EDA Agenda - 10/08/20251
AGENDA
REGULAR MEETING - ECONOMIC DEVELOPMENT AUTHORITY (EDA)
Wednesday, October 8, 2025 – 6:00 p.m.
Mississippi Room, Monticello Community Center
Commissioners: President Steve Johnson, Vice President Jon Morphew, Treasurer Hali Sittig,
Rick Barger, Clint Berglof, Councilmember Tracy Hinz and Mayor Lloyd Hilgart
Staff: Executive Director Jim Thares, Rachel Leonard, Angela Schumann, Tyler
Bevier
1. General Business
A. Call to Order
B. Roll Call 6:00 p.m.
C. Consideration of Additional Agenda Items
2. Approval of Agenda
Approval of Agenda – EDA members or the Executive Director may add items to the
agenda for discussion purposes or approval. The EDA may or may not take official action
on items added to the agenda
3. Consent Agenda
A. Consideration of Payment of Bills
B. Consideration of Approving September 24, 2025, Regular Meeting Minutes
C. Consideration of Approving Wright County Economic Development Partnership
(WCEDP) CY 2026 Annual Dues in the amount of $4,046
4. Public Hearing
A. Facade Loan Business Subsidy – Stellar Property Investments, LLC; 124 West
Broadway (Liquor Lounge building) – Consideration of $100,000 Façade Loan
B. Façade Loan Business Subsidy – Sperr Properties, LLC; 154 West Broadway (former
Cornerstone Café building) – Consideration of $100,000 Façade Loan
5. Regular Agenda
A. Consideration of EDA direction related to CHC’s affordable housing TIF Districts 1-42
and 1-43 regarding potential amendments modifying (swapping) age restricted and
general occupancy units in each District as well as a minor modification related to
the timeline of District 1-43 and authorizing the EDA attorney to prepare
amendment documents and the EDA resolution for future consideration
ECONOMIC DEVELOPMENT AUTHORITY WORKSHOP
Monticello Community Center
4:45 p.m. Direct Housing Aide and Housing Trust Fund Ordinance Review-Discussion
EDA Regular Meeting Agenda – October 8, 2025
2
6. Other Business
A. Consideration of Economic Development Manager’s Report
7. Adjournment
User:
Printed:09/03/2025 - 4:26PM
julie.cheney@monticellomn.gov
Transactions by Account
Batch:00202.09.2025
Accounts Payable
Account Number Vendor AmountGL DateDescription Check No PO No
213-46301-430400 CAMPBELL KNUTSON PA HOUSING AID 0 70.0009/09/2025
213-46301-430400 CAMPBELL KNUTSON PA HOUSING AID 0 105.0009/09/2025
213-46301-430400 CAMPBELL KNUTSON PA EDA - July 2025 0 192.5009/09/2025
213-46301-430400 CAMPBELL KNUTSON PA HOUSING AID 0 157.5009/09/2025
213-46301-430400 CAMPBELL KNUTSON PA MHFA - EDA HOUSING TRUST FUND 0 122.5009/09/2025
213-46301-430400 CAMPBELL KNUTSON PA HOUSING AID 0 70.0009/09/2025
717.50Vendor Subtotal:
213-46301-430400 KUTAK ROCK LLP BLOCK 34 LEGAL FEES 130569 606.0009/09/2025
213-46301-430400 KUTAK ROCK LLP GENERAL EDA LEGAL 130569 1,331.0009/09/2025
1,937.00Vendor Subtotal:
213-46546-430400 KUTAK ROCK LLP LEGAL FEES RELATED TO TIF 130569 23.0009/09/2025
23.00Vendor Subtotal:
Subtotal for Fund: 213 2,677.50
Report Total: 2,677.50
AP-Transactions by Account (09/03/2025 - 4:26 PM)Page 1
User:
Printed:10/01/2025 - 1:13PM
julie.cheney@monticellomn.gov
Transactions by Account
Batch:00204.09.2025
Accounts Payable
Account Number Vendor AmountGL DateDescription Check No PO No
213-46301-430400 CAMPBELL KNUTSON PA GENERAL EDA LEGAL SERVICES FEES 0 1,312.5009/23/2025
1,312.50Vendor Subtotal:
213-46301-431990 GROMBERG & ASSOCIATES LLC PROJECT STARFISH INDUSTRIAL DEV PROPOSAL 130632 810.0009/23/2025
810.00Vendor Subtotal:
Subtotal for Fund: 213 2,122.50
Report Total: 2,122.50
AP-Transactions by Account (10/01/2025 - 1:13 PM)Page 1
User:
Printed:09/17/2025 - 9:46AM
julie.cheney@monticellomn.gov
Transactions by Account
Batch:00201.09.2025
Accounts Payable
Account Number Vendor AmountGL DateDescription Check No PO No
213-46301-433100 US BANK CORPORATE PMT SYSTEMEDAM - 2025 Winter Conference Registration (TB) 0 395.0009/15/2025
213-46301-433100 US BANK CORPORATE PMT SYSTEMEDAM - 2025 BEDC Class Registration (TB) 0 975.0009/15/2025
213-46301-433100 US BANK CORPORATE PMT SYSTEMEDAM - EDAM Tour 0 50.0009/15/2025
1,420.00Vendor Subtotal:
213-46301-438200 CITY OF MONTICELLO 216 Pine St (EDA - old Finders Keepers consignmt by old DMV) 0 53.8209/15/2025
213-46301-438200 CITY OF MONTICELLO 130 Broadway E. (EDA strmwtr - formerly the Zoo) 7/3/2019 new fee 0 31.5009/15/2025
85.32Vendor Subtotal:
213-46301-443300 US BANK CORPORATE PMT SYSTEMTHE BUSINESS JOURNAL - Annual Subscription Renewal 0 170.0009/15/2025
213-46301-443300 US BANK CORPORATE PMT SYSTEMCMMA - Annual Membership Renewal 0 350.0009/15/2025
520.00Vendor Subtotal:
213-46301-443990 US BANK CORPORATE PMT SYSTEMCUB FOODS - Sandwiches for EDA Workshop Mtg 0 53.9309/15/2025
53.93Vendor Subtotal:
Subtotal for Fund: 213 2,079.25
Report Total: 2,079.25
AP-Transactions by Account (09/17/2025 - 9:46 AM)Page 1
User:
Printed:10/01/2025 - 1:10PM
julie.cheney@monticellomn.gov
Transactions by Account
Batch:00205.09.2025
Accounts Payable
Account Number Vendor AmountGL DateDescription Check No PO No
213-46301-431991 DEMVI LLC Parking Lot Maintenance - Sept 2025 0 213.8609/30/2025
213.86Vendor Subtotal:
213-46301-438100 CENTERPOINT ENERGY 12045691-8 - 216 Pine St 0 18.2309/30/2025
18.23Vendor Subtotal:
213-46301-438100 XCEL ENERGY 101 E 3rd St (216 Pine St) - formerly Finders Keepers 0 20.1609/30/2025
20.16Vendor Subtotal:
Subtotal for Fund: 213 252.25
Report Total: 252.25
AP-Transactions by Account (10/01/2025 - 1:10 PM)Page 1
The preceding list of bills payable totaling $7,131.50 was approved for payment.
Date: 10/8/25 Approved by:_________________________________________
Hali Sittig - Treasurer
MINUTES
REGULAR MEETING - ECONOMIC DEVELOPMENT AUTHORITY (EDA)
Wednesday, September 24, 2025 – 7:00 a.m.
Academy Room, Monticello Community Center
Commissioners Present: President Steve Johnson, Treasurer Hali Sittig, Rick Barger, Clint
Berglof, Mayor Lloyd Hilgart, Councilmember Tracy Hinz
Commissioners Absent: Vice President Jon Morphew
Staff Present: Executive Director Jim Thares, City Administrator Rachel Leonard,
Community Development Director Angela Schumann, Bob Ferguson,
Anne Mueller
1.Call to Order
President Steve Johnson called the regular meeting of the Monticello Economic
Development Authority to order at 7:01 a.m.
Mayor Hilgert arrived at the meeting at 7:03 a.m.
2.Roll Call
Mr. Johnson called the roll.
3.Consent Agenda
None
4.Consideration of discussion and direction related to Block 34 and Cedar Fair and
surrounding redevelopment vision, action plans and timelines
Economic Development Manager Jim Thares reviewed the agenda item contents with the
Commissioners. He noted that attached illustration and site depictions along with the
history of the sites. Mr. Thares also shared the City Engineer’s memo about the two
municipal wells in Block 34 and noted the estimated costs of approximately $2,100,000 to
relocate the wells. In addition, he pointed out the recent and planned improvements at
East Bridge and West Bridge Park. Finally, he reviewed the Highway 25 Area Planning and
Environmental Linkages (PEL) Study and the recent MNTH #25 planned improvements
which will result in changes at the 4th Street intersection via a potential roundabout or a
light and the follow-on impacts that will occur with traffic diverted to Cedar and other
streets.
Community Development Director Angela Schumann said the purpose of the meeting is to
consider potential improvements as presented by other entities and how the EDA envisions
moving forward on Block 34 and Cedar Fair as one large corridor rather than two separate
studies.
Ms. Schumann presented the question to EDA members, whether now might be the time
for members to continue with the visioning as it has been moving forward or to wait until
the studies from other entities are available to review as informative inputs into the
DR
A
F
T
EDA Regular Meeting Minutes – 09/24/25 (draft)
2
redevelopment action step-plans.
Mayor Hilgert shared his disappointment in learning of the estimated costs related to the
wells. In rough numbers, he estimated that it will mean a total of about $6M more needing
to be invested in Block 34 related to all aspects of redevelopment. Jim Thares said the
current costs total $2.8 million. To fully recoup this total back in future TIF increment, the
redevelopment tax value will need to be approximately $27 to $30 million in improvements.
Mayor Hilgert stated that for Block 34, he prefers less height than Block 52. A two-story
building or possibly some portions being three story structures, perhaps for housing, to
satisfy the valuation objective. His preference is not to have housing on Cedar Street if it
exists on Block 34.
Ms. Schumann suggested that a Walnut Street Corridor Plan should probably be laid out,
envisioning how the public may want to use the space and further consider the Land Use
Plan and think of it more cohesively with the potential MN-DOT intersection improvements
at MNTH 25 and East 4th Street.
Ms. Hinz urged the EDA to be careful and methodical on Block 34 redevelopment, especially
knowing the estimated cost of the wells and the recent information on the proposed MN-
TH #25 improvements. She suggested the focus be shifted to Cedar Street as a next
objective.
Ms. Schumann noted that although it is quite remote, one-way pairs are also a slim
possibility coming out of the Mississippi River Crossing study (PEL). The one-ways could
present serious challenges for the City.
City Administrator Rachel Leonard shifted focus to the TH 25 study corridor project and
suggested presenting realistic timelines for City planning and guidance from the EDA with
efforts to have more engaging conversations relating to MN-DOT plans and the Downtown
corridor for Monticello. She noted traffic flow and pedestrians’ safety as issues and said it is
better to work together. She suggested the EDA may want to ask what the City would want
the improvement to look like as protective redevelopment measures.
Ms. Schumann pointed out the potential adjustment at River Street and TH 25 with the
pedestrian crossing conversion to High Intensity Activated Cross Walk (acronym “HAWK”)
technology signal.
Administrator Leonard noted MNDOT’s awareness for City needs and described the current
bridge crossing service servicing as being at “Level F”. She noted the desire of Staff to
possibly incorporate an additional crossing to shift traffic flow or another option to alleviate
most traffic and potentially reroute hauling trucks due to service level failure and increased
traffic.
Ms. Hinz said Downtown Street crossings are sparsely used possibly due to perceived
DR
A
F
T
EDA Regular Meeting Minutes – 09/24/25 (draft)
3
dangerous conditions and questioned how to get pedestrians to go under the bridge to get
better and safer access for the east and west sides of MN TH #25.
Ms. Sittig said her work location on the east side of TH 25 saw no visitors at all during the
recent well attended Let’s Chalk festival. People primarily parked and stayed on the west
side of MN-TH #25.
Ms. Schumann addressed the MN-DOT corridor study and suggested the EDA look at areas
to provide measures for pedestrian traffic if the 4th Street/TH 25 intersection becomes a
roundabout and how to treat the River Street signal if it potentially is converted to a HAWK
crossing.
Mr. Johnson said a stop light at 4th Street might alleviate reduced time idling with pulsing
traffic flow versus continuous movement with minimal mitigation. He thought that a
roundabout would slow down speeding traffic. Mr. Barger spoke of complications for
pedestrians with a roundabout, noting the compact nature of the established area and the
high level of semi-truck traffic.
Administrator Leonard pointed out the discussions with MN-DOT relating to crossings at
East 7th Street to potentially include a center island as a pause point as well as consideration
to improve the east/west connections to MN-TH $25. She suggested ideas for utilizing
Cedar & Walnut as designated bike and pedestrian routes to address safety concerns should
be part of the traffic plans.
Ms. Schumann pointed out that the overall goal at this point is not solving traffic and
transportation issues. She suggested that EDA members decide to continue thinking about
redevelopment action steps using the information presented and currently available or
pause and wait until the river crossing PEL study and MN-DOT plans are released in the
future.
Mr. Johnson suggested a focus on expanding the Downtown core one block to east. He
feels the improvements on TH 25 from East 7th Street to Broadway will impact several
blocks of commercial properties and raises the question of how to best buffer the adjacent
residential area from the increase in traffic levels. He said the EDA should try to purchase
vacant parcels to potentially develop another Downtown corridor along Cedar Street east of
the highway parallel to Walnut Street.
Ms. Schumann noted her personal desire to incorporate additional traffic signals on TH 25
for blockbusting for circular traffic flow. Mr. Berglof felt it would be best to reroute foot
traffic to flow under the bridge.
Mr. Johnson pointed out the apartments and the northeast corner of Locust and West River
Street and thought that it may perhaps become an area of more redevelopment interest
despite the potential elevation issues. Ms. Schumann said that if the EDA is interested in
this area, it can be added to future continued conversations. Mr. Johnson noted the beauty
DR
A
F
T
EDA Regular Meeting Minutes – 09/24/25 (draft)
4
created by the Downtown improvements enabling the Walnut/River area to become an
entertainment hub rather than underutilized buildings and parking lots.
Ms. Hinz asked about raising awareness of specific businesses on Broadway, i.e., an ice
cream shop. Ms. Schumann noted similar comments were heard at the Downtown Rounds
gathering held last week. She said potential ideas are signage and improved information
supporting walkability. Ms. Hinz said she appreciated the idea of improving walkability
amid the Downtown Small Area Plan and said she suspects psychological reasons play a role
for pedestrians with concerns about safety.
Mr. Schumann said the Downtown Small Area plan was adopted 8 years ago. It has been
about 9 years since discussions such as this took place. She suggested the EDA continue
with more discussion in the future to refresh the Plan and refocus on current cohesive
components. The landscape has changed over time and reviewing the impacts Block 52 has
created allows exploration of how it might affect other blocks beyond the core downtown
area.
Ms. Schumann mentioned the potential to work again with Andrew Dresdner, Urban
Planner/Designer for Bolton & Menk, as he helped draft the Downtown plans and has the
capacity for visionary conversations to put together a revised redevelopment vision plan.
EDA members agreed with this suggestion and supported moving forward in that effort.
Mayor Hilgert shared a personal observation and said Cedar Street needs improvements
and notable destinations in comparison to the Walnut Street corridor. Downtown visitors
prefer to not park on the east side of TH 25 to walk to the west side, unless establishments
are incorporated along the park-to-destination pathway. Ms. Sittig agreed and noted the
Chalk Event brought no customers to her east side business. The Arts in the Park event,
held at East Bridge Park, produced many walk-in customers.
Mayor Hilgert suggested considering MN-DOT’s project proposal for roundabouts or
potential one-ways (river crossing study) will completely change what was anticipated and
planned for Downtown thus far. He is not in favor of additional active redevelopment next
steps until the bridge plans and location are determined.
Administrator Leonard again advised EDA members to look at Downtown holistically. She
suggested a reasonable goal would be to create a vision plan based on realistic
expectations. She also said that the Plan should be an adaptive plan based on scenarios of
what could happen with MN-TH #25 improvements and utilize the City’s perspectives and
views to influence MN-DOT’s bridge plans.
Ms. Sittig appreciated the potential food truck or food hall development scenario concept
next to the Farm and Floral site potentially creating increased foot traffic along Broadway
and maybe offering a reason to cross MN-TH 25 from west to east.
Mr. Johnson said he was in favor of utilizing a planning consultant to be engaged as the next
DR
A
F
T
EDA Regular Meeting Minutes – 09/24/25 (draft)
5
step in the overall redevelopment visioning and planning process.
Ms. Schumann said she would reach out to Bolton & Menk as they are currently working
with MN-DOT on MN-TH #25 studies already underway.
5. Economic Development Manager’s Report
Mr. Thares provided an overview of the agenda item to the EDA and staff.
No action was taken on the item.
6. Adjournment
The EDA adjourned at the regular meeting at 8:20 p.m. and entered into a closed meeting to
discuss the agenda items below.
Closed Session - Consideration of adjourning to Develop or Consider Offers or Counteroffers
for the Purchase or Sale of Real or Personal Property Pursuant to Minnesota Statute 13D.05,
Subdivision 3(c)(3)
• PID # 155010033041 - .29 acres (12,473.41 sq. ft.)
DR
A
F
T
EDA Agenda: 10/08/25
4A. PUBLIC HEARING - Consideration of Resolution 2025-08 authorizing a façade
improvement forgivable loan to Stellar Property Investments, LLC, 124 West Broadway
(Liquor Lounge) in the amount of $100,000 and further waiving the policy related to
the maximum funding
Prepared by:
Economic Development Manager,
Community Economic Development
Coordinator
Meeting Date:
10/08/25
☒ Regular Agenda Item
☐ Consent Agenda Item
Reviewed by:
Community Development Director,
Finance Director
Approved by:
City Administrator
ACTION REQUESTED
Motion to approve EDA Resolution #2025-08 authoring a Façade Improvement Forgivable
Loan to Stellar Property Investments, LLC, 124 West Broadway (Liquor Lounge building), in the
amount of $100,000 and further waiving the policy related to the maximum funding.
REFERENCE AND BACKGROUND
The City recently received a complete Façade Improvement Forgivable Loan application from
Stellar Property Investments, LLC (Liquor Lounge), located at 124 W Broadway Street.
Angie Krautbauer, Principal of Stellar Property Investments, LLC and Liquor Lounge owner,
submitted improvement plans and quotes from contractors related to a proposal consisting of
exterior improvements, including:
• Stucco replacement
• Roof repairs
• Framing
• Soffit
The EDA reviewed the $100,000 funding request during its September 13, 2025, Workshop. It
discussed the property visibility and the significant improvement proposal and the beneficial
impacts that the façade work would have on the building and the general look the upgrades
would convey about this overall area of Broadway. The EDA agreed by consensus that the
funding proposal request should proceed to proceed to final consideration steps by the EDA at
the October 8, 2025, regular meeting.
EDA Agenda: 10/08/25
Application Materials:
The specific application materials submitted for final EDA review of the proposal include the
following:
A completed application with a summary of the proposal
Improvement project quotes (two quotes as required by the program policy were
submitted); the best desired quote consistent with policy is included in the packet
Rendering (colors not identified)
Proof of ownership
Project Budget:
Façade Improvements - $145,521
o Stucco Replacement - $108,987.68 (staff recommends this task receive the façade
funding)
o Demo & Framing - $26,729
o Soffit - $9,803.65
o 2nd Story Windows - $13,985
Roof Replacement - $12,567.82
Disposal – $5,500
Engineering - $2,000
Electrical - $3,500
Building Permit - $2,395.38 (Estimate by City staff)
Total Improvement Project Cost: $170,000
Stellar Property Investments LLC is required to contribute a minimum 5% match which
totals $5,000. Stellar Property Investments, LLC has indicated they will meet this
requirement in cash payment to the contractor. Stellar Property Investments, LLC will be
required to make the initial payment, with proof of such payment to the EDA, prior to
release of EDA funds.
I. Budget Impact
The Façade Loan sub-fund currently has $201,209.07 available. The EDA should also be mindful
that there is one additional active completed application, also on this same EDA Agenda, for
consideration in the amount of $100,000.
II. Staff Workload Impact:
City staff involved in this consideration include the Community Development Director,
Community Economic Development Coordinator, Economic Development Manager, Finance
Director, and the EDA attorney. At this point in time no other staff are required to complete
the tasks involved in this effort.
EDA Agenda: 10/08/25
III. Comprehensive Plan Impact:
The Monticello 2040 Vision + Plan identifies the Downtown as a “development focus” area with
the intent of promoting investment and redevelopment of key properties and parcels in the
City’s core area.
By using its available tools such as the Façade Loan Program to assist in property investment,
the EDA is helping to facilitate the effort to realize Comprehensive Plan goal “A vibrant and
thriving Downtown that contributes to the City’s economic development and housing
objectives” (Chapter 5, 2040 Plan).
STAFF RECOMMENDATION:
Staff recommend that the EDA move forward with the development of a Downtown Façade
Improvement Program Forgivable Loan for Stellar Property Investments, LLC (Angie Krautbauer)
in the amount of $100,000. Per the Policies, the EDA may authorize a Façade Loan in an amount
between $5,000 to $50,000. The EDA may deviate from its policies relating to the funding
amount when it determines that the property merits additional funding due to its high visibility
and prominence in the downtown area.
In addition, according to the policies, funding can be approved for improvements to all or some
sides of a building. For Stellar Properties Investments, LLC, the funding is proposed to be used
for the façade improvements to the north (front) and west (side) portions of the building. Due
to the vacant lot adjacent to the 124 West Broadway parcel, the west side of the building is
very visible. The EDA has previously approved funding in the amount of $100,000 or more for
two previous downtown façade improvement proposals, 155 West Broadway (Murray’s Dance
Studio;3 visible sides) and 106 Walnut Street (Nordic Taphouse; four visible sides). It should be
noted that there is also another façade improvement loan request on this same EDA agenda in
the amount of $100,000. The current fund balance in the façade improvement program is
$201,209.07.
SUPPORTING DATA
A. EDA Resolution
B. Façade Loan Agreement
C. Promissory Note
D. Façade Loan Application
E. Vanguard Bid Proposal
F. Cunnigham Rendering
G. Stellar Properties Improvement Rendering
EDA Agenda: 10/08/25
H. Historic Property Image
I. Aerial Photo – 124 West Broadway
J. WC Beacon Report – 124 West Broadway
K. Downtown Façade Improvement Loan Policy
L. Public Hearing Notice
1
4918-5691-5307.1
EDA RESOLUTION NO. 2025-08
RESOLUTION APPROVING A LOAN AGREEMENT BETWEEN
THE CITY OF MONTICELLO ECONOMIC DEVELOPMENT
AUTHORITY AND STELLAR PROPERTY INVESTMENTS, 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 policies for the Façade Program (the “Policies”).
1.02. The Authority and Stellar Property Investments, LLC, a Minnesota limited liability company
(the “Borrower”), desire to enter into a loan agreement (the “Loan Agreement”) for a Façade Program
forgivable loan in the amount of $100,000 (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 124 West Broadway in the City (the
“Property”).
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 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.
Section 2. Loan Agreement Approved.
2.01. The Authority hereby approves the Loan and the waiver of the Maximum Amount
Requirement. The Authority hereby approves the Loan Agreement in substantially the form presented to
the Board, including the business subsidy and the Escrow Agreement attached thereto, 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”).
4918-5691-5307.1
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 8th day of October, 2025, by the Board of Commissioners of the City of Monticello
Economic Development Authority.
___________________________________
President
ATTEST:
___________________________________
Executive Director
4931-8886-8971.1
LOAN AGREEMENT
(Facade Improvement Forgivable Loan Program)
THIS LOAN AGREEMENT (this “Agreement”) is made effective as of October 8, 2025, by and
between STELLAR PROPERTY INVESTMENTS, LLC, a Minnesota limited liability company (the
“Borrower”), and the CITY OF MONTICELLO ECONOMIC DEVELOPMENT AUTHORITY, a public
body corporate and politic and a political subdivision under the laws of the State of Minnesota (the
“Lender”).
RECITALS
A. The Lender 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 in amounts up to $50,000 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 Lender adopted revised policies for the Façade Program (the
“Policies”). The Policies require the maximum loan amount be no greater than $50,000 (the “Maximum
Amount Requirement”).
B. The Borrower, as the fee owner of the property located at 124 West Broadway in the City
as legally described in EXHIBIT A attached hereto (the “Loan Property”), applied for and was awarded by
the Lender on October 8, 2025, a forgivable loan from the Façade Program in the principal amount of
$100,000 (the “Loan”) in order to undertake façade improvements to the building located on the Loan Property
(collectively the “Project”). By resolution on October 8, 2025, the Board of Commissioners of the Lender
waived the Maximum Amount Requirement and approved the Loan.
C. The Lender makes the Loan to the Borrower subject to all of the terms and conditions of
this Agreement.
D. Contemporaneously with the execution hereof, the Borrower is delivering to the Lender a
Promissory Note (the “Note”) effective as of the date herewith made by the Borrower and payable to the
order of the Lender, in the original principal amount of $100,000.
