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EDA Agenda - 10/09/2024AGENDA REGULAR MEETING - ECONOMIC DEVELOPMENT AUTHORITY (EDA) Wednesday, October 9, 2024 — 6:00 p.m. Mississippi Room, Monticello Community Center ECONOMIC DEVELOPMENT AUTHORITY SPECIAL MEETING Academy Room 4:45 p.m. Review and Discussion of Tax Abatement Pre -Application — Twin Pines Multi -Family Proposal 5:15 p.m. Review and Discussion of Proposed Downtown Facade Improvement Forgivable Loan - Monticello Family Dentistry 5:40 p.m. Review and Discussion of Proposed Downtown Facade Improvement Forgivable Loan — Mattress Store 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, Sarah Rathlisberger, Tyler Bevier 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 — August 14, 2024 C. Consideration of Approving Special Meeting Minutes — August 14, 2024 D. Consideration of Approving Regular Meeting Minutes — September 11, 2024 E. Consideration of Approving Special Meeting Minutes — September 16, 2024 4. Regular Agenda A. Consideration of Tax Abatement Pre -Application from Broadway Plaza in connection with a proposed 76-room Grand Stay Hotel and a 10,000 square foot Convention Center and a 4,500 square foot Restaurant B. Consideration of Resolution 2024-20 authorizing an Amendment of the Block 52 Purchase and Development Contract with Block 52 Holdings, LLC, Buchholz Exchange, LLC and Norgren Exchange, LLC C. Consideration of Requesting the City Council reimburse the EDA for paid Special Assessments on the 14.16-acre parcel of land (PID # 155-282-000010) in connection with the acquisition from Riverwood Bank in December 2023 and further to continue to defer the 429 Special Assessments for an additional 10 years or until the property is sold for development 5. Other Business A. Consideration of Economic Development Manager's Report 6. Adjournment EDA Agenda: 10/09/2024 3A. Consideration of Approving Payment of Bills Prepared by: Meeting Date: ❑ Regular Agenda Item Community & Economic Development 10/09/2024 ® Consent Agenda Item Coordinator Reviewed by: Approved by: Economic Development Manager 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 September 2024. 2. Motion to approve payment of bills through September2024 with changes as directed by the EDA. STAFF RECOMMENDATION: Staff recommend approval of Alternative 1. SUPPORTING DATA: • Accounts Payable Summary Statements for September 2024. Accounts Payable Transactions by Account User: julie.cheney Printed: 09/04/2024 - 3:39PM Batch: 00202.09.2024 Account Number Vendor Description e onticeflo GL Date Check No Amount PO No 213-46301-430400 KENNEDY AND GRAVEN CHART Hair Obsessions Microloan - July 202, 09/10/2024 128981 567.00 213-46301-430400 KENNEDY AND GRAVEN CHAR] GMEF Loan Rustech - July 2024 09/10/2024 128981 144.00 213-46301-430400 KENNEDY AND GRAVEN CHAR] Deephaven GMHF Loan - June 2024 09/10/2024 128981 218.00 213-46301-430400 KENNEDY AND GRAVEN CHAR] General EDA - July 2024 09/10/2024 128981 1,149.00 213-46301-430400 KENNEDY AND GRAVEN CHAR] Facade Forgivable Loan Program - Jut 09/10/2024 128981 140.00 213-46301-430400 KENNEDY AND GRAVEN CHAR] GMEF Loan Rustech - June 2024 09/10/2024 128981 146.00 213-46301-430400 KENNEDY AND GRAVEN CHAR] General EDA - June 2024 09/10/2024 128981 207.00 213-46301-430400 KENNEDY AND GRAVEN CHAR] General EDA - June 2024 09/10/2024 128981 2,366.00 213-46301-430400 KENNEDY AND GRAVEN CHAR] Facade Forgivable Loan Program - Jul 09/10/2024 128981 140.00 Vendor Subtotal: 5,077.00 Subtotal for Fund: 213 5,077.00 Report Total: 5,077.00 AP -Transactions by Account (09/04/2024 - 3:39 PM) Page 1 Accounts Payable Transactions by Account User: julie.cheney Printed: 09/19/2024 - 8:02AM Batch: 00203.09.2024 Account Number Vendor Description e onticeflo GL Date Check No Amount PO No 213-46301-431993 WSB & ASSOCIATES INC 2024 Economic Development Service! 09/24/2024 0 2,893.00 Vendor Subtotal: 2,893.00 213-46522-443989 WRIGHT CO AUDITOR-TREAS TIF 1-22 Excess Tax Increment Retur 09/24/2024 129088 269,641.00 Vendor Subtotal: 269,641.00 Subtotal for Fund: 213 272,534.00 Report Total: 272,534.00 AP -Transactions by Account (09/19/2024 - 8:02 AM) Page 1 Accounts Payable Transactions by Account User: julie.cheney Printed: 09/16/2024 - 3:15PM Batch: 00201.09.2024 Account Number Vendor Description CITY OF • onticeflo GL Date Check No Amount PO No e 213-46301-438200 CITY OF MONTICELLO 7256-004 - 130 Brdwy- Stormwtr 09/15/2024 0 31.50 213-46301-438200 CITY OF MONTICELLO 7256-015 - 216 Pine St - EDA 09/15/2024 0 52.61 Vendor Subtotal: 84.11 213-46301-443300 US BANK CORPORATE PMT SYS THE BUSINESS JOURNAL - Subscri 09/15/2024 0 130.00 Vendor Subtotal: 130.00 213-46301-443990 US BANK CORPORATE PMT SYS DOMINOS - Food for EDA Meeting 09/15/2024 0 37.97 213-46301-443990 US BANK CORPORATE PMT SYS WRIGHT CO RECORDER - Record 1 09/15/2024 0 47.80 213-46301-443990 US BANK CORPORATE PMT SYS WRIGHT CO RECORDER - Record 1 09/15/2024 0 758.78 Vendor Subtotal: 844.55 Subtotal for Fund: 213 1,058.66 Report Total: 1,058.66 AP -Transactions by Account (09/16/2024 - 3:15 PM) Page 1 Accounts Payable Transactions by Account User: julie.cheney Printed: 10/01/2024 - 1:34PM Batch: 00204.09.2024 Account Number Vendor Description CITY OF • Onticeflo GL Date Check No Amount PO No e 213-46301-431991 DEMVI LLC Parking Lot Maintenance - Sept 2024 09/30/2024 0 213.86 Vendor Subtotal: 213.86 213-46301-438100 CENTERPOINT ENERGY 12045691-8 - 216 Pine St - EDA 09/30/2024 0 31.83 Vendor Subtotal: 31.83 213-46301-438100 XCEL ENERGY 14698960-5 - EDA - 216 Pine St -Finds 09/30/2024 0 19.65 Vendor Subtotal: 19.65 Subtotal for Fund: 213 265.34 Report Total: 265.34 The preceding list of bills totaling $278,935.00 was approved for payment. Date: 10/9/24 Approved by: Hali Sittig - Treasurer AP -Transactions by Account (10/01/2024 - 1:34 PM) Page 1 MINUTES (DRAFT) WORKSHOP - ECONOMIC DEVELOPMENT AUTHORITY (EDA) Wednesday, August 14, 2024 — 5:00 p.m. Academy Room, Monticello Community Center Commissioners Present: President Steve Johnson, Vice President Jon Morphew, Treasurer Hali Sittig, 011ie Koropchak-White, Rick Barger, Mayor Lloyd Hilgart Commissioners Absent: Councilmember Tracy Hinz joined the meeting at 5:11 pm. Staff Present: Executive Director Jim Thares 1. Call to Order a. President Steve Johnson called the workshop meeting to order at 5:03 p.m. 2. Roll Call a. President Johnson called the roll. 3. Marketing Materials Review and Discussion Jim Thares, Economic Development Manager presented the item. Previously the EDA authorized AES2 to create marketing materials. Mr. Thares gave a brief review of the brochure. Discussion was held as to who the target audience is and how to reach them. The EDA shared comments and Mr. Thares will compile them and bring back the suggestions to AES2. 4. Rustech Microbrewery GMEF Loan Discussion Jim Thares, Economic Development Manager presented the item. Rustech plans to move out of its current location Thursday, August 15, 2024. The EDA's GMEF Loan documents state the equipment is located at that address. When the equipment is removed from the building, they will be in default on their GMEF Loan. The EDA can try to collect; however, the EDA attorney cautions against that action. The owner intends to pay $5,000 to $10,000 this week bringing the loan balance to $$54,000 to $49,000. The loan is current as monthly payments are being made. The owner is not has indicated that they do not intend to file for bankruptcy and prefer to continue to work with the EDA to pay off the loan. Mr. Johnson inquired if the EDA has a UCC filing against the equipment. He presented the question as should the EDA modify the loan so he can move the equipment or keep Rustech in default so the EDA can recover the equipment at anytime they choose. Jim Thares responded that yes, the EDA has a UCC filing which was renewed in 2023 against specific identified equipment. Further discussion was held. Staff recommends the EDA continue to work with the owner. 5. GMEF and SCDP Fund Balance Discussion Mr. Thares presented the current loan balances for GMEF and SCDP. Staff suggested the EDA consider a minimum fund balance. EDA members noted that they would prefer to have the flexibility to look at all potential loan requests and if at some point in the future, there is insufficient loan balance, then they would determine how to proceed with a request at that time. 6. Adjournment TRACY HINZ MOVED TO ADJOURN THE WORKSHOP MEETING OF THE MONTICELLO EDA. JON MORPHEW SECONDED THE MOTION. MOTION CARRIED UNANIMOUSLY, 7-0. MEETING ADJOURNED AT 5:58 P.M. MINUTES (DRAFT) WORKSHOP - ECONOMIC DEVELOPMENT AUTHORITY (EDA) Monday, September 16, 2024-4:00 p.m. Academy Room, Monticello Community Center Commissioners Present: President Steve Johnson, Vice President Jon Morphew, Treasurer Hali Sittig, 011ie Koropchak-White, Rick Barger, Mayor Lloyd Hilgart Commissioners Absent: Councilmember Tracy Hinz Staff Present: Executive Director Jim Thares, Rachel Leonard, Angela Schumann, 1. Call to Order a. President Steve Johnson called the workshop meeting to order at 4:05 p.m. 2. Roll Call a. President Johnson called the roll. 3. Consideration of Letter of Understanding for Land Acquisition in Otter Creek Business Park- Niron Magnetics Jim Thares, Economic Development Manager, presented the item referring to the commitment for a site in Otter Creek Business Park (OCBP) to accommodate a proposed industrial development. The EDA attorney reviewed and has recommended staff to redraft. Mr. Thares provided a handout of suggestions from the lawyer. They include but are not limited to • $1 for a portion of 43 acres • Process required to reach a decision authorization point • Format of future agreement Mayor Hilgart asked if they could provide a preliminary development agreement to fulfil many of these requirements. Mr. Thares addressed that question that Niron could do this. Mr. Thares explained that the second phase parcel has a higher value and cost. 011ie Koropchak-White inquired what Niron plans to build on that parcel. If Niron is not building all at the same time, can the EDA write off the land for $1 over the years they are constructing all facilities? Mr. Thares explained the 3 buildings are initial construction. Phases 2 and 3 would add other buildings. A follow-up questions is would they ask for anew TIF district? Yes, that would be a possibility. Angela Schumann, Community Development Director, shared they are planning on using the shovel ready part first and explained the following phases by parcel. Mr. Mayor inquired if there would be any land available for Dahlheimer Beverage should they decide to expand. Angela Schumann noted that there is additional land on their current site for an expansion. Rick Barger inquired if the future phase 2 and 3 buildings on the south parcels would hold chemicals and adhere to the 500-foot buffer since it is close to residential properties. Mr. Thares said that staff is factoring that issue into the land siting concepts that have been discussed with Niron Magnetics. Ms. Schumann asked the EDA to provide input as to whether the EDA would want to include all the property in the initial TIF valuation estimates or commit to only the portion they readily need with an option agreement for additional acreage in the future. Further discussion was held to clarify the phases and options. Staff is asking for approval of the Letter of Understanding (LOU) as an initial concept of further discussion and efforts in working with Niron Magnetics in its effort to secure an industrial development site in Monticello. Mr. Thares explained the timeline and actions needed for Niron to continue the process. 1. JON MORPHEW MOVED TO AUTHORIZE LETTER OF UNDERSTANDING (LOU) TO NIRON MAGNETICS AS PRESENTED FOR A SITE IN OTTER CREEK BUSINESS PARK (OCBP). SECONDED BY RICK BARGER. Clarification of the land size and steps was discussed. MOTION CARRIED UNCNIMOUSLY, 6-0. 4. Adjournment OLLIE KOROPCHAK-WHITE MOVED TO ADJOURN THE WORKSHOP MEETING OF THE MONTICELLO EDA. HALI SITTIG SECONDED THE MOTION. MOTION CARRIED UNANIMOUSLY, 6-0. MEETING ADJOURNED AT 4:52 P.M. EDA Agenda: 10/09/2024 4A. Consideration of Tax Abatement Pre -Application from Broadwav Holdings. LLC Broadway Plaza Development Proposal (Hotel, Convention Center and Restaurant) Prepared by: Meeting Date: ® Regular Agenda Item Economic Development Manager 10/09/2024 ❑ Consent Agenda Item Reviewed by: Approved by: Community Development Director, City Administrator Finance Director, Community & Economic Development Coordinator ACTION REQUESTED Motion as determined by the EDA related to submission of a full/final application for Tax Abatement by Broadway Holdings, LLC to support the Broadway Plaza development proposal, comprised of a Grand Stay Hotel, Convention Center and Restaurant. REFERENCE AND BACKGROUND Broadway Holdings LLC submitted a tax abatement pre -application and is seeking financial assistance for the proposed development of a 76-room Grand Stay Hotel, a 10,000 square foot convention center and a 4,500 square foot restaurant. As a pre -application, this is not the complete packet that would be required for a final Tax Abatement application. Additional documentation is needed for further review and analysis if the EDA determines that this pre - application warrants further consideration as a final application. Summary materials of the development proposal are included in the exhibits. The total cost of the development proposal is projected to be approximately $21,168,000. The proposed site is an irregular crescent shaped parcel along Broadway East and adjacent to 1-94 on the very eastern edge of the City. Recently, the proposal received City Council approval for rezoning as a Preliminary Stage PUD (Planned Unit Development) and Preliminary Plat approval. In addition to the hotel, a signature component of the development is the 10,000 square foot convention center. A restaurant is also planned to be located adjacent to the convention center portion of the building. As a reminder, a Tax Abatement Policy was approved in October of 2023. With this policy adoption, the City can now utilize tax abatement as an economic development tool that is similar to TIF (Tax Increment Financing) in several ways, with some key differences. Exhibit C of this report includes PowerPoint slides from the June 2023 City-EDA presentation which reviews Tax Abatement and notes the primary differences between Tax Abatement and TIF. It should also be noted that under Minnesota state statutes, cities are the authorizing entity for Tax Abatement. As per the recently adopted policy, the EDA's role is to review applications for EDA Agenda: 10/09/2024 Tax Abatement and provide recommendations to the City Council for final consideration. The EDA would consider a formal recommendation to Council with the full tax abatement application. The developer team will be at the meeting to review the proposal and answer questions that the EDA may have regarding the development. I. Budget Impact: The budget impact related to the Tax Abatement application submittal is minimal at this point. The developer submitted the pre -application fee of $250. If the EDA recommends that the developer proceed with the final Tax Abatement application, they are prepared to submit the required escrow fee deposit of $10,000. II. Staff Workload Impact: Staff involved in the review steps of the hotel proposal Tax Abatement pre -application consists of the City Administrator, Community Development Director, Finance Director, and Economic Development Manager. III. Comprehensive Plan Impact: Direct analysis of the proposal's relationship to the Monticello 2040 Vison + Plan will be made with a final Tax Abatement and business subsidy application. STAFF RECOMMENDATION Staff are deferring to the EDA regarding the Broadway Holdings, LLC Tax Abatement pre - Application. The Tax Abatement Policy and evaluation criteria are attached for reference as the EDA considers its direction. If the EDA feels the pre -application merits further consideration, a final formal application will be required with additional materials submitted as required by the application, including financial statements and evidence of funding commitments. The 2023 Hotel Study commissioned by the EDA noted that the market was losing potential hotel customers to nearby communities and financial assistance would be needed to support a new upper -mid -scale hotel development. The City Council recently approved Tax Abatement for the 98-room Fairfield By Marriott hotel proposal in late August. As a distinguishing element of the current proposal, the Broadway Plaza project includes a sizable convention center which is also identified as significant component of the hospitality sector. This element alone may warrant further review and consideration of the proposal's request for Tax Abatement. SUPPORTING DATA A. Tax Abatement Application — Broadway Plaza Development Proposal B. Development Proposal Overview C. Summary Description Development Proposal w/ Job Creation Projections D. Aerial Photo - Proposed Development Site EDA Agenda: 10/09/2024 E. Site Plan F. Tax Abatement PowerPoint Slides G. Tax Abatement Policy H. Tax Abatement Evaluation Criteria dotloop signature verification: dt1p.us/50GG-boBe-hvTK CITY OF MONTICELLO and ECONOMIC DEVELOPMENT AUTHORITY BUSINESS SUBSIDY APPLICATION TAX ABATEMENT BUSINESS ASSISTANCE FINANCING Michael William Schneider Legal name of applicant: Address: 6321 East Broadway, Monticello 320-267-4292 Telephone number: Mike Schneider Name of contact person: REQUESTED INFORMATION Addendum shall be attached hereto addressing in detail the following: 1. A map showing the exact boundaries of proposed development. 