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EDA Agenda 07-12-2017 AGENDA REGULAR MEETING - ECONOMIC DEVELOPMENT AUTHORITY (EDA) Wednesday, July 12th, 2017 – 6:00 p.m. Mississippi Room, Monticello Community Center Commissioners: President Bill Demeules, Vice President Bill Tapper, Treasurer Steve Johnson, Tracy Hinz, Jon Morphew and Councilmembers Jim Davidson and Lloyd Hilgart Staff: Executive Director Jim Thares, Jeff O’Neill, Angela Schumann, Wayne Oberg and Jacob Thunander 1. Call to Order 2. Roll Call 3. Consideration of additional agenda items 4. Consent Agenda a. Consideration of approving Workshop Mtg. Minutes – June 14th, 2017 b. Consideration of approving Regular Mtg. Minutes – June 14th, 2017 c. Consideration of approving Special Mtg. Minutes – June 21st, 2017 d. Consideration of approving payment to Cuningham Group e. Consideration of approving payment of bills Regular Agenda 5. Consideration of Amendment to GMEF Loan Guidelines 6. Consideration of GMEF Loan to Rustech Micro Brewery 7. Consideration of Purchase Agreement for vacant parcel located at 220 West Broadway 8. Consideration of 2018 Ad Valorem Tax Levy target discussion 9. Director’s Report 10. Adjourn 1 MINUTES REGULAR MEETING - ECONOMIC DEVELOPMENT AUTHORITY (EDA) Wednesday, June 14th, 2017 – 6:00 p.m. Mississippi Room, Monticello Community Center Present: Bill Demeules, Jon Morphew, Jim Davidson, Lloyd Hilgart Absent: Bill Tapper, Steve Johnson, Tracy Hinz Staff Present: Jim Thares, Angela Schumann 1. Call to Order Bill Demueles called the regular meeting of the EDA to order at 6:00 p.m. 2. Roll Call 3. Consideration of additional agenda items Jim Thares requested the addition of the Shred-N-Go site regarding a proposed financing concept. 4. Consent Agenda JIM DAVIDSON MOVED TO APPROVE THE CONSENT AGENDA. JON MORPHEW SECONDED THE MOTION. MOTION CARRIED, 4-0. a. Consideration of approving Regular Meeting Minutes – May 10th, 2017 Recommendation: Approved the Regular Meeting Minutes – May 10th, 2017. b. Consideration of approving Special Workshop Meeting Minutes – May 31st, 2017 Recommendation: Approved the Special Workshop Meeting Minutes – May 31st, 2017. c. Consideration of approving payment of bills Recommendation: Approve the payment of bills through May, 2017. Regular Agenda 5. Consideration of Adopting 2017 Housing Study Jim Thares stated a workshop meeting was held prior to the meeting to discuss the housing study. Jon Morphew asked what the impact would be to accepting the study. Bill Demueles stated that the EDA would approve the general concept of the plan and would not bind anyone to anything particular. JIM DAVIDSON MOVED TO APPROVE THE 2017 HOUSING STUDY. JON MORPHEW SECONDED THE MOTION. MOTION CARRIED, 4-0. 2 6. Consideration of Preliminary Comment/Feedback of Downtown Small Area Study Draft Jim Thares explained that the consultant took feedback from the joint meeting with the Planning Commission, EDA, Parks Commission, and City Council on May 31st and melded it into an updated plan. Thares requested that no action take place until a formal presentation by the consultant at the June 21st special meeting. Bill Demueles mentioned that the Planning Commission would review the plan at their July 11th meeting and the City Council would review the plan at their July 26th meeting. Jim Davidson added that as a member of the Small Area Study Steering Committee he was impressed with process and development of the overall plan. Jon Morphew stated that he was concerned with the City’s ability to implement the plan, but appreciated that the consultant broke down the goals into short, medium, and long term strategies and investments. Lloyd Hilgart commented that the plan was more realistic and appropriate than the previous plan. 7. Consideration of Appointing EDA Member to Ellison Property Evaluation Sub- Committee BILL DEMUELES MOVED TO TABLE ACTION OF APPOINTING A MEMBER OF THE EDA TO THE ELLISON PROPERTY DUE TO A LACK OF EDA MEMBERS PRESENT AT THE MEETING. LLOYD HILGART SECONDED THE MOTION. MOTION CARRIED, 4-0. 7.5. Additional Agenda Items – Shred-N-Go Jim Thares reminded the EDA that Shred-N-Go presented at the April meeting. Following that meeting, a workshop meeting occurred to discuss land pricing overall in Otter Creek Business Park and a closed meeting was held to discuss a land offer to Shred- N-Go. Shred-N-Go has since been working with their bank to put together a finance plan. The development would be about a two million dollar project. They have applied for a thirty percent loan through GMEF, however there is a requirement of ten percent owner equity. Shred-N-Go has proposed waiving the ten percent requirement. Thares mentioned a possible compromise. In addition, he stated that Shred-N-Go would like to apply for TIF assistance, which would be possible after the EDA reimburses themselves for the cost of the land. There would be an excess increment of $113,000 above the reimbursements for the land cost. Under this compromise, Thares stated that the bank loan would be fifty percent, the SBA would be forty percent, the GMEF loan would be five percent, and the owner equity would be five percent. Demueles stated that at a five percent compromise, the applicant would request a GMEF loan for $100,000. Thares stated that if the EDA wants to consider modifying the owner 3 equity guidelines for all applicants moving forward, an item would be brought forward at a future EDA meeting. Demueles questioned whether a public hearing would be required prior to voting on this proposal. Thares stated the last time the GMEF guidelines were amended, no public hearing was held. Lloyd Hilgart asked for clarification on the land offer to Shred-N-Go. Thares stated no subsidy was a part of the offer. Hilgart asked if the EDA would have to pay the five percent ahead of time. Thares declined and said that it would be set up as a “pay as you go” system and that the owner would still need to come up with the up-front costs. Jim Davidson asked if under the ten percent GMEF equity requirement, if they would still be under the “pay as you go” system. Thares confirmed. Lloyd Hilgart asked if this has been done before. Demueles declined and added that a GMEF loan has not been issued in over 10 years. Jon Morphew asked if City Attorney stated that the guidelines for the loan fund could be waived. Thares stated that she did not mention either way. Demueles commented that in 2005 the guidelines were last amended. Angela Schumann confirmed that in 2005 the EDA looked at all of the business subsidy programs and guidelines and adjusted some of the business subsidy rules so that a public hearing would not always be required. Schumann stated staff would verify with the City Attorney the reason for the change to guidelines and if approval of guidelines could occur on a case by case basis. Hilgart expressed opposition to having no money down on a loan fund request. All EDA members were in consensus. 8. Director’s Report Jim Thares stated he had a BRE meeting with Production Stamping and hoped to schedule one with Aeroplax soon. He also provided an update on current prospects including: Shred-N-Go, a DEED Prospect, and Project Novus. A loan application was expected to be received for a possible brewery and taproom. This would be an item considered at the July meeting if received in time. Thares added that the artist of the downtown artwork project – Sue Seeger has created a blog and that her progress can be seen using the link on the staff report. Thares stated that he would be attending an informational session regarding the Transportation Economic Development Infrastructure (TEDI) Program and would share the information at a future EDA meeting. A volunteer picnic would be held June 22nd from 6-7 pm at Ellison Park. Thares 4 encouraged each of the EDA members to attend. Thares also informed the EDA that businesses have contacted him to promote economic development in Monticello by having annual publications. He stated that many cities do some sort of publication and that a small budget is set aside for the EDA to complete this. Hilgart asked if there was a specific roadway or intersection that the TEDI program could fund. Schumann stated that a staff meeting would occur to discuss capital improvement projects and that a number of projects could fit the parameters for the grant program. 9. Closed Session – Consideration of recessing to closed session to develop or consider offers or counter-offers for the purchase or sale of real or personal property pursuant to Minnesota Statute 13D.05, Subdivision 3(c)(3). PID # 155010067100 & #155010036090 10. Adjourn Jim Davidson moved to adjourn the meeting at 7:00 pm. Lloyd Hilgart seconded the motion. Motion carried, 4-0. Recorder: Jacob Thunander ____ Approved: July 11, 2017 Attest: ____________________________________________ Jim Thares, Economic Development Director 1 MINUTES WORKSHOP- ECONOMIC DEVELOPMENT AUTHORITY (EDA) Wednesday, June 14, 2017 – 4:30 p.m. Academy Room, Monticello Community Center Present: Bill Demeules, Jon Morphew, Lloyd Hilgart, Jim Davidson Absent: Bill Tapper, Steve Johnson, Tracy Hinz Staff Present: Angela Schumann, Jim Thares, Jeff O’Neill, Wayne Oberg 1. Call to Order Bill Demueles called the Workshop Meeting of the EDA to order at 4:30 p.m. 2. Roll Call 3. Consideration of Review of 2017 Housing Study, Kurt Bearinger and Jim Gromberg, WSB & Associates Kurt Bearinger introduced himself and Jim Gromberg from WSB. They were the consultants that worked on the Housing Study for the past five months. Bearinger reviewed the demographics of Monticello with the EDA, noting a 9.8 percent growth from 2010-2016 and expected growth 5.9 percent growth to 2021. Hilgart asked how that number compares to other surrounding cities. Bearinger explained that Big Lake, Buffalo, Elk River, Becker, and Rogers population growth and expected population growth were explained in Table 1-B. Wayne Oberg asked how those projections were made. Bearinger stated that the projections were taken from ESRI forecasts and information taken from the City (such as building permit data). Bearinger also pointed out that the median value of owner-occupied housing in Monticello in 2016 was almost at $180,000, with most of the housing being valued from $150,000 to $200,000. It was suggested that the City focus on later stage housing options. Bearinger explained that only 19 percent of Monticello homeowners have monthly costs greater than 30 percent of their income, much lower than the County and State. However, almost half of renters paid over 30 percent of their household income in rent. It was explained that status suggests that efforts should be made to decrease rental costs. Bearinger noted that 72 percent of the units were considered single family in 2014, with a higher percentage of multi-family homes than the County. He added that cities should strive to have 65-70 percent owner occupied housing with 30-35 percent renter occupied. Monticello is very close to this comparison. Bearinger stated that six housing recommendations were created from the plan which included: converting vacant and deteriorating housing units into renter-occupied housing 2 options; maintaining low housing costs and the low percentage of residents paying more than 30 percent of their monthly household income; expanding rental housing opportunities (in addition to the Monticello Crossings location); increasing affordable rental opportunities for new residents, baby boomers, and empty nesters; increasing senior housing stock; having higher-end rental units for individuals looking to retire and downsizing their living quarters; and developing housing in the downtown area to accommodate young seniors and millennial residents. Lloyd Hilgart expressed a lack in Monticello of adequate higher-end units for higher- income individuals to retire and downsize to. Jim Gromberg noted that the recommendation should be available for renters and owners. Jim Davidson concurred. Jeff O’Neill asked what the density of projects like these would be. Gromberg indicated that they are usually 4-5 units per acre with most patio homes being in an association. Jeff O’Neill asked if views were important to people when residing in the city. Gromberg thought the setting and quality of neighborhoods was more important rather than the views. Gromberg explained the importance of a City plan for redevelopment housing options. Angela Schumann added the importance of selecting how to accomplish the goals (TIF funds, etc.), where to focus these efforts, and balancing housing options. Gromberg recommended that the City gather an inventory of all housing values in Monticello and target the lowest value homes for redevelopment potential. Wayne Oberg asked if Monticello was eligible for home improvement grants. Gromberg stated that the City is eligible for grants such as the Small Cities Development Grant which is a competitive program. Discussion continued about the importance of selecting priorities for housing development and redevelopment. Hilgart expressed interest in grants for rehabilitation rather than redevelopment. O’Neill explained a methodical vacant/dilapidated tear-down program through the City of Richfield that improved neighborhoods. Jeff O’Neill stated that the City has a GIS map of areas that have a tax value of $75,000 and $50,000 or less. He mentioned this may be a starting point for redevelopment opportunities. Gromberg strongly discouraged a program wherein the EDA begins taking residential property because of low value. Schumann asked if WSB would be able to present the study at a future Planning Commission meeting. Gromberg agreed to do so. Discussion regarding housing affordability ensued . Gromberg stated that the 30 percent of income threshold for housing needs will be increasingly difficult to achieve due to higher amounts of student loan and consumer debt obligations among young households. Schumann expressed the need for maintaining pre-1980s rental housing options. 3 4. Adjourn LLOYD HILGART MOVED TO ADJOURN THE MEETING AT 5:45 PM. JON MORPHEW SECONDED THE MOTION. MOTION CARRIED, 4-0. Recorder: Jacob Thunander ____ Approved: July 11, 2017 Attest: ____________________________________________ Jim Thares, Executive Director 1 MINUTES SPECIAL MEETING - ECONOMIC DEVELOPMENT AUTHORITY (EDA) Wednesday, June 21st, 2017 – 6:00 p.m. Mississippi Room, Monticello Community Center Present: Bill Demeules, Bill Tapper, Steve Johnson, Tracy Hinz, Jon Morphew, Jim Davidson, Lloyd Hilgart Staff Present: Jim Thares, Jeff O’Neill, Angela Schumann, Jacob Thunander 1. Call to Order Bill Demueles called the meeting of the EDA to order at 6:00 p.m. 2. Roll Call 3. Consideration of additional agenda items None. 4. Consent Agenda Not-applicable. Regular Business 5. Consideration of Adopting Downtown Small Area Study Plan Andrew Dresdner, Cuningham Group, provided a video to begin his presentation of the Small Area Study plan. The tour started with broadly explaining proposals for Pine Street, Walnut and Cedar Street, the riverfront area, and Broadway Street. Dresdner noted that three main features regarding implementation include: catalytic sites, public realm improvements, and retail vitality strategies. Dresdner then talked about specific features and answered questions that have been commonly posed. He noted that the ideas and concepts were developed from public input, developer and market context and input, existing City policies and plans, and proven town-building strategies. Dresdner explained the relationship and difference from the Embracing Downtown plan. He said that if adopted, the Small Area Study would be an update for the core downtown and would require a comprehensive plan amendment. The plan also accounts for and explains changes in the retail marketplace and in downtown markets. It also talks less about “shopping” and more about “experience”, has less reliance on large projects and large property assembly, contains more support for the traditional form of Broadway, and promotes more types of development (from a place based approach). Dresdner than ran through the goals of the plan, which included: shifting the center and holding onto Broadway as the Main Street; engaging the river; improving the Pine Street 2 experience for all; and infilling with lots of small investments, a few medium sized, and one or two large ones. Dresdner also mentioned that there have been concerns regarding traffic. He explained that the six block study focus could not solve the regional traffic problems that exists. Dresdner stated that the plan provides support for another river crossing; favors slower speeds and accepts volumes; and promotes traffic calming measures The next topic of noted concern was with parking. Dresdner noted that the Small Area Study recommends clear signage and wayfinding and a parking district policy. Dresdner also explained about plans for EDA and other public properties in the downtown including Block 34 and Block 52. Bill Demueles observed that the plan uses “Pine Street” rather than “Highway 25”. Dresdner responded that the wording was not intentional. Demueles questioned whether there would be confusion. Bill Tapper asked what the impact of Fallon Avenue overpass would be to the plan. Dresdner stated that more network is better and that more people would begin taking Fallon Avenue. Tapper also noted concerns with the quarter block strategy. Dresdner stated that that scale was used because it is human scale, provides variety, is small (changes every 150 feet), and keeps with how downtown has been developing. Thomas Leighton, Tangible Consulting, added that the plan does not prescribe that development must occur on a quarter block basis. Steve Johnson stated that the concepts were good, but he was concerned with the details micromanaging development and not allowing flexibility. He also mentioned concerns with parking in downtown. Johnson stated he talked with a developer, who noted that the plan was too restrictive and did not give enough flexibility to the market place. Johnson questioned whether economic forces or the government should lead development. Johnson also mentioned traffic congestion concerns that would not be resolved by the plan. He suggested a workshop meeting to discuss the details of implementation of the plan. Lloyd Hilgart asked if the parking strategies would relocate the current two public lots, to smaller lots. Dresdner confirmed and added on-street parking would also occur. Steve Johnson suggested that the entire downtown be included as a Planned Unit Development to achieve the goals of the plan and include the flexibility necessary for development. Angela Schumann stated that staff went into the planning study with the idea that the City and the EDA own a lot of property in the downtown. Staff is responsible for relaying the vision from the EDA to developers for what they would like to see in these areas. 3 Schumann explained that the Embracing Downtown plan wasn’t suitable to answer some of the questions today’s developers had. Jim Davidson stated that at this point, the plan would be used as a guideline. If there was a policy change, it would go through the approval process as it occurs. Schumann stated that was the process that the Embracing Downtown followed and noted that the Comprehensive Plan is a guideline for development. Tapper asked if any developers have expressed interest and if they could begin working in Monticello. Leighton stated that he talked to developers who focus on smaller communities and complete more ‘urban’ style projects and senior housing projects. Both of these developers responded positively and that they would be interested in learning more about it and building the type of projects they typically complete. Tracy Hinz followed up with that discussion and asked for more clarification on actions taken to improve building conditions. She also commented that minimal interaction from business owners and community members occurred, and was concerned with implementation. Dresdner responded that he didn’t think there was minimal involvement from the public and noted the outreach occurred at the community center and the open house. He also said that several businesses in the area were also contacted. Hinz appreciated the efforts, but was struck by the low number of participants. She wished there was more robust conversations with business owners at these stakeholder meetings. Leighton provided a few areas of where the City could start its implementation focus. Schumann also responded on the amount of public engagement that was sought for the project. Schumann asked the consultant to include information gathered from the stakeholder meetings to be added to the plan. Schumann also stated the importance of ongoing engagement with stakeholders. She mentioned that by implementing this plan and/or the Embracing Downtown Plan, the City would retain credibility and stay engaged. Johnson reiterated concerns for retail vitality and the economics, along with the rigidity of the plan. Tapper agreed with many of Johnson’s concerns. Tapper was also concerned with businesses being able to locate in the downtown. Tapper was also interested in why an amphitheater was proposed. Dresdner noted that all public improvements cost money, but believed that some strategies could cost almost nothing and could be completed quickly. He also stated that the amphitheater was reviewed by the Parks Commission and staff. He stated that the reason for the reconfiguration was to get the heavy programing closer to the core of the downtown. He also added that the park would likely be at the end of its life by the end of the newly created plan. He explained that planning would need to take place and that implementation of a new park would occur gradually. Jon Morphew appreciated the breadth and depth of the report. He was skeptical of the housing portion of the plan and with overall implementation. Dresdner explained the importance of having housing in the downtown; retail and services will follow housing. 