NOW, THEREFORE, in consideration of the mutual covenants hereinafter contained, it is hereby
agreed as follows:
1. Amount and Purpose of Loan. The Borrower agrees to take, and the Lender agrees to make
the Loan in the principal amount of One Hundred Eleven Thousand and No/100 Dollars ($100,000) to be
advanced in a single disbursement as hereinafter provided. The Loan will be evidenced by the Note. The
Loan proceeds (the “Proceeds”) will be used only towards the cost of the Project.
2. The Project. For the purposes of this Agreement, the term “Loan Property” means the real
estate legally described in EXHIBIT A attached hereto together with all improvements now located or
hereafter placed thereon. The Borrower agrees to undertake the improvements to the façade of the building
on the Loan Property in accordance with and subject to the Policies. The Borrower will complete the project
no later than 180 days from the date hereof (the “Completion Date”). Failure to complete the Project on or
before the Completion Date shall be a default hereunder.
3. Documents to be Delivered. The Borrower covenants and agrees to immediately cause the
compliance with the following conditions:
4931-8886-8971.1
(a) Note. Deliver the Note to the Lender.
(b) Architectural Rendering. Deliver to the Lender an architectural rendering (the
“Architectural Rendering”) of the final selected improvements. The Lender must provide final
approval to the Architectural Rendering prior to the Borrower beginning work on the Project.
(c) Project Cost and Source of Funds Certificate. Deliver to the Lender a sworn
certificate detailing costs and sources of funds to be utilized for the Project (“Project Cost
Certificate”), in a form acceptable to the Lender, verified on oath by an authorized representative
of the Borrower showing an itemized breakdown of: (i) the source and amount of all Project funds;
and (ii) of the total cost of the Project. Not less than 5% of the Project funds must come from the
Borrower’s own funds. The Borrower shall deliver to the Lender lien waivers, receipts for payment
and other evidence of payment acceptable to the Lender with respect to any such portion of costs
and charges incurred through the date of the Project Cost Certificate.
(d) Insurance. Deliver to the Lender a certificate or policy for all insurance required,
under the terms hereof to be maintained by the Borrower.
(e) Compliance with Laws, Etc. Deliver to the Lender such evidence as the Lender
may require as to the compliance of the Loan Property and the Project with: (i) all applicable laws,
codes, rules, regulations and ordinances, including, without limitation, those relative to
environmental protection, protection of wetlands, building and zoning matters and the Americans
with Disabilities Act; and (ii) the requirements of any restrictive covenants, conditions and
restrictions, conditional use permits or planned unit developments applicable to the Loan Property.
The Lender may waive any of the above requirements in its sole discretion.
4. Disbursement of Loan.
(a) All Proceeds shall be paid to Borrower in accordance with the terms and conditions
of this Agreement. Notwithstanding anything to the contrary herein, if the cost of the Project exceeds
the amount to be reimbursed under this Agreement, such excess shall be the sole responsibility of the
Borrower.
(b) On ______________, 2025 (the “Closing Date”), the Proceeds shall be deposited
into an escrow account with National Bank of Commerce, located at 1421 E. 7th St., Monticello, as
escrow agent (the “Escrow Agent”) selected by the Lender. The disbursement of the Proceeds will be
made subject to the conditions precedent that prior to or as of each date of disbursement:
(i) The Lender has received from Borrower an executed copy of this Agreement
and of an escrow agreement in substantially the form attached as Exhibit B (the “Escrow
Agreement”);
(ii) The Lender and Escrow Agent have received from the Borrower’s authorized
representative one or more draw requests in substantially the form attached to the Escrow
Agreement (each a “Draw Request”), certifying with respect to each requested disbursement:
that each item for which the disbursement is proposed is included in the Project, accompanied
by paid or payable invoices or other comparable evidence that the cost has been incurred and
paid or is payable by Borrower;
4931-8886-8971.1
(iii) Borrower has provided evidence satisfactory to Lender that Borrower has
established an account for the exclusive purpose of recording the receipt and expenditure of
the Proceeds;
(iv) Borrower is in compliance with the terms of the Policies and this Agreement;
(v) Prior to the final disbursement of the Proceeds, the Borrower shall:
(1) notify the Lender when construction of the Project has been
substantially completed. The Lender or their assignee will, within a reasonable
time after such notification, inspect the Loan Property in order to determine
whether the conditions set forth in Section 2 have been satisfied. If the Lender
determines that the conditions set forth in Section 2 have not been satisfied, the
Lender will provide a written statement indicating any deficiencies to be remedied
by the Borrower and the Borrower shall remedy such deficiencies diligently and
with reasonable dispatch to completion. If the Lender determines that the
conditions set forth in Section 2 have been satisfied, the Lender will provide a
written statement of completion (the “Completion Statement”); and
(2) provide the Lender with: (a) lien waivers from all contractors and
sub-contractors for all work and/or materials in connection with the Project; (b) a final
Project Cost Certificate; (c) evidence acceptable to the Lender that the Borrower
has expended its own funds on the Project in an amount at least equal to 5% of the
total cost of the Project; and (d) final invoices from any and all contractors who
worked on the Project.
5. Façade Program Requirements and Covenants.
(a) Façade Program. The Loan is made pursuant to the Façade Program which
provides loans for eligible façade improvements. The loans are structured as 3-year no-interest
forgivable loans, whereby 50% of the total loan amount is forgiven after the first year and 25% of
the total loan amount is forgiven after the second and third year. From and after the Closing Date
through and until the Conversion Date (as defined below), the Borrower shall not be required to
make any payments of principal or interest.
(b) Policies. The Loan shall be forgiven as set forth below if the Borrower meets all
of the following requirements:
(i) Timely Completion of Project. All work on the Project must be completed
by the Completion Date in accordance with and subject to the policies of the Façade
Program.
(ii) Architectural Rendering. The Project must be completed in substantial
conformity with the Architectural Rendering as approved by the Lender.
(iii) Transfer. Through [_______], 2028 (the “Maturity Date”), the Borrower
shall not sell, transfer, lease, or convey the Loan Property or any part of it, or any interest
therein, or encumber the Loan Property or any part of it, in any manner, without written
consent of the Lender, which consent may be granted or withheld in the discretion of the
Lender. This requirement shall apply to each and every sale, transfer, lease, or conveyance,
4931-8886-8971.1
whether voluntary or involuntary and whether or not the Lender has consented to any such
prior sale, transfer, lease, or conveyance.
(iv) No Defaults. As of each Determination Date (as defined below), there are
no defaults under this Agreement or any other agreement between the Lender and the
Borrower which is beyond any notice and cure period.
(c) Compliance Determination. On [_____] 1, 2026 and on each [______] 1 thereafter
through and including the Maturity Date (each a “Determination Date”), the Lender will determine,
in its sole and absolute discretion, whether the Borrower has fully and timely complied with the
requirements of this Section 5 as of such date. The Borrower will promptly provide all such
documentation as the Lender reasonably requests in the Lender’s effort to determine whether the
Borrower timely complied with the requirements of this Section 5. If the Lender determines, in its
sole and absolute discretion, that the Borrower fully and timely complied with the requirements of
this Section 5 as of such date, as strictly interpreted, the Lender will forgive a portion of the
principal amount of the Loan as of each such Determination Date and the principal balance of the
Loan and the Note shall be deemed reduced and outstanding in the following amounts as of each
Determination Date:
Determination Date: Deemed Outstanding Principal Balance
November 1, 2026 $50,000
November 1, 2027 $25,000
November 1, 2028 $0
(d) Conversion. If the Lender determines at any time that the Borrower have not or
cannot fully or timely comply with the requirements of this Section 5, then the Loan shall no longer
be forgivable, and the Borrower shall repay the outstanding balance of the Loan not later than 30
days after the Lender sends written notice thereof (the “Conversion Date”) in accordance with the
loan payoff as of such Conversion Date set forth below:
Conversion Date: Loan Payoff Amount
October 9, 2025 – October 31, 2026 $100,000
November 1, 2026- October 31, 2027 $50,000
November 1, 2027- October 31, 2028 $25,000
The terms and conditions of this Agreement and any other related loan document and the
Borrower’s obligations thereunder shall continue until the Loan is repaid in full. If the Borrower
transfers the property in default of Section 5(b)(iii) of this Agreement, the Loan must be repaid by
Borrower to Lender in full.
(e) Final Maturity. Within a reasonable time after full and final payment or
forgiveness of the Loan, the Lender will return the Note to the Borrower.
6. Access to Loan Property. The Lender and its respective representatives shall have at all
reasonable times the right to enter and have free access to the Loan Property and the right to inspect the
Loan Property.
7. Books and Records. The Borrower agrees to maintain accurate and complete books,
accounts, and records in regard to the Project in a manner reasonably acceptable to the Lender. Such books,
4931-8886-8971.1
accounts, and records shall be kept and maintained by the Borrower for a period of six (6) years following the
Termination Date (as hereinafter defined). Accounting methods shall be in accordance with generally accepted
accounting principles. The Lender, acting solely through its municipal or financial advisor, shall have the
right to inspect, examine and copy all such books and records of the Borrower. The Borrower shall, at the
Lender’s request, furnish such information solely to the Lender’s municipal or finance advisor, as may
reasonably be demanded.
8. Time of Essence. Time is of the essence in the performance of this
Agreement.
9. Assignability. The Borrower shall not assign this Agreement without the prior written
consent of the Lender, which consent may be withheld, conditioned, or delayed in the Lender’s sole
discretion. The Lender may freely assign or otherwise transfer (including by participation) all or any part
of its interest in the Loan or any or all of the Loan documents, at the Lender’s sole discretion.
10. Miscellaneous Covenants of Borrower. The Borrower covenants and agrees with the
Lender that, without cost to the Lender, the Borrower will:
(a) Performance of Conditions. Promptly keep, perform and comply with all of the
terms, covenants and conditions to be kept and performed by the Borrower as required by the City
and any other governmental body having jurisdiction over the Loan Property as a condition of
platting, rezoning or developing the Loan Property; keep unimpaired the rights of the Borrower
under any permit or agreement issued or made by the City or other governmental body having
jurisdiction over the Loan Property and any contracts obtained or held by the Borrower in
connection with the construction of the Project; and to enforce the prompt performance of all of the
terms, covenants and conditions to be kept and performed by the City or other governmental body
having jurisdiction over the Loan Property, respectively, under any permits or agreements issued
or made by the City or such other governmental bodies, and any contractors under all contracts
obtained or held by the Borrower in connection with construction of the Project.
(b) Amendment, Etc. of Documents. Not amend, cancel, terminate, supplement, or
waive any of the material terms, covenants, and conditions of any permit or agreement issued or
made by the City or any other governmental body having jurisdiction over the Loan Property, or
any other contracts obtained or held by the Borrower in connection with the construction of the
Project or any contracts, documents or agreements referred to herein without the prior written
approval of the Lender. The Borrower will provide the Lender with complete documentation
concerning any change made to the Project.
(c) Performance of Note, etc. Without limiting the foregoing, keep and perform all of
the terms, covenants, conditions and requirements of the Note and this Agreement.
(d) Insurance. During the term of this Agreement, the Borrower shall procure and
maintain or cause to be procured and maintained at their sole expense, casualty insurance, public
liability insurance and such other types of insurance as are reasonably required by the Lender from
time to time, insuring the Lender and the Borrower with coverages, in amounts and with companies
satisfactory to the Lender.
(e) Pay Fees. Pay at closing, or within 30 days of written notice from the Lender, all
loan charges including, but not limited to: (i) the Lender’s attorneys’ fees; and (ii) filing fees of any
instruments required under this Agreement.
4931-8886-8971.1
(f) Default Notices. Provide the Lender with a copy of any default notice received by
the Borrower, pursuant to any documents related to any financing secured by the Loan Property or
any governmental authority, promptly after receipt of the same.
11. Warranties. The Borrower represents and warrants to the Lender the following:
(a) The making and performance of this Agreement and the execution and delivery of
the Note and any other instrument required hereunder are within the powers of the Borrower and
have been duly authorized by all necessary organizational action on the part of the Borrower. This
Agreement and the Note, and any other instruments required hereunder have been duly executed
and delivered and are the legal, valid, and binding obligations of the Borrower enforceable in
accordance with their respective terms.
(b) No litigation, tax claims or governmental proceedings are pending or threatened
against the Borrower, and no judgment or order of any court or administrative agency is outstanding
against the Borrower which would have a material adverse effect on the Borrower.
(c) The Borrower has filed all tax returns (federal and state) required to be filed for all
prior years and paid all taxes shown thereon to be due, including interest and penalties. The
Borrower will file all such returns and pay all such taxes for the current and future years.
(e) All information, financial or other, which has been submitted by the Borrower in
connection with the Loan is true, accurate, and complete in all material respects.
12. Indemnification. The Borrower shall defend, hold harmless and indemnify the Authority
and its officials, commissioners, officers, agents and employees from and against all claims, liability, costs,
expenses, loss or damages of any nature whatsoever, including reasonable attorneys’ fees, arising out of or
in any way connected with its failure to perform its covenants and obligations under this Agreement and
any of its operations or activities related thereto. The provisions of this paragraph shall survive the
termination of this Agreement. This indemnification shall not be construed as a waiver on the part of either
the Borrower or the Authority of any immunities or limits on liability provided by applicable Minnesota
law.
13. Defaults. Each of the following shall constitute an Event of Default:
(a) If the Borrower fails to pay when due any amount due under this Agreement, the
Note, or any other documents listed in Section 3.
(b) Bankruptcy, reorganization, assignment, insolvency or liquidation proceedings, or
other proceedings for relief under any applicable bankruptcy law or other law for relief of debtors
are instituted by or against the Borrower and, if such proceedings are instituted against the
Borrower, an order, judgment or decree, without the consent of the Borrower appointing a trustee
or receiver for the Borrower or any part of their property or approving a petition under the
bankruptcy laws of the United States or any similar laws of any state or other competent
jurisdiction, shall have remained in force undischarged or unstayed for a period of 30 days.
(c) Any of the terms, covenants, or conditions of any permit or other agreement issued
or made by the City or other governmental body having jurisdiction over the Loan Property are not
complied with within the time required thereby or are terminated or modified by the City or such
4931-8886-8971.1
other governmental body and the Borrower has not taken the necessary steps to correct or cure the
same within 30 days after written notice is given by the Lender.
(d) Any mechanic’s or material supplier’s lien is filed, against the Loan Property and
is not released, satisfied, or discharged or bonded to the Lender’s satisfaction.
(e) A transfer which violates Section 5(b)(iii) hereof occurs or the Borrower abandons
the Loan Property.
(f) The Borrower fails: (i) to complete construction of the Project by the Completion
date; (ii) to construct the Project in accordance with this Agreement; (iii) to observe or perform any
other covenant, condition, obligation or agreement on its part to be observed or performed under
this Agreement, the Note, or any other document executed by the Borrower pursuant to this
Agreement; or (iv) fails to pay any amount or perform any obligation under any other note,
mortgage or other agreement now or hereafter made by the Borrower in favor of or with the Lender
or otherwise now or hereafter made by the Borrower in connection with the Loan Property, and any
such failure continues 30 days after written notice is given by the Lender.
(g) Any representation or warranty by the Borrower contained herein or in the Note,
or any other instrument required hereunder is false or untrue in any material respect when made.
14. Remedies. Upon the occurrence of an Event of Default, the Lender, at its option, shall, in
addition to any other remedies which it might be entitled to by law, have the right to:
(a) Perform such other acts or deeds which reasonably may be necessary to cure any
default existing under this Agreement, and to this end, it is hereby agreed as follows:
(i) All sums expended by the Lender in effectuating its rights under paragraphs
(ii) and (iii) of this paragraph shall be deemed to have been advanced under
this Agreement and to be secured by any security document required under
this Agreement as security for the Loan.
(ii) The Lender, at its option, shall have the right to enter into possession of the
Loan Property and perform any and all work and labor necessary to complete
the Project substantially as required under this Agreement and to do all
things necessary or incidental thereto.
(iii) The powers herein granted the Lender shall be deemed to be powers coupled
with an interest and the same are irrevocable.
(b) cancel this Agreement;
(c) bring appropriate action to enforce such performance and the correction of such
Event of Default;
(d) if a default occurs under Section 5(b)(iii) hereof, declare the entire unpaid principal
of the Note immediately due and payable without notice; and
(e) pursue whatever action, including legal, equitable or administrative action, which
may appear necessary or desirable to collect all costs (including reasonable attorneys’ fees) and
4931-8886-8971.1
any amounts due under this Agreement or to enforce the performance and observance of any
obligation, agreement, or covenant hereof.
15. Default under Note. The failure by the Borrower to keep or perform any of the terms,
covenants, and conditions to be kept or performed by it under this Agreement shall constitute a default
under the Note.
16. Notices. Any notices given hereunder shall be in writing and shall be deemed to have been
given when delivered personally or three (3) days after deposited in the United States mail, registered,
postage prepaid, addressed as follows:
If to the Borrower:
Stellar Property Investments, LLC
350 102nd St NE
Monticello, MN 55362
Attn: Angie Joy Krautbauer
If to the Lender:
City of Monticello Economic Development Lender
505 Walnut Street
Monticello, MN 55362
Attn: Executive Director
or addressed to any such party at such other address as such party shall hereafter furnish by notice to the
other party. Any notice delivered personally to the Borrower shall be delivered to an officer of the Borrower,
and any notice delivered personally to the Lender shall be delivered to an officer of the Lender at the address
for the Lender for the mailing of notices. Either party may change its address for the giving of notices by
giving the other party at least 10 days’ notice in the manner provided above.
17. Termination. This Agreement shall terminate on the later of the Maturity Date or the date
that the Loan has been paid in full (the “Termination Date”). Notwithstanding anything herein to the
contrary, the indemnification provisions provided in Section 12 hereof shall not terminate on the
Termination Date.
18. Headings. The headings used in this Agreement are for convenience only and do not
define, limit, or construe the contents of this Agreement.
19. Bindings on Successors and Assigns. Subject to the limitations on transfer contained in
this Agreement, this Agreement shall be binding upon and inure to the benefit of the successors and assigns
of the parties hereto.
20. Governing Law. This Agreement shall be governed by and construed in accordance with
the laws of Minnesota, without giving effect to any choice or conflict of law provision or rule.
21. Counterparts. This Agreement may be executed in 2 or more counterparts, each of which
shall be an original and all of which shall constitute the same agreement.
22. Entire Agreement. This Agreement, the Note and the other documents executed by the
4931-8886-8971.1
Borrower and/or the Lender pursuant to this Agreement contain the entire agreement between the parties
with respect to the subject matter hereof and supersede all prior understandings and agreements, both oral
and written. This Agreement may be amended only in a writing signed by the parties hereto.
23. Fees and Expenses. The Borrower agrees to pay to the Lender immediately upon demand
all costs and expenses, including, without limitation, all attorneys’ fees, incurred by the Lender in
connection with the enforcement of the Lender’s rights and/or the collection of any amounts which become
due to the Lender under this Agreement, the Note or the other documents executed in connection herewith;
and the prosecution or defense of any action in any way related to this Agreement, the Note or the other
documents executed in connection herewith.
24. Electronic Signatures; Execution in Counterparts. The electronic signature of the parties to
this Agreement shall be as valid as an original signature of such party and shall be effective to bind the parties
hereto. For purposes hereof, (i) “electronic signature” means a manually signed original signature that is then
transmitted by electronic means; and (ii) “transmitted by electronic means” means sent in the form of a
facsimile or sent via the internet as a portable document format (“pdf”) or other replicating image attached to
an electronic mail or internet message. This Agreement may be simultaneously executed in several
counterparts, each of which shall be an original and all of which shall constitute but one and the same
instrument.
25. Data Practices. All data collected, created, received, maintained or disseminated for any
purpose in the course of Borrower’s performance of this Agreement is governed by the Minnesota Government
Data Practices Act, Minn. Stat. Ch. 13, and any other applicable state statutes, any state rules adopted to
implement the Act and statutes, as well as federal statutes and regulations on data privacy.
26. Audits. The accounts and records of the Borrower described in paragraph (l) above shall be
audited in the same manner as all other accounts and records of the Borrower and may, for a period of six (6)
years following the Termination Date, be inspected on the Borrower’s premises by the Authority or individuals
or organizations designated by the Authority, upon reasonable notice thereof to the Borrower. The books,
records, documents and accounting procedures relevant to this Agreement are subject to examination by the
State Auditor in accordance with Minnesota law.
27. Business Subsidy. The assistance outlined in this Agreement constitutes a “business
subsidy” (the “Business Subsidy”) under Minnesota Statutes, Sections 116J.993 to 116J.995, as amended
(the “Business Subsidy Act”) and this Agreement constitutes a “business subsidy agreement” as required
by the Business Subsidy Act. The Borrower acknowledges and agrees that the amount of the Business
Subsidy granted to the Borrower under this Agreement is $100,000 and that the Business Subsidy is needed
because demolition and redevelopment costs are higher than for new development and construction of the
Project is not sufficiently feasible for the Borrower to undertake without the Business Subsidy. The City
has determined that the public purposes of the Project include improving its preventing blight, rejuvenating
its commercial district, redeveloping blighted or underutilized property, increasing housing units in the
City, increasing the tax base in the City and State, and stimulating construction and construction jobs.
Following a public hearing on October 8, 2025, the City Council has determined that creation or retention
of jobs is not a goal of the Project and consequently set the wage and job goals (the “Goals”) hereunder at
zero.
(b) Because the Goals are set at zero, the Borrower is not subject to the prepayment provisions
of the Business Subsidy Law.
(c) To the extent required by the Minnesota Department of Employment and Economic
Development, within 30 days of a request from the City, the Borrower agrees to (i) report its progress on
4931-8886-8971.1
achieving the Goals to the City until the later of the date the Goals are met or two years from the date of
the certificate of occupancy for the Project (the “Benefit Date”), (ii) include in the report the information
required in Section 116J.994, Subdivision 7 of the Business Subsidies Act on forms developed by the
Minnesota Department of Employment and Economic Development, and (iii) send completed reports to the
City; provided, however, that such reporting obligations will not affect the terms of this Agreement which
set the Goals at zero or effect any obligation for Borrower to meet any greater Goals than those
contemplated herein.
(d) The Borrower or its permitted assignee agrees to continue operations of the Project for at
least 5 years after the Benefit Date.
(e) Other than the assistance provided in this Agreement there are no other state or local
government agencies providing financial assistance for the Project and the Borrower has no parent
corporation.
S-1
4931-8886-8971.1
IN TESTIMONY WHEREOF, the Borrower causes this Agreement to be effective as of the day
and year first above written.
STELLAR PROPERTY INVESTMENTS, LLC
By:
Name:__________________________________
Its: ____________________________________
S-2
4931-8886-8971.1
IN TESTIMONY WHEREOF, the Lender causes this Agreement to be effective as of the day and
year first above written.
CITY OF MONTICELLO ECONOMIC
DEVELOPMENT AUTHORITY
By:
Name: Steve Johnson
Its: President
By:
Name: Jim Thares
Its: Executive Director
A-1
4931-8886-8971.1
EXHIBIT A
LOAN PROPERTY
A-2
4931-8886-8971.1
EXHIBIT B
ESCROW AGREEMENT
FAÇADE IMPROVEMENT FORGIVABLE LOAN PROGRAM
ESCROW AGREEMENT
This Agreement is entered into this ___ day of _____, 20__, by and between Stellar Property
Investments, LLC, a Minnesota limited liability company (the “Borrower”), National Bank of Commerce,
a federal savings bank (the “Escrow Agent”), and the City of Monticello Economic Development Authority,
a public body corporate and politic under the laws of Minnesota (the “Authority”).
Purpose
The purpose of the escrow established pursuant to this Agreement is to provide assurance to the Authority
that Borrower will complete the Project described in the Loan Agreement between the Authority, and the
Borrower dated October 8, 2025 (the “Loan Agreement”), which is incorporated herein by reference. All
capitalized terms which are not otherwise defined herein shall have the meanings set forth in the Loan
Agreement.
Escrow
The Escrow Agent hereby acknowledges receipt from the Authority of Proceeds in the amount of
$100,000.00 to be disbursed in connection with the construction by Borrower of the Project.
Proceeds will be disbursed to the Borrower in one or more payments as evidenced by the provisions of this
section. Before disbursement of any Proceeds deposited hereunder, Borrower must submit to the Authority
and Escrow Agent a draw request in substantially the form attached hereto as Exhibit A (the “Draw
Request”) containing evidence showing that costs for the Project have been paid or incurred by the
Borrower in at least the amount requested, provided that (i) no Proceeds will be disbursed until Borrower
provides evidence that Borrower has paid Borrower’s required share of total costs of the Project. Prior to
the final disbursement of Proceeds, the Borrower shall:
(i) notify the Lender when construction of the Project has been substantially completed. The
Lender or their assignee will, within a reasonable time after such notification, inspect the Loan Property in
order to determine whether the conditions set forth in Section 2 have been satisfied. If the Lender
determines that the conditions set forth in Section 2 have not been satisfied, the Lender will provide a
written statement indicating any deficiencies to be remedied by the Borrower and the Borrower shall
remedy such deficiencies diligently and with reasonable dispatch to completion. If the Lender determines
that the conditions set forth in Section 2 have been satisfied, the Lender will provide a written statement of
completion (the “Completion Statement”); and
(ii) provide the Lender with: (a) lien waivers from all contractors and sub-contractors for all work
and/or materials in connection with the Project; (b) a final Project Cost Certificate; (c) evidence acceptable
to the Lender that the Borrower has expended its own funds on the Project in an amount at least equal to
5% of the total cost of the Project; and (d) final invoices from any and all contractors who worked on the
Project. The Authority may, if not satisfied with any evidence provided, request such further documentation
A-3
4931-8886-8971.1
or clarification as the Authority may reasonably require.
