HRA Agenda 03-14-2000
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AGENDA
SPECIAL MEETING
MONTICELLO HOUSING AND REDEVELOPMENT AUTHORITY
Tuesday, March 14,2000 - 4:30P.M.
City Hall - 505 Walnut Street
MEMBERS: Chair Bob Murray, Vice Chair Darrin Lahr, Brad Barger, Steve Andrews, and Dan
Frie.
COUNCIL LIAISON:
Brian Stumpf
STAFF:
Treasurer Rick Wolfsteller, Executive Director Ollie Koropchak, and Recorder
Lori Kraemer.
1. Call to Order.
2. Consideration to approve the Estoppel Certificate associated with the Contract for Private
Development between Twin City Die Castings Company, the HRA, and the City.
3. Consideration to approve the Subordination Agreement associated with the Contract for
Private Development between Twin City Die Castings Company, the BRA, and the City.
4.
Consideration to review and discuss potential TIP assistance for Profile Powder Coating,
Inc.
5. Adjournment.
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City Council Agenda - 3/13/00
Consideration to approve the Estovvel Certificate associated with the Contract for
Private Development between Twin City Die Castin~s. the BRA. and the City of
Monticello. (O.K.)
A. Reference and backeround:
Upon the preparation of loan closing documents for the approximate $4.8 million
Industrial Revenue Bond (IRB) for the Twin City Die Castings project, the Ag Board
reviewed the Contract for Private Development and requires the following:
a. An Estoppel Certificate be executed by the City and the HRA verifYing, among
other things, that the Development Contract is in full force and effect, that no
modifications have been made to the Development Contract, that no defaults exist
thereunder and the like.
b. The HRA approves the mortgage financing for the project.
The IRB will be issued by the Minnesota Department of Trade and Economic
Development financing the building construction and machinery and equipment. It is
anticipated the closing may take place March 15,2000.
The Estoppel Certificate was reviewed by HRA Attorney Dan Greensweig and he is
requesting the Attorney for the Ag Board add Twin City Die Castings as a party to the
Certificate. Attorney Greensweig recommends approval of the Certificate.
Within the Contract for Private Development, the construction commencement date was
changed from December 1, 1999, to January 1,2000, due to the time associated with
research and development of a fire code plan for the magnesium processing plant. Due to
the delay in the delivery of construction materials and supply, the City Council is asked to
approve changing the construction completion date for Phase I from June 1,2000, to
September 1, 2000. The HRA Attorney and Twin City Die Castings concur with
changing the completion date to avoid default of the Contract.
B.
Alternative Action:
1.
A motion to approve the Estoppel Certificate, acknowledging the change in the
construction commencement date from December 1, 1999, to January 1,2000, and
approving and acknowledging the change of the construction completion date for
Phase I from June 1,2000, to September 1,2000, within the Contract for Private
Development between Twin City Die Castings, the HRA, and the City of
Monticello.
1
City Council Agenda - 3/13/00
2. A motion to deny approval of the Estoppel Certificate.
3. A motion to table any action.
c. Recommendation:
The City Administrator recommends Alternative No.1. approving the certificate and
approving and acknowledging the change of the construction completion date for Phase I .
D. Suoportine Data:
Copy of the Estoppel Certificate. Amended version forth coming for execution.
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ESTOPPEL CERTIFICATE
THIS CERTIFICATE is made as of this _ day of March, 2000, by the HOUSING AND
REDEVELOPMENT AUTHORITY IN AND FOR THE CITY OF MONTICELLO, MINNESOTA,
a public body corporate and politic under the laws of Minnesota (the Authority) and the CITY OF
MONTICELLO, a municipal corporation (the City) in favor ofMINNESOT A AGRICULTURAL
AND ECONOMIC DEVELOPMENT BOARD, an authority of the State of Minnesota and its
successors and assigns (Mortgagee).
