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EDA Agenda - 06/12/2024AGENDA REGULAR MEETING - ECONOMIC DEVELOPMENT AUTHORITY (EDA) Wednesday, June 12, 2024 — 6:00 p.m. Mississippi Room, Monticello Community Center ECONOMIC DEVELOPMENT AUTHORITY SPECIAL MEETING Academy Room 4:30 p.m. Review and Discussion of Block 34 Area Redevelopment Concept and Next Steps 5:15 p.m. Follow-up Discussion of Retail Market Analysis Proposal Commissioners: President Steve Johnson, Vice President Jon Morphew, Treasurer Hali Sittig, 011ie Koropchak-White, Rick Barger, Councilmember Tracy Hinz, Mayor Lloyd Hilgart Staff: Executive Director Jim Thares, Rachel Leonard, Angela Schumann, Hayden Stensgard, Sarah Rathlisberger 1. General Business A. Call to Order B. Roll Call 6:00 p.m. 2. Consideration of Additional Agenda Items 3. Consent Agenda A. Consideration of Payment of Bills B. Consideration of Approving Regular Meeting Minutes— May 22, 2024 4. Public Hearing A. PUBLIC HEARING — Facade Improvement Forgivable Loan for Jon and Lucy Murray's Dance Studio at 155 West Broadway Street and Sleep Concepts at 149 West Broadway Street 5. Regular Agenda No items 6. Other Business A. Consideration of Economic Development Manager's Report 7. Adjournment EDA Agenda: 6/12/2024 3A. Consideration of Approving Payment of Bills Prepared by: Meeting Date: ❑ Regular Agenda Item Community & Economic Development 6/12/2024 ® Consent Agenda Item Coordinator Reviewed by: Approved by: N/A Economic Development Manager REFERENCE AND BACKGROUND: Accounts Payable summary statements listing bills submitted during the previous month are included for review. ALTERNATIVE ACTIONS: 1. Motion to approve payment of bills through May 2024. 2. Motion to approve payment of bills through May 2024 with changes as directed by the EDA. STAFF RECOMMENDATION: Staff recommend approval of Alternative 1. SUPPORTING DATA: • Accounts Payable Summary Statements for May. Accounts Payable Transactions by Account User: julie.cheney Printed: 05/08/2024 - 3:25PM Batch: 00205.05.2024 Account Number Vendor Description e onticeflo GL Date Check No Amount PO No 213-46301-430400 KENNEDY AND GRAVEN CHART Headwaters Apartment TIF - March 2( 05/14/2024 128435 123.50 213-46301-430400 KENNEDY AND GRAVEN CHAR] Washburn POS TIF District - March 2 05/14/2024 128435 432.50 213-46301-430400 KENNEDY AND GRAVEN CHAR] General EDA - March 2024 05/14/2024 128435 1,495.00 213-46301-430400 KENNEDY AND GRAVEN CHAR] Acquisition 118 Broadway E - March 05/14/2024 128435 540.00 Vendor Subtotal: 2,591.00 213-46301-431990 WSB & ASSOCIATES INC 202401 - Block 34 216 Pine St Phase 1 05/14/2024 0 1,200.00 Vendor Subtotal: 1,200.00 213-46301-431993 WSB & ASSOCIATES INC 2024 Economic Development Services 05/14/2024 0 1,654.00 Vendor Subtotal: 1,654.00 213-46301-435100 ECM PUBLISHERS INC EDA PH Excelsior Tool Ad# 1389865 05/14/2024 0 186.50 213-46301-435100 ECM PUBLISHERS INC PH UMC Ad# 1389868 05/14/2024 0 214.25 Vendor Subtotal: 400.75 213-46301-437100 WRIGHT CO AUDITOR-TREAS 155-010-34010 - 216 Pine St - 1 st & 2 05/14/2024 128461 6,804.00 213-46301-437100 WRIGHT CO AUDITOR-TREAS 155-282-000010 - Outlot A Riverwooc 05/14/2024 128461 178,874.00 Vendor Subtotal: 185,678.00 213-46301-443990 BLOCK 52 HOLDINGS LLC Disbursement #2 - Funding EDA Gran 05/14/2024 128417 233,377.50 Vendor Subtotal: 233,377.50 AP -Transactions by Account (05/08/2024 - 3:25 PM) Page 1 Account Number Vendor Description GL Date Check No Subtotal for Fund: 213 Report Total: Amount PO No 424,901.25 424,901.25 AP -Transactions by Account (05/08/2024 - 3:25 PM) Page 2 Accounts Payable Transactions by Account User: julie.cheney Printed: 05/22/2024 - 3:33PM Batch: 00207.05.2024 Account Number Vendor Description CITY OF Monticeflo GL Date Check No Amount PO No 213-00000-157010 PREFERRED TITLE INC Earnest Money for PA - 118 Broadway 05/29/2024 128518 5,000.00 Vendor Subtotal: 5,000.00 213-00000-220110 NORTHLAND SECURITIES INC TIF 1-42 - Modification #2 05/29/2024 128512 1,250.00 Vendor Subtotal: 1,250.00 213-46301-430400 CAMPBELL KNUTSON PA EDA - April 2024 05/29/2024 0 663.00 Vendor Subtotal: 663.00 213-46301-434990 AE2 - ADVANCED ELEMENTS, IP IMCP Templates - April 2024 05/29/2024 128485 1,597.00 Vendor Subtotal: 1,597.00 Subtotal for Fund: 213 8,510.00 Report Total: 8,510.00 AP -Transactions by Account (05/22/2024 - 3:33 PM) Page 1 Accounts Payable Transactions by Account User: julie.cheney Printed: 05/17/2024 - 2:35PM Batch: 00203.05.2024 Account Number Vendor Description CITY OF • onticeflo GL Date Check No Amount PO No e 213-46301-438200 CITY OF MONTICELLO 7256-015 - 216 Pine St - EDA 05/15/2024 0 52.61 213-46301-438200 CITY OF MONTICELLO 7256-004 - 130 Brdwy- Stormwtr 05/15/2024 0 31.50 Vendor Subtotal: 84.11 213-46301-443990 US BANK CORPORATE PMT SYS MONTICELLO CHAMBER OF COX 05/15/2024 0 20.00 213-46301-443990 US BANK CORPORATE PMT SYS DOMINOS - Food for Special EDA M 05/15/2024 0 34.80 Vendor Subtotal: 54.80 Subtotal for Fund: 213 138.91 Report Total: 138.91 AP -Transactions by Account (05/17/2024 - 2:35 PM) Page 1 Accounts Payable Transactions by Account User: julie.cheney Printed: 06/03/2024 - 3:54PM Batch: 00206.05.2024 Account Number Vendor Description CITY OF • Onticeflo GL Date Check No Amount PO No e 213-46301-431991 DEMVI LLC Parking Lot Maintenance - May 2024 05/31/2024 0 213.86 Vendor Subtotal: 213.86 213-46301-438100 CENTERPOINT ENERGY 12045691-8 - 216 Pine St 05/31/2024 0 132.51 Vendor Subtotal: 132.51 213-46301-438100 XCEL ENERGY 14698960-5 - 216 Pine St - Former Fir 05/31/2024 0 41.77 Vendor Subtotal: 41.77 Subtotal for Fund: 213 388.14 Report Total: 388.14 The preceding list of bills totaling $433,938.30 was approved for payment. Date: 6/12/24 Approved by: Hali Sittig - Treasurer AP -Transactions by Account (06/03/2024 - 3:54 PM) Page 1 MINUTES (draft) REGULAR MEETING - ECONOMIC DEVELOPMENT AUTHORITY (EDA) Wednesday, May22, 2024— 7:00 a.m. Academy Room, Monticello Community Center Commissioners Present: Vice President Jon Morphew, Treasurer Hali Sittig, 011ie Koropchak-White, Rick Barger, Councilmember Tracy Hinz Mayor Lloyd Hilgart joined the meeting at 7:03 a.m. Members Absent: President Steve Johnson Staff Present: Jim Thares, Angela Schumann 1. General Business A. Call to Order Vice President Jon Morphew called the regular meeting of the Monticello EDA to order at 7:00 a.m. B. Roll Call 7:00 a.m. Mr. Morphew called the roll. Lloyd Hilgart arrived at 7:06 Hali Sittig joined the meeting at 7:08 2. Consideration of Additional Agenda Items None 3. Consent Agenda None 4. Public Hearing None 5. Regular Agenda A. Consideration of Adontine Resolution 2024-10 authorizing