The Authority will authorize disbursement by the Escrow Agent of the Proceeds upon receipt and approval
of the Borrower’s Draw Request evidencing costs of the Project exceeding Borrower’s required
contribution by at least the amount of the requested disbursement. Final disbursement of Proceeds must be
made no later than six months after the date hereof.
Indemnity
Borrower agrees to indemnify and hold harmless the Authority from and against any claim, damage,
liability, loss or expense, including reasonable attorney’s fees, made by any party in connection with the
performance of obligations under this Agreement.
Title and Escrow Charges
Any escrow fees will be paid by Authority.
Termination
This Agreement will terminate upon the earlier to occur of one of the following: i) mutual written
agreement of the parties; or ii) disbursement of all Proceeds to Borrower (the “Termination Date”). Any
balance of Proceeds remaining in escrow as of the Termination Date will be returned to the Authority.
A-4
4931-8886-8971.1
STELLAR PROPERTY INVESTMENTS, LLC
By: ___________________________
Its: ___________________________
Date: __________________________
CITY OF MONTICELLO ECONOMIC DEVELOPMENT AUTHORITY
___________________________________________ Date: ____________________
By: Its President
___________________________________________ Date: ____________________
By: Its Executive Director
National Bank of Commerce
By: ________________________________________ Date: ____________________
Its _____________________________________
A-5
4931-8886-8971.1
EXHIBIT A TO ESCROW AGREEMENT
DRAW REQUEST – DOWNTOWN FAÇADE IMPROVEMENT PROGRAM
TO: City of Monticello Economic Development Authority
505 Walnut Street, Suite 1
Monticello, MN 55362
Attn: Executive Director
DISBURSEMENT DIRECTION
The undersigned Authorized Representative of Stellar Property Investments, LLC, a Minnesota
limited liability company (the “Borrower”), hereby authorizes and requests you to disburse from the
Proceeds, in accordance with the terms of the Loan Agreement between the City of Monticello Economic
Development Authority (the “Lender”) and the Borrower, dated as of [_______], 2025 (the “Agreement”),
and the Escrow Agreement, the following amount to the following person and for the following proper
costs of the Project:
1. Amount:
2. Payee:
3. Purpose:
all as defined and provided in the Agreement and as evidenced in Exhibit A. The undersigned further
certifies to the Lender that (a) none of the items for which the payment is proposed to be made has formed the
basis for any payment previously made under Section 4 of the Agreement (or before the date of the Agreement);
(b) each item for which the payment is proposed is eligible for funding from the Proceeds; and (c) the Borrower
has paid, at the Borrower’s sole expense, $______________ in costs of the Project, representing at least the
Borrower’s 5% required share of such costs.
All capitalized terms which are not otherwise defined herein shall have the meanings set forth in the Loan
Agreement.
Dated: ____________________
______________________________________
Borrower’s Authorized Representative
A-6
4931-8886-8971.1
EXHIBIT A
INVOICES OR OTHER EVIDENCE OF COSTS INCURRED
4934-6084-3371.1
PROMISSORY NOTE
(Facade Improvement Forgivable Loan Program)
_________, 2025
Amount: $100,000 Interest: 0.00%
Maturity Date: November 1, 2028
FOR VALUE RECEIVED, the undersigned, STELLAR PROPERTY INVESTMENTS, LLC, a
Minnesota limited liability company (“Borrower”) promises to pay to the order of CITY OF
MONTICELLO ECONOMIC DEVELOPMENT AUTHORITY, a public body corporate and politic and a
political subdivision under the laws of the State of Minnesota (“Lender”), at 124 West Broadway,
Monticello, Minnesota 55362, or such other place as Lender or any other holder of this Note may designate
in writing, on or before the Maturity Date (as defined above), the principal sum of One Hundred Thousand
and No/100 Dollars ($100,000), without interest.
This Note is made pursuant to a Loan Agreement, between Borrower and Lender, of even date
herewith (“Loan Agreement”). All capitalized terms which are not otherwise defined herein shall have the
meanings set forth in the Loan Agreement.
This Note is made pursuant to the Program and the Policies. As of each Determination Date (as
defined in the Loan Agreement), Lender will forgive a portion of the principal balance of the Note, subject
to and in accordance with the terms of the Loan Agreement. If Lender determines at any time that
Borrower is not in compliance with the terms of the program, subject to and in accordance with the terms
of the Loan Agreement, Borrower will be required to promptly pay the outstanding principal hereunder on
the Conversion Date (as defined in the Loan Agreement).
If the Lender, or any other holder of this note, has not received the full amount of any outstanding
principal provided for in this note, by the end of 7 calendar days after the date it is due, Borrower shall pay
a late charge fee to the Lender, or any other holder of this note. The amount of the late charge fee shall be
8.00% of the overdue outstanding principal. The Borrower shall pay this late charge fee on demand,
however, collection of the late charge fee shall not be deemed a waiver of the Lender’s right to declare an
Event of Default and exercise its rights and remedies as provided for in the Loan Agreement and the
Security Documents.
Each payment made under this note shall be applied as follows: (i) first, to be applied against and
pay unpaid late charges and any other charges, including attorneys' fees and protective advances; and then
(ii) all remaining amounts, if any, shall be applied against and reduce the then outstanding principal balance
of this Note.
If an Event of Default shall occur hereunder or under the Loan Agreement and any cure period
provided for in the Loan Agreement has expired, the entire principal amount outstanding and any other
charges due hereon shall at once become due and payable at the option of the Lender or the holder hereof.
Any failure of the Lender to exercise its right to accelerate this note at any time shall not constitute a waiver
of the right to exercise the same right to accelerate the note at any subsequent time.
The Borrower may prepay the principal under this note at any time and from time to time, in whole
or in part, without premium or penalty.
2
4934-6084-3371.1
All sums payable to the Lender under this Note shall be paid in immediately available funds.
The Borrower promises to pay all costs in connection with the enforcement of this Note, including
but not limited to, those costs, expenses, and attorneys’ fees of Lender whether or not suit is filed with
respect thereto and whether or not such cost or expense is paid or incurred or to be paid or incurred prior to
or after the entry of judgment or for the pursuance of, or defense of, any litigation, appellate, bankruptcy,
or insolvency proceeding.
Presentment, notice of dishonor and protest are hereby waived by all makers, sureties, guarantors,
and endorsers hereof. This Note shall be binding upon Borrower, its successors, and assigns.
The remedies of Lender, as provided herein and in the Loan Agreement, shall be cumulative and
concurrent and may be pursued singly, successively, or together, at the sole discretion of Lender, and may
be exercised as often as occasion therefor shall occur; and the failure to exercise any such right or remedy
shall in no event be construed as a waiver or release thereof.
Time is of the essence hereof.
This Note shall be governed by and be construed under the laws of the State of Minnesota, without
regard to principles of conflicts of law.
[Signature Page Follows]
S-1
4934-6084-3371.1
IN WITNESS WHEREOF, the undersigned has caused this Note to be effective as of the day and
year first above written.
STELLAR PROPERTY INVESTMENTS, LLC
By:
Name: _________________________________
Its:
Proposal
Vanguard Construction
P.O. Box 331
Cambridge, MN 55008
Business License #: BC807170
Date: August 19, 2025
Prepared For: Angie Krautbauer
Project Description – Full Scope of Work
This project consists of a full renovation of the building exterior including stucco replacement, framing
modifications, roofing replacement, soffit installation, electrical as required, and debris removal. The
following sections provide itemized scopes of work with pricing included.
Stucco Replacement
North, South, Front, and Back elevations as described with full stucco removal, prep, lath, mesh, and
acrylic finish (color TBD).
PRICE: $108,987.68
Demo & Framing (per Drawings & Carpentry)
Demolition per engineered drawings, new framing of gables, integration with existing overhang roof,
signage detach/reset, bracing and fasteners per code and manufacturer requirements.
PRICE: $26,729.00
Roofing Replacement
Remove cedar shakes, install premium roofing (EDCO steel, asphalt shake, or cedar). Includes flashing,
underlayment, ventilation, per code and manufacturer requirements.
PRICE: $12,567.82
Engineer’s Drawings
Structural engineer drawings, coordination with client and contractor, permitting compliance.
PRICE: $2,000.00
Electrical Work (as needed)
Electrical modifications for code compliance under separate permit. Removed if not required.
PRICE: $3,500.00
James Hardie Soffit
Install Hardie soffit per manufacturer installation guidelines and local codes. Includes fasteners, backing,
bracing, and inspections.
PRICE: $9,803.65
Debris Removal
Provide dumpsters, remove all debris (stucco, roofing, framing, misc). Disposal per regulations, maintain
site cleanliness.
PRICE: $5,500.00
Bid Alternate – Second Story Windows
Frame new openings, install supports, trim, and casings. Interior finishing to match existing as close as
possible. *Price subject to change based on window manufacturer and material cost.*
PRICE: $13,985.00
Pricing Summary
Item Price
Stucco Replacement $108,987.68
Demo & Framing $26,729.00
Roofing Replacement $12,567.82
Engineer’s Drawings $2,000.00
Electrical Work $3,500.00
James Hardie Soffit $9,803.65
Debris Removal $5,500.00
Subtotal $169,088.15
Contingency (10%)$16,908.82
TOTAL BID $185,996.97
Bid Alternate – 2nd Story Windows $13,985.00 (subject to change)
Site Management & Compliance
Site Management
- Vanguard Construction will provide full project management to ensure work proceeds in accordance with
drawings, specifications, and agreed-upon schedule.
- A qualified site supervisor will coordinate daily operations, subcontractor activities, inspections, and
communication with the client.
- The site will be maintained in a clean and orderly condition at all times, with debris regularly removed and
safety measures enforced.
OSHA Compliance
- All work will be performed in accordance with OSHA safety standards.
- Personal protective equipment (PPE) will be worn by all workers as appropriate.
- Scaffolding, ladders, and lifts will be erected and maintained per OSHA requirements.
- Hazard communication, fall protection, and equipment training will be strictly enforced.
General Contractor Responsibilities
- Vanguard Construction will manage permitting, inspections, and scheduling in coordination with the client.
- Subcontractors will be prequalified for licensing, insurance, and performance standards.
- Work will meet or exceed applicable building codes, manufacturer installation requirements, and industry
best practices.
- Change orders, if required, will be processed promptly with clear written approval from the client.
- Liability and workers’ compensation insurance will be maintained throughout the duration of the project.
Payment Schedule
- One Third (1/3) Due at Signing: $61,998.99 – to secure scheduling and begin permitting.
- One Third (1/3) Due Upon Starting Work: $61,998.99 – prior to commencement of demolition and
framing activities.
- Final One Third (1/3) Due Upon Completion: $61,998.99 – following final walkthrough, cleanup, and
closing of permit.
Terms & Conditions – Vanguard Construction
1. Proposal valid for 14 days from the date issued.
2. Change orders will be estimated at time & material plus 20% overhead and profit.
3. Payment terms: One third due at signing, one third due upon starting, remaining balance due upon
completion.
4. Permits and inspections are the responsibility of: [Specify Vanguard Construction or Customer].
Prepared By:
Michael Rudnitski, Owner
Vanguard Construction
Primary Owner
STELLAR PROPERTY INVEST LLC
350 102ND ST NE
MONTICELLO MN 55362
Seq Land Description Land Code Dim 1 Dim 2 Dim 3 Units UT
Unit
Price Adj 1 Adj 2 Adj 3
Eff
Rate Div %Value
1 DOWNTOWN I 155604 0 0 0 6,585.000 S 18.000 0.00 0.00 0.00 5.885 0.327 38,750
2 DOWNTOWN I 155604 0 0 0 6,585.000 S 18.000 0.00 0.00 0.00 12.111 0.673 79,751
3 BLACKTOP FAIR 008681 0 0 0 3,600.000 U 1.500 0.00 0.00 0.00 0.491 0.327 1,766
4 BLACKTOP FAIR 008681 0 0 0 3,600.000 U 1.500 0.00 0.00 0.00 1.009 0.673 3,634
Total 13,170.000 123,901
Building 1
Year Built 1885
Architecture N/A
Above Grade Living Area 0
Finished Basement Sqft 0
Construction Quality 04
Foundation Type N/A
Frame Type (C) Concrete Frame
Size/Shape
Exterior Walls STUCCO
Windows N/A
Roof Structure N/A
Roof Cover N/A
Interior Walls N/A
Floor Cover N/A
Heat WALL HEAT
Air Conditioning N/A
Bedrooms 0
Bathrooms N/A
Gross Building Area 943
Summary
Parcel ID 155010035090
Property Address 124 BROADWAY W
MONTICELLO MN 55362
Sec/Twp/Rng 11-121-025
Brief Tax
Description
SECT-11 TWP-121 RANGE-025 ORIGINAL PLAT MONTICELLO
LOT-009 BLOCK-035 TH PRT OF LOT 9 BLK35 LY WLY OF LN
DRWN 9FT WLY OF&PAR TO COMMON BDRY LN OF LTS 8&9
ALSO TH PRT OF LT 10 LY ELY OF LN DRWN 16FT WLY OF& PAR
TO COMMON BDRY LN OF LTS9&10
(Note: Not to be used on legal documents)
Class 233 - 3A COMMERCIAL LAND AND BUILDING;209 - 4B1 RES 1-
3 UNITS - PREV SSR
District (1101) CITY OF MONTICELLO-0882
School District 0882
(Note: Class refers to Assessor's Classification Used For Property
Tax Purposes)
Abstract/Torrens ABSTRACT
GIS Acres
Parcel: 155010035090
Acres: 0.15
Acres USAB: 0.15
Acres ROW:
Sq Ft: 6,585.38
Owner
Land
Buildings
Wright County, MN
Click here to view Taxation Information for this parcel
2025 Payable 2024 Payable 2023 Payable 2022 Payable
Estimated Market Value $291,800 $245,700 $198,100 $190,400
-Excluded Value $0 $0 $0 $0
-Homestead Exclusion $0 $0 $0 $0
=Taxable Market Value $291,800 $245,700 $198,100 $190,400
Net Taxes Due $5,004.10 $3,852.00 $2,916.00 $3,274.00
+Special Assessments $617.90 $0.00 $0.00 $0.00
=Total Taxes Due $5,622.00 $3,852.00 $2,916.00 $3,274.00
%Change 45.95%32.10%-10.93%0.06%
Click here to view Taxation Information for this parcel
Click here to view Taxes Paid for this parcel
Taxation (Internal Only)
Taxation
Taxes Paid
Photos
Sketches
The information provided on this site is intended for reference purposes only. The information is
not suitable for legal, engineering, or surveying purposes. Wright County does not guarantee the
accuracy of the information contained herein.
| User Privacy Policy | GDPR Privacy Notice
Last Data Upload: 9/4/2025, 3:54:42 AM
Contact Us Developed by
City Policy and
Procedure
SECTION: FINANCE NO: FIN-
REFERENCE: Date:
Next Review Date:
TITLE: FAÇADE IMPROVEMENT PROGRAM
1.0 Purpose
The City of Monticello Economic Development Authority (the “EDA”) recognizes the need to encourage
investment in commercial and retail buildings in the Downtown area in order to maintain the economic
viability of the City and the Downtown/Central Community District. The purpose of this forgivable loan
program is to support a visually and financially appealing Downtown and greater Monticello
community by providing forgivable loans to improve the façades of existing Downtown commercial
and retail buildings.
2.0 Policy
ELIGIBLE BUSINESSES
Commercial property located within the geographic area illustrated in Exhibit A of these guidelines may
be eligible for a Downtown Façade Improvement Forgivable Loan (“ Loan”) as further defined herein. The
area illustrated in Exhibit A of these guidelines is amended to include the buildings to remain on Block 52
following redevelopment, as well as those buildings along Walnut Street, between Broadway Street West
and River Street. It is the goal of the EDA that 70% of the buildings within the eligible area complete
improvements to their properties.
The EDA has allocated a maximum of $200,000 for the initial Loan program. This is a pilot program, and
additional areas and allocations will be considered at a future date.
FORGIVABLE LOAN FUND TERMS & CONDITIONS
Loan Amount & Structure
Individual loans may be made in an amount ranging from $5,000-$50,000. Loan forgiveness generally
takes place over a three-year period with fifty percent (50%) of the award forgiven at the end of the first
year, and twenty-five percent (25%) forgiven at the end of years two and three. The EDA may extend or
reduce the forgiveness period based on the dollar amount of the Loan. If the benefitting building is sold
within the period of the Loan, the Loan must be repaid. The Applicant must provide at least 5% of the
project cost in cash. The Applicant percentage shall be used as the project down-payment, as may be
required.
Eligibility Requirements
Tenants and property owners should discuss the loan program to determine responsibilities and
commitment for application and its components. The owner of the property must be a cosignatory to the
application and Loan agreement.
The property owner must carry current property insurance both at the time of application and through
completion of approved Loan improvements.
Property taxes on the subject site must be current for the duration of the Loan.
MN190\101\941811.v1
Applicants are not eligible to receive funding if the property to be rehabilitated is in default under a
property mortgage, contract for deed or comparable obligation. An applicant/property owner is ineligible
to receive assistance if currently involved in bankruptcy proceedings.
Applicants may apply for only one Loan per building.
The EDA reserves the right to approve or reject applications on a case-by-case basis, taking into
consideration factors considered appropriate by the EDA, in addition to established polices, criteria, and
potential benefits. Meeting the criteria does not guarantee an application will be approved. Approval or
denial of an application is at the sole discretion of the EDA.
Concurrent Loans
The concurrent use of different EDA loan programs by any one borrower or for any one project is
permitted. Business subsidy agreements may be required.
Permitted Loan Uses
Exterior renovation of the façades of principal use retail or commercial buildings as further shown on
Exhibit B attached hereto. An applicant may apply for façade improvements on all exterior sides of their
building. The EDA may approve a Loan for improvements for all or some of the sides of the building at
their discretion.
An architectural rendering supplied by one of the following is required: an EDA selected architect,
applicant contractor or architect, or a qualified architect accepted by the EDA. This item is required for
use in determining final scope of work in consultation with the applicant and the applicant’s selected
contractor for any project. The cost of the rendering shall not be included in the Loan amount.
Architectural renderings will be considered for preparation after initial letter of interest by an applicant.
Façade renovation may include, but is not limited to windows, doors, siding, brick, stucco, masonry,
painting, steps, cornices, parapets, shutters, dormers, signage, awnings, and structural roof components
and such improvements shall be guided by the architectural rendering.
Interior side renovation proposals may be considered on a case-by-case basis.
The applicant will work with a contractor to define final selected improvements using the architectural
rendering as a guide. The architectural rendering with final selected improvements must be reviewed and
approved by the EDA and will be included in final Loan documentation. The improvements must be
completed in substantial conformity to the approved architectural rendering.
The cost of the building permit for the approved Loan project will be included in the final Loan amount.
CONSTRUCTION AND IMPROVEMENTS CODE COMPLIANCE
As applicable, buildings for which public funds will be used within this program are to be brought into
conformity with city ordinances and state building codes in effect for the area in which the building is
located. It is the intent of the Downtown Façade Improvement Loan Program to comply with the City’s
building standards for the Downtown/Central Community District (CCD). Please refer to the City’s
Downtown Small Area Plan and zoning ordinance for complete details as it relates to the standards
governing this program’s design guidelines.
TIMING OF PROJECT EXPENSES
MN190\101\941811.v1
No project may commence until the EDA has approved the Loan application and the Loan agreement. Any
costs incurred prior to execution of the Loan agreement are not eligible expenditures.
No building construction may commence until the required city permits are secured.
Loan disbursements shall be as provided for within the Loan agreement and shall be made directly to the
Applicant/owner’s contractor. The Loan agreement shall reference final contracts for improvements.
COMMUNICATION
Success of the project depends on the completeness of applications and good communication between
all parties. Applicants should feel free to reach out to EDA staff with any questions at any time.
PROCEDURAL GUIDELINES FOR APPLICATION AND APPROVAL
The applicant shall meet with city staff to obtain information about the Loan program, discuss the project,
and obtain application forms.
Prior to application, it is recommended that the applicant complete and submit a letter of interest to the
EDA. The letter of interest should provide a summary of desired façade improvements. As part of the
letter of interest review, the EDA may consider authorization of a façade rendering by the EDA’s
architectural consultant or may direct the applicant to proceed with a formal application including
preparation of rendering by their contractor(s)/architect. Once the applicant has obtained the rendering
and estimates, the applicant must submit a formal application to the EDA for review including the project
rendering and detailed estimates.
Applications will be received and reviewed on a first-come, first-served basis from the time of submission
of a complete application.
An inspection of the building may be required.
The EDA is a governmental entity and as such must provide public access to public data it receives. Data
deemed by Applicant to be nonpublic data under State law should be so designated or marked by
Applicant. See Minnesota Statutes, Section 13.591, Subd. 1 and 2. The formal Loan application will be
reviewed by EDA staff to determine if it conforms to all city policies and ordinances, and will be presented
to the EDA for formal approval, as follows:
1. Staff will complete a preliminary application review and may consult with the EDA’s Financial
Advisor and/or EDA Attorney in preparing a report for EDA consideration.
2. Staff will evaluate the project application in terms of the following:
a. Project Design - Evaluation of project design will include review of proposed activities,
project construction and renovation plans including architectural rendering and final
building elevations detailing selected improvements, timelines and capacity to implement
the project.
b. Financial Feasibility - Availability of funds, private investment, financial packaging and
cost effectiveness, and bid-quote submissions.
c. Evidence of applicant’s ability to meet the 5% cash requirements.
d. Letter of Commitment from other financing sources stating terms and conditions of their
participation in the project, if applicable.
e. All other information as required in the application and/or additional information as may
be requested by the EDA staff.
MN190\101\941811.v1
f. Project compliance with all applicable city codes and policies.
3. The EDA Commissioners will review each application in terms of:
a. Its consistency with the goals of the city’s Comprehensive Plan and Downtown Small Area
Study.
b. Whether it is desirable and in the best interests of the public to provide funding for the
project.
c. The project’s overall potential impact on the community’s economy.
4. The EDA Commissioners will approve or deny the application, or request a resubmission with
clarifications, at the EDA’s sole discretion.
APPROVAL OR DENIAL OF LOAN APPLICATION
The EDA, at its sole discretion, may deny any application on a case-by-case basis, taking into consideration
factors such as: consistency with the goals of the city’s Comprehensive Plan and Downtown Small Area
Study, the project’s overall impact on the community’s economy, and the above criteria.
LOAN POLICY REVIEW
The above criteria will be reviewed on an annual basis to ensure that the policies reflected in this
document are consistent with the economic development goals set forth by the city.
COMPLIANCE WITH BUSINESS SUBSIDY LAW
All developers/businesses receiving financial assistance from the City of Monticello EDA shall be subject
to the City’s Business Subsidy Policy as amended, and the provisions and requirements set forth under
Minnesota Statutes, Sections 116J.993 to 116J.995.
LOAN AGREEMENT
If the application for a Loan is approved, the applicant/property owner will be required to enter into a
Loan agreement to proceed. The Loan agreement will specify the terms and conditions of the Loan as
identified herein.
DISBURSEMENT OF LOAN FUNDS
Upon approval of a Loan application, applicants are required to provide executed contracts with qualified,
licensed contractors for work per the approved Loan plans. Contracts shall be consistent with the
procedures and requirements herein.
Loan funds will be disbursed to the contractor based on completion of work as outlined below. The City’s
Chief Building Official will verify completion of work. Upon verification of completion, payment will be
dispersed per contract amount for the work completed based on submitted invoice.
PROJECT CONTRACTOR PROCEDURES AND REQUIREMENTS
A. PARTICIPATING CONTRACTORS: All contractors participating in the Downtown Façade
Improvement Loan Program must have a contractor’s license on file with the Minnesota Department of
Labor and Industry. The contractors will be responsible for securing insurance of the amounts specified
on the application form. The application must contain proof of insurance coverage via a Certification of
Insurance Coverage, and the contractor's registration and license number and bond.
B. BID/QUOTE SOLICITATION: To participate in the Downtown Façade Improvement Loan Program,
the applicant must solicit bids or quotes from at least two vendors. An applicant is free to choose any
contractor, provided the license requirements are met and the cost differential in the quotes received
MN190\101\941811.v1
does not exceed 20%.
C. CONTRACTOR CONTRACT: The contract for work is between the property owner (applicant) and
the contractor. Each selected contractor will enter into a contract with the property owner. The contract
will outline the terms for completion of the rehabilitation on the project and will include the following:
1. Scope of Work
2. Project Start Date;
3. Project Completion Date;
4. General Conditions;
5. Building Elevations and Architectural Drawings;
6. Special Conditions;
7. Project Warranties;
8. Change Order Procedures;
9. Payment Terms;
10. Termination Procedures.
D. FAILURE TO START/COMPLETE PROJECT: Upon approval of the Loan agreement, the applicant
and selected contractor will have 180 calendar days in which to complete the contracted work. The 180-
day time period shall not be exceeded except through the issuance of a change order. Failure to complete
any work within 180 days will be grounds to terminate the Loan agreement.
