EDA Agenda 02-13-2019AGENDA
REGULAR MEETING - ECONOMIC DEVELOPMENT AUTHORITY (EDA)
Wednesday, February 13th, 2019 — 6:00 p.m.
Mississippi Room, Monticello Community Center
Commissioners: President Steve Johnson, Vice President Bill Tapper, Treasurer Jon Morphew,
Tracy Hinz, 011ie Koropchak-White and Councilmembers Lloyd Hilgart and
Jim Davidson
Staff: Executive Director Jim Thares, Jeff O'Neill, Angela Schumann, Wayne Oberg
and Jacob Thunander
1. Call to Order
2. Roll Call 6:00 p.m.
3. Annual Business Meeting
a. Consideration to elect EDA Officers
b. Consideration to review EDA Bylaws
c. Consideration to review Enabling Resolution
d. Consideration of EDA Financial Statements and Fund Balance information
4. Consideration of additional agenda items
Consent Agenda
a. Consideration of approving Regular Meeting Minutes — January 9th, 2019
b. Consideration of approving Special Workshop Meeting Minutes — January 9th,
2019
c. Consideration of approving payment of bills
Regular Agenda
6. Consideration of Resolution #2019-01 Consenting to Assignment and Subordination of
Contract for Private Redevelopment and TIF Note between Rivertown Residential Suites,
LLC (Briggs Apartment) and Bell Bank for financing and collateral purposes
7. Consideration of Authorizing TIF Grant progress payment to Rivertown Residential
Suites, LLC (Briggs Apartment) for underground parking expenses (materials)
8. Consideration of Adopting 2019 Economic Development Authority Workplan
9. Director's Report
10. 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).
A. Property Address: 101 West Broadway Street - PID #155010052090
B. Property Address: 107 West Broadway Street — PID #155010052070
C. Property Address: 121 Broadway Street — PID #155010052031
11. Adj ourn
3.
A.
EDA Agenda: 2/13/19
Consideration of holdin� Annual Business Meetin� (JT)
REFERENCE AND BACKGROUND:
The EDA is required to hold an Annual Meeting each year to elect officers, make
appointments as needed and consider Bylaw changes. The EDA enabling resolution and
the Bylaws are attached for review. Staff would entertain any questions or requested
clarifications on the documents; some items may require consultation with EDA legal
counsel.
The Offices that need to be filled consist of President, Vice President and Treasurer. Staff
can serve as the Secretary for recording minutes of ineetings.
Also attached for review and discussion is the 2018 Year End reports of the EDA Fund(s).
A1.
A2.
Staff Impact: There is minimal staff time involved in preparing the staff report for
consideration of the Annual Business Meeting.
Budget Impact: No expected budget
B. ALTERNATIVE ACTIONS:
L Motion to elect 2019 Officers;
as Vice President, and
2. Motion to table election of 2019 EDA Officers
C.
�
ALTERNATIVE ACTIONS:
as President,
as Treasurer.
L Motion to direct staff to prepare draft amendments to the EDA Enabling
Resolution or Bylaws as follows: (amendments to the Enabling Resolution require
a public hearing).
2. Motion of other.
STAFF RECOMMENDATION:
Staff recommends approval of Alternative B-1. If needed, staff recommends approval of
G1 as appropriate. Staff have no recommended amendments to the Enabling Resolution
or Bylaws at this time and defers to the EDA members.
E. SUPPORTING DATA:
:
EDA Bylaws
EDA Enabling Resolution
EDA 2018 Year-End Financial Reports
BYLAWS OF THE
ECONOMIC DEVELOPMENT AUTHORITY
ARTICLE I - THE AUTHORITY
Section 1. Naine of Authoritv. The name of the Authority shall be the "City of
Monticello Economic Development Authority."
Section 2. Office of Authoritv. The office of the Authority shall be at the City Hall
in the City of Monticello, State of Miimesota, but the Authority may hold its meetings at such
other place or places as it may designate by resolution.
Section 3. Seal of Authoritv. The seal of the Authority shall be in the form of a
circle and shall bear the name of the Authority and the year of its organization.
Section 4. Establishment. The City of Monticello Economic Development Authority
is established pursuant to Miruiesota Statutes, Section 469.090 to 469.1081, as amended.
ARTICLE II - THE COMMISSIONERS
Section 1. A�pointment, Tenns, Vacancies, Pay, and Removal. Shall be in
accordance with the Amended and Restated Resolution Enabling the Creation of the City of
Monticello Economic Development Authority dated October 22, 2007 and as it may be amended
(the "Enabling Resolution") and Section 2-3-1 of Ordinance Amendinent No. 172, Chapter 3,
City of Monticello, Wright County, Minnesota.
ARTICLE III - THE OFFICERS
Section 1. Officers. The Authority shall elect a president, a vice president, a
treasurer, a secretary, and an assistant treasurer at the annual meeting. A commissioner must not
serve as president and vice president at the same time. The other offices may be held by the
same commissioner. The offices of secretary and assistant treasurer need not be held by a
commissioner.
Section 2. President. The President shall preside at all meetings of the Authority.
Except as otherwise authorized by resolution of the Board of Commissioners, the President and
the Executive Director (the Assistant Treasurer, in the Executive Direetor's absence or
incapacity) shall sign all contracts, deeds, and other instruments made or executed by the
Authority, except that all checks of the Authority shall be signed by the Treasurer and Assistant
Treasurer. At each meeting the President shall submit such recommendations and information as
he or she may consider proper concerning the business, affairs, and policies of the Authority.
Section 3. Vice President. The Vice President shall perform the duties of the
President in the absence or incapacity of the President, including si�zing all contracts, deeds, and
other instruments executed by the Authority; and in the case of the resignation or death of the
325599v6 MNI MN190-130
President, the Vice President shall perfonn such duties as are imposed on the President until such
time as the Board shall select a new President.
Section 4. Secretary. The Secretary shall keep minutes of all �neetings of the Board
and shall maintain all records of the Authority. The office of Secretary may be held by the
Executive Director upon approval thereof by the Authority.
Section 5. Treasurer's Duties. The treasurer:
(1) shall receive and is responsible for Authority money;
(2) is responsible far the acts of the assistant treasurer;
(3) shall disburse Authority money by any Authority-approved method,
including without limitation check, wire transfer, or credit card;
(4) shall keep an account of the source of all receipts and the nature, purpose,
and authority of all disbursements;
(5) shall file the Authority's detailed financial statement with its secretary at
least once a year at times set by the Authority; and
(6) shall prepare and submit an annual report describing the Authority's
activities and providing an accurate statement of its financial condition to the City
of Monticello by no later than one month following the annual meeting of the
Authority.
