HRA Agenda 10-01-2003
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AGENDA
MONTICELLO HOUSING AND RRDEVEI,OPMENT AUTHORITY
Wednesday, October 1,2003 - 6:00 p.m.
505 Walnut Strect - Bridge Room
Comm issioners:
Chair Steve Andrews, Vice Chair Bill Fair, Darrin Lahr, Dan Frie, and Brad
Barger.
Council Liaison:
Roger Carlson.
Staff: Rick Wolfsteller, Ollie Koropchak, and Lori Kraemer.
Guests: Brad Johnson, Lotus Realty Services
Call to Order.
Consideration to approve the September 3, 2003,IIRA minutes.
Consideration of adding or removing items from the agenda.
Consent Agenda.
Consideration to discuss funding gap of Landmark Square Phase II project, establish public
purpose, and detenn ine level of TI F assistance.
Continued - Consideration to hear updates:
A. Redeveloprnent of a portion of Block 51.
B. Redevelopment of a portion of Block 52.
C. Other request for financial assistance.
7. C(,:lsideration to authorize payment of lIRA bills.
8. Consideration of Executive Director's Report.
9. Comm ittee Reports.
A. Marketing Subcommittee - Barger.
B. Industrial Land Options - Frie.
10. Other Business.
11. Adjournment.
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MINUTES
MONTICELLO HOUSING AND REDEVELOPMENT AUTHORITY
\Vednesday, September 3,2003 - 6:30 p.m.
505 \Valnut Street - Bridge Room
Commissioners Present:
Vice Chair Bill Fair. Darrin Lahr, Dan Frie, and Brad Barger, and
Council Liaison Roger Carlson.
Chair Steve Andrews
Rick W olfsteller. Ollie Koropchak, and Lori Kraemer.
Absent:
Staff:
1. Call to Order. Vice Chair Fair called the meeting to order at 6:40 pm.
2. Consideration to approve the August 6. 2003 HRA minutes.
A MOTION WAS MADE BY DAN FRIE TO APPROVE THE MINUTES OF THE
AUGUST 6. 2003 lIRA MEETING. DARRIN LAHR SECONDED THE MOTION.
MOTION CARRIED UNANIMOUSLY.
3. Consideration of adding or removing items from the agenda. None
4.
Consent Agenda.
A. Consideration to approve Certificate of Completion for UMC. Recommendation:
Approve the certificate of completion for UMC.
A MOTION WAS MADE BY DAN FRIE TO APPROVE THE CONSENT AGENDA,
AS WRITTEN. BRAD BARGER SECONDED THE MOTION. MOTION CARRIED
UNANHvlOUSL Y.
5. Consideration to review revised concept design. requested TIF assistance. and TIF cash
flow proiections for Phase II of Landmark Square and to authorize BRA Attorney to
bc!!.in dranin!,!. the Redevelopment A~reement.
Ollie Koropchak. Executive Director. advised that Barry Fluth and Brad Johnson were
present and would be giving the liRA members an update on their proposed project. as
well as their request for TIF assistance. She provided cash tlO\\i numbers provided by
Ehlers & Associates. as well as numbers run by Brad Johnson and herself. Koropchak
advised that city staff had reviewed the concept plan and given their input. The BRA
should now review the concept and discuss the amount of assistance they are \villing to
provide.
Rrad Johnson a(hised that they revised the plan. to meet the TIF time frame. from 12
units (() 11. incn.:ased the unit Sill'S. suhtr~Kted ..J. carriage houses in the hack. and re-
designed the parking lot making it more useable hy the restaurant and tenants. He felt
this was dose to what the planning staff had directed. Johnson referred to the agreement
the lIRA had with H~lO'S Hagen and that they \vcre using it as a guide for their project.
I-IRA Minutes - 09/03/03
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He also advised that they had acquired one property, working on 2 others. as well as
working on installation of utilities, noting there were added costs. Johnson advised their
costs increased to $687.000 for site acquisitions, which increased the unit prices as well.
The gap they estimate is at $234.000, after TIF. They are looking for city staff and the
HRA to provide input on possible solutions to make the project work, and asking for the
HRA's support. Johnson stated that they felt a benefit to the city \vould be a new parking
lot.
Johnson advised that they did not feel rental units or offices would work for this project.
They did go forward and stub in all 3 services before paving, \vhich saved approx.
$60.000, which Fluth agreed to pay for. Bill Fair asked Koropchak if staff had reviewed
thc numbers from Johnson. but she \vas not sure if they were the same numbers that she
had previously seen. Dan Frie felt that if the city wanted the project to move forward they
would have to expect to pay up to possihly 50% of the costs.
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Fair stated the HRA would need to decide at what cost they would agree to do downtown
redevelopment adding that he felt the project fit with the Downtown Redevelopment
Plan. They further discussed if they felt the investment was \vorthwhile and it was noted
that they would be replacing two substandard and one ne\ver home, which will increase
the tax capacity, hut it wi II also take a longer period of time to recoup at that high of a
gap. Fair askcd if they could take 30 days to work on the numbers and asked the board to
decide whether to reduce thc gap, sharc the gap, or to proceed with the project and to
come back with a recommendation.
A MOTION WAS fvlADE BY DAN FRIE TO CONTINUE THE ITEM FOR 30 DAYS
FOR STAFF AND DEVELOPER TO DEFINE THE NUMBERS. BRAD BARGER
SECONDED THE MOTION. MOTION CARRIED UNANIMOUSL Y.
The \-IRA asked Council Liaison Carlson if the city council was supportive of
redeveloping the dO\vntown and he felt they \vere.
6. Continued - Consideration to hcar updates:
I. Redevelopment of a portion of Block 51.
Pat Sav.;atzke gave a brief summary s~ating things were progressing slowly and he
should have acquisition of the property by October. He did not expect to have any
rcal news for the next sC\'eralmonths. The schematic that hc previously presented
is still being considered.
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Phase I. II. and III desi!!n conccpt for a portion of Block 52.
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Fred Kaner prO\ided sketch plans tt)l' 3 proposals. the one that they are most
illll'rl.:::;lI:d ill \\ uulJ require lhal lhl.: ~il: gram a \arialll.:l' lu Llll.: zero lut lilll'
re4uirement. They are working with both a regional retailer and a national
retailer: approx. $10.2 million dollar program; both tenants are visiting Monticello
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I-IRA Minutes - 09/03/03
and Katter would like to be able to tell them which direction the HRA w-ould like
to proceed, Katter advised that they would like to work with the regional tenant
as they feel it would be a better fit for Monticello. although either tenant would
bring and keep traffic downtown. The 48 units of apartments would require 1.5
parking spaces per unit 48 underground. and would require 25 additional spaces
on the surface. This adds residential housing dmvntown facing the river. Katter
asked for direction from the HRA members prior to them approaching the current
business ovmers regarding acquisitions, and assured the HRA that they could meet
the deadline of July I, 2004,
It was the consensus of the HRA members that they preferred the Plan A sketch
plans: aesthetics vvill be a major factor. Frie also asked Katter about the
possibility of breaking down the north half of the block from the south so they
could get a number for both sides, Koropchak also stated that the concept could
be revie\ved at the next staff site revievv meeting, and the planner could review the
parking and offer feedback,
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Estimated balance of Temporarv TIF District No. 1-22 Bond,
Bill Fair noted that they toured this area before the start of the meeting and
advised of the recommendations made by Ehlers & Associates. Koropchak stated
that the HRA would have about $1,235.000, if no new projects are started. and
Ehlers suggested the money could be used for public improvements, property
acquisition, etc.. and that the money would need to be spent by July of2004.
7, Consideration to authorize pavment of liRA bills,
A MOTION WAS MADE BY DAN FRIE TO AUTHORIZE PA YMENT OF THE HRA
BILLS. DARRIN LAHR SECONDED 'fHE MOTION, MOTION CARRIED
UNANlMOUSL Y.