4 Schumann stated that an implementation workshop would be held to help with the success of the plan. Dresdner added that later in July the meeting would occur to understand who could assist with implementation. The steering committee would also be involved in the implementation of the plan. Dresdner stated that it was not just the responsibility for the EDA to lift the plan. Demueles asked if there were any comments from the public. Jeff O’Neill mentioned that from previous downtown plans, positive development has occurred. Demueles recognized and thanked the Steering Committee and the consultants for their work with the plan Steve Johnson requested sitting down with the Planning Commission to talk about the details. STEVE JOHNSON MOVED TO TABLE ACTION UNTIL FURTHER DISCUSSIONS WITH THE PLANNING COMMISSION TO DISCUSS THE DETAILS OF ACCEPTANCE OF THE SMALL AREA STUDY BEFORE FORWARDING TO CITY BOARDS. BILL TAPPER SECONDED THE MOTION. MOTION CARRIED, 6 -1 WITH JIM DAVIDSON VOTING IN OPPOSITION. Tapper added that he would like to see a simple objective/guideline statement of what should occur in the downtown. 6. Consideration of GMEF Loan Guidelines Options Jim Thares explained that the item was a follow up from the June 14th workshop meeting. He stated that Shred-N-Go submitted a GMEF application with less than the required ten percent equity contribution. Thares stated in discussions with the EDA Attorney, she suggested the guidelines could be changed to 5 to 10 percent. Bill Demueles asked if a ‘minimum investment’ could be another option. Steve Johnson stated that by having a range would be superfluous as most applicants would put five percent down. Bill Demueles stated that project should have a minimum of $25,000 equity. Jim Davidson asked what the rationale was behind changing the guidelines. Thares explained that it would open up the fund to a larger amount of applicants. Demueles added that it would be a lower risk to the City to lose a development project. Lloyd Hilgart asked if instead of having a percentage, the language be amended to have the EDA use discretion on the amount of equity to receive. 5 Steve Johnson stated that it would be a higher risk for the City to ask for a lower equity rate. He suggested having changing interest rates depending on the amount of equity that would be put down. Tracy Hinz asked what the timeframe was for development for Shred-N-Go. Thares responded that the City is waiting for a signed development agreement. STEVE JOHNSON MOVED TO HAVE A 5 PERCENT EQUITY CONTRIBUTION WITH A ONE PERCENT BELOW PRIME INTEREST RATE. LLOYD HILGART SECONDED THE MOTION. MOTION CARRIED, 7-0. 7. Consideration of Appointing EDA Member to Ellison Property Evaluation Sub- Committee Jim Thares stated that the item was considered at the June 14th Meeting, but however due to attendance, the EDA tabled action. BILL DEMUELES MOVED TO APPOINT EDA COMMISSIONER TRACY HINZ TO THE ELLISON PROPERTY SUB-COMMITTEE. JON MORPHEW SECONDED THE MOTION. MOTION CARRIED, 7-0. 8. Adjourn TRACY HINZ MOVED TO ADJOURN THE MEETING AT 7:46 PM. STEVE JOHNSON SECONDED THE MOTION. MOTION CARRIED, 7-0. Recorder: Jacob Thunander ____ Approved: July 11, 2017 Attest: ____________________________________________ Jim Thares, Executive Director EDA Agenda: 7/12/17 4d. Consideration of approving payment to Cuningham Group (JT) A.REFERENCE AND BACKGROUND: The Cuningham Group has submitted an invoice for work completed for the Small Area Study. The total invoice amount is $25,000 for work through May 2017. B.ALTERNATIVE ACTIONS: 1.Motion to approve payment for $25,000. 2.Motion of other. C.STAFF RECOMMENDATION: Staff recommends approval of Alternative #1. D.SUPPORTING DATA: A.Cuningham Group Architecture, Inc. Invoice 6-27-17 EDA Agenda: 7/12/17 4e. Consideration of approving payment of bills (JT) A.REFERENCE AND BACKGROUND: Accounts Payable summary statements listing bills submitted during the previous month are included for review. B.ALTERNATIVE ACTIONS: 1.Motion to approve payment of bills through June 2017. 2.Motion to approve payment of bills through June 2017 with changes as directed by the EDA. C.STAFF RECOMMENDATION: Staff recommends approval of Alternative #1. D.SUPPORTING DATA: A.Accounts Payable Summary Statements Accounts Payable Transactions by Account User: Julie.Cheney Printed: 06/07/2017 - 327PM Batch: 00203.462017 �IT� � F �' � � ��1�� Accuunt Number Vendor Descriptian CL llate 215-46301-430400 KENNEDYAND GRAVEN CHAR'I General EDA Matters thru 4/30/17 06/13/2(l17 213-46301-430400 KENNEDYAND GRAVEN CHAR'I ShredN Go TIF tliru 4/30/17 06/13/2(l17 Vendor Subtotal for Dept:46301 21 3-4630 1-43 1 990 NORTNLAND SECURITIES INC Financial Plannin6 New Econ Dev TTF 06/13/2o 17 Vendor Subtotal for Dept46301 213-46301-431990 HARRY LANTTO EDA Meeting Recarding 5/10/17 06/13/2017 Vendor Subtotal for DepC46301 The preceding list of bills payable was reviewed and approved for payment. Date: 7/12/17 Approved by Steve Johnson - Treasurer Subtotal for Fund: 213 Report Total: Check �o ll 7562 ll 7562 117571 0 Amount PO No 722.00 893.00 1,615.00 1,280.00 1,280.00 60.00 G0.00 2,955.00 2,955.00 AP-Transactions by Account (06/07/2o17 - 327 PM) Page 1 Page: 1 �C�r�n�dy 8� �Grarr�n, �h�rt�red ��i� �outh �ixth �`ree� �uite 47� A+linne�polis. M�+l 55�i�2 City of Mc�ntic�llo April 30, 2017 �lIf�J194J-DD1f]9 C'aeneral EDA hJl�tters T�rvuc�� A�ril ��. 20�7 Fc�� All Le�al Senuiee� As Follows. H�aurs ��?2f117 1�iNl Monticello cost pr�ue-up f�r I�+l��t�r� Fift�, ph�r�e (} 7(} conu�rs�ti�an with J Th�r�s r�eg�rdin� sa*ne. 4t1 Dl�01 � f�l�l I Pt�or�� contrers�tir�r� �rt�l folle�w-up �rnail wi#h 1� ��aum�nn 0.3i� re�arddn� TIF pr��ss and when PC7� �s �e��rabie. 4,{13t201� MNI P�1�rr�ti�ellv discusi�n witfn ,I T��res r��rding Shred-N-�� 0,7Ck TIF Fred's A�k�, �4J1 �P�Q17 MNI �rep�rati,�r� �nd monthly finance mee#eng +,��th ED,A st��f. �.10 Northlande To#al S�rvices. A�o�n# 133.4� �7.0{l 133 QO ��8 00 � 7�2.�0! 'T�it�al S�rvices an�d CJisbursements; � r_.. ,�i� � ��J � � k � � �.�Y 1 � ��17 722.�00 Julie Cheney From: Jim Thares Sent: Wednesday, May 31, 2017 9:08 AM To: Julie Cheney Subject: RE: Kennedy & Graven Invoices (2) Morning Julie, these are both okay. Please code to: 213-46301-430400 From: Julie Cheney Sent: Tuesday, May 16, 2017 11:14 AM To: Jim Thares Cc: Angela Schumann Subject: Kennedy & Graven Invoices (2) Jim Attached are the following invoices from Kennedy & Graven: Inv# MN190-00101 —General EDA- $722.00 Inv# MN190-00153 —Shred N Go - $893.00 Okay to pay? Please provide coding. Angela - Can you okay to pay in Jim's absence? Let me know. If possible, I would like to include in the check run tomorrow as the next check run isn't for three weeks. Thanks, JuCie C(�eney Finance Assistant City of Monticello 763-271-3205 Julie.CheneyC�ci.monticel lo.mn.us APC�ci.monticel lo.mn.us � C'l14 {yf =�� I��1� EmQil correspondence to and from the City of Monticella government offices is subject to the Minnesota Government Data Practices Act and may be disclosed to third parties. i �'ag�: 2 K+�r�n��i� S� (�r�v�n, Ch�arter�d ��a ��,tn s��r� �tr��t. ��t� ��a A+linneapoR[s, �1N ��ao� �iky o` f�1�r�ticell€� Aprif 3�, 2Q97 �+1fV19�J-��15� �hred-hJ-C"a� TIF 7h�ough ApriJ 3f1, 2�17 For ,All ��g�l 5�rvices ,�s F�Ilow� 4T`I41��17 PulAll R�vieur rr2t�rials from J Thares'or �p��i�l Ef�A. v,r�rksho� ard �E�s��l meeting on �hred-N-G�. 4d"V�l�r317 �Mhll �r�ft PD,A [ar �hred-t�-Go�. Hours ,4moun# 0.4� 7�6.0� �.�(l 475.C��1 4r'2AP�[l� 7 Puf�ll EC)A v�rork�h�rp �r�d clt5s��d �essfon �n TiF fe�r 1 50 �hred-f�-C�c� 4,�24;20�7 MNI �h�n� �t�r�v�rs�t6orr w+rth fi C�rv7d�l �nd R Fifield re��rdin� +�.��} �+24 EDA r��et��sg reg�rdi�g TV� �and c�rsv�y�nc� pc�posed terrn5, T�3t�l ��ervrces ��#al �ervi+�es and Clisburs�rn��ts: � .: ��.�"�� ,`ii � °�: 7��'j + 893.�0 Julie Cheney From: Jim Thares Sent: Wednesday, May 31, 2017 9:08 AM To: Julie Cheney Subject: RE: Kennedy & Graven Invoices (2) Morning Julie, these are both okay. Please code to: 213-46301-430400 From: Julie Cheney Sent: Tuesday, May 16, 2017 11:14 AM To: Jim Thares Cc: Angela Schumann Subject: Kennedy & Graven Invoices (2) Jim Attached are the following invoices from Kennedy & Graven: Inv# MN190-00101 —General EDA- $722.00 Inv# MN190-00153 —Shred N Go - $893.00 Okay to pay? Please provide coding. Angela - Can you okay to pay in Jim's absence? Let me know. 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M1V 55�2 BilZin,� Pen4�d= �vfa�� 2f�1 i Services �erFormed � Attend EC1A '4'leetin� (A�rul �� date) • 'L�p�laie TlF analysis and pr�vide tn �ity staff • Conferen�+e call wit'� ci�� staff nn pr�rje[t • Pre�ar� �rclimin�rV ea]£ndar �nd r+��i�w• a.rjkFti �ttc�t'tley �taf# Time E�rp�en�e� T�L-al This Perio� Pt,si[i�+n Senic�r 1�rc�fessionaE PraFessivna[ 5up�aart Tnta] �taff 14•1il�a�e Printing Qther T�t�! �xpenses Pro�ec�t Surnm�ry Tnt�i Ru�get" Hill�d This �"erit�d Bii�e� I'revious ��adget i�€�rnair,�n�, H�ur� 5.�74� 8,0� $I,26U.0� �nrthland Seruri#i�s, Inc, P�� 2 �rf � �'�iEC'K RE�QL'F•�T C k i E � I� �l�°l � U �Y'F : �•�'-' :=� � ��` _ �- �h�ck ia: Harrv `�`. L�antt� 907—�'"�'�ve� Buff�lc,, ��1� 5��3 �►'I�'etin� ��°'�;�rk��3: �'lan�ing Com�nis��n RF�(�l.�E�'I" 1�.4'T"E: t� . ,� -� , � � D�te � • �-" � ^� Tit�� J�- �'en�lor ## Amcy�nt l7�ue �'� � F�i.� VIeetin� TD�#e � - 1 � • � � Tim�e r�. � A�u�r�t T�ue (��' � � C'i�' �..c�uncil Dat� � - �' • �^] TiEnc � - � .�,rnount D�a�c � �' �- �'it�' �'ouraci] D�t� �J ' � � - I � 'i'ime � � � � Arr��aunt l�uc Lr�'+,� � _ 'I"o#�l llt�c: � � ��. � Ylannin� C�n��ni�sin�r; l�l. �{-J'�{+�.�3 ! �� a �� I3.4� �'l3. �t�3�1. �-�!�`�� C� �. ��ty Cc►unc�l 1�f_ � �1��. �3�J'��o ,$� {',�o.� � � �,�- � , r: -� ,y,�-r •' .4�lhcsri��:�! }��: ' � TIh�E �HEET� .�►T'i':�C'�l�:U �}ate � � � � � '� � — 14�Q1�"Clt'F.[.1��) C�(�f�i�9[f��1'�' C'.�:�,;`TEI� 'I"I1��1F �i��;�'Z" �:ii��lc.a��e 1�ttii��. 11!4I�I�i�' 1;�1I�'.i..l��) �'i��ition �'LJL3I�IC` �rT1�1_�.l7N�r FtF.[_�)I�LI�,�- ['[)N'1"F��'1CT T1r1'I"�: T��: TI:�'lt. H[�urs 14'le�tin� �1�11 UL�T �Jorked �i�� r � � C`i" `� : f � �i �x 1 r� '� ��u n� �'�+� ` � a.�.;,., �3�, � �f ! � � � � ��` Y .` � � �,� �.- � � r � �.r��. � �� ,�� 5 ,�.� �� -- :� iZ-z ��{'r�-� �,sd� � �� _ � { �� .�� Mccti��r�3�;rs� .��f� f�r fir�� ; }��o��rs !�g��r�urlt; � 1 f} }�cr F�c��ir �fc��r cr�'cry� 31nur �f�cr 1�T;��1'1[�lCi F�1:�'�11�L)!�j'�j 111�'�'�' �I-e I�ar� SIC�;�I�TiT�E.; ll�1'l�F=:.'� � �, .�' ��,, e�[;`d'I I(lI�lli�l� 9�Y'_ I.l;�`I'F:- .� ' � .� ` d Accounts Payable Transactions by Account User: Julie.Cheney Printed: 06/21/2017 - 234PM Batch: 00204.462017 �IT� � F �' � � ��1�� Accuunt Number Vendor Descriptian CL llate 2li-46301-431990 WSB &.4SSOCIATES INC 2016 - 2017 Market Matching - April : 06/27/2(l17 Vendor Subtotal for Dept:46301 21 3-4630 1-43 1 990 CUNNINGHAM GROUP ARCHiTF Small Area Plan Through May 2017 06/27/2017 Vendor Subtotal for Dept:46301 The preceding list of bills payable was reviewed and approved for payment. Date: 7/12/17 Approved by Steve Johnson - Treasurer Subtotal fior Fund: 213 Report Total: Check �o 0 117620 Amount PO No 2,608.00 2,608.00 2�,000.00 2�,000.00 27,608.00 27,608.00 AP-Transactions by Account (06/21/2o17 - 2:34 PM) Page 1 .. _ _ . ._._ .. ` �. . �: I:: �S'I �..:.. :_'I , �r� � S� j 9 , , _. p �I 1� �it�r �f M+�r�ti�ellr IM�y �6, �C�°� � At��'r� V11�yr�e t�ta�rg, Fin�n�e Clirector Proj�e�# ?�o: 0��{ti2��E-3��i 5Ci5'V�"alrrut Str��t. �uGte 1 [�v�tCe Nr; 7 iMnnt�eeflv, M�l ��3�2-8�31 . . �� ; �f]1G-��17 halarket Matching '!,� �� GL Acct #�1 �.d�3{}�,4319�4} � � �- N�� y �t�ff` I�evi�+r�r�r: .�rm Th��re� �rp�es�ivnal �ervic�s �ira.��p�il �. 2�17 to Ad�ri��SY. 2017 _ _ __ �. Phas� {�t 2�i1fi�2�717 M1A�r�C�# Matching Re#�i��r Fee _ R_ Fee L__� -�-- -- .�_ — — ��1 �� 1��.�� '�rc�nt Corrrpl�t� 1�1{},[�0 Tot�l E�rned 4 90(J Ot� Previ[�us F�e� �ill�n� C�rr+�r�� Fee Biilin� Total Fe� Bil��nc�s to Dat� �,2�{l.(Tfl 7�1�.(}0 Tot�l th�� F'ha�� urr�rtt Pri�r Tntal Fe� 740.Qf1 4,��]�,0#} 4,90�.0� T�tals 700.�0 �,2�O.Q0 d,90ii.(I'0 P�ase Q� Haurl�t Proj��:t Mgmt �romberg, J�meS 4l1712{]17 Pr�j��# ��d�te M�etin� with Jim Tl�ar�� Gr�mberg, James 4�18f2Ui 7 �ndustri�l Metri� Spre�d�h��t 1{��rng�s�ist, �dt�u�rd �?'f 71�01 T de�elaRat�Ce ar�� e�hib�t i'��ngquist, �d�nr�rd 4�i9J2t�17 +�r�ding ex�tbit �r�4 ��nt�tr�5 1(ouragq�is#, �dw��d 4C2�6J2+p1� 8xht�it revisipr�, ear#hwq�[ r�EC�Fr�kIO�iS Tr�t�l� fi�tal L�b�r Pla� F��vi�w Ts�tal l�is ��sk F�ours I�at� Amcsunt Youngqui�t, E�ward �l�J2017 1_C1{� �2�,��! '�2£�.{�0 [Su- f;�ri�; c3 e�j�.ti'.y - y�Cu� le�a�_�.y, Equa +?pF��r�unihy �mplpy�r I'r+��ng C�7+�i 70�1.0{i �74M]64f1 1,�4�4.UQ �1,4�4.�0 Praj��l 4}-0[J�5�6-�40 MQt�T - 2{]16�201 � hll�ric�t h+�latchin� Inv[�i�e 7 �r�design shr�� n�d gcs Yo�r�gqui�t, �dw�r� �f�12{]'17 2.(}0 1��.�� 2��,{!� shr�d and go redesign 'Youngqulsi.��++��rd r�B�Q'iT 1.�4 126.�U 1�fi.00 aut,akum �nd fina! sket�ch re�ri�ior�s T�tals d.{70 a44.C�p Total L�bor �04.4�F Billing� to Date Lab�ir Tcsta4� B��ling� to Dsk� Fee L�bor Tot�is �ornme�t�ts; �urrr�nt 1,948��1U '1,908.Oi1 Current 7�Q.�7� 1,9�D�,Oa �,BO�a00 Prior 7',1&1_��a 7,1 #f4.7�i Prior �.�OQ,�4C� t ,184.7� 11,3�14.T5 7atal this Task Tv'kal tfii� Phase Tota� 9.{19�,7� 9,0+��.75 �6fi�.{i0 �1,9Q8.��1 Tot�l #lhis Inv�ic�e ��,�08.00 T€r�� 4,9�a.0�0 �,�92.75 13, 99�2. T3 �kpp�ved by: �� '��Vi�w�E� �}�= Br�� ISS Project M�nager J�rt�es Gr�amh�rg P'ege � f CUrtlrk�h8m �iroup Archi#e�t�re, Inc. 1�� S; A'�ihv�'' M�in, uoi M�ir� SCr�ee15E, S��it� 3�5, F��rn��,^.,I•s, Mr� t,5y_ �.. Tel €ria 379 344� F�x �12 �7944�' . �ity �f Nlpnti��ll� Jun� 8, ��17 505'w'J�Inut �tr�et Invaice Ns�: Suite 1 M€snli�ell�, Nlirane�ot2� ��3G�-8�31 �lierrt ID: Pr�rjec' PRt6-��3_�}p Gity cd Mantic�llo �rn�ll Are� �I�n I r 7 Fee �illing Pha�� 'Pr�dessi�nal �enrices Ta`S� ��B Rerr�nt F,�� +�rr�plete SCt,i7[��.Qa 9Q,t74 ��,i}0�,[]�1 Toial Fee @illings tc� aate �urreni �'rF�ir F�� S,fiUt],0� �C1,�D�.UQ f�� ,��a�ao �a,�oo.�� Th�S ir�v��e v�'�5 revi�wed �nd approved by Andrew Qr�,s��ner. ir�wo�ce due u�n reeeipt. Interest w�i� accrue ��c�rd�nr� t�i �r�t�tr��t. Toial Billed 45,COO.Q4 �4�,0�+0.0�1 �ot�l this Invoice T�rt�l 4�,Q�D.Q� a�,000.c�o crur�rr�clfi�an� � � c� � � 4�77�0 Pre+ri�us Currer�� iM4�d Fiill�d 20.[}00.0� �5.�F�O.�DC9 2�1��00�.40 2�.U�4.��i 25,�}0 D.tlO ��S,I��7.00 ��`�'l� � I�„ �''�� I . � r.. , � I Julie Cheney From: Jim Thares Sent: Wednesday, June 21, 2017 8:51 AM To: Julie Cheney Subject: RE: Cunningham Group Inv# 47760 $25,000.00 Morning Julie, this one is okay. Please code to: 213-46301-431990. From: Julie Cheney Sent: Tuesday, June 20, 2017 2:13 PM To: Jim Thares Subject: FW: Cunningham Group Inv# 477b0 $25,000.00 Jim Following up on this invoice. If possible, please approve by 10 am tomorrow so it can be included in the check run tomorrow. Thanks Julie From: Julie Cheney Sent: Friday, June 16, 2017 10:38 AM To: Jim Thares <Jim.Thares@ci.monticello.mn.us> Subject: Cunningham Group Inv# 47760 $25,000.00 Jim Attached is Inv #47760 from the Cunningham Group for the Small Area Plan. Okay to pay $25,000.00? Please provide coding. Thanks, _Tulie C(�eney Finance Assistant City of Monticello 763-271-3205 Julie.CheneyC�ci.monticel lo.mn.us APC�ci.monticel lo.mn.us y� i�,rY t�P �� EmQil correspondence to and from the City of Monticella government offices is subject to the Minnesotn Government Dntn Prnctices Act nnd mny be disclosed to third parties. i Accounts Payable Transactions by Account User: Debbie.Davidson Printed: 06/16/2017 - 3:12PM Batch: 00201.462017 �IT� � F �' � � ��1�� Accuunt Number Vendor Descriptian CL llate 215-46301-433100 US B_ANK CORPORATE PMT SYS Cap Ciry Parkin� - Parking Fee � M� 06/15/2(l17 213-46301-433100 US B_ANK CORPORATE PMT SYS Grand View Lodge - EDAM Meetin�, ] 06/15/2(l17 Vendor Subtotal for Dept:46301 213-46301-4�3300 US B:4NK CORVORATE PMT SYS Monti Chamber - April Lunch JT 06/I 5/2o 17 Vendor Subtotal for Dept46301 213-46301-443990 US B.ANK CORPORATE PMT SYS Target - Food for 5mall Area Stud� Ox 06/I S/2017 Vendor Subtotal for Dept:46301 Subtotal fior Fund: 213 The preceding list of bills payable was reviewed and approved for payment. Date: 7/12/17 Approved by Steve Johnson - Treasurer Report Total: Check �o 0 0 0 0 Amount PO No 11.00 340.38 35138 I 5.00 15.00 23.7� 23.7� 390.13 390.13 AP-Transactions by Account (06/16/2o17 - 3:12 PM) Page 1 �r�Il{�01� I��te c�fTr�nsactyon � '�� ( CITif i]F NlONTIC�LLC) �it�r Ha�� r� Tr�r��ction �leasse a�ach the �e++�ofe�f�ceip�k anc� an,y ott�er ��railabl� d�tuenerat�tirrr� tr� ��is f�rr�. 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Attenc��lGu�at Ir�#vrm.�tia� N�rne J�m Ti har�es Re�istra#ion IDdBadge # 8��13� bake f��egist�red SJ�+'24�7 eg Numb�r A�tte�ding 9 �raf�s�nn�l ��onvmi� [)�e�e1vpm�nt Ma�nag�er T6tle Cirga�ri�atiran ' �City nf Montic�lla A.ddrQss Line �D5 W�Inut �i�e�t 7' Ad�ness Line � �Suit�e #1 �ity " Mvntioe�M4 L€��c8tlen * IWinnesoda Zip�P�tk�l �53�62 �God� " P?tic+ne ' �'�3-271-�2�4 'Cwitter 4i�ndke a ki�r�al Email Acldresa ` Jim.Tha�es��i.mo��ticiell,�.rtn.us �+�nd me �DAM h9� membership irtiFarr�lation I am a firs#-#ime attsn�ie� of Na �ummer COnfefefii�e " I will atter�d th� 1��s, I wiil �tE�nd. V�f�dr�esday Night Pr��iden#'s F��ception ' I wi�l �tte�d tlxe HVedn�day Yes, I will atter�d Nf�h# ��! ' Y�es, l v��91 atten�d. http�.'��cia�,sit�-y'm,c�m;'m�rnbers;�m�'_e��stt�printa�ble_vi�u�,a,s�?i�i=7�4�F318�-F':��3-�1F,.� �;'S,��f117 .�l�a�-e1 F�e��i;�� r+��r�r�z ��Yferene� Y Fte�.istratio�� ntirri�a�ir]n �+��fler. Event Re4istratian anm Ti�keKing MaC�r Ce>Y " y Q4ie�1�Ur�s'? r�{z'�:ac°..,s h�innesert� S�ov�l R��dy Program +�vnf�r�n�� EMr40T�i��r awb �{Oii�r�l� 6sv�LCl�wE.�1T �Y�[1T �k3fL4� Ts.e54�aY '��}' 4, 2017 �= iQ:G�G�d•57 EVent Ends; 'Llt'SCiBY �"`dY� �� ?l l � 2-�Jp'n Tlm�xpne JSi t��ll".�I .�L'+ �`" �A4d{I #+u ilour t�1+9f1�d�'; :�:a�..fic�Vt' ["b�,_f��:]Ic � Y7�-7[�c � C�1 L6tiitiOM1: First �Pbti��l B�nk �Ui �in� 3�� ,ryn@�4Cd St �C. Pavw , MN 55141 �� 1st FIfloY �i�F�i�r�nGg Rcadtl (ent�F bUd�ing at 5th Sk c�n� Minnes�ht� �t � MZ�j�� n4 ��eectian9; =�:i+�I� , �'d`JU.IFSf Y�.I�I��' i f.f {' -� � e _ � �# R$UI � � �fRi4W7J e s� ,i� C� ` .-�;�- ee Mu�uun'+� r.�'_�°j� f hlinncSOC� ��' .� •`�"� � ..� YENIF�L�� . a � 'i �lWSlt �VJ��SIt6 prpqr #�64U0-+�6G450 Pa�,e 1 ��f ? R-i^I Pe[.ei;t � ThSNk �ypa (or yc�r ordpr �ci�a84e ""�BS 52nt 40 ]�m..tharcS�Ci.�On[I[P'A nrs.�S. ]f �1�3i1 to��S �C7� re�e��o�t� Gl6354 tF�{k yC4f sPa-r...f.�r�� fUIF�rS 3f�G iW` [hF�T ka B: �"ti E"f 30l Y'.'.ff' S�]V'-`SS^�"?�f�^yvckFf ,-s]fl psqqr SWmmary Q 76�I 7h#res- $o OL`� A Ph¢k4 -O may �� rBG;��r� Ppr gtlni�5i� TotaP {USPk' L�:.�d 3f y�u fl3Y2 4!1�qrt� a'N3uti [hK OrQBr Pk� Zef��E3[[ EZ^49�Stcr ws[t�ntief 5u, P4+t.: i u C 86'[ eY� PZ�&91.8 t ea. c a, n 1-846� d6-�B95 kwi:iglr�r !4�]ciie�. �xi1 �ttps:;'�`��.re�ist�r.cai��!r��,i�ter��c�n�ir�ati�nl�Q��{?;'"�dc7c��?�1�21c16�19��b3c��c93fc�... �1��?CIt7 0 � �i�i �� rom: 1ar�1��r, Y�y11e �C3EE�7� � kyll� j�rdanL'`�`5t�te.mn.u�� a�nt: Mvn�day, fv1�y �11, 2(}17 11;�4 AM To: r�ferrsho�z�.�I�exrr�n,org;jkgarryC�austindca�org; �ast�rlcrhn�claseconverse.corn; rr�pfli�s�en a�uei.becker,rF'+r�.Ws; Hann�_1�limmek cca.�i.bi�-I�k�.m�_us; 5heila �x grt��rbr�ir��rdl�kes.�rg; sgusta'Fson��i_�ambridge,rrirt,us; hrlE�ricson@�EfWTERVILLEh�1�J_c�rm; m�naolfC�cott�g�e-grov+e.c�rg: ecostello��n�ttar�e� grove.org; ecodev��F�irrr�qrtt.org; Ipreus��fa�rrrg�or�t.vrg; rya�n_milf�r�ci.fergus- #all�.mneu5; �m�.h�IdwinC ��.f�ergus-fa�ls,mri_us; ch�ckC km�desi�n.�prrr, m52�peVt�ei,h�utc�sinson.mn.u�; F�en��ci.intern�tional-falls.mn.u5; �5ulli��n�a ei#yofisa�n�i.us; jonr�cit��fli#tlefall�.€om; rrt��c�fallsn�et_c�m; jeri�ks�n�k�nstel.cam; t�derus@milac�city.eom: Jim Thar�s� kvr�dich�ci.new- pr��e,rr�n.us; rich�rdh�ci_r�orth-br�rtth.rnn.us; c�rl�v��i.norkh-brar�ch.mrr,us, Greg.Kru��hk2��i.�t�+�atann�,mn.u�,; Am�tk@�pinecitygov,ec�m; �h�ri_�hc�eraey� c�ci.red- v�ing,mn.us; �Ci�rr'r,lirsdquist�ci.ro��rrrount_rnn,us: O�n �Ne�er �CE�[iy�ElkRiverNl�l_c�4v; matt,+�l�e�n��n�o ci.sttlo�s�d.mn.us; t�rr�my.csmpi�anC��+,stcfc�ud.mn.us; Cathy.M�4��i�h�ei.stel�ud,mn�us; cris_g�SCr��r�cedaus�,conrtii jey�_�tets�on�ac�e��us�.eom; a�ron�hCandiy�ihi,[om, dhage�awindc�r'rrr-r�'tr�,[�m; h�r�m72�4�aa1.c�,m ��; f�a��ate, leff (�fE�); K�v�n lCe��l�her �t��ct: R�: Minrres�at.� �ho�rel �tea�y Pro�r�m Can#e�en�e - May 9 Goo� rr��r�in� �h�v�l f2e�dy �oroqmur�ity. I ho�pe y�u h2� a r1��e we2k.enci! l'm writan� tod�y to remind yc�u to plea5e RSVP for our 5hc�vel re3ciy cc�nferen�e next v�e�k_ Initial6y I r+�teiveci on�y 1 em�i� �citing a ear�flict wN��n I��nt th�e "S�ve the d�te''' b�t we �u�r�nt[y Gr�ly h�ve a��ut h�lf of aur site5 R�VPed t�+this �vent. Ts� register, plea�s� �risi#: �nrww.rx+an�hovelr�ad�.