Preliminary Statement of Facts
TWIN CITY DIE CASTINGS COMPANY, a Minnesota corporation (the Corporation) is
the owner of certain real property located in Wright County, Minnesota legally described on
Exhibit A attached hereto and incorporated herein by reference (the Property).
The Property is subject to the Contract for Private Development (the Development Contract)
dated October 25, 1999, between the Authority, the City and the Corporation, which Development
Contract was filed in the office of the Wright County Recorder on , as
Document No.
Mortgagee has loaned to the Corporation $ (the Loan) pursuant to
the terms and conditions of the Loan Agreement (the Loan Agreement) between the Corporation and
Mortgagee dated as of March , 2000. To secure the performance of the Corporation of its
obligations under the Loan Agreement, the Corporation has granted to Mortgagee, a Combination
Mortgage, Security Agreement and Fixture Financing Statement (the Mortgage) dated as of
March , 2000, which Mortgage was filed for record in the office of the Wright County
Recorder on ,2000, as Document No.
Mortgagee requires as a condition to making the Loan that the Authority and the City provide
the Mortgagee with this Certificate.
NOW, THEREFORE, in consideration of the foregoing and in consideration of One Dollar
($1.00) and other good and valuable consideration, the receipt and sufficiency of which is hereby
acknowledged by the Authority and the City, the Authority and the City hereby agree as follows:
(0 I) The Development Contract has not been modified, changed, altered or
amended in any respect either orally or in writing.
(02) The Development Contract is in full force and effect and is not subject to any
conditions not set forth in the Development Contract.
(03) The Corporation is not in default in the performance of any of the terms or
Doc# 1207428\1*3/3/00
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conditions of the Development Contract, nor is there now any fact or .
condition which, with notice or lapse of time or both, will become such a
default. Neither the Authority nor the City has delivered to the Corporation
any notice of default with respect to the Corporation's obligations under the
Development Contract.
(04) Pursuant to Section 7.1 ofthe Development Contract, the Authority approves
of the Loan provided by the Mortgagee.
(05) The individuals executing this Certificate on behalf of the Authority and the
City represent and warrant that they have the power and authority to execute
this Certificate.
(06) The Authority and the City acknowledge Mortgagee is relying upon the truth
of the statements contained in this Certificate in completing the Loan. The
representations contained herein shall inure to the benefit of Mortgagee and
its successors and assigns and shall be binding upon the Authority and the
City and their successors and assigns.
IN WITNESS WHEREOF, this Certificate is dated as of the date first shown above.
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HOUSING AND REDEVELOPMENT
AUTHORITY IN AND FOR THE CITY OF
MONTICELLO, MINNESOTA
By
Its:
By
Its:
.
st.-
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CITY OF MONTICELLO
By
Its:
By
Its:
STATE OF MINNESOTA )
) ss.
COUNTY OF WRlGHT )
The following instrument was acknowledged before me this ~ day of
2000, by the and the of the
HOUSING AND REDEVELOPMENT AUTHORITY IN AND FOR THE CITY OF
MONTICELLO, MINNESOTA, a public body corporate and politic under the laws of MilU1esota
(the Authority), on behalf of the Authority.
Notary Public
STATE OF MINNESOTA)
) ss.
COUNTY OF WRlGHT )
The following instrument was acknowledged before me this _ day of
2000, by the and the
OF MONTICELLO, a municipal corporation, on behalf of the corporation.
of the CITY
Notary Public
dA
THIS INSTRUM:ENT WAS DRAFTED BY:
LINDQUIST & VENNUM (LLK)
4200 IDS Center
80 South Eighth Street
Minneapolis, MN 55402
(612) 371-3211
SE:
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EXHIBIT A
Legal Description of the Property
Lot 1, Block 1, Monticello Commerce Center 4th Addition, Wright County,
Minnesota.
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C)A
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City Council Agenda - 3/13/00
Consideration to approve the Subordination Ae:reement associated with the
Contract for Private Development between Twin City Die Castines. the BRA, and
the City of Monticello. (O.K.)