8. Consideration of Executive Director's Report.
Executive Director Koropchak provided the report ancl added the following:
· The ~Iarketing Committee's idea for the Wright County Economic Devclopment
go I f tournament.
· Sent a letter to anothcr mcdical company and is working \vith Ed Sorgatz.
· She provided a copy of a letter from Sunny Fresh looking to be more involved in
cpmmtll1ity projects. She ad\i~\.'d that they \\ill be hl)lding a meeting and asked
the HRA tt)r ideas. Some idcas wcre flJr downtown redc\elopment. possible ice
arena, and parking. F~lir stated he \\ould like to atkncL
9.
CUllllllitlce RepUtb.
I O. ~larketing Subcommittee - Barger. None
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I-IRA Minutes - 09/03/03
. 10. Other Business. None
11. Adiournment.
A MOTION WAS MADE BY DARRIN LAHR TO ADJOURN THE MEETING AT
8:20 P.M. DAN FRIE SECONDED THE MOTION. MOTION CARRIED
UNANIMOUSL Y.
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HR..\ Chair
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11 RA Agenda - 1 % I 103
5.
Consideration to discuss fundin!! gap of Landmark Square Phase II proiect.
establish public purpose, and determine level of TIF assistance.
A. Reference and backe:round:
At the September lIRA, Brad Johnson presented a sources and uses statement which
showed a financial gap of $234,872 in addition to the $18R, 128 NPV of generated '1'1 F
assistance. TTF cashtlows run by Ehlers using an interest rate of 6S};> over 15 years was
$157,SR2 NPV (Ehlers' recommendation) and using a 4.5% over 15 years was $18R, 128
NPV. The commissioners said they liked the redevelopment plan and directed staff to
meet with the redevelopers and financial consultant to discuss the gap.
On September 9, Johnson, Fluth, Wolfsteller and Koropchak met to discuss options to
close the financial gap. Options discussed: Potential of a redevcloplnent grant, less
admin retained by HRA, reduce redeveloper's fees, increase lot value, add inllation
Llctor to cashl10w numbers, City forgive water/sewer fees per the city share of increased
tax rate, additional TIF assistance for relocation of power pole and utilities.
On September 16, Mark Rufl Ehlers & Associates; Wolfsteller; and Koropchak met to
further discuss the options. Mark suggested we not debate the sources and uses
statement but for the llRA to answer the following questions and then decide whether to
determ i ne an offer:
1. What is the value of the redevelopment project (three homes for nine row houses
and duplex)? At what cost is the lIRA willing to spend to redevelop the three
homes? Is the project a targeted redevelopment (blighted) area? Is the
redevelopment project economically feasible?
2. In the Landmark Squarc Phase I project, the HRA agreed to spend an additional
$75,000 from the District 22 Funds to assist with costs associated with
construction of the off-site non-restrictive parking area (public purpose). What is
the public purpose of the Landmark Square Phase II project?
* Ruff, Wolfsteller, and Koropchak recommend the BRA offer $157,500 NPV ofTTF
assistance using the 6.5% interest rate. Pcr the Contract for Phasc r, the developer is
reimbursed at an interest rate of8% on $185,000 NPV.
* Ruff does not recommend using an inflation f~letor on TTF projections. Not a general
practice and only when a developer gives a personal guarantee and retains ownership.
* Although the City does receive a portion of the taxes collected from the difference of
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HRA Agenda - 1 % 1/03
the frozen tax rate of 1.12(% and the current rate of 1.37%, the Administrator does not
recommend use of taxpayers money to tlnanee or forgive the water/sewer funds
assoeiated with private development. Also, there is no guarantee future tax rates will
remain constant, remember this is up-front dollars.
* With State budget cuts, no monies have been allocated f(Jr redevelopment grants.
* l'he redeveloper did mention there is some flexibility to their numbers both
expenditures and increased value to the] ] parccls.
* Over the years, the HRA has been consistent with thcir policy of 10% of the tax
increment for administrative costs.
The project was initially presented as a two stagc redevelopment project with the Amoco
site being a targetcd rcdevelopment project. A temporary curb and a narrow ingress was
constructed along the southcrly edge of the parking area and carriage house in
anticipation of Phase II. The revised concept sketch for Phase II has not been submitted
for staff/consultant review.
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Again, the recommendation is to otTer $157,500 N PV for acquisition costs, the amount of
tax increment generated by the 9 row homes and duplex. The second part is more
diHicult and applies to the questions outlined abovc. ffthe HRA determines there is a
public purpose to assist with dollars from the District 22 Fund, then the next step is to
dcfinc cligible cxpenditures and to dctenninc a not-to-exceed amount of assistance.
n. Alternative Action:
1.
A motion to offer TIF assistance in an amount not-to-exceed $
at % interest rate over the life of thc district for costs associated with
acquisition of substandard hOlnes.
NPV
2.
A motion to offer an amount of not- to-exceed $__"
5% Admin.
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If a public purposc is established, a motion to oiler TIf assistance in an amount
not-to-exceed $ for costs associated with
and cxpended hom the TIF District 1-22 Fund.
4.
A motion to oiler no TIf assistancc.
5.
A motion to tablc any action.
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HRA Agenda - 10/01103
c.
Recommendation:
The City Adrninistrator and Executive Director recommend Alternative No.1. Based on
the attached sources and uses statement and assuming the HRA approval for $157,500
NPY ofTIF assistance, the gap is $261,500. Or irthe HRA approval is $188,000 NPY
and $11,000 5% Admin of TIF assistance, the gap is $220,000. Next, is there a public
purpose? If the proposal includes a common area in the rear for non-resident parking
perhaps this is a public purpose. Suggested eligible costs pcr Ruff are demo, electric pole
relocation, utility distribution, and stub services. Ifthereis a public purpose, theHRA
could consider a not-to-exceed offer consistent with the value per parking stall in Phase I
(value $2,083 per parking stall.) Thcn, the lIRA should aslc Is your total assistance
worth the removal of three homes? The offer by the HRA will leave the fate of the
redevelopment proj ect up to the redeveloper and certain I y there is room for adj ustments
in the value of the 11 lots and transaction, architectural/engineering, and other cost
expenditurcs. The developer is still in non-compliance of the Contract for the Phase I
(non-restrietive parking and landscaping).
D. SUP{lorting Data:
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Sources and Uses Statement and TIF cash flows. The site plan (not approved) will be
available at the meeting.
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1",000 ~\I)'
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. Land Develo en ON y i I
: PERSONAL ANO- CONF/OENTIALJII
SOURcEs AND USES------;---. . .- . --f .
SOURCES: . - I
11 Lois @ $2'4,OOO~~------: $ 264,000'.00 !
-...---,--..-'--" i I
I ~
TIF=='==_,"-~~--188,900~00 I
, $ i
--'3,4,P:~=:~=-==-~OTAl\ ~, .- 23fooo.00_~__._~_~.
_.__'-'- i 683,OOO.~._ ~\ .';. - II
USES: -.. - I
tAfJD.:---~-.. .=r . i- ~ ~{'":1;'O b--
______Moores . : $ 14~,OOO.00 I ..- ------
=-~=-.:;~::,-i~ ~~::gr'...'.q 'l-':---
_=.==-:-=~.;- ~-ap~~~~~T~~-I.~ . =-. 4;~~~~g:g~. _~-==-- ~_._ I ._--=--==--~.-
________Iand-net to~.L__. 45~!.90O'.OO
CONSTRUCTION ;
------sTUB SE-RVICES'-~ t$-~5,OOO.00
-- _' MOVE ELK POLES . I. $~"26,o06.00
:=-" Ut.IPTY-bISTRIBUTION~$.'--~O,OOci.oo -.---....-.--. ====:==
,$
---------stTEWORK,SOILS CONDo TT~
PARKING LOT, CURB TT
CONSTRUCTION INSUR. ---n
_____n------- 1$---
_~ TOJAl CONSTRUcnON11. . ~06,oOO:'!O -===- f. .
