HRA Agenda 02-04-2004
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AGENDA
MONTICELLO HOUSING AND REDEVELOPMENT AUTHORITY
Wednesday, February 4, 2004 - 6:00 p.m.
505 Walnut Street - Bridge Room
Commissioners:
Chair Steve Andrews, Vice Chair Bill Fair, Darrin Lahr, Dan Frie, and Brad
Barger.
Council Liaison:
Roger Carlson.
Staff: Rick Wolfsteller, Ollie Koropehak, and Angela Schumann.
Guests: Brad Johnson, Lotus Realty Services
Tom Burke, Told Development Company and Steve Johnson
Call to Order.
Consideration to approve the January 7, 2004 HRA minutes.
Consideration of adding or removing items from the agenda.
Consent Agenda.
Continued - Consideration to approve and authorize execution ofthe Contract for Private
Redevelopment between Masters Fifth Avenue and the HRA for Landmark Square Phase II.
Consideration to hear an update on redevelopment of Block 52.
A. Consideration of offer to purchase the HRA lot on Block 52.
7. Consideration to discuss need to increase amount ofTIF deposit and authorize action.
8. Consideration to authorizc payment of lIRA bills.
9. Consideration of Executive Director's Report.
10. Committee Reports.
A. Small Industrial Group
I I. Othcr Business.
12. Adjournmcnt.
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MINUTES
MONTICELLO HOUSING AND IU:DEVELOPMENT AlJTHORITY
Wedll(~sday, .Jallllal-Y 7th, 2003 - 6:00 p.rn.
505 Walnut StTed - Bridge Roorn
COIl1Il1 issioners:
Chair Steve Andrews, Vice Chair Bill Fair, Brad Barger, Dan Frie, and
Council Liaison Roger Carlson
Dan'in Lain
Rick Wolfstellcr, Ollie Koropchak, and Angela Schull1ann
Absent:
Staff:
I . Call to Order.
Chair Andrews called the meeting to order at 6:00 p.m. and declared a quorum.
2. Consideration to approve the December 3. 2003 l-IRA minutes.
A MOTION WAS MADE BY DAN FRIE TO APPROVE THE MINUTES OF THE
DECEMBER 3RD, 2003 HRA MEETING. BILL FAIR SECONDED THE
MOTION. MOTION CARRIED UNANIMOUSLY.
3. Consideration of adding or relJ10ving items from the agenda.
None
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Consent Al!enda.
None
5. Consideration to 'ill.J2roye and authorize execution of the Contract for Priyate
Redevelopment bet\\,een Masters Fifth A venue and the I--IRA fen' Landmark S.quar~
Phase II.
Ollie Koropchak. Executive Director indicated that Barry Fluth had additional
questions related to the contract. Brad Johnson expected to attend meeting.
Discussion tabled until Johnson arrived.
Upon arrival, Johnson related l:;'luth' s questions on the Contract for Private
Redevelopment.
1. Cost problem: Fluth would like to decre<1se cost of lots in order to meet target
gross profit, estimatcd at 4-5% f()1' this projcct. This gross profit percentage is a
reduction from the average of ] 0%. Fluth \,vnuld like costs oflot to be closcr to
$30.000, currcntly at $36.000. Fluth will work on adjusting numbers to meet
target.
2. Defieicncy clause: Fluth's concern is how and who should be held accountable
for tax deficiencies. Due to TIF regulations. the deficiency clause within the
contract indicates [hat the dcveloper will pay ddlcrencc. Koropchak had
discussed other options with the attorney. 'I'he three options are as f()]lows:
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lIRA Minutes - 01/07/04
Dcvelopcr to provide a lettcr of crcdit. the dcvcloper to pay thc ddiciency, or thc
HRA requircs no security.
Fair inquired as to what the law specifies regarding using monies from other TIF
districts to balance out deficient payments in others. City Administrator Wolfstellcr
indicated that allowing a shifting of funds would eliminate the need for an agreement.
Wolfstcller suggested the alternative of collceting on a cumulative basis with a final
settlement at the end of the specificd increment. This method would catch
fluctuations within the time period.
Andrews stated that other developers may encounter the same question, so the
Authority will need to address the issue as a whole. The Authority and Johnson
suggested that further research be completed with the attorncy on deficiency clause
options. Koropchak will provide new language to the developer before February
meeting. at which time the Authority will recommend action.
MOTION BY FRIE TO TABLE ANY ACTION UNTIL FEBRUARY MEETINC1,
ANDREWS SECONDED THE MOTION. MOTION CARRIED UNINAMOUSL Y.
6.
Considcration to discuss Joint Meeting for Comp Plan Amendment f()r Block 52.
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Ollie Koropchak provided a written summary within the packet but opened the
discussion to the BRA for comments. Korochaek indicated that the Council would
likely be taking action on this matter on Monday. Steve Johnson was to meet with
Jim McComb and Fred Katter last night. Koropchak had no new report f)"om Mr.
Johnson.
Johnson has inquired as to whether the HRA would sell property and be willing to
provide TIF assistance. Chairman Andrews indicated that lack of a plan makes
consideration of either question difficult. Koropchack has told Johnson that time
matters is a consideration, as eligible TIF expenditure deadline is June 30th.
Discussion occurrcd relative to other possible projects on Block 52 and within the
downtown area. Koropchak noted that Cathy Froslie is considering platting condos
within her building. Koropehack and Jeff (YNeill have an appointment \vith Paul
Wurm to discuss possible redevelopment options.
Frie commented that he has not seen a project materialize without a letter of intent to
sell hOI11 property owners. As such, he is skeptical that any project can be successful
on Block 52 until the ownership situation changes. Barger asked about the block
across the street. Koropehack stated that the EDA is looking at a proposal the last
week in January. 'l'he property of 1310ek 35 may be looking at what occurs with Block
52.
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lIRA Mil111tcs--OI/07/04
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Andrews recommended providing morc inf(lrmation to the community about what the
lIRA is, and what resourccs arc available through the HRA. Andrews felt this would
help bring about a better understanding of how to bring a project forward. Koropchak
indicated that there is a handout explaining the basics of the process.
Barger asked the audience if there is interest in ncw project in that area of the
downtown. Fire Chief Scott Douglas indicated that it depends on project. Keith
Kjellberg indicated that whatever the project, it will need parking. He expressed
concern over removing the current parking lot, particularly as he has paid assessments
on it. Douglas said that a viable plan would go a long way. The market, population
and higher taxes are other concerns of businesses, addcd Douglas. Douglas and
Kjellberg agreed that inexpensive commercial dcvelopment space is needed.
Barger stated it is critical that in any proposal, the developer first control the property
then worry about rent and marketing. Redevclopment in the downtown is important
bccause it scrves two purposes, increases tax base and controls sprawl. Hc also
indicated that ajoint public/private projeet in thc downtown would perhaps be the
most beneficial.
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Fair and Andrews suggested that the lIRA develop a long-term plan in terms of
redevclopment options in the downtown area. Koropchak is to advise Paul Wurm
that funds are available 1'01' a redevelopment project through June.
Council will be considering the comprehensive plan amendment for setbacks relating
to the Block 52 on January 12.
No action required on the item as no formal project has been submitted.
7. Consideration to authorize second notice of administrative costs for non-certified TIF
District No. 1-32
Koropchak provided the staff report indieating that Ehlers & Associates had prepared
District 1-32, which was not certified at County. Contract prepared by Kennedy and
Graven. Les Wurm provided a deposit which was used against costs of preparing the
district. However. costs beyond the deposit still remain in the amount of $72250. In
April. Koropehak sent an invoice for this amount and has received no response.
Recently, Koropchack also sent an invoice for a tax deficiency of $268.00 on District
1 <23.
A discussion regarding increasing deposit fecsshould be on the r'ebruary agenda.
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I-IRA M il1utcs 0 I /07/04
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MOTION BY FlUE .1'0 DENY AUTIIORIZINCi SECOND NOTICE OF
ADMINISTRA TlYE COST OYER-RUNS FOR NON-CERTIFIED TIF J)JTRICT
NO. 1-32 AND (X)YER COST BY TRANSFL:RING FUNDS FROM 1-23.
KOROPCIIAK TO WRJTE A LETTER OF EXPLANATION. SECONDED BY
FAIR. MOTION CARRIED 3-1, ANDREWS OPPOSED.
8. Consideration to authorize payment of HRA bills.
A MOTION WAS MADE BY FAIR TO A~UTHORIZE PAYMENT OF 'filE HRA
BILLS. BARGER SECONDED THE MOTION.
MOTION CARRIED UNANIMOUSLY.
9. Consideration of Executive Director's Report.
Koropchak provided her report. She noted that some districts have been decertified.
Korpochak indicated that TJ Martin is dclinquent on property taxes payable Octobcr
2003 and that .lAC paid late with penalty.
Koropchak refcrrcd back to district 1-23, relating that she expects a constant
deficicncy of $260. She said that the contract defines available tax increment as 80%
as compared to the normal 90%. This is a contributing factor to the deficiency in this
district.
Koropcak indicated that she will not be prcscnt at the March HRA meeting.
Koropchak distributed to the Authority the year-end rcport in housing permits and
valuations for their reference.
10. Committee Rcports.
A. Small Industrial Group
Koropchak will be mecting with the Chadwick group on January 8111 at 4PM.
11. Other Business. None
12. Adjournment.
A MOTION WAS MADE BY ANDI{EWS '1'0 ADJOURN THE MEETINC; AT
7:50 P.M. FRIE SECONDED THE MOTION. MOTION CARRIED
UNANIMOlJSL Y.