Section 6. Assistant Treasurer. The assistant treasurer has the powers and duties of
the treasurer if the treasurer is absent or incapacitated.
Section 7. Public Money. Authority money is public money.
ARTICLE 1V - EXECUTIVE DIRECTOR
The City Adininistrator, or any other person designated in writing by the City Administrator and
approved by a majority of the EDA commissioners, shall be designated as Executive Director of
the EDA.
Section 1. Duties. The Executive Director shall have general supervision over the
administration of the Authority's business and affairs subject to the direction of the Authority.
The Executive Director in his or her own name and title shall keep the records of the Authority,
shall act as recorder of the meetings of the Authority and record all votes, and shall keep record
of the proceedings of the Authority in a journal of proceedings to be kept for such purpose, and
shall perform all duties incident to the office. The Executive Director shall, with the President,
sign all contracts, deeds, and other instruments executed by the Authority, and shall keep in sole
custody the seal of the Authority and shall have power to affix such seal to all contracts and
2
325599v6 MNI MN 190-130
instruments authorized to be executed by the Authority.
Any person appointed to fill the oftice of Executive Director, or any vacancy herein, shall have
such terms as the Authority fixes, but no commissioner of the Authority shall be eligible to serve
as the Executive Director.
ARTICLE V - MEETINGS
Section 1. ReQular Meetings. Regular meetings shall be held on the 2"d Wednesday
of each month.
Section 2. Annual Meetin�. The annual meeting of the Authority shall be held in
conjunction with the regular February meeting at the regular meeting place of the Authority. The
August regular meeting shall include final fund balances reviewed at the Annual Meeting.
Section 3. Special Meetin�s. Special meetings of the Authority may be called by the
President, two members of the Authority, or the Executive Director for the purpose of transacting
any business designated in the call. All cornmissioners of the Authority shall be notified.
Section 4. uorum. At any meeting of the Authority, the presence of four
commissioners shall constitute a quorum. If a quorum is not present at any meeting, those
present shall have power to adjourn the meeting from time to time without notice other than
announcement at such meeting until the requisite number of votes sha11 be present to constitute a
quorum. At any such adjourned meeting at which a quorum is present, any business may be
transacted which might have been transacted at the meeting as originally called. Any resolution,
election, or other formal action of the Authority shall be adopted upon the affirmative vote of a
majority of the Authority membership.
Section 5. Rules of Procedure. Unless otherwise specified in the Enabling
Resolution or in these bylaws, all meetings of the Authority shall be conducted in accardance
with Roberts' Rules of Order revised.
Section 6. Manner of Votin�. The voting on all questions coining before the
Authority shall be voice unless the President calls for a roll call vote. The yeas and nays shall be
entered upon the minutes of such ineetings.
ARTICLE VI - EMPLOYEES; SERVICES; SUPPLIES
Section 1. Employees. Subject to limits set by the appropriations or other funds
made available, the Authority may employ such staff, technicians, and experts as may be deemed
proper and may incur such other expenses as may be necessary and proper for the conduct of its
affairs.
Section 2. Contract for Services. The Authority may contract for �ervices iaf
consultants, agents, public accountants, and other persons needed to per��rm its ���xties atiil
exercise its powers.
3
325599v6 MNI MN190-130
Section 3. Le�al Services. The Authority may use the services of the city attorney or
hire a general counsel for its legal needs. The city attorney or general counsel, as determined by
the Authority, is its chief legal advisor.
Section 4. Su�plies. The Authority may purchase the supplies and materials it needs
to carry out its function pursuant to Minnesota Statutes, Sections 469.090 to 469.1081.
Section 5. City Purchasing, The Authority may use the facilities of its city's
purchasing department in connection with construction work and to purchase equipment,
supplies, or materials.
Section 6. City Facilities, Services. The City may furnish offices, structures and
space, and stenogaphic, clerical, engineering, or other assistance to the Authority.
Section 7. Dele�ation Power. The Authority inay delegate to one or more of its
agents or employees powers or duties as it inay deem proper.
ARTICLE VII - POWERS
Section 1. Functions, Powers, and Duties. Shall be in accordance with the
Enabling Resolution.
Section 2
Resolution.
Limitations of Power. Shall be in accordance with the Enabling
ARTICLE VIII - AMENDMENTS
Section 1. Amendment to Bvlaws. The bylaws of the Authority shall be amended by
a majority vote of the Authority membership at a regular or special meeting. The amendments
must be in written fonn.
Section 2. Conflicts. In any instance where these bylaws are in conflict with the
Enabling Resolution, the Enabling Resolution shall control.
Section 3
Authority.
I,ated: June 8, 2016.
(Se�.l)
325599v6 MNI MN]90-130
Effective Date. These bylaws are effective upon their adoption by the
Signed:
'`.�'�,�- ,-,
r��
President
�
�� �
�
� xecutive Director
CITY OF MONTICELLO
WRIGHT COUNTY, MINNESOTA
RESOLUTION NO. 2D13-010
AMENDED AND RESTATED RESOLUTION ENABLING THE CREATION OF THE
CITY OF MONTICELLO ECONOMIC DEVELOPMENT AUTHORITY
BE IT RESOLVED by the City Council of the City of Monticello, Minnesota ("City"} as
%Ilows:
Section 1. Bac_k�round and Findin�s
1.0�. The City is autharized by Minnesota Statuies, Sections 469.090 to 469.I081 (the
"EDA Act") to establish an economic de�elopment authority io coordinate and administer aconomic
deWelopmeni and rede�elopment plans and programs for the City,
1.02. By Ordinance No. 172, approved Ap�il 10, 1989 and codified in the City Code as
Ti�le II, Chapter 3(the "Enabling Ordinance"), the City established the City of Manticello
Economic Development Authority (`BDA"}, for the putpose of coordinating and adminis�ering
economic de�elopment acti�ities in and for ihe City,
1.03. By resolutions approved on October 22, 2007 and January 14, 2008, ihe City
transferred to the EDA the cantrol, authoriiy and operation of all projects administared by t�e
Housing and Redeveloprnent Authoxity in and �ax the City of Manticello and adapted an Amended
and Restated Enabling Resolution (tha "Enabling Resolution"}, which superceded the Enabling
Ordinance in all respects.
1.p4. The City Council further amended the Enabling Resoluiion after a duly naticed
public hearing on February 27, 2012.
1.05. The City Council has now determined to re�ise and clarify certain pro�risions of
the Enabling Resolution by the adoption of this resolution.
1.06. The City Council has, in accordance with Minnesota Statutes Section 469.093,
provided public notice and canducted a public hearing on the date hereaf, at which all persons
wishing to be heard were given an oppartunity to express their views, concerning ihe propased
modi�ications ta the Enabling Resalution.