. T~-nS~diO~.~~!=..:=--~-.--L--==.:==~ --=-------- "=----p~
~ . f~~G~~~TAX .~ --1r~~--=-----
--:---'-TITLE"c6FEE_S "'~_=U=~-l,OO().OO- .=:==___n
._____~~~~y;~:EEs.....--.-tl--..~~:ggg:gg -----.-...
----TAXES- DURING CONSTR. '1$--2,000.00 .--------~----
~..-.~hltect~~~~~-~n~:in~~J..J-=-. ~,O()6.00~+-.__=..-=. $'.' _--- -~-==-
._.-SOI~TESI- _ I $ .__2,qQO_0~--+----..-.----~-
____._Q!!:.QlGI~EERING...--~.-.-~goo..:qQ+--..-..-...~.-. .--"-
__...Q!y"~QNM~NT~__g--.-~.?oO.~~-.-. -----
---- ~~~ING-"----'--K-_.-l~:~g6:gg \----.---.\.- . .
... .... = ....___=-- -_ .. f-~ ~-_?1==---l===-
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_____________ ____._____,___..___~..______+_. - ..__.'''_-----+--._ I -
TOTAL ADDITIONAL COSTS:; S 89,000.00 : I
.____,____..___ .__..____._._____,_._.t-...._.______________----r-_.__._.__"._--r--..--.--"--. .----~.
, I
9Ti.{~R-~9~t~-~_-..~~-_~=-:==:~_.=-=::==~~-=r=====1=-----..------..-.
-C6-NTINGEt-KY -.' . $ 25,000.00 ·
__._'.._"_'. ___ _._..,'___,____"_~~---t-"'._~~.~ ..-- --,-~-~~~..~-~-...,....+--..."----------""~,....----------~
CONSTRUCTION INTEREST ' $ 5.000.00 ' !
-__~~T~AL OTHER COSTSf= -... - 30'~'-Oll.I_ ....-. -~1=-~. ._~...... ~
. :TAl.::rs ~ \ 0;. S .0 Cl ~ ' $ 683.000.00 , ,
J. \..r t'G~ 0 0 0
~ ('\.c; ~ ~ . 0 0 0
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20,000.00
30,000.00 .
1 ,000.00
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AUG.29,200311:41AM
MC100..01
EHLERS & ASSOCIATES
Citr of Monlkdlo
L>IIIcm.rk Square Phue n
TIr DUtrict l-U
T.U. CASH FLOW ASSUMPTtoNS
lMIllon Ralel (on IIIOrUl'4lua only -1IIIl11lte ,ncruSH aN not ~r.cl
In..... Ra..
T~Fl.+TIf'
T.u ~_ - CUIfWII La.... Ra.
Tell Rm + hie PNIJl~ T.
M.ut \lilu. Tn Rile
PIO
155.(110.036010
1!S~10.0~eol I
1S$.Ql0-4311030
SllblDal
BASE VALUE INFORMATION
MllrkIt
\lelu.
78.800
e..too
I oz.~oo
273,100
273. BOO
TIl~1 OrVn~ MiiU: \lllul
ClaU Rate:
Hon'lllilMd :>S78.ooo
Homt....d 410'.000
Aptl1menl
A,jIInll""I.(d)
Co.......rc~1 ~150.000
Comrntrclll <$ 1 SO,Ooo
0'91'<11 Tn CaplCity (whan lie. i. ""....9"d):
fRomer VALUE JNFORMA TI0N
. "-NO. 0547-P. 2
0.00001'
5 SD0"4
1.121110 "raun Itall
1~1"'7I ell.
0'-71 iU.
0.000U1 eft
Tn
Clo~o;ily
766
'4e
url3
~738
2.7.38 A"" co,we"ion
1.0000% PayO.
1.0000"'" Pay 04
1.2500% pay O.
I 2500"'" Pay 04
2.0000% PaV O.
I 5000"4 P.V O.
:0.73 e PIV Z004
s,
PIV 2004 MV
Pay 2004 MV
PIIV 200. MV
l!ilIn'1llla OnIV
l'Yll' " Tu I__nt 0i8lril:t
yp. or
Pro'eel
Dupr.ll
gu,l1U redl
Row HCII'IIes
otaIM.r1l01
Valu.
'",2Iii0
1412.so0
'''''',080
TolillTu
c. .i
....J
',71'
,1,2U
Tolal
''''7.750 22"
MI/1lal..altlll' netclllllle ""nftrmea IIV lI\oI ualMCt.
SUMMARY
TOIII AMUII T;p: Incl8lTWlm Anr Admin.
P...,... by en__ Esllnl11i onlY
18.168
R.d....IOpll'tOWl~
TOla' Yell'
--!!ir C4/'lSlN....d
J.M7 2004
Uti 100.
37,20' 200~
J 017
YNr
Po "bla
lloe.
2001
200.
llIPIlnll2O'
AUG. 29,2003 11:41AM
EHLERS & ASSOCIATES
NO. 0547
P. 3
s
t
.
Qty or Montkello
........rk Sq1lan ..... D
TIJ' Dhtlkt 1-2.1
-
TAX INCREMENT CASH FLOW
Origlnll Seml-AnnuII S_ AUOilQr HAA ~v 5"",oA"n~1 CUmullllYI ""uIo1I!NT OAi!l
PERIOD BEGINNING Tu Grou TU olIt It Mo""std NetTa NP'I P!RIOO ENDING
MI/I. Yr, Coli Inc rflen ~.J7~ -10.00~ C,adfl InCl'IlllInl 8,~'4 y,., MIll, y,
01.0' 2003 02-<1' 200.
02.(11 2004 2.738 2.m 0 0 0 0 0 0 08.0' 200.
Q&.Ql 2004 2.738 i.72i 0 0 D 0 D 0 0200\ 2005
02.01 2~ 2.n6 2.738 0 0 0 0 0 0 01.01 2005
08.Q1 200S 2,736 2. 738 0 0 0 0 Q 0 02-01 2006
02.0' 2006 2,73a 22.&11 19,""3 ",2~ (~21 (1.111) (lllI51 9.OS4 1,1.2 0.5 01.0' 2006
08-01 2006 2,736 22.0" 19,9<1S 11.230 (~2) (1.1191 ('988) 9.0U 16.2311 1,00'2-0' 2007
02-01 2007 2,718 22,'" 1',143 11j:'>> (.&Zl (1,118) (MO) ,.0&. 22,601 1,5 0800' 2007
0&-01 2007 2,13' 22,681 lB.84~ 11,0J (.2) ('.118) (9861 9.08. 29,S3. 20 02.(1' 2008
02001 2008 2,738 22.5&1 11,843 1'.2; .' (4.21 (1,1191 (986) 11,08. 18.3.6 2..6 08-01 2001
Oi.Ql 2008 2.738 22.6'1 '9,9<13 1',2!>O (<l21 (1,119) (910) 9.0e~ .2,9.... ;',00:0001 2009
02-01 2009 2,738 22.6al 1I,li43 11.230 (421 (1.1191 (986) D,0&4 4S,I*' 3 5 08-01 200
0$001 2008 2.731 22.1111 1U43 11~0 ('2) (1,11li) (VIS) 9,08' 55,52:a .,0 02.01 2010
0~1 2010 2.738 22,11' 1 '.9<13 11.230 (4<ill (1.1191 (986) 9,014 111.5'0 H. 09-01 :0010
05-01 2010 2.733 22.68' 18.,..3 '1,230 (A2) (1.1191 (986) 9,0841 87.321 6.0 02-(Jl 2011
02.01 201' 1,138 22,681 11,!U3 l' ,210 (112) (1.11i) (916) 9.084 '72.943 5 5 0$001 2011
01~1 20" 2.'738 22.611 IS.942 1'.230 (42) (',119) (98lil 1.08<1 78.389 6.00:z-ll1 2012
02001 2012 2.7~ 22,511 19.943 11,230 (42) (1."9) (91161 9,014 83.663 6.5 oa~1 2012
08-ll1 2012 2,731 22.88' 1',lW3 11,:all (421 (1,111) (9181 9.0&4 81,71' 7,0 02..0' 2013
02-01 2013 2.738 22.611 18~ " ,230 (.2) (1.1111) (9661 9.084 i;',718 7.5 08-01 2013
06-Ql 20UI 27'38 22.1111 , 9,943 11,230 (.21 (1,1111 (180) 9.0&4 &6,510 8,0 02..01 2014
02.(11 2014 2,738 22.881 lU43 11,~0 (.2) (1.111) (HI) 9,084 'OJ.!!il 1.6 OioOl 201.