A. Reference and backeround:
Upon the preparation of loan closing documents for the approximate $4.8 million
Industrial Revenue Bond (IRB) for the Twin City Die Castings project, the Ag Board
reviewed the Contract for Private Development and required the following:
a. A Subordination Agreement be executed by the City and lIRA in favor of the Ag
Board and its successors and assigns.
The Subordination Agreement was reviewed by lIRA Attorney Dan Greensweig and
Greensweig is requesting the Attorney for the Ag Board add one provision to the
Agreement: The Authority has the ability to cure upon default ofthe Contract. The
Attorney for the Ag Board has agreed to this request. Additionally, Twin City Die
Castings will be added as a party to the Subordination Agreement.
B. Alternative Action:
1.
A motion to approve the Subordination Agreement associated with the Contract
for Private Development between Twin City Die Castings, the lIRA, and the City
of Monticello.
2. A motion to deny approval of the Subordination Agreement.
3. A motion to table any action.
C. Recommendation:
The City Administrator recommends Alternative No.1. This is more or less a
housekeeping item.
D. Supportine: Data:
Copy of the Subordination Agreement. Amended version forth coming for execution.
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SUBORDINATION AGREEMENT
(Contract for Private Development)
THIS AGREEMENT is made as of this _ day of March, 2000, by the HOUSING AND
REDEVELOPMENT AUTHORITY IN AND FOR THE CITY OF MONTICELLO, MINNESOTA,
a public body corporate and politic under the laws of Minnesota (the Authority) and CITY OF
MONTICELLO, a municipal corporation (the City) in favor of MINNESOTA AGRICULTURAL
AND ECONOMIC DEVELOPMENT BOARD, an authority of the State of Minnesota and its
successors and assigns (Mortgagee).
Preliminary Statement of Facts
TWIN CITY DIE CASTINGS COMPANY, a Minnesota corporation (the Corporation) is
the owner of certain real property located in Wright County, Minnesota legally described on
Exhibit A attached hereto and incorporated herein by reference (the Property).
The Property is subject to the Contract for Private Development (the Development Contract)
dated October 25, 1999, between the Authority, the City and the Corporation, which Development
Contract was filed in the office of the Wright County Recorder on , as
Document No.
Mortgagee has loaned to the Corporation $ (the Loan) pursuant to
the terms and conditions ofthe Loan Agreement (the Loan Agreement) between the Corporation and
Mortgagee dated as of March , 2000. To secure the performance of the Corporation of its
obligations under the Loan Agreement, the Corporation has granted to Mortgagee, a Combination
Mortgage, Security Agreement and Fixture Financing Statement (the Mortgage) dated as of
March _, 2000, which Mortgage was filed for record in the office of the Wright County
Recorder on , 2000, as Document No.
Mortgagee requires as a condition to making the Loan that the Authority and the City
subordinate its lien and rights under the Development Contract to the lien of the Mortgage.
Doc# \2074\7\\.3/3/00
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NOW, THEREFORE, in consideration of the foregoing and in consideration of One Dollar
($1.00) and other good and valuable consideration, the receipt and sufficiency of which is hereby
acknowledged by the Authority and the City, the Authority and the City hereby agree as follows:
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1. Subordination of Development Contract. The Authority and the City hereby agree
that the Development Contract and all rights and remedies of the Authority and the City thereunder
are hereby subjected and subordinated and shall remain in all respects and for all purposes subject
and subordinate to the lien of the Mortgage and all amendments, modifications, renewals and
extensions thereof and subject to and subordinate in all respects to the rights and interests of the
Mortgagee and its successors and assigns as fully and with the same effect as if the Mortgage had
been duly executed, acknowledged and filed for record and the indebtedness secured by the
Mortgage fully disbursed prior to the execution of the Development Contract.
