EDA Resolution No. 2025-02 (Nordic Brewing Co. Loan Agmt Resolution) 1
4916-8621-5226.1
EDA RESOLUTION NO. 2025-02
RESOLUTION APPROVING A LOAN AGREEMENT BETWEEN
THE CITY OF MONTICELLO ECONOMIC DEVELOPMENT
AUTHORITY AND THE NORDIC BREWING CO., LLC
BE IT RESOLVED BY the Board of Commissioners (“Board”) of the City of Monticello Economic
Development Authority (the “Authority”) as follows:
Section 1. Recitals.
1.01. The Authority recognizes the need to encourage investment in commercial and retail
buildings in the downtown area of the City of Monticello, Minnesota (the “City”) in order to maintain the
economic viability of the City and its Downtown/Central Community District and as such, has established
a program to provide forgivable loans to eligible properties in the City’s downtown to improve the façades
of existing commercial and retail buildings (the “Façade Program”). On November 9, 2022 and January
10, 2024, the Authority adopted revised guidelines for the Façade Program (the “Guidelines”).
1.02. The Authority and The Nordic Brewing Co., LLC, a Minnesota limited liability company dba
Nordic Tap House (the “Borrower”), desire to enter into a loan agreement (the “Loan Agreement”) with the
consent of Linda Yonak for a Façade Program forgivable loan in the amount of $111,000 (the “Loan”) to be
used to pay a portion of the costs of exterior improvements to the building located on that certain real property
at 106 Walnut Street in the City (the “Property”). The Borrower is acquiring the Property through a Contract
for Deed with Linda Yonak and expects to acquire fee title for the Property in 2026.
1.03. The Guidelines require that the maximum loan amount be no greater than $50,000 (the
“Maximum Amount Requirement”).
1.04. The Authority is a grantor as defined in Minnesota Statutes, Sections 116J.993 to
116J.995, as amended (the “Business Subsidy Act”), is authorized to grant financial assistance (“Business
Subsidy”) for private development and has previously adopted criteria for awarding Business Subsidies that
complies with the Business Subsidy Act.
1.05. On the date hereof, the Authority held a duly noticed public hearing regarding the provision
of a Business Subsidy to the Borrower and a proposed business subsidy agreement (the “Business Subsidy
Agreement”) and determined that the creation and/or retention of jobs is not a goal of this Business Subsidy
and instead the goal of the business subsidy is to help encourage investment in commercial and retail
buildings in the City’s business district and prevent blight and blighting factors therein. Therefore,
notwithstanding the requirements of Section 116J.994, Subd. 2 of the Business Subsidy Act, the Authority
determines that the terms of the Loan may deviate from the Authority’s written business subsidy criteria,
and hereby sets the job and wage goals of the Loan at zero.
1.06. The Authority finds that the approval of the Loan is in the best interests of the City and
will help maintain the economic vitality of the City.
Section 2. Loan Agreement Approved.
2.01. The Authority hereby approves the Loan and the waiver of the Maximum Amount
Requirement and approves the subsequent acquisition of fee title to the Property through a Contract for
Deed. The Authority hereby approves the Loan Agreement in substantially the form presented to the Board,