2. Give a general description of the project including size and location of building(s); business type or use; traffic information including parking, projected vehicle counts and traffic flow; timing of the project; estimated market value following completion. 3. The existing Comprehensive Guide Plan Land Use designation and zoning of the property. Include a statement as to how the proposed development will conform to the land use designation and how the property will be zoned. 4. A statement identifying how the abatement assistance will be used and why it is necessary to undertake the project. 5. A statement identifying the public benefits of the proposal including estimated increase in property valuation, new jobs to be created, hourly wages and other community assets. 6. A written description of the developer's business, principals, history and past projects I understand that the application fee will be used for City-EDA staff and consultant costs and may be partially refundable if the request for assistance is withdrawn. Refunds will be made at the discretion of the City Council and be based on the costs incurred by the City-EDA prior to withdrawal of the request for assistance. If the initial application fee is insufficient, I will be responsible for additional deposits. SIGNATURE Applicant's signature: Date: 09/27/2024 dotloop verified 09/27/2 09/27/249:41 AM CDT SNCJ-QUJ4-EQSK JGQV dotloop signature verification: dt1p.us/50GG-bo13e-hvTK CITY OF MONTICELLO ECONOMIC DEVELOPMENT AUTHORITY Application for Tax Abatement Business Assistance Financing GENERAL INFORMATION: Business Name: Broadway Plaza Date: 9/23/2024 Address: 6321 East Broadway Monticello MN 55362 LLC Type (Partnership, etc.): Mike Schneider 320-267-4292 Authorized Representative: Phone: Hotel- Event Center- Restaurant Description of Business: Legal Counsel: Matt Resch - Attorney Address: 8300 Norman Center Drive suite 1000 Minneapolis FINANCIAL BACKGROUND: No 1. Have you ever filed for bankruptcy? No 2. Have you ever defaulted on any loan commitment? Yes 3. Have you applied for conventional financing for the project? Sherburne State Bank — Jarred Merchant 763-271-7185 4. List financial references: Huntington bank 612-3174817 a. Riverwood Bank 763-295-2265 b. Arbor Mortgage Company-716-565-3286 C. 952.896.1558 Phone: 2 dotloop signature verification: dt1p.us/50GG-bo13e-hvTK 5. Have you ever used Tax Abatement Business Assistance Financing before? No If yes, what, where and when? PROJECT INFORMATION: 1. Location of Proposed Project: 6321 East Broadway Monticello Mn 55362 2. Amount of Tax Abatement Business Assistance requested? 3. Need for Tax Abatement Business Assistance: Financial assistance during the period the businesses get established $900,000 4. Present ownership of site: Mike Schneider / Classics on Broadway 80 5. Number of permanent jobs created as a result of project? See attached 6. Estimated annual sales: Present: 7. Market value of project following completion: $21,168,000.00 10/31/24 8. Anticipated start date: FINANCIAL INFORMATION: 1. Estimated project related costs: a. Land acquisition b. Site development c. Building cost d. Equipment e. Architectural/engineering fee f. Legal fees g. Off -site development costs $ 2,750,000 2.605,000 13,850,000 1,353,000 235,000 160,000 185,000 See attached Future: 12/31/25 Completion Date: 3 dotloop signature verification: dtlp.us/50GG-boBe-hvTK 2. Source of financing: a. Private financing institution $ 16,767,000.00 b. Tax increment funds $900,000.00 c. Other public funds d. Developer equity $3,500,000.00 dotloop signature verification: dtlp.us/5OGG-bol3e-hvTK PLEASE INCLUDE: 1. Preliminary financial commitment from bank. 2. Plans and drawing of project. 3. Background material of company. 4. Pro Forma analysis. 5. Financial statements. 6. Statement of property ownership or control. 7. Payment of application fee/escrow deposit of $10,000 LEI �- IIIIIIIIII�IIIzu �l u 9H!L"WE 111mmm ■■ IIIIIII�III�IIIt I Introduction Elevating Hospitality and Events At Broadway Holdings LLC, we're redefining the standards of hospitality with our premier event and conference center, hotel, and upscale dining. Strategically located along 1-94 in Monticello, our facility combines luxury accommodations with state-of-the-art event spaces, offering a unique experience for both business and leisure guests. Discover the future of exceptional service. Our mission is to create a welcoming, versatile space that caters to every need, from conferences to weddings, and everything in between. Welcome to the new standard of hospitality with Broadway Holdings LLC! isk 02 Grandstay Hos pitality A growing, family -focused brand dedicated to delivering exceptional guest experiences. G ra ndStay goes beyond typical hotels by offering personalized service, family -friendly amenities, and a welcoming environment that feels like home. With a commitment to comfort and care, G ra ndStay stands out in the hospitality industry as a trusted choice for families. Mich Demand Central Minnesota needs upscale event spaces and modern lodging. Tourism Boost Proximity to attractions drives demand for quality accommodations. Business Growth Growing corporate events require larger, premium venues. Js� eMidor or 05 Broadway Holdings LLC,0 A Premier Destination for Hospitality and Events Versatile Event Center 10,000 sq ft facility for conferences, weddings, and social events with modern tech and customizable packages. Premier Accommodations The Grand Stay Hotel offers luxurious rooms and top-notch amenities. Upscale Dining Vita Bella Restaurant delivers high -quality dining with a diverse menu. ��I r'Vjq &,my 1W qM Ta(r9et M�rl�e Local Residents I fff I Weddings, social events, and dining at Vita Bella Restaurant. Business Professionals 4& Corporate meetings, seminars, and networking events. Tourists & Travelers ��III Hotel stays and access to nearby attractions. Special Events 0 0 013 . Conferences, o conventions, weddings, and seasonal celebrations. GRANDSTAY HOTEL EVENTS ON BROADWAY VITA BELLA RESTAURANT 1e7:kvI:4.Lol� OPERATING EXPENSES NET OPERATING INCOME NET INCOME REVENUE NET INCOME REVENUE NET INCOME $29032,250.12 $6679715.44 $886,928.48 $379,227.48 $452,100 $452,100 $3,283,000 $416,166 $29123,688 $697,762.63 $926,840.26 $396,292.71 $472,444.50 $472,444.50 $39430,735 $455,946 J $2,2199240 $729116l.95 $9689548.07 $414,125.88 $493,704.50 $493,704.50 $39585,016 $477,942 $293199093 $761,974.24 $1,0129132.74 $432,761.54 $515,921.20 $515,921.20 $3,7469148 $502,713 $2,423,438 $796,263.08 $1,057,678.71 $452,235.80 $539,137.65 $5399137.65 $39914.432 $5309499 l � L L-i a ft �• 'w PRO i yb c � Total Development Amount $21 J 677000 Founders Investment: $3,500,000 Investment Opportunity: $16,767,000 Purpose: Equity/Ownership providing excellent returns for amuch-needed Hotel/Event Center & Upscale Restaurant. yl-ajm;xz� - 1 f - As Mike Schneider and Michelle Weinzetl Monticeflo Co -Founders Lisa Shields-Ergen 4 VITA BELL. Restaurant Chief Operator ESIGNDoug Carlson i UN'.�TFiUI.'1'IUN EVELOI'MENT Builder/Developer a Tony Dingmann ONSMUMUN Construction Manager GRANDSTAY Jon Kennedy Franchise Consultant Gavin Fawbush Vice President, Birch Lake Hospitality Contact Information e Mike Schneider (320) 267-4292 0 mwschneider49@gmail.com e Michelle Weinzetl (763) 300-5055 0 michelle@landholdingequity.com BROADWAY PLAZA - M O N T I C E L L O, M N �L TI[Ianlk You Thank You for Joining Us on Our Journey At Broadway Holdings LLC, our mission is to redefine hospitality with a premier event center and luxurious accommodations. We're not just building a venue; we're creating unforgettable experiences and exceptions service standards. We invite you to be a part of this exciting venture, shaping the future of hospitality in Minnesota. Thank you for your support and partnership. Together, we can elevate the guest experience and make a lasting impact. Arw DISCLAIMER ASSUMPTIONS AND LIMITING CONDITIONS 1. This document is to be used in whole and not in part. 2. Estimated results are also based on an evaluation of the present general economy of the area and do not take into account, or make provision for, the effect of any sharp rise or decline in local or general economic conditions which may occur. There usually will be differences between the estimated and actual results, because events and circumstances frequently do not occur as expected. Such differences may be material. 3. We do not warrant that our estimates will be attained; they will be developed based upon information obtained during the course of our market research and are intended to reflect the expectations of a typical hotel developer/investor as of the report date. 4. We have no obligation to update our findings regarding changes to the scope of the proposed development or changes in market conditions subsequent to the completion of our fieldwork. The information gathered during the course of the fieldwork and used in this analysis is assumed to be accurate, although we cannot guarantee its accuracy. 5. Neither all nor part of the contents of this report shall be disseminated to the public through advertising media, news media, sales media, or any public means of communication without the prior written consent and approval of Mike Schneider (Broadway Holdings LLC). 6. The Client has disclosed all relevant information, conditions, data, and other information that Client deems relevant. Unless specifically brought to the attention investor will assume that there are no hidden or unexpected conditions or information that would adversely or otherwise affect the study and analysis leading to the Report. Broadway Holdings LLC expresses no opinion and gives no advice concerning matters that require legal or specialized expertise, investigation, or knowledge such as, without limitation, engineering, tax, accounting, zoning, signage, hazardous substance/waste, wetlands, franchise or other technical or developmental matters. Market studies involve the interpretation of evolving events and the research and review of highly confidential information, the accuracy of which cannot be assured. The risk of unknown or unanticipated events or conditions is an additional variable for which there is no remedy. Client understands these limitations and interprets all research, analysis, and projections accordingly. 7. It is expressly understood that the scope of our study and report thereon does not include the possible impact of zoning or environmental regulations, licensing requirements or other such restrictions concerning the project except where such matters have been brought to our attention and disclosed in the report. 8. No liability is assumed for matters legal in nature. Broadway Holdings LLC cannot be held liable in any cause of action concerning this assignment for any compensatory dollar amount over and above the total fees collected from this engagement. 9. Any and all legal expenses incurred in the defense or representation of Broadway Holdings LLC its principals, and its employees will be the responsibility of the client. 10. We are not required to give testimony or attendance in court by reason of this assignment, with reference to the property in question, unless prior arrangements have been made and agreed to in writing. 11. Broadway Holdings LLC is not obligated, or qualified, to predict future political, economic, or social trends, which may or may not occur as a result. Signature: Date: Broadway Event Plaza - Broadway holdings LLC Wright County Economic Development Authority Application for business assistance financing Executive Summary We're thrilled to propose the development of the Broadway Event Plaza located along the I- 94 corridor. This 7 acre development will consist of a 76 Grandstay hotel and Suites, a 10,000 square foot Event Center and an upscale 4500 sq ft restaurant. The Birchwood Management company will oversee the 76 room hotel which will feature an indoor swimming pool, meeting rooms, a fitness center, continental breakfast and a standard happy hour with appetizers for guests. Grandstay hotel and suites a well known Minnesota based franchise will attract guests for both leisure travel and business due to the adjacent Event Center. The extended stay suites will be particularly appealing to the numerous workers involved in ongoing construction and development projects in Monticello The 10,000 square foot Event Center will be a state-of-the-art facility capable of hosting regional company meetings, trade conventions, public school events, weddings and various community gatherings. This multifunctional space will serve as a hub for social and professional interactions promoting Monticello as a premier destination for events of all kinds. The Event Center will not only meet a significant need in Monticello but will also generate revenue for the city and support the prosperity of other local businesses. Additionally the Event Center studies support the need for a larger hotel indicating that local events will benefit other hotels in the community as well. The event Plaza will also feature an upscale restaurant catering not only to hotel guests and event attendees but also to Monticello residents seeking an elevated dining experience. By providing a sophisticated culinary destination this restaurant will enhance the local dining scene and stimulate economic growth within the community Classics on Broadway Museum will be a destination for those interested in historical artifacts primarily focusing on vintage vehicles. This 8,000 sq ft museum will be open 5 days a week attracting additional tourism to Monticello. The requested tax abatement will provide an avenue to achieve the necessary return to raise equity and secure bank financing. Additionally, it will give the project flexibility to incorporate request design features at the Broadway Event Center. This development will create more than 80 jobs and become an asset to local businesses, public events and tourism. Classics on Broadway We are excited to introduce the new Classics Museum, a stunning 8,000 square -foot facility designed to celebrate and showcase collector vehicles of exceptional quality. The museum will be housed in a post -frame building, expertly finished with a stucco -clad steel exterior and accented by a 36-inch stone wainscot along the base. Stone trim will grace each corner of the building, adding to its timeless, elegant design. The building will be surrounded by beautiful landscaping to enhance the visitor experience. Access to the museum will be provided