a Purchase Agreement with Civil Engineering Site Design, LLC for the acquisition of 118 Broadway East in the amount of $665,000 and authorizing a Property Management and Lease Agreement for 118 Broadway East with Civil Engineering Site Design, LLC Jim Thares, Economic Development Manager introduced the item. The purchase agreement of 118 Broadway East from Civil Engineering Site Design negotiated with Mr. Dahlke is $665,000 plus closing cost estimated at $4,700. This property currently is between two EDA owned properties in Block 34. This item was originally reviewed by the EDA at the May 8, 2024, meeting and was tabled with questions about the terms of the Purchase Agreement (PA) and the lease. It is a complicated and intertwined transaction with leases referenced in the PA. The concerns identified in the May 8, 2024; meeting have been revised in the updated documents. Discussion ensued regarding the terms of lease termination as they are currently only noted under the "default" section. Staff indicated that it has always been Mr. Dahlke's main concern to have an EDA provided location for a duration of 10 years. The notice period in the EDA lease has been revised to 150 days. This is key for Mr. Dahlke as the changes required to remodel the DMV office building to support his business needs are extensive. Tracy Hinz asked for clarification of the term length of relocation. Angela Schumann, Community Development Director, pointed out the difficulty in finding construction companies likely supports the need for the additional time. Lloyd Hilgart agreed with this point. Ms. Hinz said the need for the EDA to be proactive in giving Mr. Dahlke notice is important. Ms. Schumann discussed how the 2 lease agreements work together. The EDA agreement is a 12-month term renewable annually with the new clause added. The City Lease Agreement is until June 30, 2034. When Mr. Dahlke relocates to the DMF Office, the lease will activate or take effect. He is responsible for the renovation to meet his needs in the building. Mr. Morphew inquired what the upside for the EDA to keep this business in this building. Mr. Hilgart addressed the question. The current location allows for a more opportunities to develop Block 34. With the lease in the DMV should the EDA terminate the lease, the EDA will be responsible to find them a similar location. The wells are there and cannot be moved, however, a study is being done to determine if it is possible to move them in the future. Jim Thares noted that the proposed transaction closing date is targeted for June 26, 2024. The approval will increase the ownership of this block by the EDA by .09 percent. The City DMV lease will be presented to the City Council on May 28, 2024. LLOYD HILGART MOVED TO ADOPT RESOLUTION 2024-10 AUTHORIZING A PURCHASE AGREEMENT WITH CIVIL ENGINEERING SITE DESIGN, LLC FOR THE ACQUISITION OF 118 BROADWAY EAST, MONTICELLO, MN (PID 155010034120), IN THE AMOUNT OF $665,000 PLUS CLOSING COSTS AND FURTHER AUTHORIZING A PROPERTY MANAGEMENT AND LEASE AGREEMENT WITH CIVIL ENGINEERING SITE DESIGN, LLC., HALI SITTIG SECONDED. MOTION CARRIED UNANIMOUSLY. B. Consideration of adopting Resolution 2024-11 Authorizing an Interfund Loan for Advance of Certain Costs in Connection with a Tax Increment Financing District in Block 34 related to the EDA acquisition of the 118 Broadway East Mr. Thares introduced the item. This item is a financial step to allow the EDA to approve an Interfund Loan for advance of certain costs related to EDA acquisition of real property located at 118 Broadway East in connection with a future Tax Increment Financing (TIF) District in Block 34. The EDA attorney and Staff support this. The EDA approved this for the Finders Keepers purchase. The total amount of the proposed interfund loan as noted in the Resolution is $785,000. This total includes the acquisition amount of $665,000 plus closing costs and any potential environmental studies, soil clean up expenditures or property maintenance costs. LLOYD HILGART MOVED TO ADOPT RESOLUTION 2024-09 APPROVING AN INTERFUND LOAN FOR ADVANCE OF CERTAIN COSTS RELATED TO EDA ACQUISITION OF REAL PROPERTY LOCATED AT 118 BROADWAY EAST IN CONNECTION WITH A FUTURE TAX INCREMENT FINANCING (TIF) DISTRICT IN BLOCK 34. MOTION CARRIED UNANIMOUSLY. 6. Other Business A. Consideration of Economic Development Manager's Report Mr. Thares provided an overview of the Economic Development Manager's Report. 7. Adjournment TRACY HINZ MOVED TO ADJOURN, RICK BARGER SECONDED MOTION. MOTION CARRIED UNANIMOUSLY. MEETING ADJOURNED AT 7:35 A.M. 6/12/2024 4A. PUBLIC HEARING - Consideration of ODenine and Continuing a Public Hearing. and Tabling Action Related to a Downtown Fagade Improvement Forgivable Loan Agreement to Block 52 Holdings, LLC., Norgren Exchange, LLC., and Buchholz Exchange. LLC. for the east and south facades of 149 W. Broadwav Street and sout west and north facades of 155 W. Broadway Street Prepared by: Meeting Date: ® Public Hearing Community & Economic Development 6/12/2024 Coordinator Reviewed by: Approved by: Community Development Director Economic Development Manager ACTIONS REQUESTED 1. Open the public hearing to the July 10, 2024 regularly scheduled meeting of the EDA. 2. Motion to continue the public hearing to the July 10, 2024 EDA regular meeting, and table action related to a Downtown Fagade Improvement Forgivable Loan Agreement to Block 52 Holdings, LLC., Norgren Exchange, LLC., and Buchholz Exchange, LLC., for the east and south fagades of 149 W. Broadway Street and south, west, and north fagades of 155 W. Broadway Street. REFERENCE AND BACKGROUND Last month, City staff was informed by the property owners of the Block 52 redevelopment project they intended to submit updated Downtown Fagade Improvement Forgivable Loan applications for 149 and 155 W. Broadway Street (Sleep Concepts and Lucille Murray's Studio of Dance, respectively). Staff published the necessary business subsidy public hearing notice in the Monticello Times on Thursday, May 30t" in the event the applicant submitted all the necessary documentation for the applications to be reviewed and considered by the EDA at the June 12 regular meeting. The applicants have not submitted updated application materials at this time, and staff is requesting the EDA open the public hearing, continue it to the July 10, 2024, EDA regular meeting, and table action on this agenda item. Previously on December 1, 2022, staff received an application from the Block 52 ownership group for the subject properties and held a workshop with the EDA to go over a proposal for the improvements. The EDA requested the