08-01 2014 2,738 22.881 19,t~ 11~0 (~2) (1.1111 (tllll 9,08. 107,545 a.o 02..01 20'5
02.0' 2015 2,738 22.6Bl Ill,'" 11,2!0 (42) (1.1181 (B811) 9.llSI 111,1198 9,5 OB..o1 2015
0804' 2015 2,nG 22.&8' II,a.! ",2~ (421 (1,1181 (1lll8) 9.OS. 116.214 10.0 02.0' 1016
02-ll1 2018 2,138 22,.81 19.9<13 1',2S0 (421 (1.1191 (981) 9,08. 120,298 10,6 0S-0, 20'6
08.cl 2018 2,7.38 22.&81 1',143 11:~~0 (42) (' llal (9861 9,OS4 12....253 11002-ll1 20'7
0:2.01 2017 2,738 22.881 11,843 11.230 (.21 ( 1191 (986) 1,084 128,083 11.5 0&-(l1 2017
08-01 2017 2,7'J8 22.1181 1 9.943 11,~0 (.21 (1,119) (9861 9.084 131,793 12,0 02.cl 2018
02-41 2018 2.73& 22,e81 le,843 11.2'0 (421 (I, '19) (illS) 8.0&.4 1~5.318 12.5 08-0' 2018
05-01 2018 2.738 22.681 lU43 111'':'': (42) ('.11B) (88e) 9.0801 13&,886 1M 02.01 2019
02-01 2019 2,738 2~1Ia1 19.943 11.~: '. (421 (1.119) (98&1 1,084 142,238 13.5 0&-01 :018
Oe.OI 2019 2.738 22,681 19,943 11.2~"; (.42) (1,1 '9) ('l66) 9,08. 11lHOl 101.0 02-01 2020
02+01 2020 2.738 22.&81 18,943 11.2:.0 (421 (1.11Bl C:~80) 9.0&' 148.etl2 14,5 a~o' 2020
08.01 2020 2,1!8 22,811 19,943 ",230 (421 (1.1191 (98ll') 9.0&4 151.724 15002.01 202'
02-01 2021 2,7l11 22,681 18.943 11 ,230 ("2) (1.119) (988) 9.084 1501,690 1 $.5 08..,1 2021
08"" 1 2738 22,88' la,I43 11 0 42 , 111 llll8 9.084 '57.682 16.0 ..01 2022
,.=...1& 358.35 1,330 5803 153 280,687
Pre' n' "';1 sfN 1 1\ 'i4.783 1 19.40 18.42 157,58
,..~.......... tlC&J' t1...............~ ..~oWiIl..~ 'I"IIM~J~ -411".,- ..........u.-~ ....~NI(..,~_ _I~..- ~"I~
. EHLERS
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IilnInDaOl
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SEP. 3, 2003
MC;100001
10: 18AM
EHLERS & ASSOCIATES
Cty of Montialo
Landmuk Squu, Plwe II
nr Diltrict I.u
T.I,F. CASII FLOW ASSUMPTIONS
IIIlleaoll RllIt (0lI rTlIrQI: VlIJue ~IIIV -\;Ill 10118 1tl<;N'1_ I,.. not c:lIPlurId)
III_b.
T... IQoo - TIP
TI)( Fl.-. . CIIIIWIt LOcal Rallt
TIIIl FbI. . Stoll Ptop~ Tmr
~Iriool VMIl_ Tn R_
PIO
1SS~I~36010
155-01~36011
155oll10.031030
$\IbtllW
BASE VALUE INFORMATION
Iol...
Value
11,800
$4,800
102,300
27i.aoo
NO. 0645
0.0000%
~ 500%
1.1211" Fl'lIZeII Rite
Ur",g Ell
g~7g E.t
0.0.."2 l!iU.
Tn
eal"lc:J!y
786
~
1.023
2.733
TQtIJ onllin~ u.nc.t Valu4
273.800
2, 738 A~ .....""1'!I10Il
Clul fit.-
Home_d>S76,ooO
l10meSlMd c'78,ooO
...""",*"
A,.._t 4(ll)
Col'lml/l:ial "" 50,000
COtMlltCIal c$t$O,Ooo
~al Tu c.pacit)' (>otlln 11M IS cnlnl1OIl):
PRO-JEer VALUE INFORMA nOlll
1.0000% Pay ~
1.0000% PlY 04
',25oo~ Pa~ CJ4.
1.2500% Pa~ 04
2.0000% pav 04
UOoo% pay 04
2,738 pay 2004
R.dil\llllopment
TVpeofT_ln~t~
P. 5
0(
Ptv 2004 YV
Pay 200' WlV
Pay 200~ MV
e.tur.. Only
Typa Of Units Of ~V Plr Tom! Uarbt To1il Tax ElfllCtiv" Total V.ar YHI'
Proiect r.d UM/d. Value Call1cilY Till R"te TllXlI - Ell C~n"llc:ted PIV1lbll
DupId 1 111,210.00 1.,210 1,.a 1.62% 2,S17 20811 2011'
ChIph. rentel 1 '142.600.00 142,10' '.1'1 1.7'1'llo 2,61' Zto4 2001
"- HeIlIg I 111._'" 1........ ",aU 1.17% 27,a01 2164 2001
T~\aI 1.141.150 22.1.' ~2.001
~....1IIeI nMd 10 M conGllMd by..... --
SUMMARY
TOWIAnnual TlIllln_. AlIIr Ad""".
11,'U
Prepa/ll!~.Y Ihlll'l- btnalft OIly
Il/I'un02O'
SEP. 3. 2003
10: 18AM
EHLERS & ASSOCIATES
NO. 0645
P. 6
.
c;
r
Olf lit Moaliadlo
~rk 51(..... PIIue n
m DIstrict 1-12
TAX INCREMENT CASH FLOW
ItrllI~uat ... AlIdllof HRA MV aami-Annllal C~l\'lu'aQv' llAYM;NT OATil
Pl:RIOO BEGINNING a_Till lit at 11"""51:1 Nel Till NPV I"ERIOO ENOINQ
MtlI r Incremlnt -G 37% -1000~ c..di Ine.."..nl 4.50V. YI'.\.. Mth Yr.