through four 14x14 overhead doors and four service doors, ensuring ease of movement for both vehicles and visitors. Inside, the building will feature concrete floors finished with a durable, glossy epoxy coating, and will be fully lined and insulated with perforated soundboards for optimal acoustics and comfort. The museum will have the capacity to display approximately 35 museum - quality collector vehicles, offering an unforgettable experience for automobile enthusiasts and history buffs alike. In addition to being a premier destination for classic car enthusiasts, the Classics Museum is expected to significantly boost tourism to the Monticello community. By attracting visitors from near and far, the museum will not only showcase the art and history of vintage automobiles but also contribute to the Local economy and culture. Our operating hours will be Wednesday through Sunday, from 1:00 PM to 7:00 PM. We look forward to welcoming visitors to this unique destination where history and engineering excellence come together. BROADWAY HOLDINGS LLC - BROADWAY EVENT CENTER Employment For Grandstay General Manager -one full time $80,000 /Yr Assistant Manager -one full time $45,000 / Yr Front Desk -one full time $40,000/Yr Auditor -one full time $$40,000/ Yr Maintenance- two part time $20.00 /hour Housekeeping -ten part time $20.00 /hour Laundry- two full time $18.50 / hour Advertising / Marketing -1 part time $30,000 / Yr Kitchen -three part time $18.50 /Yr Total Jobs Created 32+ BROADWAY HOLDINGs LLC - BROADWAY EVENT CENTER Employment For Events on Broadway General Manager -one full time $80,000 /Yr Assistant Manager -one full time $45,000 / Yr Event Coordinator - two part time $35,000 / Yr Front Desk -one full time $40,000/Yr Set Up - four part time $20,000 Hour Bar Server- three part time $17.00 Hour/Tips Housekeeping -three part time $20.00 Hour Security -6 part time $25.00 Hour Advertising / Marketing one part time $30,000 / YR 22+ Jobs Created BROAMAY HOLDINGs LLC - BROADwAY EVENT CENTER Employment for Vita Bella Executive Chef -one full time $95,000 /Yr Chief De Cuisine - one fill time $64,000 / Yr Sous Chief -one full time $45,000 / Yr Line Chef's -six full time $17.00 / Hr Bar Manager -one full time $48,000 / Yr Bartender -one part time $24.00 /Hr Servers - twelve full time $23.00 / Hr Dishwashers -two full time $20.00 / Hr Cleaning -two part time $24.00/Hr 27 Jobs Created BROADWAY HOLDINGS LLC - BROADwAY EVENT CENTER Employment For Classics Museum Manager -one full time Customer Service -two part time Cleaning / Maintance- one part time 4+ Jobs Created $20.00 / Hour $18.00 / Hour $ 25.00 / Hour 0Beacon Wright County, MN Overview Legend Highways Interstate State Hwy US Hwy — Roads Road Labels 01 02 03 04 07 08 10 21 22 City/Township Limits ❑ c ❑t ❑ Parcels Torrens Parcel ID 213000183101 Alternate ID n/a Taxpayer Address 6321 E BROADWAY ST Sec/Twp/Rng 18-121-024 Class 209 - 4B1 RES 1-3 UNITS- PREV SSR CLASSICS ON BROADWAY LLC Property Address 6321 E BROADWAY ST Acreage 6.37 Acres MONTICELLO District (2902) TOWN OF MONTICELLO-0882 Brief Tax Description SECT-18 TWP-121 RANGE-024 UNPLATTED LAND MONTICELLO TWP1 N1/2 OF SW1/4 & SE1/4OF NW1/4 LY NELY OF NE R/W OF CO HWY75 &LY SWLY OF SWLY R/W OF I-94 EX TR DES ON DOC1083554(183102 (Note: Not to be used on legal documents) Date created:10/4/2024 Last Data Uploaded: 10/4/202412:22:18 PM Developed b p YIJ SCHNEIDER GEOSPATIAL 1 OD \ N r° C \ °NNFc \ O/ r r° I \ O \ FLOOR ELEV.=955.90 EXIST V SHED THIN BRICK VENEER ON CONC. FILLED C.M.U. WALL 3B/AOIO BOLLARD'-�"n o DUMPS SLAB CE� I 25'-O VERIFY DOOR 67H REOT'S 3'-9" HINGED GATES (VERIFY WIDTH)- TRASH -ENCL. PLAN jl SCALE: 3/I6" 1'-0' 2B/ASOI L O \ / / \ \ TO \ O N� r 00, �y'cti lygy ti0 G'T 0+ �O,Q 'Qy��GG �9y LASSII 3ROA gl DING USEUM 8,322 S.F� THIN BRICK VENEER ON CONC. FILLED C.M.U. WALL 3A/ASOI BOLLARD 4'-O' '-8" 4'-0" 3'-4" NO 4" CONC. SgAB 4" GRAN. IFIL DUMP VERIFY DOOR L�7 ARE T�IBING 3'-9" HINGEL7>D GATES 2A/ASOI (VERIFY WIDTH) TRASH -ENCL. PLAN jl SCALE: 3/I6" 1'-0" � \ 1 ZI i • 1 \ 1 1 `. x SITE PLAN SCALE: V = 601-011 4 sic / - TOTAL GROSS LAND AREA = 328,64S SF (1.54 ACRES) HOTEL (FIRST FLOOR) = 12,80( SF CONVENTION CENTER = 10,101 SF RESTAURANT = 4,888 SF PARKING CALC. BUILDING REQ'D. PROVIDED HOTEL: I PER UNIT + I PER 10 UNITS + I PER EMPLOYEE ON MAX. SHIFT CONVENTION CENTER: I PER 2.5 GUESTS + I PER 200 SF OF FOOD PREP/STAGING, ETC. 141 +/_ RESTAURANT. I PER 40 SF OF DINING I PER 80 SF OF KITCHEN BO+/_ TOTAL PARKING STALLS PROVIDED 321 349 2�4 PARKING STALLS PROVIDED FOR CLASSICS ON BROADWAY \ \ 4 Jr� \ 24 \ �U N >U r O 0 0 0 ON N w J N I 0 N I rn O 0 w o J ■ ■a■■ ■A■19 -- ■T■©■ ■■►■ ■R-91Ee■■■■■■ MORIN ■N■I' MEW4[iA■ ■m■M■■"iIN■ ■EI■©■ MEN"" ■�■0■■�7i�[ i1 ■gi■N■ C�J' t MEMEMMOMME 1001110 ■■■■■■■■M■ ■■��\V.Idi�!7LiCVi�■ ■tau'.nwdN N.am ei■■ ■■if ■&F■R■■■■■ ■I�MEN 11010il■ 0000000000 ■■■■■■■■■■ ■■■■■■■■■■ ■■■■■■■■■■ ■■■■■■■■■■ ■M■■■■■■■■ ■M_■■■■■■■■ ■i5■■■■■■■■ MMMMMMMMMM ■■■■■■■■■■ ■■■■■■■■■■ MENOMONEE ■■■■■■■■■■ ■■■■■■■■■■ ■■■■■■■■■■ ■■■■■■■■■■ ■■■■■■■■■■ ■■■■■■■■■■ on Ild�J;■ ■.•.[_JG�Ar■ ■■■■■■■■■■ ■■■■■■■■■■ ■ ■■■ ■■■■ EMEMEMEME ■IN-■■■■■■■■ ■■■■■■■■■■ ■I ■■N 11010 I■ EME■Qs■■■■ EMa■■■■■■■ EMMEM■■■■■ ■■■■■■■■■■ ■I ■■N 11010 I■ MERENNESEM NEW IN IN 19 In■■ ■C=1JCiM■■ ■■■■■■■■■■ TAX INCREMENT FINANCING (TIF) AND TAX ABATEMENT OVERVIEW CITY OF MONTICELLO EDA-CITY COUNCIL WORKSHOP JUNE 14, 2023 Tammy Omdal, Northland Public Finance s� NORTHLAND '`r PUBLIC FINANCE NORTHLAND 41 PUBLIC FINANCE Tax abatement acts like a simpler and less powerful version of TIF City, county and school district have independent authority to grant tax abatement ■ Different from TIF and authority of city to approve capture of taxes Acting alone, the city cannot generate the same amount of revenue from tax abatement as TIF NORTHLAND PUBLIC FINANCE ■ No statutory criteria for findings for public interest ■ May use one or multiple criteria ■ Public interest statement is included in the approving resolution for Tax Abatement ■ Monticello approved a Tax Abatement project in 2017 (Resolution 2017-29) to help finance infrastructure improvements for Fallon overpass and associated street improvements, not to exceed amount of $9.0 million NORTHLAND 43 PUBLIC FINANCE 1. Tax base 6. Infrastructure 2. Jobs 3. Public facilities 4. Redevelopment 5. Access to services for residents 7. Phase in tax increase from significant investment 8. Stabilize tax base for utility property NORTHLAND PUBLIC FINANCE Certain projects may be of sufficient importance to encourage county and/or school district to consider tax abatement If one political subdivision declines to abate, then the city abatement levy can be made for a maximum of 20 years If a city, county and school district all abate, then the maximum period drops to 15 years NORTHLAND PUBLIC FINANCE ■ Total amount of property taxes abated (tax abatement levy) in any year may not exceed greater of: (1) ten percent of the net tax capacity of the political subdivision for the taxes payable year to which the abatement applies, or (2) $200,000, whichever is greater NORTHLAND 46 PUBLIC FINANCE — Tax abatement in MN works more like a rebate than an abatement Certify levy equal to the amount of taxes to be abated Tax abatement levy is spread the same as the general fund levy � Revenue from tax abatement levy can be paid to a developer or retained by city for qualified uses NORTHLAND PUBLIC FINANCE Calculating Tax Abatement Levy Irarcels Parcels ►ubject to Subject to batemen Abatement Parcels Parcels ►ubject to Subject to bateme Abatement Abated ax Capacity Value of Parcels Jurisdiction's Tax Rate Annual Tax Abatement Levy Projects that do not meet criteria for other financing, including criteria for TIF: ■ Redevelopment lacking "substandard" buildings ■ Housing without specific income requirements ■ Economic development other than stated "industrial" uses in TIF Act NORTHLAND 49 PUBLIC FINANCE Funding options are similar to TIF ■ Three basic options: Pay -As -You -Go (reimbursement over time) Issuance of Bonds Inter -fund Loan NORTHLAND 50 PUBLIC FINANCE ■ City has authority to issue general obligation Tax Abatement Bonds Bonds are supported by tax abatement levy Limits on use of proceeds for eligible costs Not subject to debt limit I No election required NORTHLAND PUBLIC FINANCE - Helpful to create and adopt policy guidelines for Tax Abatement ■ Define objectives/criteria for use in advance ■ Provide consistent framework for evaluating requests NORTHLAND 52 PUBLIC FINANCE ■ Tax Abatement can be a useful tool for assisting private development, especially for projects that may not qualify for TIF Not as complex to establish and manage as TIF City property taxes are captured and used to finance activities need to encourage development or to support other public interests ■ Other taxing jurisdiction taxes (county and school district) have independent authority to consider tax abatement (separate from city) 6 NORTHLAND 53 PUBLIC FINANCE CITY OF City Policy and Monti eRo Procedure SECTION: FINANCE NO: FIN - REFERENCE: Economic Development Date: 10-23-2023 Next Review Date: TBD TITLE: TAX ABATEMENT POLICY 1.0 Purpose Minnesota Statutes, Sections 469.1812 through 469.1815, as amended (the "Abatement Act"), provides the City of Monticello, Minnesota (the "City") with the authority to grant tax abatements in certain instances. The City intends to provide tax abatement assistance ("Abatement") to: • Encourage desirable development or redevelopment in the City (each, a "Project") that would not occur but for the Abatement. • Leverage Abatement and other public dollars to maximize private sector investment in the City. 2.0 Policy Project Requirements To grant an Abatement for a Project, the City must find that (1) the benefits of the Project to the City will be equal to or greater than the cost of the Abatement; (2) the Project would not be feasible but -for the granting of the Abatement; (3) the Project is in conformity with the City's Comprehensive Plan, Land Use Plan and Zoning Ordinances and the Abatement Act; and (4) the Project will serve the public interests of the City because it will: • Retain or create jobs that offer stable employment or living wages and benefits, • Enhance or diversify the City's economy based on a demonstrated need; • Provide transportation or public infrastructure improvements; • Remove blight and/or encourage high quality redevelopment of commercial and industrial areas through private investment; • Provide affordable housing; • Improve the quality of life of City residents by providing a desirable good or service. Ineligible Projects The City will not grant an Abatement for Projects where: • The sole public benefit of the Project is the preservation or increase of the City's tax base. • The Project is purely speculative (the Developer must demonstrate a market demand for the Project). • The Abatement would create an unfair and significant competitive financial advantage over other developments in the area. • The Project would place extraordinary demands on City services or would generate significant negative environmental impacts. Developer Requirements For the City to grant an Abatement for a Project, the developer of the Project (the "Developer") must: • Invest a reasonable amount of cash equity into the Project, as determined by the City. • Provide financial guarantees to ensure completion of the Project to the satisfaction of the City, including, but not limited to, letters of credit, personal guarantees, etc., unless an exception is granted by the City. • Demonstrate, to the City's sole satisfaction, an ability to complete the Project based on, among other things, past development experience and credit history, among other factors including the size and scope of the proposed project. • Demonstrate the benefits to the City, specifically how the Project meets the Project Requirements of this policy. • Provide any market, financial, environmental, or other data as the City or its consultants may reasonably request to analyze the Project and the need for the Abatement. • The Developer shall comply in all respects with the City's Business Subsidy Criteria and comply with all the Minnesota Statutes, Section 116J.993 through 116J.995 (the "Business Subsidy Act"), if applicable. • The Developer shall be responsible for the payment of all costs of the City's consultants relating to the abatement, including but not limited to the fees of the City's municipal advisor and attorney. Abatement Funds Amount: The length and amount of the Abatement will be based on the Abatement Act and a specific Project's need as determined by the City. Source: The Abatement shall be garnered from City property taxes collected from the added tax base of the Project. Property taxes collected from the base value of the land or any current structures on the property will not be abated as part of any assistance granted under this Policy. Uses: When applicable, Abatement funds shall be prioritized in use to finance public improvements and City -supported design elements associated with the Project. Abatement funds may also be used to finance: • Legal, administrative, and engineering costs; • Site preparation, site improvement, land purchase*, demolition, and environmental remediation; and • Capitalized interest and bonding costs, if applicable. *Abatement shall not be provided to reimburse land purchases in excess of a property's fair market value. An appraisal by a third party, agreed upon by the City and Developer and paid for with Developer's escrow, will determine the fair market value of a property. MN 1 90\101 \900566.0 Payments: Approved Abatements shall be provided to the Developer upon receipt of the Abatement by the City, otherwise referred to as the pay-as-you-go method. Abatement Approval Process: 1. Developer submits the completed application along with a nonrefundable initial application fee and escrow as established in the City's adopted ordinance for fee schedule. City staff reviews the application and completes the Application Review Worksheet (the "Worksheet"). 2. The Worksheet is submitted to City's Economic Development Authority (the "EDA") who reviews the Project and provides a recommendation on whether or not to grant the Abatement. 3. The Worksheet and the EDA's recommendation are submitted to the City Council for review. If preliminary approval of the Abatement is granted, the applicant submits the final application fee and escrow as established in the City's adopted ordinance for fee schedule. 4. If preliminary approval is granted, City staff works with its consultants to prepare the documents necessary to approve the Abatement, including but not limited to a tax abatement assistance agreement between the City and the Developer including a business subsidy agreement, if required by the Business Subsidy Act (the "Development Agreement"). 5. Public hearing notice(s) are published. 6. Public hearing(s) on the Abatement and, if necessary, the granting of a business subsidy as required by the Business Subsidy Act, are held. Please note that the City will not hold a public hearing on the Abatement until the Development Agreement is in final form and has been signed by the Developer. 7. The City Council grants final approval or denial of the Abatement and the Development Agreement, including a business subsidy agreement, if applicable. The City reserves the right to approve or reject Projects on a case -by -case basis, regardless of the EDA's recommendation, taking into consideration established policies, Project criteria, and potential demand on City services weighed against the potential Project benefits. Meeting the Project and Developer requirements detailed in this Tax Abatement Policy does not guarantee that a Project will be granted an Abatement. Approval or denial of one Project is not intended to set precedent for approval or denial of another Project. Further, the City Council may deviate from this Tax Abatement Policy for Projects that supersede the objectives identified herein, for which the public benefit shall be enumerated within the official findings for the Abatement. 