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HRA Agenda - 02/04/04
5.
Continued - Consideration to approve and authorize execution of the Contract for
Private Redevelopment between Masters Fifth Avenue and the HRA for Landmark
Sauare II.
A. Reference and background:
At the December HRA mecting, the commissioners reviewed thc terms and conditions of the
Contract and saw no need to adjust or amend the Contract given the current proposed project.
Because the developer was concentrating on the revisions to the site plan, they did not attend
thc (-IRA meeting and requested their comments bc deferred til the January HRA mecting.
At the January lIRA mccting, Brad Johnson reported that Fluth was not comfortable with the
tax incrcment deficiency clause within the Contract. Koropchak reported in her conversation
with Attorncy Bubul, there were three options: 1. Lctter of Credit in the amount of $157,500
which could be reduccd annually; 2. No security which is not advisable as security needed to
back the TlF bonds: 3. DefIciency Clause. The commissioners tabled any action and
rcqucsted the rcsolved written language be submitted in the February agenda package.
February 2004 meeting - Brad Johnson reports Fluth is working to reduce the cost per lot
from $36,000 to $30,000. Since the January meeting, Attorney Bubul suggested to Johnson
those changes as underlincd within the Contract. SEE A 1'1' ACHED. Johnson thought Pluth
should be OK with the changes.
Johnson will add comments at the mecting.
B. Alternative Action:
1 . A motion to approve and authorizc execution of the Contract for Private
Rcdcvelopment between Masters Fifth A venue and the HRA for Landmark Squarc
Phase II as pCI' thc changes outlined by Attorney Buhul.
2. A motion to dcny approval of the Contract for Private Redevelopment betwcen
Masters Fifth Avenue and the I IRA for Landmark Squarc Phase n.
3. A motion to table any action.
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HRA Agenda - 01/07/04
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Recommendation:
Given the developer and county assessor agree to keep the estimated market value of the total
units at $1,850,000 as of January 2, 2005, and the developer agrees to the proposed changes,
the City Administrator and Executive Director recommend alternative no. 1.
D. Supportinl! Data:
Excerpts from the Contract with changes so noted.
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SeeaRdThird Draft
NaYlember 25,2003
January 30.2004
CONTRACT
FOR
PRIVATE DEVELOPMENT
By and Between
MASTERS FIFTH AVENUE, INC.
and
HOUSING AND REDEVELOPMENT AUTHORITY
IN AND FOR
THE CITY OF MONTICELLO
Dated as of:
, MWJ2004
This document was drafted by:
KENNEDY & ORA VEN, Chartercd
470 Pillsbury Ccnter
200 South Sixth Street
Minneapolis, Minnesota 55402
Telephone: (612) 337-9300
EMT-240ti30v3
MN190-111
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CONTRACT FOR PRIVATE REDEVELOPMENT
THIS AGREEMENT is made this _ day of , ~2004. by and
between THE HOUSING AND REDEVELOPMENT AUTHORITY IN AND FOR CITY OF
MONTICELLO, MINNESOTA, a public body corporate and poIitie under the laws of Minnesota
(the "Authority") and MASTERS FIFTH A VENUE, INC., a Minnesota corporation (the
"Developer").
WITNESSETH:
WHEREAS, the Authority has undertakcn a program to promote economie developmcnt
and joh opportunities and to promote the development and redevelopment of land which is
underutilized within the City of Montieello, Minnesota (the "City"), and in this conneetion
crcated Redevelopment Project No. 1 (the "Project") in an area (the "Projcct Area") located in
the City and 'fax Incrcmcnt Financing District No. 1-22 (thc "TIF District") within the Project
Area, all pursuant to Minnesota Statutes, Sections 469.001 to 469.047 (the "Act") and Minnesota
Statutes, Sections 469.174 to 469.1799; and
WIIEREAS, the Authority has entered into that certain Preliminary Development
Agreement with the Developer, dated as of August 28, 2003 (thc "Preliminary Agreement")
regarding thc partics respective responsibilities in connection development of the property in the
'I'IF District dcscribed in Exhibit A hereto (the "Development Property"); and
WHEREAS, pursuant to the Act, thc Authority is authorized to undertake certain
activities to prepare such real property for development by privatc cnterprise;
WHEREAS, in ordcr to achieve the objectives of thc Rcdevelopment Plan for the Project
the Authority is prcpared to pay certain land acquisition, development, and parking improvement
costs in order to bring about developmcnt in accordance with thc Redevelopment Plan and this
Agreement;
WllEREAS, the Authority believes that the development of the Project Area pursuant to
this Agrcement, and fulfiIlment generally of this Agreement, are in the vital and best interests of
the Authority and the City and the health, safety, morals, and welfare of its residents, and in
accord with the public purposes and provisions of the applicable Statc and local laws and
requiremcnts undcr which the Project has been undcrtaken and is being assisted.
NOW, THEREFORE, in consideration of the premises and the mutual ohligations of the
parties hcreto, each of them does hereby covenant and agree with the othcr as foIlows:
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"Land Acquisition Costs" has the meaning provided in Section 3.4.
"Material" means any effect or change which significantly alters the intended use of the
Development Property, or increases or decreases the costs of any individual itcm of the
Minimum Improvements by more than $100,000.
"Maturity Date" means the date on which the Principal Amount and accrued interest on
the First Disbursement has been paid in full or defeased in accordance with the terms of Section
3.4(d) hereof.
"Minimum Improvements" means the construction on thc Development Property of 11
housing units, including one dupleJ(two dunlexes (4 units) and ffiBe,Z owner-occupicd single-
family homes.
"Mortgagc" means any mortgage made by the Developer which is secured, in whole or in
part, with the Development Property and which is a pcrmitted encumbrance pursuant to thc
provisions of Article VIII of this Agreement.
"Project" means Redevelopment Project No.1.
"Project Area" means the real property located within the boundaries of the Project.
"Redevelopment Plan" means the Authority's Redevelopment Plan for Redevelopment
Project No.1, as it may be modified.
"Second Disbursement" has the meaning provided in Section 3.4(b).
"State" means the State of Minnesota.
"Tax Increment" means that portion of the real property taxes which is paid with respect
to the Development Property and which is remitted to the Authority as tax increment pursuant to
the Tax Increment Act.
"Tax Increment Act" or "TIF Act" means the Tax Increment Financing Act, Minnesota
Statutes, Sections 469.174 to 469.1799, as amended.
"Tax Increment District" or "TIF District" means Tax Increment Financing District No.
1-22.
"Tax Increment Plan" or "TIF Plan" means the tax increment financing plan for Tax
Increment Financing District No. 1 ~22, as approved March 10, 1997, and as it has been and may
be further amended.
"Tax Official" means any County assessor; County auditor; County or State board of
equalization, the commissioner of revenue of the State, or any State or federal district court, the
tax court of the State, or the State S upremc Court.
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Section 3.3. Payment of Administrative Costs. The Developer agrees that it will pay
upon demand by the Authority, Administrative Costs (as hereafter defined). For thc purposes of
this Agrecment, the term "Administrativc Costs" means out-of-pocket costs incurred by the
Authority and attributable to or incurred in connection with the negotiation and preparation of
this Agrccment and other documents and agreements in connection with the development
contemplated hereunder. Out-of-pocket Administrative Costs shall be evidcnced by invoices,
statements, or other reasonable written evidencc of the costs incurred by the Authority. As of the
date of this Agreement, the Developer has deposited $5,000 with thc Authority ($2,000 bcing the
amount remaining from a prior deposit in connection with a previous rcdcvclopment and $3,000
deposited under the Prcliminary Agreement) to be applied toward Administrative Costs. If the
Authority's actual Administrativc Costs exceed thc amount on dcposit, Redeveloper remains
obligated to pay such additional amounts upon demand by the Authority. If the Authority's
actual Administrative Costs are less than the amount on deposit, the Authority shall, upon
demand by thc Developcr, returned such excess to the Developer, but no earlier than thc date on
which the Developer receives a Certificate o[ Complction for all the Minimum Improvements
pursuant to Section 4.4 of this Agreement. As of the date of this Agreement, Administrative
Costs are estimated to total approximately $5,000 but the Authority makes no warranty that
actual Administrative Costs will not be more or less than this amount. This Section 3.3 shall
survive any termination of this Agreement for any reason.
Section 3.4. Land Aequisition Costs. In order to make development of the Minimum
Improvements economically feasible, the Authority will reimburse the Dcveloper for up to
$282,500 of the Developer's cost of acquisition i()f any portion of the Devclopment Property
acquired by Redeveloper after the date of this Agreement (the "Land Acquisition Costs"). The
parties acknowledge that thc Authority will finance such reimbursement with proceeds of the
'rIF Bonds, all in accordance with the following terms:
(a) The Authority will disburse $157,500 (the "First Disbursement") upon the
Developer's satisfaction of the f()lIowing conditions:
(i) receipt and approval by thc Authority's executive director of a copy of
purchase agreements for the parcels of the Development Property to be reimburscd and a
copy of the certificate of value from closing on that acquisition, showing Land
Acquisition Cost in at least the amount to be disbursed;
(ii) the Authority having approvcd Developer's financing for the Minimum
Improvements in accordance with Article VII;
(iii) the Authority having approvcd construction plans for the Minimum
Improvements in accordance with Article IV, and the City having approved any plat and
planned unit development necessary to construct the Minimum Improvcments;
(iv) the Developer having demolished aU existing structures on the Development
Property, cleared the site, and commenced construction of at least the duplex portiononc
of the Minimum Improvementsduolexes (for the purposes of this Section,
LMT-240630v3
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"commencement" means installation of footings, foundations or other visible
improvements beyond excavation and grading); and
fev) The Developer must have obtained approval from the Authority and the City
of a parking and traffic plan satisfactory in the sole respective judgment of the Authority
and the City, such plan to provide for at least adequate unrestricted parking spaces on the
block on which the Development Property is located and fully executed eascments and
other agreemcnts allowing for the construction, opcration, and maintenance of the
parking spaces and egresses and ingresses to the block on which the Development
Property is located;-1 and
(vi) therc is no uncured Evcnt of Default.
