HRA Agenda 10-14-1998
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AGENDA
MONTICELLO HOUSING AND REDEVELOPMENT AUTHORITY
Wednesday, October 14, 1998 - 7:00 p.m.
City Hall
MEMBERS:
Chair Steve Andrews, Vice Chair Bob Murray, Brad Barger,
Darrin Lahr, and Dan Frie.
STAFF:
Treasurer Rick Wolfsteller and Executive Director Ollie
Koropchak.
COUNCIL LIAISON:
Brian Stumpf.
CONSULTANTS:
Mark Ruff, Ehlers & Associates.
1. Call to order.
2. Consideration to approve the September 23, 1998 HRA minutes.
3. Consideration of adding agenda items.
4. Consent agenda.
A.
Consideration to approve a Subordination Agreement between the HRA and
Firstar Bank of Minnesota.
B. Consideration to ratify execution of the Partial Release of Purchase and
Development Contract and to authorize execution of the Consent to Easement.
5. Consideration of items removed from the consent agenda for discussion.
6. Consideration to adopt a resolution calling for the sale of the Revenue bonds.
7. Consideration of a response to the HRA offer for the property located at 218 Front Street
and authorization thereafter.
8. Consideration to reschedule the HRA regular meeting of November 11, 1998.
9. Consideration ofHRA commissioners interest to attend the Minnesota NAHRO
Conference.
10. Consideration to authorize payment of monthly HRA bills.
11. Consideration of executive director's report.
12.
Consideration of committee reports:
a) MCP - Steve Andrews
b) Marketing - Darrin Lahr.
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MINUTES
MONTICELLO HOUSING AND REDEVELOPMENT AUTHORITY
SPECIAL MEETING
Wednesday, September 23,1998 - 5:30 p.m.
Members Present:
Chair Steve Andrews, Vice Chair Bob Murray, Brad Barger,
Dan Frie and Darrin Lahr.
Staff Present:
Executive Director Ollie Koropchak.
1. Chair Steve Andrews called the meeting to order at 5:35 p.m.
2. Consideration to approve the September 2. 1998 HRA minutes.
A MOTION WAS MADE BY BRAD BARGER AND SECONDED BY DAN FRIE TO
APPROVE THE MINUTES, AS WRITTEN, OF THE REGULAR BRA MEETING OF
SEPTEMBER 2, 1998. Motion carried unanimously.
3. Consideration of adding items to the agenda.
Ollie Koropchak requested adding two reports.
4.
Consent agenda.
None.
5. Consideration of items removed from the consent agenda for discussion.
None.
6. Public hearing for lease oforooertv located at 3 Walnut Street.
Chair Andrews opened the public hearing at 5:37 p.m. Having no one from the public at
the meeting, Chair Andrews closed the public hearing.
Ms. Koropchak reported calling the two parties that previously filled out lease forms.
Both of the parties expressed a continuing interest in leasing the property. The lease
agreement will be a monthly lease, $550 per month, with a $500 damage deposit, and the
tenant will be responsible for utilities.
Ms. Koropchak also stated that when a Minnegasco service representative was out to
check the furnace, a large crack in the face plate of the furnace and unsafe levels of
carbon monoxide were detected. A new furnace was recommended. Quotes for a new
furnace were received from Oriefnow Heating and Plumbing and B&D Plumbing and
Heating.
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HRA Minutes - Spec. 9/23/98
Ms. Koropchak also requested the City Inspector to inspect the house. She stated that
there were a number of items that needed to be corrected; such as, additional smoke
detectors, missing shingles, debris in basement and yard cleanup. John Simola, Public
Works Director, told Ollie that City crews could do most ofthe work for the HRA. The
HRA would be responsible for purchasing the items needed to do the repairs and then the
City crews would perform the work.
Staff directed Executive Director Koropchak to check the purchase agreement and act
accordingly by calling and requesting Larry Schlief remove the old furnace, old fuel tank
and debris from under the crawl space.
A MOTION WAS MADE BY BRAD BARGER AND SECONDED BY BOB
MURRA Y TO ACCEPT THE ESTIMATE OF $1,590 FROM GRIEFNOW SHEET
METAL AND CONTACT THE CITY CREW TO DO THE SMOKE DETECTORS,
ETC. Motion carried unanimously. Ms. Koropchak stated that she would have the
carpets cleaned after the new furnace was installed and the debris from the basement
removed. The HRA directed her to do whatever was necessary to prepare the property
for leasing.
7.
Consideration to accept and award bid for demolition of the structure located at 225 West
River Street.
Ms. Koropchak gave a brief background stating that four RFP's (Request for Proposals)
were sent out and three bids were returned. None ofthe bids received included the permit
fees. It was brought to Ms. Koropchak's attention that the area may need top soil and
seeding. Ms. Koropchak stated that due to an oversight, the specifications did not include
top soil and seeding. In the future, demolition specifications will include this item. Ms.
Koropchak spoke with John Simola regarding the low bidder, Brenteson; he felt that
Brenteson would do a good job. He also stated that the City could do the seeding. But
that we may have to bring in top soil if there isn't sufficient black dirt on the site.
A MOTION WAS MADE BY BOB MURRAY AND SECONDED BY BRAD
BARGER TO ACCEPT THE LOW BID OF $5,175 FROM BRENTESON
CONSTRUCTION, INC. Motion carried unanimously.
8. Other business.
A.
Ms. Koropchak distributed information regarding a conference scheduled for
November 12, 1998. She requested that the commissioners review the agenda and
decide if they would like to attend. Ms. Koropchak would like to have the
responses at the October 14th meeting so registrations can be filled out and mailed
together. Chair Andrews asked Ms. Koropchak to check to see if the HRA has a
credit for this conference.
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BRA Minutes - Spec. 9/23/98
B. Ms. Koropchak stated that the Monticello Chamber of Commerce asked the HRA
if they could use the HRA lot on October 24, 1998 from 10 a.m. to noon for a
pumpkin give away. The Chamber will be liable and assured the HRA that they
would leave no mess. Chair Andrews asked if we have a standard procedure to
provide the HRA with proof of insurance. Ms. Koropchak will check on this.
9. Adjournment.
A MOTION WAS MADE BY BRAD BARGER AND SECONDED BY BOB
MURRA Y TO ADJOURN AT 5:50 P.M. Motion was carried unanimously.
Steve Andrews, Chair HRA
Nancy C. Whalen, Recording Secretary
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4A. Consideration to approve a Subordination Agreement between the between the
HRA and Firstar Bank of Minnesota.
A. REFERENCE AND BACKGROUND:
The HRA is requested to approve a Subordination Agreement relating to the Private
Redevelopment Contract between the HRA and Blue Chip. The request made by the
developer's lender, Firstar Bank of Minnesota. In order for the loan closing of October 5
to proceed, the enclosed letter was prepared and submitted.
Steve Bubul, HRA Attorney, did review the Subordination Agreement and recommends
the HRA approval. The request is typical and consistent with HRA past practices.
B. ALTERNATIVE ACTIONS:
1. A motion approving the Subordination Agreement between the HRA and Firstar
Bank of Minnesota.
2. A motion to deny approval ofthe Subordination Agreement between the HRA
and Firstar Bank of Minnesota.
3. A motion to table any action.
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C.
RECOMMENDATION.
Recommendation is alternative no. 1.
D. SUPPORTING DATA:
Copy of HRA letter of October 2, 1998 and copy of Subordination Agreement.
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October 2, 1998
MONTICELLO
Mr. Gary D. Taverna
Firstar Bank of Minnesota, National Association
2401 Lowry Avenue NE
St. Anthony, Minnesota 55418
RE: Subordination Agreement between Housing and Redevelopment Authority in and for the
City of Monticello and Firstar Bank of Minnesota
Dear Mr. Taverna:
The Housing and Redevelopment Authority in and for the City of Monticello (HRA) entered into
a Contract for Private Redevelopment with Blue Chip Development Company (Developer) dated
October 2-, 1998 (the Contract), providing for certain BRA assistance in development of
certain property in the City. I understand that Firstar Bank of Minnesota (the Bank) intends to
make a loan to the Developer in order to fmance construction of the development contemplated
in the Contract. In connection with the Bank's loan, the Bank has requested that the BRA
subordinate its interest in the Contract as described in a Subordination Agreement (Subordination
Agreement). A form of the Subordination Agreement is attached to this letter.
I have reviewed the Subordination Agreement, and with the recommendation of the BRA's legal
counsel, have determined that the agreement is acceptable and is substantially similar to the
subordination agreements approved by the HRA in connection with previous development
contracts. I will submit the Subordination Agreement to the HRA for consideration at its
meeting on October 14, 1998, and will recommend approval as consistent with the HRA's
interests and past practices. I will also arrange for signing of the Subordination Agreement and
delivery to you promptly after its approval by the HRA.
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Monticello City Hall, 250 E. Broadway, PO Box 1147, Monticello, MN 55362-9245 · (612) 295-2711. Fax: (612) 295-4404
Office of Public Works, 909 Golf Course Rd., Monticello, MN 55362 · (612) 295-3170 . Fax: (612) 271-3272
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Mr. Gary D. Taverna
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I further represent to you that the mortgage financing for the Minimum Improvements (as
defined in the Contract) is acceptable to the HRA and is considered approved as required under
Article VII of the contract.