applicant provide concept renderings for the improvements proposed, which were reviewed at a workshop meeting. In early 2023, staff requested the applicant submit an itemized quote for the work to be completed for a complete application submittal. As staff did not receive the necessary information, the original applications did not move forward at that time. 6/12/2024 The proposed fagade improvement project is a subcomponent of the Block 52 redevelopment work. The Mattress Store's east wall was previously a shared wall with the 121 West Broadway building, which was demolished. The Fagade loan is intended to address the exposed wall condition created with the demolition. The EDA should also be aware of the existing fund balance of the program. Originally the EDA allocated $250,000 at the program's start and has since awarded two forgivable loans to 142 W. Broadway St. (the Agosto Building), and 109 Walnut St. (Bliss Salon) totaling $98,422. This leaves, currently, $151,578 in the project's fund balance. The anticipated Block 52 applications would likely request the maximum allowed for each property at $100,000 each ($200,000). This would require the EDA to consider allocating additional funds for the program, which would come from the EDA's General Fund. This consideration would likely occur at the subsequent meeting as necessary. STAFF RECOMMENDATION Staff recommends the above "Actions Requested" be made in the order presented as is. SUPPORTING DATA A. Public Hearing Notice published in the Monticello Times on May 30, 2024 B. Downtown Fagade Improvement Program Policy C. Downtown Fagade Improvement Program Application D. 149 W. Broadway Street Concept Rendering E. 155 W. Broadway Street Concept Rendering 2 NOTICE OF PUBLIC HEARING CITY OF MONTICELLO ECONOMIC DEVELOPMENT AUTHORITY WRIGHT COUNTY, MINNESOTA NOTICE IS HEREBY GIVEN that the Board of Commissioners of the City of Monticello Economic Development Authority (the "Authority") will hold a public hearing on Wednesday, June 12, 2024 at approximately 6:00 P.M. or as soon thereafter as the matter may be heard, in the Academy Room of the Monticello Community Center located at 505 Walnut Street in the City of Monticello, Minnesota (the "City") to consider the provisions of a proposed business subsidy under Minnesota Statutes, Sections 116J.993 through I I6J.995, as amended (the "Business Subsidy Law"), to the following recipients in connection with fagade improvements to be made to the real property located at 149 and 155 West Broadway Street in the City (the "Project") : (i) Block 52 Holdings LLC, Buchholz Exchange LLC, and Norgren Exchange LLC, each a Minnesota limited liability company, or to an entity(ies) related thereto or affiliated therewith; (ii) John Thorud, a natural person; and (iii) J & L Murray Properties, LLC, a Minnesota limited liability company (collectively, the "Recipients"). Information about the proposed business subsidy for the Recipients is available for inspection at the office of the Authority's Executive Director at City Hall during regular business hours. After the public hearing the Authority will consider granting the business subsidy in accordance with the proposed terms and if the creation or retention of jobs is determined not to be a goal of the Project, the wage and job goals may be set at zero in accordance with the Business Subsidy Law. A person with residence in or the owner of taxable property in the City may file a written complaint with the Authority if the Authority fails to comply with the Business Subsidy Law, and no action may be filed against the Authority for the failure to comply unless a written complaint is filed. All interested persons may appear at the hearing and present their views on the matters orally or provide their comments prior to the meeting in writing. Dated: May _, 2024 BY ORDER OF THE BOARD OF COMMISSIONERS OF THE CITY OF MONTICELLO ECONOMIC DEVELOPMENT AUTHORITY /s/ Jim Thares Executive Director MN325\40\845581.v1 _ �`\ Vk CITY OF City Policy and Z�*]� Monti no Procedure SECTION: FINANCE NO: FIN - REFERENCE: Date: Next Review Date: TITLE: FACADE IMPROVEMENT PROGRAM 1.0 Purpose The City of Monticello Economic Development Authority (the "EDA") recognizes the need to encourage investment in commercial and retail buildings in the Downtown area in order to maintain the economic viability of the City and the Downtown/Central Community District. The purpose of this forgivable loan program is to support a visually and financially appealing Downtown and greater Monticello community by providing forgivable loans to improve the fagades of existing Downtown commercial and retail buildings. 2.0 Policy ELIGIBLE BUSINESSES Commercial property located within the geographic area illustrated in Exhibit A of these guidelines may be eligible for a Downtown Facade Improvement Forgivable Loan (" Loan") as further defined herein. The area illustrated in Exhibit A of these guidelines is amended to include the buildings to remain on Block 52 following redevelopment, as well as those buildings along Walnut Street, between Broadway Street West and River Street. It is the goal of the EDA that 70% of the buildings within the eligible area complete improvements to their properties. The EDA has allocated a maximum of $200,000 for the initial Loan program. This is a pilot program, and additional areas and allocations will be considered at a future date. FORGIVABLE LOAN FUND TERMS & CONDITIONS Loan Amount & Structure Individual loans may be made in an amount ranging from $5,000-$50,000. Loan forgiveness generally takes place over a three-year period with fifty percent (50%) of the award forgiven at the end of the first year, and twenty-five percent (25%) forgiven at the end of years two and three. The EDA may extend or reduce the forgiveness period based on the dollar amount of the Loan. If the benefitting building is sold within the period of the Loan, the Loan must be repaid. The Applicant must provide at least 5% of the project cost in cash. The Applicant percentage shall be used as the project down -payment, as may be required. Eligibility Requirements Tenants and property owners should discuss the loan program to determine responsibilities and commitment for application and its components. The owner of the property must be a cosignatory to the application and Loan agreement. The property owner must carry current property insurance both at the time of application and through completion of approved Loan improvements. Property taxes on the subject site must be current for the duration of the Loan. Applicants are not eligible to receive funding if the property to be