E. PAYMENT PROCEDURES: All contractors will agree to the payment schedule, which is as follows:
1. Pre-payments for contracted services may be disbursed from an escrow account
established with the EDA’s specified agency. Such escrow account shall be administered
per the Loan agreement.
2. Lien waivers are required for all contractors and subcontractors before payment is made.
3. Final payment for work completed, including any retainage amounts, will be made after
work by a contractor is completed with verified receipts and costs incurred, the final
inspection has been conducted and the Chief Building Official, property owner, and
contractor have signed off on the work.
F. CHANGE ORDERS: Change orders to the approved Loan project require the approval of the EDA.
Change orders will be allowed only for the following reasons:
1. To rectify hidden deficiencies that are discovered once the work has begun.
2. To change a specification due to unforeseen difficulties arising after work has begun.
3. To address a deficiency that was inadvertently dropped from the project during project
packaging.
4. To change completion dates.
PROJECT COMPLETION
The City’s Chief Building Official will complete a final project inspection and issue a Certificate of
Completion verifying project completion per the approved Loan plans.
3.0 Scope
This policy applies to all projects that apply for and may receive assistance under the Façade Improvement
Program.
4.0
MN190\101\941811.v1
EXHIBIT A
Geographic Program Limits
Downtown Facade Improvement Grant Program Eligibility Area
MN190\101\941811.v1
EXHIBIT B
Permitted Fund Uses – Visual Reference
4906-2999-7674.1
NOTICE OF PUBLIC HEARING
CITY OF MONTICELLO ECONOMIC DEVELOPMENT AUTHORITY
WRIGHT COUNTY, MINNESOTA
NOTICE IS HEREBY GIVEN that the Board of Commissioners of the City of Monticello Economic
Development Authority (the "Authority") will hold a public hearing on Wednesday, October 8, 2025, at
approximately 6:00 P.M. or as soon thereafter as the matter may be heard, in the Mississippi Room of the
Monticello Community Center located at 505 Walnut Street in the City of Monticello, Minnesota (the “City”),
to consider the provisions of a proposed business subsidy under Minnesota Statutes, Sections 116J.993
through 116J.995, as amended (the “Business Subsidy Law”), to Stellar Property Investments, LLC, a
Minnesota limited liability company, or an entity related thereto or affiliated therewith(the “Recipient”), in
connection with façade improvements to be made to the real property located at 124 West Broadway in the
City (the “Project”).
Information about the proposed business subsidy to the Recipient is available for inspection at the
office of the Authority’s Executive Director at City Hall during regular business hours. After the public
hearing the Authority will consider granting the business subsidy in accordance with the proposed terms and
if the creation or retention of jobs is determined not to be a goal of the Project, the wage and job goals may be
set at zero in accordance with the Business Subsidy Law. A person with residence in the City or the owner of
taxable property in the City may file a written complaint with the Authority if the Authority fails to comply
with the Business Subsidy Law, and no action may be filed against the Authority for the failure to comply
unless a written complaint is filed.
All interested persons may appear at the hearing and present their views on the matters orally or
provide their comments prior to the meeting in writing.
Dated: September 22, 2025
BY ORDER OF THE BOARD OF COMMISSIONERS
OF THE CITY OF MONTICELLO ECONOMIC
DEVELOPMENT AUTHORITY
/s/ Jim Thares
Executive Director
EDA Agenda: 10/08/25
4B. PUBLIC HEARING - Consideration of Resolution 2025-09 authorizing a façade
improvement forgivable loan to Sperr Properties, LLC, 154 West Broadway (L&L
Homestyle Café) in the amount of $100,000 and further waiving the policy related to
the maximum funding
Prepared by:
Economic Development Manager,
Community Economic Development
Coordinator
Meeting Date:
10/08/25
☒ Regular Agenda Item
☐ Consent Agenda Item
Reviewed by:
Community Development Director,
Finance Director
Approved by:
City Administrator
ACTION REQUESTED
Motion to approve EDA Resolution #2025-09 authoring a Façade Improvement Forgivable
Loan to Sperr Property Investments, LLC, 154 West Broadway (former Cornerstone Café
building), in the amount of $100,000, and further waiving the policy related to the maximum
funding.
REFERENCE AND BACKGROUND
The City recently received a complete Façade Improvement Forgivable Loan application from
Sperr Properties, LLC (former Cornerstone Cafe), located at 154 W Broadway Street.
Larry Sperr, Principal of Sperr Properties, LLC and prospective buyer of the former Cornerstone
Cafe, recently submitted façade improvement plans and quotes from contractors related to a
proposal consisting of exterior improvements, including:
• New Windows
• New Overhang
• New Storefront entry
• Stucco Repair
• Exterior Painting
The EDA reviewed the $100,000 funding request during its September 13, 2025, Workshop. At
that time, it discussed the property visibility and the significant improvement proposal and the
beneficial impacts that the façade work would have on the building as well as the general look
the upgrades would convey about this overall area of the Broadway and Walnut intersection as
a prominent corner building in the downtown target area. The EDA agreed by consensus that
EDA Agenda: 10/08/25
the funding proposal request should proceed with the final consideration steps by the EDA at
the October 8, 2025, regular meeting.
Application Materials:
The specific application materials submitted for final EDA review of the proposal include the
following:
A completed application with a summary of the proposal
Improvement project quotes (two quotes as required by the program policy were
submitted); the best desired quote consistent with policy is included in the packet
Rendering (colors not identified)
Proof of ownership (closing date expected in late October)
Affidavit regarding owner financial commitment (equity)
Project Budget:
Façade Improvements - $167,000
o 1st Story Windows - $51,000 (paid by applicant as meeting 5% match)
o 2nd Story Windows - $21,000
o New Overhang - $57,000
o Building Painting/Stucco Repair - $20,000
o New Front Entry - $8,000
Dumpsters and Site Prep - $10,000
Building Permit - $2,406 (Estimate by City staff)
Total Improvement Project Cost: $170,000 +/-
Sperr Properties LLC is required to contribute a minimum 5% match which totals
$5,000. Sperr Properties, LLC has indicated they will meet this requirement in cash
payment to the contractor. Sperr Properties, LLC will be required to make the initial
payment, with proof of such payment to the EDA, prior to release of EDA funds.
I. Budget Impact
The Façade Loan sub-fund currently has $201,209.07 available. The EDA should also be mindful
that there is one additional active completed application, also on this same EDA Agenda, for
consideration in the amount of $100,000.
II. Staff Workload Impact:
City staff involved in this consideration include the Community Development Director,
Community Economic Development Coordinator, Economic Development Manager, Finance
Director, and the EDA attorney. At this point in time no other staff are required to complete
the tasks involved in this effort.
EDA Agenda: 10/08/25
III. Comprehensive Plan Impact:
The Monticello 2040 Vision + Plan identifies the Downtown as a “development focus” area with
the intent of promoting investment and redevelopment of key properties and parcels in the
City’s core area.
By using its available tools such as the Façade Loan Program to assist in property investment,
the EDA is helping to facilitate the effort to realize Comprehensive Plan goal “A vibrant and
thriving Downtown that contributes to the City’s economic development and housing
objectives” (Chapter 5, 2040 Plan).
STAFF RECOMMENDATION:
Staff recommends that the EDA move approve Facade Improvement Program Forgivable Loan
for Sperr Properties, LLC (Larry Sperr), 154 West Broadway, in the amount of $100,000. Per the
Policies, the EDA may authorize a Façade Loan in an amount between $5,000 to $50,000. The
EDA may deviate from its policies relating to the funding amount when it determines that the
property merits additional funding due to its high visibility and prominence in the downtown
area.
Sperr Properties, LLC continues to finalize the rendering to match the discussion from EDA
members, as well as an on-site visit with city staff on September 18, 2025, including updated
color tones, bay windows on the 2nd floor, new roofline paint, new flush windows on the first
floor, metal awning, and projecting signage. A recent inspection of the property, completed on
September 18, 2025, yielded a summary of maintenance and repairs, with a letter from the City
of Monticello's chief building official attached addressing any concerns.
In addition, according to the policies, funding can be approved for improvements to all or some
sides of a building. For Sperr Properties, LLC, the funding is proposed to be used for the façade
improvements to the north (front) and west (side) portions of the building. The EDA has
previously approved funding in the amount of $100,000 or more for two previous downtown
façade improvement proposals, 155 West Broadway (Murray’s Dance Studio; 3 visible sides)
and 106 Walnut Street (Nordic Taphouse; four visible sides). It should be noted that there is
also another façade improvement loan request on this same EDA agenda in the amount of
$100,000. The current fund balance in the façade improvement program is $201,209.07.
SUPPORTING DATA
A. EDA Resolution
B. Façade Loan Agreement
C. Promissory Note
EDA Agenda: 10/08/25
D. Façade Loan Application
E. Lemperes Bid
F. Cunningham Renderings
G. Rendering Color Examples
H. Aerial Photo – 154 West Broadway
I. WC Beacon Report – 154 West Broadway
J. Downtown Façade Improvement Loan Policy
K. Public Hearing Notice
L. Chief Building Official Letter, dated October 3, 2025
1
4902-0658-5707.1
EDA RESOLUTION NO. 2025-9
RESOLUTION APPROVING A LOAN AGREEMENT BETWEEN
THE CITY OF MONTICELLO ECONOMIC DEVELOPMENT
AUTHORITY AND SPERR PROPERTIES, 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 policies for the Façade Program (the “Policies”).
1.02. The Authority and Sperr Properties, LLC, a Minnesota limited liability company (the
“Borrower”),, desire to enter into a loan agreement (the “Loan Agreement”) for a Façade Program forgivable
loan in the amount of $100,000 (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 154 West Broadway in the City (the “Property”).
1.03. The Policies require that the maximum loan amount be no greater than $50,000 (the
“Maximum Amount Requirement”).
Section 2. 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.
Section 3. 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.
Section 2. Loan Agreement Approved.
2.01. The Authority hereby approves the Loan and the waiver of the Maximum Amount
Requirement. The Authority hereby approves the Loan Agreement in substantially the form presented to
the Board including the business subsidy and the Escrow Agreement attached thereto, 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”).
4902-0658-5707.1
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 8th of October, 2025, by the Board of Commissioners of the City of Monticello
Economic Development Authority.
___________________________________
President
ATTEST:
___________________________________
Executive Director
4916-9136-9067.1
LOAN AGREEMENT
(Facade Improvement Forgivable Loan Program)
THIS LOAN AGREEMENT (this “Agreement”) is made effective as of [________], 2025, by and
between SPERR PROPERTIES, LLC, a Minnesota limited liability company (the “Borrower”), and the
CITY OF MONTICELLO ECONOMIC DEVELOPMENT AUTHORITY, a public body corporate and
politic and a political subdivision under the laws of the State of Minnesota (the “Lender”).
RECITALS
A. The Lender 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 in amounts up to $50,000 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 Lender adopted revised policies for the Façade Program (the
“Policies”). The Policies require the maximum loan amount be no greater than $50,000 (the “Maximum
Amount Requirement”).
B. The Borrower, as the fee owner of the property located at 154 West Broadway in the City
as legally described in EXHIBIT A attached hereto (the “Loan Property”), applied for and was awarded by
the Lender on October 8, 2025, a forgivable loan from the Façade Program in the principal amount of
$100,000 (the “Loan”) in order to undertake façade improvements to the building located on the Loan Property
(collectively the “Project”). By resolution on October 8, 2025, the Board of Commissioners of the Lender
waived the Maximum Amount Requirement and approved the Loan.
C. The Lender makes the Loan to the Borrower subject to all of the terms and conditions of
this Agreement.
D. Contemporaneously with the execution hereof, the Borrower is delivering to the Lender a
Promissory Note (the “Note”) effective as of the date herewith made by the Borrower and payable to the
order of the Lender, in the original principal amount of $100,000.
NOW, THEREFORE, in consideration of the mutual covenants hereinafter contained, it is hereby
agreed as follows:
1. Amount and Purpose of Loan. The Borrower agrees to take and the Lender agrees to make
the Loan in the principal amount of One Hundred Eleven Thousand and No/100 Dollars ($100,000) to be
advanced in a single disbursement as hereinafter provided. The Loan will be evidenced by the Note. The
Loan proceeds (the “Proceeds”) will be used only towards the cost of the Project.
2. The Project. For the purposes of this Agreement, the term “Loan Property” means the real
estate legally described in EXHIBIT A attached hereto together with all improvements now located or
hereafter placed thereon. The Borrower agrees to undertake the improvements to the façade of the building
on the Loan Property in accordance with and subject to the Policies. The Borrower will complete the project
no later than 180 days from the date hereof (the “Completion Date”). Failure to complete the Project on or
before the Completion Date shall be a default hereunder.
3. Documents to be Delivered. The Borrower covenants and agrees to immediately cause the
compliance with the following conditions:
4916-9136-9067.1
(a) Note. Deliver the Note to the Lender.
(b) Architectural Rendering. Deliver to the Lender an architectural rendering (the
“Architectural Rendering”) of the final selected improvements. The Lender must provide final
approval to the Architectural Rendering prior to the Borrower beginning work on the Project.
(c) Project Cost and Source of Funds Certificate. Deliver to the Lender a sworn
certificate detailing costs and sources of funds to be utilized for the Project (“Project Cost
Certificate”), in a form acceptable to the Lender, verified on oath by an authorized representative
of the Borrower showing an itemized breakdown of: (i) the source and amount of all Project funds;
and (ii) of the total cost of the Project. Not less than 5% of the Project funds must come from the
Borrower’s own funds. The Borrower shall deliver to the Lender lien waivers, receipts for payment
and other evidence of payment acceptable to the Lender with respect to any such portion of costs
and charges incurred through the date of the Project Cost Certificate.
(d) Insurance. Deliver to the Lender a certificate or policy for all insurance required,
under the terms hereof to be maintained by the Borrower.
(e) Compliance with Laws, Etc. Deliver to the Lender such evidence as the Lender
may require as to the compliance of the Loan Property and the Project with: (i) all applicable laws,
codes, rules, regulations and ordinances, including, without limitation, those relative to
environmental protection, protection of wetlands, building and zoning matters and the Americans
with Disabilities Act; and (ii) the requirements of any restrictive covenants, conditions and
restrictions, conditional use permits or planned unit developments applicable to the Loan Property.
The Lender may waive any of the above requirements in its sole discretion.
4. Disbursement of Loan.
(a) All Proceeds shall be paid to Borrower in accordance with the terms and conditions
of this Agreement. Notwithstanding anything to the contrary herein, if the cost of the Project exceeds
the amount to be reimbursed under this Agreement, such excess shall be the sole responsibility of the
Borrower.
(b) On ______________, 2025 (the “Closing Date”), the Proceeds shall be deposited
into an escrow account with National Bank of Commerce, located at 1421 E. 7th St., Monticello, as
escrow agent (the “Escrow Agent”) selected by the Lender. The disbursement of the Proceeds will be
made subject to the conditions precedent that prior to or as of each date of disbursement:
(i) The Lender has received from Borrower an executed copy of this Agreement
and of an escrow agreement in substantially the form attached as Exhibit B (the “Escrow
Agreement”);
(ii) The Lender and Escrow Agent have received from the Borrower’s authorized
representative one or more draw requests in substantially the form attached to the Escrow
Agreement (each a “Draw Request”), certifying with respect to each requested disbursement:
that each item for which the disbursement is proposed is included in the Project, accompanied
by paid or payable invoices or other comparable evidence that the cost has been incurred and
paid or is payable by Borrower;
4916-9136-9067.1
(iii) Borrower has provided evidence satisfactory to Lender that Borrower has
established an account for the exclusive purpose of recording the receipt and expenditure of
the Proceeds;
(iv) Borrower is in compliance with the terms of the Policies and this Agreement;
(v) Prior to the final disbursement of the Proceeds, the Borrower shall:
(1) notify the Lender when construction of the Project has been
substantially completed. The Lender or their assignee will, within a reasonable
time after such notification, inspect the Loan Property in order to determine
whether the conditions set forth in Section 2 have been satisfied. If the Lender
determines that the conditions set forth in Section 2 have not been satisfied, the
Lender will provide a written statement indicating any deficiencies to be remedied
by the Borrower and the Borrower shall remedy such deficiencies diligently and
with reasonable dispatch to completion. If the Lender determines that the
conditions set forth in Section 2 have been satisfied, the Lender will provide a
written statement of completion (the “Completion Statement”); and
(2) provide the Lender with: (a) lien waivers from all contractors and
sub-contractors for all work and/or materials in connection with the Project; (b) a final
Project Cost Certificate; (c) evidence acceptable to the Lender that the Borrower
has expended its own funds on the Project in an amount at least equal to 5% of the
total cost of the Project; and (d) final invoices from any and all contractors who
worked on the Project.
5. Façade Program Requirements and Covenants.
(a) Façade Program. The Loan is made pursuant to the Façade Program which
provides loans for eligible façade improvements. The loans are structured as 3-year no-interest
forgivable loans, whereby 50% of the total loan amount is forgiven after the first year and 25% of
the total loan amount is forgiven after the second and third year. From and after the Closing Date
through and until the Conversion Date (as defined below), the Borrower shall not be required to
make any payments of principal or interest.
(b) Policies. The Loan shall be forgiven as set forth below if the Borrower meets all
of the following requirements:
(i) Timely Completion of Project. All work on the Project must be completed
by the Completion Date in accordance with and subject to the policies of the Façade
Program.
(ii) Architectural Rendering. The Project must be completed in substantial
conformity with the Architectural Rendering as approved by the Lender.
(iii) Transfer. Through [_______], 2028 (the “Maturity Date”), the Borrower
shall not sell, transfer, lease, or convey the Loan Property or any part of it, or any interest
therein, or encumber the Loan Property or any part of it, in any manner, without written
consent of the Lender, which consent may be granted or withheld in the discretion of the
Lender. This requirement shall apply to each and every sale, transfer, lease, or conveyance,
whether voluntary or involuntary and whether or not the Lender has consented to any such
4916-9136-9067.1
prior sale, transfer, lease, or conveyance.
(iv) No Defaults. As of each Determination Date (as defined below), there are
no defaults under this Agreement or any other agreement between the Lender and the
Borrower which is beyond any notice and cure period.
(c) Compliance Determination. On [_____] 1, 2026 and on each [______] 1 thereafter
through and including the Maturity Date (each a “Determination Date”), the Lender will determine,
in its sole and absolute discretion, whether the Borrower has fully and timely complied with the
requirements of this Section 5 as of such date. The Borrower will promptly provide all such
documentation as the Lender reasonably requests in the Lender’s effort to determine whether the
Borrower timely complied with the requirements of this Section 5. If the Lender determines, in its
sole and absolute discretion, that the Borrower fully and timely complied with the requirements of
this Section 5 as of such date, as strictly interpreted, the Lender will forgive a portion of the
principal amount of the Loan as of each such Determination Date and the principal balance of the
Loan and the Note shall be deemed reduced and outstanding in the following amounts as of each
Determination Date:
Determination Date: Deemed Outstanding Principal Balance
[_______] 1, 2026 $50,000
[_______] 1, 2027 $25,000
[_______] 1, 2028 $0
(d) Conversion. If the Lender determines at any time that the Borrower have not or
cannot fully or timely comply with the requirements of this Section 5, then the Loan shall no longer
be forgivable, and the Borrower shall repay the outstanding balance of the Loan not later than 30
days after the Lender sends written notice thereof (the “Conversion Date”) in accordance with the
loan payoff as of such Conversion Date set forth below:
Conversion Date: Loan Payoff Amount
[_______] 1, 2025- [_______], 2026 $100,000
[_______] 1, 2026- [_______], 2027 $50,000
[_______] 1, 2027- [_______], 2028 $25,000
The terms and conditions of this Agreement and any other related loan document and the
Borrower’s obligations thereunder shall continue until the Loan is repaid in full. If the Borrower
transfers the property in default of Section 5(b)(iii) of this Agreement, the Loan must be repaid by
Borrower to Lender in full.
(e) Final Maturity. Within a reasonable time after full and final payment or
forgiveness of the Loan, the Lender will return the Note to the Borrower.
6. Access to Loan Property. The Lender and its respective representatives shall have at all
reasonable times the right to enter and have free access to the Loan Property and the right to inspect the
Loan Property.
7. Books and Records. The Borrower agrees to maintain accurate and complete books,
accounts, and records in regard to the Project in a manner reasonably acceptable to the Lender. Such books,
accounts, and records shall be kept and maintained by the Borrower for a period of six (6) years following the
4916-9136-9067.1
Termination Date (as hereinafter defined). Accounting methods shall be in accordance with generally accepted
accounting principles. The Lender, acting solely through its municipal or financial advisor, shall have the
right to inspect, examine and copy all such books and records of the Borrower. The Borrower shall, at the
Lender’s request, furnish such information solely to the Lender’s municipal or finance advisor, as may
reasonably be demanded.
8. Time of Essence. Time is of the essence in the performance of this
Agreement.
9. Assignability. The Borrower shall not assign this Agreement without the prior written
consent of the Lender, which consent may be withheld, conditioned, or delayed in the Lender’s sole
discretion. The Lender may freely assign or otherwise transfer (including by participation) all or any part
of its interest in the Loan or any or all of the Loan documents, at the Lender’s sole discretion.
10. Miscellaneous Covenants of Borrower. The Borrower covenants and agrees with the
Lender that, without cost to the Lender, the Borrower will:
(a) Performance of Conditions. Promptly keep, perform and comply with all of the
terms, covenants and conditions to be kept and performed by the Borrower as required by the City
and any other governmental body having jurisdiction over the Loan Property as a condition of
platting, rezoning or developing the Loan Property; keep unimpaired the rights of the Borrower
under any permit or agreement issued or made by the City or other governmental body having
jurisdiction over the Loan Property and any contracts obtained or held by the Borrower in
connection with the construction of the Project; and to enforce the prompt performance of all of the
terms, covenants and conditions to be kept and performed by the City or other governmental body
having jurisdiction over the Loan Property, respectively, under any permits or agreements issued
or made by the City or such other governmental bodies, and any contractors under all contracts
obtained or held by the Borrower in connection with construction of the Project.
(b) Amendment, Etc. of Documents. Not amend, cancel, terminate, supplement, or
waive any of the material terms, covenants, and conditions of any permit or agreement issued or
made by the City or any other governmental body having jurisdiction over the Loan Property, or
any other contracts obtained or held by the Borrower in connection with the construction of the
Project or any contracts, documents or agreements referred to herein without the prior written
approval of the Lender. The Borrower will provide the Lender with complete documentation
concerning any change made to the Project.
(c) Performance of Note, etc. Without limiting the foregoing, keep and perform all of
the terms, covenants, conditions and requirements of the Note and this Agreement.
(d) Insurance. During the term of this Agreement, the Borrower shall procure and
maintain or cause to be procured and maintained at their sole expense, casualty insurance, public
liability insurance and such other types of insurance as are reasonably required by the Lender from
time to time, insuring the Lender and the Borrower with coverages, in amounts and with companies
satisfactory to the Lender.
(e) Pay Fees. Pay at closing, or within 30 days of written notice from the Lender, all
loan charges including, but not limited to: (i) the Lender’s attorneys’ fees; and (ii) filing fees of any
instruments required under this Agreement.
4916-9136-9067.1
(f) Default Notices. Provide the Lender with a copy of any default notice received by
the Borrower, pursuant to any documents related to any financing secured by the Loan Property or
any governmental authority, promptly after receipt of the same.
11. Warranties. The Borrower represents and warrants to the Lender the following:
(a) The making and performance of this Agreement and the execution and delivery of
the Note and any other instrument required hereunder are within the powers of the Borrower and
have been duly authorized by all necessary organizational action on the part of the Borrower. This
Agreement and the Note, and any other instruments required hereunder have been duly executed
and delivered and are the legal, valid, and binding obligations of the Borrower enforceable in
accordance with their respective terms.
(b) No litigation, tax claims or governmental proceedings are pending or threatened
against the Borrower, and no judgment or order of any court or administrative agency is outstanding
against the Borrower which would have a material adverse effect on the Borrower.
(c) The Borrower has filed all tax returns (federal and state) required to be filed for all
prior years and paid all taxes shown thereon to be due, including interest and penalties. The
Borrower will file all such returns and pay all such taxes for the current and future years.
(e) All information, financial or other, which has been submitted by the Borrower in
connection with the Loan is true, accurate, and complete in all material respects.
12. Indemnification. The Borrower shall defend, hold harmless and indemnify the Authority
and its officials, commissioners, officers, agents and employees from and against all claims, liability, costs,
expenses, loss or damages of any nature whatsoever, including reasonable attorneys’ fees, arising out of or
in any way connected with its failure to perform its covenants and obligations under this Agreement and
any of its operations or activities related thereto. The provisions of this paragraph shall survive the
termination of this Agreement. This indemnification shall not be construed as a waiver on the part of either
the Borrower or the Authority of any immunities or limits on liability provided by applicable Minnesota
law.
13. Defaults. Each of the following shall constitute an Event of Default:
(a) If the Borrower fails to pay when due any amount due under this Agreement, the
Note, or any other documents listed in Section 3.