2. Agreements Not Binding on Mortgagee. In addition to the other rights granted to
Mortgagee hereunder, if Mortgagee acquires title to the Property by means of foreclosure, deed in
lieu of foreclosure, or by any other means or manner, then, effective as of the date Mortgagee
acquires title to the Property, the Development Contract shall cease to encumber the Property or any
portion thereof and thereafter Mortgagee may own, convey and sell all or any part of its interest in
the Property free and clear of the Development Contract.
3. Benefit of Parties. This Agreement shall run for the benefit of Mortgagee and its
successors and assigns under the Mortgage. .
IN WITNESS WHEREOF, the Authority and the City have executed this Agreement as of
the date first shown above.
HOUSING AND REDEVELOPMENT
AUTHORITY IN AND FOR THE CITY OF
MONTICELLO, MINNESOTA
By
Its:
By
Its:
2
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SD
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CITY OF MONTICELLO
By
Its:
By
Its:
ST ATE OF MINNESOTA)
) ss.
COUNTY OF WRIGHT )
The following instrument was acknowledged before me this _ day of
2000, by the and the of the
HOUSING AND REDEVELOPMENT AUTHORITY IN AND FOR THE CITY OF
MONTICELLO, MINNESOTA, a public body corporate and politic under the laws of Minnesota
(the Authority), on behalf of the Authority.
Notary Public
STATE OF MINNESOTA )
) ss.
COUNTY OF WRIGHT )
The following instrument was acknowledged before me this _ day of
2000, by the and the
OF MONTICELLO, a municipal corporation, on behalf of the corporation.
ofthe CITY
Notary Public
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THIS INSTRUMENT WAS DRAFTED BY:
LINDQUIST & VENNUM (LLK)
4200 IDS Center
80 South Eighth Street
Minneapolis, MN 55402
(612) 371-3211
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EXHIBIT A
Legal Description of the Property
Lot 1, Block 1, Monticello Commerce Center 4th Addition, Wright County,
Minnesota.
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HRA Agenda - 3/14/00
4.
Consideration to review and discuss potential TIF assistance for Profile Powder Coating.
Inc.
A. Reference and backlZround:
As you recall, Dan Frie, Ron Hoglund, Kevin Doty, and myself, toured the existing facility
of Profile Powder Coating in Rogers on February 29. On March 10, (see attached
itinerary) the company met with Charlie Pfeffer relative to site location. In the afternoon,
Steve Sussman and Carol Pressley-Olson from the Department of Trade and Economic
Development joined and advised, per the preliminary job and wage goal projections, the
company is eligible for $450,000 of State/Federal dollars. The Central Initiative Fund
representative was unable to make it; however, appear interested in the project. I'm in
the process of setting a date for the State and Initiative Fund representatives plus Lenny
Kirscht to visit the existing facility. I have asked Lenny of his interest to prepare an
application for the Minnesota Investment Fund and the Central Minnesota Initiative Fund.
He is yet to respond.
The total project costs is between $1.8 to $2 million: Real Estate $1.2 and machinery and
equipment $800,000. Suggested sources offunds: Real estate -lender, SBA 504, and
TIF. Machinery and equipment - SBA 7a- $150,000, MIF-$450,000, CMIF-$100,000,
and GMEF-$100,000.
The site location and lot size have not been determined. The company/lender/accountant
appear to have no problem with pay-as-you-go TIF. They asked to have the WAC/SAC
and TRUNK FEES forgiven.
I have requested Mark Ruff run TIF Cash Flow numbers based on an estimated market
value of $930,000 tor the 30,000 sq ft facility. And I've requested the City Engineer to
draft a sketch plan for the minimum lot size based on the building layout and suggested
sites.
Attached: Itinerary, Wage and Job Goals, layout of building and suggested sites, estimated
development fees, and TIF cash flow.
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11:00 AM.
12:00 NOON
1:00 P.M.