rehabilitated is in default under a property mortgage, contract for deed or comparable obligation. An applicant/property owner is ineligible to receive assistance if currently involved in bankruptcy proceedings. Applicants may apply for only one Loan per building. The EDA reserves the right to approve or reject applications on a case -by -case basis, taking into consideration factors considered appropriate by the EDA, in addition to established polices, criteria, and potential benefits. Meeting the criteria does not guarantee an application will be approved. Approval or denial of an application is at the sole discretion of the EDA. Concurrent Loans The concurrent use of different EDA loan programs by any one borrower or for any one project is permitted. Business subsidy agreements may be required. Permitted Loan Uses Exterior renovation of the facades of principal use retail or commercial buildings as further shown on Exhibit B attached hereto. An applicant may apply for facade improvements on all exterior sides of their building. The EDA may approve a Loan for improvements for all or some of the sides of the building at their discretion. An architectural rendering supplied by one of the following is required: an EDA selected architect, applicant contractor or architect, or a qualified architect accepted by the EDA. This item is required for use in determining final scope of work in consultation with the applicant and the applicant's selected contractor for any project. The cost of the rendering shall not be included in the Loan amount. Architectural renderings will be considered for preparation after initial letter of interest by an applicant. Fagade renovation may include, but is not limited to windows, doors, siding, brick, stucco, masonry, painting, steps, cornices, parapets, shutters, dormers, signage, awnings, and structural roof components and such improvements shall be guided by the architectural rendering. Interior side renovation proposals may be considered on a case -by -case basis. The applicant will work with a contractor to define final selected improvements using the architectural rendering as a guide. The architectural rendering with final selected improvements must be reviewed and approved by the EDA and will be included in final Loan documentation. The improvements must be completed in substantial conformity to the approved architectural rendering. The cost of the building permit for the approved Loan project will be included in the final Loan amount. CONSTRUCTION AND IMPROVEMENTS CODE COMPLIANCE As applicable, buildings for which public funds will be used within this program are to be brought into conformity with city ordinances and state building codes in effect for the area in which the building is located. It is the intent of the Downtown Fagade Improvement Loan Program to comply with the City's building standards for the Downtown/Central Community District (CCD). Please refer to the City's Downtown Small Area Plan and zoning ordinance for complete details as it relates to the standards governing this program's design guidelines. TIMING OF PROJECT EXPENSES MN 190\ 101 \941811.v 1 No project may commence until the EDA has approved the Loan application and the Loan agreement. Any costs incurred prior to execution of the Loan agreement are not eligible expenditures. No building construction may commence until the required city permits are secured. Loan disbursements shall be as provided for within the Loan agreement and shall be made directly to the Applicant/owner's contractor. The Loan agreement shall reference final contracts for improvements. COMMUNICATION Success of the project depends on the completeness of applications and good communication between all parties. Applicants should feel free to reach out to EDA staff with any questions at any time. PROCEDURAL GUIDELINES FOR APPLICATION AND APPROVAL The applicant shall meet with city staff to obtain information about the Loan program, discuss the project, and obtain application forms. Prior to application, it is recommended that the applicant complete and submit a letter of interest to the EDA. The letter of interest should provide a summary of desired facade improvements. As part of the letter of interest review, the EDA may consider authorization of a fagade rendering by the EDA's architectural consultant or may direct the applicant to proceed with a formal application including preparation of rendering by their contractor(s)/architect. Once the applicant has obtained the rendering and estimates, the applicant must submit a formal application to the EDA for review including the project rendering and detailed estimates. Applications will be received and reviewed on a first -come, first -served basis from the time of submission of a complete application. An inspection of the building may be required. The EDA is a governmental entity and as such must provide public access to public data it receives. Data deemed by Applicant to be nonpublic data under State law should be so designated or marked by Applicant. See Minnesota Statutes, Section 13.591, Subd. 1 and 2. The formal Loan application will be reviewed by EDA staff to determine if it conforms to all city policies and ordinances, and will be presented to the EDA for formal approval, as follows: 1. Staff will complete a preliminary application review and may consult with the EDA's Financial Advisor and/or EDA Attorney in preparing a report for EDA consideration. 2. Staff will evaluate the project application in terms of the following: a. Project Design - Evaluation of project design will include review of proposed activities, project construction and renovation plans including architectural rendering and final building elevations detailing selected improvements, timelines and capacityto implement the project. Financial Feasibility - Availability of funds, private investment, financial packaging and cost effectiveness, and bid -quote submissions. Evidence of applicant's ability to meet the 5% cash requirements. Letter of Commitment from other financing sources stating terms and conditions of their participation in the project, if applicable. All other information as required in the application and/or additional information as may be requested by the EDA staff. MN 190\ 101 \941811.v 1 f. Project compliance with all applicable city codes and policies. 3. The EDA Commissioners will review each application in terms of: a. Its consistency with the goals of the city's Comprehensive Plan and Downtown Small Area Study. b. Whether it is desirable and in the best interests of the public to provide funding for the project. C. The project's overall potential impact on the community's economy. 