�zre�ister.com i�Iso wanted tc� rrrak� sa�re you have all ree�iv�d yc��r intNivic�u�lize�i em�il r�g�rding whi�� indu�tr�es y��r 5it�e is ��r�ntly „suite� for°. fV�tural g�5 c�p��it�+ ��emed 'to be �n �utstanding question for rn�ny sit�s, 5c� pl��se Net us know iF �rou are h�vin� [rouhle acces5ing rn�re detail�d Flcr++a rates, All the I�est, K�II� ]or��n �@con�rmif D�'�el+]Prinent Progr�m SRecialist Clffiee �f B�sine5s C�ew�lc��rmcnt L�ry��B;YfTPQ�'li "��Lr71�Ji'J�j�7�nC cihCf �C8�7�aFliC �]�VE`ip�1J17��'1 Isi Nat�orlal f3ar�k 3uilding, "3"'..1. '�1�nnesota 5t., �ui[e E�L4, St, Pa:�l M�I 5514�. �i��ct: Er51-259-i43E� �ell: 641-�7�7 3�k�4 �deb I Ttivi.�ae � F�cebork �', f. �+rlli�rnesc�#a; #�15t�t� fvr �u�in�ss �,., �NBC., ��15 Frnrn: ��rd�r�, Kylle {'DEE Q� 5�nt: �on�a�+, April 17, �017 3;58 Ph�l 5ubjett: hr�ir�ne�c�ta SMo�+�e! Res�ly Progr�m �+�nf�re�rs�e - M�y 9 G��c� afi#err��cir� 5h��+�l keadp corr�munit�, Vendc�r �� Date �f Transa�#�can CIl"Y' +�}F �III�D�ITI��LC} �host C�rd Tran�actic�n ��e�s�e attach th� invc�i[�ej re�eipt �nd any �#her ��+�il�ble �daeum�nt�tit�n t�r this f�rrr4. T� be com�le#ed �y purchaser: �m�un�E � � � � � � Circle p�rcha��er n�m�; 1)e��ie �L�a��idso� �uli� C:he�� xp�n�eC�d� ��. ��. �� _ � � �' � Niuntic�llc� � E��m��r �f �:�ir�cra��ce P� Bc.�x l'�2 2i}� F3in� �treet 1��1c,�ltieellw� 1{1N 553G? �[�� T{] f�1C4�14ki1fS F}34Ra�le ;!+'��n[i�cll� � il�' nf �f15 V4`alt�4�t �trc�t �uil�. #�l ��tnr�t�cellu. 1�1i� ��;C? C]escri�Ri�an 'C' (Jim Thar�4] �- I . ,r^ � i�_ - I . f �. �.. � -- � �si•f"(� � � f��—^ 9'xt'. s y� �`� � �'I Y�� , ., � � . �,� , � r .'� � � � Thank ymu iar uaur sm�nrnrtment [a the Hflr.#icef2a �'hambew 4F C-'Prw�x�rCf a f.�duStry. T]�t MO�EitelYa Cfwir��ber i n-e�aresen� Yhe interes,ts 0� �:as.v,eFs asd Scrv�e5 tb FS''a..a�i*t.. �+.A�455Gi� ar.d sfiw`yfA[x r#geawaf �n+nspe+Tt+� MantipePlo G'�+ern�cr it prp,d Yp gpM+�g ag thg °�.p..t ��' !b EwF fi�+a �u wrunrty� The ekarn6er� is a retauree fpr �"!+Sin+LSS¢i. rg3ad8..#S aAd wdil��5 e�ik#. �7�vrid+•rg ��farw�aliorw wnd �nir�h# awicwt che area� e.xrauruqi.,� een�aai� a„� GOw,�.�.w�+�#y g�wt� i...qAd".it,� M t�#�3iaiticalfy we(caw�a.�g vesitan ta tke crra. 7�3-?9�-27�� i�larcy'��;�rn�ntieel]€��:� i.c��r�t� � r ��IL� �ClL'[71�� s�+ �i � j ?�,� � 1 � �}�? a � �tmount [)uc []�at� S16:'� 0 I 7 � �.a� T�atal $1 �,�9{} f�tt� _l,�� v�°.i�� c�rtti c c i��s c c i, c c�n� Julie Ghene From: Jirn Th��res Ser�t: Me�nday, h�l�y 8, 201T 9:�4 A�r1 �'t�. J�lie Cheney Subject: fiE: �llontice�IC� CN�mber frnu� 1�055'la �15_C1Q �r��, x�,�s �s ��. �� co; �1�-a��s-��a��oo Frvm: ]ulie Chen�ey �nt: Thursd�yr F�I�yr (}4, �017 1:�3 PM T�� ]im Th�res Subae�t: FW, M�nticello Charnt�r Inv# 1�05�1a $15.0!� F�rll€�win� up+�n this i�vo�c:�, Fr�m:lulie iheney �aent: Mpnd�y, Aprsl �4, ��1� 2:34 Rh�'1 T�; Jirn TharQs �J�m.TI°��re�(rn?��i rri�,rrticcil�,.i7�u�.�,s� Subjett: Monticello Char�b�r In�# 1{]5�1� �1�,I7� Jim, Att�ched is In�+# 1C�551a from th� M�nticell� Chamber �f �omm+ert� f�r the April lun�hern you �tter�ded. �kay tv p�y $l�.C�[J� Please prouid� c�ding, ThankS, _{tP(1r' ('1�t�:'fPt'1f Finarace �{ssista�t City a# Mor�ti��.11a 763-�7i-320� Ju Ii+e,�F��.y�c�.m�ntGc€.�i o_a�r�,u5 AP��i.rnon�rcefla.mr�vus c ir� c.�f ..� ��t�l�� rr�� corres,p�rrd�r�c� t� a,�+d fr�m tJ�� Gity a� ��rr�t��ello g�v�r��n��aat a��fice� r`s sub,��ct to the Nir'rrr�sata G�ouer��nrt�errt Dnta Prx�rctr�es r4ct ar�d rr��r �� discFo�ed ta t�ird �,arties. Ju�ie �heney Fram� Sen#: Svbjec#: i n F�� m� nCi c� I I c��[ i,�� rt� Man�lay, May 8, ��117 11,17 Ahri �nline Pa�ment Confirmati�rr �r'��ur ��nlin�: ,��mcnt rcc�uest fi�s bc�.n rc��ivc� b�� 4�ntic�:11� C'fiaiYi�er af (��T11Y312CCC t1T1{� ItlC�l15tC4�, i'�i C11L�i1� �'011�ll'1tl�iXl(1[l Ptiame� .1u19e Cheney. C.'��n��n�': 1��'It?��tic�.11cr �'�ir�� c��` Trans�cti�on l�urnber: 60i?�S9`�8�� :C Nc�mb�r: �i7fr� :�rr�nunt: 15.[�4� []escription liem Mernk�r paymen4 for �lontieeetlo �ii� PByr��rlt f�f InVt�iC� #105�1 � for �lirn Th�r2S ,4pril tyf I�rch dan#IlY Tc�#�I1�mour�# 15.00 �Grand T�tal= 15,00 7'hrs ��rY�il +��;as {�ut��i�tiearlr�� ,�i��r�t�d. l�o� �ues#i�n� ar feedback, }31e��e c��n�act u� �t: ]�'Ic�nticill�M �h�imta�r �f �urnrn�rce an[� Inr3ustry� �(i� P�nc 4trcct f'(� 13�x i�? ��l�t�tacelfo� '��i'� �53�G� (7�3} 2��-?.7�U inic�;�i�rn�]ntic�lli��:�i.cc�m }Z t t �S : �':�' ��.�� • . n Z �c� n l � [° � 1 ] £� � �. i . c c� m Y �u�lie �he�ey Frorr�: S�E`rl#; To: Subjeet: A�t��r�eceipt � nar�ply c�i mai..a��ize.rret> Mon�#a�r, May �� 2077 1 i=� 7 Ah� AP Trans�ctio� �te�eipt frc�m fvlonti��il[� Cri�rnb�r c�� omrner�� $�, Industry fpr $1 �.O�J (uS�j T�]c'}�;`iF,iisiri ��i�-rcll�wr�4;9��irScn[ !�l)r 1��lY�rtliti�llsi ��i[4 iDf .. f'�i1:ll�ill fi'rr I:1"�i)IC� = lSl3� I.� ii}i .III.1 I�I:�.u'Cti ;�j}il� �'JIlC.,'1 [nv�iai�:�T�aiiT'skstir 1��6'?d}ft� �3illin� lnfor:n�;�tion lvlic C`h�:.nc�. h4�L}I1t0ti.L'��4} �.Itb' 0.?j 7C1� ��a�1rXSE� �1��1 Sw�it�: 1 h�9nnti�.c�lt�_ ��i�l� Si3[i2 41� cap'rr`.�: R,��c�atiti�rl I t�. �tr Cw, �a� 7G�-?i1-3�05 l�at��`['im�.: 'l'es�n�aeAic,n ]I); I�a}�rn�ni �l�iherd: T"ran�sar.tit,n T��pc. :�uo}t C:t�da:. ShipRi�� InTwrm�ti�,n �-M1;�+,'-'U17�1�17:11 YL7� fr1�12�R�i�B�?t� �4'i�a �xxx!#7�59 F'ur�h,�se i��?73U Monticella G�h�mb�r �a� Corrtime�rce � ]ndus#ry Mcanti�elln. MN 5��2 lJS marcy�monticell�occi pom i Ta#al: '�1�.1�i}�[��1�) Vendor Date of Transactian �'�31 C1TY OF IVI�NTIC�LLO City Nall Card Transaction Please attach the invoice/receipt and any other avai�able documentation tn this forrn, To be camplete� by purchaser: Rmour�t � t � �� --� Circle purchaser r�ame: Jeff O'Nei�l Kerry Burri An efa 5chumann Vicki Leerho r n Wayne Oberg Sarah Rathlisberger Jennifer SchreibEr !im Thares ,, i ,{ t f 'j'- _JC �1. l � � L i/ �/� /� � Date approve Speciaf Project # or Descript�on Circle clepartment code: �d1-41i10 �_ ---'�.City CoUncil > 101-4�320 Adrr�ir�istration 101-4147.0 101-41520 Elections Finance 1p1-418pp �uman Resaurces -419�.(3 Pla�ning and on�ng �_ --- 101-4192p Data �rocessir�g 1p1-41 it Hall i �-�tG50� Economic Develapment — —._.�_. 213-46301 H RA � Cifcle expense code: 421990 43�950 43i990 432200 43310Q 943300 443704 � Other �p l i-� �%3 �� r^ General (]perating Suppfies �lewsfetter 5ervices Miscelianeaus Prof Services �ostage Travel/Trainir�g �xpense pues Mem�ership & 5ubscrip Lieenses and �ermits Misc. Other Expense S i � / ,f ,!/i'�r �t�t_,�_'.� :. �S� ��.��, �x��ru�� rn�� L�,� �.� �Ti�F��ET F�S' PE{:T MGRE. PAT LESS: MDt�TICF�LCI - 763-271-110� U'�!31� 2017 f�1:3� PM �XPIFdES Q8i�`�%17 IIliE��flll��ill�Itl �IIiII! GROCE�Y ,.1?1 ��5Uyl3 2U3F;OUOIJ 218iai i 261 2250115h2 �iLi��io F3'n 1;30Q11 FkTTO LAY' �N $10.99 NESf�E �N $3.99 MP C(1CiKI�S FN $2.29 Co��E�nr� $1. �ll ilf f $3. 29 NESTL.E F�l $4,�)q Ce�u�or �$1. fJ�J af f�5. C10 a� nP��T�z�� F��r i�.�:� AF AF'PEfI[ER FN �2�J.9� 511BT07AL $71.25 TA?t �}(EMP1 sALE $�,00 TOTAL $71.25 r70�a5 VISA GHARGE $71.25 AICI: A(100000C1031C�10 VTSA CREQIT TOTA� SAVIF4(;S �fHIS TRTP $2 . dt� R�(;�2-7151-21�3CI-0087-9�)6�3--� V{:Cl#�756-258-�41 �.......�. � Ev�rything �� Cat17� U�'i '� roses'� '� FielF, make� yolir T�arget Rur� b�tte��. I ake � 2 mi nu�te �urv�y ak,o�_rt tociay's tri p: i nfor•�tar9et , com User ID: 7284 87�2 Q99t Passworcl: 200 304 �'UEIVTEN�S EI� ESPANOL Please tak� tt�is si.irveu witY�in 7�l�i��s. Accounts Payable Transactions by Account User: Debbie.Davidson Printed: 07/03/2017 - 2:OOPM Batch: 00215.462017 Accuunt Num ber 215-46�22-438100 �IT� � F �' � � ��1�� Vendor Descriptian CL llate XCEL ENERGY ZCULPS-EXPENS- 51-4623082-8 E� 06/30/2(l17 Vendor Subtotal for Dept:46522 The preceding list of bills payable was reviewed and approved for payment. Date: 7/12/17 Approved by Steve Johnson - Treasurer Subtotal for Fund: 213 Report Total: Check �o 0 Amount PO No 18.07 18.07 18.07 18.07 AP-Transactions by Account (07/03/2o17 - 2:00 PM) Page 1 NORTHERN STATES PO� EA COMPANY Pa9e � of n SERVICE ADDRESS ACCOUNT NUMBER � �� MONTICELLOEDA 51-0623082-8 06/01/2017 � 349 W BROADWAY ST MONTICELLO, MN 55362-9356 STATEMENT NUMBER STATEMENT DATE �� RESPONSIBLE BY NATUREm 545104711 05/04/2017 $18.07 YOUR MONTHLY ELECTRICITY USAGE 1 � „ ,._ — � , -- M J J A S 0 N D J F M A M DAILY AVERAGES Last Year Temperature 47° F Electricity kWh a.2 � Electricity Cost $0.62 i , QUESTIONS ABOUT YOUR BILL? Seeaurwebsite: xcelenergy.cam Email us at: Customerservice@xcelenergy.com Please Call: 1-800-481-4700 Hearing Impaired: 1-800-895-4949 Fax: 1-800-311-0050 Orwrite us at: XCEL ENERGY PO BOX 8 EAU CLAIRE WI 54702-Q008 SUMMARY OF CURRENT CHARGES itlatailed charges begin on page 2� Electricity Service 04/04/17 - 05/03/17 7 kWh $18.07 Current Charges $78.07 ACCOUNT BALANCE Previous Balance Payment Received Balance Forward Current Charges Amount Due As of 04/04 Auto Pay 05/02 $17.91 -$17.91 CR $O.00 N $18.07 0 $18.07 0 INFORMATION ABOUTYOUR BILL This month the Resource Adjustment has increased due to changes in the Renewable Energy Standard Rider, which recovers our investments and expenses to add f• renewable energy systems to our generation resources. The R ES Rider portion of the Resource Adjustment is 0.497% of these charges on your bill: basic service charge, F energy charge, and demand charge. }' Thankyouforyourpayment. FETURN BOTTO�A POFTION \NITH YOUR PAYMENT • PLEASE �0 NOT USE STAPLES,TAPE OR PAPER CLIPS ACCOUNT NUMBER DUE DATE � � � � .�►C�� t7��C�. jI � 51-0623082-8 06/01/2017 $18.07 Your bill is paitl through an automated bank paymznt plan. ------ manifest line --------- I"��II"�'I'�'�I'll�l�l��l��'ll�'��I"�I��'I�I'I��III'I��' .� �. �1 w � � Autornated Bank Payment 2 4 5 6 7 S 9 11 12 13 74 15 16 18 19 20 21 22 23 25 26 27 28 29 30 I"I��II"�'I'�'�I'll�l�l��l��'ll��lll��l��lll�l�l'I��III'I��' XCEL ENERGY P.O. BOX 9477 MPLS MN 55484-9477 31 51060117 06230828 0000000180700000001807 3 70 77 24 Pagz 2 of 4 SERVICE ADDRESS ACCOUNT NUMBER � �� IEnerqy� MONTICELLO EDA 51-0623082-8 06/01/2017 � 349 W BROADWAY ST MONTICELLO, MN 55362-9356 STATEMENT NUMBER STATEMENT DATE �� 545104711 05/04/2017 $18.07 THE S�1�1 ��4f� �E THE �lJ�� I��L��4�� MEI�BER �F THE FAMILIf BU�INES�. The sun �s pr-�tt�r d�rn p�w�rf�val, �1s� it_ �pen vs+indo�v �h�des and e�art�in� durir�� the ��y to heat your business vtirith sunlight. AC dusk, �I�se the shades and curtains t�i k��.� �n tl�� h��t_ SERVICE ADDRESS: 349 W BROADWAY ST MONTICELLO, MN 55362-9356 NEXT READ DATE: U6/06/17 ELECTRICITY SERVICE DETAILS PREMISES NUMBER: 303657358 INVOICE NUMBER: 067069D076 ELECTRICITY CHARGES DESCRIPTION Basic Service Chg Energy Charge Winter Fuel Cost Charge Affordability Chrg Resource Adjustment Interim Rate Adj Subtotal City Fees Total RATE: Sm Gen 5vc (Metered) USAGE UNITS RATE 7 kWh $0.074320 7 kWh $0.028571 CHARGE $10.00 $0.52 $0.20 $0.97 $0.06 $0.82 $12.57 $5.50 $18.07 INFORMATION ABOUTYOUR BILL For a n average non-demand customer, 72% of your bill refers to power plant costs, 12% to high voltage line costs, and 16% to the cost of local wires connectetl to your business. For an average demand-billed customer, 81 % of your total bill refers to power plant costs, 12% to high voltage lines, and 7% to the cost of local wires cannectetl to your business. HE�E`� � P�VtiIE�-TIP: lJ�� ,� �q�NER �TRI�. �IC��[�if1C� y'��F E;tlE�ifC►f1i�� If�#O ��}O�nfEr 5�fi�} �if?Vi��S c�fl ��Sy �r�c� c[�t�v��nt tiv�y t� turr� every�.hir�g vn �n� �ff. ,�.n[� th�t ��n $��P{]'yr�lYr k�M1S;�IE.SS �a�� r��'rr��+ �]rll+� vVh�r� it'� ��Ily r�E��SSBsy. n�w�+rs cfe�iv+err`xtg. .� ❑� �, �f��LJ��gjl� ��sro�sia« �T wxr��• 1 � ;�:::�*t�.��sw�.:... � _ �� . , � � . . ,,,,,,. � �� .. '�\�L�\\1�.�.�'��4444ar�."' __ �� I � �� . � �� .� .. I �� ' � j��x�'��,�\��4461 ��.. � �, .� � �� ~ ... �� . , r� �� ::: ._ -:��1�"��.i'�\`\\�:+�+ . � -� � � � :'d(f��(�'�`f��"``` � ,�,�rl#�JJ'1�'��.� � � �,��. - �f,� ��iJ",� � �.� �''- �� _ ��: '� �` �' r,�"' .,� �� -= _ _ ��- =_ . _ ►� � � - i - -- _ =- � �_- ��y��r��lir�� r� h�l��r . bu�in�� . Why �ansitler a cooling up�rade? Cccl�:r,,gsyst�ms hav� a��=ar��c s��i�ifivant,y.r ��s �r ��c� efhvi��c4, A�cordingta tl� U.S. 5n7a1 �us 7es� ��mirrrst�a:i�n, t�,�ay`s a�r c€�nditio+�ers us� 30 t� 50 �erc�nt less energy t� pr�duc� tf�e sa�~,� amau�t �f cooli�� as air canc�iti�ners made in �h� rnid-t�30s. Even if yaur air c�n�ilion�r's only 10y�ars a�l�tl.'�oumaysewe �C perce�� or� ycu� ��r�l�mg �ner�y c�sts by r�piacin� rt'u�iti, a�ew�r, fl1[ef� @��COE'flf fhCE��' . IU.S Small B�i�ess �cfi �istr�tia�� n'�'�M S�;stems: hatps:r',�x��r staa.ga�:,�c�rrtentiha�a�s}�stems;. U�e nu r rebates, saue an up-front �os#�. ;]u• ::anlin3 F`i�ir.n�y rr��a�� s� au�i aEl[; r.r a wi�l� r�n3r.� c` c7olin3 �F3r�cJr.s cerig�r�d #o h�ip y�u ��3ur or I��rg�t�rm �nercdN c�sts ��rc i�e��se th� comfe��t �sf +�a��r� �m�I�y�es �ra� �ustorners. Con#ac# us tn learm m�re. fo I�.ar�r m�r� ah�,.t ru• [:�o ing F`t�ir.n4y R�k:�,r. ;r•crr3m, cr,ntact yv�r ac�a�u�nt �a�arr:r cr �r� �n�rr�� ef��ie�rcy sp�ei�:Jist ai �55 83� ��5?,. I �cy can prou:�� u vvikh ��r�rad� rec�mmenda#��r�s t�ilv�� tv y�ur �,u�in�ss an� w�lk yr,u thr7iig�rth� rr.hatr procr�=. xi:: i.��.��:.::il�u.?.:'1'Ki.r.I r.:'iI'fli::IX::.:I��i�i;yi3;i'i p:U��ral-��.li.u,:�k�,=kir,'I'ut(�yI'u: - - .::,,a�.��:,� . . �:�, ��:iri. .i �r:.n :q:u:.�: � :,:t�r�-i.d :q��. �i �i � .. - �C r::u: ,�� n��s�� i:�r , :i.i.i .�>��iL.��L :.I;r.J�,w'r: „u �I`�.I�.d-,:� Ea�wpmen[�eplauvmen[ 6ascreha9e �:i��u,., ,��4;;�i,,i� :�:�, Chillc,ia" ��+r�ler.rmol�di �1EJIoo D}{ l!r_f" 5`-�lron F�c�r.�tdTerrrinal�FurCan��ner*{pTP,Ck '��4JIon � r<��i:�.r' I�,��'.t�ra' Sxer��il;a[nr ��J�i�,1 �ar za�ing �1lCF1,1 imr healing I?n�,llu�llr■�I�{x�r�ir�dr� #±Y�;�pn I`1�R: �n+� Fidir�� Flear F xcl�u�:i ..,...:•�:<.�� ..i�,�s , ��. Ae�ri�eratian �,,.��; �n� .�� ic<u;:� i �� ; ; L:usiur�i+elr�le. :p'i�aip�r�s�rl �e:�ti�n:l Lxfor:s p:ir-'�:ih�', ��o�� Flase rehmie .�,��,r��:� f: n:�e II� f,a6e i1di�+5 i:�.+lirx.:�rr I�c l i�oolar� �J�Iliu�:�r I�I iEreeeer� EC Mdo[&�r3 $-SI, - .'�i7� i,�j.r�-,7i ��al.ossEn�rg4'�wrs a Sifppfdnu�linr,l�.", S�'.`AF�1au+lirtrtc ; "sdc�lu�z# �t rneNa��eG�lr. n. r• � "-r-..., . ..-. �,i.��r.sr.��.��.E,� ....... . ... .... ...... ........ _ EDA Agenda: 7/12/17 1 5.Consideration of Modifying GMEF Loan Guidelines (JT) A.REFERENCE AND BACKGROUND: Staff is proposing to modify the GMEF Loan Guidelines to better meet prospective borrower’s needs. The proposed changes relate to the required equity contribution which currently 10 percent of a total finance package. The GMEF Loan program is a gap funding tool. The purpose is to fill the 15 to 30 percent of funding that a bank cannot or will not fund. Several recent prospective borrowers have inquired as to the possibility of accessing GMEF loans with an equity contribution of less than 10 percent. As per discussion at the June 14, 2017 EDA meeting, staff is proposing to add more flexibility to the Guidelines by adjusting the equity requirement to a range of 5 to 10 percent. This flexibility will allow more borrowers to consider using the GMEF Loan Program. Interest rate differentials are also proposed for lower equity contributions as per comments from the EDA. Standard credit and financial underwriting focusing on acceptable cash flow analysis for the loan repayment will still apply. A1. STAFF IMPACT:There is minimal staff impact in considering modifying the GMEF Loan Guidelines. A2. BUDGET IMPACT:There is a no budgetary impact due to the EDA’s consideration of modifying the GMEF Loan Guidelines as proposed. B.ALTERNATIVE ACTIONS: 1.Motion to modify the GMEF Loan Guidelines as presented. 2.Motion to table modification of the GMEF Loan Guidelines for further research. C.STAFF RECOMMENDATION: Staff recommends the EDA modify the GMEF Loan Guidelines as presented. The proposed modification is related to the equity contribution requirement which currently stands at 10 percent. The proposed language (Section 5 d. 2) adds flexibility in equity requirements by stating a range of 5 to 10 percent which will allow more borrowers to consider using the GMEF Loan Program. The interest rate adjustment (Section 5 d. 4) will provide a risk reward measure to the proposed Guideline modification as well. All loans will continue to be appropriately collateralized and properly underwritten. There is not a requirement to hold a public hearing to modify the GMEF Loan Guidelines, so action can be taken at the regular July meeting if the EDA so desires. D.SUPPORTING DATA: A.GMEF Loan Guidelines proposal (markups language added) 1 GREATER MONTICELLO ENTERPRISE FUND GUIDELINES 1. PURPOSE The purpose of the Greater Monticello Enterprise Fund (GMEF) is to encourage economic development by supplementing conventional financing sources available to existing and new businesses. This program is administered by the City of Monticello Economic Development Authority (EDA) and participating lending institution(s). GMEF Loans are made to businesses to help them meet a portion of their financing needs. The loans are meant to be a secondary source of financing, provide gaps in private financing, and assist in securing other grants. All loans must meet four or more of the criteria established in the Definition of Public Purpose section. 2. ORGANIZATION The Greater Monticello Enterprise Fund is administered by the EDA. It is the responsibility of the EDA to assure that loans meet the public purpose standard and comply with all other GMEF policies as defined in this document. 3. GMEF GUIDELINE MODIFICATION At a minimum, the EDA shall review the guidelines on an annual basis. Changes to the GMEF guidelines require approval by the City Council. 4. DEFINITION OF PUBLIC PURPOSE GMEF Loans must meet at least one (1) of the following public purposes (if the EDA finds that the public purpose described in b. is met, the EDA must find that the GMEF Loan meets at least one additional public purpose): a. To provide loans for credit-worthy businesses which create new jobs. 1. One job is equivalent to a total of 37.5 hours per week. 2. At least 90% of the jobs created must pay at least 160% of the federal minimum wage, exclusive of benefits, for individuals over the age of 20 during the term of assistance. Annual written reports are required until repayment of the assistance. Failure to meet the job and wage level goals requires partial or full repayment of the assistance with interest. b. To provide loans for credit-worthy businesses that would increase the community tax base. c. To provide loans to credit-worthy industrial or commercial businesses (new or existing) that would allow the ability to improve or expand their operation. Factors including but not limited to the following will be taken into account: 2 1. Type and size of the business 2. Product or service involved 3. Present availability of the product or service within the City of Monticello 4. Compatibility of the proposed business as it relates to the comprehensive plan and existing zoning policies, 5. Potential for adverse environmental effects of the business, if any. d. In the event job creation is not a viable option, credit-worthy businesses have the ability to demonstrate public purpose by means of job retention. 5. GREATER MONTICELLO ENTERPRISE FUND POLICIES a. Business Eligibility: 1. Industrial and commercial businesses. 2. Businesses currently located or to be located within the City of Monticello. 3. Credit-worth y existing businesses. 4. Start-up businesses with worthy business plan and/or pro forma in a form acceptable to the EDA (historically non credit-worthy businesses will be denied). b. Acceptable Private Financing Methods: 1. Companion Direct Loan: The GMEF is subordinate to the primary lender. 2. Participation Loan: The GMEF participates in a portion of the loan. 3. Guarantee Loans: The GMEF guarantees a portion of the bank loan. a. Interest rate cap is subject to EDA approval c. Use of Proceeds: 1. Real property acquisition, development, & rehabilitation improvement costs including but not limited to the following: a. Land Acquisition b. Engineer/Design Inspection Fees c. Building Permit Fees d. Architect Fees e. Building Materials f. Soil Borings g. Construction Labor h. Appraisal Fees i. Landscaping j. Legal Fees k. Grading l. Environmental Study m. Curbing/Parking Lot 3 n. Recording Fees o. Title Insurance 2. Machinery and equipment: a. Personal property used as an integral part of the manufacturing or commercial business, with a useful life of at least three years. Acquisition costs would include freight and sales taxes paid. As a general rule, office equipment would not qualify. d. Terms and conditions: 1. Loan Size: Minimum of $25,000 and maximum not to exceed 50% of the remaining GMEF balance 2. Leveraging: Minimum 60% private/public Non-GMEF, Maximum 30% GMEF, Minimum 5 to 10% equity. 3. Loan Term: Personal property term not to exceed life of equipment (possibly up to 10 years). Real estate property maximum of 10-year maturity amortized up to 30 years. Balloon payment at 10 years. 4. Interest Rate: Fixed rate not less than 2% below prime rate or 1% below prime if equity contribution is less than 10 percent of total financing - as published in the Wall Street Journal on date of EDA loan approval, with a minimum interest rate of 1.0% or 2% if equity contribution is less than 10 percent of total financing. 