If you have further questions about this matter, please contact me.
Very truly yours,
CITY OF MONTICELLO
CJ~ ~tA ~g~
Olive Koropchak
Executive Director
Monticello HRA
c:
Joseph Deuhs, Jr.
File
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4B. Consideration to ratify execution of the Partial Release of Purchase and
Development Contract and to authorize execution of the Consent to Easement.
A. REFERENCE AND BACKGROUND:
In order for the loan closing to proceed on October 5, the HRA executed a partial release
of Purchase and Development Contract relating to the Agreement between the HRA and
Vector Tool & Manufacturing, Inc. dated September 14,1995. Additionally, the HRA
was to execute a Consent to Easement. Both documents relate to the simple subdivision
of the original parcel known as Lot 5, Block 3, OIP, completed through the PUD process.
This was approved by the Planning Commission and Council.
The parcel was subdivided for the purpose of the Blue Chip development projects known
as B&B Metal Starnpings, Inc. and the Vector Tool. The consent of easement relates to
the shared driveway for use by both projects.
Steve Bubul, HRA Attorney prepared the release document and Brad Larson prepared the
consent and consent agreement. Attorney Bubul had no problem with either.
B. ALTERNATIVE ACTIONS:
1.
A motion ratifying the execution of the Partial Release of Purchase and
Development Contract and to authorize execution of the Consent to Easement.
2. A motion to deny ratification ofthe executed Partial Release of Purchase and
Development Contract and authorization to execute the Consent to Easement.
3. A motion to table any action.
C. RECOMMENDATION:
Recommendation is alternative no. 1
D. SUPPORTING DATA:
Copy of the executed release and copy of the consent.
l'ARTlAt UELEASH OF MORTGAGE
Mhlll~lIla l'llifni"1lI (;1;111"11I')'.11I:1111; ru.1l1d
Knorr Doolulllut pat (I("tilled,.
COpy
Partial Release Of Purchase and
Development Contract
Date:
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FOR VALUABLE CONSIDERATION, the real property in
as follows:
County, Minnesota, legally described
TIle East 161.00 feet of Lot 5, Block 3, Oakwood IndUSlrial Park, according to the recorded plat thereror.
Of more ~rmce is needed, conlinue on hack)
is hereby released from the lien of the Purchase and Developmcnt Agreement by and betwcen the Housing and
Rcdevclopment AuUlorHy in and for the City or Monticello and Vector Tool & Manufacturing, Inc. (Vector), dated__
Septembcr 14 , 1995, and filed for rccord Novcmber 28 ,1995, as Docllll1cnt Number 583737
(or ill Book of Page), in the Office of Ule (County Recorder) of Wright
Counly, Minncsota, and assigned by Veclor to Blue Chip Dcvelopment Company by thut certain Assignlllcnt of
Developmcnt Conlract datcd November 21, 1995 and filed for record Novcmber 28, 1995 as Document Number 583738 in
tile Office of the County Recorder cf Wright County, Minnesota.
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By
Its h 'r
By ()~ \~O\~ ~
Its Executive Director
STATE OF MINNESOTA
COUNTY OF ltA./4.h /
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, 19.2f ,
the
/'- of
undcr the laws of
'fillS INSTRUMENT WI\S DRJ\FTEO DY (NAME IINO J\DDllESS):
NOT1\RlAL STAMP OR SEN.IOH OTHER TITLE OR Rl\NIQ
KENNEDY & ORA VEN, Chartered
470 Pl11sbury Center
200 South 6th Street
Minneapolls, MN 55402
(612) 337-9300
Gll PATRICIA K, KOVICH
~ NOTMY PUBLIC - MINNESOTA
.- My Comm. Exp. JM. 31, 2000
Sll3.151005
MN190-76
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CONSENT TO EASEMENT
In consideration of One Dollar and other good and valuable consideration, the real
property in Wright County, MiImesota described legally as follows:
The East 161.00 feet of Lot 5, Block 3,
Oakwood Industrial Park
to which there is a "Contract for Private Development by and between Housing and
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Redevelopment Authority in and for the City of Monticello, Minnesota and Blue Chip
Development Company" dated October 5, 1998;
The Housing and Redevelopment Authority does hereby consent to that certain
Easement Agreement dated October 5, 1998, by Blue Chip Development Company, a
Minnesota General Partilership appended hereto.
HOUSING AND REDEVELOPMENT
AUTHORITY FOR THE CITY OF
MONTICELLO
By:
Steve Andrews
Its: Chair
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STATE OF MINNESOTA)
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COUNTY OF WRIGHT )
The foregoing instrument was acknowledged before me this _ day of October,
1998, by Steve Andrews, the Chair of the Housing and Redevelopment Authority for the
City of Monticello.
Notary Public
Drafted by: METCALF, LARSON & MUTH, P.A.
Attorneys at Law
313 West Broadway, P.O. Box 446
Monticello, MN 55362
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HRA Agenda - 10/12/98
6.
Consideration to adopt a resolution callinl: for the sale of the Revenue Bonds.
A. REFERENCE AND BACKGROUND:
On October 12, 1998, the City Council is considering the adoption or denial of a
resolution providing for the sale of the $6,950,000 Public Project Revenue Bonds, Series
1998. With the approval of the resolution, the City Council determines that it necessary
and desirable to issue the "Bonds" of the HRA and to enter into a lease purchase
agreement with the HRA to provide funding for the construction and equipping ofthe
community center project. Thereby, the Council requests the HRA adopt the enclosed
resolution calling for the sale of the "Bonds" pursuant to the Terms of Proposal as
described in the Bond Sale Report dated October 12, 1998.
The HRA resolution authorizes Ehlers to solicit proposals for the sale of the bonds and
states that the HRA shall meet at a special meeting for the purpose of considering sealed
proposals for, and awarding the sale ofthe bonds. Said special meeting date, Monday,
November 9, time to be determined. At the November 9 meeting, the HRA will also
consider approving the lease purchase agreement.
You will recall, the HRA adopted a resolution to reimburse expenditures for the armory
project at a maximum of $9.4 million in March 4, 1998. The $6,950,000 bond is well
below the maximum of $9.4 million. The total community center project cost including
finance costs is $9,724,000. The difference between the project cost and bond sale is
$2,774,000, this amount is funded by the National Guard, City Funds, and Investment of
Proceeds.
Mark Ruff, Ehlers & Associates, will be present to review the Bond Sale Report and
answer questions.
B. ALTERNATIVE ACTION:
1. A motion to adopt the resolution providing for the sale of $6,950,000 Public
Project Revenue Bonds, Series 1998.
2. A motion to deny adoption ofthe resolution providing for the sale of $6,950,000
Public Project Revenue Bonds, Series 1998.
3. A motion to table any action.
C. RECOMMENDATION:
As the amount of the bond issuance is within the maximum amount approved for
reimbursement by the HRA in March 1998 and as the community center project supports
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HRA Agenda - 10/12/98
the Downtown/Riverfront Revitalization Plan within the City Comprehensive Plan, the
recommendation by the City Administrator and HRA Executive Director is alternative
No.1.
D. SUPPORTING DATA:
Copy of Bond Sale Report and resolution for adoption.
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BOND SALE REPORT
$3,000,000
General Obligation Improvement Bonds, Series 1998A
$515,000
General Obligation Water System Refunding Bonds, Series
1998B
City of Monticello
$6,950,000
Public Project Revenue Bonds, Series 1998
Monticello Housing and Redevelopment Authority
October 12, 1998
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EHLERS
E N CE
3060 Centre Pointe Drive, Roseville, MN 55113-1105
651.697.8500 fax 651.697.8555 www.ehlers-inc.com
Offices in Rosevi/le. MN and Brookfield, WI
& ASSOCIATES INC
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Bond Sale Report - 1998 Bonds
OVERVIEW
This report describes the proposed plan for the City of Monticello to issue
$3,000,000 General Obligation Improvement Bonds, Series 1998A (the
"Improvement Bonds" or the "Series 1998A Bonds") and the $515,000 General
Obligation Water System Refunding Bonds, Series 1998B (the "Refunding
Bonds" or the "Series 1998B Bonds") and for the Monticello Housing and
Redevelopment Authority to issue $6,950,000 Public Project Revenue Bonds,
Series 1998 (the "Revenue Bonds"). This report has been prepared by Ehlers &
Associates in consultation with City Staff and bond counsel. This report deals
with:
. Purpose and components of the bond issues.
. Debt structure.
. Other considerations in issuing bonds.
. Market conditions.
. Issuing process.
IMPROVEMENT BONDS
The $3,000,000 General Obligation Improvement Bonds, Series 1998A are being
issued to finance public improvement projects, including the City share of
improvements to State Trunk Highway 25, the extension of 7th Street, Wildwood
Ridge sewer, water and pump station improvements, the Fire Hall driveway
project and the ResurrectionlMethodist Church sewer improvement projects. The
Bonds are issued under the authority of Minnesota Statutes, Chapters 429 and
475. The proposed finance plan consists of the following sources and uses of
funds:
SOURCES OF FUNDS USES OF FUNDS
Par Amount of Bonds $3,000,000 Project Costs $3,529,100
City Trunk Funds 594,600 Costs of Issuance 26,500
Discount 39,000
Capitalized Interest 0
Total Sources $3 594.600 Total Sources $3,594,600
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Bond Sale Report - 1998 Bonds
Security, Structure and Repayment
The Bonds are general obligations of the City, backed by its full faith, credit and
taxing powers to repayment. Revenue to pay debt service will come from a
combination of special assessments and other City funds, including storm water
trunk charges and property taxes. No capitalized interest is included in the issue.