4. The EDA Commissioners will approve or deny the application, or request a resubmission with clarifications, at the EDA's sole discretion. APPROVAL OR DENIAL OF LOAN APPLICATION The EDA, at its sole discretion, may deny any application on a case -by -case basis, taking into consideration factors such as: consistency with the goals of the city's Comprehensive Plan and Downtown Small Area Study, the project's overall impact on the community's economy, and the above criteria. LOAN POLICY REVIEW The above criteria will be reviewed on an annual basis to ensure that the policies reflected in this document are consistent with the economic development goals set forth by the city. COMPLIANCE WITH BUSINESS SUBSIDY LAW All developers/businesses receiving financial assistance from the City of Monticello EDA shall be subject to the City's Business Subsidy Policy as amended, and the provisions and requirements set forth under Minnesota Statutes, Sections 116.1.993 to 116.1.995. LOAN AGREEMENT If the application for a Loan is approved, the applicant/property owner will be required to enter into a Loan agreement to proceed. The Loan agreement will specify the terms and conditions of the Loan as identified herein. DISBURSEMENT OF LOAN FUNDS Upon approval of a Loan application, applicants are required to provide executed contracts with qualified, licensed contractors for work per the approved Loan plans. Contracts shall be consistent with the procedures and requirements herein. Loan funds will be disbursed to the contractor based on completion of work as outlined below. The City's Chief Building Official will verify completion of work. Upon verification of completion, payment will be dispersed per contract amount for the work completed based on submitted invoice. PROJECT CONTRACTOR PROCEDURES AND REQUIREMENTS A. PARTICIPATING CONTRACTORS: All contractors participating in the Downtown Facade Improvement Loan Program must have a contractor's license on file with the Minnesota Department of Labor and Industry. The contractors will be responsible for securing insurance of the amounts specified on the application form. The application must contain proof of insurance coverage via a Certification of Insurance Coverage, and the contractor's registration and license number and bond. B. BID/QUOTE SOLICITATION: To participate in the Downtown Facade Improvement Loan Program, the applicant must solicit bids or quotes from at least two vendors. An applicant is free to choose any contractor, provided the license requirements are met and the cost differential in the quotes received MN 190\ 101 \941811.v 1 does not exceed 20%. C. CONTRACTOR CONTRACT: The contract for work is between the property owner (applicant) and the contractor. Each selected contractor will enter into a contract with the property owner. The contract will outline the terms for completion of the rehabilitation on the project and will include the following: 1. Scope of Work 2. Project Start Date; 3. Project Completion Date; 4. General Conditions; 5. Building Elevations and Architectural Drawings; 6. Special Conditions; 7. Project Warranties; 8. Change Order Procedures; 9. Payment Terms; 10. Termination Procedures. D. FAILURE TO START/COMPLETE PROJECT: Upon approval of the Loan agreement, the applicant and selected contractor will have 180 calendar days in which to complete the contracted work. The 180- day time period shall not be exceeded except through the issuance of a change order. Failure to complete any work within 180 days will be grounds to terminate the Loan agreement. E. PAYMENT PROCEDURES: All contractors will agree to the payment schedule, which is as follows: 1. Pre -payments for contracted services may be disbursed from an escrow account established with the EDA's specified agency. Such escrow account shall be administered per the Loan agreement. 2. Lien waivers are required for all contractors and subcontractors before payment is made. 3. Final payment for work completed, including any retainage amounts, will be made after work by a contractor is completed with verified receipts and costs incurred, the final inspection has been conducted and the Chief Building Official, property owner, and contractor have signed off on the work. F. CHANGE ORDERS: Change orders to the approved Loan project require the approval of the EDA. Change orders will be allowed only for the following reasons: 1. To rectify hidden deficiencies that are discovered once the work has begun. 2. To change a specification due to unforeseen difficulties arising after work has begun. 3. To address a deficiency that was inadvertently dropped from the project during project packaging. 4. To change completion dates. PROJECT COMPLETION The City's Chief Building Official will complete a final project inspection and issue a Certificate of Completion verifying project completion per the approved Loan plans. 3.0 Scope This policy applies to all projects that apply for and may receive assistance under the Fagade Improvement Program. 4.0 MN 190\ 101 \941811.v 1 HISTORY Approval Date: August 8, 2018 Approved by: EDA Amendment Date: November 9, 2022 Approved by: EDA Amendment Date: January 10, 2024 Approved by: EDA NM 190\101 \941811.v1 EXHIBIT A Geographic Program Limits Downtown Facade Improvement Grant Program Eligibility Area MN190\101\941811.v1 EXHIBIT B Permitted Fund Uses —Visual Reference MN190\101\94181 Lv1 Elements of the Facade Cornice Upper Frieze - - - Lintel _ Upper Windows TI;j - Sill Middle Frieze r �iihtf�s �Y1WMIli; -�=- Transom Door Display Window -maw. Base Panel sy G Overview of the Program The Monticello EDA has developed a Downtown Facade Im- provement Grant Program to support property owners in their efforts to reinvest in their buildings and in the historic building fabric of downtown Monticello. The purpose of the grant pro- gram is to improve the aesthetics of the Downtown and to make it a place that is comfortable and appealing to more people throughout the day, week and year. The grant program offers up to $50,000 in grant funding to individual building property owners or building tenants to make front and corner side building facade improvements in the eligi- ble area shown below. The program is a grant, with no repayment of the funds re- quired, with a minimal financial commitment by the property owner or tenant. The EDA's goal is for at least 70% of the proper- ty owners in the area to take advantage of the grant. Additional Information www.ci.monticello.mn.us Angela Schumann Director of Community Development City of Monticello, MN 763-271-3224 