EDA Resolution No. 2025-03 (CORRECTIVE Nordic Brewing Co. Loan Agmt Resolution)EDA RESOLUTION NO.2025-03
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 fagades
of existing commercial and retail buildings (the "Fagade Program"). On November 9, 2022 and January
10, 2024, the Authority adopted revised policies for the Fagade Program (the "Policies").
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") for a Fagade
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 The Estate of Keith
Kjellberg and expects to acquire fee title for the Property in 2026.
1.03. The Policies 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 of May 14, 2025, 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 Aareement 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,
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including the Escrow Agreement therein, together with any related documents necessary in connection
therewith, including without limitation the Promissory Note, the Draw Request, and all documents, exhibits,
certifications, or consents referenced in or attached to the Loan Agreement (the "Loan Documents").
2.02. The Board hereby authorizes the President and Executive Director, in their discretion and
at such time, if any, as they may deem appropriate, to execute the Loan Documents on behalf of the
Authority, and to carry out, on behalf of the Authority, the Authority's obligations thereunder when all
conditions precedent thereto have been satisfied. The Loan Documents shall be in substantially the form
on file with the Authority and the approval hereby given to the Loan 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 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 herein authorized shall be conclusive evidence of
the approval of such document in accordance with the terms hereof. This resolution shall not constitute an
offer and the Loan Documents shall not be effective until the date of execution thereof as provided herein.
2.03. In the event of absence or disability of the officers, any of the documents authorized by
this resolution to be executed 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. Upon execution and delivery of the Loan Documents, the officers and
employees of the Board are hereby authorized and directed to take or cause to be taken such actions as may
be necessary on behalf of the Board to implement the Loan Documents.
Approved this 28th of May, 2025, by the Board of Commissioners of the City of Monticello
Economic Development Authority.
Presi�ent
ATTEST:
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