Monies to pay principal and interest through February 1, 2000 will come from
storm water trunk funds or other sources.
In structuring the bond issue, we have assumed that the City will levy special
assessments in the amount of $1,364,900, representing 49% of the total debt. The
finance plan assumes that the assessments will be levied in 1999 (for initial
payment in 2000) and repaid over the following 10 years in equal annual
installments of principal with interest paid on the outstanding balance. The Bonds
have been structured to produce level annual contributions of other City funds.
The terms and conditions of the Bonds are described in Attachment 1. The
preliminary debt service schedule appears in Attachment 2.
The Bonds will be offered for sale on November 9, 1998 and be dated December
1, 1998. The first interest payment on the Bonds will be August 1, 1999 and
semiannually thereafter on February 1 and August 1. Principal on the Bonds will
be due on February 1 in the years 2001 through 2010.
The Bonds will be subject to call for redemption prior to final maturity on
February 1,2005 and on any date thereafter.
REFUNDING BONDS
The $515,000 General Obligation Water System Refunding Bonds, Series 1998B
are being issued to call and prepay the outstanding maturities of the $1, i 00,000
General Obligation Water System Bonds, Series 1988B. The principal maturing
in 2000 through 2004, totaling $500,000, will be called on February 1, 1999. The
Bonds are issued under the authority of Minnesota Statutes, Chapter 475. The
proposed finance plan consists of the following sources and uses of funds:
SOURCES OF FUNDS USES OF FUNDS
Par Amount of Bonds $515,000 Bonds Called $500,000
Accrued Interest 408 Costs of Issuance 10,000
Discount 5,150
Rounding 258
Total Sources $515.408 Total Sources $515408
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Bond Sale Report - 1998 Bonds
The preliminary analysis shows that the refunding produces the following debt
service savings:
. Total savings - $26,742
. Net present value of savings - $23,506
. Net present value savings as a percent of refunded principal - 4.783%
Security, Structure and Repayment
The Bonds are general obligations of the City, backed by its full faith, credit and
taxing powers to repayment. Revenue to pay debt service will come from general
property taxes. The Bonds have been structured around the existing debt and will
produce relatively level annual savings.
The terms and conditions of the Bonds are described in Attachment 3. The
preliminary debt service and savings analysis appears in Attachment 4.
The Bonds will be offered for sale on November 9, 1998 and be dated December
1, 1998. The first interest payment on the Bonds will be August 1, 1999, and
semiannually thereafter on February 1 and August 1. Principal on the Bonds will
be due on February 1 in the years 2000 through 2004.
The Bonds will not be subject to call for redemption prior to final maturity.
PUBLIC PROJECT ReVENUE BONDS
The $6,950,000 Public Project Revenue Bonds, Series 1998 are being issued to
finance the construction and equipping of the Community Center. The Bonds are
issued under the authority of Minnesota Statutes, Chapters 469 and 475. The
proposed finance plan consists of the following sources and uses of funds:
SOURCES OF FUNDS USES OF FUNDS
Par Amount of Bonds $6,950,000 Total Project Costs $9,569,170
National Guard Contribution 1,500,000 Costs of Issuance 50,000
City Funds 1,124.000 Discount 104,200
Investment of Proceeds 150,000 Capitalized Interest 0
Roundina 630
Total Sources $9 724 000 Total Sources $9 724 000
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Bond Sale Report - 1998 Bonds
Security, Structure and Repayment
The Revenue Bonds are issued by the Housing and Redevelopment Authority
under the authority of Minnesota Statutes, Chapter 469. Revenues to pay debt
service comes from a lease purchase agreement between the HRA and the City
pursuant to Minnesota Statutes, Section 465.71. Lease payments made by the
City will be sufficient to pay all principal and interest on the Revenue Bonds
when due.
The Revenue Bonds are not general obligations of the City and not backed by its
full faith, credit and unlimited taxing powers to repayment. Under State Law, the
City must annually appropriate funds for the lease payment. Revenue t6 pay debt
service will come from a combination of general property taxes, net revenues of
the Liquor Fund, and other revenues legally available for this purpose. The initial
levy of property taxes will occur in 1998 for taxes payable in 1999. The Revenue
Bonds have been structured around the existing debt and will produce relatively
level annual debt service payments.
The City will receive bids for the construction of the Community Center on
October 29. The analysis of the Revenue Bonds will be reviewed based on actual
bid amounts. The City Council will have the capacity to alter the size of the issue
and/or the maturity schedule prior to the sale.
The terms and conditions of the Bonds are described in Attachment 5. The
preliminary debt service analysis appears in Attachment 6.
The Bonds will be offered for sale on November 9, 1998 and be dated December
1, 1998. The first interest payment on the Bonds will be August 1, 1999, and
semiannually thereafter on February 1 and August 1. Principal on the Bonds will
be due on February 1 in the years 2000 through 2019.
The Bonds will be subject to call for redemption prior to final maturity on
February 1,2009 and on any date thereafter.
CONSIDERATIONS FOR ALL ISSUES
Bank Qualified Bonds
The City will not issue more than $10,000,000 in tax-exempt bonds in 1998 (only
$15,000 of the Refunding Bonds counts against this limit). The City will
designate the Series 1998A Bonds and the Series 1998B Bonds as qualified tax-
exempt obligations pursuant to Section 265 of the Internal Revenue Code of 1986.
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Bond Sale Report" 1998 Bonds
Arbitrage Rebate
The issues will not qualify for the small issuer exemption from arbitrage rebate.
The Improvement Bonds may avoid arbitrage rebate by spending the bond
proceeds within the following time limits:
Months from date of bonds
% of proceeds spent
6
12
18
24
10%
45%
75%
100%
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Global Book Entry
The Bonds will be global book entry. As "paper less" bonds, you will avoid the
costs of bond printing and annual registrar charges. The Paying Agent will
invoice you for the interest semi-annually and on an annual basis for the principal
coming due. You will be charged only for paying agent/transfer agent services
provided by the bank.
Rating
Moody's Investors Service will be asked to rate this issue. The City currently has
an "A3" rating on its outstanding general obligation bonds. Typically, Moody's
rates HRA lease revenue bonds one level below the current G.O. rating. In its
most recent review of the City, Moody's identified the amount of direct and
overlapping debt as an area of concern. We will work with City Staff to address
all rating agency concerns and to achieve the best possible rating.
Continuing Disclosure
Regulations of the Securities and Exchange Commission on the continuing
disclosure of municipal securities apply to long-term securities with an aggregate
principal amount of $1,000,000 or more.
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Since the aggregate amount of each of the issues for the Improvement Bonds and
the Revenue Bonds is over $1,000,000 and the City has more than $10,000,000 in
total municipal obligations outstanding, you will be obligated to comply with Full
Continuing Disclosure requirements for each issue as required by paragraph (b)(5)
of Rule 15c2-12 promulgated by the Securities and Exchange Commission under
the Securities Exchange Act of 1934. You will be required to provide certain
financial information and operating data relating to the City annually and to
provide notices of the occurrence of certain material events. The specific nature
of the Undertaking, as well as the information to be contained in the notices of
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Bond Sale Report - /998 Bonds
material events will be set forth in the Continuing Disclosure Certificate that you
will enter into at the time of closing for each issue.
You are responsible for reporting any of the material' events listed below and in
the Undertaking.
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
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12.
13.
Principal and interest payment delinquencies;
Non-payment related defaults;
Unscheduled draws on debt service reserves reflecting financial
difficulties;
Unscheduled draws on credit enhancements reflecting financial
difficulties;
Substitution of credit of liquidity providers, or their failure to perform;
Adverse tax opinions or events affecting the tax-exempt status of the
securities;
Modification to rights of holders of the Securities;
Securities calls;
Defeasances;
Release, substitution or sale of property securing repayment of the
Securities;
Rating changes;
Failure to provide annual financial information as required; and
Other material events.
MARKET CONDITIONS
Current interest rates
provide an excellent
environment for issuing the
Bonds. During the first
week in October, the Bond
Buyer's 20-Year G.O. Index
(BBD fell to 4.82%, the
lowest point in almost 30
years. This event continues
a general downward rate
trend from 1997. The graph
on the right shows the
trends in the BBI since
1990.
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8.00%
Bond Buyer's Index
20-Year G.O. Bonds
7.50%
7.00%
6.50%
6.00"k
5.50%
5.00%
4.50%
1990
1992
1994
1998
1998
1991
1993
1995
1997
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Bond Sale Report - 1998 Bonds
ISSUING PROCESS
Following is a tentative schedule for the steps in the issuing process.
October 12, 1998
City Council adopts resolution calling for the
sale of the Improvement Bonds and Refunding
Bonds and requests that the HRA issue the
Revenue Bonds.
October 14
HRA adopts resolution calling for the sale of
the Revenue bonds.
Week of October 26
Distribute Official Statement
Receive construction bids on Community
Center
Week of November 2
Receive bond rating
Council action on construction bids
November 9
Bond sale
(Regular Council meeting/Special HRA
meeting)
Bond closing (estimated)
December 8
N:IMINNSOT A IMONTICEL\98_BONDSIPRE_SALE. WPD
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Resolution No.