0&-01 2003 02-01 200'
02-01 200' 2.738 2.738 0 0 0 0 0 01>-01 200A
06-01 200. 2.738 2.738 0 0 0 0 0 02~1 2005
02-01 2005 2,738 2.738 0 0 0 0 0 Olkll 2005
Ot-OI 2005 2.7Sa 2.738 0 0 0 0 0 02.01 2008
02~1 200e 2.7211 22,6&1 1I.1iWS 1'.230 (.12) (988) 1i,084 8.128 0.5 0&-0 I 200<1
05..(11 2008 2.738 22.68' 1l1,~ 1'.230 (.12) (988) 11.08' 16.078 1.002-01 2007
02-0' 2007 2,7'31 22,68' 19,IUS 11.230 ('2) (9418) ',0&4 23.850 1 S 08-01 2007
08-Dl 2007 2,731 22.6&1 , 8,843 , '.230 (.12) (911l) ll,~ 3'.'53 2.0 02~1 2008
02-01 20011 2.rn 22,5111 19,~ 11.230 ('2) (!lie) 1,06<1 38.868 2.5 08.01 2008
Oe.o1 200s 2.73& nUl 19,9'3 ",23C ('2) (ta6) '.01' 411.160 3.0 02-01 2009
02-01 2COl1 2.731 22.681 1 II,"! ",230 (.12) (988) 11.0&' 53.272 3.5 Olt-01 2008
0&-01 2009 2,7M 22.11' , 8,943 '1.230 ('2) (1I8&) 9.01A 60,227 .. 0 02.01 2010
02-01 20'0 2.738 22,681 19.943 11.230 (~2) (986) i,084 67.029 4.5 1)8.{l, 2010
0~01 2010 2,738 22,88' 11i."3 11.230 (.12) (1lI11) lI.au 7UI2 5.0 02-0 I 2011
02.01 20,t 2,~B 22.SI' ,U43 11.m (42) (ta6) 9.CliW 80,188 5.5 01-01 20'1
Oa-ol 2011 2.738 22.681 lU~' 1 ,.230 ['2) (586) 9.04' 36.551 8.0 02-01 2012
~~ 20'2 2.738 :l2,881 19.943 11,230 (~) (968) 9.084 92.774 6.5 08-01 2012
2012 2,7'38 22,181 1t.Ii43 11.23C (..) (9S8) 9.08' 98,860 7.0 02-01 2013
02-01 2013 2.738 22.681 1ll,Q43 1 1.230 ('2) (186) 9,OU 104.812 7.5 08.01 2013
08-01 2013 2.738 n1l8' 19,9d , , ,:ZSO (Q) (15$) 9.ca. 110,s:.3 8.0 02-01 20U
02-01 201. 2.738 22.881 19.94] 11.230 ('2) ($till ll.08A 111.328 8.S 06-<l1 2014
08-01 201. 2.rn 22,1111 19,94 11.230 (~) (H8) i.Q8.4 121,all' 1.0 02-01 2015
02-0' 2015 2.rn 22.881 19.94 1',~ (~) (llflll) 9,08' 127.339 8.5 0&-01 ,01$
0~01 2015 2.738 22,841 ".s.u 11,230 (.12) (8111) '.OS4 '32.685 10.0 02-01 20UI
02-01 2018 2.718 22,a81 1i,1l4~ lU:SO (.03) (966) !l.0&' 1:J7.'7~ la.&a~' 20UI
08.01 2018 2.731 22,551 15I,a.e 11.230 (42) (886) 9.0&4 l.ol2,li1l7 11.0 02-01 2017
02-01 2017 2.738 22,88' 19.9'3 11,230 ("1 (llll$) 9.O&A IA7.~8 I 1.5 03-01 2017
0&-01 2017 2. 738 22,1111 19.9'3 11.230 ('.2) (986) 1l.O&A 152.820 '2002-01 2018
02-01 201.. 2.n' 22,881 IIi.IO 11.230 ('2) (988) 9,084 1 57.585 12.5 05-01 2018
08.01 20'8 ;l,738 22,581 19.943 11.'30 (4.2) (illS) 1.08' '82.245 13.002.{l1 2019
0,-0' 20'8 2,rn 22,881 19,943 '1.:30 ('2) (9416) 3.C8' , 66.302 13.5 01.01 20'8
011-01 2018 2.738 22, sa, 19.843 l1.~U (42) (968) 1i.06' 171.259 14.002-01 2020
02-01 2020 2.131 22.6&1 Ill,s.) 11.230 (d) (965) 11.08.4 175.8'8 1450Q.{l1 2020
01-01 2020 2.736 22.611 19.9'3 11.230 ('2) (986) 9.Dll' 179,U1 150 02.{l1 2021
02-0' 2021 2.738 2168' \1.943 '1.230 (42) (988) 3.084 184.051 15.5 05-01 2021
05-0' , 2.73 268' .3 11230 . 6 9014 188.129 18.0 0 .01 2022
359 35~ , ~30 ".53 290 667
~"Ul'll V.lu.1 from 211104 232- 9
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. EHLERS
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ItN"0201
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H RA Agenda - 1010 I /03
6.
Continued - Considcration to hear updates:
A. Redevelopmcnt of a portion of Block 51.
I doubt that Mr. Sawatzke has an update to his report of September: Plans to take
ownership of the Gustafson parcel in September and plans fix a spring 2005
redevelopment project.
B. Redeveloomcnt of a portion of Block 52.
After support by the HRA in September for Concept A. over Concept B. and C. with
heavy emphasis on aesthetics, particularly, the northeast corner; the three concepts were
reviewed at the weekly site review and these comments were given: Concurred with the
HRA decision and given the residential units covered the entire northerly side of the
block (east to west), the city planner suggested first floor retail/office to emphasize or
identify the entrance into Monticello's commercial area from the north. Secondly, the
city planner suggested zero lot-line development along Broadway consistent with the
Comp Plan. No comments were made relative to parking as this concept was not per
scale. These comments were passed on to Fred Katter and Steve Johnson,
Larry Olson, Metro Plains, called on September 22 for marketing information on rental
property. At this point, we have not connected.
Deadlinc date of .July 2004. I took the opportunity to ask Mark RuJT about the process
and time schedule for sale of the TIF District No. 1-22 Temporary 110nds. At the latest
on the May 2004 HRA meeting, the commissioners will adopt a resolution authorizing
sale of the $2,150,000 Temporary Bond. T'he process is 60 days. Prior to this time, the
HRA will need to make some decisions: I. Spend net $1,050,000 bond proceeds. 2.
Payoff bond. 3. I srYo pooling remains about $350.000 NPV. Assumes full refinance.
Attached is a schedule with Mark Ruffs input for redevelopment of Hlock 52. The HRA
may want to give the dcvelopers a deadline date so the liRA can move on.
C. Other reQuest for financial assistance.
I. Jarnes & Gruber - Attached is the memo bxed to Dick Gruber. Please note
reference to the !-IRA policy for approving assistance. Mr. Gruber lnay appear
before the lIRA. This appears to be an expansion. Or does the existing building
require substantial renovation? Appears doubtful irthe building has been
occupied.
JI Bruce l-lamond - Mr. Hamond has also inquired about financial assistance through
BRA Agcnda - 10/01/03
.
'1'1 F or the lElcade improvement grant which no longer exists. He plans to
construct a building on the vacant lot located at 220 West Hroadway and improve
the adjoining building, tying the two facade improvements together as one
building according to a plan prepared by an architect from Stillwater for the MCP.
!-Ie is dropping off plans. I responded in the same matter as to Mr. Gruber. Mr.
Hamond would like some discussion by the HRA. Plans presented at HRA
meeting.
.
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2
\g. ~.
SCHEDlJLE FOR BLOCK 52
. REDEVI':LOPMEN'1' ASSIS]'ANCE
December 3 HRA - Finance Plan submitted.
January 7 liRA - Site Plan submitted.
Site control.
March 3 HRA - Financial Commitments.
April 7 HRA - Contract for Private Redevelopment between the developer and HRA
executed.
May 5 lIRA - HRA authorizes issuance of Temporary Bonds.
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ls2c.
To: Dick Gruber
From: Ollie Koropchak. HRA Executive Director
~
Date: September 18.2003
Subject:
Use ofTIF
Thanks for your call and for inquiring into the TIF projections of September 12. The initial TIF
projections \vere based on demolition of the existing building. a redevelopment project. I did
recalculate the TIF projections and the proposed expansion would generate approximately
$92.000 of available tax increment over the life of the district.