3.0 Scope This policy applies to all projects that apply for and may receive tax abatement assistance pursuant to the Abatement Act. 4.0 HISTORY Approval Date: 10-23-2023 Approved by: City Council Amendment Date: Approved by: Amendment Date: Approved by: MN 190\ 101 \900566.0 City of Monticello Economic Development Authority Tax Abatement and TIF Development Project Ranking October 10, 2023 The scoring worksheet is to be used as a Guideline for weighing the merits of the use of EDA development tools such as incentive financing such as TIF or Tax Abatement. It is intended to be Guideline and should be applied to prospects in this manner. There may be instances where factors of a proposed development may warrant deviation from the Guidelines. It is the EDA's discretion to adhere to the Guidelines or deviate from them in the interest of furthering Economic Development Goals and Objectives in the City of Monticello as identified in by the Monticello Comprehensive Plan. There are several factors that are pertinent to proposed scoring. They are shown below with a Worksheet Summary at the conclusion. 1 Name of Project: 1. Number of New Employees +1 1-5 +2 6-15 +3 16 - 30 +4 31-50 +5 51 + 2. Number of Jobs Per Acre Point Value Number Per Acre +1 1— 2 per acre +2 3 — 4 per acre +3 5 — 6 per acre +4 6 — 7 per acre +5 8 + per acre 3. Average Wages for New Jobs Point Value Pay Range +1 $15,000-24,999 +2 $25,000-29,999 +3 $30,000-44,999 +4 $45,000-59,999 +5 $60,000 + Dollar Weiehtine $20,000 $27,500 $37,500 $52,500 $60,000 4. Public Assistance oer New Jobs $ Public Assistance Number of new jobs created 2 Total Empl. Weighted $ Amt. Public Assistance per new job Point Value Public Dollars Invested Per New Job +1 Over $50,000 +2 $40,000 to $49,999 +3 $30,000 to $39,999 +4 $20,000 to $29,999 +5 $0 to $19,999 S. Number of Years of TIF Assistance Needed + 0 9 years +1 8 years +2 7 years or less 6. Developed Assessed Value Per Acre Point Value Value Per Acre +1 $150,000-199,999 +2 $200,000-349,999 +3 $350,000-499,999 +4 $500,000-599,999 +5 $600,000 + 7. Business Retention Point Value Number of Retained Jobs +0.5 1-5 jobs +1 6-10 jobs +1.5 11-30 jobs +2 31-50 jobs +2.5 50-100 jobs +3 101 + jobs 3 8. Ratio of Private versus Public Investment in Project $ Private Investment $ EDA/Public Investment +1 +2 +3 +4 +5 Total Investment Ratio of Private versus Public financing Ratio over 2:1 over 3:1 over 4:1 over 5:1 6:1 or greater 9. Significant Community Impact Point Value Unsubsidized Spin -Off development potential +1 Low potential for spin-off of unsubsidized development +2 Moderate potential for spin-off unsubsidized development +3 High potential for spin-off unsubsidized development 10. Tenure in Business Operation Point Value Number of Years in Business +1 Five years or less +2 6 to 10 years +3 11 years or more 4 11. Environmental Impacts Point Value Tvoes of Environmental Issues +1 Enhances the environmental aspects of a site via clean-up of contaminants or improved aesthetics via unique site or architectural features -0- No impacts -1 Noise Issues -2 Noise and negative visual aesthetics -3 Noise, odors, dust, traffic and negative visual aesthetics WORKSHEET SUMMARY Factors Total Points #1. Number of New Employees (1-5) #2. Number of Jobs Per Acre (1-5) #3. Average Wages for New Jobs (1-5) #4. Public Assistance Per New Job (1-5) #5. Number of Years of TIF Assistance (1-2) #6. Developed Assessed Value Per Acre (1-5) #7. Business Retention (# of Jobs) (.5-3) #8. Ratio of Private to Public Invest. (1-5) #9. Significant Impact/Comp Plan Goals (1-3) #10. Number of Years of Business Oper. (1-3) #11. Environmental Impacts (-3 to +1) Total Points Total Possible Points = 42 5 EDA Agenda: 10/09/24 413. Consideration of Resolution 2024-20 authorizing a First Amendment to the Purchase and TIF Development Contract with Block 52 Holdings, LLC, Buchholz Exchange, LLC and Norgren Exchange, LLC increasing the Authority Grant by $50,000 to a total of 417 400 Prepared by: Meeting Date: ® Regular Agenda Item Economic Development Manager 10/09/24 ❑ Consent Agenda Item Reviewed by: Approved by: Community Development Director, City Administrator Finance Director ACTION REQUESTED Motion to adopt Resolution 2024-20 approving a First Amendment to the Purchase and TIF Development Contract with Block 52 Holdings, LLC, Buchholz Exchange, LLC and Norgren Exchange, LLC increasing the Authority Grant by $50,000 to a total of $417,400. REFERENCE AND BACKGROUND At the time of the 2022 EDA approval of the Purchase and (TIF) Development contract with the Block 52 developers, funding for the Authority Grant assistance to help complete extensive site improvements was authorized at a total of $367,400. As a reminder, the Authority Grant is sourced through pooled TIF dollars generated from several older redevelopment TIF districts in the City. Recently City staff and the developer have discussed the challenges of finalizing the neighboring east wall facade project amid rising costs. The developer of Block 52 is the owner of the east wall abutting the adjacent mattress store, based on their property survey information. A potential solution was put forward to utilize available pooled dollars over and above the previous commitment of $367,400 to further assist the developer with various improvement items in Block 52 which have public benefit such as the following: ✓ Parking Paving ✓ Parking Lot Excavation ✓ Internal Sidewalk and Landscaping ✓ Street Sidewalks ✓ Plaza Concrete and Landscaping ✓ ROW Landscape/Streetscape The proposed amount of additional funding is $50,000. The intent of this proposal is to retain available funding in the Facade Improvement program to be used for the mattress store's front EDA Agenda: 10/09/24 and back exterior surfaces and/or other qualifying projects. If the EDA approves the proposed First Amendment to the TIF Development Contract, then the Block 52 developer will complete the east wall relatively soon and will forgo bringing forward a Facade Improvement loan request specific to the east wall. The materials that are currently covering the wall have a limited weather exposure time. I. Budget Impact: The budget impact from the proposed additional Authority Grant funding is an additional $50,000 of pooled TIF dollars from old TIF Districts that are to be used for redevelopment activities, which cannot be used for any other activities. II. Staff Workload Impact: The Community Development Director, Finance Director and Economic Development Manager have committed time to completing tasks related to the proposed First Amendment of the Block 52 TIF Development Contract. The EDA attorney drafted the First Amendment document and the EDA Resolution. Additional time toward this effort involves report preparation and meeting presentation time. No other staff are required to complete the work involved in this effort. III. Comprehensive Plan Impact: The Economic Development section of the Comprehensive Plan encourages formation of an effective economic development effort which creates a supportive business environment and builds a vibrant, thriving local economy. STAFF RECOMMENDATION Staff recommend the EDA approve the First Amendment of the Block 52 TIF Development Contract. This will allow the east wall fagade improvement activities to move forward and further assist the developer in final public improvement costs related to the Block 52 mixed use redevelopment project. SUPPORTING DATA A. EDA Resolution 2024-20 B. First Amendment to the Block 52 TIF Purchase and Development Contract C. Excerpt - Purchase and Development Contract — Authority Grant Section CITY OF MONTICELLO ECONOMIC DEVELOPMENT AUTHORITY RESOLUTION NO.2024-19 RESOLUTION APPROVING A FIRST AMENDMENT TO PURCHASE AND DEVELOPMENT CONTRACT FOR BLOCK 52 PROJECT WHEREAS, the City of Monticello Economic Development Authority (the "Authority") and the City of Monticello, Minnesota (the "City") have approved the establishment of its Tax Increment Financing (Redevelopment) District No. 1-45 (the "TIF District"), within the Central Monticello Redevelopment Project No. 1 ("Redevelopment Project") and have adopted a tax increment financing plan therefore for the purpose of financing certain public improvements within the Redevelopment Project; and WHEREAS, the Authority and the City have previously established Tax Increment Financing District Nos. 1-6, 1-20, 1-22 and 1-34 (the "Pooled TIF Districts") and adopted a tax increment financing plan therefor; and WHEREAS, on September 16, 2022, the Authority entered into a Purchase and Development Contract (the "Contract") whereby the Authority agreed to provide certain tax increment financing assistance and grant assistance to Block 52 Holdings LLC, a Minnesota limited liability company, Buchholz Exchange LLC, a Minnesota limited liability company, and Norgren Exchange LLC, a Minnesota limited liability company (together, the "Developer"), to assist in financing the a portion of the cost to of a mixed -use five -story building that will include approximately 87 rental housing units and 27,342 square feet of commercial retail and office space, with approximately 83 lower -level parking spaces and 114 adjacent off-street parking stalls in the City (the "Minimum Improvements"); and WHEREAS, the Developer has requested additional financial assistance for the Minimum Improvements; and WHEREAS, the Authority has agreed to provide additional assistance by increasing the amount of the grant from the Pooled TIF Districts to the amount of $417,400 (the "Authority Grant"); and WHEREAS, the Authority and the Developer desire to amend the Contract to reflect the increase to the amount of the Authority Grant as described in a First Amendment to the Purchase and Development Contract (the "Amendment"); and WHEREAS, the Authority believes that approval of the Amendment is in the best interest of the City and its residents. Now, therefore, be it resolved by the Board of Commissioners (the "Board") of the City of MN190\159\979690.v1 Monticello Economic Development Authority as follows: 1. The Board hereby approves the Amendment in substantially the form presented to the Board, together with any related documents necessary in connection therewith (collectively, the "Amendment Documents"), and hereby authorizes the President and Executive Director to execute any such Amendment Documents to which the Authority is a party, on behalf of the Authority, and to carry out, on behalf of the Authority, the obligations of the Authority thereunder when all conditions precedent thereto have been satisfied. 2. The approval hereby given to the Amendment Documents includes approval of such additional details therein as may be necessary and appropriate and such modifications thereof, deletions therefrom and additions thereto as may be necessary and appropriate and approved by legal counsel to the Authority and by the officers authorized herein or by the Authority to execute said documents prior to their execution; and said officers are hereby authorized to approve said changes on behalf of the Authority. The execution of any instrument by the appropriate officers of the Authority shall be conclusive evidence of the approval of such document in accordance with the terms hereof. In the event of absence or disability of the officers, any of the documents authorized to be executed by this resolution may be executed without further act or authorization of the Board by any duly designated acting official, or by such other officer or officers of the Board as, in the opinion of the City Attorney, may act in their behalf. 3. Upon execution and delivery of the Amendment Documents, the officers and employees of the Authority are hereby authorized and directed to take or cause to be taken such actions as may be necessary on behalf of the Authority to implement the Amendment Documents, when all conditions precedent thereto have been satisfied. Approved by the Board of Commissioners of the City of Monticello Economic Development Authority this _ day of , 2024. President ATTEST: Executive Director MN190\159\979690.v1 FIRST AMENDMENT TO PURCHASE AND DEVELOPMENT CONTRACT THIS FIRST AMENDMENT TO PURCHASE AND DEVELOPMENT CONTRACT (the "First Amendment") is made and entered into this day of , 2024, between the CITY OF MONTICELLO ECONOMIC DEVELOPMENT AUTHORITY a public body corporate and politic of the State of Minnesota (the "Authority"), and BLOCK 52 HOLDINGS LLC, a Minnesota limited liability company ("Block 52 LLC"); BUCHHOLZ EXCHANGE LLC, a Minnesota limited liability company ("Buchholz LLC"); and NORGREN EXCHANGE LLC, a Minnesota limited liability company ("Norgren LLC", with Block 52 LLC and Buchholz LLC, the "Redeveloper") (collectively, the "Redeveloper"), and their permitted assigns. RECITALS WHEREAS, the Authority and the Redeveloper entered into that certain Purchase and Development Contract, dated as of September 16, 2022, and recorded on September 21, 2022 in the office of the Wright County Recorder as Document No. A1517315 (the "Original Agreement"), whereby the Authority agreed to provide the Redeveloper with certain financial assistance to finance a portion of the cost to of a mixed -use five -story building that will include approximately 87 rental housing units and 27,342 square feet of commercial retail and office space, with approximately 83 lower -level parking spaces and 114 adjacent off-street parking stalls in the City of Monticello, Minnesota on property legally described in Exhibit A attached hereto (the "Minimum Improvements"); WHEREAS, due to increased costs associated with the Minimum Improvements, the Redeveloper has requested additional financial assistance; WHEREAS, the Authority and the Redeveloper desire to amend the Agreement to increase the amount of the Authority Grant to be provided to the Redeveloper and to provide for additional conditions for the receipt thereof; WHEREAS, capitalized terms used in this First Amendment and not otherwise defined herein have the meanings given to them in the Agreement; and NOW, THEREFORE, in consideration of the premises and the mutual obligations of the parties hereto, each of them does hereby covenant and agree with the other as follows: 1. Amendment to Section 3.11 of the Agreement. Section 3.11 of the Agreement is deleted and replaced with the following: Section 3.11 Other Assistance. In addition to the reimbursement of a portion of Redeveloper's Public Redevelopment Costs through issuance of the TIF Note and the reimbursement of a portion of the Redeveloper's DEED Redevelopment Costs with the proceeds of the DEED Grant, the Authority will reimburse a portion of the Redeveloper's redevelopment costs and additional environmental investigation costs detailed in Schedule F (the "Authority Grant Costs") to be undertaken on the Redevelopment Property, pursuant to and in conformity with the Authority's Policy Statements for Management of Available Tax Increment Financing MN190\159\979579.v1 Funds, adopted by the Authority on January 10, 2018, the 2022 Pooled TIF Allocation Plan, adopted on May 25, 2022 and the TIF Act from pooled tax increment from Tax Increment Financing District Nos. 1-6, 1-20, 1-22 and 1-34. The grant shall be in the amount of $417,400 (the "Authority Grant") and shall be disbursed to the Redeveloper upon the occurrence of the following: (i) The Redeveloper having delivered to the Authority evidence of Authority Grant Costs paid or incurred in at least the principal amount of the Note as well as one or more certificates signed by the Redeveloper's duly authorized representative, containing the following: (A) a statement that each cost identified in the certificate is a Authority Grant Cost as defined in this Agreement and that no part of such cost has been included in any previous certification; (B) reasonable evidence that each identified Authority Grant Cost has been paid or incurred by or on behalf of the Redeveloper; and (C) a statement that, to the Redeveloper's knowledge, no uncured Event of Default by the Redeveloper has occurred and is continuing under this Agreement; the Authority may, if not satisfied that the conditions described herein have been met, return any certificate with a statement of the reasons why it is not acceptable and requesting such further documentation or clarification as the Authority may reasonably require; and (ii) The Redeveloper having received from the Authority the Certificate of Completion for the Minimum Improvements; and (iii) The Authority has received evidence that the projects for which the Authority Grant are being provided have been constructed and accepted by the City and the Authority has confirmed that the Redeveloper is in compliance with Planning Development Contract, including but not limited to the provisions therein relating to the projects consisting of the Authority Grant Costs; and (iv) Complete improvements to the east wall to the satisfaction of the Authority consistent with the renderings attached hereto as Exhibit C including but not limited to an EFIS finish coat, incorporating decorative stone columns into the east wall at appropriate spacings to enhance the aesthetic look (no wall sconces are required); and add wains coating brick to the bottom foundation area or base of the wall. The Redeveloper shall be responsible for all Authority Grant Costs in excess of $417,400. 