(b) The Authority will disburse $125,000 (the "Second Disbursement") upon the
Developer's satisfaction of the following conditions:
(i) the conditions set forth in (a) were and continue to be met;
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(ii) receipt and approval by the Authority's executive director of a copy of
purchase agreements for the parcels of the Development Property to be reimbursed and a
copy of the certificate of value from closing on that acquisition, showing Land
Acquisition Costs in at least the amount to be disbursed, and in excess of the amount
disbursed undcr paragraph (a), and
(iii) the relocation of the utility pole on the Development Property has occurred
to the satisfaction of the City;
(iv) the duplex portionat least one of the Minimum lmprovementsdunlexcs has
been substantially completed, as dctermined in accordance with Article IV; ana
(v) the Redeveloper has deposited with the Authority an irrevocable bank letter of
credit in the amount of $125,000 in a form acceptable to the Authority, or alternative
security acceptable to the Authority, which lettcr of credit secures Redcveloper's
obligation to complete construction of aU the Minimum Improvements as required under
Article IV hereof~
(vi) receint by the Authority's Executive Director of a CODV of the articles of
incornoration. bvlaws. and anv restrictive covenants for the townhome or
condomimum association created for the Minimum Imnrovements.
(c) Notwithstanding anything to the contrary hercin, no disbursements will be made
under this Section after June 30, 2004, and if the conditions for making either the first
Disbursement or the Second Disbursement are not met by that datc, the Authority has no further
obligation to reimburse Developer for any undisbursed amounts under this Section.
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(d) The total principal amount of the First Disbursement (the "Principal Amount") shall
be treated as a loan, repayable to the Authority in accordance with the following terms and
conditions:
(i) The Principal Amount shall be repaid, together with interest thereon on at a
rate of interest that is the greater of rate of 6.5% per annum or the rate reflecting the true
interest cost of long-term bonds issued to refund the temporary TIF Bonds, accrued from
the date of the First Disbursement ("First Disbursement Date"), in scmi-annual
installments payable on cach August I aftEi-february I, commencing August 1, 2006 and
continuing through February 1, 2022 (each a "Payment Date"). Thc payments shall be in
the amounts set forth in Exhibit B hereto, provided that upon issuance of the long-term
TIF Bonds, Exhibit B will be revised to rcflect the adjustment in interest rate if the true
interest cost on the TIF Bonds is greater than 6.5%.
(ii) Payments shall be applied first to accrued interest and then to unpaid
principal. lntercst accruing from thc First Disburscment Date to the first payment date
will be compounded semiannually on each february I and August 1 and added to the
Principal Amount.
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(i i i) The parties agree and understand that thc amount of A vai lable Tax
Increment received by the Authority as of any Payment Date shall be credited as a
payment by and on behalf of the Developer under this Scction. The tcrm "Available Tax
Increment" means 90% of the Tax Incrcment with rcspect to the Development Property
as calculatcd by the County and paid to the Authority during the six months preceding
any Payment Date.
(iv) If on any Payment Datc the amount of Available Tax Increment is
insuI1icient to pay the amount duc on that Paymcnt Date, the Developer shall pay to the
Authority, within 10 days of written demand by the Authority, an amount equal to the
difference between the amount payable undcr Exhibit B and the Available 'fax Increment
actually rcceived by the Authority as of that Payment Date. Thc Developer hereby
acknowledges that the amount of Available Tax Incrcment is subject to change in State
law and calculation by the State and County and that any such variation shall not impair
the Authority's rights or the Dcveloper's obligations hereunder. The Devcloper agrees
and undcrstands that Available Tax Increment is subject to calculation by the County and
change in State law. The Developer further agrees and understands that estimates of
A vailablc Tax Increment provided by the Authority and its agents, offieers, or employees
are estimates only and not intended for thc Developer's reliance.
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(v) Thc Authority may, at it~; option, trcat any i\vailable Tmc Incrcment received
in eKCCSS of thc amount On Februarv 1. 2011 and Februarv 1 of each fourth vear
thereafter (each an "Evaluation Date"), if the Develooer has made anv deficiencv
Davment to the Authority under clause (iv) at anv time before that Evaluation Date
(which deficiencv has not been rcimbursed on anv orior Evaluation Date) then on
that Evaluation Date the Authoritv shall rcimburse the Develoner for the al!l!regate
deficiencies "aid bv Develooer to date, but onlv to thc extent the Authority has
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Available Tax Increment in excess of the amount needed to credit the navmcnt due on
that navment date.
(vj) The Authoritv shall treat any Available Tax Increment received in
excess of the amount due on any Payment Date (after makinl! any reimbursement
under clause (v) above) as a prepayment of the Principal Amount and interest thereon,
provided that such prepayment shall not alter the timing or amounts otherwise due as set
forth in Exhibit B. Thc Authority will notify thc Dcveloper in writing promptly aftcr
elccting any such prepaymcnt.
(vi-vii) Thc Authority makes no warranties or representations that Available Tax
Increment will be sufficient to pay the Principal Amount or interest thereon.
Section 3.5. Use of Tax Increment. Except as set forth herein, the Authority shall have
no obligation to the Developer with regard to its use of Tax Increment and may use Tax
Increment and for any lawful purposes, whethcr set forth herein or otherwise.
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ARTICLE VI
Tax Increment; Taxes
Section 6.1. Right to Collcct Delinquent Taxes. The Dcveloper acknowledges that thc
Authority is providing substantial aid and assistance in furtherancc of the development. The
Developer understands that the tax incremcnt intended to pay expenses of the Authority and the
Developer arc dcrivcd from rcal estate taxes on the Developmcnt Property, which taxes must be
promptly and timely paid. To that end, the Developer agrees for itself, its successors and
assigns, in addition to the obligation pursuant to statute to pay real estate taxes, that it is also
obligated by reason of this Agrccment to pay before delinquency all real estate taxes assessed
against the Development Property and the Minimum Improvements. The Dcveloper
acknowledges that this obligation creates a contractual right on behalf of the Authority to sue the
Developer or its successors and assigns to collcct delinquent real estatc taxes and any penalty or
interest thereon and to pay over the samc as a tax payment to thc County auditor. In any such
suit, thc Authority shall also bc cntitled to recover its eosts, cxpcnses, and attorney fecs.
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Section 6.2. Review of Taxes. The Devcloper agrees that prior to the Maturity Date it
will not cause a reduction in the rcal propcrty taxes paid in respect of the Development Propcrty
through: (A) willful destruction of the Development Property or any part thereof; or (B) willful
refusal to reconstruct damaged or destroyed property pursuant to Section 5.1 of this Agreement,
except as provided in Section 5.1(c). The Developer also agrces that it will not, prior to the
Maturity Date, seek exemption from property tax for the Development Property or any portion
thereof or transfer or permit the transfer of the Dcvelopment Property to any entity that is exempt
from real property taxes and state law (other than any portion thereof dedicated or convcyed to
thc City in accordance with platting of the Development Property), or apply for a deferral of
property tax on thc Development Property pursuant to any law.
Section 6.3. Assessmcnt Agreement. (a) Upon of this Agreement, the Dcvcloper shall,
with the Authority, execute an Assessment Agreemcnt pursuant to Minnesota Statutes, Section
469.177, subd. 8, specifying an assessor's minimum market value (the "Minimum Market
Value") for the Development Property and the Minimum Improvements constructed thereon.
The amount of the Minimum Market Value shall be $1,850,000 as of January 2, 2005 and each
January 2 thcreafter through the Maturity Date.
(b) The Assessment Agrecment shall be substantially in the form attached hercto as
Exhibit C. Nothing in thc Asscssment Agreement shall limit the discretion of thc assessor to
assi gn a markct value to the property in excess of the Mi ni mum Market Val ue. The Assessment
Agrecmcnt shall remain in force f()f the period specified in the Assessmcnt Agreement. The
Developcr shall cause the Assessment Agreement to he consented to by any Holder of a
Mortgage.
Section 6.4. Oualifieations. Notwithstanding anything herein to the contrary, the partics
acknowledge and agree that thc provisions of Sections 6.1, 6.2 and 6.3 hereof shall not apply to a
residential unit within the Minimum Improvements from and after the date that sllch unit is
EMT-240630v3
MNI90-III
18
.
.
.
substantially completed and sold to un o\vner occupanta third nartv.
Agreement shall include a termination provision substantially reflecting
paragraph.
The Assessment
the terms of this
I'MT-2406JOvJ
MN190-lll
19
.
.
..-..
~
EXHIBIT C
ASSESSMENT AGREEMENT
and
ASSESSOR'S CERTIFICATION
By and Between
HOUSING AND REDEVELOPMENT AUTHORITY
IN AND FOR THE CITY OF MONTICELLO
and
MASTER'S FIFTH AVENUE, INC.
This Document was drafted by:
KENNEDY & GRA YEN, Chartered
470 Pillsbury Center
Minneapolis, Minnesota 55402
FMT-240(dOvJ
MN190-111
.
.