5. Loan Fee: Minimum fee of $500 but not to exceed 1.5 % of the total loan. Fees are to be documented and no duplication of fees between the lending institution and the GMEF. Loan fee may be incorporated into project cost. EDA retains the right to reduce or waive loan fee or portion of loan fee. Fee to be paid by applicant to the EDA within 5 working days after City Council approval of GMEF loan. The fee is non-refundable. e. Pre-payment Policy: No penalty for pre-payment f. Deferral of Payments: 1. Extending a balloon payment will require a verification letter from two lending institutions stating the inability to refinance and is subject to approval by the EDA. 2. Monthly payments may be deferred for a determined period of time upon approval by the EDA. g. Late Payment Policy: 1. Failure to pay principal or interest when due may result in the loan being immediately called. In addition to any other amounts due on any loan, and without waiving any right of the Economic Development Authority under any applicable documents, a late fee of $250 will be imposed on any borrower for any payment not received in full by the Authority within 30 4 calendar days of the date on which it is due. Furthermore, interest will continue to accrue on any amount due until the date on which it is paid to the Authority, and all such interest will be due and payable at the same time as the amount on which it has accrued. h. Assumability of Loan: None i. Business Equity Requirements: Subject to type of loan. The EDA will determine appropriate and applicable business equity requirements on a case by case analysis, utilizing normal lending guidelines. j. Collateral: 1. Liens on real property in project (mortgage deed). 2. Liens on real property in business (mortgage deed). 3. Liens on real property held personally (subject to EDA approval, homestead exempt). 4. Machinery and equipment liens (except equipment exempt from bankruptcy). 5. Personal and/or corporate guarantees (requires unlimited personal guarantees). k. Non-Performance: An approved GMEF loan shall be null and void if funds are not drawn upon or disbursed within 180 days from date of EDA approval. l. Non-Performance Extension: 1. The 180-day non-performance date can be extended up to an additional 120 days, upon approval by the EDA. 2. A written request must be received 30 days prior to expiration of the 180-day non-performance date. m. Out of Pocket Fees: Responsibility of the GMEF applicant. n. Equal Opportunity: The Greater Monticello Enterprise Fund is operated as an equal opportunity program. All applicants shall have equal access to GMEF funds regardless of race, sex, age, marital status, or other personal characteristics o. Participating Lending Institution(s): 1. Participating lending institution(s) shall be determined by the GMEF applicant. 5 2. Participating lending institution(s) shall cooperate with the EDA and assist in carrying out the policies of the GMEF as approved by the City Council. 3. Participating lending institution(s) shall analyze the formal application and indicate to the EDA the level at which the lending institution will participate in the finance package. p. Loan Administration: 1. City Staff shall collect applicable GMEF payments. 2. City Staff shall assure City compliance with all applicable terms and conditions of the approved loan. 3. All loan documents shall include the following: a. Definition of loan default, agreements regarding notification of default b. Copy of primary lenders documents c. Provisions allowing the City to inquire on the status of the primary loan 6. LOAN APPLICATION PROCEDURES The EDA desires to make the GMEF loan application process as simple as possible. However, certain procedures must be followed prior to EDA consideration of a loan request. Information regarding the program and procedures for obtaining a loan are as follows: a. City Staff: City Staff shall carry out GMEF operating procedures as approved by the EDA and City Council. Staff is responsible for assisting businesses in the loan application process and will work closely with applicants in developing the necessary information. b. Application Process: 1. Applicant shall complete a preliminary loan application. Staff will review application for consistency with the policies set forth in the Greater Monticello Fund Guidelines. 2. If applicant gains initial support from lending institution and if the preliminary loan application is approved, applicant is then asked to complete a formal application. Formal application shall include a business plan which will include its management structure, market analysis, and financial statement. Like documentation necessary for obtaining the bank loan associated with the proposal is acceptable. Attached with each formal application is a written release of information executed by the loan applicant 3. If the preliminary loan application is not approved by staff, the applicant may request that the EDA consider approval of the preliminary application at the next regularly scheduled meeting of the EDA. 4. City staff shall analyze the formal application and financial statements contained therein to determine if the proposed business and finance plan is viable. City staff shall submit a written recommendation to the EDA. A decision regarding the 6 application shall be made by the EDA within 60 days of the submittal of a completed formal application. 5. The EDA shall have authority to approve or deny loans; however, within 21 days of EDA action, the City Council may reverse a decision by the EDA, if it is determined by the City Council that such loan was denied/approved in violation of GMEF guidelines. 6. Prior to issuance of an approved loan, the EDA Attorney shall review and/or prepare all contracts, legal documents, and inter-creditor agreements. After such review is complete, the City shall issue said loan. 7. REPORTING City Staff shall submit to the EDA and City Council a semiannual report detailing the balance of the Greater Monticello Enterprise Fund. 8. HISTORY Public Hearing and Adoption the 31st day of August, 1999 Public Hearing and Adoption of Amendments the 8th day of November 2000 Public Hearing and Adoption of Amendments the 24th day of April 2001 Public Hearing and Adoption of Amendments the 13th day of December 2005 Public Hearing and Adoption the 23rd day of March, 2009 Adoption the 22nd day of April, 2013 Adoption the 27th day of February 2017 EDA: 6/14/17 6. Consideration of adopting Resolution #2017-003 approving a GMEF Loan for Rustech Brewing, LLC (JT) A. REFERENCE AND BACKGROUND: Rustech Brewing, LLC is requesting a $45,000 GMEF loan to assist in opening a microbrewery and tap room in Monticello. Rustech is a startup venture founded by Bill and Penny Burt, Monticello, MN. They have noted the absence of any microbrewery establishments in Monticello and believe the community would support a microbrewery and tap room. The microbrewery and tap room trend has become quite popular over the past few years and many communities now have one or more microbrewery and tap room establishments (Big Lake, population 10,400, has Lupulin Brewing Co.; Delano, population 6,800, has Lupine Brewing Company as well as South Fork Brewing Co.; Annandale, population 3,300 has Spilled Grain Brewhouse; Buffalo, population 15,900 has Hayes Public House). The requested loan will be utilized for equipment purchases needed to outfit a 5 bbl microbrewery and tap room establishment. Rustech plans to install three fermentation tanks and related equipment. The taproom portion of the operation will host 50 to 55 customers. Specific equipment to be funded from the loan is included in the attachments. The total project cost is approximately $335,000. The Burts have obtained a letter of commitment from Bank Vista, Sartell, MN, in the amount of $260,000. The Burts plan to provide 9 percent of the funding ($30,000) through owner equity capital. The proposed financing structure is shown below: Source of Funding Amount of Funding Security Position Bank Vista (SBA7a Loan)$260,000 1st Lien Equip./Assets EDA-GMEF Loan $ 45,000 2nd Lien Equip./Assets Owner Equity Capital $ 30,000 N/A Total Amt. $335,000 Rustech has emtered into a 5-year lease at 213 Pine Street, Monticello, MN. Currently, this is a vacant portion of a concrete block structure that also houses Sweet Dreams Mattress retail store. A men’s hair salon plans to open in the space where the mattress store is currently located. There is already discussion of cross marketing between Rustech and the hair salon. The building is adjacent to Hwy. 25 (Pine Street) and also has south facing frontage on 3rd Street West. The lease agreement allows Rustech to occupy the premises at minimal cost during the initial six month start-up period. The proposed microbrewery and taproom facility will need to meet zoning code requirements for the location at 213 Pine Street. It is allowed in the CCD under a Conditional Use Permit (CUP). Rustech has applied for a Conditional Use Permit, which is pending Planning Commission and Council review in August. A City license for the microbrewery will also be required. Since the loan request is less than $150,000, a public hearing is not required. EDA: 6/14/17 A1.Staff Impact:The underwriting of the loan application has been completed by City staff. There is not any additional staff required to complete loan processing steps or disburse funds if the loan is approved. The City Finance Department will be involved in disbursing loan proceeds and overseeing receipt of monthly payments. A1. Budget Impact:The GMEF balance is approximately $1,148,898 (12-31-2016). B. ALTERNATIVE ACTIONS: 1.Motion to adopt Resolution #2017-002 approving a GMEF loan for Rustech, LLC (Microbrewery and Tap Room) contingent on City approvals as required along with the approval of a license from the appropriate Federal and State authorities. 2. Motion to deny approving a GMEF loan for Rustech. 3. Motion to table for further research and discussion. C. STAFF RECOMMENDATION: Staff recommends approval of the loan contingent on Rustech, LLC obtaining licenses and permits from the appropriate City, State and Federal authorities. The contingency is added due to the complexity and length of the license approval process from both State and Federal agencies. The Burt’s have completed a business plan, secured a primary lender commitment, entered into a lease for space and begun the licensing process. The business plan includes a review of competition in the area as well as conservative projections of revenues and expenses over several years. It appears as though the business can be supported as a start-up due to the community market and the shifting dynamics in beer consumption that favor fresher tasting products made by microbrewery establishments. The proposed location is also a positive factor as it is a highly visible site in the central community district (CCD) which should serve it well for special events and community festivals. The number of new jobs created is expected to be two (2) in the first year and an additional two or three (2 to 3) jobs in the second year of operation for a total of four or five (4 or 5). The loan request meets the GMEF guidelines. If the EDA approves the loan, the funding would be secured as a subordinate lien position on all business assets as well as personal guarantees from Bill and Penny Burt. D. SUPPORTING DATA: a.Loan Agreement b.Resolution #2017-002 c.GMEF Application d.Brewhouse Equipment List e.Rustech Lease Agreement for 213 Pine Street f.Letter of Commitment from Bank Vista 500964v1 MNI MN325-6 1 LOAN AGREEMENT This Loan Agreement (“Agreement”) is made this __ day of June, 2017, between Rustech Brewing Company LLC, a Minnesota limited liability company ("Borrower") and the City of Monticello Economic Development Authority ("Lender"), a public body corporate and politic under the laws of Minnesota. RECITALS A. In consideration for the loan contemplated by this Agreement, Borrower is executing and delivering to Lender this Loan Agreement. B. Lender agrees to loan to Borrower the maximum amount of $45,000 to pay a portion of the costs of certain equipment necessary for the operation of a microbrewery and tap room (the “Facility”) to be located in the City of Monticello, Minnesota (the “City”), which equipment is listed at Exhibit A hereto (the “Equipment”). ACCORDINGLY, to induce Lender to make the Loan to Borrower, and for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 1. The Loan Amount. Subject to and upon the terms and conditions of this Agreement, Lender agrees to loan to Borrower the sum of Forty-Five Thousand and no/100ths Dollars ($45,000), or so much thereof as is disbursed to Borrower in accordance with this Agreement (the “Loan”). The Loan shall be evidenced by a promissory note ("Note") payable by Borrower to Lender and substantially in the form of Exhibit B attached to this Agreement, which shall be dated as of the date of this Agreement. Proceeds of the Loan shall be disbursed in accordance with Section 3 hereof. 2. Repayment of Loan. The Loan shall be repaid with interest as follows: (a) Simple interest at the rate of two percent (2.0%) per annum shall accrue from the date of each disbursement pursuant to each draw request, as described in Section 3 hereof, until the Loan is repaid in full. Accrued interest until the Initial Payment Date (as hereinafter defined) shall be added to principal. (b) Payments of principal and interest shall be deferred for eight months from the Loan Closing Date. Payments of principal and interest on amounts disbursed under the Note shall commence on March 1, 2018 (the “Initial Payment Date”) and continue on the first day of each and every month thereafter until paid in full. Such payments shall fully amortize the principal and interest over twenty (20) years, provided that the final unpaid balance of principal and interest shall be due and payable on the first day of the one hundred twentieth (120th) month following the Loan Closing Date. 500964v1 MNI MN325-6 2 3. Disbursement of Loan Proceeds. (a) The Loan proceeds shall be paid to Borrower in accordance with the terms and conditions of this Agreement. Notwithstanding anything to the contrary herein, if the cost of the Equipment exceeds the amount to be reimbursed under this Agreement, such excess shall be the sole responsibility of the Borrower. (b) All disbursements of proceeds of the Loan will be made subject to the conditions precedent that prior to the date of such disbursement: (i) The Lender has received from Borrower, without expense to Lender, executed copies of this Agreement and the Note, and Borrower further having caused to be executed and delivered to Lender a security agreement in substantially the form set forth hereto at Exhibit C (the “Security Agreement”) and a personal guaranty of William Francis Burt and Penny Layne Burt in substantially the form set forth hereto at Exhibit D (the “Guaranty”); (ii) Borrower has provided evidence satisfactory to Lender that Borrower has received licensure from the State of Minnesota for __________________; (iii) The Lender has received a written statement from the Borrower’s authorized representative certifying with respect to each payment: (a) that none of the items for which the payment is proposed to be made has formed the basis for any payment previously made under this Section (or before the date of this Agreement); and (b) that each item for which the payment is proposed is included in the Equipment; (iv) Borrower has provided evidence satisfactory to Lender that Borrower has established a separate accounting system for the exclusive purpose of recording the receipt and expenditure of the Loan proceeds; (v) Borrower has paid $500 to Lender as a loan origination fee; (vi) Borrower has paid to Lender the full amount of the legal fees incurred by Lender in the negotiation and preparation of this Agreement and any other agreement or instrument securing the Loan; and (vii) No Event of Default shall have occurred and be continuing. (c) Whenever the Borrower desires a disbursement to be made hereunder, which shall be no more often than weekly, the Borrower shall submit to the Lender a draw request in the form attached as Exhibit E duly executed on behalf of the Borrower, accompanied by paid invoices or other comparable evidence that the cost has been incurred and paid or is payable by Borrower. Each draw request shall constitute a representation and warranty by the Borrower that all representations and warranties set forth in this Agreement are true and correct as of the date of such draw request. 500964v1 MNI MN325-6 3 (d) If the Borrower has performed all of its agreements and complied with all requirements to be performed or complied with hereunder, including satisfaction of all applicable conditions precedent contained in this Section, the Lender shall make a disbursement to the Borrower in the amount of the requested disbursement or such lesser amount as shall be approved, within twenty days after the date of the Lender’s receipt of the draw request. 4. No Business Subsidy. (a) No Subsidy. The parties agree and understand that the purpose of the Lender’s financial assistance to the Borrower is to provide a business loan of less than $150,000, and is not a “business subsidy” within the meaning of Minnesota Statutes, Sections 116J.993 to 116J.995. (b) Job Goals. Notwithstanding the exemption from the requirements of the Business Subsidy Act described in Section 4(a), the parties agree and understand that the Loan is being made, in part, for the purpose of facilitating the creation of jobs in the City. Accordingly, the Borrower agrees that within one year after the date of this Agreement, Borrower will create at least two full-time equivalent jobs in the City in connection with the operation of the Facility, and that within two years after the date of this Agreement, Borrower will create at least two additional full-time equivalent jobs in connection with the operation of the Facility, and will pay wages of at least $11.60 per hour in connection with each job created. (c) Reports. The Borrower must submit to the Lender a written report regarding job and wage results by no later than February 1 of each year, commencing February 1, 2018 and continuing until the date the goals stated in Section 4(b) are met. The Lender will provide information to the Borrower regarding the required forms. If the Borrower fails to timely file any report required under this Section, the Lender will mail the Borrower a warning within one week after the required filing date. If, after 14 days of the postmarked date of the warning, the Borrower fails to provide a report, the Borrower must pay to the Lender a penalty of $100 for each subsequent day until the report is filed. The maximum aggregate penalty payable under this Section is $1,000. (d) Default. Failure to create the jobs provided in Section 4(b) at the wages specified in such section is an Event of Default. 5. Representations and Warranties. Borrower represents and warrants to Lender that: (a) Borrower is duly authorized and empowered to execute, deliver, and perform this Agreement and to borrow money from Lender. (b) The execution and delivery of this Agreement, and the performance by Borrower of its obligations hereunder, do not and will not violate or conflict with any provision of law and do not and will not violate or conflict with, or cause any default or event of default to occur under, any agreement binding upon Borrower. 500964v1 MNI MN325-6 4 (c) The execution and delivery of this Agreement has been duly approved by all necessary action of Borrower, and this Agreement has in fact been duly executed and delivered by Borrower and constitutes its lawful and binding obligation, legally enforceable against it. (d) Borrower warrants that it shall keep and maintain books, records, and other documents relating directly to the receipt and disbursements of Loan proceeds and that any duly authorized representative of Lender shall, at all reasonable times, have access to and the right to inspect, copy, audit, and examine all such books, records, and other documents of Borrower pertaining to the Loan until the completion of all closeout procedures and the final settlement and conclusion of all issues arising out of this Loan. (e) Borrower warrants that it has fully complied with all applicable state and federal laws pertaining to its business and will continue to comply throughout the terms of this Agreement. If at any time Borrower receives notice of noncompliance from any governmental entity, Borrower agrees to take any necessary action to comply with the state or federal law in question. (f) Borrower warrants that it will use the proceeds of the Loan made by Lender solely for the Equipment. (g) Borrower warrants that it will not create, permit to be created, or allow to exist any liens, charges, or encumbrances prior to the obligation created by this Loan Agreement, except as otherwise authorized in writing by Lender. 