.
Council Member
introduced the foIJowing resolution and moved its adoption:
Resolution Providing for the Sale of
$3,000,000 General Obligation Improvement Bonds, Series 1998A
$515,000 General Obligation Water System Bonds, Series 1998B
$6,950,000 Public Project Revenue Bonds, Series 1998
WHEREAS, the City Council of the City of Monticello, Minnesota, has determined that it is
necessary and desirable to issue the City's $3,000,000 General Obligation Improvement Bonds, Series
1998A to finance City costs associated with public improvement projects; and
WHEREAS, the City Council has determined that it is necessary and desirable to issue the City's
$515,000 General Obligation Water System Refunding Bonds, Series 1998B to refinance the $1,100,000
General Obligation Water System Bonds, Series 1988B; and
WHEREAS, the City Council has determined that it is necessary and desirable to issue the
$6,950,000 Public Project Revenue Bonds, Series 1998 of the Monticello Housing and Redevelopment
Authority (the "HRA") and to enter into a lease purchase agreement with the HRA to provide funding for
the construction and equipping of the Community Center project (collectively all issues referred to as "the
Bonds"); and
WHEREAS, the City has retained Ehlers & Associates, Inc., in Roseville, Minnesota ("Ehlers"), as
its independent financial advisor for the Bonds and is therefore authorized to solicit proposals in
. accordance with Minnesota Statutes, Section 475.60, Subdivision 2(9);
NOW, THEREFORE, BE IT RESOLVED by the City Council of City of Monticello, Minnesota,
as follows:
1. Authorization: Findinl!s. The City Council hereby authorizes Ehlers to solicit proposals for the
sale of the Bonds.
2. HRA Action. The City Council hereby requests that the Board of Commissioners of the HRA
adopt a resolution calling for the sale of the $6,950,000 Public Project Revenue Bonds, Series
1998 pursuant to the Terms of Proposal as described in the Bond Sale Report dated October 12,
1998.
3. Meetinl!: Proposal Opening. The City Council shall meet at the time and place specified in the
Terms of Proposal for the purpose of considering sealed proposals for, and awarding the sale of the
Bonds. The City Clerk, or designee, shall open proposals at the time and place specified in such
Terms of Proposal.
4. Terms of Provosal. The terms and conditions of the Bonds and the sale thereof are fully set forth
in the Terms of Proposal as described in the Bond Sale Report dated October 12, 1998.
5.
Official Statement. In connection with said sale, the officers or employees of the City are hereby
authorized to cooperate with Ehlers and participate in the preparation of an official statement for
the Bonds and to execute and deliver it on behalf of the City upon its completion.
.
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The motion for the adoption of the foregoing resolution was duly seconded by Council Member
and, after full discussion thereof and upon a vote being taken thereon, the
following Council Members voted in favor thereof:
and the following voted against the same:
Whereupon said resolution was declared duly passed and adopted.
Dated this 12th day of October, 1998.
City Clerk
(SEAL)
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Resolution No.
Board Member
introduced the following resolution and moved its adoption:
Resolution Providing for the Sale of
$6,950,000 Public Projcct Revenue Bonds, Serics 1998
WHEREAS, the City Council of the City of Monticello, Minnesota, has requested that the
Monticello Housing and Redevelopment Authority (the "HRA") issue $6,950,000 Public Project Revenue
Bonds, Series 1998 (the "Bonds") to provide funding for the construction and equipping of the Community
Center project; and
WHEREAS, the City Council has determined that it is necessary and desirable to enter into a lease
purchase agreement with the HRA to provide funds sufficient to pay principal and interest on the Bonds;
and
WHEREAS, the Board of Commissioners of the HRA has determined that it is necessary and
desirable to issue the Bonds;
NOW, THEREFORE, BE IT RESOLVED by the Board of Commissioners of the HRA, as
follows:
1. Authorization: Findings. The Board of Commissioners hereby authorizes Ehlers & Associates,
Inc. to solicit proposals for the sale of the Bonds.
2.
Meeting: ProDosal Opening. The Board of Commissioners shall meet at a special meeting at the
time and place specified in the Temls of Proposal for the purpose of considering sealed proposals
for, and awarding the sale of the Bonds. The Secretary, or designee, shall open proposals at the
time and place specified in such TemlS of Proposal.
4. Terms of Proposal. The terms and conditions of the Bonds and the sale thereof are fully set forth
in the Terms of Proposal as described in the Bond Sale Report dated October 12, 1998.
5. Official Statement. In connection with said sale, the officers or employees of the HRA and the
City are hereby authorized to cooperate with Ehlers & Associates and participate in the preparation
of an official statement for the Bonds and to execute and deliver it on behalf of the HRA upon its
completion.
The motion for the adoption of the foregoing resolution was duly seconded by Board Member
and, after full discussion thereof and upon a vote being taken thereon, the
following Board Members voted in favor thereof:
and the following voted against the same:
Whereupon said resolution was declared duly passed and adopted.
Dated this 14th day of October, 1998.
\fA I
Secretary
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A TT ACHMENT 1
TERMS AND CONDITIONS OF ISSUE
$3,000,000 General Obligation Improvement Bonds, Series 1998A
DA TE:
October 12, 1998
ISSUER:
City of Monticello, Minnesota
BOND NAME: $3,000,000 General Obligation Improvement Bonds, Series 1998A
BOND ATTORNEY: Bruce Batterson/Dan Greensweig (Kennedy & Graven)
PURPOSE: Finance public improvement projects, induding the City share of
improvements to State Trunk Highway 25, the extension of 7th Street,
Wildwood Ridge sewer, water and pump station improvements, the
Fire Hall driveway project and the ResurrectionlMethodist Church
sewer improvement projects.
Sale Date:
November 9, 1998.
Est. Closing Date:
December 8, 1998
Proposal Opening:
11 :00 A.M., office of Ehlers & Associates, Inc.
Proposal A ward:
7:00 p.m., municipal offices.
Type of Sale:
Independent Financial Advisory Provision.
Bonds Dated:
December 1, 1998.
Maturity:
February 1, 2001 - 2010
First Interest:
August 1, 1999. Interest will be computed on the basis of a
360-day year of twelve 30-day months and will be rounded
pursuant to rules of the MSRB.
Call Feature:
Bonds will be subject to redemption prior to final maturity
on February 1, 2005 and on any date thereafter.
Minimum Proposal:
$2,961,000.
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Good Faith:
Record Date:
CUSIP Numbers:
Paying Agent:
Registration!
Book Entry Only:
Financial Advisor:
# OIS to Purchaser:
Rating Requested:
Qualified Tax-Exempt
Obligations:
Continuing Disclosure:
$60,000, payable to the Issuer (Cashiers or Certified Good
Faith Check or wire transfer of funds to Ehlers Good Faith
Escrow or financial surety bond.
Close of business on the 15th day (whether or not a
business day) of the immediat~ly preceding month.
The Issuer will assume no obligation for the assignment or
printing of CUSIP numbers on the Bonds or for the
correctness of any numbers printed thereon, but will permit
such numbers to be printed at the expense of the purchaser,
if the purchaser waives any delay in delivery occasioned
thereby.
To be named by the City.
This offering will be issued as fully registered Bonds and,
when issued, will be registered in the name of Cede & Co.,
as nominee of The Depository Trust Company, New York,
New York.
Ehlers & Associates, Inc. (Rusty FifieldlMark Ruff)
100 copies.
Requested from Moody's Investors Service
These Bonds WILL be designated as qualified tax -exempt
obligations.
Full undertaking
Full Continuous Disclosure Undertaking: The Issuer will file the Annual Financial Information
and Audited Financial Statements within 365 days after the end of their next fiscal year. The
Issuer will update the following sections of the Official Statement in their annual updates:
Current Property Valuations
Larger Taxpayers
Direct Debt
Overlapping Debt
Debt Ratios
Tax Levies & Collections
Tax Capacity Rates
"A3
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BOND SALE REPORT
City of Monticello
G.O.lmprovement Bonds, Series 1998A
ATTACHMENT 2
Year
Fiscal Ending $3,000,000 Other Tax
Year 01-Feb Princloal Rate Interest P&I Funds Assessment ~
1998 1999 0 0.00 0
1999 2000 0 3.90% 148,639.17 148,639 148,639
2000 2001 285,000 3.95% 127,405.00 412,405 236,784 175,621
2001 2002 285,000 4.00% 116,147.50 401,148 227,905 173,243
2002 2003 290,000 4.10% 104,747.50 394,748 219,025 175,722
2003 2004 295,000 4.15% 92,857.50 387,858 210,146 177,712
2004 2005 295,000 4.20% 80,615.00 375,615 201,266 174,349
2005 2006 300,000 4.30% 68,225.00 368,225 192,387 175,838
2006 2007 305,000 4.35% 55,325.00 360,325 183,508 176,817
2007 2008 310,000 4.40% 42,057.50 352,058 174,628 177 ,429
2008 2009 315,000 4.45% 28,417.50 343,418 165,749 177,669
2009 2010 320,000 4.50% 14,400.00 334,400 156,869 177,531
3,000,000 878,836.67 3,878,837 148,639 1 ,968,267 1,761,931
Dated: 12/01/98 Discount: 39,000.00
First Interest: 08/01/99 Average Coupon: 4.32286%
Bond Years: 20,330.00 NIC: 4.51469%
Average Ufe: 6.77667
. I EHLERS
&. ASSOCIATES INC
LEADERS IN PUBLIC fiNANCE i
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Ehlers & Associates, Inc.