.
ASSESSMENT AGREEMENT
TI-IIS AGREEMENT, made on or as of the _ day of
~2004. and betwcen the (-lOUSING AND REDEVELOPMENT AUTHORITY IN AND
FOR THE CITY OF MONTICELLO, a public body corporate and politic (thc "Authority") and
MASTER'S FIfTH AVENUE, INe., a Minnesota corporation (the "Developer").
WITNESSETH, that
WHEREAS, the Authority and the Developer cntered into a Contract for Private
Development dated , ww.2004 (the "Contract"), pursuant to which the Authority is
to facilitate dcvclopment of certain propcrty in thc City of Monticello hereinafter referred to as
the "Propcrty" and legally described in Exhibit A hereto; and
WIIEREAS, pursuant to the Contract thc Developer will construct certain improvements
upon the Development Property (the "Minimum Improvements"); and
WHEREAS, the Authority and the Developer desire to establish a minimum market value
for the Property and the improvements constructed thereon, pursuant to Minnesota Statutes,
Section 469.177, Subdivision 8; and
WHEREAS, the Authority and the Assessor for Wright County (the "Assessor") have
reviewed the plans and spccifications fc)r the improvcments and havc inspected such
Improvements;
NOW, THEREFORE, the parties to this Agreement, in consideration of the promises,
covcnants and agreements made by each to the other, do hereby agrec as follows:
1. The minimum market value which shall bc assessed for ad valorem tax purposes
for the Property described in Exhibit A, together with the Minimum Improvements
constructed thereon, shall be $ ._' as of January 2, 2005 notwithstanding the
progress of construction by such date, and as of each January 2 thereafter until termination of
this Agreement; provided, however, that upon initial sale of any single family residential unit
to an ovmer occapantor duplex to a third nartv, thc minimum market value herein
established shall be of no further force or effect as to the unit so transferred, and the
minimum market value for the remaining Property shall be deemed to have becn reduced by
the estimated market value (as determincd by thc Assessor) of the -l::lfli..l,nronertv transfcrred.
Upon such sale, the Authority will deliver to the Redeveloper or ttffitproDcrtv purchaser an
instrument in recordable form that reIcases the 'l:IfHHransferrcd nroncrtv from any
encumbrance creatcd by this Agreement.
2. The minimum market value herein established shall be of no further force and
effect and this Agreement shall terminate on the Maturity Date as defined in Contract.
3. This Agreement shall be promptly recorded by the Authority. The Redeveloper
shall pay all costs of recording.
EMT-2406JOv3
MN190-111
.
4. Neither the preambles nor provisions of this Agreement are intended to, nor shall
they be construed as, modifying the terms of the Redevelopment Contract between the Authority
and the Redevcloper.
5. This Agreement shall inure to the benefit of and be binding upon the successors
and assigns of the parties.
6. Each of the parties has authority to enter into this Agreement and to take all
actions required of it, and has taken all actions necessary to authorize the execution and delivcry
of this Agreement.
7. In thc event any provIsIOn of this Agreement shall be held invalid and
uncnforceable by any court of competent jurisdiction, such holding shall not invalidate or render
uncnforceable any other provision hereof.
.
8. Thc parties hercto agree that thcy will, from time to timc, execute, acknowledge
and dcliver, or cause to be executed, acknowlcdged and delivercd, such supplements,
amendmcnts and modifications hereto, and such furthcr instruments as may reasonably be
required fc)r correcting any inadequate, or incorrect, or amended dcscription of the Property or
the Minimum Improvements or for can"ying out the expressed intention of this Agreemcnt,
including, without limitation, any furthcr instruments rcquired to delete from thc description of
thc Property such part or parts as may be included within a separatc asscssment agreemcnt.
9. Except as provided in Section 8 of this Agreement, this Agreemcnt may not be
amended nor any of its tcrms modified exccpt by a writing authorizcd and executed by all parties
hercto.
10. This Agreement may be simultancously executed in sevcral counterparts, cach of
which shall be an original and all of which shall constitute but one and the samc instrument.
11. This Agrccment shall be governed by and construcd in accordance with the laws
of the State of Minnesota.
HOUSING AND REDEVELOPMENT
AUTHORITY IN AND FOR THE
CITY OF MONTICELLO, MJNNESOT A
EMT-240630v3
MN1')O-lll
.
.
.
STATE OF MINNESOTA )
) SS.
COUNTY OF WRIGHT )
The foregoing instrument was
~2()()4, by
Director of the I-lousing and Redevelopmcnt
Minnesota, on behalf of the Authority.
By:
Its Chair
By:
Its Executive Director
acknowledged before me this _ day of ~__,
and Olive Koropchak, the Chair and Executive
Authority in and for the City of Monticello,
FMT-240630v3
MN 190-111
Notary Public
.
.
.
STATE OF MINNESOTA )
) SS.
COUNTY OF WRIGH'f )
MASTER'S FIFTH AVENUE, INC.
By:
Its:
The foregoing instrument was acknowledged before me this _ day of
_~, ~2004. by , the -
of Master's Fifth A venue, Inc. a Minnesota corporation, on behalf of the corporation.
FMf-240630v3
MN190-lll
Notary Public
.
.
.
CONSENT AND SUBORDINATION
The undersigned, as holder of that certain Mortgage, Security Agreement and Fixture
Financing Statement given by the Developer dated and filed
in the office of the Wright County Recorder as Document
No. (the "Mortgage") hereby consents to the forgoing Assessment Agreement
between the Authority and the Developer, and agrees that the Mortgage is in all respects subject
and subordinate to the terms of the Assessment Agreement.
By:
Its:
By:
Its:
STATE OF MINNESOTA )
) SS.
COUNTY 0 F )
The foregoing instrument was
_.' ~2004 by ____
and
acknowledged before me this .~ day of
and ~__' _._' the
of
, on
."._~-
behalf of the bank.
Notary Public
FMT-240630v3
MN190.lll
.
.
.
CERTIFICATION BY COUNTY ASSESSOR
"l'he undersigned, having reviewed the plans and specifications for the improvements to
be constructed and the market value assigned to the land upon which the improvements arc to be
constructed, hereby certifies as follows: The undersigned Assessor, being legally responsible for
the assessment of the above described property, hereby certifies that the values assigned to the
land and improvements are reasonable.
County Assessor for the County of Wright
STATE OF MINNESOTA )
) ss
COUNTY Of WRIGHT )
The foregoing instrument was acknowledged before me this ~ day of
MOO-2004 by , the County Assessor of the County of Wright.
Notary Public
FMT-240630v3
MN190-111
.
.
~
.......
HRA Agenda - 02/04/04
6.
Consideration to hear an undate on redevelopment of Block 52.
City Staff and consultants met with Bob Cunningham, Told Developmcnt Company, on January
21, 2004. Because of the lack of site control, site concept ideas were discussed using the
assumption of redevelopment of the Froslie, Johnson corner and HRA parcel or .Johnson,
Heaton, and HRA parcels. Mr. Cunningham notcd that the redevelopment project would
require Tlr assistancc. He was reminded of the datc the HRA will authorize refinancing of the
TIF bonds (May 2004) and the deadline date (June 30,2004) fc)r payment ofcligible TIF
expenditures.
Told Development Company would own the real estate and Icase to Walgreens. Redmen is
the building contractor. It is my understanding a Purchase Agrecment between Johnson and
Told has been finalized and executed i't)r the entirc Johnson parcels. Mark Ruff has informed
me that he has worked with Bob Cunningham on other projects.
As Mr. Cunningham is out-of-town, Tom Burke, Told Development Company, and Steve
Johnson will update the HRA commissioners.
A. Consideration of offer to purchase the HRA lot on Block 52.
I don't know if the developcrs will submit an offer ft)r the purchase of the HRA lot on Block
52. I would recommend the HRA acknowledge receiving an offer for consideration only. As
Mark Ruff indicated the liRA lot is probably thc easiest and last piece ofthe puzzle. Site
control, site approval, "but for" test, and TIF assistance must first be addressed and
demonstrated. If the HRA wants to sell, the acquisition price should be at a ratio comparative
to other acquisitions. As stated earlier, a public hearing would be requircd prior to J IRA
selling of their parcel.
.
.
.
HRA Agenda - 02/04/04
7.
Consideration to discuss need to increase amount of TIF denosit and authorize action.
A. Refercnce and backl!round:
At the January I-IRA meeting, the commissioners requested the February agenda include a
discussion to increase the amount ofTIF deposit. This resulted from the agenda item to transfer
TIF funds from District No. 1-23 (available tax increment meaning 80% of tax increment
collected) to District No. 1-32 f()r over-run administrative costs associated with non~certified
District No. 1-32.
Currently, at the time of execution of the HRA Preliminary Development Agrcement and per
the Agreemcnt, the dcveloper delivers to the Authority cash or a certified check in the amount
or $5,000. A few years ago, Ehlers & Associates went to a flat fee for preparation to establish
a new TIF District, fee $4,500. Legal fees for preparation of the Contract for Private
Development far exceed $500. Estimated costs $2,000.
Attached are two letters to Steve Budd, IRTI, (District No. 1-28) and Don Tomann, UMC,
(District No. 1-31) associated with over-run administrative costs. As you can see both
companics paid the over-run costs. The HRA waived the administrative cost flw District No.
1-28 (CMHP) and District No. 1-29 (Front Porch) has not been accounted. The
administrative costs arc compiled upon issuance of certificate of completion (coc) and eleven
coc out of 18 coc for Front Porch have been issued.