1.07. This resolution constitutes an amendment and restatement of the Ena]�ling
Re�olution of February 27, 2012, and sup�rced�s such Enabling Resoiution in all respects.
Seciion 2. Enablin� Autharitv_.
2.01. The EDA r�vas established pursuant to the EDA Act under the Enabling Ordinanca as
adapted Apri110,1989 and codified as Title II, Chapter 3 0� the City Code, as amended and restated
by this resolution.
2.02. The EDA sha�l be composed of 7 commissioners to be appointed by the Mayor and
confirmed by the City Council.
2.03. Two of the commissianers shall be members of the City Councii, The terms of office
of ihe two members of the City Council shall coincide with their terms of office as members of #he
City Council. The remaining �ve (5) comrnissioners shall be initia�ly appointed for terms of one,
two, three, four, and five years respectively, T�ereafter, a11 non-Council commissianers shall be
appointed for six-year terms.
2.0�. A vacancy is created in the membership of the EDA when a City Cauncil member af
the board of cornmissioners ends Co�ncil membership, when any commissioner ends EDA
mernbership prior to expiration of his or hex tez�m of office, on the day following the expiraiion o� a
commissioner's term of office, or when a commissioner is removed by ihe City Council subject to
the ierms of Section 2.07 hereo� . A vacancy for this or any other reason must be fill�d for a new
term or th� balance af the unexpired term, as applicable, in the manner in which the original
appoint.rnent was made,
2.05. Al1 of ihe commissioners who are nat members of the City Council must be either
residents of the City, business�own�rs in the City, or property-owners in the City.
2.06. A11 comrr�ission�rs shall serve at tk�e pleasure af the City Council, subject to the
terms of Section 2.07 hereof. Vacancies shall be filled by appointment by the Mayor with the
confirmation of the City Council,
2.07. A commissianer may be removed by the City Council for inefficiency, neglect af
duty, ox miscanduci in office. A commissioner shall be removed only after a hearing. A copy of the
charges must be given ta �khe commissioner at least 10 days before ihe hearing, The commissioner
must be given an opportuniiy to be heard in person or by the counsel at the hearing. When written
charges have been submitted against the cornmissioner, the City Council may temporarily suspend
the conunissioner. '�f the City Council finds that those charges ha�e not been substantiated, the
conrunissianer shall be imrnediaiely reinstated. If a commissionex is removed, a record of the
proceedings togeiher wi� the charges and findings shall be fiied in the otiice of the City
Administrator.
2.08. Tha City Council sha11 malce available to �he EDA such appropriations as it deems
fit for saiaries, fees, and expenses necessary in the conduct of its wark. The EDA shall ha�e
authority to expend all budgeted sums so appropriated and recommend the expenditures of othar
sums made available for its use from grants, gifts, and other sources for �he purposes and activities
au�liorized by this resolution,
Section 3. Officers and Meetin�s,
3.01. The EDA shall elect a pxesident, vice president, �rea�urer, assistanfi treasurer, and
secretary annua�ly. A commissioner must not serve as president and vice president at the same
ti�ne. The other oifices may be held by the same commissioner. The other offices of ihe secretary
and a�sistant treasurer need not be held by a co�tunissioner.
3.02. The EDA sha11 adopt rules and procedures not inconsistent with the pro�isions of
this Enabling Resolu�ion or as provided in Minnesota Statutes, Secnon 469.096, and as may be
necessary for the proper execu�ion and conduct of its bu�iness. The EDA shall adapt bylaws and
rules to gavern its procedures and %r the transaction of its business and sha11 keep a record af
attendance a� its meetings and/or resolutions, iransactions, findings, and determinations showing the
vote of each cominissioner on each question requiring a vote, or if absent or abstaining from voting,
indicating such fact. The records of the EDA shali be a public record, except for those items
classified by law as nonpublic data.
3.03. The EDA shall meet at least quarterly. Special meetings may be called by the
president as needed.
3.4�. All adzninistrative procedures, including contract for services, purchases of
supplies, and financial transactions and duties shall be autlined in the bylaws of the EDA.
Section 4. Staff.
4.01. The City Administrator, ox any otl�er pezson designated in writing by the City
Administrator and approved by a majority of tha EDA commissioners, shall be designated as
Executive Directar of the EDA.
4.02. Subject to limits set by the appropriations or other funds made available, tha EDA
may ernploy such staff, technicians, and experts as may be deemed proper, and may incur such
other expenses as may be necessary and proper for the conduct of its affairs,
Seciian 5. Functions, Powers, and Duties.
5.01. Except as specifically iimiited by the provisions of Section 6 of this Enabling
Resolu#ian, the EDA shall hava t�e autharity granted it pursuant to the EDA Act.
5.02. The EDA shall manage the C�eater Monticello Enterprise Fund (the "Fund") the
pwpose of which is to encourage economic de�elopment by making loans to pri�ate businesses.
The EDA shall make loans to eligible businesses, and suc� loan(s) shall serve a public purpo�e
as defin.ed in the Greater Monticello Enterprise Fund Guidelines (Fund Guidelines). The Fund
Guidelines are hereby adopted by reference and included in the bylar�vs of the EDA. No changes
to t�ie firnd Guidelines sha11 be made without approval of the City Council.
S.Q3. The EDA may be a iimited partner in a partnership whose purpose is consistent
with the EDA's purpose.
5.0�4. The EDA may issue general obligation bonds and revenue bonds �vhen authorized
by the City Council and pledge as security for the bonds the fuil faith, credit, and resources of the
City ar such revenues as may be generated by projects undertaken by the EDA.
5.05. The EDA may cooperate wifh or act as agent for the federal or state go�ernment
or a state public body, or an agency or instrumentality of a government or other public body to
carry out the po�vers granted it by the EDA Act or any other related federal, state, or local law in
the area of economic development district improvement.
5.06. The EDA may annua�ly deveiop and present an economic development strategy
and present it ta the City Council for consideration and appro�ral.
5,07, The EDA may join an off'icial, industrial, commercial, ar trade association ox
other organization concerned with such purposes, hold reception of officials who may contributa
to advancing the Ciiy and its economic developmeni, and carry out other appropriate public
relations activities to promote the city and its econornic development.
5.08, The EDA may perform such oiher duties which may be lawfully assigned io it by
the City.
All city employees shall, upon request and within a reasonable time, fiu�nish the EDA ar its
employees or agents such a�ailable records or information as may be required in its work. The EDA
or its employees or agents may, in the per%rmance o� afficial duties, enter upon lan.ds and make
examinations or sutveys in the same manner as ather authorized City agents or employees and shall
have suc� other powers as are required far the performance of officia� functions in carrying aut the
purposes of this resolution.