10/08/98
ATTACHMENT 3
. TERMS AND CONDITIONS OF ISSUE
$515,000 General Obligation Water System Refunding Bonds, Series 1998B
DATE: October 12, 1998
ISSUER: City of Monticello, Minnesota
BOND NAME: $515,000 General Obligation Water System Refunding Bonds,
Series 1998B
BOND ATTORNEY: Bruce Batterson/Dan Greensweig (Kennedy & Graven)
PURPOSE: Current refunding of the $1,100,000 G.O. Water System Bonds, Series
1988B.
Sale Date: November 9,1998.
.
Est. Closing Date:
December 8, 1998
Proposal Opening:
11 :00 A.M., office of Ehlers & Associates, Inc.
Proposal A ward:
7:00 p.m., municipal offices.
Type of Sale:
Independent Financial Advisory Provision.
Bonds Dated:
December 1, 1998.
Maturity:
February 1, 2000 - 2004
First Interest:
August 1, 1999. Interest will be computed on the basis of a
360-day year of twelve 30-day months and will be rounded
pursuant to rules of the MSRB.
Call Feature:
Bonds will be subject to redemption prior to final maturity
on February 1, 2005 and on any date thereafter.
Minimum Proposal:
$509,850.
.
Good Faith:
$10,300, payable to the Issuer (Cashiers or Certified Good
Faith Check or wire transfer of funds to Ehlers Good Faith
Escrow or financial surety bond.
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Record Date:
Close of business on the 15th day (whether or not a
business day) of the immediately preceding month.
CUSIP Numbers:
The Issuer will assume no obligation for the assignment or
printing of CUSIP numbers on the Bonds or for the
correctness of any numbers printed thereon, but will permit
such !lumbers to be printed at the expense of the purchaser,
if the purchaser waives any delay in delivery occasioned
thereby.
Paying Agent:
To be named by the City.
Registration!
Book Entry Only:
This offering will be issued as fully registered BO,nds and,
when issued, will be registered in the name of Cede & Co.,
as nominee of The Depository Trust Company, New York,
New York.
Financial Advisor:
Ehlers & Associates, Inc. (Rusty FifieldlMark Ruff)
# O/S to Purchaser:
50 copies.
Rating Requested:
Requested from Moody's Investors Service
Qualified Tax~Exempt
Obligations:
These Bonds WILL be designated as qualified tax -exempt
obligations.
Continuing Disclosure:
Exempt
"..., \0
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ATTACHMENT 4
Monticello. MN
Proposed Current Refunding of $1.100.000 G.O. Water System Bonds
DEBT SERVICE COMPARISON
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i
I Date Total P+I Net New D/S 01 d Net D/S Savings
"~~_.~n.n'M'~~~~__M'__
12/08/1998
8/0111999 14.001.67 14.001.67 17.621. 25 3.619.58
2/0112000 100.501. 25 100.501. 25 102.621.25 2.120.00
I 8/0112000 8.746.25 8.746.25 14.688.75 5.942.50
I 2/0112001 108,746.25 108.746.25 109.688.75 942.50
FISCAL TOTAL
, "~'-""''''''--~"'''_____~n~
5,739.58
6.885.00
8/0112001 6,746.25 6,746.25 11.363.75 4.617.50 ,
,
2/0112002 111.746.25 111. 746.25 111.363.75 (382.50) 4.235.00
8/0112002 4.593.75 4.593.75 7,838.75 3.245.00 -
2/0112003 109.593.75 109.593.75 112.838.75 3.245.00 6.490.00
8/0112003 2.415.00 2.415.00 4.111.25 1.696.25
2/0112004 117,415.00 117.415.00 119.111.25 1,696.25 3.392.50
-- "",.n...m.._.
Total 584.505.42 584,505.42 611,247.50 26.742.08
PRESENT VALUE ANALYSIS SUMMARY (NET TO NET)
Gross PV Debt Servi ce Savi ngs. .. . .. . . .. .. . . . . .. . . . . .. . . . . .. .. . . . . . . . . . . ..
23.506.06
Net PV Cashflow Savings fil 5.124% (AIC)...................................
23.506.06
Accrued Interest Credit to Debt Service Fund.............................
NET PRESENT VALUE BENEFIT................................................
408.38
$23.914.44
NET PV BENEFIT / $500.000 REFUNDED PRINCiPAL.......................... 4.7831
NET PV BENEFIT / $515.000 REFUNDING PRINCiPAL......................... 4.6441
Ehlers & Associates. Inc.
Leaders in Public Finance
File" HONTCLO-98Cur Ref of 88- SINGLE PURPOSE
10/ 6/1998 3:11 PH
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ATTACHMENT 5
TERMS AND CONDITIONS OF ISSUE
$6,950,000 Public Project Revenue Bonds, Series 1998
DATE:
October 12, 1998
ISSUER:
Monticello (Minnesota) Housing and Redevelopment Authority
BOND NAME:
$6,950,000 Public Project Revenue Bonds, Series 1998
BOND ATTORNEY: Bruce BattersonJDan Greensweig (Kennedy & Graven)
PURPOSE: Finance construction and equipping of a community center.
Sale Date: November 9, 1998.
Est. Closing Date: December 8, 1998
Proposal Opening:
11:00 A.M., office of Ehlers & Associates, Inc.
Proposal Award:
7:00 p.m., municipal offices.
Type of Sale:
Independent Financial Advisory Provision.
Bonds Dated:
December 1, 1998.
Maturity:
February 1, 2000 - 2019
First Interest:
August 1, 1999. Interest will be computed on the basis of a
360-day year of twelve 30-day months and will be rounded
pursuant to rules of the MSRB.
Call Feature:
Bonds will be subject to redemption prior to final maturity
on February 1, 2009 and on any date thereafter.
Minimum Proposal:
$6,845,800.
Good Faith:
$139,000, payable to the Issuer (Cashiers or Certified
Good Faith Check or wire transfer of funds to Ehlers Good
Faith Escrow or financial surety bond.
Record Date:
" ~\(
Close of business on the 15th day (whether or not a
business day) of the immediately preceding month.
.
.
.
CUSIP Numbers:
Paying Agent:
Registration!
Book Entry Only:
Financial Advisor:
# O/S to Purchaser:
Rating Requested:
Qualified Tax-Exempt
Obligations:
Continuing Disclosure:
The Issuer will assume no obligation for the assignment or
printing of CUSIP numbers on the Bonds or for the
correctness of any numbers printed thereon, but will permit
such numbers to be printed at the expense of the purchaser,
if the purchaser waives any delay in delivery occasioned
thereby.
To be named by the City.
This offering will be issued as fully registered Bonds and,
when issued, will be registered in the name of Cede & Co.,
as nominee of The Depository Trust Company, New York,
New York.
Ehlers & Associates, Inc. (Rusty Fifield/Mark Ruff)
150 copies.
Requested from Moody's Investors Service
These Bonds WILL be designated as qualified tax -exempt
obligations.
Full undertaking
Full Continuous Disclosure Undertaking: The Issuer will file the Annual Financial Information
and Audited Financial Statements within 365 days after the end of their next fiscal year. The
Issuer will update the following sections of the Official Statement in their annual updates:
Current Property Valuations
Larger Taxpayers
Direct Debt
Overlapping Debt
Debt Ratios
Tax Levies & Collections
Tax Capacity Rates
N:IMINNSOT AIMONTICEL\98_BONDSIPRE_SALE. WPD
" ...\ ,
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BOND SALE REPORT
Monticello HRA ATTACHMENT 6
Public Project Revenue Bonds
Year
Fiscal Ending $6,950,000 Net Revenue Tax Property
Year ~ Principal .BAm Interest f.l.! L1auor Fund Increment Tax Levy
1999 1999 0 0.00 0
2000 2000 165,000 4.00% 389,529.58 554,530 200,000 11,250 343,280
2001 2001 230,000 4.05% 327,282.50 557,283 200,000 11 ,250 346,033
2002 2002 240,000 4.10% 317,967.50 557,968 200,000 11 ,250 346,718
2003 2003 250,000 4.20% 308,127.50 558,128 200,000 11 ,250 346,878
2004 2004 260,000 4.30% 297,627.50 557,628 200,000 11 ,250 346,378
2005 2005 270,000 4.40% 286,447.50 556,448 200,000 11,250 345,198
2006 2006 285,000 4.50% 274,567.50 559,568 200,000 11,250 348,318
2007 2007 300,000 4.60% 261,742.50 561,743 200,000 11 ,250 350,493
2008 2008 315,000 4.70% 247,942.50 562,943 200,000 11 ,250 351,693
2009 2009 330,000 4.80% 233,137.50 563,138 200,000 11 ,250 351 ,888
2010 2010 345,000 4.85% 217,297.50 562,298 200,000 11 ,250 351,048
2011 2011 360,000 4.90% 200,565.00 560,565 200,000 11,250 349,315
2012 2012 375,000 5.00% 182,925.00 557,925 200,000 11,250 346,675
2013 2013 395,000 5.00% 164,175.00 559,175 200,000 11,250 347,925
2014 2014 415,000 5.05% 144,425.00 559,425 200,000 11 ,250 348,175
2015 2015 435,000 5.05% 123,467.50 558,468 200,000 11 ,250 347,218
2016 2016 460,000 5.10% 101,500.00 561,500 200,000 11 ,250 350,250
2017 2017 480,000 5.10% 78,040.00 558,040 200,000 11,250 346,790
2018 2018 505,000 5.15% 53,560.00 558,560 200,000 11 ,250 347,310
2019 2019 535,000 5.15% 27,552.50 562,553 200,000 11 ,250 351,303
6,950,000 4,237,879.58 11,187,880 4,000,000 225,000 6,962,880
Dated: 12/01/98 Discount: 104,200.00
First Interest: 08/01/99 Average Coupon: 4.96161%
Bond Years: 85,413.33 NrC: 5.08361%
Average Life: 12.28969
. I EHLERS
l ASSOCIATES INe
lUDERlIN PUBtlC FI NUCE i
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Ehlers & Associates, fnc. 1 0/07/98
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7.