2. Amendment to Schedule G. Schedule G attached to the Original Agreement is hereby deleted and replaced with Schedule G shown in Exhibit B attached hereto. 3. Capitalized Terms. Any capitalized terms used herein but not otherwise defined shall have the meanings assigned to such terms in the Agreement. Any references to the "Agreement" or "this Agreement" in the Agreement shall refer to the Original Agreement, as amended by the First Amendment and this First Amendment, and as may be further amended and supplemented. 4. Effective Date. The amendments made to the Agreement, as amended by this First Amendment, shall be effective as of the date hereof. 2 MN190\159\979579.v1 5. Limited Amendments. Except as hereby amended, all other terms and conditions of the Agreement shall remain in full force and effect. MN190\159\979579.v1 IN WITNESS WHEREOF, the Authority and the Redeveloper have caused this First Amendment to Purchase and Development Contract to be duly executed in their names and on their behalf, all on or as of the date Second above written. CITY OF MONTICELLO ECONOMIC DEVELOPMENT AUTHORITY By Its President By Its Executive Director STATE OF MINNESOTA ) SS. COUNTY OF WRIGHT ) The foregoing instrument was acknowledged before me this day of , 2024, by and , the President and Executive Director of the City of Monticello Economic Development Authority, a public body corporate and politic, on behalf of the Authority. Notary Public This document was drafted by: KENNEDY & GRAVEN, Chartered (GAF) 150 South 5th Street, Suite 700 Minneapolis, MN 55402 S-1 MN190\159\979579.v1 BLOCK 52 HOLDINGS LLC, a Minnesota limited liability company Its STATE OF MINNESOTA ) SS. COUNTY OF ) The foregoing instrument was acknowledged before me this day of , 2024 by , the of Block 52 Holdings LLC, a Minnesota limited liability company, on behalf of the company. Notary Public S-2 MN190\159\979579.v1 BUCHHOLZ EXCHANGE LLC, a Minnesota limited liability company Dale Buchholz Its STATE OF MINNESOTA ) SS. COUNTY OF ) The foregoing instrument was acknowledged before me this _ , 2024 by Dale Buchholz, the Exchange LLC, a Minnesota limited liability company, on behalf of the company. Notary Public day of of Buchholz S-3 MN190\159\979579.v1 NORGREN EXCHANGE LLC, a Minnesota limited liability company am STATE OF MINNESOTA ) SS. COUNTY OF ) Steve Norgren Its The foregoing instrument was acknowledged before me this _ , 2024 by Steve Norgren, the Exchange LLC, a Minnesota limited liability company, on behalf of the company. Notary Public _ day of of Norgren S-4 MN190\159\979579.v1 EXHIBIT A DEVELOPMENT PROPERTY The real property in the City of Monticello, County of Wright, State of Minnesota, legally described as follows: Lot 2, Block 1, Block 52 First Addition S-1 MN190\159\979579.v1 EXHIBIT B SCHEDULE G Estimated Costs for the Authority Grant Items are shown below. The total Authority Grant is not to exceed (capped at) $417,400. The Redeveloper shall be responsible for all costs in excess of $417,400. Parking Paving Parking Lot Excavation Internal Sidewalk and Landscaping Street Sidewalks Plaza Concrete and Landscaping ROW Landscape/Streetscape Environmental Study — Phase II C-1 MN190\159\979579.v1 $80,000.00 $80,000.00 $80,000.00 $55,000.00 $55,000.00 $55,000.00 $15 9400 $420,400 EXHIBIT C EAST WALL RENDERINGS C-1 MN190\159\979579.v1 Avio-- Tt in grants from the State. The Redeveloper agrees to list all job vacancies in the Redeveloper's personnel complement with MinnesotaWorks.net at www.minnesotaworks.net. (g) Without limiting its obligations under Section 8.3 hereof, Block 52 LLC, Buchholz LLC and Norgren LLC agree, jointly and severally, to indemnify, defend, and hold harmless the Indemnified Parties from any claims or causes ofaction, including attomey's fees incurred by the Indemnified Parties, arising from the performance of the DEED Grant Agreement by the Redevelolvi-, or its officers, agents or employees. Block 52 LLC, Buchholz LLC and Norgren LLC Will, jointly and severally, further indemnify, defend, and hold harmless the Indemnified Parties from any claims or causes of action, including attorney's fees incurred by the Indemnified Parties, arising from the performance of or any obligations under the DEED Grant Agreement, including without limitation any obligation to pay or repay any amounts to DEED. Block 52 LLC, Buchholz LLC and Norgren LLC further covenant and agree, jointly and severally, to repay the DEED Grant to DEED, should the Authority be required to repay the DEED Grant pursuant Minnesota Statutes 116J.575, subdivision 4 or the DEED Grant Agreement. Block 52 LLC, Buchholz LLC and/or Norgren LLC shall repay any amounts required under this paragraph (g) upon 30 days of a written request from the Authority. Section 3.11 Other Assistancc. In addition to the reimbursement of a portion of Redeveloper's Public Redevelopment Costs through issuance of the TIF Note and the reimbursement of a portion of the Redeveloper's DEED Redevelopment Costs with the proceeds of the DEED Grant, the Authority will reimburse a portion of the Redeveloper's redevelopment costs and additional environmental investigation costs detailed in Schedule G (the "Authority Grant Costs") to be undertaken on the Redevelopment Property, pursuant to and in conformity with the Authority's Policy Statements for Management of Available Tax Increment Financing Funds, adopted by the Authority on January 10, 2018, the 2022 Pooled TIF Allocation Plan, adopted on May 25, 2022 and the TIF Act from pooled tax increment from Tax Increment Financing District Nos. 1-6, 1-20, 1-22 and 1-34. The grant shall be in the amount of $367,400 (the "Authority Grant") and shall be disbursed to the Redeveloper upon the occurrence of the following: (i) The Redeveloper having delivered to the Authority evidence of Authority Grant Costs paid or incurred in at least the principal amount of the Note as well as one or more certificates signed by the Redeveloper's duly authorized representative, containing the following: (A) a statement that each cost identified in the certificate is a Authority Grant Cost as defined in this Agreement and that no part of such cost has been included in any previous certification; (B) reasonable evidence that each identified Authority Grant Cost has been paid or incurred by or on behalf of the Redeveloper; and (C) a statement that, to the Redeveloper's knowledge, no uncured Event of Default by the Redeveloper has occurred and is continuing under this Agreement; the Authority may, if not satisfied that the conditions described herein have been met, return any certificate with a statement of the reasons why it is not acceptable and requesting such further documentation or clarification as the Authority may reasonably require; and (ii) The Redeveloper having received from the Authority the Certificate of Completion for the Minimum Improvements; and 21 MN 190\ 159\822825.v2 SCHEDULE F AUTHORITY GRANT COSTS Estimated Costs for the Authority Grant Items are shown below. The total Authority Grant is not to exceed (capped at) $367,400. The Redeveloper shall be responsible for all costs in excess of $367,400. Parking Paving Parking Lot Excavation Internal Sidewalk and Landscaping Street Sidewalks Plaza Concrete and Landscaping ROW Landscape/StTeetscape Environmental Study Phase 11 F-1 MN 190\ 159\822825.v2 $80,000.00 $801000.00 $80 000.00 $55,000.00 $55,000.00 $55X0.00 $ 1 J,400 $4?0,400 EDA Agenda: 10/09/24 4C. Consideration of reauestine the Citv Council to reimburse the 429 Special Assessment payment in connection with the purchase transaction for 14.16-acre parcel along 7th Street West and further ask the City Council to place the Special Assessments for the amount assumed from Riverwood Bank back into deferred status until the property is sold for development Prepared by: Meeting Date: ® Regular Agenda Item Economic Development Manager 10/09/24 ❑ Consent Agenda Item Reviewed by: Approved by: Community Development Director, City Administrator Finance Director ACTION REQUESTED - ALTERNATIVE ACTIONS Motion to request the City Council to reimburse the EDA for the 429 Special Assessment payment that was made in connection with the purchase transaction for the 14.16-acre parcel of land along 7th Street West and further request the City Council place the Special Assessment for the amount assumed from Riverwood Bank into deferred status until the property is sold for development. REFERENCE AND BACKGROUND When the EDA purchased the Riverwood Bank site along West 7th Street in December 2023, the 14.16-acre parcel (PID 155-282-000010) had deferred special assessments against it which sunset in May 2023. The assessments were for the extension of 71h Street West and site stormwater ponding. As part of the property purchase, the assessments were assumed with the intent of deferring payment until time of development. Since the purchase didn't close until after the City's deadline to send updates to Wright County (Nov. 30 of each year), the first year of the 10-year special assessments were activated and included on the EDA's property tax statement in 2024. The EDA paid the first assessment installment (principal and interest) with payment of the property taxes in May 2024. Staff believe that it would be appropriate and a positive budgetary factor to have the EDA request and City Council approve the refund of the 2024 assessment principal and interest payment and to place the assessments, which were assumed from Riverwood Bank, back into deferred status until the property is sold for development. The assessments will be recovered with the land sale pricing and paid to the City at time of sale. The total Special Assessment amount against the property is $553,828. Per the assumed agreement, it is carried by the City at a rate of 5.5 percent. The first assessment installment EDA Agenda: 10/09/24 payment made in May 2024 was $127,185.66, which breaks down as $34,335.84 in principal and the remaining $92,849.82 being interest. The EDA held a meeting in late 2023 in which it discussed the vision and goals for its land holdings. The goals for the 14.16-acre site along 71" Street reflect the designations shown in the Comprehensive Plan Land Use guidance, Commercial and Residential Flex. Light industrial options were also discussed. With the recent completion of marketing materials and related tasks identified by the EDA in its land discussion, staff believe it may be possible to now create more awareness of this desirable site among the broker and developer community in the greater Twin Cities region. If the EDA approves the request to ask the City Council to authorize a reimbursement of the first installment of the assessment payments (principal and interest) and to further defer the assessments until the property is sold for development, this item will then be presented to the City Council for consideration at its regular October 14, 2024, meeting. I. Budget Impact: Assuming the City Council approves the EDA's request, this action will result in a positive EDA budget impact by returning the $127,185.66 payment in 2024 back to the EDA for other uses. II. Staff Workload Impact: City staff involved in this issue includes the City Administrator, Finance Director, Community Development Director, and Economic Development Manager. III. Comprehensive Plan Impact: N/A STAFF RECOMMENDATION Staff recommend the EDA approve a request to the City Council to reimburse the special assessments that were paid with the 2024 property taxes and request to the City Council to place the amount assumed from Riverwood Bank back into deferred status until the property is sold for development. This action would have a $127,185.66 positive impact on the EDA General Fund in 2024 and would allow for future development that will benefit from the 71n Street improvement, as the end user, to pay for that increase in value to the property. SUPPORTING DATA A. Aerial Photo B. Original Assessment Agreement C. Assessment Report D. Notes About Special Assessments (4.,Beacon'' Wright County, MN Overview Legend Highways Interstate State Hwy US Hwy — Roads Road Labels 01 02 03 04 07 08 10 21 22 City/Township Limits ❑ c ❑t ❑ Parcels Torrens Parcel ID 155282000010 Alternate ID n/a Taxpayer Address n/a Sec/Twp/Rng 11-121-025 Class 958-5EMUNICIPAL-PUBLIC SERVICE -OTHER CITY OF MONTICELLO EDA Property Address Acreage 14.17 Acres District (1101) CITY OF MONTICELLO-0882 Brief Tax Description SECT-11 TWP-121 RANGE-025 GREAT RIVER 2ND ADDITION OUTLOTA (Note: Not to be used on legal documents) Date created:10/4/2024 Last Data Uploaded: 10/4/202412:22:18 PM Developed b � p Y�J SCHNEIDER GEOSPATIAL Rk Z� RETURN TO: City of Monticello ?� DEC 1 8 2013,; ki ll, !e 505 Walnut Street J aj� L.,.,' Monticello, MN 5536ri 2 �aRi� # Doc. No. A1253596 OFFICE OF THE COUNTY RECORDER WRIGHT COUNTY, MINNESOTA Certified Filed and/or Recorded on 12/9/2013 at 12:00 PM Check #: Fee: $46.00 Payment Code 04 Addl. Fee Barb Gabrelcik, County Recorder (reserved for recording information) ASSESSMENT AND DEVELOPMENT AGREEMENT RIVER WOOD BANK AGREEMENT dated av 13 2013, by and between the CITY OF MONTICELLO, a Minnesota municipal corporation ("City"), and RIVERWOOD BANK, a federal savings bank organized and existing under the laws of the United States of America ("RiverWood"). RECITALS A. RiverWood is the fee owner of real property located within the City, legally described in the attached Exhibit "A" ("RiverWood Property"); B. RiverWood desires to develop the RiverWood Property in the future. C. Development of the RiverWood Property will require extension of West 7th Street, ponding, public trail, street lighting, and utility improvements; D. The City also owns property through which West 7th Street will be extended, which property is legally described as provided in Exhibit `B" ("City Property"); E. The City and RiverWood desire to jointly plat the RiverWood Property and City Property and dedicate the necessary property for right of way, ponding, trails and utilities, required for future development of the RiverWood Property; 170046 1 F. The purpose of this Agreement is to set forth the Parties' terms for platting, construction, and assessment related to the extension of West 7th Street, together with associated utilities and appropriate land conveyances. NOW, THEREFORE, IN CONSIDERATION OF THEIR MUTUAL COVENANTS THE PARTIES AGREE AS FOLLOWS: 1. PUBLIC IMPROVEMENTS. A. West 7th Street Public Improvements. The City conducted a feasibility study for extending and constructing West 7th Street to serve the future development of the RiverWood Property, together with other property. The purpose of the road improvement project is to provide the extension of West 7th Street and to vacate a portion of Minnesota Street that extends through the RiverWood Property south of West 7th Street and to provide storm water ponding, public trail, utility and street lighting improvements (referred to herein as the "West 7th Street Public Improvements"). B. Elm Street Public Improvements. As part of the feasibility study for the West 7t' Street Public Improvements, the City also included the paving of Elm Street (referred to herein as the "Elm Street Public Improvements"). The purpose of the project is to maintain Elm Street as a rural road section. C. Elm Street Public Improvements and West 7th Street Public Improvements are collectively referred to herein as the Public Improvements. 