Previously, the HRA felt raising the amount of the deposit might be proceeded as a impcdiment
to development and elected to bill for over-run costs. In checking with Ehlcrs, their
recommendation is a $2,500 deposit for preliminary analysis and then an additional $5,000 to
$7,500 deposit for TIF preparation. Kennedy & Graven reported the common deposit for
existing districts is $5,000 and more to establish a new district. Hurnsville recently incrcased
their deposit to $10,000 fix establishment of new TIF district.
H. Alternative Action:
1. A motion to approve retaining the TIF deposit at $5,000.
7 A motion to approve increasing the TIF deposit from $5,000 to $___ and
modifying the Preliminary Development Agreement and Contract for Private
Development accordingly.
.
HRA Agenda - 02/04/04
3.
A motion to approve a preliminary analysis deposit of $ ,a TIF
District establishment fee of $ and to modily the Preliminary
'---------.--""-----,.-
Development Agreement and Contract for Private Development accordingly.
4. A motion to table any action.
C. Recommendation:
If the commissioners see a need to increase the deposit, Administration recommends an amount
not greater than $7,500 total. Accountability of administrative costs will continue whether the
deposit is $5,000 or $7,500. Increasing the deposit may cause a developer to be better
prepared before approaching the HRA. Another thing to keep in mind, the Planning
Department has a minimum deposit of $5,000 for commercial development associated with the
City's Development Agreement.
D. SunportiU!! Data:
Excerpt from the Preliminary Development Agreement and copy ofletters to Steve Budd and
Don Tomann.
.
......
.....
2
.
.
.
(e) htirllatt.: lht.: i\utIHlrity's level and Illdhod or tinancial pilrtieipation. if'any.
in the D<.'\C lopmcn t and (I<.'v<.' lop a 11 IWI1C i al plan ror the A uthmi ty's partici pati on,
). It is t.::\prt.:ssly undcrstood that c'(l'cution and ilnplcrncntationorthe Contract shall be
subject to:
(a) A detenllination by the Authority in its sole discretion that its undertakings
arc feasible based Oll (i) the projeeted tax increment revenues and any other revenues
designated by the Authority; (ii) the purposes and objectives or any tax increment.
development. Dr other plan created or proposed for the purpose or providing financial
assistance for the Development: and (iii) the best interests of the Authority,
(b) !\ detennination by the Developer that the Development is feasible and in
the hest interests of the Developer.
6. -['his Agreement is effective from the date hereofthrough_______ .200 . After
such date. neither party shall have any obligation hereunder except as expressly set forth to the
contrary herein.
7. the Developer shall be solely responsible for all costs incurred by the Developer. In
addition. the Developer shall reimburse the Authority fl1f Administrative Costs. as hereafter defined.
For the purposes of this Agreement the term "Administrative Costs" means out of pocket costs
incurred by the Authority togcther with statTeosts of the Authority. all attributable to or incurred in
connection vvith the negotiation and preparation of this Agreement. the Contract. and other
documents and agreements in connection with the Development.
In nrder to secure payment of the Administrative Costs, the Developer shall deliver to the
Authority cash or a certified check in the amount of $5.000, such delivery to occur upon exee~ltion
of this Agreement. I f at anyone or more times during the term of this Agreement. the Authority
determines that AdrninistrativeCosts will exceed $5.000 and that additional security is required. the
Authori ty shall nnti ty the Developer of the amount of such additional security. Wi thin ten calendar
days of receipt 01' this notice, the Developer shall deliver to the Authority the required additional
security. The Authority will utilize the funds delivered by the Developer to payor reimburse itself
f()r I\drninistrative Costs. Upon termination of this Agreement. the Authority will return to the
Developer the runds paid by the Developer to the Authority pursuant to this Section 7, less an
amount equal to lhe !\dministrativeCosts.
('his Section 7 shall survive termination of this Agreement and shall be binding on the
I )eveloper regardless of thc en Illrceabi I ity 0 I' any other provision 0 I' this Agret.:ment.
X. Ihis I\grt.:ement may be tcnllinated upon 5 days written notice by the Authority to
the Lk:velopcr i l':
(a) an esscntial prt.:condition to tilt.: execution or a contract cannot be met; or
(b)
iL in tht.: respective sole discretion of the Authority or the Lk:veloper. an
I JI( ;-.!IIIIXX}v [
'vlN I '11I..[
.1
'. J.
:'-~,-'
~'.
August 19, 2002
ifHifififHi!fHJfH!fHY,.. ..
~ CITY OF ;;~;;~;~t;ifififififif*if*if
~95 WfJLNUT ST ~ ~ _
MONTICELLO I ~N;,V!T~ 1
, 1'/ ~~3b2
TR# 26 Rt:'G#.
08/27/2B@2 - f11 OP# 1 68/27/21392
13:56:13
.."
MONTICELLO
Mr. Steve Budel
Integrated Recycling Technologies, lnc,
9696 Fallon Avenue NE
Monticello, MN 55362
Miscellaneous
AfCPUNT#: 213.31678
cJg~gCJo:efjiPJ~28 7342
PAYOR- INTE~R(\
. Ii 11 TED ~ECYCLING TEWHOL
T ~nde"red fJMT. 1,514. BB
t.;HECK: 26735
1,514.88
Re:
Contract for Private Development among !RTL t
dated June II, 2001.
CHANGE:
TO TilL :
.@(1
Dear Steve:
~ \ '3 "'
'et
D't~
1,514.9(1
HifififJfHifH;- TH~NK tou __
. .iflfJlHiJfllJfHifHHHHHII:JtJfH
.
On April 29, 2002, the attached letter was mailed requesting payment of $1,514.00 for out-of-
pocket costs incurred by the Authority associated with the creation olQ1.E.J2istrict No. l-i])md
preparation of the Contract. To date and according to City reeords, no payment has been
received. Should you have questions relative to the incurred costs, please call me at 763-271-
3208.
Please remit $1,514.00 to the Monticello HRA, Attention: Ollie Koropchak, 5~5 W~l
Street, Suite I, Monticello, MN 55362. _
~~
Thank you for your ilnmediate attention to this matter,'/
//
. CDSt s
~yrf\ ~
\_ Z 8'
Sincerely,
flOUS!NG AND REDEVELOPMENT !\UT}-- R[TY
IN AND FOR THE CITY OF MONTICELLO
~ ~ \~e'I L>'\f 9~
Ollic Ko('()pchak
Executive Din.:ctor
c: l[F File
.
. "-""-~."'._--,..... ...-..,.. -'..'."...--..- ..--- ......- ..", ,.--..-.~....--".-.-.- "..,. ...- .. .._n .,..,..__..-..~...~~-"_.-._...__....~~---..,,"..._.,,,..'.'__'._"."~._..'__.~'''~_'_''''''
~'_..'.''''.'''_'.~''"~.___'.n."..__.~.,~~___. ....._.,.,..".__....."..._.~
Montil;cllo City HaJJ, 50S Walnut :-itn~d. :-iuite I, Monticdlo, MN 55362-1\1\31 . (763) 295-2711 . I.'ax.: (763) 295-44()4
011ic<: of Public WOI-ks, l)()9 Gulf Course Rd_, Monticello, MN 55362 . (763) 295-3/70 . Pax: (7f:>3) ',(II "3272
. "",,';~r"'" ",
'.' "\'\\ \""\"\\'''- \
;. ". - (:...\.. ...,,;,) .
\ :,~\ \\~J ~:Jj';)(~~'. " ,~;",I~\;~'~
/\~\:~~'\ \ ~1"J,~ \.~ ;l,j't.:,~,J ~"'~;Tl...'g'\::
\ \ \."',~ ',' i(\'l.'''-
\\\~:.~ I,.
~'~ \.
September 5. 2003
\ . ';\A~\i.,~
> ~?:~;~'..'\~;f\:t{t;~
\ \ i '.~('?.\ '\1\\:.
~':'~f;~:\;~\~;\;\~' 'S1\\ "
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5\0
t~{~~~~ ~-~"(::\
,~''':iU'\\\}\'~ ~
\.1\\"
.:' ':-.5:6
t\:'.>!.-.~
mily Limited Partnership
1 \\\;i\.-'.
\-
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" ',' \\}\j~.'**!.'k~'''';c*~**"'
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,,,",,,,,t*'+Y!;!;'
"',
RE: Centract for Private Development dated August 26. 2002.
Dear Mr. Tomann:
.
Attached is an executed copy of the Certificate of Completion associated \vith the Contract for
Private Development between the Limited Partnership. the Housing and Redevelopment
Authority (HRA) of the City of Monticello. and the City of Monticello. The HRA approved the
Certificate of Certificate at their regular meeting of September 3. 2003.
Secondly and per the Contract. the Developer agreed to pay out-of-pocket costs associated with
establi' "nt of the TIF District and Contract as incuned by the Authority. Attached are
'",' tot ling $5.882.50. Subtracting your $5.000 deposit the balance due the Authority is
882.50. lease remit the balance due to the l'vlonticello I-IRA. 505 Walnut Street. Suite L
10. lvlN 55362.
Should you have any questions relative to the Certi ttcate of Completion or the amount clue.
please call me at 763-271-3208. As always. it's a pleasure doing business with Ul'vlC.
Sincerely.
HOUSINCr AND RF:DEVELOPlvIENT AUTHORITY
IN .'\NI) FOR TI W CITY OF \IONTICFLLO. :YIlNNESOTA
CJ~ \~"'D~-S)~
Ollic Knrupc!wk
L\CCllti\c Dircct()I"
. Attachmcnts
c: TIF District N(). 1-31 File
Monticello City Hall. 505 Walnut Street. Suite l. Monticello, MN 5S362-~~31 . (763) 295-271 [ . Fax; (763) 295-4404
Oft1ce of Public Works, l)()l) Golf Course Rd., Monticello, MN 55362 . (763) 295-3170. Fax; (763) 171-3272
.