(b) Bankruptcy, reorganization, assignment, insolvency or liquidation proceedings, or
other proceedings for relief under any applicable bankruptcy law or other law for relief of debtors
are instituted by or against the Borrower and, if such proceedings are instituted against the
Borrower, an order, judgment or decree, without the consent of the Borrower appointing a trustee
or receiver for the Borrower or any part of their property or approving a petition under the
bankruptcy laws of the United States or any similar laws of any state or other competent
jurisdiction, shall have remained in force undischarged or unstayed for a period of 30 days.
(c) Any of the terms, covenants, or conditions of any permit or other agreement issued
or made by the City or other governmental body having jurisdiction over the Loan Property are not
complied with within the time required thereby or are terminated or modified by the City or such
other governmental body and the Borrower has not taken the necessary steps to correct or cure the
4916-9136-9067.1
same within 30 days after written notice is given by the Lender.
(d) Any mechanic’s or material supplier’s lien is filed, against the Loan Property and
is not released, satisfied, or discharged or bonded to the Lender’s satisfaction.
(e) A transfer which violates Section 5(b)(iii) hereof occurs or the Borrower abandons
the Loan Property.
(f) The Borrower fails: (i) to complete construction of the Project by the Completion
date; (ii) to construct the Project in accordance with this Agreement; (iii) to observe or perform any
other covenant, condition, obligation or agreement on its part to be observed or performed under
this Agreement, the Note, or any other document executed by the Borrower pursuant to this
Agreement; or (iv) fails to pay any amount or perform any obligation under any other note,
mortgage or other agreement now or hereafter made by the Borrower in favor of or with the Lender
or otherwise now or hereafter made by the Borrower in connection with the Loan Property, and any
such failure continues 30 days after written notice is given by the Lender.
(g) Any representation or warranty by the Borrower contained herein or in the Note,
or any other instrument required hereunder is false or untrue in any material respect when made.
14. Remedies. Upon the occurrence of an Event of Default, the Lender, at its option, shall, in
addition to any other remedies which it might be entitled to by law, have the right to:
(a) Perform such other acts or deeds which reasonably may be necessary to cure any
default existing under this Agreement, and to this end, it is hereby agreed as follows:
(i) All sums expended by the Lender in effectuating its rights under paragraphs
(ii) and (iii) of this paragraph shall be deemed to have been advanced under
this Agreement and to be secured by any security document required under
this Agreement as security for the Loan.
(ii) The Lender, at its option, shall have the right to enter into possession of the
Loan Property and perform any and all work and labor necessary to complete
the Project substantially as required under this Agreement and to do all
things necessary or incidental thereto.
(iii) The powers herein granted the Lender shall be deemed to be powers coupled
with an interest and the same are irrevocable.
(b) cancel this Agreement;
(c) bring appropriate action to enforce such performance and the correction of such
Event of Default;
(d) if a default occurs under Section 5(b)(iii) hereof, declare the entire unpaid principal
of the Note immediately due and payable without notice; and
(e) pursue whatever action, including legal, equitable or administrative action, which
may appear necessary or desirable to collect all costs (including reasonable attorneys’ fees) and
any amounts due under this Agreement or to enforce the performance and observance of any
4916-9136-9067.1
obligation, agreement, or covenant hereof.
15. Default under Note. The failure by the Borrower to keep or perform any of the terms,
covenants, and conditions to be kept or performed by it under this Agreement shall constitute a default
under the Note.
16. Notices. Any notices given hereunder shall be in writing and shall be deemed to have been
given when delivered personally or three (3) days after deposited in the United States mail, registered,
postage prepaid, addressed as follows:
If to the Borrower:
Sperr Properties, LLC
[__________]
[__________]
Attn: [_______]
If to the Lender:
City of Monticello Economic Development Lender
505 Walnut Street
Monticello, MN 55362
Attn: Executive Director
or addressed to any such party at such other address as such party shall hereafter furnish by notice to the
other party. Any notice delivered personally to the Borrower shall be delivered to an officer of the Borrower,
and any notice delivered personally to the Lender shall be delivered to an officer of the Lender at the address
for the Lender for the mailing of notices. Either party may change its address for the giving of notices by
giving the other party at least 10 days’ notice in the manner provided above.
17. Termination. This Agreement shall terminate on the later of the Maturity Date or the date
that the Loan has been paid in full (the “Termination Date”). Notwithstanding anything herein to the
contrary, the indemnification provisions provided in Section 12 hereof shall not terminate on the
Termination Date.
18. Headings. The headings used in this Agreement are for convenience only and do not
define, limit, or construe the contents of this Agreement.
19. Bindings on Successors and Assigns. Subject to the limitations on transfer contained in
this Agreement, this Agreement shall be binding upon and inure to the benefit of the successors and assigns
of the parties hereto.
20. Governing Law. This Agreement shall be governed by and construed in accordance with
the laws of Minnesota, without giving effect to any choice or conflict of law provision or rule.
21. Counterparts. This Agreement may be executed in 2 or more counterparts, each of which
shall be an original and all of which shall constitute the same agreement.
22. Entire Agreement. This Agreement, the Note and the other documents executed by the
Borrower and/or the Lender pursuant to this Agreement contain the entire agreement between the parties
4916-9136-9067.1
with respect to the subject matter hereof and supersede all prior understandings and agreements, both oral
and written. This Agreement may be amended only in a writing signed by the parties hereto.
23. Fees and Expenses. The Borrower agrees to pay to the Lender immediately upon demand
all costs and expenses, including, without limitation, all attorneys’ fees, incurred by the Lender in
connection with the enforcement of the Lender’s rights and/or the collection of any amounts which become
due to the Lender under this Agreement, the Note or the other documents executed in connection herewith;
and the prosecution or defense of any action in any way related to this Agreement, the Note or the other
documents executed in connection herewith.
24. Electronic Signatures; Execution in Counterparts. The electronic signature of the parties to
this Agreement shall be as valid as an original signature of such party and shall be effective to bind the parties
hereto. For purposes hereof, (i) “electronic signature” means a manually signed original signature that is then
transmitted by electronic means; and (ii) “transmitted by electronic means” means sent in the form of a
facsimile or sent via the internet as a portable document format (“pdf”) or other replicating image attached to
an electronic mail or internet message. This Agreement may be simultaneously executed in several
counterparts, each of which shall be an original and all of which shall constitute but one and the same
instrument.
25. Data Practices. All data collected, created, received, maintained or disseminated for any
purpose in the course of Borrower’s performance of this Agreement is governed by the Minnesota Government
Data Practices Act, Minn. Stat. Ch. 13, and any other applicable state statutes, any state rules adopted to
implement the Act and statutes, as well as federal statutes and regulations on data privacy.
26. Audits. The accounts and records of the Borrower described in paragraph (l) above shall be
audited in the same manner as all other accounts and records of the Borrower and may, for a period of six (6)
years following the Termination Date, be inspected on the Borrower’s premises by the Authority or individuals
or organizations designated by the Authority, upon reasonable notice thereof to the Borrower. The books,
records, documents and accounting procedures relevant to this Agreement are subject to examination by the
State Auditor in accordance with Minnesota law.
27. Business Subsidy. The assistance outlined in this Agreement constitutes a “business
subsidy” (the “Business Subsidy”) under Minnesota Statutes, Sections 116J.993 to 116J.995, as amended
(the “Business Subsidy Act”) and this Agreement constitutes a “business subsidy agreement” as required
by the Business Subsidy Act. The Borrower acknowledges and agrees that the amount of the Business
Subsidy granted to the Borrower under this Agreement is $100,000 and that the Business Subsidy is needed
because demolition and redevelopment costs are higher than for new development and construction of the
Project is not sufficiently feasible for the Borrower to undertake without the Business Subsidy. The City
has determined that the public purposes of the Project include improving its preventing blight, rejuvenating
its commercial district, redeveloping blighted or underutilized property, increasing housing units in the
City, increasing the tax base in the City and State, and stimulating construction and construction jobs.
Following a public hearing on October 8, 2025, the City Council has determined that creation or retention
of jobs is not a goal of the Project and consequently set the wage and job goals (the “Goals”) hereunder at
zero.
(b) Because the Goals are set at zero, the Borrower is not subject to the prepayment provisions
of the Business Subsidy Law.
(c) To the extent required by the Minnesota Department of Employment and Economic
Development, within 30 days of a request from the City, the Borrower agrees to (i) report its progress on
achieving the Goals to the City until the later of the date the Goals are met or two years from the date of
4916-9136-9067.1
the certificate of occupancy for the Project (the “Benefit Date”), (ii) include in the report the information
required in Section 116J.994, Subdivision 7 of the Business Subsidies Act on forms developed by the
Minnesota Department of Employment and Economic Development, and (iii) send completed reports to the
City; provided, however, that such reporting obligations will not affect the terms of this Agreement which
set the Goals at zero or effect any obligation for Borrower to meet any greater Goals than those
contemplated herein.
(d) The Borrower or its permitted assignee agrees to continue operations of the Project for at
least 5 years after the Benefit Date.
(e) Other than the assistance provided in this Agreement there are no other state or local
government agencies providing financial assistance for the Project and the Borrower has no parent
corporation.
S-1
4916-9136-9067.1
IN TESTIMONY WHEREOF, the Borrower causes this Agreement to be effective as of the day
and year first above written.
SPERR PROPERTIES, LLC
By:
Name:__________________________________
Its: ____________________________________
S-2
4916-9136-9067.1
IN TESTIMONY WHEREOF, the Lender causes this Agreement to be effective as of the day and
year first above written.
CITY OF MONTICELLO ECONOMIC
DEVELOPMENT AUTHORITY
By:
Name: Steve Johnson
Its: President
By:
Name: Jim Thares
Its: Executive Director
A-1
4916-9136-9067.1
EXHIBIT A
LOAN PROPERTY
A-2
4916-9136-9067.1
EXHIBIT B
ESCROW AGREEMENT
FAÇADE IMPROVEMENT FORGIVABLE LOAN PROGRAM
ESCROW AGREEMENT
This Agreement is entered into this ___ day of _____, 20__, by and between Sperr Properties, LLC,
a Minnesota limited liability company (the “Borrower”), National Bank of Commerce, a federal savings
bank (the “Escrow Agent”), and the City of Monticello Economic Development Authority, a public body
corporate and politic under the laws of Minnesota (the “Authority”).
Purpose
The purpose of the escrow established pursuant to this Agreement is to provide assurance to the Authority
that Borrower will complete the Project described in the Loan Agreement between the Authority, and the
Borrower dated [_______], 2025 (the “Loan Agreement”), which is incorporated herein by reference. All
capitalized terms which are not otherwise defined herein shall have the meanings set forth in the Loan
Agreement.
Escrow
The Escrow Agent hereby acknowledges receipt from the Authority of Proceeds in the amount of
$100,000.00 to be disbursed in connection with the construction by Borrower of the Project.
Proceeds will be disbursed to the Borrower in one or more payments as evidenced by the provisions of this
section. Before disbursement of any Proceeds deposited hereunder, Borrower must submit to the Authority
and Escrow Agent a draw request in substantially the form attached hereto as Exhibit A (the “Draw
Request”) containing evidence showing that costs for the Project have been paid or incurred by the
Borrower in at least the amount requested, provided that (i) no Proceeds will be disbursed until Borrower
provides evidence that Borrower has paid Borrower’s required share of total costs of the Project. Prior to
the final disbursement of Proceeds, the Borrower shall:
(i) notify the Lender when construction of the Project has been substantially completed. The
Lender or their assignee will, within a reasonable time after such notification, inspect the Loan Property in
order to determine whether the conditions set forth in Section 2 have been satisfied. If the Lender
determines that the conditions set forth in Section 2 have not been satisfied, the Lender will provide a
written statement indicating any deficiencies to be remedied by the Borrower and the Borrower shall
remedy such deficiencies diligently and with reasonable dispatch to completion. If the Lender determines
that the conditions set forth in Section 2 have been satisfied, the Lender will provide a written statement of
completion (the “Completion Statement”); and
(ii) provide the Lender with: (a) lien waivers from all contractors and sub-contractors for all work
and/or materials in connection with the Project; (b) a final Project Cost Certificate; (c) evidence acceptable
to the Lender that the Borrower has expended its own funds on the Project in an amount at least equal to
5% of the total cost of the Project; and (d) final invoices from any and all contractors who worked on the
Project. The Authority may, if not satisfied with any evidence provided, request such further documentation
or clarification as the Authority may reasonably require.
A-3
4916-9136-9067.1
The Authority will authorize disbursement by the Escrow Agent of the Proceeds upon receipt and approval
of the Borrower’s Draw Request evidencing costs of the Project exceeding Borrower’s required
contribution by at least the amount of the requested disbursement. Final disbursement of Proceeds must be
made no later than six months after the date hereof.
Indemnity
Borrower agrees to indemnify and hold harmless the Authority from and against any claim, damage,
liability, loss or expense, including reasonable attorney’s fees, made by any party in connection with the
performance of obligations under this Agreement.
Title and Escrow Charges
Any escrow fees will be paid by Authority.
Termination
This Agreement will terminate upon the earlier to occur of one of the following: i) mutual written
agreement of the parties; or ii) disbursement of all Proceeds to Borrower (the “Termination Date”). Any
balance of Proceeds remaining in escrow as of the Termination Date will be returned to the Authority.
A-4
4916-9136-9067.1
SPERR PROPERTIES, LLC
By: ___________________________
Its: ___________________________
Date: __________________________
CITY OF MONTICELLO ECONOMIC DEVELOPMENT AUTHORITY
___________________________________________ Date: ____________________
By: Its President
___________________________________________ Date: ____________________
By: Its Executive Director
National Bank of Commerce
By: ________________________________________ Date: ____________________
Its _____________________________________
A-5
4916-9136-9067.1
EXHIBIT A TO ESCROW AGREEMENT
DRAW REQUEST – DOWNTOWN FAÇADE IMPROVEMENT PROGRAM
TO: City of Monticello Economic Development Authority
505 Walnut Street, Suite 1
Monticello, MN 55362
Attn: Executive Director
DISBURSEMENT DIRECTION
The undersigned Authorized Representative of Sperr Properties, LLC, a Minnesota limited liability
company (the “Borrower”), hereby authorizes and requests you to disburse from the Proceeds, in
accordance with the terms of the Loan Agreement between the City of Monticello Economic Development
Authority (the “Lender”) and the Borrower, dated as of [_______], 2025 (the “Agreement”), and the Escrow
Agreement, the following amount to the following person and for the following proper costs of the Project:
1. Amount:
2. Payee:
3. Purpose:
all as defined and provided in the Agreement and as evidenced in Exhibit A. The undersigned further
certifies to the Lender that (a) none of the items for which the payment is proposed to be made has formed the
basis for any payment previously made under Section 4 of the Agreement (or before the date of the Agreement);
(b) each item for which the payment is proposed is eligible for funding from the Proceeds; and (c) the Borrower
has paid, at the Borrower’s sole expense, $______________ in costs of the Project, representing at least the
Borrower’s 5% required share of such costs.
All capitalized terms which are not otherwise defined herein shall have the meanings set forth in the Loan
Agreement.
Dated: ____________________
______________________________________
Borrower’s Authorized Representative
A-6
4916-9136-9067.1
EXHIBIT A
INVOICES OR OTHER EVIDENCE OF COSTS INCURRED
4909-2859-5563.1
PROMISSORY NOTE
(Facade Improvement Forgivable Loan Program)
_________, 2025
Amount: $100,000 Interest: 0.00%
Maturity Date: [________] 1, 2028
FOR VALUE RECEIVED, the undersigned, SPERR PROPERTIES, LLC, a Minnesota limited
liability company (“Borrower”) promises to pay to the order of CITY OF MONTICELLO ECONOMIC
DEVELOPMENT AUTHORITY, a public body corporate and politic and a political subdivision under the
laws of the State of Minnesota (“Lender”), at 154 West Broadway, Monticello, Minnesota 55362, or such
other place as Lender or any other holder of this Note may designate in writing, on or before the Maturity
Date (as defined above), the principal sum of One Hundred Thousand and No/100 Dollars ($100,000),
without interest.
This Note is made pursuant to a Loan Agreement, between Borrower and Lender, of even date
herewith (“Loan Agreement”). All capitalized terms which are not otherwise defined herein shall have the
meanings set forth in the Loan Agreement.
This Note is made pursuant to the Program and the Policies. As of each Determination Date (as
defined in the Loan Agreement), Lender will forgive a portion of the principal balance of the Note, subject
to and in accordance with the terms of the Loan Agreement. If Lender determines at any time that
Borrower is not in compliance with the terms of the program, subject to and in accordance with the terms
of the Loan Agreement, Borrower will be required to promptly pay the outstanding principal hereunder on
the Conversion Date (as defined in the Loan Agreement).
If the Lender, or any other holder of this note, has not received the full amount of any outstanding
principal provided for in this note, by the end of 7 calendar days after the date it is due, Borrower shall pay
a late charge fee to the Lender, or any other holder of this note. The amount of the late charge fee shall be
8.00% of the overdue outstanding principal. The Borrower shall pay this late charge fee on demand,
however, collection of the late charge fee shall not be deemed a waiver of the Lender’s right to declare an
Event of Default and exercise its rights and remedies as provided for in the Loan Agreement and the
Security Documents.
Each payment made under this note shall be applied as follows: (i) first, to be applied against and
pay unpaid late charges and any other charges, including attorneys' fees and protective advances; and then
(ii) all remaining amounts, if any, shall be applied against and reduce the then outstanding principal balance
of this Note.
If an Event of Default shall occur hereunder or under the Loan Agreement and any cure period
provided for in the Loan Agreement has expired, the entire principal amount outstanding and any other
charges due hereon shall at once become due and payable at the option of the Lender or the holder hereof.
Any failure of the Lender to exercise its right to accelerate this note at any time shall not constitute a waiver
of the right to exercise the same right to accelerate the note at any subsequent time.
The Borrower may prepay the principal under this note at any time and from time to time, in whole
or in part, without premium or penalty.
2
4909-2859-5563.1
All sums payable to the Lender under this Note shall be paid in immediately available funds.
The Borrower promises to pay all costs in connection with the enforcement of this Note, including
but not limited to, those costs, expenses, and attorneys’ fees of Lender whether or not suit is filed with
respect thereto and whether or not such cost or expense is paid or incurred or to be paid or incurred prior to
or after the entry of judgment or for the pursuance of, or defense of, any litigation, appellate, bankruptcy,
or insolvency proceeding.
Presentment, notice of dishonor and protest are hereby waived by all makers, sureties, guarantors,
and endorsers hereof. This Note shall be binding upon Borrower, its successors, and assigns.
The remedies of Lender, as provided herein and in the Loan Agreement, shall be cumulative and
concurrent and may be pursued singly, successively, or together, at the sole discretion of Lender, and may
be exercised as often as occasion therefor shall occur; and the failure to exercise any such right or remedy
shall in no event be construed as a waiver or release thereof.
Time is of the essence hereof.
This Note shall be governed by and be construed under the laws of the State of Minnesota, without
regard to principles of conflicts of law.
[Signature Page Follows]
S-1
4909-2859-5563.1
IN WITNESS WHEREOF, the undersigned has caused this Note to be effective as of the day and
year first above written.
SPERR PROPERTIES, LLC
By:
Name: _________________________________
Its:
$57,000
$110,000
$100,000
$170,000
$70,000
RECIPIENT:
Larry Sperr
Monticello, Minnesota
Quote #306
Sent on Oct 01, 2025
Total $167,000.00
Product/Service Description Qty.Unit Price Total
Cafe remodel Per our on site walk through. Here is our estimate
only on this work to be completed. Some items are
subject to change depending on codes and
selections.
Note;
Estimate only. Final pricing after confirmed designs.
And building plan and site review.
1 $167,000.00 $167,000.00
Windows for residential
space
Supply and install 7 Thermo-tech windows. Trim on
interior TBD was not able to review during walk
through. Exterior trim around the windows. Install
Maintence free shutters to each window.
Lead time on windows are 6-8 weeks.
Note;
Estimate only. Final pricing after confirmed designs.
And building plan and site review.
0 $21,000.00 $0.00
Cafe window replacement Demo 5 bay windows. And build back flush on the
west side of the building to accept new Thermo-tech
windows.
The front of the building will be new bay windows two
on the top two on the bottom. With crown molding on
the top windows. Final selections needed before
ordering.
Price includes 2 solid non operable windows on the
west side. One new entry door for employees.
Stucco repairs included at demoed areas. Install
Maintence free shutters.
Lead time on windows are 6-8 weeks from ordering.
Note;
Estimate only. Final pricing after confirmed designs.
And building plan and site review.
0 $51,000.00 $0.00
1 of 3 pages
Lemperes Building
14175 Bank Street | Becker, Minnesota 55308
763-670-0774 | Joe@LemperesBuilding.com | www.LemperesBuilding.com
Product/Service Description Qty.Unit Price Total
New overhang Demo and Build back of overhang per walk through.
Price Includes...
Corrugated steel roof
Reworking electrical as needed
Install new gutters/repair
Note:
Estimate only. Final pricing after confirmed designs.
And building plan and site review.
0 $57,000.00 $0.00
Building painting/stucco
repair
Stucco repair under plywood to the right of the entry.
Cut out 6'x6' area repair to match existing.
Prep and paint existing stucco, two paint colors.
Upper level one color bottom level one color per
rendering.
0 $20,000.00 $0.00
New store front entry All Doors are Medium Stile with 10” Bottom Rails and
Hardware
Total Number of Storefront Doors Included – (1)SGL
(0)PAIR
DOORS ARE NOT THERMAL COMPOSITE
All Manufacturer's Standard Door Hardware Included
-
Butt Hinges, FC Rim Panic, Pull, Lock, Closer, Door
Holder, Threshold, Sweep
All IExterior Aluminum is 1 3⁄4”x4 1⁄2” Oldcastle
Series 2000 - Non Thermal
Aluminum Storefront Finish Color is - Black
Anodized
All Exterior Glass is - 1" OA Standard Low-E/ Clear
Tempered Insulated
All Caulking of our Installed Storefront Included
All Sill Brake Metal for Storefront Included at Exterior
Only
All Dimensions to be Field Verified
All Interior Glazing Stops Provided by Others
No Film or Graphics Included
No Lift Rental Included
Standard Labor Charges, No Prevailing Wages
Included
In House Shops and Submittals Included, No
Engineered Drawings or Stamps Included
Excludes Mockup and Field Testing
ESTIMATED LEAD TIMES – After Approved
Submittals
Aluminum Storefront 3-6 Weeks
Exterior 1” Insulated Glass 6-7 Weeks
Shops/Submittals 10-12 days after LOI or Contract
0 $8,000.00 $0.00
2 of 3 pages
Lemperes Building
14175 Bank Street | Becker, Minnesota 55308
763-670-0774 | Joe@LemperesBuilding.com | www.LemperesBuilding.com
Product/Service Description Qty.Unit Price Total
General conditions Site supervision
Dumpsters
Site prep
0 $10,000.00 $0.00
A deposit of $83,500.00 will be required to begin.
Total $167,000.00
For your convenience, we offer payment options via check or Credit Card. Please note that a 4% service fee will be applied to
Credit Card transactions.
Please send checks to:
P.O. Box 333
Becker, MN 55308
This quote is valid for the next 30 days, after which values may be subject to change.
3 of 3 pages
Lemperes Building
14175 Bank Street | Becker, Minnesota 55308
763-670-0774 | Joe@LemperesBuilding.com | www.LemperesBuilding.com
Aerial Image 154 W Broadway
04/20/2025
Primary Owner
TRICAMBRA HOLDINGS LLC
313 JACKSON AVE NW
ELK RIVER MN 55330
Seq Land Description Land Code Dim 1 Dim 2 Dim 3 Units UT
Unit
Price Adj 1 Adj 2 Adj 3
Eff
Rate Div %Value
1 DOWNTOWN I 155604 0 0 0 4,033.000 S 18.000 0.00 0.00 0.00 5.940 0.330 23,958
2 DOWNTOWN I 155604 0 0 0 4,033.000 S 18.000 0.00 0.00 0.00 12.061 0.670 48,642
3 BLACKTOP FAIR 008681 0 0 0 1,045.000 U 1.500 0.00 0.00 0.00 0.505 0.330 528
4 BLACKTOP FAIR 008681 0 0 0 1,045.000 U 1.500 0.00 0.00 0.00 1.026 0.670 1,072
Total 8,066.000 74,200
Building 1
Year Built 1910
Architecture N/A
Above Grade Living Area 0
Finished Basement Sqft 0
Construction Quality 04
Foundation Type CONC BLOCK
Frame Type (C) Concrete Frame
Size/Shape
Exterior Walls STUCCO
Windows N/A
Roof Structure SHED
Roof Cover N/A
Interior Walls DRYWALL
Floor Cover N/A
Heat N/A
Air Conditioning N/A
Bedrooms 0
Bathrooms N/A
Gross Building Area 2468
Summary
Parcel ID 155010035150
Property Address 154 BROADWAY W
MONTICELLO MN 55362
Sec/Twp/Rng 11-121-025
Brief Tax
Description
SECT-11 TWP-121 RANGE-025 ORIGINAL PLAT MONTICELLO
LOT-015 BLOCK-035 W24 1/2FT OF LT 15 BLK 35
(Note: Not to be used on legal documents)
Class 233 - 3A COMMERCIAL LAND AND BUILDING;209 - 4B1 RES 1-3
UNITS - PREV SSR
District (1101) CITY OF MONTICELLO-0882
School District 0882
(Note: Class refers to Assessor's Classification Used For Property Tax
Purposes)
Abstract/Torrens ABSTRACT
GIS Acres
Parcel: 155010035150
Acres: 0.09
Acres USAB: 0.09
Acres ROW:
Sq Ft: 4,033.04
Owner
Land
Buildings
Wright County, MN
Building 2
Year Built 1910
Architecture N/A
Above Grade Living Area 0
Finished Basement Sqft 0
Construction Quality 03
Foundation Type N/A
Frame Type (D) Wood Frame
Size/Shape
Exterior Walls STUCCO
Windows N/A
Roof Structure N/A
Roof Cover N/A
Interior Walls N/A
Floor Cover N/A
Heat N/A
Air Conditioning N/A
Bedrooms 0
Bathrooms N/A
Gross Building Area 2500
Multi
Parcel
Instr
Type
Qualified
Sale Sale Date Book Page
Sale
Type Buyer Seller
Sale
Price
Adjusted
Sale
Price eCRV #eCRV
Sale
Type
S.S.