Section G. Limitatians of Power.
6.01. The following limits apply to the EDA and its operatian:
{a) Tk�e sale of bonds or other obligations of the EDA must be approved by the
City Council.
{b) The EDA must follow the budget procass for City departments in accordance
rrdith City policies, ardinances, and resolutions and the City charter.
(c} Development and redevelopment actions of fil�e EDA must be in conformity
to the City comprehensive plan and official contrals implamenting ihe comprehensi�ve plan.
(d) The EDA must submit its plans �or developm�nt and redevelopment to the
City Council for approvai in accordance with City planning procedures and laws.
{e) Except when previously pledged by the EDA, the City Council may, by
reso�utaon, require the EDA to transfer any portion oi tlae reserves generated by activities of
the EDA t�at the Ciiy Council deterrnines are not necessary for the successful operation of
the EDA to the debt service funds of the city to be used solely to reduce tax le�ies for
bonded indebtedness oFthe City.
(� The administrative structure and management practices and policies af the
EDA musi be ap�ro�ed by the City Council.
(g) The EDA shall submit all planned acti�ities for influencing ihe action of any
other gavernrnental ager�cy, subdivision, or body to the City Council for approval.
6.02. The EDA may exarcise all th� powers under the EDA Act, including, but not
limited to, the following:
(a) a11 powers under the HRA Act.
(b) all powers of a city undar Minnesoia Statutes, Section 469.124 to 469.134.
(c) all powers and duties of a xedevelopmen� agency under Minnesota Statutes,
Sections 469.152 to 469.165 for a purpose in the IIR.A Act or the EDA Act, and a11 powers
and duties in the HRA Act and the EDA Act for a purposa in Minnesota Statutes, Sections
469,152 to 4G9.165.
{d) the authority to acquire property, exercise tha right of eminent domain; ma.ke
contracts for the purpose of redevelopment and economic developmant; serve as a limited
partnex in a partriership whose purpose is consistent with the EDA's purpose; buy supplies
and materials needed to carry out development within the EDA Act; and operate and
maintain public parking facilities.
(e) the authority to issue bonds in accordance with the EDA Act and the HRA
Acf.
(f} fhe authority io levy speciai benefit ta�ces in accordance with Section
469A33, subdivision b of the HRA Act in order to pay or firiance public rede�elapment
costs (as defined in the IIRA Act), subject to a�pro�ral by the City Council in accordance
with Section 469.033, subdivision 6.
(g) all powers under Minnesota Statutes, Sections 469.474 to 469.179.
6.03. As provided in the EDA Act, it is the intention of the City Council that nothing in this
resolutian nor any activities af the EDA are to be construed to impair the obligations of the City or
HR.A under any of their contracts or to affect in any de�rimental manner the rights and privileges of
a holder of a bond or oiher obligation hereto�ore issued by th� City, the EDA or the HRA.
Section 7. Implementation.
7.01. The City Council will from time to time and at the appropriate time adopt such
ordinances and resolutions as are required and permitted by the EDA Act to give full effect to this
resolution.
7.02. The Mayor, the City Administrator, and other appropriate City officia�s are
authorized and directed to take the actions and execuie and deliver the documents necessary to gi�re
full effecf to this resolution.
7.03. Nathing in this resolution is intended to pre�ent the City from modiiying this
Enabling Re�oluiion to impose new ar different lizanitations on the EDA as authorized by the EDA
Act.
AD4PTED BYthe City Council of the City of Monticello on thzs 25th day of March, 2013.
CITY OF MONTICELLO
��_
Clint Herbst, Mayor
ATTEST:
r/
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Je � ' 11, City Adminis�rator
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MINUTE S
REGULAR MEETING - ECONOMIC DEVELOPMENT AUTHORITY (EDA)
Wednesday, January 9th, 2019 — 6:00 p.m.
Mississippi Room, Monticello Community Center
Commissioners Present: Steve Johnson, Bill Tapper, Tracy Hinz, 011ie Koropchak-White, Lloyd
Hilgart, and Jim Davidson
Commissioners Absent: Jon Morphew
Staff Present: Jim Thares and Sue Seeger
1. Call to Order
Steve Johnson called the regular meeting of the EDA to order at 6 p.m.
2. Roll Call
3. Consideration of additional a�enda items
None.
�
4. Consent A�enda - Item 4a throu�h 4d
BILL TAPPER MOVED TO APPROVE THE CONSENT AGENDA. OLLIE
KOROPCHAK-WHITE SECONDED THE MOTION. MOTION CARRIED, 6-0.
a.
b.
c.
d.
Consideration of approvin� Workshop Meetin� Minutes — December 12,
2018
Recommendation: Approve Workshop Meeting Minutes — December 12, 2018.
Consideration of approvin� Re�ular Meetin� Minutes — December 12, 2018
Recommendation: Approve Regular Meeting Minutes — December 12, 2018.
Consideration of approvin� pavment of bills
Recommendation: Approve the payment of bills for December, 2018.
Consideration of approvin� staff attendance at 2019 Winter EDAM
Conference
Recommendation: Authorize Economic Development Manager to attend the 2019
EDAM Winter Conference.
Consideration of Report of Citv Arts Initiative Pro�ram and Use of Fred's Buildin�,
Sue See�er
Sue Seeger provided an update regarding the City Art's Initiative Program and noted that
the Fred's Building would be ready to use in about a month. Seeger reviewed proposed
projects for 2019 which included lantern making workshops for a downtown glow event,
house shaped artwork called the "Home" proj ect, various mural proj ects (one grant was
received to place a mural on the side of Live, Love, Bloom), and concrete art workshops
to make modular seating, planters, and sculptures (to be placed in the downtown).
Steve Johnson asked Seeger about the funding for the Art's Initiative. Seeger noted that
the budget was small, but they would be using recycled parts for a lot of the artwork and
Economic Development Authority Minutes - January 9, 2019 Page 1 � 2
all the workshops would be free to the public to attend.
6. Consideration of Report of Proposed Sherburne Countv Rail Park, Marie Pflipsen,
Dan Weber
Dan Weber introduced the discussion regarding the impacts of rail in Sherburne County.
Weber stated that Sherco is planning on decommissioning two of the three plants in
Becker, which has impacts on its tax base (40% loss). A loss of 150 jobs is expected
with that closure over the next several years.
Marie Pflipsen explained the future rail/industrial park expansion in Becker and Big
Lake. She also talked about potential tenants that may be interested in locating near the
new rail. She explained the development costs over the next 40 years would be near five
billion dollars or $125 million a year.