Kennedy & Graven, Chartered
200 South Sixth Street
Suite 470
Minneapolis, MN 55402
(612) 337-9300
Tax 10 No, 41-1225694
January 21, 2004
Statement No. 59946
City of Monticello
Accounts Payable
505 Walnut Street, Suite 1
Monticello, MN 55362
Through December 31,2003
MN190-00080 Midwest Graphics Amendment
122.50
MN190-00084 DTED Loan - Twin City Die Casting
210.00
MN 190-00089 Acquisition of 218 Front Street/O'Connor
189,03
MN190-00093 Block 52 Redevelopment
35.00
MN190-00101 General HRA Matters
. MN190-00111 Landmark Square Phase II (Masters Fifth Ave. Inc.)
52.50
140,00
Total Current Billing:
749.03
I declare, under penalty of law, that this
account, claim or demand is just and co rect
and that no rt of it has been paid.
~'!"L~:.:i.Yli['((~'..l.~.:}. "'r'\VT-i!~:r;l)J~'.') .
.. './ r--.<-...,,-'-. '"" ". .J L" 1! I
! 'f"" \.' \ "_''''_''''-'',,--, ...."'.' {
! Ii ~ : :' 'I"
, ~ t .i ; /' .r
',', c' f 'i
J Lj JAN 2 3 2004:!l,j)!
, I """~" !
.. L.,.,__".~,.,".,,_ I"
.~"~",~J.l-r..~,.:"i""~.,t,,.,'.",!,'7n~~~':",~:~~.Q j
OK TO PAY? _. O\\~~.
Code:
Initial
~
_~-o~
\-'?-
.
Kennedy & Graven, Chartered
200 South Sixth Street
Suite 470
Minneapolis, MN 55402
(612) 337-9300
41-1225694
?~
L\ l, S
~\~.
~\C
~O
January 21, 2004
Invoice # 59946
City of Monticello
Accounts Payable
505 Walnut Street, Suite 1
Monticello, MN 55362
MN190-00080 Midwest Graphics Amendment
Through December 31, 2003
For All Legal Services As Follows:
12/29/2003 SJB Review 0 Koropchak letter re deficiencies; review contract
12/31/2003 SJB Phone call with 0 Koropchak re deficiency, late tax
payment
Hours
0.50
0.20
Amount
87.50
35.00
Total Services:
$
122.50
.
Total Services and Disbursements: $
122.50
.
.
.
.
Page: 2
Kennedy & Graven, Chartered
200 South Sixth Street
Suite 470
Minneapolis. MN 55402
City of Monticello
December 31, 2003
~
M N 190-00084
Through December 31, 2003
For All Legal Services As Follows:
12/2/2003 EMT Telephone call with C. Pressley-Olson and review and
send to O. Koropchak second amendment to Contract for
Twin City Die Casting.
Total Services:
~
Hours
1.50
$
Total Services and Disbursements: $
Amount
210.00
210.00
210.00
City of Monticello
Page: 3
Kennedy & Graven, Chartered
200 South Sixth Street ~ 1"\ \ \ 0
Suite 470 \.J 'I
Minneapolis, MN 55402 "?
YG S ~ .
?-\~'
.
December 31, 2003
MN190~00089 Acquisition of 218 Front Street/O'Connor
Through December 31,2003
For All Legal Services As Follows:
12/2/2003 RJL Review file; dictate, revise and finalize letter to Peterson's
office
12/4/2003 RJL Intraoftice conference re letter to Peterson
12/23/2003 RJL Phone call with O. Koropchak re commercial appraiser
Total Services:
Hours
0.80
Amount
140.00
0.10
0.10
$
17.50
17.50
175.00
. For All Disbursements As Follows:
Photocopies
Postage
Fax
Total Disbursements:
$
4.60
1.43
8.00
14.03
Total Services and Disbursements: $
189.03
.
.
.
.
Page: 4
Kennedy & Graven, Chartered
200 South Sixth Street
Suite 470
Minneapolis, MN 55402
City of Monticello
~6LtO
c "6 ~ .
L\~ -:7
December 31,2003
~\0~
MN190-00093 Block 52 Redevelopment
Through December 31,2003
For All Legal Services As Follows:
12/31/2003 SJB Phone call with 0 Koropchak re walgreen's proposal,
status of project
Hours
0.20
Total Services:
$
Amount
35.00
35.00
Total Services and Disbursements: $ 35.00
.
.
.
City of Monticello
Page: 5
Kennedy & Graven, Chartered
200 South Sixth Street
Suite 470
Minneapolis, MN 55402 \
L.,\ l? ~ 0
December 31, 2003
0'
<}'\
MN 190-001 01
General HRA Matters
Through December 31, 2003
For All Legal Services As Follows:
12/4/2003 SJB Phone call with O. Koropchak re: various redevelopment
proposals.
Total Services:
40
P?;76
Hours
0.30
Amount
52.50
$
52.50
Total Services and Disbursements: $
52.50
.
.
.
~ 0 '1--0
. G 'l.
LtGSO
Page: 6
Kennedy & Graven, Chartered
200 South Sixth Street
Suite 470
Minneapolis, MN 55402
City of Monticello
~ \ ''''?
December 31, 2003
MN190-00111
Landmark Square Phase II (Masters Fifth Ave. Inc.)
Through December 31, 2003
For All Legal Services As Follows:
12/4/2003 SJB Phone call with O. Koropchak re: HRA meeting, status of
contract.
12/31/2003 SJB Phone call with 0 Koropchak re Fluth contract
Total Services:
Total Services and Disbursements: $
Hours
Amount
87.50
0.50
0.30
$
52.50
140.00
140.00
.
.
F.
G.
II.
.
HRA Agenda - 02/04/04
9.
A.
Executive Director's Report:
Jobz Minnesota - Attached is a brochure prepared by MEED marketing the newly designated
tax-free zones program. The ten tax-free zones are located in the (i-reater Minnesota and
exclude the 11 metro-counties. S1. Cloud's Fingerhut site and two downtown sites also
received designation. The program is modeled after the State of MI and P A programs.
However, the PA designations include both Philadelphia and Pittsburgh. In lieu of the City
looking to acquire land for industrial development, do you think this program has an impact on
the success of Monticello's potential? I did fax this to Don Roberts, Sunny Fresh, and Bill
Tapper, Genereux Fine Wood Products, for input. This is the program used to keep Polaris
and Anderson from expanding to WI. The intent of the program was for distressed areas in
Greater MN.
Demographic Change in MN - Attached info for your information. A. and B. were topics of
discussion at the EDAM Conference I attended last week.
United Properties - January 8 met with an individual (marketing, planning, and development)
looking along the 1-94 corridor for 50 to 500 acres to purchase for future light industrial
development. Monticello the farthest out. They need to purchase land for .25 to .50 psfprior to
infrastructure improvements in order to make numbers work. Example of parks developed:
I,ake Elmo 125 acres (purchased land in 1970 and infrastructure improvements mid] 990's,
park filled in !cHlr years. Mendota Heights 250 acres, Shakopee 112 acres (lost General Mills
or was it Motors to WI). Sites suggested Osowski, Pauman, (i-old Nugget, and informed of
city's negotiations and asked about potential partnership with city. Mailed info. His perspective:
With the demand for residential development, land prices have sky-rocketed and City's cave-in
to development pressure and re-zone industrial land to residential and commercial zoning.
Also noted in the Tribune is the Governor's idea for incentives such as paying relocation
expenses for the executives of hio-science companies. As you recall Minneapolis, St Paul, and
Rochester received bio-science designation due to close proximity to medical research.
The Governor's economic development priority is to invest in a cluster that has strong presence
in Minnesota. A meeting is scheduled in St. Cloud on Feb 4: Can the St Cloud area participate
in the Governor's Bioscience Initiative? Representatives of the S1. Cloud Area 13ioscience
Initiative will give the presentation.
Block 52 - Met with the developer for Walgreens. No options on properties except fClr
Johnson's. Looking at building size configurations to fit various site configurations. Advised of
TIF deadlines: Bond refinancing May I and expenditures by June 30, 2004. The Council
approved zero lot setbacks on J lighway 25 for Block 52.
Wright County Partnership and myself setting up tour with MEED Commissioner Mark Kramer
of Wright County industries. Target date February 9.
Industrial updates:
Production company with 40 jobs - average wage $18.50. No decision but serious about
Monticello. Looking at Remmele building.
Small fabricating company with 7 jobs at about $20 per hour - Called and talked about potential
of city-owned industrial park. Some interest. Timing may be issue.
Custom Sheet Metal - Called and talked about potential city-owned industrial land.
B.
c.
D.
E.
.
.
.
I.
11- Window - Real estate agent has production company looking to lease building. Has inquired
to building plans and w/s infcmnation at City Hall. I believe it's for the entire building. Won't
give name of company at this point.
Chadwick parcel - The City submitted an option a. and option b. to Chadwick on January 22.
This is the 2-3 revised letter of intent to purchase. Chadwick on vacation til January 26. four
individuals (Barger, Frie, Van Allen, and Benedetto) are lobbying the council members
individually for the purpose of selling: The benefits of City-owned land for industrial
development. The Small Group will host a workshop with Council members at 5:30 p.m. and
6:30 p.m. on January 26 iC)f purpose of updating and answer/question period relative potential
acquisition of land. The Council tabled any action to purchase from the December 8, 2003, to
February 9,2004 meeting.