2. CONDITIONS OF PUBLIC IMPROVEMENTS. Upon execution of this Agreement, the City will plat the RiverWood Property and the City Property, order the Public Improvements and will construct the road, public trail, ponding, street lighting, and utilities as specified on the approved plans. The City proposes to contract for substantial completion of the Public Improvements by November 2013. The City shall let the contract for the improvement of the West 7th Street extension from Minnesota Street to Elm Street upon recording of a final plat for the RiverWood Property and City Property that provides for 170046 2 dedication of West 7th Street and a drainage and utility easements over the RiverWood Property north of West 7t' Street. The City shall seek to have the extension completed and usable by July 15, 2014. 3. PLAT OF RIVERWOOD PROPERTY AND CITY PROPERTY. In order to facilitate the construction of the Public Improvements and to better distinguish between the public and private improvements serving the RiverWood Property and public lands, RiverWood Bank and the City shall jointly apply for and submit a preliminary and final plat for the RiverWood Property and City Property identifying the lots and public rights of way and dedications substantially consistent with the plans and specifications for the Public Improvements and the proposed plat of Great River Addition, attached hereto as Exhibit C. The Public Improvement plans shall not be attached to this Agreement. The City shall prepare the proposed plat and the plat application, application fees, and submittal documents shall be submitted prior to the City advertising for bids for the Public Improvements. The plat shall designate the RiverWood Bank Property, of approximately 4.07 acres, located north of the proposed West 7th Street Extension as an Outlot, identified as Outlot A in the plat, that shall be dedicated in the plat for drainage and utility purposes. In addition, the RiverWood Property lying south of West 7th Street shall be combined with a portion of the City Property to be conveyed to RiverWood under the terms of this Agreement as a single outlot for future development. That portion of the RiverWood Property lying east of the vacated Minnesota Street totaling 12-feet in width along the vacated Minnesota Street, together with the vacated Minnesota Street, shall be dedicated in the plat for drainage and utility purposes. The cost of platting shall be split equally between RiverWood and the City at a price not to exceed $6,000.00. RiverWood Bank shall pay its share of this cost, in the amount of $3,000.00 at the time of execution of this Agreement and shall execute all documents necessary to record the plat with the County. 4. CONVEYANCE. In exchange for excess ponding that is dedicated by RiverWood Bank within Outlot A, the City will convey to RiverWood that portion of the City Property legally described in 170046 the attached Exhibit D by quit claim deed prior to and conditioned upon recording of the final plat ("City Remnant Parcel"). The City Remnant Parcel will be combined with the RiverWood Property lying south of the West 7th Street extension as a single outlot to be identified as Outlot B in the plat. 5. VACATION. Prior to recording the final plat, the City will vacate that portion of Minnesota Street lying south of the proposed West 7th Street extension, conditioned upon dedication of a drainage and utility easement over the vacated right of way within the plat or retention thereof within the vacation resolution. At the time of development of the RiverWood property, the developer shall enter into an encroachment agreement for parking purposes over the vacated Minnesota Street. No permanent structures will be allowed on the vacated right of way pursuant to City Ordinance Title 10, Monticello Zoning Ordinance, Chapter 3, Section 3(A). 6. DEVELOPMENT FEES. Stormwater ponding requirements for the future development of Outlot B are provided by Outlot A, up to 64,557 square feet. Excess ponding area of approximately one acre is available to the City within Outlot A for development of property outside of the RiverWood development. With the dedication of ponding area within Outlot A, future development of the RiverWood Property will not be subject to the City's alternate ponding fee, which is currently set at $6,997.00/acre. RiverWood shall pay City trunk fees for development of Outlot B, Great River Addition, at the rate in effect at the time of development, subject to the following cap on trunk fees: Storm Sewer Trunk Fee = $3,570.00 per acre Watermain = $2,494.00 per acre Sanitary Sewer Trunk Fee = $3,371.00 per acre 7. GRADING. RiverWood Bank is responsible for any necessary grading for future development of the RiverWood Property lying south of the West 7th Street extension. The City will be responsible for grading only what is needed for the Public Improvements, balance dirtwork and provide 170046 positive drainage to the roadway. Any excess material resulting from grading operations will be accepted by RiverWood and stockpiled for future use by RiverWood on the RiverWood Property located on the south side of West 7' Street, at an agreed upon location prior to grading operations commencing. Thereafter, RiverWood will be responsible for erosion control and maintenance of the stockpile on the RiverWood Property after the road is constructed and restoration is established, after the contractor warranty period expires for the Public Improvements. 8. TRAIL. Simultaneous with the recording of the plat, RiverWood Bank will provide a 10 foot wide trail easement for the trail to be located on Outlot A, substantially in the form attached as Exhibit E. 9. ASSESSMENTS. A. West 7th Street Assessments. The RiverWood Property, excluding Outlot A of the proposed plat, is hereby assessed by the City for the costs of the Public Improvements together with administrative, planning, engineering, legal and financing costs, in the amount not to exceed $850,430.00 ("West 7th Street Assessment"). The assessment will be based on the actual project costs. B. Elm Street Assessments. The RiverWood Property, excluding Outlot A of the proposed plat, is hereby assessed by the City for the costs of the Elm Street Public Improvements together with administrative, planning, engineering, legal and financing costs, in the amount of $22,000.00, based on the frontage of the parcel abutting Elm Street (`Elm Street Assessment"). If Elm Street is upgraded and widened in the future to an urban section with curb and gutter and storm sewer, then the RiverWood Property would be subject to an additional assessment at that time. C. Deferral. This West 7th Street Assessment and Elm Street Assessment (collectively referred to herein as the "Assessments") shall be deferred without principal and interest until development of the property or 10 years from the date of this Agreement, whichever occurs first. The Assessments shall be deemed adopted on the date this Agreement is signed by the City. "Development" shall mean: platted 170046 5 into lots and blocks, not outlots. If the RiverWood Property is subdivided or platted, the assessments will be apportioned to individual lots, not outlots, based on the pro rata portion of the area (square foot) of the lots to the total area of the RiverWood Property to be subdivided. If only a portion of the RiverWood Property is developed, the assessments on the undeveloped portion shall continue to be deferred pursuant to the terms of this Agreement. Upon development or expiration of the 10 year deferral hereunder, the area assessment shall be applied to the RiverWood Property, excluding Outlot A, over a 10 year period in equal annual installments, together with Prime Rate of interest plus two percent (2%) per year on the unpaid balance. Prime Rate shall be the prime rate announced daily in the Wall Street Journal ("Prime Rate"). If the Wall Street Journal ceases to publish the Prime Rate, then the Prime Rate shall be the rate of interest quoted in the Federal Reserve Statistical Release, Selected Interest Rates (H.R. 15). If a range is shown for the Prime Rate, then the highest number in the range shall be utilized. D. Waiver. RiverWood, by signing this Agreement, acknowledges that all procedural and substantive objections to the Assessment are hereby waived unconditionally, such waiver includes any rights of RiverWood, its successor or assign to hearing requirements and any claim that the assessments exceed the benefit to the Subject Property. RiverWood further waives any appeal rights otherwise available pursuant to M.S.A. § 429.081. 10. LICENSE. RiverWood hereby grants the City, its agents, employees, officers and contractors a license to enter the RiverWood Property to perform all work and inspections deemed appropriate by the City in conjunction with construction of the Public Improvements in accordance with the plans and specifications and the terms of this Agreement. 11. RIVERWOOD RESPONSIDILIES. A. RiverWood shall hold the City and its officers, employees, and agents harmless from claims made by it and third parties for damages sustained or costs incurred resulting from plat approval and development. RiverWood shall indemnify the City and its officers, employees, and agents for all costs, 170046 6 damages, or expenses which the City may pay or incur in consequence of such claims, including attorneys' fees. B. In addition to the charges and special assessments referred to herein, other charges and special assessments maybe imposed such as but not limited to sewer availability charges ("SAC"), City water availability charges ("WAC"), City water connection charges, City sewer connection charges, and building permit fees. C. Except as otherwise specifically assigned to the City by Agreement of the Parties, RiverWood shall be responsible for all maintenance of property within Outlot A, Great River Addition, including, but not limited to, maintenance of the slope within Outlot A. 12. MISCELLANEOUS. A. Third parties shall have no recourse against the City under this Agreement. B. If any portion, section, subsection, sentence, clause, paragraph, or phrase of this Agreement is for any reason held invalid, such decision shall not affect the validity of the remaining portion of this Agreement. C. The action or inaction of the City shall not constitute a waiver or amendment to the provisions of this Agreement. To be binding, amendments or waivers shall be in writing, signed by the parties and approved by written resolution of the City Council. The City's failure to promptly take legal action to enforce this Agreement shall not be a waiver or release. D. This Agreement shall run with the land and may be recorded against the title to the property. RiverWood covenants with the City, its successors and assigns, that RiverWood is well seized in fee title of the property being final platted and/or has obtained consents to this Contract, in the form attached hereto, from all parties who have an interest in the property; that there are no unrecorded interests in the 170046 7 property being final platted; and that RiverWood will indemnify and hold the City harmless for any breach of the foregoing covenants. E. Each right, power or remedy herein conferred upon the City is cumulative and in addition to every other right, power or remedy, express or implied, now or hereafter arising, available to City, at law or in equity, or under any other agreement, and each and every right, power and remedy herein set forth or otherwise so existing may be exercised from time to time as often and in such order as may be deemed expedient by the City and shall not be a waiver of the right to exercise at any time thereafter any other right, power or remedy. 13. NOTICES. Required notices to RiverWood shall be in writing, and shall be either hand delivered to RiverWood, its employees or agents, or mailed to RiverWood by certified mail at the following address: RiverWood Bank 1421 7a' Street East Monticello, MN 55362 Notices to the City shall be in writing and shall be either hand delivered to the City Administrator, or mailed to the City by certified mail in care of the City Administrator at the following address: 505 Walnut Street, Monticello, Minnesota 55362. 170046 8 CITY OF MONTICELLO BY: '4e�f Mayor AND v 9z&-f-ei- City Administrator STATE OF MINNESOTA ) (ss. COUNTY OF WRIGHT ) The f regoing inst e�nt was acknowledged before me this 7� y of May, 2013, by and by ^ , the Mayor and City Administrator of the City of Monticello, a Minnesota municipal corporation, on behalf of the corporation and pursuant to the authority granted by its City Council. - &071 - NOTARY PUBLIC Q0,)KEARY T. BURRI NOTARY PUBLIC • MINNESOTA My CortwWaon E*res Jan. 31, 2015 170046 RIVERWOOD BANK STATE OF MINNESOTA ) ) ss. COUNTY OF WRIGHT ) The foregoing instrument was acknowledged before me this �� day of , 2013, by V-,�'FAe the a of RiverWood Bank, a federal savings bank organized and existing &nder the laws of the United States of America, on its behalf. NOTARY �. .Y VICKI JAN LEERHOFF Notary Publ"Innesda My conxn6w F ip, i Jan 31, 9016 DRAFTED BY: CAMPBELL, KNUTSON Professional Association 317 Eagandale Office Center 1380 Corporate Center Curve Eagan, Minnesota 55121 Telephone: (651) 452-5000 170046 10 EXHIBIT "A" Legal Description of RiverWood Property Parcel A: Lot 1, Block 1, Kirkman Addition, Wright County, Minnesota Parcel B: Lot A of the Northeast Quarter of the Southeast Quarter of Section 10, Township 121, Range 25, according to a plat filed March 14, 1886 in Book 1 of Plats, page 566 and that part of Lot C of the North Half of the Southeast Quarter of said Section 10, Township 121, Range 25 according to a plat recorded October 23, 1913 as Document No. 74600 lying Northerly and Northeasterly of a line described as follows: Commencing at the Northeast corner of said Northeast Quarter of the Southeast Quarter; thence South along the East line of said Northeast Quarter of the Southeast Quarter, a distance of 526.92 feet to the point of beginning of said line to be described; thence West deflecting 89 degrees 52 minutes 18 seconds right, a distance of 137.25 feet; thence Northwesterly along a tangential curve concave to the North having a radius of 600.00 feet and a central angle of 43 degrees 16 minutes 32 seconds, a distance of 453.18 feet; thence Northwest tangent to said curve, a distance of 357.48 feet to the Northwest line of said Lot C of the North Half of the Southeast Quarter and said line there terminating, Wright County, Minnesota. Parcel C: That part of Lot C of the North Half of the Southeast Quarter of Section 10, Township 121, Range 25, according to a plat recorded October 23, 1913, Document No. 74600 lying Northeasterly of the Northeasterly right of way line of Interstate 94 and lying Southerly and Southwesterly of a line described as follows: Commencing at the Northeast corner of the Northeast Quarter of the Southeast Quarter of said Section 10; thence South along the East line of said Northeast Quarter of the Southeast Quarter, a distance of 526.92 feet to the point of beginning of said line to be described; thence West deflecting 89 degrees 52 minutes 18 seconds right, a distance of 137.25 feet; thence Northwesterly along a tangential curve concave to the North having a radius of 600.00 feet and a central angle of 43 degrees 16 minutes 32 seconds, a distance of 453.18 feet; thence Northwest tangent to said curve, a distance of 357.48 feet to the Northwest line of said Lot C of the North Half of the Southeast Quarter and said line there terminating, Wright County, Minnesota. Parcel D: Also that part of Lot A of the Northwest Quarter of the Southwest Quarter of Section 11, Township 121, Range 25 according to the plat of record, filed October 23, 1913, File No. 74602, lying Northeasterly of the Northeasterly right of way line of Interstate 94 and lying South of a line described as follows: Commencing at the Northwest corner of said Northwest Quarter of the Southwest Quarter; thence South along the West line of said Northwest Quarter of the Southwest Quarter, a distance of 526.92 feet to the point of beginning of said line to be described; thence East deflecting 90 degrees 07 minutes 42 seconds left a distance of 441.39 feet to the East line of said Lot A of the Northwest Quarter of the Southwest Quarter and said line there terminating. Except that part of said Lot A of the Northwest Quarter of the Southwest Quarter described as follows: Commencing at the Northwest corner of said Northwest Quarter of the Southwest Quarter; thence East along the North line of said Northwest Quarter of the Southeast Quarter, a distance of 407.67 feet to the center line of Minnesota Street being the East line of said Lot A of the Northwest Quarter of the Southwest Quarter, thence deflecting 87 degrees 34 minutes 45 seconds right along said center line, a distance of 361.82 feet to the point of beginning; thence west deflecting 90 degrees right, a distance of 373.37 feet; thence South deflecting 90 degrees left, a distance of 350.00; thence East deflecting 90 degrees left, a distance of 373.37 feet to said center line of Minnesota Street, thence North along said center line a distance of 350 feet to the point of beginning, Wright County, Minnesota. 