Weber noted that they have received $2.8 million in grants to support the rail park
concept thus far. He also pointed out that the potential number of new jobs associated
with the rail park is estimated to be 16,000 to 17,000.
7. Director's Report
Jim Thares provided the Economic Development Director's Report.
8. Closed Session — Consideration of recessin� to closed session to develop or consider
offers or counter-offers for the purchase or sale of real or personal propertv
pursuant to Minnesota Statute 13D.05, Subdivision 3(c)(3).
Address: Otter Creek Business Park — Dalton Court - PID# 155191000020
9. Adiourn
TRACY HINZ MOVED TO ADJOURN THE MEETING AT 6:54 P.M JIM
DAVIDSON SECONDED THE MOTION. MOTION CARRIED, 6-0.
Recorder: Jacob Thunander
Approved: February 13, 2019
Attest:
Jim Thares, Economic Development Director
Economic Development Authority Minutes - January 9, 2019 Page 2 � 2
MINUTES
WORKSHOP MEETING - ECONOMIC DEVELOPMENT AUTHORITY (EDA)
Wednesday, January 9th, 2019 — 4:30 p.m.
Mississippi Room, Monticello Community Center
Commissioners Present: Steve Johnson, Bill Tapper, Tracy Hinz, 011ie Koropchak-White, Lloyd
Hilgart, and Jim Davidson
Commissioners Absent: Jon Morphew
Staff Present: Jim Thares
1. Call to Order
Steve Johnson called the workshop meeting of the EDA to order at 4:30 p.m.
2. Roll Call
r �
3. Review of Funds Balances
Jim Thares introduced the discussion item. He noted that the near year-end balance was
estimated at $1,180,000. He explained that the EDA would receive its 2019 tax levy from
the County in June and later in the year for a total of $350,000. Thares reassured the EDA
that it was expected that a parcel of land in Otter Creek Business Park would be sold to a
prospect for around $81,000 +/-.
Thares then moved into discussion regarding available TIF funds and current EDA
commitments from those funds. The two commitments at this point include $200,000 for
the fa�ade improvement grant program and the $400,000 TIF grant obligated to the
Briggs Apartment proj ect known as Rivertown Residential Suites, LLC.
Thares indicated Wayne Oberg, Finance Director, would provide a financial report during
the annual meeting in February to the EDA.
4. 2019 EDA Annual Workplan
Jim Thares provided the 2018 summary report which highlighted accomplishments over
the past year.
Steve Johnson submitted a 2019 Goals & Objectives Worksheet; it is included in the
agenda packet.
Tracy Hinz asked that the EDA stay informed on proj ects happening throughout the
community. She asked so that the EDA could determine if there was the ability to partner
on different projects.
011ie Koropchak-White asked that the EDA add an item to the 2019 workplan to continue
Economic Development Authority Minutes (Workshop Meeting) — January 9, 2019 Page 1 � 2
partnering with the IEDC, Wright Technical School, and the public schools for workforce
development. Koropchak-White also recommended working with the Monticello Times
to produce two articles a year for an industrial business spotlight.
Bill Tapper asked that the EDA monitor commuter rail development in the metro and
surrounding area.
5. Other
None.
6. Adiournment
JINI DAVIDSON MOVED TO ADJOURN THE MEETING AT 5:56 P.M TRACY
H1NZ SECONDED THE MOTION. MOTION CARRIED, 6-0.
Recorder:
Approved
Attest:
Jacob Thunander
February 13, 2019
Jim Thares, Economic Development Director
Economic Development Authority Minutes (Workshop Meeting) — January 9, 2019 Page 2 � 2
EDA Agenda: 2/13/19
5c. Consideration of approvin� pavment 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:
L Motion to approve payment of bills through January 2019.
2. Motion to approve payment of bills through January 2019 with changes as
directed by the EDA.
C. STAFF RECOMMENDATION:
Staff recommends approval of Alternative #1.
D. SUPPORTING DATA:
A. Accounts Payable Summary Statements
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l��twa�ta�re Fr�un�atiar� kn �{}19 ar��i k�ndl�+ returr� t�i� f�rr� to:
Ini#iative F[�undatio�
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� YES, �+�il ha� appro��ed f�ndi�g t� th� Initiative F��und�tion ir� ��19
in'k�e �r�nunt �f $ � � �
i�nuld yo�u like the Ir�itiativ� Four��ia�ti+�n to send y+�U a payrner�t �eminder?
'� Ye�, pleas� ��nd ir,u��ce tc� us in '�'� J�{�
fvlonth J Year
❑ f�o# r�e�ce�sary, ►�e'll ser+d pa�mer�t tn I� v�rithout ar� invaice�,
❑ Payrrrer�t att�ehed.
�] f��� w� a�r+e �nab�� t� fund the work �f the Initiat��� ��unc�ati�n ir� �01�.
city off�ci�aN 1'�
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�IVe do wartt ko h�ar frorr� yc�u �o dis�uss your n��ds, ansv�+er qu�stians, and pr�vricie an upd�t� an �+ur
Iot�M �roje�ts. Pleas� �all ��rr�e 7���� �t 3�0•�31-�i�15 if y�u w�uld like tp �ched�le a�res�ntation.
Th�r�k �au for cc�nside�ir�� cau� re�q�e�t. T��eth�r, we c�art� cor�tinu� #o se�rr� thi�
���at re�i�ar� �th�t v�re ��! �all 4�orne.
R���IV�i�? ."�.n � � ��18
Julie Cheney
From:
Sent:
To:
Subject:
Attachments:
Jim Thares
Thursday, December 13, 2018 10:30 AM
Julie Cheney
RE: Initiative Foundation Inv# 10496 $2,390
080818 EDA Minutes.pdf
Jullie, Yes, this is okay. The EDA approved the pledge in this amount at the August meeting. Please do not fund until
January though. Thank you.
Please code to: 213-46301-443300 (2019 Budget coding)
From: Julie Cheney <Julie.Cheney@ci.monticello.mn.us>
Sent: Wednesday, December 12, 2018 3:13 PM
To: Jim Thares <Jim.Thares@ci.monticello.mn.us>
Subject: Initiative Foundation Inv# 10496 $2,390
Jim
Attached is Inv# 10496 — a pledge reminder from the Initiative Foundation for your 2019 Pledge. Okay to pay
$2,390? Please provide coding.
I believe the EDA approves before payment is made which is usually in the first check run in January.
Please keep me posted.
Thanks,
Ju,Cie CFceney
Finance Assistant
City of Monticello
763-271-3205
Julie.CheneyC�ci.monticel lo.mn.us
AP@ci.monticel lo.mn.us
(']i� €�F
_f�'�' ' ��}�L���ll�'
Emnil correspondence to nnd from the City of Monticello government offices is subject to the
Minnesota Government Dntn Prnctices Act and mny be disclosed to third parties.