Marketing Committee - Necd to schedule meeting.
Community Profile - Letters were mailed to businesses for update of number of jobs and wage
levels as well as to appropriate organizations. Last update 2000.
Copy of semi-annual TIF payments due February], 2004.
Block 54 redcvelopment - Copy of letter to Paul Wurm.
Copy of check received from Les Wurm, Production Stamping, for tax increment defIciency for
Tlf District No. 1-23, August 1,2003.
At the January HRA meeting, the commissioner's approved transferring funds from TIF District
No. 1-23 to TIF District No. 1-32 for oVer-run administrative costs associated with non-
certified TIF District No. 1-32. This has been done. However, the motion also included a
letter be drafted and mailed to Production Stamping informing of the HRA decision. In lieu of
receiving the tax deficiency check for No. 1-23 the day after the lIRA meeting and given an
expected continued deficiency, the letter was not drafted. My thought was they may confuse the
two issues and anticipate forgiveness or transfcr of future deficiencies. If the commissioners
disagree with my thought, I can still draft the letter as directed.
./.
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Demographic Change In
Minnesota
Tom Gillaspy, State Demographer
Mn Dept of Administration
January 2004
Minnesota Grew Faster Than Its
Neighbors April 2000 to July 2002
1.4.;'
0.8'\<.
2.0'\<.
2_5%
-2'\<.
-1%
0%
1%
2%
3%
Percent Change 2000-2002
~~I
'\--Q-\ \~,a l\' ~ \)y\
~e.
Minnesota Growing But More
Slowly
. Population growth in 90s exceeded 1,2% per
year adding 54,400 per year
· Last year population grew by 0.7% adding
34,7000
. Biggest change is migration, which is driven
by the economy
· Last year lost net 7,700 to domestic
migration; gained 14,600 international
migrants
The Growth Collar Grew rapidly In The 90s
While Growth Was Modest Elsewhere
D Mpl< + S~ Paul
='
~
~
..
:i
-'"
u
'"
~
,t
DOlder IleveloJl"d
Suburbs
. Growth collar
1
~
,A," t
.. . "., ..
Change from 1990 to 2000
fiv.,..State Ar... County Population
Number ChaI1p
fIj "19,01tto-l,00Il
D-l,OOCIfDoteRI
[J UroIDJ,OOO
IillJ 1.0DIl1D1O,llOO
. :!:D,IIOOu.ap69
Projected Change In Minnesota
Population 2000 to 2010
.o.
......
75-71
70-.74-
......
-.
.....
......
.....
.....
n.st
>0-34
25-2.
20.24
15-19
10-1.
...
....
".801
-1 DOOOO
Star. 0eMbg11llphe, proj.ctIol'I
1 MOOt
"SOO
1039'1
Twin Cities Area Counties In The Top
1 00 Growth Counties Nationally
National Rank 2000-02 Growth
Scott, Mn 8th 6.4%
Sherburne, Mn 29th 5.1%
Wright, Mn 42nd 4.6%
Isanti, Mn 84th 3.7%
S1. Croix, Wi 90th 3.7%
Cl;JF1$U6 Bureall *l!I;lim~ll11", Only 2 otNIt rounlil;t. ,in the So stale a"-a tnlt!ig ,he lilt
After 2010, Most Population Growth In
Minnesota Will Be In People Age 65+
.
~ 100% .''"
1 '0'"
~ 60,"
0
+
'"
.. '0,"
..
!
l,l 20,"
.l!
! 0%
1971HlO 198G-90 1990-00 2000-10 2D1G-2D 2D2G-3D
State Demographer projecllon
.
.
.
2
.
.
.
From April 2000 to July 2002,
Minnesota added 105,000
People. 44% of the increase
Was in minority persons.
Newly released data from the Department of
Homeland Security shows 13,522 legal
immigrants from 160 countries arrived in
Minnesota in 2002 - the highest number of
legal immigrants since 1982 and 2,000
more than in 2001. Total immigrants to the
U.S. in 2002 were nearly 600 less than for
2001.
Minnesota Is Becoming More Diverse
TwIn City
Metro
Minnesota
u;s.
D"fi, 10% 20% 30% 40%
Percent Minority
Projections For 201 O--Population
· Projected 2010 population for the state is
5,452,500. In 2000 we had 4,919,479.
· Projected increase for the decade is
533,000 people or 11 %
· Through July 2003, we increased by
140,000 or 2.8%. We are about 20,000
under our projected track for the decade.
3
Projection For 201 O--Households
· Projection for 2000 is 2,182,200, an
increase of 287,100 or 15.1 % for the
decade.
· Biggest increases will be in married
couples without children, up 23%, and
people living alone, up 21 %.
· These two groups will account for more
than 80% of the change.
Projected Labor Force--2003
4DDOOOD
J5OIlDlIO
3DDDDDO
......Census
-ill- $erl.. A
-a- $ert.. B
-x... Serl8s C
... $erl... D
25DDDDD
2000DD0
15DDDDD
l000DD0
1950 1960 1970 1990 1990 2000 2010 2020 2030
StMe Demographer pro)eCIIon8
Projections for 201 G-Labor Force
. Labor force will increase to a range of 2,891,900
and 3,112,800, increases of between 7% and
16%.
· Uncertainty about labor force growth results from
uncertainty about migration and labor force
participation, especially over 60.
· Most growth will be among 45 to 64 (increase of
32% to 39%). Age 24 to 44 will see a decline as
much as 10%.
Some Sources of Demographic
Information
· State Demographer
http://www.demography.state.mn.us!
· Census Bureau httD://www.census.aov/
· Legislative District profiles
http://www.demography.state.mn.us!LegProf/
I
.
.
.
4
,..
CITY OF MONTICELLO
ACCOUNTS PAYABLE
505 WALNUT STREET. SUITE 1
MONTICELLO, MN 55362
763-295-2711
DATE
qt..
17-1
--g:;o
NO.
77389
CHECK NO.
WELLS FARGO BANK
MONTICEllO, MINNESOTA 55362' (763) 295-2290
AMOUNT
01/23/2004 77389
THREE THOUSAND THREE HUNDRED SEVENTY AND 00/100 DOLLARS
$3,370.00
PAY TO
THE
ORDER
OF
BLUE CHIP DEVELOPMENT COMPANY
105 MISSISSIPPI DRIVE
MONTICELLO MN 55362
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II- 0 ? ? 318 ~ II- I: 0 ~ ~ 0 0 0 0 ~ g I:
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VENDOR 000172 BLUE CHIP DEVELOPMENT COMPANY 01/23/2004
CHECK
77389
<::", ,,::' ", "',':,,' :",:' ,":"i
J:i'wo....sc) AC.COuNT."
DESCRIPTlON.
')
P.O.# INVOICE'
AMOUNT
213.46525.6511
TIF 1-25
3,370.00
TOTAL
3,370.00
.
.
'-
'"
CITY OF MONTICEllO' MONTICEllO, MN 55362
0*
~
17'1
--g:;o
CITY OF MONTICELLO
ACCOUNTS PAYABLE
505 WALNUT STREET' SUITE 1
MONTICELLO. MN 55362
763-295-2711
DATE
NO.
77386
CHECK NO.
WELLS FARGO BANK
MONTICEllO, MINNESOTA 55362 . (763) 295.2290
AMOUNT
01/23/2004 77386
TWO THOUSAND FIVE HUNDRED SIXTY TWO AND 00/100 DOLLARS
$2,562.00
PAY TO
THE
ORDER
OF
BBF PROPERTIES
BARRY FLUTH
204 LOCUST STREET
MONTICELLO MN 55362
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11-0 ? ? 318 bll- 1:0 g ~OOoo ~ gl:
? bOO 0 ~ ? III
INVOICE.
01/23/2004 CHECK
-DESCRIPTI'ON
77386
VENDOR 001295 BBF PROPERTIES
(~~I)..'>~iAbCOUNT
i
: 213 . 4 652 2. 6511
P.().#
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'.A.MO~'1"
:',
TIF 1-22
2,562.00
TOTAL
2,562.00
.
.
...
..
CITY OF MONTICEllO. MONTICEllO, MN 55362
ill
~
CITY OF MONTICELLO
ACCOUNTS PAYABLE
505 WALNUT STREET. SUITE 1
MONTICELLO, MN 55362
763-295-2711
DATE
17.1 "
---e1O
NO. 77394
WELLS FARGO BANK
MONTICELLO. MINNESOTA 55362' (763) 295-2290
CHECK NO, AMOUNT
01/23/2004 77394
TWO THOUSAND NINE HUNDRED EIGHTY SEVEN AND 00/100 DOLLARS
$2,987.00
PAY TO
THE
ORDER
OF
CEDRUS CREEK CRAFTSMAN, INC
12420 ARMITAGE AV NW
MONTICELLO MN 55362
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11107731 q ~,,- 1:0 q ~OOOO ~ ql:
7 bOO 0 ~ 7"-
VENDOR 001114 CEDRUS CREEK CRAFTSMAN, INC
r." ""'.\.'"
~~ii~iccaiiNT
01/23/2004 CHECK
77394
'INVOICE
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, DESCRIPTION
'.":'''?''rI
p;.O.'#
AMO'l.tNT\
213.46520.6511
TIF 1-20
2,987.00
TOTAL
2,987.00
.
.
'-
..