Consideration of a resDonse to the BRA offer for the prooerty located at 218 Front
Street and authorization thereafter.
A. REFERENCE AND BACKGROUND:
Enclosed is a copy of the letter mailed Deb Otten relating to the HRA motion of
September 2, 1998. The HRA offer included a purchase price of $81 ,000 with a three-
year option at a non-refundable annual fee of $1 ,000, the sum of which will not be
applied to the purchase price. The HRA may exercise the option at any time by delivery
of written notice. The purchase price to increase 4% annually at the anniversay date of
the otpion agreement. I did speak to Deb on Thursday or Friday and the HRA can
anticipate a response either prior to or submitted at the meeting.
You will recall the estimated market value for payable 1999 is $71,700. Land $18,800
and building $52,900. The HRA authorized and received a copy of the completed
appraisal in August.
It is my understanding, the property is currently being leased. At this time, the name of
the tenant is unknown to the HRA. Upon acquisition of a property, the HRA must inform
the occupant of their right to relocation benefits. If the HRA offer is accepted, the next
step is to prepare appropriate documents. It is my assumption during the three-year
option, the current owners maintain the lease agreements and maintenance of the
property.
At the November meeting, the HRA will hear a presentation from Brad Johnson relating
to the redevelopment of the North Anchor or a portion of the North Anchor.
B. ALTERNATIVE ACTION.
1. A motion authorizing Kennedy & Graven to prepare the purchase offer option
with terms as defined by the HRA in September and acceptable to the seller.
2. A motion to accept a counter-offer and authorize Kennedy & Graven to prepare
the appropriate documents.
3. A motion to table any action.
.
C.
RECOMMENDATION:
Recommendation is alternative no. 1. If the seller submits a counter-offer, the
recommendation is alternative no. 3. This allows the HRA time to consider the counter-
offer. If the offer-counter is for a buyout, the HRA must consider its source of funding
for an acquisition. A second recommendation would be to authorize the building official
to inspect the property for safe and livable conditions, this if the HRA were to purchase
for lease.
D. SUPPORTING DATA:
Copy of September 8 letter.
.
.
September 8, 1998
MONTICELLO
Mrs. Deb Otten
7183 Cahill Avenue
Monticello, MN 55362
Re: Real estate property located at 218 Front Street
Dear Deb:
.
At the HRA meeting of September 2, 1998, the commissioners reviewed the HRA appraisal for
the property located at 218 Front Street and approved the following purchase offer. The HRA' s
offer includes a purchase price in the amount of $81,000 with a three-year option at a non-
refundable annual fee of$I,OOO, the sum of which will not be applied to the purchase price. The
HRA may exercise the option at any time by delivery of written notice. The purchase price to
increase 4% annually at the anniversary date of the option agreement.
The HRA request a response of acceptance or non-acceptance to the purchase offer of September
2, 1998. If the offer is acceptable, the HRA Attorney will be authorized to prepare the
appropriate documents. Please respond to the Office of the HRA by calling 271-3208 or by mail
at P.O. Box 1147, Monticello, MN 55362. The next regular HRA meeting is October 14, 1998,
7:00 p.m.
Deb, should you have any questions, please do not hesitate to call me at 271-3208. Thank you
for consideration of this matter.
Sincerely,
HOUSING AND REDEVELOPMENT AUTHORITY
!NAND FOR THE CITY OF MONTICELLO
a ~-~~--~ ~~~~~
Ollie Koropchak
Executive Director
.
cc: HRA File
1-'\
Monticello City Hall, 250 E. Broadway, PO Box 1147, Monticello, MN 55362.9245. (612) 295~2711 . Fax: (612) 295-4404
Office of Puhlic Works, 909 Golf Cnurse Rd., Monlkdlo. MN 'i'i162 . (612) 2l)'i-1170. fax: (612) 271-1272
.
.
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8.
Consideration to reschedule the HRA reaular meetina of November 11.1998.
A. REFERENCE AND BACKGROUND:
Because the next regular HRA meeting of November 11 is Veteran's Day and law
prohibits holding of public meetings, the HRA is asked to reschedule. With the unknown
of the context ofthe November 11 agenda and the assumption the special meeting of
November 9 would not allow sufficient time to cover items, it is suggested to set a
different date for the regular meeting.
Suggested dates are Wednesday, November 4 or November 18.
B. ALTERNATIVE ACTIONS:
1. A motion to reschedule the HRA regular meeting of November 11 to
,1998.
C. RECOMMENDATION:
November 18, 1998.
.
.
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9.
Consideration of HRA Commissioners interest to attend the Minnesota NAHRO
Conference.
A. REFERENCE AND BACKGROUND:
Previously the HRA commissioners received a copy of the NAHRO Conference agenda.
The conference is scheduled for November 12,8:00 a.m. to 5:00 p.m. at the Radisson
South. If you are interested in attending, please advise so reservation can be made
accordingly. Koropchak was directed to check on a possible credit for a registration not
attended in 1997. The only payment to NAHRO in 1997 was for Koropchak attendance
at the fall conference.
I did receive a copy of the ALHF A (Association of Local Housing Finance Agencies)
Conference and its agenda scheduled for November 19-21 at the Minneapolis Hilton and
Towers. The brochure is available upon request.
Please advise of your interest to attend the November 12 conference.
.
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10.
Consideration to authorize payment of monthly HRA bills.
Sue, Finance Department, is checking on the over-payment as noted by Ehlers. It is
recommended to authorize payment of the Kennedy & Graven and Griefnow Sheet Metal
bills only.
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q~ g/uud Meld.
Bruce Wachter, Proprietor
P. O. Box 261, Monticello, MN 55362
Phone (612) 295-2510
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TOTAL
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MC100-01
GENERAL
Monticello HRA
PO Box 1147
Monticello MN 55362-9245
September 14, 1998
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Hours Amount
0.25 26.25
0.25 $26.25
$1,301.25
($682.50)
($146.25)
($472.50)
($26.25)
($1,327.50)
$0.00
8/18/98 MTR Amortization for Ollie
.
Total Due This Month:
Previous Balance:
8/21/98- Payment - thank you
9/3/98- Payment - thank you
9/3/98- Payment - thank you
9/11/98- Credit
Total payments
Total Balance Due:
PLEASE KEEP WHITE COPY FOR YOUR FILE AND REMIT PINK COpy WITH PA YMENT TO:
.
EHLERS
& ASSOCIATES INC
\\~~
3060 Centre Pointe Drive
Rosevil/e, MN 55113-1105
651.697.8500
.
.
MC100-27
8/11/98 RC
RC
8/12/98 MTR
8/13/98 RC
8/14/98 RC
8/19/98 RC
8/20/98 RC
RC
8/24/98 RC
RC
MTR
8/27/98 RC
Monticello HRA
PO Box 1147
Monticello MN 55362-9245
September 14, 1998
TIF District No. 25 ~ ~
Drafting - Schedule and distribution list and fiscal implications
Draft plans
Work on plan for District 24 1 t~ - ? 4 - S1 \:>~
Drafting - City Council resolution and district overview
Mail fiscal implications
Edit plans per atty's comments
Edit plan and resolution
Drafting - Resolution calling for a public hearing
Drafting -Planning commission, city council and HRA resolutions,
public hearing notice and district overview
Drafting -Modification to the redevelopment program
Discussions on senior housing '"""\~~ \- ':1-,-\ - So"\ - ~
Edit and finalize documents
Hours Amount
2.00 210.00
1.50 157.50
0.50 ~,
1.00 '105:00
1.00 105.00
1.00 105.00
1.00 105.00
0.50 52.50
2.00 210.00
1.00 ~
0.50
0.50 52.50
12.50 $1,312.50
($630.00)
$682.50
9/11/98- Credit
Total Due This Month:
Total Balance Due:
.
PLEASE KEEP WHITE COpy FOR YOUR FILE AND REMIT PINK COpy WITH PA YMENT TO:
.
EHLERS
& ASSOCIATES INC
\\):3
3060 Centre Pointe Drive
Roseville, MN 55113-1105
651.697.8500
.
.