170046 11 EXHIBIT "B" Legal Description of City Property That part of Lot A of the Northwest Quarter of the Southwest Quarter, Section 11, Township 121, Range 25, Wright County, Minnesota, according to the recorded plat thereof, described as follows: Commencing at the Northwest corner of said Lot A; thence East, along the North line of said Lot A, a distance of 407.67 feet to the center line of Marvin Road; thence South, along said center line, deflecting right 87 degrees, 34 minutes 45 seconds a distance of 361.82 feet to the point of beginning; thence West, deflecting right 90 degrees, a distance of 373.37 feet; thence South deflecting left 90 degrees a distance of 350 feet; thence East deflecting left 90 degrees a distance of 373.37 feet to the center line of said Marvin Road; thence north, along said center line, a distance of 350 feet to the point of beginning. Subject to the right of way of said Marvin Road. Except that part thereof described as follows: Commencing at the Northwest corner of said Lot A; thence East along the North line of said Lot A, a distance of 407.67 feet to the center line of said Marvin Road; thence South deflecting 87 degrees 34 minutes 45 seconds right along said center line, a distance of 361.82 feet to the point of beginning of the exception to be described; thence West, deflecting right 90 degrees a distance of 373.37 feet; thence South deflecting left 90 degrees a distance of 108 feet; thence East deflecting left 90 degrees a distance of 373.37 feet to the center line of said Marvin Road; thence North, along said center line, a distance of 108 feet to the point of beginning. 170046 12 EXHIBIT "C" Proposed Plat of Great Laver Addition 170046 13 GREAT RIVER ADDITION K O ALL LkMEEHN Byoyn THESE Pe b1 EENT es�altbe�d �aop Bank Ike First C. rty 5adngs Bank and Min Ciy of to n ago, a Minnesota munidpal corporation untler the levee of Me Slate o property stivated In the County of Wrlghi, Stale of Minnesota k w[ RIVERWOOD BANK PARCELS Parcel A (Document No. A1221381)) Lot 1, Bock 1, Khkman Addkkn, Wrtgbt County Minnesota A In W7hese whmeof the City of Marl a Minnesota munldpol corporation unearths levee of Me State of Mlnnesele, have caused them presents to be Signed by Mal, proper,if eem this _ day of , 20 . CmHl (Mayor) Jeff ON.111(CRy Administrator) STATE OF MINNESOTA COUNTY OF The foregoing Instrument was acknowledged before me this _ day Of—. 20 by Me City of M-11,I o, a Minnesoto munldpol corporeton under the laws of the State of Minnesota. I. a plat full March 14, 1086 In hook 1 of Plats, peed 566 and that In of Let C Glint Herbst (Mayor) ¢pmnc cegmnmgg,,[hence Went, deflecting right 90 degrees,a distanceof3]3.3]eet; [hence South deflecting eR90 degg sa disance of 350 feet;thence East deflecting left 90degrees a d""reeof3J3.3Jket Lathe c¢n[¢rline of said Mahn Roatl; Ner,ce north, alongs Itl tent¢r line,a distance of 350 f..... he paint of beg inning. 5ubjed to the right of wayy of said Marvin Road. Except that Dart thereof de crlbed az follows: Commencing tine Northwest comer d sold Lot A; thence Eaz! alone the North line of sold Lot A, a didance of 407.67 (eat to the center line of said Mahn Road thence South doge -in. e7 degrees 34 minutes 45 seconds Sight along saitl center l(ne, a dlrtance of 361.92 feet to the point of beginning of the Exception to be descri bed; thenceWes(deflect lingnght90 degrees a distance of 373.3J kin;thence 5o tfi defee' .left90 degreesa tllstance of log feet; thence East deFlecting left 90 degrees a distance offeet to the center Ilne of said Ma Mn Road; thence North, along said center I".. a distance of lgg feet to Me point of beginning. WHICH LIES souther)y of the following described! line: Commencing at the Northwest Corner of said Northwest quarter of the Southwest quarter thence South W degtees 13 minutes 42 seconds West, assumed beadng along the west line thereof, 547.32 feet to the Doint of begglnn)ng of the line to be hereinafter tlescribed; thence eastedy along a ranthin curve, wncave tothenorih,l]g52feet,havinggar,d,wof496,00feel, central angl of 20 degree�ssts 37 minutes 20 seconds, chard beadng or South 90 degrees 46 thence North 85 de ds Easl 02 minutes 30 semntls Ead,end I chord dis—ce of i33Alt�ee[ to the centeglke of Mirnnesob StreeSt and sakElire. there Levi rating westerly right of way linIII., of Mlnn rsmd Street; degrees CITY OF MONTICELLO PARCEL b artC Lo isedf th�tlMoa Nodhwgasa flcomerai seta lLo[A'bgienca �asl�abng!Ihe North)pp 121, Ranyya25, WdgM Count'. Mlnnesok, according to Merewrded alai thereof,res In"as ng Ilne of snM I.pt A, a dlsanca or 40].6J feet to the cenkr Ilne d MmNn Roetl: thence South, along nn Itl center Ilna, de6eding doht 8] dogmas 34 nrFules 45 secontls a tlklence of 361.62 feet to Ma point of lwglnnln9: therrce Was. deflectlng right 90 degrees, a tlkknce W 3]3.3] fact: thence South deflecting IeR 90 dogmas a dlstsnce of 35o feet; thence Eari deRecling left 90 degrees a dlstence of 313.3] foal to Me venter Ilne of saitl Marvin 0.oad; Iherce nosh, along saH terune, a di'de"n of 350 fcrot o Me point of beghmin g. Subfect to Me right of wayy of saitl Mahn Road. EylcepMl that part thereof tlescrlbetl as mi_ Gomdendnp at the Nenhwed comer of seM Lot A�Ma_ East a long the North line of.pLdd A,add�%oliIarcegm 407.67 feet to Ma center Rne of thence Wes l ectlnngg rf�M 90 east. a a EhBe . 0, - .97 feel: thence Southgdeil 'nng I.9p ddee.e, a EI.' de 0(1081ae[; IMnce East deft ctic�g left 90 Cegerees a dlsttanrce of 313.3_)� foot to the centerline of seM Mahn Road; Menca North, along sak cantor Imo, a distance of Ied /eel to the poku d, beghning. WHICH LIES umthdrty of to fouowing d rded line: Command"gg et rho Nortlywest Comer of sold Northwest quarter o/the Southwest Ouerter. thence SauM 00 degreea l3 minutes 42 sawnde West. assumed bearing alongg the wort gne thereo/, 54].32 eel la Me point of bsrelnnFp of Me Ina to re herelnafer desalpbetl: hence easteedy along a non-targentlN wore. toe. north,1]8,52 fan. havuga SSl of49G00feel an I. 20tlep 91sfe t to thminue westery righ�ofhwe�y fr�ne of Minnesota Sbit.eatrthened No h853tlegrees Feet and a s6wles 30 chord distance o/ 177.56 feet' thence North 66 degrees 54 minutes 50 sewrlds East, 23b aecontls East. 13.01 feet to Iha demedlrre of Minnesota Street and saitl Rrre there termlretlng. Have called the easaed Cytins qat Yedold platted ae GREAT RIVER ADDITION. and do hereby decl,,mto the public for publc usethe public ways and dmlraga a nd utility In Miress whereof Kevan Sorenson, Regional Peeident of said RNdOrld,d Bank, fka First Federal Savings Bank, have cased thpsc Preecnis to re signed by their proper o!ficers this _ day of , 20_ Kevan Sam — STATE OF MINNESOTA COUNTYOF The foregoing inetrumW was aoknomhul ad before me this _ day of . 20^ by Kevan Sorenson. Regional President of saitl RNerYJootl Bank. era F1 s1 Federal S.Ange Bank. K.— Soremmd (Ragbnal President) Sigraluse printed mama Notary PubII Canny, Minnesota My Comm eshn Expires 7e�O`Reill (CRY m n slrator SlgnaNre Printed no — Notary Publo County, Minnesota My Cenra lon Exphes I Kyle L. Massn do hereby certify thatthis plat was prepared by me or undermy used supervision; that I am a duly Ilcemeetl Land Surveyor In the Slate of Minnesota; Mat tins plat Is a cord mpresenktlon of the boundory survey that If maMemalreal data and lobate are correctly designated en this plat; that all monuments depicted on his plat have boon or veil be correctly set withln one year, Mat all orator boundaries and wet lands, as banned In Minnesota StaMos Section 505.01, Subd 3, as of the date of this Surveyors certlflcatlon are shown and kbeled on his plat; and that all puNlc ways am shown and labeled on this plat. Dated this day of , 20_. Kyle L IOasan, Licensed Land Surveyor Minnesota License No. 44606 STATE OF MINNESOTA The foregoing Surveyors Certtlkate, was acknowledgetl bafom me tins _tlay of , 20_, by Kyle L. Kasen. IJcensed Land Surveyor. �natura Pill me. Notary PUblIc County, Minnesota My Commission Expires PLANNING COMMISSION Tins plat of GREAT RIVER ADDITION was approved end accepted In wmplance Win Minnesota Shatules Seidl- 505.03 Subd 2, by the Planning Commission of the CRY of Mora lb, Mlid—bra st a meagrg held this _ day of , 20_. M Sparta (Chairman) CIYCOUNCIL This plat of GREAT RIVER ADDITION was approvetl and accepted In c—)once with MinnesnU Sul Sedun 505.03 Surd 2, by Me City Cauncl of to City of Monticelo. Minnesota at a meeg.ng held this _tlay of 20_, Cunt Hethst N.Y.,) Jeff ONA (City Adminklreto,) W RIGHT COUNTY SURVEYOR I hereby cedRy that In accordance with Minnesota Stabdes, Sectlon 505,021, Subd. 11, Mls plat has been mylewod and approved this _tlay of 20. Wright CountySurveyor WRIGHT COUNTY AUDITOR Pursuant to Mind.... Stables. Sedkn 272.12, there are no deinguenl lazes on Me and harm he`om described on this pat and transfer entered this _tlay of Wright Canny Auditor Deputy WRIGHT COUNTY TREASURER Pursuant to Minnesota Statules, Se— 505.021. Subtl, g, used payable for the year 20_ on the and harelrrbafere dosedbed he. been pald this _ day of , 20_ By, Wright Canny Treasurer Deputy WRIGHT COUNTY RECORDER I hereby earlify that this h deumenl was Mad In the office of the County Retarder for record an this radordod In Cabinet No. _, Sleeve _ , m Dar —t No. Wright Cowry Reco,der day of , 2g at _ o'ckck—M. and was duty 0 7011fenla Avenue S.A. Sulk ses WSBMlnN, MN-B mmlm-raaw 11-11o d SH EET 1OF2 / GREAT RIVER ADD1 T6ON I� / 5ee•50'29•E / 637. a9 xoR — _� — S_ — — wY,/zOOC _ l IV � xav �./ IIOY.J'04 / / �=�if] i rzfppiWGmNCE ,ym xrNltt Fwa6MENi COc ISMete __—_---_— ^ _ _ —I``_z pp,pµylBF 618Ap+p — �— 1 -yf � /• wclMlel t ' `. MOv—+� 1 �. \ N.a•ea'].-. OUTLOT n .. .: u..G �8 \ yRAwHGE.NO ummEASE.lNr oN•RAu�w.EOTa f GPO'VDociJiasv�s�`— I I IS /wJmw'�o•r8 \ \ ,•III,'. �`+=/�y I — —G m ,, mH w•,], R ea ' I ' y. t�Il�aw.,e<Y�le,AllBffi I eavnREerRow-==s a ,+ u4 \\ '�l�j ]•b. •!;,'0. _ STREET � � wg t�:i : •; I I . a , , I �� / •d' ' JJ.00 I !rWRAEJOmem£fT OUTLOT C—. w \. — — — — -- N.nuNENArwse� \ \ ' x]].a5 ! s.'SO•...� aRca `� i "J GOF•AI1N9W ��__ O.BB.� �:! .00 AiO6leelYW!— . �_� �. �E•1aBse,l,• vg ".:: \ ` _ mM <pj \-_sw a E d=J a _ ;s, �?o. _ �. :... 6,AEfi 8 g (`jatI1I35• ses•s°u Ge Ja \- .:_, .. ...: ,.,:;:-:.: ., ,.:.,� ..,.>_�:.•. :� �: za., s — — — — — _ —__ — !•DE otmor a I `___ I •� I I I _ ••__'__`___ I LII I � arnwnuo:rm�r.•.�,vex-a III —M„m ORNNMZEANovnmlAsr+n— e.i ulE s.ro +st\ I �-- .\ I �J N�w�R,me,lem„seox,wJrur • TH N TH N E T E OR LINE 0 HE NORTH I)2 1ITHERST H I.. _SHIP ]21. RANGE 25 HAS AN ASSUMED BEARING OF 5 BB°50'29 ,tmN awR,],.R 6E a��_ ,01 Xenle Auanun EcuN. E-3U0 WSB Mlnrea�Ila, Mx 5 15 l ® n.]MH EWIAAMNI. x ixFza9mucngF SHEET2 OF EXHIBIT "D" Legal description of City Property to be conveyed to I2iverWood: That part of Lot A of the Northwest Quarter of the Southwest Quarter, Section 11, Township 121, Range 25, Wright County, Minnesota, according to the recorded plat thereof, described as follows: Commencing at the Northwest corner of said Lot A; thence East, along the North line of said Lot A, a distance of 407.67 feet to the center line of Marvin Road; thence South, along said center line, deflecting right 87 degrees, 34 minutes 45 seconds a distance of 361.82 feet to the point of beginning; thence West, deflecting right 90 degrees, a distance of 373.37 feet; thence South deflecting left 90 degrees a distance of 350 feet; thence East deflecting left 90 degrees a distance of 373.37 feet to the center line of said Marvin Road; thence north, along said center line, a distance of 350 feet to the point of beginning. Subject to the right of way of said Marvin Road. Except that part thereof described as follows: Commencing at the Northwest corner of said Lot A; thence East along the North line of said Lot A, a distance of 407.67 feet to the center line of said Marvin Road; thence South deflecting 87 degrees 34 minutes 45 seconds right along said center line, a distance of 361.82 feet to the point of beginning of the exception to be described; thence West, deflecting right 90 degrees a distance of 373.37 feet; thence South deflecting left 90 degrees a distance of 108 feet; thence East deflecting left 90 degrees a distance of 373.37 feet to the center line of said Marvin Road; thence North, along said center line, a distance of 108 feet to the point of beginning. WHICH LIES northerly of the following described line: Commencing at the Northwest Corner of said Northwest Quarter of the Southwest Quarter; thence South 00 degrees 13 minutes 42 seconds West, assumed bearing along the west line thereof, 547.32 feet to the point of beginning of the line to be hereinafter described; thence easterly along a non -tangential curve, concave to the north, 178.52 feet, having a radius of 496.00 feet, central angle of 20 degrees 37 minutes 20 seconds, chord bearing of South 80 degrees 46 minutes 30 seconds East and a chord distance of 177.56 feet; thence North 88 degrees 54 minutes 50 seconds East, 236.91 feet to the westerly right of way line of Minnesota Street; thence North 85 degrees 02 minutes 30 seconds East, 33.01 feet to the centerline of Minnesota Street and said line there terminating. 170046 14 EXHIBIT E GRANT OF PERMANENT EASEMENT RIVERWOOD BAND, a federal savings bank organized and existing under the laws of the United States of America, "Grantor," in consideration of One Dollar ($1.00) and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, does hereby grant unto the CITY OF MONTICELLO, a Minnesota municipal corporation, the Grantee, hereinafter referred to as the "City," its successors and assigns, permanent casements for trail purposes over, on, across, under and through the land situated in the County of Wright, State of Minnesota, and legally described on the attached Exhibit "A." INCLUDING the rights of the City, its contractors, agents, servants, and assigns, to enter upon the permanent easement premises at all reasonable times to construct, reconstruct, inspect, repair, and maintain said public trail system over, across, on, under, and through the permanent easement premises, together with the right to grade, level, fill, drain, and excavate the permanent easement premises, and the further right to remove trees, bushes, undergrowth, and other obstructions interfering with the location, construction, and maintenance of said public trail easement. The above named Grantor, for itself, its successors and assigns, does covenant with the City, its successors and assigns, that they are well seized in fee title of the above described easement premises; that they have the sole right to grant and convey the easements to the City; that there are no unrecorded interests in the easement premises; and that they will indemnify and hold the City harmless for any breach of the foregoing covenants. 