Angela.Schumann@ci.monticello.mn.us Downtown Facade Improvement Grant Program An Implementation Step of the Downtown Small Area Plan Investing in Our Downtown J Possible Improvements to building on Broadway Monticello Design Threads General Design Considerations Facade Improvement Possibilities The following design threads can be incorporated into facade improvements. Doing so will help create a lively and distinctive environment. Transparency and Openness Broadway should be welcoming and inviting., Facades with large windows and well -designed storefronts are comfortable to walk along side and intriguing to look into.They create visual interest to both drivers and walkers. Three Dimensionality / Movement Functional and artistic elements that have depth, or evoke a sense of movement, have impact. Elements that project horizontally from buildings or vertically from the sidewak are encouraged. Proportion and Order All elements of the facade should be proportional and orderly to create a harmonius composition. The underlying building should provide the basic order of the composition and ele- ments such as awnings, signage and lighting should respond to the underlying building. Of its Time Downtown Monticello was buit over time. Today's buildings reflect a variety of eras and no one particular style. Improve- ments to the buildings that are in keeping with the spirit of a particular era will create an environment that is of its time. South side of Broadway, Block36 A renovation or facade improvement project can provide the architectural and human -scale qualities to improve the aesthet- ics of Downtown. The following design considerations highlight key elements that will provide guidance in restoring or enhanc- ing architectural value to building. - Most facades consist of an architectural framework designed to identify individual storefronts. Each storefront should respect this framework. - Facades should present a visually balanced composition ac- cording to the original architectural intent. - In cases where original building elements have been removed or substantially altered, contemporary treatments respecting the original and historic details are suitable. However they should not appear to be of poor quality, of temporary nature, or ill -suited for the area (vinyl or aluminum sidin). - If a building has historic or architectural merit, improvements should be designed to reveal the buildings original style form and materials, whenever posisble. - Architectural services will be offered at no charge to grant fund applicants. paint and signage corner treatments integrated signage 3'KE.i AND TRIKF ( s1 CVf L y-- restored brickwork murals '# welcoming fronts Sample Illustration CITY Of MONTICELLO EDA - , Mmonticdo DOWNTOWN FACADE IMPROVEMENT FORGIVABLE LOAN PROGRAM APPLICATION Legal Name of Business: Project Site Address: City / State / Zip: . Contact Person(s): Business Phone: Home Phone: Check One Federal ID # ❑ Proprietor Legal Name of Property Owner: Project Site Address: City / State / Zip: . Contact Person(s): Business Phone: 2. PROJECT GOALS Please give a brief summary of the project: Email: Corporation tate ID # Email: Partnership 1 I Page Please describe how the proposed project will positively impact the city's downtown/Central Community District:] 3. PROJECT FUNDING A. FORGIVABLE LOAN USE FUNDING REQUEST Maximum grant amount of $50,000 Facade Improvements $ Frontage Improvements $ (Signage, awnings, permanent landscaping) Total Loan Request: $ B. OTHER PROPOSED FUNDING SOURCES Bank Loan $ Private Fund Commitment (5% required) $ Applicant Commitment $ Other $ Total Other Funding Sources $ PROJECT TOTAL: 4. PROJECT CONTACTS (Lenders, private funding source, partners, etc...) 2 1 P a g e Name Address Phone/Email: Name Address Phone/Email: 6. ATTACHMENTS CHECK LIST Please attach the following: A) Letter of Commitment from the Other Sources of Financing, Stating Terms and Conditions of their Participation in Project (if applicable) B) Project Plans (Architectural Rendering and Scope must be included) C) Project Quotes/Estimates D)Property Legal Description 7. AGREEMENT I / We certify that all information provided in this application is true and correct to the best of my/our knowledge. I / We authorize the Monticello EDA to verify financial and other information. I / We agree to provide any additional information as may be requested by the city. The undersigned has received the EDA's policy regarding the payment of costs of review, understands that the EDA requires reimbursement of costs incurred in reviewing the application, agrees to reimburse the EDA as required in the policy and make payment when billed by the EDA, and agrees that the application may be denied for failure to reimburse the EDA for costs as provided in the policy. APPLICANT SIGNATURE APPLICANT FAME (Print): PROPERTY OWNER NAME (Print): PROPERTY OWNER SIGNATURE: DATE: The EDA is a governmental entity and as such must provide public access to public data it receives. Data deemed by Applicant to be nonpublic data under State law should be so designated or marked by Applicant. See Minnesota Statutes, Sections 13.591, Subd.1 and 2. 3 1 P a g e �•� j `' W*4 ( • •41� .% ► • • jr ft 04' �t •4b• jallk • • ; • 417 �� 1 • �•a� All ♦ .Ib •�04 1 •- • • �► .4 coo sie • • , ' All, �� A _4" • 7dp Io • low �. 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IOU dA do lost. b do • - 'I, • ! t Pam .0o . 0 •so_ _I 1 f OF so lob dp IL • f► Im ` % •♦„AV , � • 40 Z ok• `� • 1 • A v Ib 0 dpv 7 + .� • :..i J'Ip, A •ong .9" _ _ J. .ter L� 40 ar Ag 4L it• Rif • � • I Aar • • 40 w 4p 1• ..46 doom Flo v ♦ � i _'emu. �, 7 6h,qklq-q f - _ 4do ap tS dm • S - 1w q - = l • 4p �M EDA Agenda: 06/12/2024 6A. Economic Development Manager's Report Prepared by: Meeting Date: ® Other Business Economic Development Manager 06/12/2024 Reviewed by: Approved by: N/A N/A REFERENCE AND BACKGROUND 1. 2023 Economic Development Update — Staff will review the CY 2023 activities and milestones through a Power Point presentation which was presented to City Council on March 11, 2024 — See Exhibit A. 2. Update - Recent land lease inquiry by Michels Construction. In early May the EDA discussed an inquiry by Michel's Construction asking about entering into a two-year lease for a site in OCBP for a concrete batch plant to serve the 1-94 Gap Project material needs. Staff learned in late May that Michels Construction did not get awarded the bid for the I- 94 Gap project, thus their interest -desire to explore the OCBP land lease has ended. 