KENNEDY & GRAVEN
Chartered
200 South Sixth Street, Suite 470
Minneapolis, MN 55402
(612) 337-9300
CLIENT SUMMARY September 4,1998
City of Monticello
Ollie Koropchak
City Hall
P.O. Box 1147
Monticello, MN 55362-9245
Through August 31, 1998
1-'iN 190-00041: Redevelopment - General
MN190-00064: Economic Development- TIF Midwest Graphics
MNI90-00066: Community Center Financing
MNI90-00073: St. Ben's Housing Development
MN 190-00075: Community Center Litigation
MNI90-00076: TIF 1-25 (B&B Metal Stamping)
Services Rendered:
Disbursements:
Balance Due:
I.WO. ur.der penalty of law
t ;; account, claIm or dlimand
is just a an
of it has
SiQnaturll of Claimant
$ 40.20
$ 201.10
$ 1,558.50
$ 1,201.00
$ 422.10
$ 904.24
$ 4,222.00
$ 105.14
$ 4,327.14
1\~~
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.
.
.
KENNEDY & GRAVEN
Chartered
200 South Sixth Street, Suite 470
Minneapolis, MN 55402
(612) 337-9300
September 4, 1998 ~
\\to-
City of Monticello
Ollie Koropchak
City Hall
P.O. Box 1147
Monticello, MN 55362-9245
MN 190-00041: Redevelopment - General
Invoice # 25711
Through August 31, 1998
For All Legal Services As Follows:
08/17/98 SJB Phone call with 0 Koropchak re IDC issues
Total Services:
Total Services And Disbursements:
0.30
$
40.20
40.20
$
40.20
./
\\\~
.
.
.
KENNEDY & GRAVEN
Chartered
200 South Sixth Street, Suite 470
Minneapolis, MN 55402
(612) 337.9300
September 4, 1998
City of Monticello
Ollie Koropchak
City Hall
P.O. Box 1147
Monticello, MN 55362-9245
fj r(~
L\'{
~
\. \.
~\ ,e.-
MNI90-00064: Economic Development- TIF Midwest Graphics --
Invoice # 18460
Through August 31, 1998
For All Legal Services As Follows:
08/06/98 DJG Draft subordination agreement
08/07/98 DJG Draft subordination agreement
08/13/98 DJG Review changes to subordination agreement
Total Services:
For All Disbursements As Follows:
08/13/98
Photocopies
Total Disbursements:
Total Services And Disbursements:
0.80
0.80
0.30
$
84.00
84.00
31.50
199.50
$
1.60
1.60
$
201.10
\'() ~~
.
.
.
KENNEDY & GRAVEN
Chartered
200 South Sixth Street, Suite 470
Minneapolis, MN 55402
(612) 337.9300
September 4, 1998
City of Monticello
Ollie Koropchak
City Hall
P.O. Box 1147
Monticello, MN 55362-9245
MN190-00066: Community Center Financing
Invoice # 25712
Through August 31, 1998
For All Legal Services As Follows:
08/05/98 DJG
08/19/98 DJG
08/24/98 DJG
08/26/98 DJG
08/28/98 DJG
~vo
,,'>- (~ ~ ~
'\ . c..,CJQ/
Prepare for and attend HRA meeting
Revise development agreement; draft cover letter;
phone call with J O'Neill re same
Prepare for and attend city council meeting
Revise development contract
Revise contract accordingly; meeting with B
Johnson and T Palmer re contract
Total Services:
For All Disbursements As Follows:
08/05/98
08/05/98
08/19/98
08/20/98
08/28/98
Photocopies
Fax
Photocopies
Postage
Photocopies
Total Disbursements:
Total Services And Disbursements:
5.30 556.50
1.90 199.50
2.30 241.50
1.40 147.00
3.80 399.00
$ 1,543.50
$
0.00
0.00
0.00
15.00
0.00
15.00
$
1,558.50
\,,\
.
KENNEDY & GRAVEN
Chartered
200 South Sixth Street, Suite 470
Minneapolis, MN 55402
(612) 337-9300
September 4, 1998
c::< \ /
L\~
City of Monticello
Ollie Koropchak
City Hall
P.O. Box 1147
Monticello, MN 55362-9245
MN190-00073: St. Ben's Housing Development
Invoice # 25713
Through August 31, 1998
For All Legal Services As Follows:
08/14/98 8JB
08/1 7/98 8m
08/18/98 sm
. 08/20/98 SJB
08/21/98 8m
08/24/98 SJB
08/25/98 8m
08/26/98 sm
Review resolution; phone call with A Black re
terms
Review TIF Plan; draft but for; phone call with 0
Koropchak re same
Phone call with 0 Koropchak re deal; phone call
with A Black re same
Phone call with 0 Koropchak re terms of deal
Review final TIF Plan
Phone call with A Black re qualification and costs;
phone call with 0 Koropchak re same; draft
contract
Phone call with A Black; work on contract
Finalize contract and low income agreement; phone
call with J Hiatt re same
Total Services:
For All Disbursements As Follows:
08/14/98
08/26/98
.
Fax
Photocopies
Total Disbursements:
Total Services And Disbursements:
'j-'\
0.50 67.00
1.50 201.00
0.50 67.00
0.25 33.50
0.30 40.20
3.00 402.00
1.00 134.00
1.50 201.00
$ 1,145.70
$
2.50
52.80
55.30
$
1,201.00
\\)i
.
.
.
KENNED~a~e~RAVEN ~. \
200 South Sixth Street, Suite 470 ~~ ,---CY
Minneapolis, MN 55402 r ~
(612) 337-9300 ~'V
September 4, 1998 G~
City of Monticello
Ollie Koropchak
City Hall
P.O. Box 1147
Monticello, MN 55362-9245
MN 190-00075: Community Center Litigation
Invoice # 25714
Through August 31, 1998
For All Legal Services As Follows:
08/04/98 SJB Phone call with 0 Koropchak re Swanson issue; 0.75
intraoffice conference with D Greensweig re same;
review data request
08/04/98 DJG Review request for documents by Hessian; 1.90
Intraoffice conference with S Bubul re same; phone
call with D Dalen re same; research and send
materials re same
08/05/98 SJB Phone call with D Dalen; phone call with J Choi re 0.50
litigation
100.50
254.60
67.00
Total Services:
$
422.10
Total Services And Disbursements:
$
422.10
\\) J\
.
.
.
KENNEDY & GRAVEN
Chartered
200 South Sixth Street, Suite 470
Minneapolis, MN 55402
(612) 337-9300
September 4, 1998
/
~f;
City of Monticello
Ollie Koropchak
City Hall
P.O. Box 1147
Monticello, MN 55362-9245
MN190-00076: nF 1-25 (B&B Metal Stamping)
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~
Invoice # 25715
Through August 31, 1998
For All Legal Services As Follows:
08/1 0/98 SJB Phone call with B Barger; phone call with 0
Koropchak re Barger issues
08/24/98 SJB Phone call with 0 Koropchak re contract; review
TIF documents
08/26/98 SJB Draft contract
08/27/98 SJB Dr~ft contract; phone call with 0 Koropchak;
reVIse same
Total Services:
For All Disbursements As Follows:
08/17/98
08/27/98
08/27/98
Fax
Photocopies
Postage
Total Disbursements:
Total Services And Disbursements:
'17
I"
~
0.50
1.00
2.50
2.50
67.00
134.00
335.00
335.00
$
871.00
$
17.50
12.80
2.94
33.24
$
904.24
\bA\
.
.
KENNEDY & GRA YEN
Chartered
200 South Sixth Street, Suite 470
Minneapolis, MN 55402
(612) 337.9300
CLIENT SUMMARY September 4,1998
Monticello HRA
City Hall
P.O. Box 1147
Monticello, MN 55362
Through August 31, 1998
MNI95-00005: Sale of 3 Walnut Street
Services Rendered:
Disbursements:
Balance Due:
j j. ";','((../V , <<J:::II.\' oJ Mt?
;t".,):. , :"" ',"Mr. u. .,""1"'<'1"1"-
'~,"":;I ' , "P"p..;!', ~i fJ.J.......
J' :. h 0., ".1<1, L/ I a ,1
---- '.. ._C:l~
<,"V
,)!... '
'\~~~
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$
$
$
614.00
612.50
1.50
$
614.00
,\\ .A\
.
KENNEDY & GRAVEN
Chartered
200 South Sixth Street, SuIte 470
Minneapolis, MN 55402
(612) 337-9300
'September 4, 1998
"\~
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c'?
Q
f)-t;;Y
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Monticello HRA
City Hall
P.O. Box 1147
Monticello, MN 55362 ___
--_...---
"'7
MNI95-00005:
Invoice # 19515
Through August 31, 1998
For All Legal Services As Follows:
08/05/98 CHT Review closing documents; review 1998 legislation 1.20 166.80
re trusts; review title standards; fax to 0 Koropchak
08/14/98 CHT Phone call with 0 Koropchak re title matters; 0.40 55.60
review title standards; call Holder office
08/17/98 CHT Phone call with T Holker re deeds; voice mail 0.30 41.70
message to 0 Koropchak
. 08/18/98 CHT Review fax from 0 Koropchak; phone call with 0 0.40 55.60
Koropchak
08/18/98 SJB Phone call with 0 Koropchak re lease; research 0.50 67.00
public hearing question
08/20/98 GBD Review lease and change terms to month to month; 1.50 97.50
search for samples
08/20/98 CHT Phone call 0 Koropchak re purchase agreement 0.20 27.80
08/20/98 SJB Phone call with Ollie Koropchak; conference call 0.75 100.50
with G Davis; review lease
Total Services: $ 612.50
For All Disbursements As Follows:
08/05/98 Fax 0.50
08/21/98 Photocopies 1.00
Total Disbursements: $ 1.50
Total Services And Disbursements:
$
614.00
.