1:30 P.M.
v'F \C'\
PROFILE POWDER COATING, INC.
STEVE DEJONG, PRESIDENT
21050 Commence Blvd, P. O. Box 69, Rogers, MN
763-428-4990
CITY OF MONTICELLO
FRIDA Y, MARCH 10, 2000
ITINERARY
Monticello City Hall, 505 Walnut Street
Company and product description. Proposed project.
Site location and platting process, estimated development costs, and
building/site review process.
Steve Dejong, President, Profile Powder Coating, Inc.
Brad Stevens, Security State Bank, Albertville
Earl Hendrickson, CPA Business Planner
Rugd. DeISMS, MA}'Ol, Gly ofMontiocllo
Charlie Pfeffer, Pfeffer Company, Inc.
Jeff O'Neill, City Deputy Administrator
Ollie Koropchak, Director of Economic Development
Lunch - Monte Club.
Guests
Brad Barger, Suburban Mfg. Inc.
Bill Tapper, Genereux Fine Wood Products, Inc.
Bob Murray, lIRA
T6ffi Ollig, IDe _
Roger Carlson, Council and EDA
Riek Wglfstell~r, City .Anministrator
Paul Ammerman, NSP Economic Development
Tour of site and city.
Financing and Funding Sources - City Hall
Steve Dejong, Profile Powder Coating, Inc.
Brad Stevens, Security State Bank
Earl Hendrickson, CPA Business Planner
Allan Deilkc, Central1vtum;;,ula Initiative Fund
Steve Sussman and Carol Pressley-Olson, Minnesota Department of Trade
and Economic Development
Ollie Koropchak, Director of Economic Development
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GOALS OF BUSINESS RECEIVING ASSISTANCE
Please indicate number of employees at each level and indicate the corresponding benefit level.
Number of jobs created is over the first two years.
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MAR 14 '00 12:30PM EHLERS & ASSOCIATES
03/1<1100 MafIlicaUo HRA: 30k 5,1, T~~ lnaomtlnl e~lirn"IO
CITY OF MONTICELLO. MINNESOTA
T.!.F. CASH FLOW ASSUMPTIONS
P.2/3
8,000%
1,31438 Pay 00 EstimalO
0,0000%
Interest Rate
Tax Ex..nsion Rate:
Inflation Rate:
PIN
Part of 71111777
(77 acres)
1P~L_.",__,._",
BASE VAUlt lNliOQMATION
Pay 95 P,y 00 Class
Vllue Value "ale
17,452 31,9G8 U%I3.4%
Tax
CapaQty
768 Ealim_a Onl~
o
",,_ ,.!1.,~~. _ _ ._._, ._.~~~_ ,~' '76( Estimated Pay 00 Tax Capacity
oriGinal Tax capa=~~ Inflation F8tlor:
116.67'll>
PROJECT VALUE IN FORMA TJON
Type ofTa>: Incramant Dilltrict: Economie o.~lOpm.nt
TYpe 0' Development Manufac:turing
Number of Building SqUilfe Feet 30,000
Estlmal8d Market Valu. of NIIW Project
CIa.'IlI Rate on first $160,000 of Market Value
Class Ra" M.rket Value;> $150.000
EstilTlBted Til( Capacity:
EStimated Taxes:
Assenor'li Market Value/sJ.
Tpe$ls,f,
2.40%
3,40%
As$umes distrid is approved in June, 2000.
Please lIerity markel value fOf 94/95 and 99/00 for nile yeer inflation IllIlue.
Assum&S all oonstruction oomplete in 2000
El'11ors al'l<lllSSOciillOS, Inc,
961,998 Pay 02
31,208 pay 02
41,01;
$32,07
$1.37
Pago 1 301<.031400,123
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I-"-'..;j/ .;j
03114/00
MAR 14 '00 12:30PM EHLERS & ASSOCIAT[S
M""I;c.llo HRA: 3011 .J. T:p In...rn....tli.liolal.