6. Event of Default by Borrower. The following shall be Events of Default under this Agreement: (a) failure to pay any principal or interest on the Loan when due; (b) any representation or warranty made by Borrower herein or in any document, instrument, or certificate given in connection with this Agreement, the Note, the Security Agreement, or the Guaranty is false when made; (c) Borrower fails to pay its debts as they become due, makes an assignment for the benefit of its creditors, admits in writing its inability to pay its debts as they become due, files a petition under any chapter of the Federal Bankruptcy Code or any similar law, state or federal, now or hereafter existing, becomes "insolvent" as that term is generally defined under the Federal Bankruptcy Code, files an answer admitting insolvency or inability to pay its debts as they become due in any involuntary bankruptcy case commenced against it, or fails to obtain a dismissal of such case within thirty (30) days after its commencement or convert the case from one chapter of the Federal Bankruptcy Code to another chapter, or be the subject of an order for relief in such bankruptcy case, or be adjudged a bankrupt or insolvent, or has a custodian, trustee, or receiver appointed for, or has any court take jurisdiction of its property, or any part thereof, in any proceeding for the purpose of 500964v1 MNI MN325-6 5 reorganization, arrangement, dissolution, or liquidation, and such custodian, trustee, or receiver is not discharged, or such jurisdiction is not relinquished, vacated, or stayed within thirty (30) days of the appointment; (d) a garnishment summons or writ of attachment is issued against or served upon Lender for the attachment of any property of Borrower in Lender's possession or any indebtedness owing to Borrower, unless appropriate papers are filed by Borrower contesting the same within thirty (30) days after the date of such service or such shorter period of time as may be reasonable in the circumstances; (e) any breach or failure of Borrower to perform any other term or condition of this Agreement not specifically described as an Event of Default in this Agreement and such breach or failure continues for a period of thirty (30) days after Lender has given written notice to Borrower specifying such default or breach, unless Lender agrees in writing to an extension of such time prior to its expiration; provided, however, if the failure stated in the notice cannot be corrected within the applicable period, Lender will not unreasonably withhold its consent to an extension of such time if corrective action is instituted by Borrower within the applicable period and is being diligently pursued until the Default is corrected, but no such extension shall be given for an Event of Default that can be cured by the payment of money (i.e., payment of taxes, insurance premiums, or other amounts required to be paid hereunder); (f) any breach by Borrower of any other agreement between Borrower, and Lender, or the City. 7. Lender's Remedies upon Borrower's Default. Upon an Event of Default by Borrower and after provision by Lender of written notice, Lender shall have the right to exercise any or all of the following remedies (and any other rights and remedies available to it): (a) declare the principal amount of the Loan and any accrued interest thereon to be immediately due and payable upon providing written notice to Borrower; (b) suspend its performance under this Loan Agreement; (c) take any action provided for at law to enforce compliance by Borrower with the terms of this Agreement and the Note; (d) exercise its rights under the Security Agreement and/or Guaranty. In addition to any other amounts due on the Loan, and without waiving any other right of Lender under any this Agreement or any other instrument securing the Loan applicable documents, Borrower shall pay to Lender a late fee of $250 for any payment not received in full by Lender within 30 calendar days of the date on which it is due. Furthermore, interest will continue to accrue on any amount due until the date on which it is paid to Lender, and all such interest will be due and payable at the same time as the amount on which it has accrued. 500964v1 MNI MN325-6 6 8. Lender's Costs of Enforcement of Agreement. If an Event of Default has occurred as provided herein, then upon demand by Lender, Borrower shall pay or reimburse Lender for all expenses, including all attorneys fees and expenses incurred by Lender in connection with the enforcement of this Agreement and the Note, or in connection with the protection or enforcement of the interests and collateral security of Lender in any litigation or bankruptcy or insolvency proceeding or in any action or proceeding relating in any way to the transactions contemplated by this Agreement. 9. Indemnification. (a) Borrower shall and does hereby agree to indemnify against and to hold Lender, and its officers, agents, and employees, harmless of and from any and all liability, loss, or damage that it may incur under or by reason of this Agreement, and of and from any and all claims and demands whatsoever that may be asserted against Lender by reason of any alleged obligations or undertakings on its part to perform or discharge any of the terms, covenants, or agreements contained herein. (b) Should Lender, or its officers, agents, or employees incur any such liability or be required to defend against any claims or demands pursuant to this Section, or should a judgment be entered against Lender, the amount thereof, including costs, expenses, and attorneys fees, shall bear interest thereon at the rate then in effect on the Note, shall be secured hereby, shall be added to the Loan, and Borrower shall reimburse Lender for the same immediately upon demand, and upon the failure of Borrower to do so, Lender may declare the Loan immediately due and payable. (c) This indemnification and hold harmless provision shall survive the execution, delivery, and performance of this Agreement and the creation and payment of any indebtedness to Lender. Borrower waives notice of the acceptance of this Agreement by Lender. (d) Nothing in this Agreement shall constitute a waiver of or limitation on any immunity from or limitation on liability to which Borrower is entitled under law. 10. Miscellaneous. (a) Waiver. The performance or observance of any promise or condition set forth in this Agreement may be waived, amended, or modified only by a writing signed by Borrower and Lender. No delay in the exercise of any power, right, or remedy operates as a waiver thereof, nor shall any single or partial exercise of any other power, right, or remedy. (b) Assignment. This Agreement shall be binding upon Borrower and its successors and assigns and shall inure to the benefit of Lender and its successors and assigns. All rights and powers specifically conferred upon Lender may be transferred or delegated by Lender to any of its successors and assigns. Borrower's rights and obligations under this Agreement may be assigned only when such assignment is approved in writing by Lender. 500964v1 MNI MN325-6 7 (c) Governing Law. This Agreement is made and shall be governed in all respects by the laws of the state of Minnesota. Any disputes, controversies, or claims arising out of this Agreement shall be heard in the state or federal courts of Minnesota, and all parties to this Agreement waive any objection to the jurisdiction of these courts, whether based on convenience or otherwise. (d) Severability. If any provision or application of this Agreement is held unlawful or unenforceable in any respect, such illegality or unenforceability shall not affect other provisions or applications that can be given effect, and this Agreement shall be construed as if the unlawful or unenforceable provision or application had never been contained herein or prescribed hereby. (e) Notice. All notices required hereunder shall be given by depositing in the U.S. mail, postage prepaid, certified mail, return receipt requested, to the following addresses (or such other addresses as either party may notify the other): To Lender: City of Monticello Economic Development Authority 505 Walnut Street, Suite 1 Monticello, MN 55362 Attn: Executive Director To Borrower: Rustech Brewing Company LLC 6328 86th Street NE Monticello, MN 55362 Attn: William F. Burt (f) Termination. If the Loan is not disbursed pursuant to this Agreement by December 31, 2017, this Agreement shall terminate and neither party shall have any further obligation to the other, except that if the Loan is not disbursed because Borrower has failed to use its best efforts to comply with the conditions set forth in Section 3 of this Agreement then Borrower shall pay to Lender all reasonable attorneys fees, costs, and expenses incurred by Lender in connection with this Agreement and the Note. (g) Entire Agreement. This Agreement, together with the Exhibits hereto, which are incorporated by reference, constitutes the complete and exclusive statement of all mutual understandings between the parties with respect to this Agreement, superseding all prior or contemporaneous proposals, communications, and understandings, whether oral or written, concerning the Loan. (h) Headings. The headings appearing at the beginning of the several sections contained in this Agreement have been inserted for identification and reference purposes only and shall not be used in the construction and interpretation of this Agreement. 500964v1 MNI MN325-6 8 IN WITNESS WHEREOF, this Agreement has been duly executed and delivered by the proper officers thereunto duly authorized on the day and year first written above. CITY OF MONTICELLO ECONOMIC DEVELOPMENT AUTHORITY By: _________________________________ Its President By: _________________________________ Its Executive Director [SIGNATURE PAGE TO LOAN AGREEMENT – CITY OF MONTICELLO ECONOMIC DEVELOPMENT AUTHORITY] 500964v1 MNI MN325-6 9 RUSTECH BREWING COMPANY LLC By: _________________________________ Title: _______________________________ [SIGNATURE PAGE TO LOAN AGREEMENT – RUSTECH BREWING COMPANY LLC] 500964v1 MNI MN325-6 A-1 EXHIBIT A EQUIPMENT [to be inserted] 500964v1 MNI MN325-6 B-1 EXHIBIT B PROMISSORY NOTE -$45,000- _______________, 2017 -2.0%- Rustech Brewing Company LLC, a Minnesota limited liability company (“Maker”), for value received, hereby promises to pay to the City of Monticello Economic Development Authority, a public body corporate and politic under the laws of Minnesota or its assigns (Authority and any assigns are collectively referred to herein as "Holder"), at its designated principal office or such other place as the Holder may designate in writing, the principal sum of One Forty-Five Thousand and no/100ths Dollars ($45,000) or so much thereof as may be advanced under this Note, with interest as hereinafter provided, in any coin or currency that at the time or times of payment is legal tender for the payment of private debts in the United States of America. The principal of and interest on this Note are payable in installments due as follows: 1. Simple interest at the rate of two percent (2.0%) per annum shall accrue from the date of each disbursement pursuant to each draw request, as described in the loan agreement of even date between Borrower and Lender ("Loan Agreement") until the Loan is repaid in full. Accrued interest until the Initial Payment Date (as hereinafter defined) shall be added to principal. 2. Payments of principal and interest shall be deferred for eight months from the date of this Note. Payments of principal and interest on amounts disbursed under this Note shall commence on March 1, 2018 (the “Initial Payment Date”) and continue on the first day of each and every month thereafter until paid in full. Such payments shall fully amortize the principal and interest over twenty (20) years, provided that the final unpaid balance of principal and interest shall be due and payable on the first day of the one hundred twentieth (120th) month following the date of this Note. 3. The Maker shall have the right to prepay the principal of this Note, in whole or in part, with interest accrued to the date of such prepayment, on any date a principal and interest payment is due and payable. 4. This Note is given pursuant to the Loan Agreement, a security agreement of even date herewith delivered by Borrower (the “Security Agreement”), and a personal guaranty of William Francis Burt and Penny Layne Burt (the “Guaranty”). If any such security is found to be invalid for whatever reason, such invalidity shall constitute an Event of Default hereunder. All of the agreements, conditions, covenants, provisions, and stipulations contained in the Loan Agreement, the Security Agreement, the Guaranty, or any other instrument securing this Note 500964v1 MNI MN325-6 B-2 are hereby made a part of this Note to the same extent and with the same force and effect as if they were fully set forth herein. It is agreed that time is of the essence of this Note. If an Event of Default occurs under the Loan Agreement, the Security Agreement, the Guaranty, or any other instrument securing this Note, then the Holder of this Note may at its right and option, without notice, declare immediately due and payable the principal balance of this Note and interest accrued thereon, together with reasonable attorneys fees and expenses incurred by the Holder of this Note in collecting or enforcing payment hereof, whether by lawsuit or otherwise, and all other sums due hereunder or any instrument securing this Note. The Maker of this Note agrees that the Holder of this Note may, without notice to and without affecting the liability of the Maker, accept additional or substitute security for this Note, or release any security or any party liable for this Note or extend or renew this Note. 5. The remedies of the Holder of this Note as provided herein, and in the Loan Agreement, the Security Agreement, the Guaranty, or any other instrument securing this Note shall be cumulative and concurrent and may be pursued singly, successively, or together, and, at the sole discretion of the Holder of this Note, may be exercised as often as occasion therefor shall occur; and the failure to exercise any such right or remedy shall in no event be construed as a waiver or release thereof. The Holder of this Note shall not be deemed, by any act of omission or commission, to have waived any of its rights or remedies hereunder unless such waiver is in writing and signed by the Holder and then only to the extent specifically set forth in the writing. A waiver with reference to one event shall not be construed as continuing or as a bar to or waiver of any right or remedy as to a subsequent event. This Note may not be amended, modified, or changed except only by an instrument in writing signed by the party against whom enforcement of any such amendment, modifications, or change is sought. 6. If any term of this Note, or the application thereof to any person or circumstances shall, to any extent, be invalid or unenforceable, the remainder of this Note, or the application of such term to persons or circumstances other than those to which it is invalid or unenforceable shall not be affected thereby, and each term of this Note shall be valid and enforceable to the fullest extent permitted by law. 7. It is intended that this Note is made with reference to and shall be construed as a Minnesota contract and is governed by the laws thereof. Any disputes, controversies, or claims arising out of this Note shall be heard in the state or federal courts of Minnesota, and all parties to this Note waive any objection to the jurisdiction of these courts, whether based on convenience or otherwise. 8. The performance or observance of any promise or condition set forth in this Note may be waived, amended, or modified only by a writing signed by the Maker and the Holder. No delay in the exercise of any power, right, or remedy operates as a waiver thereof, nor shall any single or partial exercise of any other power, right, or remedy. 500964v1 MNI MN325-6 B-3 9. IT IS HEREBY CERTIFIED AND RECITED that all conditions, acts, and things required to exist, happen, and be performed precedent to or in the issuance of this Note do exist, have happened, and have been performed in regular and due form as required by law. IN WITNESS WHEREOF, the Maker has caused this Note to be duly executed as of the ________ day of _______________, 2017. RUSTECH BREWING COMPANY LLC By: _________________________________ Title: _______________________________ [SIGNATURE PAGE FOR PROMISSORY NOTE – RUSTECH BREWING COMPANY LLC 500964v1 MNI MN325-6 C-1 EXHIBIT C SECURITY AGREEMENT THIS SECURITY AGREEMENT, dated as of ____________, 2017, is made and entered into by and between RUSTECH BREWING COMPANY LLC (the “Debtor”), a Minnesota limited liability company with its principal place of business at 6328 86th Street NE, Monticello, Minnesota 55362 and the CITY OF MONTICELLO ECONOMIC DEVELOPMENT AUTHORITY (the “Secured Party”), a public body corporate and politic, with its principal place of business at 505 Walnut Street, Suite 1, Monticello, Minnesota 55362. 1. Security Interest and Collateral. To secure the payment of that certain Promissory Note in the original aggregate principal amount of $45,000, issued pursuant to a Loan Agreement dated as of _____________, 2017 (the “Loan Agreement”), between the Secured Party and the Debtor, the proceeds of which will be applied to the acquisition of certain equipment for use at a microbrewery and tap room owned by the Debtor and located at 213 Pine Street in the City of Monticello, Minnesota (the “Facility”), the Debtor hereby grants the Secured Party a security interest (herein called the “Security Interest”) in the following property (herein called the “Equipment”): any and all machinery and equipment installed in, attached to, or used in connection with the Facility, as described in Exhibit A hereto, together with all parts, additions, replacements, and repairs to the Equipment now or hereafter installed in, attached to, or used in the Facility, and the proceeds thereof (collectively with the Equipment, the “Collateral”). 2. Debtor’s Representations, Warranties, and Covenants. Debtor represents, warrants, covenants, and agrees as follows: (a) Organization. The Debtor is a Minnesota limited liability company, and Debtor has full power and authority to execute, deliver, and perform this Security Agreement, and to own its property and conduct its business as presently conducted and as proposed to be conducted. (b) Authorization. The execution, delivery, and performance of this Security Agreement by the Debtor has been duly authorized by all necessary action and will not: (i) require any consent or approval of any entity which has not been obtained; or (ii) violate any material provision of any indenture, contract, agreement or instrument to which Debtor is a party or by which it is bound. (c) Performance by Debtor. Unless Debtor obtains Secured Party’s written consent to 500964v1 MNI MN325-6 C-2 the contrary, or except as provided in the Loan Agreement, Debtor shall not: (i) terminate its interest in any of the Collateral; or (ii) sell, transfer, or assign, or offer to sell, transfer or assign all or any part of the Collateral or permit all or any part of the Collateral to be sold, transferred, or assigned; or (iii) remove or consent to the removal of any of the Equipment from the Facility. (d) Title to Collateral. Debtor shall keep good marketable title to all of the Collateral, and none of the Collateral is subject to any lien or security interest except for the security interest created by this Security Agreement and other security interests consented to in writing b y Secured Party. Debtor has not granted, and will not grant or permit to exist, any lien or security interests in all or a portion of the Collateral other than the liens in favor of Secured Party and other liens consented to in writing by Secured Party. Debtor shall defend the Collateral against all claims and demands of all and any other persons at any time claiming any interest therein adverse to Secured Party. (e) Actions and Proceedings. There are no actions at law, suits in equity, or other proceedings before any governmental agency, commission, bureau, tribunal, or other arbitration proceedings against or affecting Debtor, that if adversely determined would adversely affect Debtor’s interest in the Collateral or would adversely affect the rights of Debtor to pledge and assign all or a part of the Collateral or the rights and security afforded Secured Party hereunder. (f) Insurance. The Debtor agrees it will keep the Equipment insured, or cause the Equipment to be kept insured, at all times against loss by fire or other hazards concerning which, in the judgment of the Secured Party, insurance protection is reasonably necessary and in amounts sufficient to protect against loss or damage of the Equipment. Such policy or policies will contain a loss payable clause in favor of Secured Party or its successors or assigns, in form satisfactory to Secured Party, provided, however, that Debtor may, at its reasonable discretion, self-insure the Equipment. (g) No Fixture. If any of the Collateral is or becomes a fixture, Debtor agrees to furnish Secured Party, at Secured Party’s request, with a statement or statements signed by all persons who have or claim an interest in the real estate concerned, which statements shall provide that the signer consents to the security interest created hereby and disclaims any interest in the Collateral as fixtures. (h) Understandings Regarding Collateral. Debtor acknowledges that the Collateral is or will be of the design, capacity, and manufacture specified for and by D ebtor, and that Debtor is satisfied that the same is or will be suitable for its intended purposes. Debtor further acknowledges and agrees that Secured Party has not made, and does not make, any representation, warranty, or covenant with respect to merchantability, fitness for any purpose, durability, patent, copyright or trademark infringement, suitability, or capability of any item of Collateral in any respect or in connection with any other purpose or use of Debtor, or any other representation, warranty, or covenant of any kind or character expressed or implied with respect 500964v1 MNI MN325-6 C-3 thereto. Debtor accordingly agrees not to assert any claim whatsoever against Secured Party based thereon. Debtor further agrees, regardless of cause, not to assert any claim whatso ever against Secured Party for loss of anticipatory profits or consequential damages. (i) Use of Collateral. The Collateral will be used for its intended business purpose and will at all times be located at the Facility, except as provided in the Loan Agreement. (j) Condition of Collateral. Debtor will keep the Collateral in good condition and repair, reasonable wear and tear excepted, and will permit Secured Party to enter the Facility at reasonable times and upon reasonable notice for the purpose of examining the Collateral. (k) Costs of Collection. In the event of any action or proceeding to collect or realize upon the Collateral or to enforce any of Secured Party’s rights hereunder, the Debtor shall pay: (i) all of Secured Party’s attorneys fees and legal expenses, with interest thereon, incurred by the Secured Party; (ii) all taxes, levies, insurance expenses, and costs of repairs to, or maintenance of, the Collateral; and (iii) all costs of the Secured Party reasonably incurred in taking possession of, disposing of, or preserving the Collateral after any Event of Default (defined below). 