The front elevation sketch of your proposed project appears to meet the Revitalization Comp
Plan zero lot-line requirement. The HRA' s role is not to approve site and building plans but to
review proposed TIF applications for compliance ofTIF requirements and policies. The said
parcel is located within TIF District No. 1-22. a Redevelopment District. established in 1997.
FollO\ving discussions with Ehlers & Associates, HRA tinancial consultants. and the City
Administrator: we fully support the concept of the project. However, we can not recommend the
HRA support the use of TIF for this project. What is the public purpose? 1. No buildings are
structurally substandard to a degree requiring substantial renovation or clearance. 2. At least
90% of the increment must be used to finance the cost of correcting conditions that allow
designation of redevelopment districts. We do not disagree that the use of TIF could reduce
rental rates and could enhance the project by additional landscaping: hO\\iever. other projects
with no demolition and no TIF assistance could claim the same. Such as: Locust/W7 St. Town
Center. First Minnesota Bank. Funeral ChapeL and TDS Telecom. These are examples of
previous HRA. decisions consistent with local TIF policy. The HRA previously has approved
Tlf assistance where demolition has occurred such as Old MalL Amoco gas station. and Front
Street project. Again. \ve certainly agree this proposed project enhances the dO\vntown and the
economics of the community. and hope James and Gruber proceeds with its proposed expansion.
Attached is a copy of the Preliminary Development Agreement as requested. Again. the next
meeting of the HRA is Wednesday. October L 6:00 p.m. at the Community Center. (1' you
\vould like to be on the HRA agenda for the Commissioners to discuss and determine the use of
TIF assistance. ( would be happy to do so. Please call me at 763-271-3208 by September 24.
09/16/2083 22:34 3282528982
JAMES&GRUBER
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Monticello HRA
505 Walnut Avenue, Suite 1
Monticello, MN 55362
Invoice # 21267
.
September 10, 2003
MC100-01
General
Professional Services
8/26/2003 MTR Discussions Ollie - 1-22
8/29/2003 MTR Landmark sq 1\ runs
MTR District 1-22 update
").\'? L.\~'Oo~ .~\.<::tct
~\"'?.. \..tt.q S Cl~. ""?\<\9
"). \ ~. '-\ ~ S ~ ':l. "'!o\ t{ ~
Total Due This Month:
Status of Account:
Hours Amount
-
0.25
1.00
2.00
31.25
125.00
250.00
3.25 $406.25
Current
$406.25
30 Days
$0.00
60 Days
$0.00
90 Days 120+ Days
$0.00 $0.00
Total
$406.25
....,.. j f,'" "or, f"J 'I,) l" '\Y? __0 III e.
\J l'~'i '~ Ii ,,'" i - -
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PLEASE KEEP WHITE COpy FOR YOUR FILE AND REMIT PINK copy WITH PA YMENT TO:
.
.
3060 Centre Pointe Drive
RoseviII e, MN 55113-1105
651.697.8500
EHLERS
& ASSOCIATES INC
~, ~ ~ ~ ~ \VJ ~~"...
I i
I SEP 1 1 2003 i
CITY OF MONTICELLO
.
City of Monticello
Accounts Payable
505 Walnut Street, Suite 1
Monticello, MN 55362
Kennedy & Graven, Chartered
200 South Sixth Street
Suite 470
Minneapolis, MN 55402
(612) 337-9300
August 25. 2003
Statement No, 57837
Through July 31,2003
MN190-00100 TIF District 1-31 - UMC Project
MN190-00103 Wurm Partnership Project- TIF 1-32
.
Total Current Billing:
I declare, under penalty of law, that this
account, claim or demand is just and correct
and that no part of it has been id.
ru~ ru \VJ IE ~
SEP - 3 2003 lUdJ
C\TY OF MONTICELLO
(j ~ ( 1 t) Pl\Y? 0 \\\~ / ~ lei.
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35.00
43,75
78.75
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"'..
.
Kennedy & Graven, Chartered
200 South Sixth Street
Suite 470
Minneapolis, MN 55402
(612) 337-9300
41.1225694
August25,2003
Invoice # 57837
City of Monticello
Accounts Payable
505 Walnut Street, Suite 1
Monticello, MN 55362
? \ ...-::, " ~l C, S ~ \ . ~ d Lf D
MN190-00100 TIF District 1-31 - UMC Project
Through July 31,2003
For All Legal Services As Follows:
7/9/2003 SJB Phone call with Koropchack re; Auditor's Certificate,
Total Services:
Hours
0.20
$
Amount
35,00
35.00
.
Total Services and Disbursements: $
35.00
.
.
Page: 2
Kennedy & Graven, Chartered
200 South Sixth Street
Suite 470
Minneapolis, MN 55402
City of Monticello
-, ? ~ ,\ 0
<,,_~A.
L\ ~ "7
July 31, 2003
"":7 .
,..,.\
MN190-00103
Wurm Partnership Project- TIF 1-32
Through July 31, 2003
For All Legal Services-As Follows:
7/9/2003 SJB Review Certified documents; phone call with Ehlers,
Koropchak re: same.
Hours
0.25
Amount
43.75
Total Services:
$
43.75
.
Total Services and Disbursements: $
43.75
.
.
.
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HRA Agenda. JO/Ot/03
s.
Consideration of Executive Director's Report.
a) Marketing.
250 brochures were mailed last week to state medical related companies with similar SIC
(Standard Industrial Codes) as UMC.
Monticello Promotional Card. This promotion started at the Golf Event of the Wright
County Economic Dcvelopment Partnership on Scptember 25. The Marketing
Committee is a Tournament Sponsor. Will give out towels, tees, brochures, and
promotion card.
Thc HRA and EDA application forms and process information sheets are bcing redone
for consistency among the Development Services Department forms.
The Monticello Site Location Guide modeled after Elk River is in draft stage and needs
attention.
The Marketing Committce needs to check out membership ($300 annual) to this sales
lcads.l1fowse leads of which a portion was faxed to me hom Olson General Contractors.
b) Industrial Banquet hosted by the Chamber is scheduled for Tuesday, October 14 at the
Silver Springs Golf Course. Invitations being mailed.
c) UMC . News release by Olson General Contractors and received check for balance of
BRA administrative costs. '['he City will give a large green plant at the open house since
my budget and fi.w consistency didn't allow fi.w the professional photo. I know they are
planning a ceremony at 4:00 p.m. on Monday, October 6. You should receive an
invitation for the week.long open house. (ret this, UMC called last week asking lor ideas
to entertain out.of....town guests. I thought two people but turns out to be 20 from Stryker
Howmedica Osteonics. Docs that help the local economy or what? My son works for
Stryker, he's district manager for 5 eastern stales in lhe knee and hip replacement division
not the machining division. Slnall world.
d) Industrial leads.
H.Window Building... CIS is looking at the building. The executive vice president golfed
at the Rotary Golf outing last week. 1 was doing registrations and he asked to talk to me.
lt is my understanding via the real estate agent, the building will be on auction. October
22, if not sold. Will accept a minimum bid of $2.2 million.
Remmelc Building. Being looked at by a manuLlcturer (wanted water bills) and
Dahlheimer Distribution.
Boston Scientific. Attached is a follow.up letter to Boston Scientific after receiving a
response from initial letter and marketing information. Wolfsteller and Andrews OK
with "the carrot" within the letter. I will call Mr. Linder prior to the HRA meeting, I
hope to schedule a visit of their Maple Grove facility to plant a seed for future
development. I did notice the Kaus Anderson construction trailer on site. I'm still
excited that the cold call1ctter resulted in a response.
Monteris Medical - ^ttached is a similar letter (initial) mailed to this medical related
company. This lead came from Olson General Contractors. They wrote the Dir.