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Fr�mo Jom Thar€s
Sent: Tuesda�, J��ru�r� $, 2Q19 1:1 � PM
To: Julie �Y�er�ey
Subject: 9��_ C�rlsc�n Ca�nstruetion $�,250�C10
Att��hm�nts: C�rl�vn Canstruc#ion 010219 $5,25Q_CI�3_pdf; It�a-n 4�_ E�ch G. �55 brc���iw�}� d�emo -
Car�son Constructiar�.pdf; ��''I' 1� ED.� Nlinu#�s.p�lf; Itern 4�. Exh F. Schluender
de�n�_pdf; I#�m 4e. Exh� D_ S�i I�iint� Cvd� T�ch [�emo_pdf; F�rlly Signeci �emolition
C�ontr�tt �-3-�C�18.�df
lulie, this is okay�, p��as� c�de to' �13-4�3�1-4�i15�0. ��e �tta�hments as ba�kuR.
Frarn: �ulie Cheney �Juli�.Chen�y�ci,m�,nti�cello,rnn,�,s�
�r�t:Tu�sday, J�nuary�, �01� 12:41 �M
Tv: Jirr� Th�f�� [Jim,Th�r�;S�Ci,mD�itiCello.rrin.�u�>
Subjecf: Carlson Constructi�n $�.2Sf}_�1C1
Jirr�
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Page 2
��t�r��dy � �r�rr�rf, Cl��r#eie�+d
�0�0 �€�a�th� �ixth Str��t, Suite 470
t�linne�pc�l�s. Mhl ��4Q�
�ity c�# flJfonti��llp
D�cer�ber 31. ��1�
MhJ��Q-(?C11�� TIF L�is�ri�# �Jo ��l (Briggs Hc�usin9)
��r�ugl� D�cer�ber 31. 2018
F�r R�� L��a� �ervices As Fol�ows:
12.�31201�3 MNI Ph�ne �s�r�vers�kic�n +r�ith ,I Th�res reg�rdin� i3rigg�
Hou�m� evide��e �f finar���ng.
Total S�ryi�es
�OUrS ,��I'704JI1�
{}.�� 57.4�
� 57.QQ
Total Ser+�ices �nd Disbur�ement�: �
��� ���'�~
`� � �
i� "t,
�, '`, �' f'w', 9 �
'�7.0 �D
Julie Cheney
From: Jim Thares
Sent: Wednesday, January 23, 2019 8:35 AM
To: Julie Cheney
Subject: RE: Kennedy & Graven (2)
Julie, both of these are okay to pay. Please see coding below.
From: Julie Cheney <Julie.Cheney@ci.monticello.mn.us>
Sent: Tuesday, January 22, 2019 4:D0 PM
To: Jim Thares <Jim.Thares@ci.monticello.mn.us>
Subject: Kennedy & Graven (2)
Jim
Attached are the following invoices from Kennedy & Graven:
MN190-00156 - $57.00 Briggs Escrow Account
M N 190-00101 - $114.00 213-46301-430400
Okay to pay? Please provide coding.
Thanks!
,Tulie C�ieney
Finance Assistant
City of Monticello
763-271-3205
Julie.CheneyC�ci.monticel lo.mn.us
APC�ci.monticel lo.mn.us
i'1T5' €DF
����, ��'�'1�T��C�'
EmQil correspondence to and from the City of Monticello government offices is subject to the
Minnesota Government Data PrQctices Act and may be disclosed to third parties.
i
City of Monticeilo Eeono�mic Development Authority
GIVIEF Laan Program
�oan Dis�ursements (Draw #3j
oi-is-za�s
Program: GMEF Loan Program
Borrower(sy: Bondhus Corporation
Loan Appro�al Da#e: May 9, �Q18
Appro�ed Amount of Loan: $200,000
Amount of Disbursement{s} #3: $7�,852.37 Final Disbursement
Payee: Bondhus Corporation
Expenditure Coding: 213-46601-181200
Loan Fees, D�ductions, Haidbacks: $500 Eoan Origination Fee, per Loan
Agreemer�t
Reven�ue Coding: 213-00000-3fi2900
Purpose of Disbursement: Equipment per Loan Agreement (See attached
in�aices)
Comments: Gi�e check to Jim. He will call Polly Greli, Bondhus C'�O/Treasurer,
wha will pick up check.
Polly Ann Grell
Vice Pres�derat of F�nance, Secretary/Treas�arer
Bondhus Corporation
PO Bax 660
�onticello, MN 55362-Q660
� . /
Signature of City Staff: � ` � f�° �-� +�`
,
EXHIBi`I' E
DRAW REQUEST �„�
TO; City of Manticello Economic De�e�opment Autharity
505 Walnut Street, Suite l
Manticello, M�i 55362
Attn: Executive I?ireeior
DISBURSEMENT DIRECT�ON
T�e undersi�ned Authorized Representative of Bondhus CUrporation, a Minnesota
carporatian (the "Borrower"}, here�y authorizes and requests you to disburse from proc�eds af the
I,oan, in accardanGe with the terms Qf the Loan Agr�ernent betwe�n the City Qf' Monticello
Econamic Development Authoriry ("Lender") and the Borrower, dated as af Au�us� 28, 201 S(tlie
``A�reetnent"}, the fallawin� amounk ta the following person and for the follawing proper cc�st af
the Equipment:
Amount: $79,352.$7
Aayee: Bondhus Corporation
Purpose: to rei�nburse paid invaices -
a. CO1 �097-H1, H2 & H� for Pr�cise Heatin� HVAC units
b. IN 167652 i for M�TG production pri�ter (partial xeirnbursement}
all as de�t�ed and provided in the Agreement. The utidersi};ned further certifies to the L�etider that
(a) none of the items for which the �ayment is proposed to be made has farmed the basis for �ny
payment previously n�ade under Section 3 of the A�reenlent {or before the date of the A�reementj;
and (b) that each item for wl�ich the payrnent is pro�osed is Equipment, e[i�,ible tor fundin� from the
praceeds of the Loan.
Dated: 1
Borrow r's Authorized Representative
�� �k�-�', �/T�s.
�z�h�5v� n�tNi M;v32s-� E_1
�_1..N: '.`�..✓__y�.a._ �'ti��'' �'a��P,�' . , i^'=�.A� � 'l._�''w_� ..1'
.�r �-- � � :r �' r�--- � J
J � J
Quantity
1 ,}�. ; �:1. 1 � i � :
"Precise...Becau�se We Cure"
Description
1 Pragr�ss billin� fc�r the HVAC pt�rtian of your projec:i. P03126Q
5ales Tax
�
�
�
71� 19th A�e. N.E.