3. Event of Default. Upon the occurrence of a default in the payment of the Note, or under the terms of the Loan Agreement, this Security Agreement, or the personal guaranty of William Francis Burt and Penny Layne Burt (the “Guaranty”), the Secured Party may exercise any remedy available to it under the terms of the Loan Agreement, the Note, this Security Agreement, or the Guaranty, and may, without limiting any other right or remedy available to it, exercise and enforce any and all rights and remedies available upon default to a secured party under the Uniform Commercial Code as enacted in the State of Minnesota, Minnesota Statutes, Chapter 336, as amended (the “UCC”), and the Secured Party and all representatives of the Secured Party are hereby granted the right to enter upon any property of the Debtor, without a hearing or prior notice thereof, for the purpose of taking possession of the Collateral. If notice to the Debtor of any intended disposition of the Collateral or any other intended action is required by law in a particular instance, such notice shall be deemed commercially reasonable if given (in the manner specified in this Security Agreement) at least ten calendar days prior to the date of the intended disposition or other action. 4. Further Assurances. The Debtor shall execute and deliver to the Secured Party, promptly and at the Debtor’s expense, financing statements, including without limitation a UCC- 1 Financing Statement listing the Equipment and all proceeds thereof as collateral. Debtor agrees that the Secured Party is authorized, at its option, to file a photocopy or other reproduction of this Security Agreement as a financing statement and such photocopy or other reproduction shall be sufficient as a financing statement under the UCC, and the Debtor hereby irrevocably appoints the Secured Party as the Debtor’s attorney-in-fact to execute and file, from time to time, on its behalf, one or more financing statements with respect to the Collateral and to execute such 500964v1 MNI MN325-6 C-4 other documents and instruments on behalf of the Debtor as the Secured Party, in its sole judgment, shall deem necessary or desirable for the purposes of effectuating this Security Agreement, such power being coupled with an interest. 5. Cumulative Remedies. All of the Secured Party’s rights and remedies herein are cumulative and in addition to any rights or remedies available at law or in equity, including the UCC, and may be exercised concurrently or separately. The Debtor shall pay all costs, expenses, losses, damages, and legal costs (including attorneys fees) incurred by the Secured Party as a result of enforcing any terms or conditions of this Security Agreement. 6. No Liability Imposed on the Secured Party. The Secured Party shall not be obligated to perform or discharge, nor does it hereby undertake to perform or discharge, any obligation, duty, or liability, nor shall this Security Agreement operate to place responsibility for the control, care, or management of the Equipment upon Secured Party; provided, that upon payment in full of the Note, the Secured Party shall execute and file UCC termination statements in the offices in which financing statements with respect to the Collateral are effective. 7. Indemnification. The Debtor hereby agrees to indemnify and to hold the Secured Party harmless of and from any and all liability, loss, or damage which it may or might incur under or by reason of this Security A greement, and of and from any and all claims and demands whatsoever which may be asserted against it by reason of any alleged obligations or undertakings on its part to perform or discharge any of the terms, covenants, or agreements contained herein. Should the Secured Party incur any such liability or be required to defend against any such claims or demands, or should a judgment be entered against the Secured Party, the amount thereof, including costs, expenses, and attorneys fees, shall bear interest thereon at the rate then in effect on the Note, shall be secured hereby, and shall be added to the obligations of the Debtor secured hereunder. The Debtor shall reimburse the Secured Party for such additional obligations immediately upon demand, and upon the failure of the Debtor to do so, the Secured Party may declare such additional obligations immediately due and payable. 8. Expenses of Secured Party. All expenses paid or incurred in protecting, storing, warehousing, insuring, handling, and shipping the Collateral, all costs of keeping the Collateral free of liens, encumbrances, and security interests (other than the security interest created by this Security Agreement), and the removing of the same and all excise, property, sales, and use taxes imposed by state, federal, or local authority on any of the Collateral or with respect to the sale thereof, shall be borne and paid for by the Debtor and if the Debtor fails to promptly pay any amounts thereof when due, the Secured Party may, at its option, but shall not be required to, pay the same, and upon such payment the same shall constitute additional obligations of the Debtor and shall bear interest at the rate specified in the Note and shall be secured by the security interests granted hereunder. 9. Continuing Rights. The rights and powers of the Secured Party hereunder shall continue and remain in full force effect until the Note (and any additional obligations referred to in Sections 7 and 8 hereof) is paid in full. 10. Books and Records. The Debtor will permit the Secured Party, and its 500964v1 MNI MN325-6 C-5 representatives, at reasonable times and upon reasonable notice, to examine the Debtor’s books and records (including data processing records and systems) with respect to the Facility and the Collateral and make copies thereof at any time and from time to time, and the Debtor will furnish such information reports to the Secured Party and its representatives regarding the Collateral as the Secured Party and its representatives may from time to time request. The Secured Party shall have the authority, at any time, to require the Debtor to place upon the Debtor’s books and records relating to the Collateral and other rights to payment covered by the security interest created in this Security Agreement a notation stating that any such Collateral and other rights of payment are subject to a security interest in favor of the Secured Party. 11. Successors and Assigns. This Security Agreement and each and every covenant, agreement, and provision hereof shall be binding upon the Debtor, and its successors and assigns, and shall inure to the benefit of the Secured Party, and its successors and assigns. 12. Governing Law. This Security Agreement is executed pursuant to and shall be governed by the laws of the State of Minnesota. 13. Severability. It is the intent of this Security Agreement to confer to the Secured Party the rights and benefits hereunder to the full extent allowable by law, including all rights available under the UCC. The unenforceability or invalidity of any provisions hereof shall not render any other provision or provisions herein contained unenforceable or invalid. Any provisions judicially determined to be unenforceable shall be severable from this Security Agreement. 14. Miscellaneous. (a) Waiver. The performance or observance of any promise or condition set forth in this Security Agreement may be waived only in writing. No delay in the exercise of any power, right or remedy operates as a waiver thereof, nor shall any single or partial exercise of any other power, right or remedy. (b) Assignment. This Security Agreement shall be binding upon the Debtor, and its successors and assigns, and shall inure to the benefit of the Secured Party, and its successors and assigns. All rights and powers specifically conferred upon the Secured Party may be transferred or delegated by the Secured Party to any of its successors and assigns, including any successor holder of the Note. (c) Certain Defined Terms. Capitalized terms used in this Security Agreem ent and defined in this Security Agreement, the Loan Agreement or the Note are used with the meanings given in this Security Agreement, the Loan Agreement or the Note. (d) Other Matters. If any provision or application of this Security Agreement is held unlawful or unenforceable in any respect, such illegality or unenforceability shall not affect other provisions or applications which can be given effect, and this Security Agreement shall be construed as if the unlawful or unenforceable provision or application had never been contained herein or prescribed hereby. All representations and warranties contained in this Security 500964v1 MNI MN325-6 C-6 Agreement or in any other agreement between Debtor and Secured Party shall survive the execution, delivery, and performance of this Security Agreement and the creation and payment of any indebtedness to Secured Party. Debtor waives notice of the acceptance of this Security Agreement by Secured Party. (e) Notice. All notices required hereunder shall be given by depositing in the U.S. mail, postage prepaid, certified mail, return receipt requested, to the addresses first set forth above (or such other addresses as either party may notify the other). (The remainder of this page is intentionally left blank.) 500964v1 MNI MN325-6 C-7 IN WITNESS WHEREOF, the Debtor and the Secured Party have executed this Security Agreement as of the date set forth above. RUSTECH BREWING COMPANY LLC By:_________________________________ William F. Burt Its _________________________________ THIS DOCUMENT DRAFTED BY: Kennedy & Graven, Chartered (MNI) 470 U.S. Bank Plaza 200 South Sixth Street Minneapolis, MN 55402 (612) 337-9300 500964v1 MNI MN325-6 C-8 DEBTOR’S ACKNOWLEDGMENT to the Security Agreement, dated as of __________, 2017 STATE OF MINNESOTA ) ) ss. COUNTY OF ________ ) The foregoing instrument was acknowledged before me this __ day of __________, 2017, by William F. Burt, the _____________ of Rustech Brewing Company LLC, a Minnesota limited liability company, on behalf of the company. Notary Public 500964v1 MNI MN325-6 C-9 Signature of the Secured Party with respect to the Security Agreement, dated as of ______________, 2017. CITY OF MONTICELLO ECONOMIC DEVELOPMENT AUTHORITY By: President By: Executive Director 500964v1 MNI MN325-6 C-10 SECURED PARTY’S ACKNOWLEDGMENT to the Security Agreement, dated as of __________, 2017 STATE OF MINNESOTA ) ) ss. COUNTY OF WRIGHT ) The foregoing instrument was acknowledged before me this __ day of ________, 2017, by ______________ and _________________, the President and Executive Director, respectively, of the City of Monticello Economic Development Authority, a public body corporate and politic under the laws of Minnesota, on behalf of the Authority. Notary Public 500964v1 MNI MN325-6 C-11 EXHIBIT A TO SECURITY AGREEMENT EQUIPMENT [to be inserted] 500964v1 MNI MN325-6 D-1 EXHIBIT D GUARANTY AGREEMENT This Guaranty Agreement is made and entered into this __ day of _____________, 2017, by William F. Burt and Penny Burt ("Guarantors") for the benefit of the City of Monticello Economic Development Authority ("Lender"), a public body corporate and politic. WITNESSETH: WHEREAS, Rustech Brewing Company LLC, a Minnesota limited liability company (the "Borrower") proposes to borrow the sum of $45,000 from Lender for equipment acquisition for a microbrewery and tap room facility located in the City of Monticello; and WHEREAS, pursuant to the loan agreement of even date herewith between Borrower and Lender (the “Loan Agreement”) Borrower has agreed to repay to Lender $45,000 together with interest thereon at the rate and within the time stated in Borrower’s promissory note of even date herewith (“Note”); and WHEREAS, to secure payment of the Note, Lender has required, and Guarantors have agreed to provide, a guaranty of the indebtedness above described between Borrower and Lender; and WHEREAS, Guarantors will receive a direct financial benefit from the loan to Borrower by Lender pursuant to the Note. NOW, THEREFORE, to induce Lender to make the loan to Borrower, Guarantors hereby covenant and agree with Lender, for the benefit of all who at any time become holders of the Note, as follows: Section 1.1. Guarantors hereby unconditionally guarantee to Lender for the benefit of the Holder (as defined in the Note) from time to time of the Note: (a) the full and prompt payment of the principal of the Note when and as the same shall become due, whether at the stated maturity thereof, by acceleration or otherwise; (b) the full and prompt payment of any interest on the Note when and as the same shall become due; and (c) any other amounts due Lender under the Loan Agreement or the Note. All payments shall be paid in lawful money of the United States of America. Each and every default in payment of the principal of or interest on the Note shall give rise to a separate cause of action hereunder, and separate suits may be brought hereunder as each cause of action arises. Section 1.2. The obligations of Guarantors under this Guaranty shall be absolute and unconditional and shall remain in full force and effect until the entire principal of and interest on the Note shall have been paid, and such obligations shall not be affected, modified or impaired upon the happening from time to time of any event, including, without limitation, any of the following: 500964v1 MNI MN325-6 D-2 a. The compromise, settlement, or release of less than all of the obligations, covenants or agreements of Borrower under the Note; b. The failure to give notice to any person of the occurrence of an event of default under the terms and provisions of this Guaranty or the Note executed by Borrower: c. The extension of the time for payment of principal of or interest on the Note or under this Guaranty; d. Any failure, omission, delay, or lack on the part of Lender to enforce, assert or exercise any right, power, or remedy conferred on Lender in this Guaranty or other instruments executed and delivered in connection with the loan contemplated thereby, or any other act or acts on the part of Lender or any of the holders from time to time of the Note; e. The default or failure of Guarantors to perform any of the obligations set forth in this Guaranty. Section 1.3. No set-off, counterclaim, reduction, or diminution of any obligation, or any defense of any kind or nature that Borrower has or may have Lender shall be available hereunder to Guarantors against Lender. Section 1.4. In the event of a default in the payment of principal of the Note when and as the same shall become due, whether at the stated maturity thereof, by acceleration or otherwise, or in the event of a default in the payment of any interest on the Note when and as the same shall become due, or upon the occurrence and continuance of any Event of Default under the Agreement, Lender may proceed hereunder; and Lender, in its sole discretion, shall have the right to proceed first and directly against either Guarantor or both Guarantors for the full amount due without proceeding against or exhausting any other remedies it may have as to Borrower. Section 1.5. Guarantor hereby expressly waives notice from Lender or the holders from time to time of the Note of acceptance of or any reliance upon this Guaranty. Guarantors agree to pay all the costs, expenses, and fees, including attorneys' fees, which may be incurred by Lender in enforcing or attempting to enforce this Guaranty whether the same shall be enforced by suit or otherwise. Section 1.6. This Guaranty is entered into by Guarantors with Lender for the benefit of Lender and the holders from time to time of the Note, all of whom shall be entitled to enforce performance and observance of this Guaranty. Section 1.7. Guarantors are duly authorized and empowered to execute, deliver, and perform this Agreement and to borrow money from Lender. Section 1.8. The performance or observance of any promise or condition set forth in this Guaranty may be waived, amended, or modified only by a writing signed by Guarantors and Lender. No delay in the exercise of any power, right, or remedy operates as a waiver thereof, nor 500964v1 MNI MN325-6 D-3 shall any single or partial exercise of any other power, right, or remedy. Section 1.9. This Guaranty is made and shall be governed in all respects by the laws of the state of Minnesota. Any disputes, controversies, or claims arising out of this Guaranty shall be heard in the state or federal courts of Minnesota, and all parties to this Guaranty waive any objection to the jurisdiction of these courts, whether based on convenience or otherwise. Section 1.10. If any provision or application of this Guaranty is held unlawful or unenforceable in any respect, such illegality or unenforceability shall not affect other provisions or applications that can be given effect, and this Guaranty shall be construed as if the unlawful or unenforceable provision or application had never been contained herein or prescribed hereby. Section 1.11. All notices required hereunder shall be given by depositing in the U.S. mail, postage prepaid, certified mail, return receipt requested, to the following addresses (or such other addresses as either party may notify the other): To Lender: 505 Walnut Street, Suite 1 Monticello, MN 55362 Attn: Executive Director To Guarantors: William Francis Burt and Penny Layne Burt 6328 86th Street NE Monticello, MN 55362 Section 1.12. This Guaranty constitutes the complete and exclusive statement of all mutual understandings between the parties with respect to this Guaranty, superseding all prior or contemporaneous proposals, communications, and understandings, whether oral or written, concerning the Guaranty. Nothing contained herein shall effect or impair Lender’s rights under the Loan Agreement, the Note, or the Security Agreement. Section 1.13. The obligation of each Guarantor under this Guaranty shall be jointly and several with the obligations of each other Guarantor, shall be binding upon the heirs and estate of both Guarantors, and shall survive the death, divorce, or any other change in situation or relationship of any or all Guarantors. 500964v1 MNI MN325-6 D-4 IN WITNESS WHEREOF, Guarantors have caused this Guaranty to be executed as of the date first above written. ______________________________________ William Francis Burt ________________________________________ Penny Layne Burt [SIGNATURE PAGE FOR GUARANTY– RUSTECH BREWING COMPANY LLC] 500964v1 MNI MN325-6 E-1 EXHIBIT E DRAW REQUEST TO: City of Monticello Economic Development Authority 505 Walnut Street, Suite 1 Monticello, MN 55362 Attn: Executive Director DISBURSEMENT DIRECTION The undersigned Authorized Representative of Rustech Brewing Company LLC, a Minnesota limited liability company (the “Borrower”), hereby authorizes and requests you to disburse from proceeds of the Loan, in accordance with the terms of the Loan Agreement between the City of Monticello Economic Development Authority (“Lender”) and the Borrower, dated as of _____________, 2017 (the “Agreement”), the following amount to the following person and for the following proper cost of the Equipment: 1. Amount: 2. Payee: 3. Purpose: all as defined and provided in the Agreement. The undersigned further certifies to the Lender that (a) none of the items for which the payment is proposed to be made has formed the basis for any payment previously made under Section 3 of the Agreement (or before the date of the Agreement); and (b) that each item for which the payment is proposed is Equipment, eligible for funding from the proceeds of the Loan. Dated: ____________________ ______________________________________ Borrower’s Authorized Representative 1 500965v1 MNI MN325-33 EDA RESOLUTION NO. 2017-001 RESOLUTION APPROVING A LOAN AGREEMENT BETWEEN THE CITY OF MONTICELLO ECONOMIC DEVELOPMENT AUTHORITY AND RUSTECH BREWING COMPANY LLC BE IT RESOLVED BY the Board of Commissioners ("Board") of the City of Monticello Economic Development Authority (the "Authority") as follows: Section 1. Recitals. 