3. GMEF and SBDC Loans Status Update: A. Project Simpl-13,000 sq. ft. Office Build Out — Block 52 - Loan Closing has been Scheduled for June 24, 2024. The $300,000 GMEF Loan was approved by the EDA at its February 14, 2024, Meeting. Riverwood Bank recently (06-04-24) provided a Credit Memo Analysis related to the EDA's loan repayment risk level which indicates that there is a high probability of full loan repayment and low level of loan default risk. Riverwood Bank's analysis of the Block 52 Holdings, LLC partnership investors' financial information shows that the entire group has a solid -strong fundamental financial capacity to ensure performance of the loan repayment. B. Staff will provide an update and review of the various GMEF and SBDC Loans' repayment status. The review will include a brief overview and discussion of the Loan balance scenarios and need for minimum fund balances as well as possible EDA direction as well desired timelines. 4. 118 Broadway East Land Purchase Transaction Closing date - The Purchase Agreement has been signed and the closing date for the EDA purchase of 118 Broadway East is planned for June 27 or 28, 2024. Preferred Title, Monticello, MN, is handling the closing. The EDA Agenda: 06/12/2024 Phase I Environmental Site Assessment investigation is also underway and may be completed by June 26. If the Environmental work is not completed by June 26, the closing may be delayed by a few days, possibly to early July. 5. WSB Quarterly Update Report — See Exhibit B. 6. Prospect List Update - See Exhibit C. CITY OF Monticello trqF . •<'L - �► �•, s- •►.irk - � .mac.: - - �� s'!►u•-ems _ , � '��`x Econom k is Development Update March 11, 2024 "Programs, policies or activities that seek to improve the economic well-being and quality of life for a community" (making something better) The City of Monticello uses its Economic Development Authority (EDA) It also uses its Industrial Economic Development Committee (IEDC) COLLABORATION IS CRITICAL IN IMPLEMENTING ECONOMIC DEVELOPMENT EFFORTS!! 2023 EDA AND IEDC MEETINGS jk EDA Meetings man IEDC Meetings 15 Regular Meetings 8 Special Meetings 7 Closed Meetings 11 Regular Meetings a Fm CITY OF ,U73 EDA TOR& PLA (FROM 1 1 2040 VISION tPowntown Redevelopment 0 1 ndustrial/Commercial Development -iousing Development � s .abor Force Deve o ment ® Y ECONOMIC DEVELOPMENT TOOL KIT TAX ABATEMENT - New Tool!! 0 TIF (TAX INCREMENT FINANCING) LOAN PROGRAMS (2); GMEF and SCDP FACADE IMPROVEMENT LOAN PROGRAM COLLABORATIVE PARTNERS (WC, IFS STATE ASSIST PROGRAMS; MIF, JCF, BDPI, TED FEDERAL ASSIST PROGRAMS; EDA, RD W4 I 2023 ECON DEV ACTIVITIES Land Acquisitions (2) Tax Abatement Policies CET Grant Submittal Grants Received (2) Review of Land Dev Opportunities Housing Study Update Hotel Study Update Marketing — Podcast; Further refine IMCP Respond to Inquiries — Sites Workforce Development Collaboration Engage Business through BR&E Visits 0 bi CITY OF iamontice4wam llo st 0 r CITY OF Monticello 2023 KEY ACTIVITIES Block 34 • Land Acquisition — Finders Keepers Property on Hwy 25 • Environmental Studies •Assess Redevelopment Options -Concepts RIVERWOOD BANK PARCEL -:TH STREET WEST Purchase of vacant underutilized 14.16- acre parcel Environmental Studies Completed; Clean Site Comp Plan multi -family envisions potential commercial, or light industrial uses CITY INDUSTRIAL LAND FOR SALE I 7.63-271-3254 PROJECT ADMINISTRATION (ONGOING THROUGH PROJECT CLOSEOUT) Block 52 Reclev, Wiha Tools Exp, HW 7A St Twinhome Dev., UMC Exp. 2 GMEF Loans (loans are current) 1 SCDP Equipment Loan (loan is current) 9 TIF District Compliance Reports 4 Business Subsidy Compliance Reports Admin - MN -DEED Redev Grant, 2 MIF Grants 2023 Manufacturers' Recognition Breakfast Event Roundtable Mtg — Financing Programs Business Retention -Expansion Visits Review 2023 CET Grant Submittal — Public Forum -Comment Session � 10 ffix�* 9 Lei 0 M NETWORKING ICOLLABORATING • Update Community Profile -Attributes and Available Sites Information • Develop awareness community -site information brochures; build relationships! • Networking with Chamber of Commerce, WCEDP, Greater MSP, Initiative Foundation, Developer & Real Estate Community • Business Retention &Expansion (BR&E) Visits; build relationships! ACKNOWLEDGEMENTS TO BIG SUPPORTING CAST Economic Development efforts require much staff support and collaboration. The below noted City staff are critical in carrying out the work tasks and they deserve a Big Thank You. Angela Schumann, Community Development Director Hayden Stensgard, Community Economic Development Coordinator Vicki Leerhoff, Administrative Assistant QUESTIONS?. Jim Thares Economic Development Manager 763-271-3254 jim.thares@ci.Monticello.mn.us 0 U z W m 0 0 00 LO Z J 0 a a W z z 2 0 0 W F- Z) U) T W Z) z W a a z W x 0 Memorandum To: Jim Thares, Economic Development Manager From: Jim Gromberg, Economic Development Coordinator Date: May 30, 2024 Re: Project Updates Thank you for the opportunity to continue to assist the City of Monticello in their continued efforts to provide economic vitality for the community and the residents. Below are updates on some of the projects and insights into the trends currently facing the city. The city currently has several projects in progress for the continued growth of the commercial - industrial tax base. In addition to the tax base growth these projects will allow for the continued availability of employment and housing opportunities in Monticello. The state has awarded the city a grant for the CET program for $1,000,000 that is currently for future infrastructure extensions. Project Updates: Project Margarita: No changes on the status of the project from DEED. • The city received an RFI from DEED for another project that requires 40 acres of land, preferably greenfield. • 50 MW of electricity • $200 Million CAPEX • Th City submitted the Featherstone site as a potential site for the project. • The state is currently waiting to see if any sites in Minnesota make it through the first round of review. Project Singularity: No changes DEED is awaiting a response from the Company. • German Manufacturing Company that is looking for 50-acre site. • RFP was received from the state and was the second round of sites to be reviewed. • The criteria have changed to include any sites with a labor shed of 150,000 within a 45- minute drive. • CAPEX is estimated to be $90 million with a workforce of 500 employees. Project Wafer: No changes DEED is awaiting a response from the Company. • Project Wafer is a manufacturing project RFI that was received by the city in October. • The proposed project site requires 100 acres with the expansion possibility of 20 additional acres. • Capex would be an estimated $630 