St. Joseph, MN 55374
Telepho�e: (320} 363-74Q1
Fax:(32fl)363-74a2
www.preciserr�n.com
�11VOIC�
Date �nvoice #
I{1/3i/?018 COI�f097-HI
P.O. No.
312G2
Rate
a i ,00a.00
7.375%
Terrns
Net
Amount
a � ,aoo.�a
4.00
Thank you far ycaur business. An $°/a APR will be appiied to all past due acc�unts. I
�Q�a� �a i ,�rrirr_on
Bill To
_.-- -
Son e�s�brpvrafian
1404 Broadway S�reet East
Mon�icello, MN 55362
"Precise,..Becaus�e T�Ye Care"
7�019th Ave. N.E.
S#. Joseph, MN 56374
Telephon+�: (320) 363-7401
Fax: (3�Oj 363-7402
www.preCisernn.com
�uaratity i3escriptiQn
1 Pr4gr�ss billing for the HVAC portion of your project. PO 3126L1
s�� �
InvOiCe
Date Invoice #
i i ��azo a s C018097-H2
P.�. Mo.
3126�
Rate
� �,nno.oa
�.��s�ia
Terms
Tfet 3Q
Amoun#
16,0(10.Q0
a.00
i'iroank you far your business, An 8°fo APR will be apglied to all past due accounts.
Totc�l �i�,caao.ao
� . � . C..M..�c'CP7r ���='�; .
Bilf Td
Bondhus Corpora�ion
I400 Broadway Stre�k East
Monricellq M�i 55352
Quantity
_ . � _ �t;�_.. _
, ..�.,� ;,q„� ..
"Fr�ecise...Because �Ye Care"
t]escrip�an
1 Billing for the IiVAC labor, materials and sales tax portion o#'youx
rv
project. PO 3I2b0
- .. �� �.._ .,
AIl spplicable sates tax have b�n appEied.
5al�s Tax ,�,.,, ..�:�r� .
7a a� stn a��. n�.E.
5t. ,loseph, AIIN 5fi374
Telephone: (320) 363-7401
�ax: (32Q) 363-7402
www.preciserr�n.com
fnvoice
__-�i� _._. �f1V01��.
12/31/2018 C018097-H3
P.O. No.
3[262
Rate
5,875.00
,�.. _ —
7.375°/a
Terms
Net 30
�4mo�an#
5, 875.f1{I
�
a.00
Thanic you for your bueiness. An 8% APR wil l 6e applied to all past due ar.eounts. { To#a �
f $5,875.OU
A �erox �on�pany
Bill To; Bt7NDMU5 CORPpRATION
14afl E BRDApWAY Sf
MONTICELLO, MN 5S36Z
SOb37329
4b9889-001
i#am No
XC602
C7pEFI2
C7UOCf
PZZZ76
POLLY GRELL
INV�TCE
In�oice Na: IN16765Z1
Date: 1i/26/201$
Account Nos BC88:1S0014-M
Ship ia: BONDNUS CdRPbRATION
1400 E Bf�QADWAY ST
MONiICELLO, MN 55362
�__Ship Nlethad.;�_. _ __ ' -_ .aPay�nL.Te�ms-- -------.:Payt�ter�ue
�eli�ery Truck Cust Net 3p 12/26/20i8
tarks Sa1es Person
Michaedle Meland
�asa�ption 5erial Na
XEROX CpLpR G02 f26108986
XEItOX EFI INTEGRATEp UPDATEb 5P8673375
CONTROLLER- XCfs02/762
XEROX OFFSE'i' CA7CH TRAY
XC550/56D
STARTER SUPPLY - X{tX 554/56(} �
�oz,�az
� �r
4
irder Ship Sk0 UM Prlce Disc
1.0 !.0 fl.� Each $20,505.00
i.� 1.0 p.p Each $0.00
1.0 1.0 Q.fl Each $0,00
1.0 lA O.Q Eath $6.00
1 r `
4
� k��:i.
, •
�� �i
� 1.� �� '� �� � ��
V '�.' '�'
^ � �..,
'� S: ak
4`
:�'
Amaunt
$2U,505.OD
�0.04
$Q.00
$0.00
Suk�total $2U,505.U0
Discount �0.00
Fr�eight $O.DO
Sales Tax $1,475.37
Invaia� Total $21,980.37
Balance Due $21,9BD.37
Remit To: MOTG PO Bax 5997 Dept: ZO-70Q5 Carol Stream, IL 6�197-5997 877-5d5-6684
Page 1 ofi 1
City of Monticello Economic Development Loan
8/28/2018
$200,000
Date Payee
11/16/2018 Precise Heating
11/16/2018 Bondhus Corporation
1/16/2019 Bondhus Corporation
Amount Description
$ 78,831.00 Boiler and chiller
$ 41,816.13 Saw and misc parts
$ 79,352.87 HVAC Portion of Project
1/29/2019 Less $500 origination fee $ (500.00) Loan Origniation Fee payable to EDA
Net Proceeds
$ 199,500.00
C:\Users\Julie.Cheney\AppData\Local\Microsoft\Windows\INetCache\Content.0utlook\WPM04GKE\Draw log
#3 -.xlsxl/16/2019
Julie Cheney
From:
Sent:
To:
�c:
Subject:
Attachments:
Jim Thares
Wednesday, January 16, 2019 10:57 AM
Julie Cheney; Sarah Rathlisberger
Wayne Oberg
Bondhus GMEF Loan - Draw #3
Draw log #3 -.xlsx; Funding Disbursement #3 (Bondhus - HVAC).pdf
Julie, please see the disbursement amount and the revenue component in the form of the Loan Origination Fee of
$500.00. Coding for both the disbursement amount and the revenue side is shown. Let me know if you have any
questions.
Page
Ker�n�riy $� �r�ven, �h�rt�red
�[7+� S��€tl� Six�th �tr��#, �Suit� 47�}
Mirrne�p�f�s. MI� �54+J�
City c�f I�I�onkicell€�
��cember�l. ��1�
�'IN1�0-�}�1�� C'aeneral E�� M�tter�
'Through Q�Gerr7ber 31. �0� 8
For All Legal ��€�,rice� As Follaws:
i2?26,r2�01 � MNI iUl�rati�ello review and revi�� QB�,� �n ho�sing TIF fr�pm J
Thar�s.
Ttrtal S�rvi�es:
F�ours Amo��t
�.60 114,Q�
� 114�Ot�
T€�tal 5ervices arrd Q�sbursernents: $
1114.O�i
Julie Cheney
From: Jim Thares
Sent: Wednesday, January 23, 2019 8:35 AM
To: Julie Cheney
Subject: RE: Kennedy & Graven (2)
Julie, both of these are okay to pay. Please see coding below.