Rcmd.
S.S. Rjt.
Rsn.
Transact
Num
N WD U 9/29/2017 I-
Improved
TRICAMBRA
HOLDINGS LLC
CORNERSTONE
CAFE AND
CATERING, LLC
$540,405 $540,405 729659 I 17-
EXCESS
PP
N CD U 12/28/2001 I-
Improved
CORNERSTONE
CAFE
KRUSE FLOYD $120,000 $120,000 120936 I 14-
CFD/INT
PA
120936
N CD U 12/28/2001 I-
Improved
SWIECICHOWSKI
CRAIG
KRUSE JUDITH $120,000 $120,000 76427 I 17-
EXCESS
PP
76427
Sale date range:
Search Sales by Neighborhood
Search Sales by Subdivision
Grantor Grantee Recorded Date Doc Type Doc No
CORNERSTONE CAFE AND CATERING LLC TRICAMBRA HOLDINGS LLC 10/2/2017 WAR 1354697
KRUSE JUDITH A; KRUSE FLOYD A CORNERSTONE CAFE AND CATERING LLC 4/18/2013 WAR 1234663
SWIECICHOWSKI CRAIG; SWIECICHOWSKI SUSAN NEW MAIN STREET MERCHANTS LLC 3/9/2006 AQC 1001049
Note: Transfer History data is from LandLink beginning 01/01/2003.
2025 Assessment 2024 Assessment 2023 Assessment 2022 Assessment 2021 Assessment
+Estimated Land Value $74,200 $74,200 $46,000 $34,300 $33,800
+Estimated Building Value $257,200 $251,100 $233,000 $194,800 $188,300
+Estimated Machinery Value $0 $0 $0 $0 $0
=Total Estimated Market Value $331,400 $325,300 $279,000 $229,100 $222,100
%Change 1.88%16.59%21.78%3.15%0.00%
Sales
Recent Sales In Area
From:
09 /04 /202
To:
09 /04 /202
Distance:
1500
Units:
Feet
Search Sales by Distance
Transfer History
Valuation
Click here to view Taxation Information for this parcel
2025 Payable 2024 Payable 2023 Payable 2022 Payable
Estimated Market Value $325,300 $279,000 $229,100 $222,100
-Excluded Value $0 $0 $0 $0
-Homestead Exclusion $0 $0 $0 $0
=Taxable Market Value $325,300 $279,000 $229,100 $222,100
Net Taxes Due $5,403.08 $4,156.00 $3,270.54
+Special Assessments $2,856.92 $676.00 $1,775.46
=Total Taxes Due $8,260.00 $4,832.00 $5,046.00
%Change 70.94%-4.24% 0.00%
Click here to view Taxation Information for this parcel
Click here to view Taxes Paid for this parcel
Taxation (Internal Only)
Taxation
Taxes Paid
Photos
Sketches
No data available for the following modules: Land GA/RP, Extra Features, OBY, OBY (Working 2026 Assessment).
Map
The information provided on this site is intended for reference purposes only. The information is not
suitable for legal, engineering, or surveying purposes. Wright County does not guarantee the accuracy
of the information contained herein.
| User Privacy Policy | GDPR Privacy Notice
Last Data Upload: 9/4/2025, 3:54:42 AM
Contact Us Developed by
City Policy and
Procedure
SECTION: FINANCE NO: FIN-
REFERENCE: Date:
Next Review Date:
TITLE: FAÇADE IMPROVEMENT PROGRAM
1.0 Purpose
The City of Monticello Economic Development Authority (the “EDA”) recognizes the need to encourage
investment in commercial and retail buildings in the Downtown area in order to maintain the economic
viability of the City and the Downtown/Central Community District. The purpose of this forgivable loan
program is to support a visually and financially appealing Downtown and greater Monticello
community by providing forgivable loans to improve the façades of existing Downtown commercial
and retail buildings.
2.0 Policy
ELIGIBLE BUSINESSES
Commercial property located within the geographic area illustrated in Exhibit A of these guidelines may
be eligible for a Downtown Façade Improvement Forgivable Loan (“ Loan”) as further defined herein. The
area illustrated in Exhibit A of these guidelines is amended to include the buildings to remain on Block 52
following redevelopment, as well as those buildings along Walnut Street, between Broadway Street West
and River Street. It is the goal of the EDA that 70% of the buildings within the eligible area complete
improvements to their properties.
The EDA has allocated a maximum of $200,000 for the initial Loan program. This is a pilot program, and
additional areas and allocations will be considered at a future date.
FORGIVABLE LOAN FUND TERMS & CONDITIONS
Loan Amount & Structure
Individual loans may be made in an amount ranging from $5,000-$50,000. Loan forgiveness generally
takes place over a three-year period with fifty percent (50%) of the award forgiven at the end of the first
year, and twenty-five percent (25%) forgiven at the end of years two and three. The EDA may extend or
reduce the forgiveness period based on the dollar amount of the Loan. If the benefitting building is sold
within the period of the Loan, the Loan must be repaid. The Applicant must provide at least 5% of the
project cost in cash. The Applicant percentage shall be used as the project down-payment, as may be
required.
Eligibility Requirements
Tenants and property owners should discuss the loan program to determine responsibilities and
commitment for application and its components. The owner of the property must be a cosignatory to the
application and Loan agreement.
The property owner must carry current property insurance both at the time of application and through
completion of approved Loan improvements.
Property taxes on the subject site must be current for the duration of the Loan.
MN190\101\941811.v1
Applicants are not eligible to receive funding if the property to be rehabilitated is in default under a
property mortgage, contract for deed or comparable obligation. An applicant/property owner is ineligible
to receive assistance if currently involved in bankruptcy proceedings.
Applicants may apply for only one Loan per building.
The EDA reserves the right to approve or reject applications on a case-by-case basis, taking into
consideration factors considered appropriate by the EDA, in addition to established polices, criteria, and
potential benefits. Meeting the criteria does not guarantee an application will be approved. Approval or
denial of an application is at the sole discretion of the EDA.
Concurrent Loans
The concurrent use of different EDA loan programs by any one borrower or for any one project is
permitted. Business subsidy agreements may be required.
Permitted Loan Uses
Exterior renovation of the façades of principal use retail or commercial buildings as further shown on
Exhibit B attached hereto. An applicant may apply for façade improvements on all exterior sides of their
building. The EDA may approve a Loan for improvements for all or some of the sides of the building at
their discretion.
An architectural rendering supplied by one of the following is required: an EDA selected architect,
applicant contractor or architect, or a qualified architect accepted by the EDA. This item is required for
use in determining final scope of work in consultation with the applicant and the applicant’s selected
contractor for any project. The cost of the rendering shall not be included in the Loan amount.
Architectural renderings will be considered for preparation after initial letter of interest by an applicant.
Façade renovation may include, but is not limited to windows, doors, siding, brick, stucco, masonry,
painting, steps, cornices, parapets, shutters, dormers, signage, awnings, and structural roof components
and such improvements shall be guided by the architectural rendering.
Interior side renovation proposals may be considered on a case-by-case basis.
The applicant will work with a contractor to define final selected improvements using the architectural
rendering as a guide. The architectural rendering with final selected improvements must be reviewed and
approved by the EDA and will be included in final Loan documentation. The improvements must be
completed in substantial conformity to the approved architectural rendering.
The cost of the building permit for the approved Loan project will be included in the final Loan amount.
CONSTRUCTION AND IMPROVEMENTS CODE COMPLIANCE
As applicable, buildings for which public funds will be used within this program are to be brought into
conformity with city ordinances and state building codes in effect for the area in which the building is
located. It is the intent of the Downtown Façade Improvement Loan Program to comply with the City’s
building standards for the Downtown/Central Community District (CCD). Please refer to the City’s
Downtown Small Area Plan and zoning ordinance for complete details as it relates to the standards
governing this program’s design guidelines.
TIMING OF PROJECT EXPENSES
MN190\101\941811.v1
No project may commence until the EDA has approved the Loan application and the Loan agreement. Any
costs incurred prior to execution of the Loan agreement are not eligible expenditures.
No building construction may commence until the required city permits are secured.
Loan disbursements shall be as provided for within the Loan agreement and shall be made directly to the
Applicant/owner’s contractor. The Loan agreement shall reference final contracts for improvements.
COMMUNICATION
Success of the project depends on the completeness of applications and good communication between
all parties. Applicants should feel free to reach out to EDA staff with any questions at any time.
PROCEDURAL GUIDELINES FOR APPLICATION AND APPROVAL
The applicant shall meet with city staff to obtain information about the Loan program, discuss the project,
and obtain application forms.
Prior to application, it is recommended that the applicant complete and submit a letter of interest to the
EDA. The letter of interest should provide a summary of desired façade improvements. As part of the
letter of interest review, the EDA may consider authorization of a façade rendering by the EDA’s
architectural consultant or may direct the applicant to proceed with a formal application including
preparation of rendering by their contractor(s)/architect. Once the applicant has obtained the rendering
and estimates, the applicant must submit a formal application to the EDA for review including the project
rendering and detailed estimates.
Applications will be received and reviewed on a first-come, first-served basis from the time of submission
of a complete application.
An inspection of the building may be required.
The EDA is a governmental entity and as such must provide public access to public data it receives. Data
deemed by Applicant to be nonpublic data under State law should be so designated or marked by
Applicant. See Minnesota Statutes, Section 13.591, Subd. 1 and 2. The formal Loan application will be
reviewed by EDA staff to determine if it conforms to all city policies and ordinances, and will be presented
to the EDA for formal approval, as follows:
1. Staff will complete a preliminary application review and may consult with the EDA’s Financial
Advisor and/or EDA Attorney in preparing a report for EDA consideration.
2. Staff will evaluate the project application in terms of the following:
a. Project Design - Evaluation of project design will include review of proposed activities,
project construction and renovation plans including architectural rendering and final
building elevations detailing selected improvements, timelines and capacity to implement
the project.
b. Financial Feasibility - Availability of funds, private investment, financial packaging and
cost effectiveness, and bid-quote submissions.
c. Evidence of applicant’s ability to meet the 5% cash requirements.
d. Letter of Commitment from other financing sources stating terms and conditions of their
participation in the project, if applicable.
e. All other information as required in the application and/or additional information as may
be requested by the EDA staff.
MN190\101\941811.v1
f. Project compliance with all applicable city codes and policies.
3. The EDA Commissioners will review each application in terms of:
a. Its consistency with the goals of the city’s Comprehensive Plan and Downtown Small Area
Study.
b. Whether it is desirable and in the best interests of the public to provide funding for the
project.
c. The project’s overall potential impact on the community’s economy.
4. The EDA Commissioners will approve or deny the application, or request a resubmission with
clarifications, at the EDA’s sole discretion.
APPROVAL OR DENIAL OF LOAN APPLICATION
The EDA, at its sole discretion, may deny any application on a case-by-case basis, taking into consideration
factors such as: consistency with the goals of the city’s Comprehensive Plan and Downtown Small Area
Study, the project’s overall impact on the community’s economy, and the above criteria.
LOAN POLICY REVIEW
The above criteria will be reviewed on an annual basis to ensure that the policies reflected in this
document are consistent with the economic development goals set forth by the city.
COMPLIANCE WITH BUSINESS SUBSIDY LAW
All developers/businesses receiving financial assistance from the City of Monticello EDA shall be subject
to the City’s Business Subsidy Policy as amended, and the provisions and requirements set forth under
Minnesota Statutes, Sections 116J.993 to 116J.995.
LOAN AGREEMENT
If the application for a Loan is approved, the applicant/property owner will be required to enter into a
Loan agreement to proceed. The Loan agreement will specify the terms and conditions of the Loan as
identified herein.
DISBURSEMENT OF LOAN FUNDS
Upon approval of a Loan application, applicants are required to provide executed contracts with qualified,
licensed contractors for work per the approved Loan plans. Contracts shall be consistent with the
procedures and requirements herein.
Loan funds will be disbursed to the contractor based on completion of work as outlined below. The City’s
Chief Building Official will verify completion of work. Upon verification of completion, payment will be
dispersed per contract amount for the work completed based on submitted invoice.
PROJECT CONTRACTOR PROCEDURES AND REQUIREMENTS
A. PARTICIPATING CONTRACTORS: All contractors participating in the Downtown Façade
Improvement Loan Program must have a contractor’s license on file with the Minnesota Department of
Labor and Industry. The contractors will be responsible for securing insurance of the amounts specified
on the application form. The application must contain proof of insurance coverage via a Certification of
Insurance Coverage, and the contractor's registration and license number and bond.
B. BID/QUOTE SOLICITATION: To participate in the Downtown Façade Improvement Loan Program,
the applicant must solicit bids or quotes from at least two vendors. An applicant is free to choose any
contractor, provided the license requirements are met and the cost differential in the quotes received
MN190\101\941811.v1
does not exceed 20%.
C. CONTRACTOR CONTRACT: The contract for work is between the property owner (applicant) and
the contractor. Each selected contractor will enter into a contract with the property owner. The contract
will outline the terms for completion of the rehabilitation on the project and will include the following:
1. Scope of Work
2. Project Start Date;
3. Project Completion Date;
4. General Conditions;
5. Building Elevations and Architectural Drawings;
6. Special Conditions;
7. Project Warranties;
8. Change Order Procedures;
9. Payment Terms;
10. Termination Procedures.
D. FAILURE TO START/COMPLETE PROJECT: Upon approval of the Loan agreement, the applicant
and selected contractor will have 180 calendar days in which to complete the contracted work. The 180-
day time period shall not be exceeded except through the issuance of a change order. Failure to complete
any work within 180 days will be grounds to terminate the Loan agreement.
E. PAYMENT PROCEDURES: All contractors will agree to the payment schedule, which is as follows:
1. Pre-payments for contracted services may be disbursed from an escrow account
established with the EDA’s specified agency. Such escrow account shall be administered
per the Loan agreement.
2. Lien waivers are required for all contractors and subcontractors before payment is made.
3. Final payment for work completed, including any retainage amounts, will be made after
work by a contractor is completed with verified receipts and costs incurred, the final
inspection has been conducted and the Chief Building Official, property owner, and
contractor have signed off on the work.
F. CHANGE ORDERS: Change orders to the approved Loan project require the approval of the EDA.
Change orders will be allowed only for the following reasons:
1. To rectify hidden deficiencies that are discovered once the work has begun.
2. To change a specification due to unforeseen difficulties arising after work has begun.
3. To address a deficiency that was inadvertently dropped from the project during project
packaging.
4. To change completion dates.
PROJECT COMPLETION
The City’s Chief Building Official will complete a final project inspection and issue a Certificate of
Completion verifying project completion per the approved Loan plans.
3.0 Scope
This policy applies to all projects that apply for and may receive assistance under the Façade Improvement
Program.
4.0
MN190\101\941811.v1
HISTORY
Approval Date: August 8, 2018 Approved by: EDA
Amendment Date: November 9, 2022 Approved by: EDA
Amendment Date: January 10, 2024 Approved by: EDA
MN190\101\941811.v1
EXHIBIT A
Geographic Program Limits
Downtown Facade Improvement Grant Program Eligibility Area
MN190\101\941811.v1
EXHIBIT B
Permitted Fund Uses – Visual Reference
4934-6665-7898.1
NOTICE OF PUBLIC HEARING
CITY OF MONTICELLO ECONOMIC DEVELOPMENT AUTHORITY
WRIGHT COUNTY, MINNESOTA
NOTICE IS HEREBY GIVEN that the Board of Commissioners of the City of Monticello Economic
Development Authority (the "Authority") will hold a public hearing on Wednesday, October 8, 2025, at
approximately 6:00 P.M. or as soon thereafter as the matter may be heard, in the Mississippi Room of the
Monticello Community Center located at 505 Walnut Street in the City of Monticello, Minnesota (the “City”),
to consider the provisions of a proposed business subsidy under Minnesota Statutes, Sections 116J.993
through 116J.995, as amended (the “Business Subsidy Law”), to Sperr Properties, LLC, a Minnesota limited
liability company or an entity affiliated therewith or related thereto (the “Recipient”), in connection with
façade improvements to be made to the real property located at 154 West Broadway in the City (the
“Project”).
Information about the proposed business subsidy to the Recipient is available for inspection at the
office of the Authority’s Executive Director at City Hall during regular business hours. After the public
hearing the Authority will consider granting the business subsidy in accordance with the proposed terms and
if the creation or retention of jobs is determined not to be a goal of the Project, the wage and job goals may be
set at zero in accordance with the Business Subsidy Law. A person with residence in the City or the owner of
taxable property in the City may file a written complaint with the Authority if the Authority fails to comply
with the Business Subsidy Law, and no action may be filed against the Authority for the failure to comply
unless a written complaint is filed.
All interested persons may appear at the hearing and present their views on the matters orally or
provide their comments prior to the meeting in writing.
Dated: September 22, 2025
BY ORDER OF THE BOARD OF COMMISSIONERS
OF THE CITY OF MONTICELLO ECONOMIC
DEVELOPMENT AUTHORITY
/s/ Jim Thares
Executive Director
EDA Agenda: 10/08/2025
5A. Consideration of Direction related to potential Affordable Housing TIF District 1-42
and 1-43 minor amendments with the goal of 1) swapping age restricted units
between the two Districts and 2) adjusting the timeline of TIF District 1-43 and
authorizing the EDA attorney to prepare required amendment documents and EDA
resolution.
Prepared by:
Economic Development Manager
Meeting Date:
10/08/2025
☒ Regular Agenda Item
☐ Consent Agenda Item
Reviewed by:
Community Development Director,
Finance Director, Community &
Economic Development Coordinator
Approved by:
City Administrator
ACTION REQUESTED
1. Motion to provide direction to City staff related to potential minor amendments in
Affordable Housing TIF District 1-42 and 1-43 with the objective of swapping age
restricted and general occupancy units between the two Districts.
2. Motion to adjust the timeline of TIF District 1-43 and to authorize the EDA attorney to
prepare the required amendment documents.
REFERENCE AND BACKGROUND
The EDA is asked to provide direction to City staff regarding the potential minor amendments
related to the CHC Affordable Housing TIF Districts 1-42 and 1-43 wherein the age restricted
targets would be swapped between each district and the timeline for TIF District 1-43 would be
extended by one year due to increment disbursement errors by Wright County.
Current Status of Each TIF District Development:
TIF District 1-43: This is known as Phase 1. It was originally designed as a 60-unit twin home
development (attached side by side) on 30 pad sites. The Phase 1 development is
approximately 99.25 percent complete and has been since early 2025. This development
requires all units to be rented to age 55+ households. A total of 24 units out of 60 (40 percent)
are to be rented to eligible low- and moderate-income households at or below 60 percent of
the Area Median Income threshold (Wright County AMI). CHC has been actively leasing the
units out and has made significant progress in this effort. It recently informed staff though, that
it is struggling to fill a handful of the affordable units. They have indicated that they are
receiving interest from many 55+ applicants with incomes above the low and moderate income
(60 percent of AMI) level. In a recent check-in with the CHC leadership team, they reported
EDA Agenda: 10/08/2025
that 51 of the 60 units were leased and the remaining 9 are all required to be affordable
rentals. They have rented 15 units to low-and moderate-income households (affordable units).
TIF District 1-42: This is known as Phase 2. It was originally planned to be a 108-unit, 3 level
apartment building over a ground floor parking garage. The building was also proposed to be
dedicated to the 55 + age market and have 44 affordable units (40 percent at 60 percent of the
AMI). In early 2024, the developer team, Headwaters-CHC, informed the City that based on
market surveys and research, they believed it would be prudent to redesign this portion of the
development to also be twin home units. In addition, they asked that the age 55 + requirement
be removed, allowing units to be rented as general occupancy (all age levels) housing. In the
spring of 2024, the City Council and the EDA approved the redesigned development to have 22
twin home units on 11 pad sites through a re-plat of the site plan as well as a modification of
the TIF District 1-42 Development Agreement.
Currently the Phase 2 site has been mass-graded, utilities and streets have been completed,
and pad sites have been prepped for footings and foundations for the 22 units. The first pad
site building permit submittal is currently being reviewed. Per the TIF 1-42 Development
Agreement, the modular prefabricated housing units are required to be completed and be
available to reside in by the end of 2025. The 22 units at this development, like the 60 units in
Phase 1, are being assembled at the AVA facility in Albertville and are ready to be shipped to
the pad foundations when they are done.
Current Ask by CHC:
Due to the challenges in renting the affordable 55 + units in TIF District 1-43, CHC proposed that
9 of those units be swapped and placed into the Phase 2 development (TIF District 1-42) and 9
affordable general occupancy units would be designated into the Phase 1 development. To
complete the swap of affordable unit age restricted and general occupancy designations, a
modification of the TIF Development Contract for each District, 1-42 and 1-43, is necessary.
The EDA attorney has advised that this is a minor amendment and does not require a public
hearing. The EDA is being asked to discuss this concept idea with the developer and offer
direction to city staff based on the discussion about the leasing challenges and the general
market dynamics. It may be possible that a solution could be tailored with various timeline
durations and specific unit swap locations (addresses) within the two developments.
TIF District 1-43 Increment Payment Error: Wright County encountered challenges in properly
recording documentation related to TIF District 1-43 and, as a result, the City/EDA did not
receive the intended increment for the 60-unit twin home development as expected in 2025.
The issue was flagged in early summer and discussion with Wright County staff ensued
thereafter. The County has offered a solution to address this issue by adjusting the TIF District
later by one calendar year into the future. In that scenario, the first increment would be
EDA Agenda: 10/08/2025
collected in 2026 and disbursed as per the typical August/February schedule and continue for
the duration of time until reaching the agreed upon increment assistance as noted in the
development contract. Since the County already finalized tax statements in 2025, the proposed
adjustment makes sense and is not optional. The process does involve approval of a minor
amendment to the TIF District 1-43 Development Contract, resetting the start and end dates.
Again, no public hearing is required.
I. Budget Impact: The estimated budget impact of the proposed TIF District 1-42 and 1-43
modifications are modest at $1,250 +/- which will be paid using the small percentage of
increment the EDA is allowed to retain for administrative costs related to the TIF
Districts. No amendment documents have been completed as of this point as staff are
seeking EDA direction regarding the age restricted and general occupancy units swap
idea.
II. Staff Workload Impact: City staff involved in the work tasks related to the TIF District
amendment for 1-43 and the potential modifications involving both 1-42 and 1-43
includes the Community Development Director, Finance Director, and Economic
Development Manager. Consultants involved in this effort include Northland Securities
staff and the EDA attorney.
III. Comprehensive Plan Impact: N/A
STAFF RECOMMENDATION
City staff recommend authorizing staff to engage the EDA attorney for document preparation
related to the corrective timeline adjustment amendment in TIF District 1-43. Staff will defer to
the EDA regarding the potential of an amendment shifting the age restricted and general
occupancy units between TIF Districts 1-42 and 1-43. If the EDA feels supportive of this idea,
staff will proceed with the appropriate next steps regarding the concept.
SUPPORTING DATA
A. Map - TIF District 1-42 Affordable Housing Development
B. Map - TIF District 1-43 Affordable Housing Development
C. WC Proposed Corrective Increment Pmt. Schedule
D. TIF Calculations based on extended timeline proposal
E. TIF District 1-43 Certification
N79°54'18"E
1
3
8
.
8
8
S48
°
5
9
'
5
1
"
W
1
1
8
.
0
0
S3
1
°
4
3
'
5
6
"
W
1
4
6
.
8
8
N1
8
°
4
5
'
0
8
"
E
1
6
4
.
5
6
R=552.67
Δ=47°50'43"L=461.51
S
4
1
°
0
0
'
0
9
"
E
5
4
2
.
2
8
R
=
1
0
0
.
0
0
Δ
=92°40'25"
L=161.7 5
S2
5
°
0
1
'
4
2
"
W
1
5
2
.
0
0
S2
5
°
0
1
'
4
2
"
W
1
2
2
.
2
6
S2
5
°
0
1
'
4
2
"
W
1
2
2
.
2
7
208.25
R=522.67 Δ=20°37'17"L=188.11
171.05
R=582.67
Δ=47°50'43"L=486.56
5
4
2
.