, PERIOD aEGINNING
~. .Yra, . ... M.t~.'.. Yr.
'0.0 08.01 2000
: 0.50 02-01 2001
: 1.00 Oll.(ll 2001
. 1.S0 02.01 2002
i 2.00 08-01 2002
It 2.50 02.01 2003
3.00 08-01 2003
I 3.S0 02.01 2004
! ..00 08-01 2004
i 4.50 02-01 2005
: 5.00 08-01 2005
! 5.50 02-01 2006
i 6.00 08-01 2006
! 8.50 02-01 2007
i 7.00 08-01 2007
: 7.50 02-01 2008
: 11.00 0&-01 200ll
! 8.50 02-01 2009
! 9.00 08.01 2009
! 8.50 02-01 2010
! 10.00 08-01 2010
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CITY OF MONnCELLO. MINNESOTA
TAX INCREMENT CASH FLOW
~:~ . . p~~~ ca;~:ed S~:~~:lAdl~in..--H:..-se;~~;;uall~;::I~~'1 y;r. .....:~;:~~~.l
eaPllcl1Y _...C:!IP..l!.~.......~Pl!l1i~L_.I':lCl1!l'!'lllnt 10.25% U.O~ .!~11L., .!.~S~'1>_.~.~~!!t ....y.~. M1I'l. Yr, f
168 768 0 0 0 O! 0: 0,0 0.50 02-01 2001 :
896 8116 0 0 0 0' 01 0.0 1.00 08-01 <l001 !
o 0 0 0 0,0 1.$0 02-01 2002
1.045 4,681 3.636 2.399 (245) 0 2.145 239 0.5 2.00 011.01 2002
2,389 (245) 0 2.145 239 1.0 2.50 02-01 2003
1.220 31,208 29,988 18,708 (2.020) 0 17.6118 1.971 1.5 3.00 08.01 2003
19.708 (2.020) 0 17,688 1,971 2.0 3.50 02.01 2004
1,423 31,20ll 29,785 19,574 (2,006) 0 17.568 1,957 2.5 ..00 08-01 2004
19.574 (2.006) 0 17,568 1,957 3.0 4.50 02-01 2005
1.seO 31,208 2U48 111.04111 (1.880) 0 17.428 1.942 3.5 5.00 08-01 2005
19.419 (1,990) 0 17.428 1.942 4.0 5$0 02-01 2008
1.937 31.208 29.271 19.237 (1.972) 0 17.285 1.924 04.5 6.00 Os..o1 2008
19.237 (un) 0 17.265 1.$124: ItO 8.50 02..01 2007
2.260 31.208 illtl.94t1 1i.024 (1.950) 0 17.0741 1.902' 5.5 7.00 08-01 2007
19.024 (1,9~0) 0 17.074j 1.9021 8.0 7.50 02-01 2008
2,838 31,208 28.571 18.177 (1.925) 0 16.8521 1.878. 6.5 8.00 08-01 2008
18.777 (U25) 0 16,8521 1,878' 7.0 IUO 02..01 200i
,3.078 31,208 21.132 18,.488 (1.895) 0 18,S!j3, 1.849! 7.5 9.00 08-01 Z009
18,488 (1.8S5) 0 16.5931 1.&4i \ 8.0 8.50 02..01 2010
3.589 31.201 27.819 19,151 (1,860) 0 16,291: 1,1l1! 8.5 10.00 08-01 2010
.. ..._..___..___.._..... 18.151 (1.160) 0 16.291 1.815 9.0 10.50 02-01 2011
TlltalS 309.5S5 ..(3.p'm. ...._..2..._277,iiOe nSci,~.~~ .:~~_..__.:.~~_... .--
.-....... :: ~~~~l.yJ.i~..... . . m . ...._.187..280 (19.188) 0 _..~,084 .._....... I . ...... _.n... ... .-
P.lI" 2 30k.03,40\U23