EDA Minutes 09-07-2011 (Special Meeting)MINUTES
SPECIAL MEETING - ECONOMIC DEVELOPMENT AUTHORITY (EDA)
Wednesday, September 7,2011 - 7:30 a.m.
Academy Room, Monticello Community Center
Commissioners Present: President Bill Demeules, Treasurer Bill Tapper, Tracy Hinz, and
Council Members Tom Perrault and Brian Stumpf
Commissioners Absent: Matt Frie, Bruce Hamond
Staff: Executive Director Megan Barnett- Livgard
1. Call to Order
The special meeting was called to order at 7:30 a.m.
2. Purpose
The purpose of the special meeting was to present two options for the EDA to consider:
providing a GMEF loan to Monticello Pet Hospital and obtaining an appraisal for two
buildings in downtown Monticello.
3. Consideration of providing a GMEF loan to Monticello Pet Hospital
The owners of the Monticello Pet Hospital had asked the EDA to assist with gap financing
so that they could move forward with building their new facility. Their original request was
for $286,000 in assistance as their bank appraisal had come in extremely low. A revised
bank appraisal results in a gap to be financed of $50,000. Staff noted that funds are
available for this purpose through the GMEF fund and agreed to bring loan documents to
the next regular EDA meeting for review and consideration.
4. Consideration of obtaining an appraisal for two buildings in downtown Monticello
Relocation Specialist Dan Wilson contacted the owner of the Montgomery Farms building
downtown about selling their building located at the corner of Highway 25 /County Road
75. Mrs. Montgomery is interested in selling both of her buildings at one time.
Staff noted the importance moving forward with purchasing the dental building as a key
part of following through with the Embracing Downtown Monticello Plan. Although it isn't
essential that the EDA purchase 112 Broadway at this time it is part of the long term plan
for the downtown. The`Vental'office is located at the Highway 25 /County Road 75
intersection and would be affected by the ultimate intersection improvements.
Economic Development Authority Minutes 09/07/11
Staff asked that the EDA consider approving an appraisal of both properties in order to
continue to move forward with purchasing these properties. It is recommended that the
EDA utilize MNDOT's preapproved appraiser list for appraisals which involve road
improvements for right -of -way in the case of a dispute involving value or price. Dan
Wilson has worked with, and is comfortable with, all three appraisers who provided
estimates. There were three appraisals obtained. The EDA choose to engage the services of
John Foster based on being financially responsible and a good track record.
The EDA also asked some questions about the condemnation process.
TRACY HINZ MOVED TO ACCEPT A MNDOT APPROVED APPRAISAL FOR
PROPERTIES AT 100 & 112 BROADWAY AT A COST OF $7,800. MOTION WAS
SECONDED BY BILL TAPPER. MOTION CARRIED 5 -0.
5. Adiournment
BILL TAPPER MOVED TO ADJOURN THE SPECIAL MEETING AT 7:48 AM. BILL
DEMEULES SECONDED THE MOTION. MOTION CARRIED 5 -0.
Recorder:
Date Approved
Attest:
Kerry T. Burn I`77k B