2
8
5
4
2
.
2
8
R
=
5
2
2.6
7
Δ
=
2
0°3
8'3
5"
L
=188.31
S51
°
4
0
'
1
6
"
W
47.9
1
N51
°
4
0
'
1
6
"
E
48.8
5
N51
°
4
0
'
1
6
"
E
48.7
9
S
0
9
°
0
1
'
1
5
"
E
4
2
.
1
9
S
4
1
°
0
0
'
0
9
"
E
5
0
.
3
0
N48
°
5
9
'
5
1
"
E
7
2
.
0
0
S48
°
5
9
'
5
1
"
W
7
2
.
0
0
S48
°
5
9
'
5
1
"
W
7
2
.
0
0
S48
°
5
9
'
5
1
"
W
7
2
.
0
0
S48
°
5
9
'
5
1
"
W
7
2
.
0
0
N48
°
5
9
'
5
1
"
E
7
2
.
0
0
S
4
1
°
0
0
'
0
9
"
E
6
1
.
0
0
S
4
1
°
0
0
'
0
9
"
E
6
1
.
0
0
N
4
1
°
0
0
'
0
9
"
W
6
1
.
0
0
N
4
1
°
0
0
'
0
9
"
W
6
1
.
0
0
N48
°
5
9
'
5
1
"
E
7
2
.
0
0
S
4
1
°
0
0
'
0
9
"
E
6
1
.
0
0
S48
°
5
9
'
5
1
"
W
7
2
.
0
0
N
4
1
°
0
0
'
0
9
"
W
6
1
.
0
0
S48
°
5
9
'
5
1
"
W
7
2
.
0
0
N48
°
5
9
'
5
1
"
E
7
2
.
0
0
N
4
1
°
0
0
'
0
9
"
W
6
1
.
0
0
S48
°
5
9
'
5
1
"
W
7
2
.
0
0
S
4
1
°
0
0
'
0
9
"
E
6
1
.
0
0
S48
°
5
9
'
5
1
"
W
7
2
.
0
0
N48
°
5
9
'
5
1
"
E
7
2
.
0
0
S
4
1
°
0
0
'
0
9
"
E
6
1
.
0
0
S48
°
5
9
'
5
1
"
W
7
2
.
0
0
N
4
1
°
0
0
'
0
8
"
W
6
1
.
0
0
S48
°
5
9
'
5
1
"
W
7
2
.
0
0
N
4
1
°
0
0
'
0
9
"
W
6
1
.
0
0
S48
°
5
9
'
5
1
"
W
7
2
.
0
0
S
4
1
°
0
0
'
0
9
"
E
6
1
.
0
0
S48
°
5
9
'
5
1
"
W
7
2
.
0
0
N48
°
5
9
'
5
1
"
E
7
2
.
0
0
S
4
1
°
0
0
'
0
9
"
E
6
1
.
0
0
S48
°
5
9
'
5
1
"
W
7
2
.
0
0
N
4
1
°
0
0
'
0
9
"
W
6
1
.
0
0
S48
°
5
9
'
5
1
"
W
7
2
.
0
0
N48
°
5
9
'
5
1
"
E
7
2
.
0
0
S
4
1
°
0
0
'
0
9
"
E
6
1
.
0
0
S48
°
5
9
'
5
1
"
W
7
2
.
0
0
N
4
1
°
0
0
'
0
9
"
W
6
1
.
0
0
S48
°
5
9
'
5
1
"
W
7
2
.
0
0
N48
°
5
9
'
5
1
"
E
7
2
.
0
0
S
4
1
°
0
0
'
0
9
"
E
6
1
.
0
0
S48
°
5
9
'
5
1
"
W
7
2
.
0
0
N
4
1
°
0
0
'
0
9
"
W
6
1
.
0
0
S48
°
5
9
'
5
1
"
W
7
2
.
0
0
N48
°
5
9
'
5
1
"
E
7
2
.
0
0
S
4
1
°
0
0
'
0
9
"
E
6
1
.
0
0
S48
°
5
9
'
5
1
"
W
7
2
.
0
0
N
4
1
°
0
0
'
0
9
"
W
6
1
.
0
0
S48
°
5
9
'
5
1
"
W
7
2
.
0
0
N48
°
5
9
'
5
1
"
E
7
2
.
0
0
S
4
1
°
0
0
'
0
9
"
E
6
1
.
0
0
S48
°
5
9
'
5
1
"
W
7
2
.
0
0
N
4
1
°
0
0
'
0
9
"
W
6
1
.
0
0
S48
°
5
9
'
5
1
"
W
7
2
.
0
0
N48
°
5
9
'
5
1
"
E
7
2
.
0
0
S
4
1
°
0
0
'
0
9
"
E
6
1
.
0
0
S48
°
5
9
'
5
1
"
W
7
2
.
0
0
S48
°
5
9
'
5
1
"
W
7
2
.
0
0
N
4
1
°
0
0
'
0
9
"
W
6
1
.
0
0
S
4
1
°
0
0
'
0
9
"
E
6
1
.
0
0
S48
°
5
9
'
5
1
"
W
7
2
.
0
0
S48
°
5
9
'
5
1
"
W
7
2
.
0
0
N
4
1
°
0
0
'
0
9
"
W
6
1
.
0
0
N45
°
3
3
'
3
7
"
E
7
2
.
0
0
N
4
4
°
2
6
'
2
3
"
W
6
1
.
0
0
S45
°
3
3
'
3
7
"
W
7
2
.
0
0
S
4
4
°
2
6
'
2
3
"
E
6
1
.
0
0
S45
°
3
3
'
3
7
"
W
7
2
.
0
0
N35
°
5
4
'
2
8
"
E
7
2
.
0
0
S
5
4
°
0
5
'
3
2
"
E
6
1
.
0
0
S35
°
5
4
'
2
8
"
W
7
2
.
0
0
S35
°
5
4
'
2
8
"
W
7
2
.
0
0
N
5
4
°
0
5
'
3
2
"
W
6
1
.
0
0
N48
°
5
9
'
5
1
"
E
7
2
.
0
0
N48
°
5
9
'
5
1
"
E
7
2
.
0
0
S
4
1
°
0
0
'
0
9
"
E
6
1
.
0
0
S48
°
5
9
'
5
1
"
W
7
2
.
0
0
N
4
1
°
0
0
'
0
9
"
W
6
1
.
0
0
S48
°
5
9
'
5
1
"
W
7
2
.
0
0
N48
°
5
9
'
5
1
"
E
7
2
.
0
0
S
4
1
°
0
0
'
0
9
"
E
6
1
.
0
0
S48
°
5
9
'
5
1
"
W
7
2
.
0
0
N
4
1
°
0
0
'
0
9
"
W
6
1
.
0
0
S48
°
5
9
'
5
1
"
W
7
2
.
0
0
N44
°
3
8
'
5
7
"
E
7
2
.
0
0
S
4
5
°
2
1
'
0
3
"
E
6
1
.
0
0
S44
°
3
8
'
5
7
"
W
7
2
.
0
0
N
4
5
°
2
1
'
0
3
"
W
6
1
.
0
0
S44
°
3
8
'
5
7
"
W
7
2
.
0
0
N38
°
0
3
'
1
8
"
E
7
2
.
0
0
S
5
1
°
5
6
'
4
2
"
E
6
1
.
0
0
S38
°
0
3
'
1
8
"
W
7
2
.
0
0
N
5
1
°
5
6
'
4
2
"
W
6
1
.
0
0
S38
°
0
3
'
1
8
"
W
7
2
.
0
0
N3
1
°
4
3
'
5
6
"
E
7
2
.
0
0
S5
8
°
1
6
'
0
4
"
E
6
1
.
0
0
S3
1
°
4
3
'
5
6
"
W
7
2
.
0
0
N
5
8
°
1
6
'
0
4
"
W
6
1
.
0
0
S3
1
°
4
3
'
5
6
"
W
7
2
.
0
0
N48
°
5
9
'
5
1
"
E
7
2
.
0
0
N1
8
°
4
5
'
0
8
"
E
7
2
.
0
0
S71°
1
4
'
5
2
"
E
6
1
.
0
0
S1
8
°
4
5
'
0
8
"
W
7
2
.
0
0
N71°
1
4
'
5
2
"
W
6
1
.
0
0
S1
8
°
4
5
'
0
8
"
W
7
2
.
0
0
N1
2
°
0
8
'
0
2
"
E
7
2
.
0
0
S77°51'
5
8
"
E
6
1
.
0
0
S1
2
°
0
8
'
0
2
"
W
7
2
.
0
0
N77°51'
5
8
"
W
6
1
.
0
0
S1
2
°
0
8
'
0
2
"
W
7
2
.
0
0
N0
5
°
3
4
'
5
3
"
E
7
2
.
0
0
S84°25'07"E 61.
0
0
S0
5
°
3
4
'
5
3
"
W
7
2
.
0
0
N84°25'07"W 61
.
0
0
S0
5
°
3
4
'
5
3
"
W
7
2
.
0
0
N0
1
°
0
9
'
0
8
"
E
7
2
.
0
0
S88°50'52"E 61.00
S0
1
°
0
9
'
0
8
"
W
7
2
.
0
0
N88°50'52"W 61.00
S0
1
°
0
9
'
0
8
"
W
7
2
.
0
0
N0
1
°
0
9
'
0
8
"
E
7
2
.
0
0
S88°50'52"E 61.00
S0
1
°
0
9
'
0
8
"
W
7
2
.
0
0
S0
1
°
1
3
'
2
8
"
W
1
1
7
.
9
9
S0
1
°
0
9
'
0
8
"
W
7
2
.
0
0
N88°50'52"W 61.00
N1
4
°
2
0
'
4
3
"
E
7
2
.
0
0
S75°3
9
'
1
7
"
E
6
1
.
0
0
S1
4
°
2
0
'
4
3
"
W
7
1
.
9
9
S75°3
8
'
2
6
"
E
6
1
.
0
0
S1
4
°
2
0
'
4
3
"
W
7
2
.
0
0
N0
4
°
4
2
'
0
7
"
E
7
2
.
0
0
S85°17'53"E 61.00
S0
4
°
4
2
'
0
7
"
W
7
2
.
0
0
S85°17'53"E 61.00
S0
4
°
4
2
'
0
7
"
W
7
2
.
0
0
N0
1
°
0
9
'
0
8
"
E
7
2
.
0
0
S88°50'52"E 61.00
S0
1
°
0
9
'
0
8
"
W
7
2
.
0
0
S0
1
°
0
9
'
0
8
"
W
7
2
.
0
0
S88°50'52"E 61.00
N0
1
°
0
9
'
0
8
"
E
7
2
.
0
0
S88°50'52"E 61.00
S0
1
°
0
9
'
0
8
"
W
7
2
.
0
0
S88°50'52"E 61.00
S0
1
°
0
9
'
0
8
"
W
7
2
.
0
0
N0
1
°
0
9
'
0
8
"
E
7
2
.
0
0
S88°50'52"E 61.00
S0
1
°
0
9
'
0
8
"
W
7
2
.
0
0
N0
1
°
0
9
'
0
8
"
E
7
2
.
0
0
S88°50'52"E 61.00
N0
1
°
1
3
'
2
8
"
E
1
1
7
.
6
2
30.5030.50
30.50 30.5030.5030.50
30.50 30.50
30.50 30.50
30.50 30.5030.5030.50
30.50 30.50
30.50
30.50
30.50
30.50
30.5
0
30.5
0
30.50
30.50
30.50 30.50 30.50 30.50 30.50 30.50
30.5030.5030.5030.5030.5030.50
30.50
30.50
30.5
0
30.5
0
30
.
5
0
30
.
5
0
30
.
5
0
30
.
5
0
3
0
.
5
0
3
0
.
5
0
3
0
.
5
0
3
0
.
5
0
3
0
.
5
0
3
0
.
5
0
3
0
.
5
0
3
0
.
5
0
3
0
.
5
0
3
0
.
5
0
3
0
.
5
0
3
0
.
5
0
3
0
.
5
0
3
0
.
5
0
3
0
.
5
0
3
0
.
5
0
3
0
.
5
0
3
0
.
5
0
3
0
.
5
0
3
0
.
5
0
3
0
.
5
0
3
0
.
5
0
3
0
.
5
0
3
0
.
5
0
3
0
.
5
0
3
0
.
5
0
3
0
.
5
0
3
0
.
5
0
3
0
.
5
0
3
0
.
5
0
3
0
.
5
0
3
0
.
5
0
3
0
.
5
0
3
0
.
5
0
3
0
.
5
0
3
0
.
5
0
3
0
.
5
0
3
0
.
5
0
3
0
.
5
0
3
0
.
5
0
3
0
.
5
0
3
0
.
5
0
3
0
.
5
0
3
0
.
5
0
3
0
.
5
0
3
0
.
5
0
3
0
.
5
0
3
0
.
5
0
3
0
.
5
0
3
0
.
5
0
3
0
.
5
0
3
0
.
5
0
3
0
.
5
0
3
0
.
5
0
3
0
.
5
0
3
0
.
5
0
3
0
.
5
0
3
0
.
5
0
3
0
.
5
0
3
0
.
5
0
3
0
.
5
0
3
0
.
5
0
3
0
.
5
0
3
0
.
5
0
3
0
.
5
0
3
0
.
5
0
3
0
.
5
0
3
0
.
5
0
3
0
.
5
0
3
0
.
5
0
3
0
.
5
0
3
0
.
5
0
3
0
.
5
0
3
0
.
5
0
3
0
.
5
0
Δ=5°56'24"
L=60.41
384.9718.85
N
2
1
°
0
1
'
0
1
"
W
6
0
.
0
0
3
9
6
.
7
2
2
8
5
.
7
8
N
4
1
°
0
0
'
0
9
"
W
1
2
6
6
.
1
1
R
=
3
7
1
9
.
7
2
Δ
=
6
°
3
4
'2
5
"
L=
4
2
6.7
7
N88°50'52"W 1035.79
S88°50'52"E 322.43
R
=400.67
Δ=47°50'43"
L=334.58
S
4
1
°
0
0
'
0
9
"
E
6
1
7
.
4
2
S88°50'52"E 220.47
631.96
Δ=19°37'44"L=137.26
Δ
=
1
9
°
3
7'4
3"
L
=
13
7.26
Δ
=
2
3
°
5
6'0
8"
L
=
2
3
0.88
Δ=23°54'35"L=230.63
Δ
=
2
0°5
1'3
8"
L
=
212.14
Δ=21°02'41"L=214.01
Δ
=
5
°
1
8
'
2
0
"
L
=
3
4
4
.
4
5
Δ
=
1°
1
6'0
5
"
L
=
8
2.3
2
Δ
=
9
2
°
4
0
'
2
5"
L=113.22
Δ
=
9
2
°
40'25"
L=210.27
C
1
44.93
5
2
.
6
8
C
2
C
3
C4
C5
L
1
L
2
L
3
L
5
L
6
L
7
L
8
L
9
L
1
1
L12
L13
L14 L15 L16
L1
7
L1
8
L19L20
L21
L22
L2
3
L24
L
2
5
L
2
6
L
2
7
L
2
8
L
2
9
L
3
1
L
3
2
L
3
3
L34
94.07228.36
126.13
4
8
9
.
6
0
Δ
=
5
9
°
0
1
'
4
5
"
L
=13
3.93
Δ=33°38'4 0"
L =76 .3 4
3
0
.
5
0
L
4
3
2
.
3
9
2
7
.
6
1
N86°54'46"E 60.00
C6
Δ =2 6 8 °1 9 '1 5 "
L =280.98
R =6 0.0 0
Δ=287°55'47"
L
=
3
0
1
.
5
2
L
1
0
L
3
0
PARCEL LINE DATA
LINE NO.
L1
L2
L3
L4
L5
L6
L7
L8
L9
L10
L11
L12
L13
L14
L15
L16
L17
L18
L19
L20
LENGTH
7.49
10.17
10.17
10.17
10.17
10.16
10.17
10.17
10.41
10.40
44.24
44.08
22.54
14.81
10.17
10.17
24.48
23.73
10.17
14.45
BEARING
S41° 00' 09"E
S40° 58' 52"E
S41° 00' 09"E
S41° 00' 09"E
S41° 00' 09"E
S41° 00' 09"E
S41° 00' 09"E
S41° 00' 09"E
S35° 16' 01"E
S49° 41' 27"E
S22° 36' 13"E
N72° 27' 16"E
S80° 37' 54"E
N87° 24' 26"E
S88° 50' 52"E
S88° 50' 53"E
N25° 15' 35"E
S5° 50' 55"W
N88° 50' 52"W
S89° 59' 09"W
L21
L22
L23
L24
L25
L26
L27
L28
L29
L30
L31
L32
L33
L34
16.45
16.56
25.22
25.31
16.13
16.42
14.64
10.17
10.17
10.17
10.17
10.17
10.17
23.55
N81° 01' 22"W
N74° 35' 07"W
N7° 07' 30"E
N43° 19' 01"E
N55° 02' 56"W
N48° 16' 52"W
S39° 25' 30"E
S41° 00' 09"E
S41° 00' 09"E
S41° 00' 15"E
S41° 00' 09"E
S41° 00' 03"E
S41° 00' 15"E
N67° 22' 09"E
0 50'100'
COUNTRY CLUB MANOR SECOND ADDITION
= DENOTES CAST IRON MONUMENT
= DENOTES FOUND IRON MONUMENT
= DENOTES 1/2 INCH DIAMETER BY 18
INCH LONG IRON PIPE MONUMENT
SET AND MARKED RLS# 45352
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
1098
7654321
1
2
3 4 5 6 7 8 9 10
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
SHEET 2 OF 2
ORIENTATION OF THIS BEARING SYSTEM IS
BASED ON NORTH LINE OF THE NORTHWEST
QUARTER OF SECTION 10, TOWNSHIP 121
NORTH, RANGE 25 WEST, HAVING AN ASSUMED
BEARING OF SOUTH 89°10'28" WEST
OUTLOT C
OUTLOT B
OUTLOT A
BLOCK 5
21
11
11
21
B
L
O
C
K
1
B
L
O
C
K
4
BLOCK 2
BLOCK 3
30
30
30
30
30
30
DESIGN TREE ENGINEERING
AND LAND SURVEYING
PARCEL CURVE DATA
CURVE NO. ARC LENGTH RADIUS DELTA
C1 301.41 482.77 35°46'18"
C2 30.02 482.77 3°33'46"
C3 22.53 482.77 2°40'25"
C4 30.03 400.67 4°17'39"
C5 30.03 400.67 4°17'38"
C6 20.53 60.00 19°36'32"
T
E
E
B
O
X
T
R
A
I
L
TE
E
B
O
X
D
R
I
V
E
1
1 INCH = 100 FEET
1/2" REBAR
1/2" PIPE
CAP #7439
CAP #15233
CAP #15233
No TIFPARDET ASMT_RECNR AY 2024 AY 2024 AY 2024
#Parcel ID Valclass TMV - Land TMV - Bldg TMV Certified ONTC
1 155280000020 206 5800 0 5800 0
2 155280000030 206 39300 0 39300 0
3 155280001010 201 50000 225400 275400 0
4 155280001020 201 50000 224700 274700 0
5 155280001030 206 18700 0 18700 0
6 155280001040 206 18700 0 18700 0
7 155280001050 206 18700 0 18700 0
8 155280001060 206 18700 0 18700 0
9 155280001070 206 18700 0 18700 0
10 155280001080 206 18700 0 18700 0
11 155280001090 206 18700 0 18700 0
12 155280001100 206 18700 0 18700 0
13 155280001110 206 18700 0 18700 0
14 155280001120 206 18700 0 18700 0
15 155280001130 206 18700 0 18700 0
16 155280001140 206 18700 0 18700 0
17 155280001150 206 18700 0 18700 0
18 155280001160 206 18700 0 18700 0
19 155280001170 206 18700 0 18700 0
20 155280001180 206 18700 0 18700 0
21 155280001190 206 18700 0 18700 0
22 155280001200 206 18700 0 18700 0
23 155280001210 206 9100 0 9100 0
24 155280002010 201 50000 220900 270900 0
25 155280002020 201 50000 222400 272400 0
26 155280002030 201 50000 225400 275400 0
27 155280002040 201 50000 226900 276900 0
28 155280002050 201 50000 207400 257400 0
29 155280002060 201 50000 208800 258800 0
30 155280002070 201 50000 198400 248400 0
31 155280002080 201 50000 199700 249700 0
32 155280002090 201 50000 184900 234900 0
33 155280002100 201 50000 186100 236100 0
34 155280002110 206 4800 0 4800 0
35 155280003010 201 50000 31800 81800 0
36 155280003020 201 50000 31600 81600 0
37 155280003030 201 50000 149800 199800 0
38 155280003040 201 50000 148800 198800 0
39 155280003050 201 50000 149800 199800 0
40 155280003060 201 50000 148800 198800 0
41 155280003070 201 50000 149800 199800 0
42 155280003080 201 50000 148800 198800 0
43 155280003090 201 50000 208800 258800 0
44 155280003100 201 50000 207400 257400 0
45 155280003110 206 4400 0 4400 0
46 155280004010 206 18700 0 18700 0
47 155280004020 206 18700 0 18700 0
48 155280004030 206 18700 0 18700 0
49 155280004040 206 18700 0 18700 0
50 155280004050 206 18700 0 18700 0
51 155280004060 206 18700 0 18700 0
52 155280004070 206 18700 0 18700 0
53 155280004080 206 18700 0 18700 0
54 155280004090 206 18700 0 18700 0
55 155280004100 206 18700 0 18700 0
56 155280004110 206 18700 0 18700 0
57 155280004120 206 18700 0 18700 0
58 155280004130 206 18700 0 18700 0
59 155280004140 206 18500 0 18500 0
60 155280004150 206 18500 0 18500 0
61 155280004160 206 18500 0 18500 0
62 155280004170 206 18500 0 18500 0
63 155280004180 206 18500 0 18500 0
64 155280004190 206 18500 0 18500 0
65 155280004200 206 18500 0 18500 0
66 155280004210 206 7500 0 7500 0
TIFPARDET TIFPARDET TIFPARDET TIFPARDET
Incorrect
Adjusted ONTC
Proposed
Adjusted NTC Current NTC Captured NTC
Proposed
Captured
NTC Difference
121 121 73 -48 -48 0
1080 1,080 491 -589 -589 0
17 250 2754 2737 2504 -233
2747 250 2747 0 2497 2497
21 234 234 213 0 -213
438 234 234 -204 0 204
438 234 234 -204 0 204
438 234 234 -204 0 204
438 234 234 -204 0 204
438 234 234 -204 0 204
438 234 234 -204 0 204
438 234 234 -204 0 204
438 234 234 -204 0 204
438 234 234 -204 0 204
438 234 234 -204 0 204
438 234 234 -204 0 204
438 234 234 -204 0 204
438 234 234 -204 0 204
438 234 234 -204 0 204
438 234 234 -204 0 204
438 234 234 -204 0 204
438 234 234 -204 0 204
114 114 114 0 0 0
2709 250 2709 0 2459 2459
2724 250 2724 0 2474 2474
2754 250 2754 0 2504 2504
2769 250 2769 0 2519 2519
2574 250 2574 0 2324 2324
2588 250 2588 0 2338 2338
2484 250 2484 0 2234 2234
2497 250 2497 0 2247 2247
2349 250 2349 0 2099 2099
2361 250 2361 0 2111 2111
60 60 60 0 0 0
818 250 818 0 568 568
816 250 816 0 566 566
1998 250 1998 0 1748 1748
1988 250 1988 0 1738 1738
1998 250 1998 0 1748 1748
1988 250 1988 0 1738 1738
1998 250 1998 0 1748 1748
1988 250 1988 0 1738 1738
2588 250 2588 0 2338 2338
2574 250 2574 0 2324 2324
55 55 55 0 0 0
21 234 234 213 0 -213
21 234 234 213 0 -213
21 234 234 213 0 -213
21 234 234 213 0 -213
21 234 234 213 0 -213
21 234 234 213 0 -213
21 234 234 213 0 -213
234 234 234 0 0 0
234 234 234 0 0 0
234 234 234 0 0 0
234 234 234 0 0 0
234 234 234 0 0 0
234 234 234 0 0 0
231 231 231 0 0 0
231 231 231 0 0 0
231 231 231 0 0 0
231 231 231 0 0 0
231 231 231 0 0 0
231 231 231 0 0 0
231 231 231 0 0 0
414 94 94 -320 0 320
Notes
Okay, value at certification w/ new class rate
Okay, value at certification w/ new class rate
Used original EMV after increase from plat law
Used original EMV after increase from plat law
Used current TMV due to increase from plat law. Will continue to increase to an adjusted NTC of 250
Used current TMV due to increase from plat law. Will continue to increase to an adjusted NTC of 250
Used current TMV due to increase from plat law. Will continue to increase to an adjusted NTC of 250
Used current TMV due to increase from plat law. Will continue to increase to an adjusted NTC of 250
Used current TMV due to increase from plat law. Will continue to increase to an adjusted NTC of 250
Used current TMV due to increase from plat law. Will continue to increase to an adjusted NTC of 250
Used current TMV due to increase from plat law. Will continue to increase to an adjusted NTC of 250
Used current TMV due to increase from plat law. Will continue to increase to an adjusted NTC of 250
Used current TMV due to increase from plat law. Will continue to increase to an adjusted NTC of 250
Used current TMV due to increase from plat law. Will continue to increase to an adjusted NTC of 250
Used current TMV due to increase from plat law. Will continue to increase to an adjusted NTC of 250
Used current TMV due to increase from plat law. Will continue to increase to an adjusted NTC of 250
Used current TMV due to increase from plat law. Will continue to increase to an adjusted NTC of 250
Used current TMV due to increase from plat law. Will continue to increase to an adjusted NTC of 250
Used current TMV due to increase from plat law. Will continue to increase to an adjusted NTC of 250
Used current TMV due to increase from plat law. Will continue to increase to an adjusted NTC of 250
Used current TMV due to increase from plat law. Will continue to increase to an adjusted NTC of 250
Used current TMV due to increase from plat law. Will continue to increase to an adjusted NTC of 250
Changed from Exempt to Taxable used new class and most recent assessment
Used original EMV after increase from plat law
Used original EMV after increase from plat law
Used original EMV after increase from plat law
Used original EMV after increase from plat law
Used original EMV after increase from plat law
Used original EMV after increase from plat law
Used original EMV after increase from plat law
Used original EMV after increase from plat law
Used original EMV after increase from plat law
Used original EMV after increase from plat law
Changed from Exempt to Taxable used new class and most recent assessment
Used original EMV after increase from plat law
Used original EMV after increase from plat law
Used original EMV after increase from plat law
Used original EMV after increase from plat law
Used original EMV after increase from plat law
Used original EMV after increase from plat law
Used original EMV after increase from plat law
Used original EMV after increase from plat law
Used original EMV after increase from plat law
Used original EMV after increase from plat law
Changed from Exempt to Taxable used new class and most recent assessment
Used current TMV due to increase from plat law. Will continue to increase to an adjusted NTC of 250
Used current TMV due to increase from plat law. Will continue to increase to an adjusted NTC of 250
Used current TMV due to increase from plat law. Will continue to increase to an adjusted NTC of 250
Used current TMV due to increase from plat law. Will continue to increase to an adjusted NTC of 250
Used current TMV due to increase from plat law. Will continue to increase to an adjusted NTC of 250
Used current TMV due to increase from plat law. Will continue to increase to an adjusted NTC of 250
Used current TMV due to increase from plat law. Will continue to increase to an adjusted NTC of 250
Used current TMV due to increase from plat law. Will continue to increase to an adjusted NTC of 250
Used current TMV due to increase from plat law. Will continue to increase to an adjusted NTC of 250
Used current TMV due to increase from plat law. Will continue to increase to an adjusted NTC of 250
Used current TMV due to increase from plat law. Will continue to increase to an adjusted NTC of 250
Used current TMV due to increase from plat law. Will continue to increase to an adjusted NTC of 250
Used current TMV due to increase from plat law. Will continue to increase to an adjusted NTC of 250
Used current TMV due to increase from plat law. Will continue to increase to an adjusted NTC of 250
Used current TMV due to increase from plat law. Will continue to increase to an adjusted NTC of 250
Used current TMV due to increase from plat law. Will continue to increase to an adjusted NTC of 250
Used current TMV due to increase from plat law. Will continue to increase to an adjusted NTC of 250
Used current TMV due to increase from plat law. Will continue to increase to an adjusted NTC of 250
Used current TMV due to increase from plat law. Will continue to increase to an adjusted NTC of 250