1.01. The Authority and Rustech Brewing Company LLC (the “Borrower”) desire to enter into a loan agreement (the “Loan Agreement”) for a GMEF Loan to be used for the acquisition of certain equipment to be used in connection with the construction and equipping of a microbrewery and tap room in the City of Monticello (the “Equipment”). 1.02. Pursuant to the Loan Agreement, the Authority will loan to the Borrower the sum of $45,000 (the “Loan”), evidenced by a promissory note (the “Note”), a personal guaranty of William F. Burt and Penny Burt (the “Guaranty”), and a Security Agreement (the “Security Agreement”), to be executed and delivered to the Authority by the Borrower. 1.03. The terms of the Loan Agreement and Note shall conform to the Amended GMEF Guidelines approved by the Authority on March 23, 2009, including a term of the loan of ten years, and a fixed interest rate of 2.0%. Section 2. Loan Agreement and Note Authorized. 2.01. The Authority hereby authorizes and directs Authority staff and consultants to negotiate and prepare the Loan Agreement, the Note, the Security Agreement, and the Guaranty as provided herein, and authorizes execution of the Loan Agreement and all documents prepared in connection therewith, subject to modifications that do not alter the substance of the transaction and that are approved by the President and Executive Director, provided that execution of the Amendment by such officials shall be conclusive evidence of approval. Approved this 12th day of July, 2017, by the Board of Commissioners of the City of Monticello Economic Development Authority. ___________________________________ President ATTEST: ___________________________________ Executive Director Name of Contact Person: Bill Burt Address: 6328 86TH ST NE Monticello MN 55362 Telephone Number: 612-414-9437 Business Name: RUSTECH BREWING COMPANY LLC Business Address: 213 Pine Street Monticello, MN 55362 REQUESTED INFORMATION Addendum shall be attached hereto addressing in detail the following: 1. A map showing the exact boundaries of proposed development. 2. Give a general description of the project including size and location of building(s); business type of use: traffic information including parking, projected vehicle counts and traffic flow; timing of the project; estimated market value following completion. The Building is 2000 Sq Ft Building on the south west side of the building at address 213 Pine Street Monticello, MN 55362. The business type will be a taproom serving beers off taps. There will be 5 BBL brewhouse. The brewhouse will produce wort that will be transferred to 1 of 3 fermentation tanks. The taproom will host 55 to 65 customers. Timing for the project is to begin as soon as financing is completed and liquor license has been approved. Estimated market value is $450,000 3. The existing Comprehensive Guide Plan Use designation and zoning of the property. Include a statement as to how the proposed development will conform to the land use designation and how the property will be zoned. TBD 4. A statement identifying how the increment assistance will be used and why it is necessary to undertake the project. The assistance will be used towards the 25% down payment. 5. A statement identifying the public benefits of the proposal including estimated increase in property valuation, new jobs to be created, h ourly wages and other community assets. The Taproom will be next to a Barber shop that will located at the south east side. The barber shop will issue buzzers to customers so they can relax in our taproom while waiting their turn. (2) New jobs will be created the first year and (2 or 3 more jobs) the 2nd year. The jobs will be at $11.60 per hour. Other community assets, the taproom will help grow the surround area because it will be a fun and exciting place to relax and socialize at. Surrounding food venues will be able to deliver food to the taproom. 6. A written description of the developer’s business, principals, history and past projects. I’m a Certified LabVIEW Architect, I develop complex process controls for industrial use. I have developed the expansion software for Lupulin Brewing company and have been brewing beer for 4+ years.. I understand that the application fee will be used for the EDA staff and consultant costs and may be partially refundable if the request for assistance is withdrawn, Refunds will be made at the discretion of the EDA Board and be based on the costs incurred by the EDA prior to withdraw of the request for assistance. If the initial application fee is insufficient, I will be responsible for the additional deposits. SIGNATURE Applicant’s signature: Date: 5/6/2017 FINANCIAL BACKGROUND 1. Have you ever filed for bankruptcy? No 2. Have you ever defaulted on any loan commitment? I have a couple unpaid medical payments that have went into collections. We are refinancing are home (in process) to pay down on the debts and increase credit score. 3. Have you applied for conventional financing for the project? Yes, The SBA loan is through Riverwood bank. 4. List financial references: a. Wells Fargo Mortgage, Checking and Savings. b. One Main Financial. c. Capital One. d. Chase Freedom. e. Wells Fargo Cash Card. 5. Have you ever used Business Assistance Financing before? No If yes, what, where and when? PROJECT INFORMATION: 1. Location of Proposed Project: South west building at 213 Pine Street Monticello, MN 55362. 2. Amount of Business Assistance requested? $45,000 3. Need for Business Assistance: The assistance will be used towards the 25% of down payment. 4. Present ownership of site: I will be signing a lease. 5. Number of permanent jobs created as a result of the project? 2 for the 1st year and expanding to 3 or 4 for the 2nd year. 6. Estimated annual sales: Present 0 Future: $198,744 7. Marking value of project following completion: $450,000. 8. Anticipated Start Date: 7/1/2017. Completion Date 12/15/2017 Liquor License has been approved. FINANCIAL INFORMATION 1. Estimated project related costs: a. Land acquisition $0. b. Site Development $100,000. c. Building cost $24,000 yearly. d. Equipment $99,939.00. e. Architectural/engineering fee Included with site development. f. Legal Fees $5000.00 g. Off-site development cost Included with site development. 2. Source of financing: a. Private financing institution SBA Loan from Riverwood Bank. b. Tax increment funds None c. Other public funds Kickstarter d. Developer equity None ID Brewhouse, Fermentation and Brite Tanks QTY Item Cost Cost Notes BH1 Brew House System 1 $34,400.00 $34,400.00 MLT1 Mash/Lauter Tun 5BBL 1 $0.00 $0.00 (Included in Brew House Cost) BK1 Brew Kettle/whirlpool tank 5BBL 1 $0.00 $0.00 " WG1 Wort Grant 20 Liter 1 $0.00 $0.00 " HLT1 HLT 10 BBL 1 $0.00 $0.00 " HOPB1 Hop Back Tank 20L 1 $0.00 $0.00 " PMP1 -3 System Pumps 3m3/hour 1 $0.00 $0.00 " PLATE1 Plat Heat Exchanger 6㎡ 1 $0.00 $0.00 " WK1 Work Platform 1 $0.00 $0.00 " PIPE1 Process Piping ISO:Φ38 1 $0.00 $0.00 " WH1 Wort thermograph 1 $0.00 $0.00 " VP1 Venturi pipe cross 1 $0.00 $0.00 " TS1 Titanium stick 1 $0.00 $0.00 " MT1 Measurement tube 1 $0.00 $0.00 " SM1 Sugar Meter 1 $0.00 $0.00 " GR1 Grain Rake 1 $0.00 $0.00 " FV1, FV2 and FV3 Fermenters 5BBL 3 $4,695.00 $14,085.00 BT1 Bright Tank 5BBL 1 $4,695.00 $4,695.00 SB1 Steam Boiler 1 $18,425.00 $18,425.00 Sub Total 1 $62,215.00 $71,605.00 WC1 Walk-In Cooler 6' x 14' x 7'6"1 $10,000.00 $10,000.00 RO1 Water Filtration RO system 1 $948.00 $948.00 GDF1 Glass door refrigerator 1 $850.00 $850.00 CHILLER1 SA5-2-2PT 5 Ton Chiller 1 1 $10,000.00 $10,000.00 Shipping 1 $13,500.00 $13,500.00 Mill Room Final Total 1 $93,403.00 Original cost of the equipment $93,403.00 Residual value 9,000.00$ Subtract the"Residual value" from "Original cost"84,403.00$ Useful life of the equipment (YEARS)10 Yearly depreciation on the equipment.8,440.30$ Monthly Depreciation 703.36$ June 14, 2017 Rustech Brewing Company LLC William and Penny Burt Monticello, MN Dear William and Penny, Thanks for giving BankVista an opportunity to earn your business. Following is a conditional commitment to provide financing in the amount up to $260,000. The Lender’s conditional commitment is subject to execution of definitive credit, security and related loan documents satisfactory to the Lender. Below is a summary of the approved terms & conditions: Borrower: Rustech Brewing Company LLC Guarantees: Unlimited guarantee of William Burt and Penny Burt Special Conditions: The proposed loans are subject to the approval and conditions of the Small Business Administration. Your application will be submitted for SBA approval upon receipt of executed commitment letter. Loan Amount: SBA 7(a) $ 260,000 Interest Rate: A current interest rate of 6.75% which is equal to 2.50% over the Wall Street Journal Prime Rate (the “index”). This index rate may change as often as each calendar quarter. Maturity: 10 years and 6 months from the date of Note Repayment/Amortization: 10 year amortization to begin after 6 month interest only (build out/set up phase). Monthly principal and interest payments beginning in month 7. Estimated payment amount is $2,985/month Payment Reserve: $50,000 Payment Reserve Account to be set up at BankVista at or prior to loan closing. Funds can come from private investors. Funds can only be used to make P&I payments. If funds are not used – the account would be released upon 2yrs timely payments and DSCR exceeding 1.25x for 2 consecutive years (calculated off business tax returns). Prepayment: None, however 3 week notice of prepayment is required. Without notice you will be billed for 3 weeks of interest at payoff. Auto Payment: Payments are to be setup on Automatic debit from your primary business account which will be established with BankVista. Closing Costs: Closing costs include, but are not limited to: a) SBA Guaranty Fee’s $5,850; b) Loan packaging fee’s $2,500; and c) out-of-pocket costs, such as title insurance, recording fees, filing fees, credit reports, etc. Collateral: Collateral will include the following: a) A blanket 1st Security agreement/financing statement covering accounts receivables, inventory, equipment (included titled equipment), and general intangibles. b) 2nd REM on property located at 6328 86th St NE, Monticello, MN (Legal to govern) First mortgage balance outstanding not to exceed $214,200. Insurance: Evidence of hazard insurance will be required at the time of loan closing, with BankVista names as Mortgagee/Lender Loss Payee. Life Insurance: Assignment of life insurance on William Burt, covering the entire amount of proposed indebtedness ($ 260,000) and an assignment of life insurance on Penny Burt in the amount of $150,000. Equity: $ 30,000 required at or before closing. Subordinated Note: City of Monticello note of $45,000 required to be subordinated to BankVista Cost Budget: Final cost budget must be concurred by BankVista. Financial Info: The following financial information will be required: a) compiled year-end financial statement of Borrower, prepared by an independent CPA firm, to be submitted annually, along with annual tax returns including all supporting schedules; b) Quarterly interim financial statements (Company Prepared) for the first year of business; c) Annual equipment list; d) annual personal financial statement and tax returns including all supporting schedules from each guarantor. Depository: Primary operating account(s) to be established with BankVista The bank’s obligation to make the loan will be subject to receipt by the bank of properly executed documents in the form and substance acceptable to the bank and/or its counsel, including but not limited to -Promissory note -Security agreement -Mortgage -Financing statements -Personal guarantees -Business loan agreement -Insurance certificates Upon acceptance of the offer to lend, Borrower agrees to pay all fees and reasonable costs expended by bank in preparation for the loan whether or not the loan is closed. This commitment is based on information made currently available to the bank concerning the borrower. The bank reserves the right to amend this offer based on changed circumstances or newly disclosed information. The offer to lend may be terminated if: • Any terms and conditions of the commitment can not be complied with • Any adverse change occurs in the financial condition of the borrower which the bank, in good faith, deems to potentially impair the prospects of the borrower to comply with the terms of the loan. • If the borrower applies for or consent to the appointment of a receiver, trustee or liquidator for it or for any of its property; or makes a general assignment for the benefit of creditors. • If the borrower has submitted information to the bank that materially misrepresents the financial condition or performance of its operating results. If the above is acceptable and you would like BankVista to package your SBA loan and prepare for loan closing, please indicate your agreement and acceptance by signing, dating and returning a copy of this letter with a deposit of $2,500, which will be applied to your closing costs. This offer expires on July 14, 2017, if BankVista does not receive this executed Commitment Letter by this date, this offer shall be deemed withdrawn. Sincerely, I agree to the terms listed above: ________________________________Date:__________ William Burt Dan Nygaard ___________________________Date:__________ Vice President Penny Burt Use Of Proceeds SOURCES USES Bank Vista 260,000 Construction/Lease 125,000 City of Monticello 45,000 Equipment 93,403 Owner Equity 30,000 Total Direct Costs 218,403 Working Capital 100,000 Closing Costs 16,597 Total Indirect Costs 116,597 Total 335,000 Total 335,000 List of Items Needed Before Scheduling a Closing Date – Allow 3 business days after bank receives all items listed below before scheduling a closing date: Enclosed Borrowers Information Form (SBA Form1919)- fill out, sign and date by both William and Penny Burt Insurance on the Business Personal Property listing BankVista, 125 Twin Rivers Court, Sartell, MN 56377, as Lender Loss Payee Copy of Fully Executed Lease Agreement Landlord Contact Information ( Landlord Consent document need to be executed by landlord) Rustech Brewing Company LLC’s Limited Liability Documentation, including Articles of Organization, Operating Agreement, Member Control Agreement, Statement of Authority, Minutes, Tax ID #, etc. (stating who the owners are, % of ownership, their titles and who signs on behalf of the company) Copy of Certificate of Assumed Name, if any Copy of Life Insurance Dec. Page/Binder and an Assignment of Life Insurance policy to BankVista on William Burt in the amount of $260,000 and Penny Burt in the amount of $150,000. Copy of Equipment bids, signed and dated Fully Executed Construction Contract and Budget Breakdown Contractors Contact Information Copy of City of Monticello Note, subordinated to BankVista ($45,000) Open a Small Business Checking Account at BankVista Open the $50,000 Payment Reserve Account at BankVista Equity – A Cashier’s check at closing for Equity contribution of $30,000, or verification of equity, including copies of invoices and cancelled checks ( Submit Items $500 or over) Copy of last 2 bank statements verifying source of equity ($30,000) Insurance on your primary residence we are taking as additional collateral listing BankVista, 125 Twin Rivers Court, Sartell, MN 56377, as a 2nd Mortgagee Current Property Tax Statement, copy of most recent appraisal for your primary residence property being taken as collateral Copy of Drivers License EDA: 07/12/17 1 7.Consideration to adopt Resolution 2017-02 approving a Purchase Agreement for Acquisition of a vacant parcel located at 220 West Broadway Street, PID155-010- 036090 (JT) A. REFERENCE AND BACKGROUND: Red Rooster Properties, Inc. is offering to sell a vacant land parcel located at 220 West Broadway Street to the EDA. After seeing a draft of the Small Area Study, Tom Holthaus, principal of Red Rooster Properties, Inc., asked if the EDA would be interested in purchasing this lot. The Small Area Plan shows this lot as a pocket park and which serves as a way to connect Broadway Street to the parking areas in the middle of the block (Block 36). Mr. Holthaus provided a letter requesting EDA consideration of this parcel in June 2017. He is offering to sell the parcel at the assessed taxable value of $34,400. The parcel is narrow and linear consisting of .10 acres +/- with planted grass near Broadway Street and a parking surface in the rear with approximately 9 spaces +/-. Red Rooster, which also owns the adjacent property with a building on it, 212 West Broadway, has determined that the vacant parcel does not fit it’s needs at this time. Attached is a Purchase Agreement and EDA Resolution 2017-2 for the EDA’s consideration. B. ALTERNATIVE ACTIONS: 1.Motion to approve Resolution 2017-2 authorizing the purchase of the vacant parcel of land located at 220 West Broadway Street. 2.Motion to deny approval of Resolution 2017-2 authorizing the purchase of the vacant parcel of land located at 220 West Broadway Street. . 3. Motion to table consideration of the purchase and direct staff accordingly. C. STAFF RECOMMENDATION: The EDA should take into consideration the following information. The Small Area Plan envisions a more walkable, aesthetically pleasing downtown area. The creation of a pocket park in this parcel as illustrated in the Plan would be a small step in that direction. The owner of the parcel is motivated to sell the lot. The price is a fair price based on the County taxable market value. The EDA should establish a public purpose when purchasing property which has been identified in the draft resolution. City staff will support the desired direction of the EDA in this matter. D. SUPPORTING DATA: a. Resolution 2017-02 b. Letter of Offer from Tom Holthaus c. Aerial Map of Property d. County Property Information e. Illustration from Small Area Study indicating envisioned pocket park 1 Error! Unknown document property name. EDA RESOLUTION NO. 2017-02 RESOLUTION APPROVING PURCHASE AGREEMENT BETWEEN THE CITY OF MONTICELLO ECONOMIC DEVELOPMENT AUTHORITY AND RED ROOSTER PROPERTIES, INC. BE IT RESOLVED BY the Board of Commissioners ("Board") of the City of Monticello Economic Development Authority (the "Authority") as follows: Section 1. Recitals. 1.01. The Authority and Red Rooster Properties, Inc. (the “Seller”) desire to enter into a purchase agreement (the “Purchase Agreement”) pursuant to which the Authority will acquire certain property located at 220 West Broadway in the downtown area of the City (the “Property”) from the Seller for economic redevelopment purposes related to the revitalization of the downtown area. The Property is described in Exhibit A attached hereto. 1.02. Pursuant to the Purchase Agreement, the Authority will purchase the Property from the Seller for a total purchase price of $34,400 plus related closing costs. 1.03. The Authority finds that acquisition of the Property conforms to the City of Monticello Redevelopment Priorities and Policies, as approved by the City and Authority, and will facilitate the economic redevelopment and revitalization of the downtown area of the City. Section 2. Purchase Agreement Approved. 2.01. The Authority hereby approves the Purchase Agreement in substantially the form presented to the Authority, subject to modifications that do not alter the substance of the transaction and that are approved by the President and Executive Director, provided that execution of the Purchase Agreement by those officials shall be conclusive evidence of their approval. 