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.
.
.
HRA Agenda - 10/14/98
11.
Consideration of Executive Director's report.
a) North Anchor and West Bridge Park Proposal - Enclosed is a copy of a letter
received from Brad Johnson, Lotus Realty Services.
b) 225 Front Street and 313 West River Street - copies of letter to properties owners
as directed by the HRA. I did bring the Council up-to-date on the action taken by
the HRA relating to the 225 Front Street property. The Council offered a right of
first refusal for $500. I'm unclear ifthe $500 was intended as an annual fee or the
length ofthe offer. No response from the Carlson's attorney at this time.
c) Marketing Plan - Copy of letter requesting matching funds from NSP for
brochure.
d) 9 Linn Street - The property owner, Borgeson, contacted the HRA office of its
interest to sell to the HRA. Because the property lies in Block 56, two blocks
west ofthe designated North Anchor, Block 54, I thanked him and informed him
that the HRA was concentrating on Block 54 at this time.
e)
1999 City Budget - Of the HRA request for budget year 1999, the items in the
budget at this time are as follows: $75,000 request for industrial reserve fund
reduced to $50,000 and marketing plan request of $35,000. Not in the budget,
$35,000 for downtown redevelopment and $5,000 for housing stock inventory.
Not an HRA request but the $200,000 matching fund for a scattered housing
program was deleted.
d) Skipper Pool & Spa - I have not checked to see if Skipper has vacated the HRA
lot on West Broadway. The HRA granted use ofthe property for a display
through August 31, 1998.
e) Subject to the MCP receiving funding for a proposal for development of a
community identity and marketing strategies, the letter of endorsement from the
HRA will be prepared and submitted.
f) 225 West River Street - Demolition of the Hawkin's house must be completed by
October 23.
g)
3 Walnut Street - The new furnace was installed and the carpets cleaned. I
showed the house to Truda Boler and they decided against renting the house. I
contacted Barbara Schlief, the second party, who submitted an application to
lease. I have not heard from her. I'll try again, otherwise, I'll proceed to a third
party of interest. The Public Works Department was requested to do the fix-up as
reported by the Building Department.
.
.
.
ct-12-98 Ol:20P Lotus Rsalty
P.Ol
LarDS
REA tTY SERVICES
October J 2, 1998
TO: Monticello Parks & Cummission
ATTN.:
Lany Nolan. Chairperson
VIA FAX: 295-4404
cc: Steve Andrews,IIRA Riek Woltslellcr~City Administrator
Barb Esse. MCP Jeff O'Neill. A::;si~t. Administrator
Bob Grabinski. Chamber ofConunerce Ollie Koropchak., Economic
Wanda Kraemer. Administrative Assist. Development
Mayor Bill Fair
VIA FAX: 295-4404
Greg Engle
VIA FAX: 295.3272
FROM:
Lotus Realty Services
SUBJECT: West Bridge Park Area Proposal
Lotus Realty Services has continued to work on the feasibility of a restaurant, hotel,
apartments, and po~~ibly additional retail on or near the West Bridge Pllrk Area. r am
sorry to say our proposal to the Black Woods Restaurant has met strong competition from
other sites and signs of no interest at this time.
We continue to search for a restaurant and believe the over nil concept ofmixed use for
the West Bridge Park Area is a good one. During the week ofOclobcr 261 will visit the
sile along with an architect to prcpare a morc detailed concept phm than I've shown you
at your previous meeting.
I would like to request the conunission continue to delay implementation of a plan until
your next meeting when we will present our ideas.
,
tienee_
Sincerely,
~f
Bradley C. Johnson
\y\
561 WEST 78TH STREET. P.O. BOX 235 . CHANHASSI!N. MINNESOTA 55317. (612) 934-4538 . FAX (612) 934-547:i!
.
.
September 8, 1998
--
MONTICELLO
John T. Peterson
Attorney at Law
Johnson, Larson, & Peterson
908 Commercial Drive
Buffalo, MN 55313
Re: Richard and Marion Carlson Property/Purchase Agreement
Dear Mr. Peterson:
This is a notification of the action taken by the Monticello Housing and Redevelopment Authority
on September 2~ 1998, relating to the consideration of accepting the counter-offer of July 24,
1998, for purchase of the property located at 225 Front Street.
The commissioners unanimously approved a motion to not proceed with the purchase of the
property located at 225 Front Street. Upon review of the cash flow balance of the HRA
combined with the HRA having no special or immediate program for the parcel and determining
the counter-offer price unacceptable for property with a limited amount of buildable land, the
above motion was made and approved.
The HRA would like to thank you and your client for consideration of this matter. Should you
have any questions, please contact me at 271-3208.
Sincerely,
HOUSING AND REDEVELOPMENT AUTHORITY
IN AND FOR THE CITY OF MONTICELLO
~{))L~.__--, '</)1 IJ \'j \J~J-~_~_
'..~.......J ~ :-...
'"
Ollie Koropchak
Executive Director
cc:
HRA File
\"r
Monticellu City Hall, 250 E. Broadway, PO Box 1147, Monticellu, MN 55362-9245. (612) 295-2711 · Fax: (612) 29:~-4404
Office of Public Works, 909 Golf Course Rd., Monticello, MN 55362 · (612) 295-3170 . Fax: (612) 271-3272
September 9, 1998
--
MONTICELLO
Mr. Derick Snell
313 West River Street
Monticello, MN 55362
Re: 313 West River Street
Dear Mr. Snell:
At the HRA meeting of September 2, 1998, the commissioners considered your request of interest
to sell the property located at 313 West River Street to the HRA. Since the HRA's current
redevelopment focus is not Block 55, a motion of no interest to purchase the said property at this
time was approved unanimously.
.
The HRA would like to express their appreciation and "thank you" for your consideration to
contact the Office of the HRA prior to placing the property on the open market. Again, many
thanks for your consideration.
With warm regards,
HOUSING AND REDEVELOPMENT AUTHORITY
IN AND FOR THE CITY OF MONTICELLO
O~ \<:(f\,~~
Ollie Koropchak
Executive Director
cc:
HRA File
.
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_'~"~'~,~~m~'..~.,... ."..~,".,.,. "" ,_'. '_,. "",",.r"', "".." ". ""~_,"'" _....'.'.__~,_,.~.___~~~__._'_
Monticello City Hall, 250 E. Broadway, PO Box 1147, Monticcllu, MN 55362-9245. (612) 295-2711 . Fax: (612)295-4404
Office of Public Works, 909 Golf Course Rd.. Monticello, MN 55362 · (612) 295-3170. Fax: (612) 271-3272
~
. ,
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September 15, 1998
--
MONTICELLO
Mr. Ken Stabler
Manager of Economic Development
Northem States Power Company
512 Nicollet Mall
Minneapolis, MN 55402
Re: Industrial Development P811nership
Dear Ken:
.
A Marketing Subcommittee made up of members ofthe Monticello Industrial Development Committee and the
Housing and Redevelopment Authority have prepared a Marketing Plan for the City of Monticello. The focus of the
Plan is "industrial development opportunities" in Monticello. Phase I of the Plan includes the design and production of
a new marketing brochure and defines the target market for development of an industrial prospect list. The Plan also
includes development of a web site and implementation of a public relations c81npaign including publication ofjoumal
and newsletter articles, ground breaking reccptions, opcn house and tours, city promotional cvents, and more. Phase II
includes participation at industrial trade shows and placement of a billboard along 1-94. The Plan defines a time line
and budget and assigned tasks for implementation.
NSP and the City of Monticello have had a long, positive relationship and throughout the years we have collaboratcd on
various projects. The Marketing Subcommittee would like to partner with NSP on this particular project as well. It is
our belief that the Marketing Plan hclps spur growth which is both positive f()r the city and NSP. Specifically, the
subcommittee is asking that N SP share the cost of the production and publication of the industrial development
brochure. After going through a RFP process and interviews, the design fmn of Lecy Design has been identitied as best
able to meet the objectives of the subcommittee. The bid for design and production from Lecy Design is $16,000. The
Marketing Subcommittee is asking NSP for a 50% match to help defray the costs.
We believe that Monticello is well positioned to deliver competitive industrial sites and services. As our marketing
efforts bear fmit, the investment made by NSP will be relumed many tinles over.
For additional infonnation relating to the request, please do not hesitate to call me at 612- 271-3208. Thank you lor
consideration to partner with the City of Montieello.
With wann regards,
CITY OF MONTICELLO (1
a ~ ~ ci'\ G~U ,,3-.._
Ollie Koropchak
Economic Development Director
.
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File
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--,-,--~,~-_... ""..,'.". ,.'"..~.,.. "'.--,._~-"'-" ... ... ----... -....., ..... -.." ---..
Monticello City Hall, 250 E. Broadway, P6-B~;)i47~M~;;;ti'~llo, MN 55362-9245 . (612) 295-2711 · Fax: (6] 2)~i954404
OFfice of Public Works, 909 GolF Course Rd.. Monticello, MN 55302 · (612)295-3170 · Fax: (612) 271-3272