Used current TMV due to increase from plat law. Will continue to increase to an adjusted NTC of 250
Changed from Exempt to Taxable used new class and most recent assessment
No TIFPARDET TIFPARDET
#Parcel Id VAL10
1 155280000020 -66
2 155280000030 -706
3 155280001010 2551
4 155280001020 2567
5 155280001030 2597
6 155280001040 2613
7 155280001050 2597
8 155280001060 2613
9 155280001070 2597
10 155280001080 2613
11 155280001090 2597
12 155280001100 2613
13 155280001110 2597
14 155280001120 2613
15 155280001130 2597
16 155280001140 2613
17 155280001150 2597
18 155280001160 2613
19 155280001170 2597
20 155280001180 2613
21 155280001190 2597
22 155280001200 2613
23 155280001210 57
24 155280002010 2551
25 155280002020 2567
26 155280002030 2551
27 155280002040 2567
28 155280002050 2551
29 155280002060 2567
30 155280002070 2551
31 155280002080 2567
32 155280002090 2551
33 155280002100 2567
34 155280002110 30
35 155280003010 2567
36 155280003020 2551
37 155280003030 2567
38 155280003040 2551
39 155280003050 2567
40 155280003060 2551
41 155280003070 2567
42 155280003080 2551
43 155280003090 2567
44 155280003100 2551
45 155280003110 28
46 155280004010 2613
47 155280004020 2597
48 155280004030 2613
49 155280004040 2597
50 155280004050 2613
51 155280004060 2597
52 155280004070 2613
53 155280004080 2597
54 155280004090 2613
55 155280004100 2597
56 155280004110 2613
57 155280004120 2597
58 155280004130 2613
59 155280004140 2597
60 155280004150 2613
61 155280004160 2597
62 155280004170 2613
63 155280004180 2597
64 155280004190 2613
65 155280004200 2597
66 155280004210 44
Parcel ID
Proposed Captured
Pay 2025 NTC
Estimated omitted
Pay 2025 Tax
Increment
Estimated
Captured Pay 2026
NTC
Estimated Pay
2026 Increment
155280000020 0 0 0 0
155280000030 0 0 0 0
155280001010 2504 2209 2551 2296
155280001020 2497 2203 2567 2310
155280001030 0 0 2597 2337
155280001040 0 0 2613 2352
155280001050 0 0 2597 2337
155280001060 0 0 2613 2352
155280001070 0 0 2597 2337
155280001080 0 0 2613 2352
155280001090 0 0 2597 2337
155280001100 0 0 2613 2352
155280001110 0 0 2597 2337
155280001120 0 0 2613 2352
155280001130 0 0 2597 2337
155280001140 0 0 2613 2352
155280001150 0 0 2597 2337
155280001160 0 0 2613 2352
155280001170 0 0 2597 2337
155280001180 0 0 2613 2352
155280001190 0 0 2597 2337
155280001200 0 0 2613 2352
155280001210 0 0 57 51
155280002010 2459 2170 2551 2296
155280002020 2474 2183 2567 2310
155280002030 2504 2209 2551 2296
155280002040 2519 2222 2567 2310
155280002050 2324 2050 2551 2296
155280002060 2338 2063 2567 2310
155280002070 2234 1971 2551 2296
155280002080 2247 1982 2567 2310
155280002090 2099 1852 2551 2296
155280002100 2111 1863 2567 2310
155280002110 0 0 30 27
155280003010 568 501 2567 2310
155280003020 566 499 2551 2296
155280003030 1748 1542 2567 2310
155280003040 1738 1533 2551 2296
155280003050 1748 1542 2567 2310
155280003060 1738 1533 2551 2296
155280003070 1748 1542 2567 2310
155280003080 1738 1533 2551 2296
155280003090 2338 2063 2567 2310
155280003100 2324 2050 2551 2296
155280003110 0 0 28 25
155280004010 0 0 2613 2352
155280004020 0 0 2597 2337
155280004030 0 0 2613 2352
155280004040 0 0 2597 2337
155280004050 0 0 2613 2352
155280004060 0 0 2597 2337
155280004070 0 0 2613 2352
155280004080 0 0 2597 2337
155280004090 0 0 2613 2352
155280004100 0 0 2597 2337
155280004110 0 0 2613 2352
155280004120 0 0 2597 2337
155280004130 0 0 2613 2352
155280004140 0 0 2597 2337
155280004150 0 0 2613 2352
155280004160 0 0 2597 2337
155280004170 0 0 2613 2352
155280004180 0 0 2597 2337
155280004190 0 0 2613 2352
155280004200 0 0 2597 2337
155280004210 0 0 44 40
44,564.00 39,318.11 155,447.00 139,902.30
Excess Increment 602.06 Excess Increment 4,853.97
2025 Increment 38,716.05 2026 Increment 135,048.33
Estimated Increase 1.000000%2027 Increment 136,398.82
Update as needed 2028 Increment 137,762.80
2029 Increment 139,140.43
2030 Increment 140,531.84
2031 Increment 141,937.15
2032 Increment 143,356.53
2033 Increment 144,790.09
2034 Increment 146,237.99
2035 Increment 147,700.37
2036 Increment 149,177.38
2037 Increment 150,669.15
2038 Increment 152,175.84
2039 Increment 153,697.60
2040 Increment 155,234.58
2041 Increment 156,786.92
2042 Increment 158,354.79
2043 Increment 159,938.34
2044 Increment 161,537.72
2045 Increment 163,153.10
Estimated Future Increment
2046 Increment 164,784.63
2047 Increment 166,432.48
2048 Increment 168,096.80
2049 Increment 169,777.77
2050 Increment 171,475.55
2051 Increment 173,190.30
Total 3,987,387.29
Original
Local Tax
Rate 86.877413%
2025 NTC
Rate 88.228415%
2026
Proposed
NTC Rate 90.000000%Update as needed
EXHIBIT A
TO
CERTIFICATE AS TO ORIGINAL NET TAX CAPACITY
AND ORIGINAL LOCAL TAX RATE
Parcels Within
Tax Increment Financing District No. 1-43
City of Monticello, Minnesota
Parcel
Count
Parcel Number Market Value Classification Tax Capacity
1 155276000030 86,400 Exempt 0
2 155276000020 9,700 Exempt 0
3 155276000010 30,400 Exempt 0
4 155276001010 1,700 Exempt 0
5 155276001020 1,700 Exempt 0
6 155276001030 1,700 Exempt 0
7 155276001040 1,700 Exempt 0
8 155276001050 1,700 Exempt 0
9 155276001060 1,700 Exempt 0
10 155276001070 1,700 Exempt 0
11 155276001080 1,700 Exempt 0
12 155276001090 1,700 Exempt 0
13 155276001100 1,700 Exempt 0
14 155276001110 1,700 Exempt 0
15 155276001120 1,700 Exempt 0
16 155276001130 1,700 Exempt 0
17 155276001140 1,700 Exempt 0
18 155276001150 1,700 Exempt 0
19 155276001160 1,700 Exempt 0
20 155276001170 1,700 Exempt 0
21 155276001180 1,700 Exempt 0
22 155276001190 1,700 Exempt 0
23 155276001200 1,700 Exempt 0
24 155276001210 38,500 Exempt 0
Parcel
Count
Parcel Number Market Value Classification Tax Capacity
25 155276002010 1,700 Exempt 0
26 155276002020 1,700 Exempt 0
27 155276002030 1,700 Exempt 0
28 155276002040 1,700 Exempt 0
29 155276002050 1,700 Exempt 0
30 155276002060 1,700 Exempt 0
31 155276002070 1,700 Exempt 0
32 155276002080 1,700 Exempt 0
33 155276002090 1,700 Exempt 0
34 155276002100 1,700 Exempt 0
35 155276002110 19,900 Exempt 0
36 155276003010 1,700 Exempt 0
37 155276003020 1,700 Exempt 0
38 155276003030 1,700 Exempt 0
39 155276003040 1,700 Exempt 0
40 155276003050 1,700 Exempt 0
41 155276003060 1,700 Exempt 0
42 155276003070 1,700 Exempt 0
43 155276003080 1,700 Exempt 0
44 155276003090 1,700 Exempt 0
45 155276003100 1,700 Exempt 0
46 155276003110 18,900 Exempt 0
47 155276004010 1,700 Exempt 0
48 155276004020 1,700 Exempt 0
49 155276004030 1,700 Exempt 0
50 155276004040 1,700 Exempt 0
51 155276004050 1,700 Exempt 0
52 155276004060 1,700 Exempt 0
53 155276004070 1,700 Exempt 0
54 155276004080 1,700 Exempt 0
55 155276004090 1,700 Exempt 0
56 155276004100 1,700 Exempt 0
Parcel
Count
Parcel Number Market Value Classification Tax Capacity
57 155276004110 1,700 Exempt 0
58 155276004120 1,700 Exempt 0
59 155276004130 1,700 Exempt 0
60 155276004140 1,600 Exempt 0
61 155276004150 1,600 Exempt 0
62 155276004160 1,600 Exempt 0
63 155276004170 1,600 Exempt 0
64 155276004180 1,600 Exempt 0
65 155276004190 1,600 Exempt 0
66 155276004200 1,600 Exempt 0
67 155276004210 33,100 Exempt 0
EDA Agenda: 10/08/2025
6. Economic Development Manager’s Report
Prepared by:
Economic Development Manager
Meeting Date:
10/08/2025
☒ Other Business
Reviewed by:
N/A
Approved by:
N/A
REFERENCE AND BACKGROUND
1. Business Retention & Expansion Efforts:
The Industrial and Economic Development Committee (IEDC) and EDA have completed 9
BR&E visits to date. The goal is to conduct a total of 12 BR&E visits in 2025. The purpose of
the visits is to demonstrate support for local business investment and gather feedback on
assistance and/or other tools to further encourage business development and retention in
the community. More visits will be scheduled in and October November.
2. Downtown Rounds – November 20, 2025, 8:00 a.m. at Coco Maas, 242 West Broadway:
Staff held the relaunch of the Downtown Rounds on September 18, 2025, at Nordic Tap
House. Outreach efforts included 40 hand-delivered flyers and a mailing to all property
owners in the downtown area. The downtown area includes businesses from the river on
the north to 6th street on the south, to Cedar Street on the east, to Locust on the west. Four
businesses were in attendance, and staff continue to engage with property owners for the
next downtown rounds meeting in November.
3. Wright County-Sherburne County Enterprise Academy Starts began September 11, 2025,
at MCC – 6:00 p.m. to 8:00 p.m.; concludes on December 4, 2025:
4. Fairfield By Marriott Hotel Development: Progress on the hotel and restaurant
development continues. See recent photos of the construction progress. Completion of the
restaurant portion of the development is expected in mid-April 2026. The hotel component
has a projected completion date of late July 2026. See Exhibit A.
EDA Agenda: 10/08/2025
5. 2025 Manufacturer’s Appreciation Breakfast Event – Friday, October 10, 2025, at 7:00
a.m.: See attached Invitation as Exhibit B.
6. Planning Commission Meeting Agenda – October 7, 2025: See attached Exhibit C.
7. Building Permits Update: Please see Exhibit D.
8. Prospect List – October 2, 2025: Please see Exhibit E.
Description
Update_2025-09-25.jpg
Taken Date Uploaded By
09/25/2025 at 04:00 pm Melani Thompson
Upload Date File Name
09/25/2025 at 04:30 pm Update_2025-09-25.jpg
Album
Sensera Project Updates
Description
Taken Date Uploaded By
09/23/2025 at 06:58 am Sean Skinner
Upload Date File Name
09/23/2025 at 07:03 am 422E7F59-CA2B-4413-8328-C4C…
Album
Photos From Daily Log
Description
Taken Date Uploaded By
09/23/2025 at 06:54 am Sean Skinner
Upload Date File Name
09/23/2025 at 07:02 am 18131CC2-DCFC-4D57-8E55-7A2…
Album
Photos From Daily Log
Description
Taken Date Uploaded By
09/23/2025 at 06:54 am Sean Skinner
Upload Date File Name
09/23/2025 at 07:03 am B638D75E-E7A2-4D50-A578-4CD…
Album
Photos From Daily Log
C.I. Construction, LLC
Printed on Fri Sep 26, 2025 at 08:25 am CDT
Job #: 3875-23 Monticello Hospitality Group, LLC.
90 Chelsea Rd
Monticello, Minnesota 55362
Page 1 of 2
Description
Taken Date Uploaded By
09/23/2025 at 06:45 am Sean Skinner
Upload Date File Name
09/23/2025 at 07:02 am E822A90E-633F-45B1-85D4-6176…
Album
Photos From Daily Log
Description
Taken Date Uploaded By
09/23/2025 at 06:45 am Sean Skinner
Upload Date File Name
09/23/2025 at 07:02 am FEC33CFB-B0BB-4A61-8656-498…
Album
Photos From Daily Log
Description
Taken Date Uploaded By
09/23/2025 at 06:44 am Sean Skinner
Upload Date File Name
09/23/2025 at 07:02 am 1968323E-89A1-43DE-AD38-FED…
Album
Photos From Daily Log
Description
Taken Date Uploaded By
09/18/2025 at 01:50 pm Dustin Harlander
Upload Date File Name
09/25/2025 at 08:54 am 803C3F0D-E15C-4558-9B56-E5D…
Album
Unclassified
C.I. Construction, LLC
Printed on Fri Sep 26, 2025 at 08:25 am CDT
Job #: 3875-23 Monticello Hospitality Group, LLC.
90 Chelsea Rd
Monticello, Minnesota 55362
Page 2 of 2
You are invited to attend the annual
Manufacturer’s
Appreciation Breakfast
Friday, October 10, 7 to 8:30 a.m.
Mississippi Room, Monticello Community Center
505 Walnut Street
Join the City of Monticello Economic Development
Authority and Industrial Economic Development
Committee as we celebrate and honor the dedication,
innovation, and positive impact of Monticello’s
manufacturing and industrial businesses.
RSVP BY OCTOBER 3
RSVP to Anne Mueller by e-mail or phone:
Anne.Mueller@MonticelloMN.gov
(763) 295-2711
KEYNOTE SPEAKERS
King Banaian, Ph.D.,
Professor of Economics and Director of the Center for
Policy Research and Community Engagement at St. Cloud
State University
Jill Kedrowski
8th Grade STEM Instructor at
Monticello Public Schools
AGENDA
REGULAR MEETING – PLANNING COMMISSION
October 7, 2025 – 6:00 p.m.
Mississippi Room, Monticello Community Center
Commissioners: Chair Andrew Tapper, Vice-Chair Melissa Robeck, Rick Kothenbeutel,
Teri Lehner, Rob Stark
Council Liaison: Councilmember Kip Christianson
Staff: Angela Schumann, Steve Grittman, Bob Ferguson, Tyler Bevier
1.General Business
A.Call to Order
B.Roll Call
C.Consideration of Additional Agenda Items
D.Approval of Agenda
E.Approval of Meeting Minutes
•Workshop Minutes – August 5, 2025
•Regular Meeting Minutes – August 5, 2025
•Joint CC/PC Workshop Minutes – September 2, 2025
F.Citizen Comment
2.Public Hearings
A.Consideration for Variances to Front Setback, Roof Pitch and 15% Brick/Stone
Building Materials requirement for a Garage Expansion in an R-1 (Single Family)
Residential District
Applicant: Chip Bauer Construction Inc.
B.Consideration for a Conditional Use Permit for a proposed driveway paving in the
rear yard, in an R-1 (single-family) residential district.
Applicant: Josh and Andrea Sigler
JOINT CITY COUNCIL & PLANNING COMMISSION WORKSHOP
Monticello Community Center
4:45 p.m. Review and discussion on draft amendment to City Code, Title XV, Land Usage,
Chapter 153: Zoning Ordinance to define and regulate data center and
technology campus land uses within the City
Planning Commission Regular Meeting Agenda – 10/7/2025
C. Consideration of an Amendment to the Conditional Use Permit for Planned Unit
Development for Carcone Second Addition, for interim improvements to support
the land use of vehicle sales, display and storage.
Applicant: Aeron Ashbrook
3. Regular Agenda
4. Other Business
A. Community Development Director’s Report
5. Adjournment
AGENDA
WORKSHOP – JOINT CITY COUNCIL & PLANNING COMMISSION
October 7, 2025 – 4:45 p.m.
Mississippi Room, Monticello Community Center
City Councilmembers: Mayor Lloyd Hilgart, Kip Christianson, Charlotte Gabler,
Tracy Hinz, Lee Martie
Commissioners: Chair Andrew Tapper, Vice-Chair Melissa Robeck,
Rick Kothenbeutel, Teri Lehner, Rob Stark
Staff: Rachel Leonard, Angela Schumann, Steve Grittman, Matt Leonard,
Bob Ferguson, Tyler Bevier, Anne Mueller
1. General Business
A. Call to Order
B. Roll Call
C. Review and discussion on draft amendment to City Code, Title XV, Land Usage,
Chapter 153: Zoning Ordinance to define and regulate data center and
technology campus land uses within the City
2. Adjournment
BUILDING PERMIT ACTIVITY AND VALUATION
PERMIT TYPE
2024
1st Qtr Valuation YTD Valuation
2025
1st Qtr Valuation YTD Valuation
Single Family 17 $4,433,995 17 $4,433,995 11 $3,100,261 11 $3,100,261
Multi-Family Townhomes 12 $1,200,000 12 $1,200,000 0 $0 0 $0
Commercial-Industrial New -
Remodel - Addition 6 $327,200 6 $327,200 6 $923,615 6 $923,615
PERMIT TYPE
2024
2nd Qtr Valuation YTD Valuation
2025
2nd Qtr Valuation YTD Valuation
Single Family 14 $3,894,720 31 $8,328,715 8 $2,197,766 19 $5,298,027
Multi-Family Townhomes 12 $1,200,000 24 $2,400,000 0 $0 0 $0
Comercial-Industrial New -
Remodel - Addition 9 $1,507,400 15 $1,834,600 11 $5,358,825 17 $6,282,440
BUILDING PERMIT ACTIVITY AND VALUATION
PERMIT TYPE
2024
3rd Qtr Valuation YTD Valuation
2025
3rd Qtr Valuation YTD Valuation
Single Family 14 $3,232,288 45 $11,561,003 11 $2,818,529 30 $8,116,556
Multi-Family Townhomes 14 $1,400,000 38 $3,800,000 0 $0 0 $0
Comercial-Industrial New -
Remodel - Addition 9 $3,348,000 24 $5,182,600 10 $14,821,827 27 $21,104,266
PERMIT TYPE
2024
4th Qtr Valuation YTD Valuation
2024-4th
Qtr Valuation YTD Valuation
Single Family 3 $689,151 48 $12,250,154
Multi-Family Townhomes 0 $0 38 $3,800,000
Comercial-Industrial New -
Remodel - Addition 3 $379,750 27 $5,562,350
Date of
Contact
Company Name Business Category Project Description Building‐Facility Retained Jobs New Jobs Total Investment Project Status
5/22/2018 Karlsburger Foods Food Products Mfg.Facilty Expansion 27,000 sq. ft. +/-42 10 to
20
$4,500,000 On Hold
2/28/2022 Project Emma II Light Ind-Assembly New Construction 20,000 sq. ff.0 4 $1,350,000 Puased
10/28/2021 Project Stallion #2 Technology Service New Construction 42,000 sq. ft.40 $3,600,000 On Hold
8/11/2022 Project Sing Precision Machining New Construction 400,000 sq. ft.0 500 $90,000,000 Active Search
5/30/2023 Project Flower-M
& M
Commercial Concept Expansion ????Concept
6/9/2023 Project Pez Mfg New Construction 30,000 to 35,000 sq. ft.12 7 $3,500,000 Active Search
8/16/2023 Project Lodge RT4 Lodging-Hopsitality New Construction 98 Room Hotel N/A 30 $21,500,000 Under Constr
2/12/2024 Project Lodge-
MSMWDC
Lodging-Hospitality New Construction ?0 10 $22,500,000 Identified Site
3/5/2024 Project Panda 20‐
MS
Child Care Facility New Construction 27,100 sq. ft. 0 43 $5,500,000 Site Selected
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 7,000 sq. ft. +/-0 25 $2,300,000 Identified Site
5/30/2024 Project EP-BDDC
LACW
Data Center - Hyper Scale New Construction 2,150,000 sq. ft. +/-0 190 $3,000,000,000 Identified Site
7/30/2024 Project EPG 40x2-50 Industrial New Construction 40,000 sq. ft. 0 40 $4,000,000 Active Search
9/2/2024 Project Scannell Data
Ctr
Data Center Enterprise New Construction 1,200,000 sq. ft. +/-0 135 $2,000,000,000 Identified Site
12/3/2024 Project LEI Pack Industrial New Construction 52,500 sq. ft. 0 21 $16,500,000 Active Search
1/14/2025 Project Megawatt Industrial New Construction 650,000 to 1,300,000 sq.
ft.
0 592 $757,000,000 Active Search
2/5/2025 Project Nordic Resturant-Taphouse Relocate ‐ Remodel‐4,300 sq. ft. 9 1 $1,090,000 Identified Site
4/15/2025 Project BB Food Service-Retail Renovation 6,000 sq. ft. 0 25 $2,500,000 Identifed Site
6/11/2025 Project Black Sabil Industrial New Construction 1,000,000 sq. ft.8000 $960,000,000 Active Search
7/19/2025 MC Outdoors Industrial Service New Construction 8,200 sq. ft.0 14 $1,500,000 Site Selected
7/25/2025 Project BOM Service Retail Acquisition‐Renovation 3,000 sq. ft 0 6 $550,000 Site Selected
9/4/2025 Project Starfish Industrial New Construction 70,000 sq. ft. to 92,000
sq. ft.
$8,500,000 Active Search
9/26/2025 Project EX Lobster Industrial New Construction 20,000 to 22,000 sq. ft.??$5,800,000 Active Search
Contacts: M
= 02 YTD =
24
PROSPECT LIST 10/03/2025