2.02. Authority staff and officials are authorized to take all actions necessary to perform the Authority’s obligations under the Purchase Agreement as a whole, including without limitation execution of any documents to which the Authority is a party referenced in or att ached to the Purchase Agreement, and any deed or other documents necessary to acquire the Property from the Seller, all as described in the Purchase Agreement. Approved this 12th day of July, 2017, by the Board of Commissioners of the City of Monticello Economic Development Authority. ___________________________________ President ATTEST: ___________________________________ Executive Director 1 Error! Unknown document property name. EXHIBIT A PROPERTY That part of Lot 9, Block 36, Town of Monticello, according to the recorded plat thereof, Wright County, Minnesota, lying Northwesterly of a line drawn parallel with and distant 5.70 feet Northwesterly from, measured at right angles to, the common lot line between Lot 8 and 9, said Block 36. Wright County, MN Developed by The Schneider Corporation Par cel ID 155010036090 Sec/T wp/Rng 11-121-025 Pr oper ty Address A lter nate ID n/a Cla ss 233 - C OMM L AND & BL DGS A cr eage n/a Ow ner Address RED ROOSTER PROPERTIES INC 9495 DEEGAN AVE NE MONTIC ELL O, MN 55362 Distr ict 1101 C ITY OF MONTIC ELL O 882 H Br ief T ax Descr iption Sect-11 Twp-121 Rang e-025 ORIGINAL PLAT MONTIC EL L O L ot-009 Block-036 TH PRT OF LT 9 BL K36 LY NWLY OF LN DRWN PAR/W&5.70FT NWL Y FR C OMMO N L T LN BET LTS8&9 (Note: Not to be used on leg a l documents) Date created: 6/9/2017 Last Data Uploa ded: 6/9/2017 2:49:58 AM 106 ft Overvi ew Legend Roads C SAHC L C TYC L MUNIC L PRIVATEC L TWPC L Highw ays Intersta te State Hwy US Hwy City/T ow nship Limits c t Parcels EDA Agenda – 07/14/17 8. Consideration of 2018 EDA Levy Target (JT) A.REFERENCE AND BACKGROUND: Staff is asking the EDA to consider the amount of property tax levy that it would like to budget for in 2018. The annual budget process is beginning and the legislature made adjustments to allow the EDA levy to be approved at the same time as the City levy, which is September this year. Staff will provide more detailed budget information for consideration and formal adoption at the August meeting. The amount of the property tax levy and the maximum allowed are shown below for the past two years as well as the 2018 allowed amount. Year Allowed Levy by Statute Actual Levy 2016 $280,000 $280,000 2017 $302,000 $280,000 2018 $323,000 ????? The levy is calculated at .0185 percent x municipal taxable market value (2017 = 1,748,750,200 x .0185 percent) It is a policy decision for the EDA regarding the amount of the levy. Staff can guide the EDA about the activities/work items which the levy funds. The levy is used to fund all EDA activities including staff salaries and benefits, overhead (electricity, computer maintenance, postage), legal fees, financial advisor fees, marketing and various memberships such as the Wright County Economic Development Partnership. The levy is also used for land acquisition and improvements to EDA owned properties.as well as studies that guide decision making regarding Otter Creek Business Park and downtown redevelopment objectives. Unallocated and unused funds carry over from year to year in the EDA General Fund and become available for land acquisition and use in facilitating development efforts. As of June 30, 2017, the General Fund (EDA) is estimated to have cash and investments totaling $1,787,695. The 2017 budget process is just starting and will continue into August and September. At the August 9th meeting, the HRA/EDA Budget and Levy will be presented to the EDA for final adoption by resolution. Staff will take your feedback on the levy from this meeting and incorporate it into a budget for presentation at the August meeting. A calendar provided by Finance Director, Wayne Oberg, is attached indicating budget approval steps. A1. STAFF IMPACT:The staff impact to seek feedback about the levy is minimal. A2. BUDGET IMPACT:The cost of presenting the 2018 Property Tax Levy discussion to the EDA for review and feedback is minimal. It is part of the normal work duties of the EDA Executive Director. 2 B.ALTERNATIVE ACTIONS: 1.Motion as appropriate determined by the EDA regarding directing an amount of the HRA/EDA levy. 2.No Motion; just discussion C.STAFF RECOMMENDATION: No staff recommendation is offered as this is a policy decision for the EDA. The EDA should consider its goals and mission to facilitate economic development and redevelopment projects that will help expand the tax base, increase employment opportunities in the City and crate a vibrant economy as part of its decision process. The attachments contain information relating to the EDA Goals and Objectives. D.SUPPORTING DATA: a. 2018 Budget Approval Calendar b. 2017 Community Economic Development Goals (from Council visioning session) c. 2016 EDA Goals and Objectives (adopted 2016; carried over into 2017) 1 Jacob Thunander From:Wayne Oberg Sent:Friday, July 7, 2017 10:25 AM To:All City Dept Heads Subject:2018 Budget Esteemed: Below is the schedule for the upcoming budget process. There are couple minor day tweaks to the schedule sent in April. Since the traditional channels of communications have broken down (agenda, scheduling and department head meetings), communications on the budget process are by email.Monday is the kickoff of this year’s budget process. I or managers of the DMV or liquor store will do the presentation for those units. I will also lead with the introduction which will last most of the meeting. The community center has volunteered for the first meeting in August and the HR manager has volunteered for the second meeting in July. We need to be at least three deep on every day. Please respond back to me on which timeslot you want by July 12th or I will otherwise assign them. Thank you for your cooperating! Wayne Date Activity June 12, 2017 2018-2022 capital equipment/projects (CIP) worksheets and budget worksheets to department heads. July 3, 2017 2018-2022 CIP and budget worksheets due to finance department July 10, 2017 Workshop with city council and staff to set 2018 goals and priorities. July, 2017 Department heads meet with various advisory boards and commissions for input into 2018 preliminary budget and CIP. July, 2017 Department heads meet with city administrator, and finance staff to develop 2018 preliminary budget and CIP. July 24, 2017 Workshop with city council workshop to review draft department budgets and set 2018 goals and priorities. August 14, 2017 Finance department develops revenue estimates and 2018 preliminary property tax levy. August 28, 2017 Council workshop to review various departments’ goals, budgets, and CIP continued. September 11, 2017 Budget workshop with city council and staff. September 11, 2017 Council adopts 2018 preliminary HRA and city property tax levy. (See September 25) September 25, 2017 Last regular meeting for city council to consider adopting the 2018 preliminary city property tax levy. 2 September 30, 2017 2018 preliminary property tax levy certified to Wright County auditor. October/November, 2017 Department heads meet with city administrator and finance staff to develop 2018 proposed Budget and final property tax levy. December 11, 2017 Council adopts 2018 budget and property tax levy. December 27, 2017 City certifies final 2018 property tax levy to Wright County auditor. January 1, 2018 2018 fiscal year begins. Wayne W. Oberg,MBA, CPA Finance Director Tel: 763-271-3211 Fax: 763-295-4404 NOTE: The contents of this E-mail may contain information that is legally privileged and/or confidential to the named recipient. This information is not to be used by any other person and/or organization. The views expressed in this document do not necessarily reflect those of the City of Monticello. Email correspondence to and from City of Monticello government offices is subject to the Minnesota Government Data Practices and may be disclosed to third parties. 1 Be a regional leader 2 Build a connected community 3 Create and preserve sustainable livability 4 Strengthen our image as a destination city 5 Support a vibrant economy 6 Invest in people GOAL RELATIONSHIP Comm Dev Prioritize corridors for underground powerlines for CC consideration and develop corresponding ordinance/code language where necessary 4 Comm Dev Coordinate prairie restoration for some city parks and stormwater areas 3 Comm Dev Develop Walnut, Pine and Cedar corridor plan with consistent treatments (entrance signs, lights, street/info signs, plantings, ped facilities)2, 3, 4, 5 Comm Dev Plan for utilization of the 5th Street right of way - extension of trail 2, 3 Comm Dev Develop public art program in partnership with existing arts community for major points 4, 5, 6 Comm Dev Familiarize organizations with BCOL master plan, develop partnerships 4, 6 Comm Dev Coordinate creation of additional corridors to the river - ROWs, parks, pathway connections, public/private partnerships (hospital)2, 3 Comm Dev Develop funding plan and capital improvement plan for Athletic Park 1, 5 Comm Dev Host Builder/Developer workshops on annual basis to continue building reltionships, service improvements 5 Comm Dev Implement final concept of Small Area Plan program (loan program, RFP, land sales, etc.)1, 2, 3, 4, 5, 6 Comm Dev Support EDA Work Plan Strategic Objectives for economic development, redevelopment and housing (See EDA Work Plan)3, 4, 5 Comm Dev Develop a step-up housing marketing initiative 3, 5 Comm Dev Develop comprehensive sign system for city and downtown 2, 3, 4, 5, Comm Dev Identify sidewalk and pathway connection gaps and opportunities; work with Parks to prioritize for capital improvements 2, 3, 4, Comm Dev Develop and submit Safe Routes planning and infrastructure grants based on above 2, 3, 6 Comm Dev Gain regional desgination for Monticello section of Mississippi River Trail pathway 1, 2, 3, 4 Comm Dev Develop plan for opening up land for industrial/commercial prospects - NW area 3, 5, 6 Comm Dev Update subdivison regulations as necessary for changing statutes and City priorities - survey, trees, etc.3 Comm Dev Develop GIS/Laserfiche link for more efficient planning research and management 2, 3, 6 Comm Dev Develop training opportunities related to City GIS and county tools 3, 6 Comm Dev Complete an update of the Comprehensive Plan as related to the Small Area Plan 2, 3, 4, 5 Comm Dev Complete an update of the zoning ordinance related to the outcomes of the Small Area Plan 2, 3, 4 Comm Dev Complete an update of the zoning ordinance related to ouctomes of indsutrial development strategies (materials, storage, districts)2, 3, 4 Comm Dev Develop additional FAQs and public use resources on P & Z topics (signs, boulevards, etc.)2 Comm Dev Identify areas for cultural/historic interpretation 2, 4 Comm Dev Re-engage in Live Wright to identify healthy community opportunities and initiate plans resulting 1, 2, 3, 6 Comm Dev Adopt native landscapes ordinance 3 Comm Dev Work with communications to develop community engagement initiatives for communtiy development goals 2, 5 Comm Dev Standardize/create planning training opportunities for Planning Commission 6 Comm Dev Work with Communications to build the community brand and incorporate into CD and ED initiatives 1, 2, 4, 5 Comm Dev Continue to foster partnerships with adjacent communities for regional planning (transporation, land use, utilities)1, 3, 4, 5, 6 Comm Dev Monitor, amend and develop zoning ordinances responsive to growth needs 3, 5 Comm Dev Work to expand outreach within the community; build understanding of the value of codes through interaction 2, 3, 5, 6 Comm Dev Phoen system update to improve current operations and efficiency 2, 6 Comm/Econ DevContinue to support rdevelopment efforts for publicly owned properties in Block 34 and 52 3, 4, 5 Comm/Econ DevEvaluate opportunities for the future sale of properties in Block 34 and engaging a partner for redevelopment of the block 3, 4, 5 Comm/Econ DevEngage as a partner in other redevelopment and revitalization opportunities as they arise,actively encouraging redevelopment within the CCD area consistent w/ outcomes of SASP 1, 3, 4, 5 Comm/Econ DevContinue to build funding base for potential acquisistions in targeted redevelopment areas 3, 4, 5 Comm/Econ DevImplement a façade improvement program for desired revitalization areas 3, 4, 5 Comm/Econ DevExplore and seek as appropriate federal and state grant funds that support redevelopment objectives and/or projects 1, 3, 4, 5, Comm/Econ DevExplore the opportunity to develop an incubator building for entreprenerial and start up firms 1, 2, 3, 4, 5, 6 Comm/Econ DevEncourage more proactive lead development and response in all market segments to support diversified tax base 2, 3, 4, 5 Comm/Econ DevEvaluate industrial land inventory for ptoential expansion 1, 3, 4, 5 Comm/Econ DevMarket indusrtrial development at the Monticello Business Center to a broad variety of projects 3, 4, 5 Comm/Econ DevMarket EDA incentive programs in a more proactive manner, both within the community and beyond, beginning with the education of the EDA 2, 3, 4, 5 Comm/Econ DevExamine housing stock and unmet market demand for various types of housing via conditions and datasets 3, 5 Comm/Econ DevExplore and seek as appropriate federal and state grant funds that support housing development or revitalization objectives and/or projects 3, 4, 5 Comm/Econ DevSupport the revamping and further development of the City Economic Development website to enhance usability and clarity of information 1, 2, 3, 4, 5 Comm/Econ DevRe-engage, with the assistance of the IEDC, the business community in a limited scope BRE program 1, 2, 3, 4, 5, Comm/Econ DevSupport workforce development efforts through partnerships with educators, businesses, organzations and agencies 1, 2, 3, 5, 6 ECONOMIC DEVELOPMENT AUTHORITY 2016 ANNUAL ECONOMIC DEVELOPMENT WORK PLAN EDA Purpose: The EDA is charged with coordinating and administering the City of Monticello’s economic development and redevelopment plans and programs. The EDA is also responsible for housing and housing redevelopment. EDA Work Plan Mission Statement: The EDA’s work plan is adopted in support of achieving the goals of the Monticello Comprehensive Plan. The EDA will be proactive by developing and undertaking actions for achievement of the Comprehensive Plan’s Economic Development goals and will be reactive in responding to economic development opportunities as they arise in the most timely and effective manner possible. The EDA shall utilize the economic development strategies of the Comprehensive Plan as a guide for action. Comprehensive Plan Goals: Attracting & Retaining Jobs Expanding Tax Base Enhancing Downtown Facilitating Redevelopment Housing Choice for Life-Cycle EDA Objectives: 1. Continue to support redevelopment efforts for publicly-owned properties on Block 34. a. Focus on site control for targeted redevelopment area on the block b. Evaluate the opportunities for the future sale of properties on Block 34 and the value of engaging a partner to expedite redevelopment on Block 34. c. Support as needed the completion of intersection improvements at TH 25/CSAH 75 in order to understand development envelope and access. 2. Engage as a partner in other redevelopment and revitalization opportunities as they arise, actively encouraging redevelopment within the TH25/CSAH 75 area. a. Build funding base for other acquisitions in targeted redevelopment areas. b. Fund studies similar to the hospitality study for other desired land uses in the downtown and for other programs, such as housing. c. Continue discussion on use of tax reimbursement/abatement, including development of criteria. d. Implement a façade improvement program for desired revitalization areas. e. Meet with property owners downtown individually to understand their situation in terms of willingness to sell, partner, price, etc. f. Reexamine the Embracing Downtown Plan for possible amendment based on recent revitalization activity in the downtown. g. Develop a conceptual street layout for access and parking for the entire CCD including parks and trails. h. Support opportunities for park and trail development with TH 25/CSAH 75 intersection and as consistent with the Embracing Downtown Plan. 3. Market industrial development at the Monticello Business Center (Otter Creek Business Park) to a broad variety of prospects. a. As guided by the Comprehensive Plan, target the following prospect areas: i. Businesses which will be a supplier, customer or collaborative partner to existing businesses within the community. ii. Businesses which would benefit from Monticello’s utility and communications infrastructure. iii. Work with the CentraCare Health System to ensure the retention and to promote the expansion of health care services in Monticello. b. Focus on prospects which serve or rely on the St. Cloud and Twin Cities markets. c. Actively participate/network with current businesses to help establish external relationships. 4. Market EDA incentive programs in a more proactive manner, both within the community and beyond, beginning with the education on these resources at the EDA level. a. Continue to foster external networking opportunities. b. Present existing and new incentive programs to smaller community groups, local banks, realtors, and local businesses. c. Develop and communicate a “complete” development package program which provides support and assistance to prospects and developers from inquiry to construction. d. Prepare a multi-format (print, digital) summary resource piece. e. Explore the opportunity to develop an incubator building or pre-designed building shell plans with contractors ready for development. 5. Actively (aggressively) market for sale for development the EDA-owned properties at Cedar Street, 349 West Broadway and 413 W. 4th Street. a. Market 4th St. to known Monticello residential builders. b. Identify types of businesses sought for specific properties and market to these sectors accordingly. c. Identify commercial properties which should be held for larger redevelopment potential. 6. Encourage more proactive lead development and response in all market segments to support a diversified tax base. a. Develop relationships with local realtors and banks. b. Explore agent/broker relationships; evaluate the opportunity to engage a development facilitator. c. Develop a list of target properties and share with realtors and bankers. d. Foster an accommodating approach to prospective development (see item 4d above). e. Research and communicate state and federal incentive programs for bringing businesses into community. 7. Examine housing stock for aging or blighted properties and research development of programs for redevelopment and/or revitalization. a. Understand the state of the current housing stock/inventory and areas of need. b. Develop sub-committee to identify potential programs, such as: i. Program for acquisition for redevelopment ii. Program for revitalization iii. Program to encourage new development in in-fill areas c. Establish clear criteria for “blight” and “cluster areas” for focus of programs. d. Identify and communicate state and regional programs which could be leveraged to support identified properties; identify programs applicable to each property. 8. Support the development of the Destination for Innovation brand and implement in economic development activities. a. Migrate website to City site for more thorough and current site maintenance. b. Work with Communications Manager to develop coordinated economic development marketing plan c. Build value in development resources. d. Market amenities (including technology and recreation) in a more coordinated way 9. Consider housing increment resource in terms of strategic project goals. a. Tie in with item #7 above as a multi-prong approach – examine opportunities and needs for use of these funds. 10. Re-engage in business retention and expansion efforts. a. Engage the IEDC as the primary partner and lead in this effort. Appendix: Monticello Comprehensive Plan, 2008 – Economic Development EDA Agenda: 7/12/17 1 9.Economic Development Report (JT) Small Area Study Next steps in the Small Area Study process are as follows: EDA Final Review and Approval - June 14, 2017 (tabled) Joint EDA and Planning Commission Workshop - July 12, 2017 Planning Commission Final Review/Adoption as part of the Comprehensive Plan - TBD City Council Review and Adoption – TBD Block 34 - 130 East Broadway Limited Site Investigation (LSI) The Minnesota Pollution Control Agency (MPCA) has officially indicated that there is no further action needed regarding Leak file #20142.Per the attached letter, the file is now closed. The reimbursement request for 90 percent of the costs to complete the LSI has been submitted to the Minnesota Department of Commerce – Petrofund Office. Prospects Staff is still actively engaged with or monitoring the next steps process for several prospects. They are: 1.Shred-N-Go (EDA offer was provided; they are working on financing) 2.DEED Prospect – Mfg.; waiting for response regarding site information submittal 3.Project Novus – Mfg.; waiting for response from RFP submittal in early February 4.Project #6580 – Mfg.; provided initial site information packet, scheduling a follow up 5.Multiple Housing Developers; in discussions with regarding concept; provided site and community information 6.Multiple Commercial Developers; in discussion with regarding concept; provided site and community information • • • • A M ix of Pu bl ic a nd Private I nvestment Influenced b 1997 Plan y � ccT�r �� . �� C�l�. l�� 1 7 P an E ements: • Walnutasnewmainstreet • Public investment supporting new main street concept • EnhancewalkabilityalongWalnutStreet • Extend sidewalks laterally to neighborhood • H ead-i n pa rki ng on Wa I n ut Street • Redevelop bu I k oi I a nd propa ne storage site - create a civic core • Community center location identified • Connect Walnut Street to the River • Design sta nda rds consistent with sma I • Redevelop Monticello Mal M idwestern town P i Inv m n : r in r m w r u c est e ts eat a a e o • Uti I ities • Parks • Planters • Pave rs • Handicap accessibility • Trees • Landscaping • Design sta nda rds • Public Facilities • Fa�ade improvement financing • Redevelopment financing (TIF, Cleanup grants, Land acquisition) � � � - �� ' �, �- i � -- � � � � ��.:�• ��"- - � 'w � '- � � ,� ��s_,"��.�l==— �'>` �. � � �-� ��'�'�� . �r t "- s � � � t � '' '�' * � - - ... ��,��:.,,, ".e�` ^!'k, f.t'�.3'". 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