Engineering and I wrote the CEO. I talked with Mr. McGoldrick on September 19, and
.
HRA Agenda -10/01/03
.
because of his btlsy schedule I'm to email him in mid October to set a time to lneet in the
cities. He said they were looking in the southwestern metro, Chanhassen area. They are
a developer of MlR.-guided laser technology who plan to establish a nl<-mul~lcturing
1::1cility in the Twin Cities area. Olson hasn't heard from the Engineer. Company is
customer ofUMC.
Ed Sorgatz, Olson General Contractors, told me their company has established a
relationship with another potential customer.
Need to follow-up on another couple of leads lrom State and other.
e) TIP Management - When I completed the July 30 Audit Reports for the State, a red
/lag came up stating the need to modify the budgets for a couple of old districts because
the actual expenditures exceeded the budgeted expenditures; although, actual revenues
exceeded actual expenditures. Mark Ruff said they were OK not to worry.
Close-out decertified Economic TlF Districts - Mark suggested this was a good time to
close these decertified districts which can be a bonus to the City/HRA The HRA will
reimburse the County fi)r exccss tax increment, the County will reimburse the City for
their portion which can be designated for future industrial development. I'm in the
process of comparing by district the actual amount of administrative cost expended to the
10% allowance. We have two pre-l 990 economic districts with no pooling restrictions.
f) The industrial land group will meet September 26 including Dan ['rie. I received a
copy of the Contract being prepared for use by Big Lake as an option to acquiring land.
The group wi I( weigh the pros and cons. Their has been somc interest by John Chadwick
to deal with the City. The Gold Nugget people appear interested to work with the city as
well.
g) ['or your information Lori Kraemer's last day of employment at the City of Monticello
is October J. She's moving on to a part-time position. Lori made sufficient
contributions to the community as well as having served as Secretary to the Devclopnlent
Scrvices Department. I'I( miss her. Please wish hcr well at her last meeting of the I IRA
on October 1 .
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Olson /UMC News
Page I of I
l[;e-
Ollie Koropchak
From: Susan Diamond [sdiamond@jigsawunlimitedcom]
Sent: Tuesday, September 23,200310:08 AM
To: press - real estate
Subject: Olson fUMe News
FOR IMMEDIATE RELEASE
For information contact:
Craig Hegdahl
Olson General Contractors
763-535-1481
OLSON COMPLETES HQ FOR ULTRA MACHINING COMPANY
New Hope, Minnesota, September 23, 2003 Olson General Contractors, Inc. (Olson)
announced that they have completed construction of a state-of-the-art, 73,000
square foot corporate headquarters and manufacturing facility for Ultra Machining
Company (UMC) in Monticello, Minnesota.
Situated on a 10-acre site, the facility features a pre-cast concrete exterior
envelope with liberal use of glass in both the office and production areas. Large
glass expanses are also used internally to minimize a sense of separation between
the two spaces. The large, central atrium is topped with a 20' skylight. The
majority of electrical, phone, data wiring and process piping is fed to plant
equipment via underground conduit. Utilizing a new terrazzo-like floor finish, the
entire production area creates a clean, sleek atmosphere.
UMC has imported 60 large diameter trees to transform the flat sand plain into an
attractive outdoor environment, as well as completed extensive grading to help
create an interesting terrain on an otherwise flat site. They have added an on-
site walking trail overlooking an adjoining pond.
Olson was selected at the project's design/build contractor early in the process.
The firm then assisted in all facets of its development process, including: site
selection; pursuit of financial assistance from the City; assembly of the team
partners, including architects, engineers and subcontractors; facilitating the
competitive bid process; and directing the construction process through completion
to achieve UMC's goals for form, function and budget.
Established in 1968, with over 90 employees, UMC provides precision-machined parts
and assemblies for the medical, aviation and commercial industries. UMC is an ISO
9002 certified company with capabilities that include turning, milling, wire EDM
and Swiss turning. The company excels in difficult~to-machine materials such as
stainless steel, titanium, hastelloy, waspaloy, stellite and other~ high
temperature alloys. For more information, visit www.ultralnc.com.
Founded in 1909, Olson General Contractors specializes in non-residential
construction and renovation. For more information regarding Olson General
Contractors, please contact Craig Hegdahl at 763-535-1481.
9/23/2003
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September 5,2003
MONTICELLO
Terrance & Mary cromann Family Limited Partnership
Ultra Machining eompany
500 ehelsea Road
Monticello, MN 55362
RE: eontract for Private Development dated August 26, 2002.
Dear Mr. Tomann:
Attached is an executed copy of the Certincate of Completion associated with the Contract for
Private Development between the Limited Partnership, the Housing and Redevelopment
A utho ri ty (H RA) 0 f the City of Mont i cell 0, and the City of Monti cello. The II RA approved the
eertificate of Certificate at their regular meeting of September 3, 2003.
Secondly and pcr the Contract, the Developer agreed to pay uut-of-pocket costs associated with
establishment of the TIF District and Contract as incurred by the Authority. Attached are
invoices totaling $5,882.50. Subtracting your $5,000 deposit, the balance due the Authority is
$882.50. Please remit the balance due to the Monticello HRA, 505 Walnut Street, Suite I,
Monticello, MN 55362.
Should you have any questions relative to the Certi!icate of Completion or the amount due,
please call me at 763 -271- 3 208. As always, it's a pleasure doing business wi th UMC.
.
Sincerely,
HOUSING AND IZEDEVELOPMENT AUTHORITY
IN AND FOR THE CITY OF MONTICELLO, MINNESOT ^
CJ~ \~OIO~-S)~
Ollie Koropchak
ExccLlti vc Di rector
Altachments
.
c: TIF District No. 1-31 File
Monticello City Hnlt. 505 Wnln", s""r, Soito l, Mo,ti,el]o, MN 55362-8831 . (763) 295.271 l . Cn" (763) 295-4404
Office of Public Works, 909 Golf Course Rd., Monticello, MN 55362. (763) 295-3170. Fax.: (763) 271-3272
UMC, INC.
:22510 HIGHWAY 55
HAMEL, MN 55340
PH: 763-478-6609
FAX: 763-478.6483
.
Invoice
~ <::J 059729
CONTRACT
Description
CERT.OF COMPLETION
Amount
882.50
Discount
0.00
Net Amount
882.50
.
No:
59729 9/18/2003 MONTICELLO ECON. DEVELOP. AUTH
Amount:
882.50
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UMC, INC.
22510 HIGHWAY 55
HAMEL, MN 55340
PH: 763-478-6609
FAX: 763-478-6483
TCF NATIONAL BANK
MINNEAPOLIS. MN 55402
17-7000
~
059729
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UlHiI'A MACHINING
COMPANY
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Date: 9/1812003 No: 59729 Amount: ************882.50
Eight Hun<hod Eighty-Two IDld 501100 DOII=.............................................A...... ____...----
. to tho MONTICELLO ECDN. DEVELOP. AUTHORITY 11ft . / '--1
Order of 505 WALNUT ST - SUITE 1 .._~"_ ;r;,=-L t!.If/!tt/~\:~~o~--- .l..rZ/J1:fI-{?'<I?w
A TTN: EXECUTIVE DIRECTOR
1110 5 g 7 2 g III I: 2 g ~ 0 700 0 ~ I: 7 B b ~ ~ b ~ 7 B gill
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Stepbe.o ToneI
executive Vice president
lItePhenoctswh~I__.
'""""",e.com
September 15. 2003
MONTICELLO
Mr. Stephen Torrel
Executive Vice President
C. 1. S.
4900 North Hwy 169. Suite 108
Minneapolis, tvIN 55428
Comprehfllsive
Inventory SoIutl~_- llC
4900 North Hwy ........
Mi . 169, SuIte 108
fUleapolls, Minnesota 55428
phone 763.971.2929
fax 763.971.2930
WWW.cfswholesaJe.com
Dear Steve:
Thanks for introducing yourself at the Rotary Golf Outing today. 1 hope you had fun and maybe
even came m'lay with a few prizes.