CITY OF MONTICEllO. MONTICEllO, MN 55362
"*
~
CITY OF MONTICELLO
ACCOUNTS PAYABLE
505 WALNUT STREET · SUITE 1
MONTICELLO,MN 55362
763-295-2711
17.1
--g:;o
NO.
77403
DATE
CHECK NO.
WELLS FARGO BANK
MONTICELLO, MINNESOTA 55362' (763) 295-2290
AMOUNT
01/23/2004 77403
TWELVE THOUSAND THREE HUNDRED SEVEN AND 40/100 DOLLARS
$12,307.40
PAY TO
THE
ORDER
OF
DEMEULES FAMILY LIMITED PTNSHP
207 DUNDAS ROAD
MONTICELLOMN 55362
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11107 7 ~o 3111' 1:0 ~ ~OOOO ~ ~I:
7 bOO 0 ~ 7 II'
VENDOR 000952 DEMEULES FAMILY LIMITED PTNSHP 01/23/2004
CHECK
77403
F~I)&,"ACCOUNT
',,::'::'i:::,',':'
DESCR1PTION
213.46513.6511
TIF 1-13 PAYB
12,307.40
TOTAL
12,307.40
.
.
,
./
CITY OF MONTICEllO. MONTICEllO, MN 55362
CITY OF MONTICELLO
ACCOUNTS PAYABLE
505 WALNUT STREET. SUITE 1
MONTICELLO, MN 55362
763-295-2711
DATE
17-1 'I
~
NO. 77443
WELLS FARGO BANK
MONTICELLO. MINNESOTA 55362 . (763) 295-221jO
CHECK NO. AMOUNT
01/23/2004 77443
TWO THOUSAND NINE HUNDRED NINETEEN AND 00/100 DOLLARS
$2,919.00
PAY TO
THE
ORDER
OF
INTEGRATED RECYCL TECH CORP
MONTICELLO MN 55362
1110 7 7 ... ... :\ III I: 0 g ~ 000 0 ~ 111:
7 b 0 0 0 ~ 7111
-I
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VENDOR 002091 INTEGRATED RECYCL TECH CORP 01/23/2004 CHECK
r:~~ti.>~ACCOUNT 'p.6.# INVOICE DElsbrn:~TfoN . .
77443
, . ., ,~
A1VId01'JTi
213.46528.6511
TIF 1-28
2,919.00
TOTAL
2,919.00
.
.
"
-'
CITY OF MONTICELLO. MONTICELLO. MN 55362
(
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CITY OF MONTICELLO
ACCOUNTS PAYABLE
505 WALNUT STREET- SUITE 1
MONTICELLO, MN 55362
763-295-2711
DATE
01/23/2004
TWELVE THOUSAND SIXTY EIGHT AND 88/100 DOLLARS
17-1
"910
""
NO. 77494
CHECK NO.
77494
WELLS FARGO BANK
MONTICELLO, MINNESOTA 55362' (763) 295-2290
AMOUNT
$12,068.88
PAY TO
THE
ORDER
OF
PRESBYTERIAN HOMES HOUSING
AND ASSISTED LIVING, INC
2845 HAMLINE AVE NO
ROSEVILLE MN 55113
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7 bOO 0 ~ 7111
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VENDOR 001217 PRESBYTERIAN HOMES HOUSING
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FUND,&!~CCQ1i.JN'I'
P.o.#:. INVOICE
01/23/2004
CHECK
77494
DESCRIPTION
""""', ',..:':,:,':
AMOl,JNT ,','
213.46519.6511
TIF 1-19
12,068.88
TOTAL
12,068.88
.
.
\.
CITY OF MONTICELLO. MONTICELLO, MN 55362
f
CITY OF MONTICELLO
ACCOUNTS PAYABLE
505 WALNUT STREET · SUITE 1
MONTICELLO, MN 55362
763c295-2711
DATE
17-' "'\
'9iO""'
NO. 77510
CHECK NO.
WELLS FARGO BANK
MONTICEllO. MINNESOTA 56362' (.763) 295.2290
AMOUNT
$28,270.00
01/23/2004 77510
TWENTY EIGHT THOUSAND TWO HUNDRED SEVENTY AND 00/100 DOLLARS
PAY TO
THE
ORDER
OF
ST BENEDICT'S CENTER
ATTN: JIM HIATT, ADM
1810 SE MINNESOTA BLVD
ST CLOUD MN 56304
1110775 ~olll 1:0 ~ ~Oooo ~ ql:
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7 bOO 0 ~ 7111
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VENDOR 001558 ST BENEDICT'S CENTER
f..i\.,..........i...i.i..........................i...................
RtJNI)'&.,geCGUNT p...G.'.#
, ",' ~
INVOICE:
01/23/2004
....OgSCRIP'I'.:rdN
CHECK
77510
..' . AMOUNT
/.'),
213.46524.6511
TIP 1-24
28,270.00
TOTAL
28,270.00
.
.
'-
CITY OF MONTICELLO. MONTICELLO, MN 55362
./
CITY OF MONTICELLO
ACCOUNTS PAYABLE
505 WALNUT STREET' SUITE 1
MONTICELLO, MN 55362
763-295-2711
DATE
17'1
9iO""""
NO. 77522
WELLS FARGO BANK
MONTICEllO. MINNESOTA 65362' (.763) 296.2290
CHECK NO. AMOUNT
01/23/2004 77522
EIGHTEEN THOUSAND EIGHT HUNDRED FIFTY AND 64/100 DOLLARS
$18,850.64
PAY TO
THE
ORDER
OF
TWIN CITY DIE CASTINGS CO.
ATTN: DOUG HARMON
1070 SE 33RD AVENUE
MINNEAPOLISMN 55414
II- 0 7 7 5 2 2 II- I: 0 q .00 0 0 . q I:
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7 bOO O. 711-
VENDOR 000456 TWIN CITY DIE CASTINGS CO.
P.O.# INVOICE
01/23/2004
. . DESCkt~~~~N
CHECK
77522
;AiV1() tIN'!"
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213.46526.6511
TIF 1-26
18,850.64
TOTAL
18,850.64
.
.
CITY OF MONTICELLO. MONTICELLO, MN 55362
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January 20, 2004
MONTlCELW
Mr. Paul Wurm
1445 137 Street NW
Monticello, MN 55362
Re: Summary of discussion relative to redevelopment of a portion of Block 54.
Dear Paul:
Thank you for taking the time to meet with the consultants and staff of the City of Monticello on January
14, 2004, to gather ideas for potential redevelopment of a portion of Block 54.
.
The following is a summary of our discussions:
1.
Option to explore redevelopment of southerly half of Block 54. A cohesive
redevelopment plan maximizing the use of the Wurm and HRA parcels and abutting
parcel.
2. Option to redevelop Wurm parcel only.
3. Optional Uses:
A. Multi-story residential housing with parking for residents in lower level. Garage
entrance off Walnut Street. Maximum height of building from River Street is three-story
building.
B. Commercial/residential mixed use with resident parking in lower level. Garage
entrance off Walnut Street. First-floor commercial fronts River Street with diagonal
parking along River Street and other on.site parking.
4. Maximize grade elevation of site utilizing River Street as front entrance.
5.
Traffic circulation within the area will change over time with the redevelopment of Block
52. Should MDOT only allow a right-in and right-out at Trunk Highway 25 and River
Street combined with additional traffic along West Broadway, an intersection at Walnut
Street and River Street becomes more critical.
.
Monticello City Hall, 505 Walnut Street, Suite 1, 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. Wurm
January 20, 2004
Page 2
6. Redevelopmcnt of Block 54 must create a pedestrian type connection to thc park, river
and downtown.
7. Drainage of site subject to further study and type of development.
8. Experienced housing developers (Please use my name as reference or if you prefer I'd
be happy to arrange a meeting with eithcr or both parties):
1. Robert and Lori Boisclair, Boisclair Corporation, 3005 Ottawa Avenue South,
St. Louis Park, MN 55416, 952-922-3881.
2. Larry Olson, Metro Plains, 1600 University Avenue, Suite 212, St. Paul, MN
55104,651-646-7848.
Please call me at 763-271-3208 or Jeff O'Neill at 763-271-3215, should you havc additional
questions. Paul, this could be a great redevelopment projcct and asset to the City of Monticello.
Again, we thank you for meeting with staff and our consultants.
Sincerely,
CITY OF MONTICELLO
O~ ~~u<(J}~
Ollie Koropchak
Economic Development Director
c: Jeff O'Neill, Deputy Administrator
Steve Grittman, NAC
Bret Weiss, WSB & Associates
File
q ~.
.
PRODUCTION STAMPING, INC. . MONTICELLO. MN 55362
532f~
MONTICELLO HOUSING AND
Document Date Description
1-7-04 1/07/04
Gr~ 0 s s
(;::58. iZl0
Discount
.00
Net
268.00
Check 50070 Totals
.
268.00
.00
268.00
9600 Fallon Ave.
Monticello, MN 55362
(763) 295-8400 · FAX (763) 295-8488
TWO HUNDRED SIXTY-EIGHT & 00/100 Dollars
, . ." I. .. " .. , .
. .
. I .
STATE BANK OF
ROGERS
ROGERS, MINNESOTA 55374
050070
75-918
919
CHECK NO.
50070
=
DATE
1/07/04
$***'***268.00
PAY
TO THE
ORDER
OF
. .
. -".
. .
ffl
MONTICELLO HOUSING AND
REDEVELOPMENT AUTHORITY
505 WALNUT STREET SUITE 1
MONTICELLO MN 55362
...
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1110 SOD 70111 1:01:1.1:10 Ii .a I.': 00 2........ . bill
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