170046 15 IN TESTIMONY WHEREOF, Grantor hereto has signed this document this 5 I day of 2013. STATE OF MINNESOTA ) ) ss. COUNTY OF WRIGHT ) The foregoing instrument was acknowledged before me this %s# day of`� 2013, by irl ENJ" 1..4 thof erWood Bank, a federal savings bank organized and existing under the s of the United States of America, on its behalf. NOTARY:li THIS INSTRUMENT WAS DRAFTED BY: CAMPBELL KNUTSON Professional Association 317 Eagandale Office Center 1380 Corporate Center Curve Eagan, MN 55121 Telephone: 651-452-5000 VICKI JAN LEERHOFF Notary Public -Minnesota my Commleelon Explrae Jan 31, 2018 170046 16 EXHIBIT "A" TO GRANT OF PERMANENT EASEMENT That part of the Outlot A, Great River Addition, County of Wright, State of Minnesota, according to the recorded plat thereof described as follows: A permanent easement for trail purposes, over, under, and across that part of Outlot A, Great River Addition, as is on file and of record in the Office of the County Recorder in and for Wright County, Minnesota, which lies northerly of the northerly Right of Way line of 7th. Street as dedicated in said Great River Addition and southerly of the following described line: Commencing at the Northeast Corner of the North Half of the Southeast Quarter of Section 10, Township 121, Range 25; thence South 00 degrees 13 minutes 42 seconds West, assumed bearing along the east line thereof, 460.44 feet to the point of beginning of the line to be hereinafter described; thence northwesterly along a non -tangential curve, concave to the northeast, 43.611 feet, having a radius of415.00 V,ct, central angle of 06 degrees Ol minutes 13 seconds, chord bearing of North 63 degrees 29 minutes 04 seconds West and a chord distance of 43.59 feet; thence continue northwesterly along a compound curve, concave to the northeast, 28.13 feet, having a radius of 288.61 feet, central angle of 05 degrees 35 minutes 04 seconds, chord bearing of North 57 degrees 40 minutes 16 seconds West and a chord distance of 28.12 feet; thence continue northwesterly along a compound curve, concave to the northeast, 5 8. 10 feet, having a radius of 401.41 feet, central angle of 08 degrees 17 minutes 33 seconds, chord bearing of North 51 degrees 12 minutes 38 seconds West and a chord distance of 58.05 feet; thence continue northwesterly along a compound curve, concave to the northeast, 15.95 feet, having a radius of 1715.36 feet, central angle of 00 degrees 31 minutes 58 seconds, chord bearing of North 47 degrees 35 minutes 44 seconds West and a chord distance of 15.95 feet; thence continue northwesterly along a reverse curve, concave to the southwest, 58.35 feet, having a radius of 397.92 feet, central angle of 08 degrees 24 minutes 05 seconds, chord bearing of North 49 degrees 32 minutes 19 seconds West and a chord distance of 58.29 feet; thence continue northwesterly along a reverse curve, concave to the northeast, 73.00 feet, having a radius of 894.33 feet, central angle of 04 degrees 40 minutes 36 seconds, chord bearing of North 51 degrees 30 minutes 04 seconds West and a chord distance of 72.98 feet; thence continue northwesterly along a reverse curve, concave to the southwest, 71.39 feet, having a radius of 122.67 feet, central angle of 33 degrees 20 minutes 48 seconds, chord bearing of North 65 degrees 50 minutes 10 seconds West and a chord distance of 70.39 feet; thence westerly along a reverse curve, concave to the north, 43.28 feet, having a radius of 325.98 feet, central angle of 07 degrees 36 minutes 27 seconds, chord bearing of North 78 degrees 42 minutes 21 seconds West and a chord distance of 43.25 feet; thence westerly along a reverse curve, concave to the south, 77.80 feet, having a radius of 292.25 feet, central angle of 15 degrees 15 minutes 08 seconds, chord bearing of North 82 degrees 31 minutes 41 seconds West and a chord distance of 77.57 feet; thence westerly along a reverse curve, concave to the north, 102.68 feet, having a radius of 342.59 feet, central angle of 17 degrees 10 minutes 24 seconds, chord bearing of North 81 degrees 34 minutes 04 seconds West and a chord distance of 102.30 feet; thence westerly along a reverse curve, concave to the south, 55.34 feet, having a radius of 232.52 feet, central angle of 13 degrees 38 minutes 15 seconds, chord bearing of North 79 degrees 47 minutes 59 seconds West and a chord distance of 55.21 feet; thence westerly along a reverse curve, concave to the north, 86.09 feet, having a radius of 147.78 feet, central angle of 33 degrees 22 minutes 34 seconds, chord bearing of North 69 degrees 55 minutes 50 seconds West and a chord distance of 84.88 feet; thence northwesterly along a reverse curve, concave to the southwest, 76.65 feet, having a radius of 1094.77 feet, central angle of 04 degrees 00 minutes 41 seconds, chord bearing of North 55 degrees 14 minutes 53 seconds West and a chord distance of 76.63 feet; thence 170046 17 continue northwesterly along a reverse curve, concave to the northeast, 43.29 feet, having a radius of 236.07 feet, central angle of 10 degrees 30 minutes 26 seconds, chord bearing of North 52 degrees 00 minutes 00 seconds West and a chord distance of 76.63 feet to the southwesterly line of said Outlot A and said line there terminating. 170046 18 ASSESSMENT SEARCH ORDER NO.:1 685756A Requested By: I SANDRA I Company: I Land Title " , Email ❑1 House Act I EPIC PROPERTY SERVICES ASSESSMENT: RECHECK: DATE: Notes: Status: I Complete " Status: 12/6 RUSH CUST EM FOR STATUS. ORDERED ^ If HOLD, reason for hold: If HOLD, reason for hold: 12/4 ADDING PID 155226000010 Completed: 12/7/2023 # Assmt PIDs: = # Recheck PIDs: I Zone: 12 PID No.: 155226000020 County WRIGHT I State MN Additional Fee $60.00 Street: Great River 2nd Addition City: MONTICELLO Zip: Legal Description: Outlot A and B, Great River Addition, Wright County, Minnesota ^ Type of Improvement: Original Amt: Balance Payable: Certified To 20 24 Good Til: v I I I 155226000010 NONE I I --- --- II 155226000020 STREET UTILITIES / DEVELOPMENT 1 $553,828.00 $498,445.20 $148,387.97 11/15/24 PENDING ASSESSMENTS Type of Improvement: Estimated Amount: NOTES: NONE 1 Monticello:763-295-2711 J BOTH PIDS Completed by: Epic Property Staff Epic Property Services, Inc. ** 12550 West Frontage Road ** Suite 205 ** Burnsville, MN 55337 ** 952-666-7410 Outlot B, Great River Addition Assessment Information Note: If the EDA were to purchase the property, staff would bring to the council a consideration to defer the assessments until development, so the interest may not accrue back to 5/13/23. 155-226-000020 (Outlot B) has the following assessments per the agreement that states "If the Riverwood Property is subdivided or platted, the assessments will be apportioned to individual lots, not outlots, based on the pro rata portion of the area (square foot) of the lots in the total area of the Riverwood Property to be subdivided.": o New development piece: 6 acres of 20.16 acres total = 29.8% * $788,928.77 = $235,100.77 +$22,000 of the Elm Street Assessments = $257,100.77 plus interest from 5/13/23 to date of plat o Remaining portion of Outlot B to be developed later: 14.16 acres of 20.16 acres = 70.2% * $788,928.77 = $553,828 plus interest from 5113123 to development or, if assessed to Wright County, 1213112024. -- - -� ----- 40011 DOC) EDA Agenda: 10/09/2024 5A. Economic Development Manager's Report Prepared by: Meeting Date: ® Other Business Economic Development Manager 10/09/2024 Reviewed by: Approved by: N/A N/A REFERENCE AND BACKGROUND 1. Project Maxwell —The proposed 150,000 square foot industrial facility is slated to go the City of Sartell, MN. Niron Magnetics provided a letter indicating that they were impressed with the effort of City staff and policy leaders as well as the general attractiveness of the community and its various amenities (see Exhibit A and B). 2. Block 34 RFI — Two comprehensive RFI packets were received by the deadline. Staff will take time to review the packets in the coming week and outline a future timeline in which to present the RFI packets and summary review to the EDA. 3. Jim Gromberg, WSB, left WSB effective September 20, 2024. He has opened his own economic development consulting firm and is offering his services to the City of Monticello EDA in a similar capacity that he previously provided through WSB. Staff will present the potential engagement options for economic development services at an upcoming meeting. 4. Manufacturers Month in October - The Monticello Manufacturers Breakfast Event will be held in the MCC Mississippi Room on Friday, October 11, 2024, at 7:00 a.m. The keynote speakers are: Sarah Sundine, Chief Operations Officer, UMC and Lori Hanson, Monticello High School Principal. See Exhibit C. 5. Prospect List Update - See Exhibit D. Niron Magnetics Clean Earth Magnet" The Honorable Lloyd Hilgart City of Monticello 9/25/2024 505 Walnut Street Monticello, MN 55362 Dear Mayor Hilgart, I want to start by thanking you and your team for your amazing support and engagement during the site selection process for Project Maxwell. The entire team went above and beyond our expectations. We were very impressed with the economic development and growth in Monticello, to include the community's investment in new housing development, retail, and parks and recreation, as well as the community's economic incentives. Despite this, we have opted to move forward with another community for the project development. Rest assured that the economic proposal from the City of Monticello was in line with other communities and weighed heavily on our decision. A formal announcement on our site selection will be released in early October. Again, I want to personally thank you for your community's support and interest in partnering with Niron Magnetics. Respectfully, Mark A. Schramek Vice President, Government Affairs Niron Magnetics 1 650 Taft Street NE, Suite 400 1 Minneapolis, MN 55413 www.nironmagnetics.com LVVNL I1GYY0 Bartell Welcomes Niron Magnetics, New Manufacturing Plant to Create 327 Jobs Saint Cloud, MN, USA / KNSI Jake Judd Oct 1, 2024 1 2:33 PM Bartell Jake Judd/KNSI News (KNSI) — Sartell has attracted a large magnet manufacturer who will break ground on a new plant in the coming years. The city council has signed a deal to sell 79 acres of public land to Niron Magnetics. The property is on the east side of 4th Avenue South and was purchased in 2023 as part of the 167-acre Mill District site and Champion Plat. The project is expected to create 327 jobs inside a new 150,000-square-foot facility. The company chose the location after evaluating 75 potential sites. The land is being sold for $0 as part of an incentive package offered by Sartell to attract the company. The incentive package includes a donation of land, an option for Tax Increment Financing, and waiving some development fees. According to an analysis by St. Cloud State University, the company's construction and operations will create income and tax revenue. Once operational, the company will contribute $8.7 million in annual tax revenue. a1�UU :3 Lit'' ix Niron Magnetics According to a press release, Sartell and Niron Magnetics are entering a 180-day due diligence period during which a subsidy agreement will be negotiated. For the property purchase to close, specific criteria must be met. Sartell will host three listening sessions and one public hearing to allow the community to contribute its two cents. Residents can talk directly with council members and city staff, ask questions, and share feedback. 10/4/24, 12:16 PM Sartell Welcomes Niron Magnetics, New Manufacturing Plant to Create 327 Jobs I KNSI The city's website will also have a frequently asked questions, or FAQ section. The first listening session is next Tuesday, October 8th, at the Sartell Chamber's State of the City event. The get-together is open to the public and will be held at the Waters Church between noon and 1:00 p.m. Non -Chamber members can purchase lunch for $5.00. If you're planning to attend, email info@sartellchamber.com to register. According to Niron Magnetics, the Minneapolis -based company is the world leader in developing rare earth -free permanent magnets. These magnets are made from more readily available materials, offering a more sustainable alternative to traditional magnets. Learn more about the company by clicking here. Copyright 2024 Leighton Media. All rights reserved. This material may not be broadcast, published, redistributed, or rewritten, in any way without consent. Jake Judd News Reporter Make is a Minnesota native, growing up in Anoka. He is a husband and father of two and enjoys history, traveling and sports. P _." �"' SING 0 R1z:,04,M Westbound Interstate 94 Reopens After Serious Crash Friday Morning .(KNSI) - The Minnesota State Patrol is investiga Ling a two -vehicle head on crash on westbound Interstate 94 Friday morning. It happened near LaBeaux Avenue/mile marker 200 in Albertville around 9:00. It appears a driver crossed over from east 94 and ... Jennifer Lewerenz _a 2h ago Ledge Amphitheater Season Ends With a Flannel-Themed Bang A_!_!_ -IL _ ___L 1'_1__ J. n___ - __ A_ __^ —.I- --- 1...__J_i_J n_ .—_1_L__ 1..1_ ^_w I. i.. , — . C� CaL SAL .& re)F Thank you for all your hard work! The City of Monticello EDA and IEDC are happy to announce the 2024 Manufacturers Recognition Breakfast on Friday, Oct. 11, from 7-8:30 a.m. in the Mississippi Room at the Monticello Community Center. We're excited to celebrate MN manufacturers and recognize the hard work and positive community impact of Monticello's manufacturing and industrial businesses! KEYNOTE SPEAKERS: Sarah Sundine, COO, Ultra Machining Company (UMC) Lori Hanson, Principal, Monticello High School SPONSORED BY: Monticello Economic Development Authority, Xcel Energy, WSB, Sherburne State Bank, Commercial Realty Solutions, and Dahlheimer Beverage Please RSVP to Kandis Rousselow by October 6, 2024 kandis.rousselow@ci.monticello.mn.us 1 763.295.2711 City Hall, 505 Walnut St., Suite #1, Monticello, MN 55362 ig PROSPECT LIST 10/04/2024 Date of Contact Company Name Business Category Project Description Building -Facility Retained Jobs New Jobs Total Investment Project Status 5/22/2018 2/28/2022 10/28/2021 4/28/2022 Karlsburger Foods Project Emma II Project Stallion Project Cougar Food Products Mfg. Light Ind -Assembly Technology Service Precision Machining -Mfg. Facilty Expansion New Construction New Construction New Construction 20,000 sq. ft. +/- 20,000� 42,000 sq. ft. 35,000 to 45,000 sq. ft. 42 0 10 to 20 4 40 38 $4,500,000 $1,350,000 $3,600,000 $4,700,000 On Hold Active Search Active Search Active Search 8/11/2022 Project Sing Precision Machining New Construction 400,000 sq. ft. 0 500 $90,000,000 Active Search 11/9/2022 Project Tea Mfg New Construction 25,000 sq. ft. 55 20 $5,800,000 Active Search Project Lodge DH1 Lodging -Service New Construction ? ? ? $9,500,000 to $12,500,000 Active Search 4/20/2023 5/30/2023 Project Flower-M &M Commercial Concept Expansion ? ? ? ? Concept 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 $19,500,000 Identified Site 9/19/2023 Project Panda#4 Sz Childcare Facility New Construction ? N/A ? $2,000,000+/- Active Search 1/17/2024 Project Tex Industrial New Construction 500,000 sq. ft. 0 100 $500,000,000 Active Search PROSPECT LIST 10/04/2024 Date of Contact Company Name Business Category Project Description Building -Facility Retained Jobs New Jobs Total Investment Project Status 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 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 7/3/2024 Project Hair Obsess Service Property Acquisition and Renovation 2,100 sq. ft. 14 6 $600,000 Identified Site 7/30/2024 Project EPG 40x2-50 Industrial New Construction 40,000 sq. ft. 0 40 $4,000,000 Active Search Contacts: M = 01 YTD = 28