~a. jREYF.NUE BOND] ~, T9+a comau~an mil' 3~1e ~ reves-ue bands, 'aI f_dlit ~ ~ ~asseneer facility char¢e ds to fund• ~~~~ 'tiea• ,~ a district in which 85 percent or mor+a of the planned buildings and fadlities (determined an the basis of square footage) are far rnanufactvrsng or production of tangible personal Property, including processing resulting in th- change in condition of the propertyi of EDA AGENDA APRIL 23, 1996 6. Consideration to extend the disbursement date for approved GMEF Loan No. O1 t for Tapper's Inc. A. Reference and background. The EDA approved GMEF Loan No. O11 for William and Barbara Tapper on November 28, 1995. The real estate and M&E $100,0001oan becomes null and void May 28, 1996. GMEF Loan No. 001 and Loan No. 011 will be in fifth and sixth position respectively behind the two bank loans and the two SBA loans. The balloon payment for GMEF Loan No. 001 is due in 1997, Loan No. 011 is for the proposed 18,000 sq ft expansion. Mr. Tapper request the EDA consider extending the disbursement date of Loan No. Ol l for 60 days (July 28, 1996). It is anticipated upon closing, the EDA funds will be placed in an Escrow Fund and disbursed by the lending institution (Stearns County National Bank, St. Cloud.} Marquette Bank, Monticello, is not the lender as originally pursued. The site or building plans have not been received by the city for review. It is my understanding, the blue prints were delivered to the company on April 12 and the company expects Fabcon delivery sometime the end of May. B. Alternative Action. A motion to extend the disbursement date of GMEF Loan No. 011 far 60 days or to the date of July 28, 1996. 2. A motion to deny the request to extend the disbursement date for GMEF Loan No. 011. 3. A motion to table any action. C. Recommendation. Before making a recommendation, I would like to discuss the project with Deb Gustafson, Bridge Water Financial Group, Inc., to check on the approval status of the SBA and bank loans. I am concerned that the site and building plans have not been submitted to the city or city engineer for review. • Page 1 _ JAN-01-'00 SUN 03:04 ID: TEL N0: #003 P02 --•° ' D D -~,~~ 41!11 SECOND STREET SOUTIi • P.O.OOX 7330 • y-INT ClouD, MINNESUfA S4.w2 Ph; 612-253•~~607 • Fur G12.25J-3051 • RRE FaK: 612.253-95L~i FebnlsiY 2, 1996 Mr. Robert Alexander Mieutaots Hwittess Finance, Inc. Suite 219 4039 Went Division Street St. Cloud,l-~II~ Sb301 RB: William R. da: Barbara R Tapper Dear Mt. Alacandcr: Stearns County National Bank has approved financing for William dt Barbara Tapper fbr their building expansion and equipment purchase. We will be providing interim financing on this projett.. The amount of the interim loan will bs S888,000 at prime rate + 19~o floating. The bank's portion of the permanent financing will be 5460.000 at an interest rate of pritn~ + 1.OOy6 floating, and mor1thly paymonts based on a 20 year amortization. The loan Is to be secured by a REM and equipment. SBA': portion of the permanent financing wil! be S390,000. A copy of our commitment lottor and loan committee write-up is enclosed. s The application for the 504 program is being submitted as the total project loan-to-value ratio exceeds our polity guiddines. If you have any questions please feel free to contact me. Very Truly, Ivor L. Petorson Vice President • Member Stearns Financial Services, Inc Member PpIC ~ . ~~~ February 8, 1996 250 East Broadway P. O. Box 1147 Monticello, MN 55362-9245 Phone: (612) 295-2711 Metro: (612) 333-5739 Fax: (61Z) 295-4404 John F. Babcock H-Window Company 1324 East Oakwood Drive P.O. Box 206 Monticello, MN 55362 Dear Mr. Babcock: At the January 23,1996, annual meeting of the Economic Development Authority (EDA), the commissioners reviewed the 1995 Greater Monticello Enterprise Fund (GMEF) Year- End Financial Statements. Upon review, the commissioners inquired of the legal fee expenditure in the amount of $1,257.00 on the Revenues, Expenditures and~Changes in Fund Balance Statement. The commissioners were informed that the invoice dated February 27,'1995, in the amount of $1,257.OOwas from Attorney Paul Weingarden for legal services rendered regarding the H-Window Company. Per the terms of GMEF Loan No. 008, the H-Window Company (the "loan applicant") assumed the responsibility of the GMEF legal fees. You will note Steve Lemme requested an estimate and documentation relating to the loan fees. Attorney Weingarden's response letter is enclosed. Thereafter, Attorney Weingarden reviewed documentations and prepared various loan documents and agreements for the state/city grant loan and the GMEF loan. In order to comply with the Non-Performance Provision of the GMEF Guidelines and to complete the preparation of the loan documents, the EDA commissioners agreed to extend the null and void date of Loan No. 008 from December 15, 1994 to January 15, 1995. However, GMEF Loan No. 008 became null and void on January 15. MONTICELLO Therefore, as per the terms of Loan No. 008, did the EDA commissioners authorize submittal of the invoice of February 27, 1995, to the "loan applicant" for payment. Please remit payment of $1,257.OOto the Economic Development Authority of Monticello, P.O. Box 1147, Monticello, MN 55362. Although the EDA approved GMEF Loan No. 009 for the H-Window Company on July 25, 1995, no additional legal fees were incurred prior to receipt of your withdrawal letter of January 3, 1996. The EDA accepted the withdrawal letter with disappointment and agree the loans would have been a benefit to both the H-Window Company and the city. EDA commissioners have no hard feelings and would welcome the opportunity to consider assisting the H-Window Company in the future. If you should have any questions, please call me at 295-2711. Regards, ECONOMIC DEVELOPMENT AUTHORITY IN AND FOR THE CITY OF MONTICELLO Off- Y~,~g9~°~ Ollie Koropchak Executive Director Enclosures: Five cc: Rick Wolfsteller, City Administrator Ron Holgund, EDA Chairperson EDA File • H WINDOW COMPANY 015 2 9 2 `~iF:f~tC,(JR [D: C?GO:?~~12 Vk:NL'>[)fl NAMC: ECONOMIC: GF;VCL_ClPt~il°N t` =~Ui-Fi(_7RIt"~` INVOIC:E~. NO INV DF1Tt=. INVD7C.E F1h101.1NT DT~,C TAKEIJ F~~Gi'YMt=NT AMC~UNf ~0?..GO~f~ 0<''I00! .199c, 1 . 257 . GQ U . GCi 1 _ 257 - O(? ~ H WINDOW COMPANY 1324 EAST OAKWOOD DRIVE ~ MONTICELLO, MN 55362 ~ PH. (61212955305 ONF t'i-1171.15F=WNCi T'WO H!1Nf,NE"7 FIFTY 47,FVrN f=1NC, GOIIUG PAY TO THE ORf~FR OF: f~.CUNOM:IC C_1EVE1_OPMENT ~,UTHOP,ITY ~' P.O. LOX .11.A7 MON TICEI..LO t~1N I~'0 15 29 211' x:09 10 1664 7~: 10 ...~ MARQUETTE BANK 75-1664910 015 2 9 2 MONTICELLO ' MONiiCEllO, MN 55362 D/~1 E ,.,.. ,i G3/_7! 1`9'~E~ ~k:K:A~~:k=K=Y.;K 1. 'S:1 . i)G 7811' Allllli t ~~ v~~ '~ KENNEDY 8z GRAVEN Chartered 200 South Sixth Street, Suite 470 Minneapolis, MN 55402 (612) 337-9300 CLIENT SUMMARY March 8, 1996 Monticello EDA Rick Wolfsteller PO Box 1147 Monticello, MN 55362-9245 Through February 29, 1996 MN325-00001: Tappers Loan $ 38.70 Services Rendered: $ 38.70 Disbursements: $ 0.00 Balance Due: $ 38.70 • ~ ~~' under Penalty of law rs account, claim ar demand 1 rrect and that no ofrt ~ ~ paid. ~gnature f imant KENNEDY 8z GRAVEN Chartered 200 South Sixth Sveet, Suite 470 Minneapolis, MN 55402 (612) 337-9300 March 8, 1996 Monticello EDA Rick Wolfsteller PO Box 1147 Monticello, MN 55362-9245 MN325-00001: Tappers Loan Invoice # 8113 Through February 29, 1996 For All Legal Services As Follows: 02/23/96 SJB Phone call with O. Koropchak re Tappen's loan; 0.30 38.70 open file; memo to D. Greensweig Total Services: Total Services And Disbursements: $ 38.70 $ 38.70 •