million with the creation of 1,500 employees for phase 1. • One of the significant requirements for the project was a location within 20 minutes of an interstate or major highway. • The city submitted a potential site in the newly identified eastern industrial park. Monticello IEDC May 30, 2024 Page 2 DATA Center Interest: The city has been contacted by two large data center organizations that develop data center sites for both co -locate and enterprise type facilities. Both companies are under NDAs, but the city is actively collaborating with them on potential sites. Co -locate facilities would be data centers that lease space out to other companies while operating the facility Enterprise facilities are developed for a single user and are owned and operated by that user. Data centers are generally a positive development of the community with a higher property tax value and limited adverse effect on city services. They have a limited number of direct jobs but generate a substantial number of ancillary support positions that are well above the average wage levels. In the past, one of the issues with data center development was the significant water uses for the facilities. With innovative technologies the need for continuous significant water usage has been reduced through the development of closed systems. Outlook: • The Minnesota inflation rate has been trending down over the last few months with a current rate of 2.7% compared to 3.4% nationally. • Average hourly wages increased by 3.5% out pacing the inflationary rate. • The Federal Reserve at their last meeting did not increase fed rate but did indicate that the current interest rates may continue until the end of the year. • The Fed has indicated that they may consider a rate reduction in 2025 should inflation continue to be under control. • Wright County's current average price per gallon is $3.369. • Gas prices are moderating and are currently averaging $3.379 per gallon in Minnesota and nationally averaging $3.907 nationally. • The price per gallon is $0.15 than last year over the Memorial Day weekend. • Minnesota's unemployment rate is currently at 2.7% compared to the national rate of 3.9%. The Minnesota rate has held steady at 2.7% for the last 6 months. • Wright County's unemployment rate is 2.8% compared to Sherburne County's 3.0%. • Minnesota's labor participation rate is 68.0% compared to a national average of 62.7%. • GDP grew at 2.5% for 2023 and is projected to grow at 2.5% for 2024. • The 30-year benchmark mortgage rate is around 7.13% compared to 7.0% in February. • The residential real estate market remains strong; with homes being on the market for 29 days with the market for Wright County being balanced and the market falling slightly into the sellers' market. Please let me know if you have any questions concerning the above projects or require additional information on the projects. In addition, let me know if you have additional projects that should be reviewed and included. PROSPECT LIST 06/07/2024 Date of Contact Company Name Business Category Project Description Building -Facility Retained Jobs New Jobs Total Investment Project Status 5/22/2018 Karlsburger Foods Food Products Mfg. Facilty Expansion 20,000 sq. ft. +/- 42 10 to $4,500,000 On Hold 20 3/19/2021 Project Orion Warehouse-Distributi on New Construction 832,500 sq. ft. 0 500 $125,000,000 Active Search 2/28/2022 6/16/2021 10/28/2021 Project Emma II Project UBAA Project Stallion Light Ind -Assembly New Construction 20,000 sq. ff. 4 $1,350,000 Active Search Child Care Services New Construction or Exist 5,000 sq. ft. 0 14 to 19 $2,000,000 Act Search Technology Service New Construction 42,000 sq. ft. 9r 40 $3,600,000 Active Search Lt Assembly Distribution New Construction 75,000 sq. ft. 75 $10,500,000 Active Search Precision Machining -Mfg. New Construction 35,000 to 45,000 sq. ft. 38 $4,700,000 Active Search 2/7/2022 4/28/2022 Project Shepherd III Project Cougar 8/11/2022 Project Sing Precision Machining New Construction 400,000 sq. ft. 0 500 $90,000,000 Active Search 10/28/2022 Project IAG Mfg. New Construction 300,000 sq. ft.? 0 50? $70 to $80,000,000 Active Search 11/9/2022 Project Tea Mfg New Construction 25,000 sq. ft. 55 20 $5,800,000 Active Search 12/13/2022 Project Love Mfg New Construction 250,000 130 $24,000,000 Active Search 4/20/2023 Project Lodge DH1 Lodging -Service New Construction ? ? ? $9,500,000 to $12,500,000 Active Search 4/20/2023 Project Lodge RS2 Lodging Service New Construction ? ? ? $9,500,000 to $12,500,000 Active Search 5/30/2023 Project Flower-M &M Commercial Concept Expansion ? ? ? ? Concept PROSPECT LIST 06/07/2024 Date of Contact Company Name Business Category Project Description Building -Facility Retained Jobs New Jobs Total Investment Project Status 6/9/2023 Project Pez Mfg New Construction 6,000 to 8,500 sq. ft. 12 2 $1.300,000 Active Search 7/1/2023 Project V-MOB MOB New Construction 175,000+sq. ft. ? $21,000,000 Identified Site 8/16/2023 Project Lodge RT4 Lodging-Hopsitality New Construction 98 Room Hotel N/A 30 $12,500,000 to $13,600,000 Identified Site 8/31/2023 Project Enclave- W300 Industrial - Warehouse- Distr New Construction 300,000 sq. ft. N/A ? $30,000,000 to $34,000,000 Active Search 9/19/2023 Project Panda #4 Sz Childcare Facility New Construction ? N/A ? $2,000,000+/- Active Search 10/12/2023 Project Fun Entertainment Expansion 2,400 sq. ft. N/A 4 $200,000 Concept 1/17/2024 Project Tex Industrial New Construction 500,000 sq. ft. 0 100 $500,000,000 Active Search 1/17/2024 Project G Industrial New Construction 1,000,000 sq. ft. 0 ? $120,000,000 Focused Search 1/2/2024 Project Simpl Office New Construction -Build Out 13,303 sq. ft. 23 50 $2,000,000 Identified Site 2/12/2024 Project Lodge- MSMWDC Lodging -Hospitality New Construction ? 0 10 $12,000,000 Identified Site 3/5/2024 Project Panda 20- MS Child Care Facility New Construction 20,000 sq. ft. 0 20 $2,000,000 Active Search PROSPECT LIST 06/07/2024 Date of Contact Company Name Business Category Project Description Building -Facility Retained Jobs New Jobs Total Investment Project Status 3/29/2024 Project ET-BB-12-9 Industrial Relocate - Existing Bldg 12,000 sq. ft. 12 $1,150,000 Identified Site 4/12/2024 Project Rest B52 Restaurant New build out -Finish 5,000 sq. ft. +/- 0 15 1500000+/- Identified Site 5/30/2024 Project EP-BDDC LACW Data Center New Construction ?? ?? ?? Identified Site 5/31/2024 Project DC2-NWG-GB Data Center New Construction ?? 0 40 ?? Active Search 6/1/2024 Project Maxwell -MN- DEED Industrial New Construction 150,000 sq. ft. 0 175 $40,000,000 to $185,000000 Active Search Contacts: M = 05 YTD = 23