.
I \-'lork as the Economic Development Director for the City of Monticello promoting industrial
business growth and retention including job and wage level creation. The H- Window building
was constructed in about 1987 by the Winkelman Building Corporation, St. Cloud, MN and
some years later was doubled in size. Should c.I.S. purchase the building and wish to lease-out a
portion of the building, this lease information can be added to the City Web Site
(w\V\v.ci.rnonticello.mn.lls). From time to time, I receive calls from businesses or individuals
looking for lease space. I'd be happy to market your space and refer the interested parties to your
contact person.
Attached is a marketing brochure ancl other journals promoting the City of Monticello. Should
you have further questions about Monticello or if I can assist in any other \-vay, please call me at
763-271-3208. 1 look fonvard to hearing from you.
Sincerely.
CITY OF MONTICELLO
~~\~Q!~~
()lli..: Kowpchak
Economic Development Director
.
Attachments
Monticello City Hull. 505 Wulnut Street. Suite I, Monticello, MN 55362-~~31 . (763) 295-2711 . Fax: (763) 295-4404
Office of Public Works. 909 Golf Course Rd.. Monticello. MN 55362 . (763) 295-3170 . Fux: (763) 271-3272
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September 9. 2003
MONTICELW
Me Wyck Linder
SciMecl Life Systems. Inc.
Division of Boston Scientific Corporation
One SCIMED Place
Maple Grove, l'vfN 55311
Dear Wyck:
Thank you for the telephone call of yesterday and for responcling to the marketing information
from the City of Monticello. I congratulate Boston Scientific on their proposed construction of a
260.000 square foot manufacturing facility in Maple Grove. Should some unforeseeable event
cause Boston Scientific to re-consider their site location decision, the City of Monticello is
prepared to offer Boston Scientific the following TIF package based on some assumptions and
subject to job and \vage level goals.
Assumptions: Commence construction in 2004. first tax increment in 2006.
Construction of a 260.000 square foot manufacturing facility.
Acquisition of at least 15 acres of Light Industrial/Business Campus
Zoned Land.
Site Location - Monticello Commerce Center (south side of East Chelsea
Road).
Land Price: $65340 per acre.
Offer valid through December 31. 2003.
Subject to: Job and wage level goals.
City Codes and Zoning Ordinances.
T[F requirements.
TIF Offer: The City of Monticello offers to \'lrite-down 15.30 acres of industrial land
to $1.00 (a $1,000.000 value) through the pay-as-you-go finance method
owr nine years at 6.5% interest rate.
If you are interested in pursuing this otTer or have questions. please call me at 763-271-3208.
Additionally. the City of Montieello has sllccessfully secured two grants of $500.000 and
$290.000 from the Minnesota Department of Employment and Economic Development. The
City then lent the c10llars to Twin City Die Castings Company and Ultra Machining Company
Monticello City Hall. 50S 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
.
.
.
<\.)
Mr. Linder
Page :2
(UMC) respcctivcly at a 10\';' interest rate of2.75%. Additionally, the City has its own revolving
loan fund program w-hich offers an interest rate of up to 2% below prime, Loan amounts are
based on job and wage level creation and fund balance. Real estate development and machinery
and equipment are eligible costs. Upon meeting with Boston Scientific to obtain estimated
project costs and job/wage level information, I would be happy to prepare a financial proposal
from the City of Monticello.
Wyck, I plan to call you to set up a date to visit SciMed in Maple Grove to see tirst-hand your
operation and product lines. This to establish a relationship between the City of Monticello and
Boston Scientific in hopes of exploring future expansion projects. As you can see, the City of
Monticello has many amenities to offer the employees of SciMed and offers a pro-active
financial package to quality manufacturing businesses such as Boston Scientific. As always, I
look forward to hearing from you.
Sincerely,
CITY OF MONTICELLO
Ollie Koropchak
Economic Development Director
c: Bruce Thielen, Mayor
Rick Wolfsteller. Administrator
File
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August 29. 2003
MONTICELW
Mr. Tom McGoldrick. CEO
rvlonteris Medical. Inc.
351 Tache Avenue
Winnipeg, ON R2H-2A6
Canada
RE: Site Search for manufacturing plant in Minnesota.
Dear Mr. McGoldrick:
Congratulations to Monteris Medical, Inc. for its decision to establish a manufacturing plant in
l'vlinnesota within the next year.
Before Monteris Medical makes a decision on a Minnesota site. read what Monticello has to
offer i'vlonteris Medical and its employees? The City of Monticello is located along 1-94, one of
the fastest growing corridors in the State of Minnesota, just 30-35 minutes northwest of
Minneapolis. It's 100 square-mile school district has a population of 18,000 and the city has
population of nearly 10,000. Our housing permit trend has an annual average of 250 permits.
Seven housing sub-divisions recently received approval which \-vill add another 1,135 units. This
demonstrates housing options for Monteris Medical employees. The Monticello Community
Center. the Mississippi River. 19 city parks. pathways, numerous soccer and softball/baseball
fields. and golf courses provide residents with many recreational opportunities. The
Monticello/Big Lake Hospital is currently in its second expansion in three years and a new state-
of-the-art high school was completed in 1999. Two market-rate independent senior housing
facilities, one assisted-living facility \-\lith memory~loss units, and a nursing home provide
alternative living choices for loved ones of your employees.
The City continues to w'ork with developers on c!mvntown redevelopment and big box retail
developments. Currently. the city, a developer. and the Min11t:sota Department of Transportation
are reviewing plans and funding for a new 1-94 interchange at County Road 18. This is being
driven hy a planned retail development. This proposed interchange will add a second exit point
between 1~94 and the ~Ionticello COl1llllcn.:e Center. an industrial parle Either the [-94/Trllnk
I ligl1\vay 25 Interchange or the proposed 1-94/County Road I H Inlt:rchange \vollld provide direct
access to yOllr customer and supply base in Minnesota. the lJ.S.. and Canada.
Montic;ello City Hall, 505 W"lnut Street, Suite I, Montic;cllo, MN 55362-8831 . (763) 295-2711 . Fux: (763) 295-4404
Oftlce of Public Works, 909 Golf Course Rd., Montic;ello, MN 55362 . (763) 295-3170 . Fax: (763) 271-3272
.
.
.
d.)
\Ir. \kCiolJrick
August .29. 2003
Page .2
Utra \Iachining Company (U~IC). which manufacturers medical instruments and devices.
moved into their new 70.000 square foot office/manufacturing facility located in the \Ionticello
Commerce Center this week. At least ..W acres of industriallbusiness campus land remains in the
Monticello Commence Center. an ideal site for your manufacturing facility. Why not otTer your
employees a place to call home without traffic congestion and the friendliness and pride of a
small-to\\n community? Just give me a call at 763-271-3208 for a tour of Monticello and its
industrial sites.
Lastly. the City of Monticello has been successful at securing grants from the State of Minnesota
for industrial use. Additionally. we offer Tax Increment Financing and a below-prime interest
rate loan program for real estate development or machinery/equipment purchase to qualifying
businesses. A tinancial proposal will be prepared upon receiving information on project size
and job/wage goals.
I look forward to hearing from Monteris Medical. Inc. Again. please call me at (763) .271-3208
or e-mail meatollie.koropchak@ci.monticello.mn.us.
With warm regards.
CITY OF MONTICELLO
ct)~ ~CI\O~S)~
Ollie Koropchak
Economic De\'elopment Director
Enclosures
c: Bruce Thielen. Mayor
Rick Wolfsteller. Administrator
Ed Sorgatz. Olson General Contractors. Inc.
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