From: Julie Cheney <Julie.Cheney@ci.monticello.mn.us>
Sent: Tuesday, January 22, 2019 4:D0 PM
To: Jim Thares <Jim.Thares@ci.monticello.mn.us>
Subject: Kennedy & Graven (2)
Jim
Attached are the following invoices from Kennedy & Graven:
MN190-00156 - $57.00 Briggs Escrow Account
M N 190-00101 - $114.00 213-46301-430400
Okay to pay? Please provide coding.
Thanks!
,Tulie C�ieney
Finance Assistant
City of Monticello
763-271-3205
Julie.CheneyC�ci.monticel lo.mn.us
APC�ci.monticel lo.mn.us
i'1T5' €DF
����, ��'�'1�T��C�'
EmQil correspondence to and from the City of Monticello government offices is subject to the
Minnesota Government Data PrQctices Act and may be disclosed to third parties.
i
Wrlgh# �du�nty E�onomiC
DQvelopm�n� P�rtrl�eship
PO Bbx �25
Rocxfar� Mlry 55373
7b3.477.3[}:� �
�d n7 ir� �yKrig htpa rtn�r�hip,�r�
P'aY+arent ��e.tmadi � [h�ck ue�. i
Uate: �J�{�419
jlrll ThBr@9
Ci3y gf t�l�r�kirella
5�75 walnu# m#je�� Suite 1
�+lqnkiceL�a, MN
Q t� : �r : ' �'�^�'°'.��; t,a ¢'��.� �^ .�T��'i l
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d� j`+JfJ �1d V� dt7}' iQlf2'3�f�l15 P%�35�
�o„e�er �r,ssr �� ��3,�,r�.�a�s. Thar��r y�ru for your ,u�rt°rcrp��r�r� �
�ulie CF��ne
From: Jim Th�afes
S�nt: Wedne�da�r, Janu�ry 16, �019 1 T:3� r"�M
To: !�I i� {Ch�n�yr
�ubj�ct: FW; �019 WCEDP hrlernl�er�t�ip �7u�5
Attaefim�rets: Cit}r �f heion#icello Inv�ic�.pdF, �2enevvin� Merr3b�r C�v�r L�tt�r �D1'4.pdf
Hi Julie, this can� is v��y tc� p�y, Please cade to: 2T3-46C1�t{J-4433QQ. �hank you_
Fr�im; 11�issy h.+1�id4nger c�dmir��o �arrighkp�rtnership.org�
5ent: Wednescl�y, Jan4a�ry �, �019 2�55. Ph+l
T�p: Jir'� Th�res �Jim.Thar�s���_rn�nti�ell�.mn.us�
Se�bje,�t: 2{]i� �N'CE[�P Mertnbership Dues
Good Afternvon Jifn,
M have �t#ach�r� �n i�w�i��? for'l�V'right ���nt�+Parinership5 �lerrtibersh�ip D�ues fear the ye�r �{�19!
�et me knc�w if yc�u h�ue �ny questions.
Thanks and H�PpY fVev�+ Year!
Mi55y Meidin�er
Executive A�si:���nt
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Januar� 9, z�I�
Dear Memher ltives��se,
2�i 1'� i� here� Tite ��f�EDF te�n7 wo��d li�Ce l� th�n1� yo� for suC��nrting Ch� �'�ri�;hk Ca4�r,ty Ecar��att�e� De��el�pn7ent
�artner:shix�, `Y[�ur �:�mmitment t€� the �.�it�lit}� �rf Wri�h� �ourity� thrnugF� y°�pur rn�m b�r-�e,r+e.st�rshi}� h�elr�� r�ieet our
S�l3t`B� ��S2�S. �'V� }1�3�7� C�'YdI �iJU CL7R�1Tlll� f{} �}E'Cl��l� ��,(� i'.13JQ� }'UUf �SS�h�"13€lDtti L'dICEi Ck1� ��jr� n�rsl�i]a.
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Debbie Davidson
From:
Sent:
To:
Subject:
Attachments:
City of Monticello, MN
505 Walnut St, Ste 1
Monticello, MN 55362
763.271.3228
8 AM to 4:30 PM
Account Information
Acco u nt:
Name:
Service Address:
Service Period:
Billing Date:
Due Date:
Meter Reading
noreply@ merchanttransact.com
Thursday, December 6, 2018 10:04 AM
AP
Your bill from City of Monticello, MN is ready.
12518webinserts.pdf
Previous Reading
Serial Date Reading
53321062 11/1/2018 188496
Current Charges
Water:
Water: CITY WATER - NON-TXBL
Water: ACH Credit - Auto Pay
Water: E-Bill Credit
Sewer: SEWER - COM/MONTHLY
Sewer: SW DISCHRG FEE - COM MONTHLY 2%
Total Current Charges:
Bill Summary
Previous Balance:
Payments Received:
Adjustments:
Current Charges:
* Total Amount Due by: 1/1/2019
* This was the amount due at the time of billing.
007256-003
MONTICELLO EDA (213-46301)
349 BROADWAY W
11/1/2018 to 11/30/2018 (30 days)
12/S/2018
1/1/2019
Current Reading
Date Reading
12/1/2018 188496
To view your amount due at the current time and make a payment click here.
Auto payment is setup for this customer account, do not pay.
1
Cons
0
$0.00
$6.95
($1.00)
($0.50)
$8.75
$0.18
$14.38
$14.38
$14.38
$ 0.00
$14.38
$14.38
Debbie Davidson
From:
Sent:
To:
Subject:
Attachments:
City of Monticello, MN
505 Walnut St, Ste 1
Monticello, MN 55362
763.271.3228
8 AM to 4:30 PM
Account Information
Acco u nt:
Name:
Service Address:
Service Period:
Billing Date:
Due Date:
Meter Reading
noreply@ merchanttransact.com
Saturday, December 8, 2018 1029 AM
AP
Your bill from City of Monticello, MN is ready.
12518webinserts.pdf
Previous Reading
Serial Date Reading
Current Charges
Water: CITY WATER - NON-TXBL
Water: ACH Credit - Auto Pay
Water: E-Bill Credit
Sewer: SEWER - COM/MONTHLY
Sewer: SW DISCHRG FEE - COM MONTHLY 2%
Total Current Charges:
Bill Summary
Previous Balance:
Payments Received:
Adjustments:
Current Charges:
* Total Amount Due by: 1/1/2019
* This was the amount due at the time of billing.
007256-007
MONTICELLO EDA (213-46301)
103 PINE ST
11/1/2018 to 11/30/2018 (30 days)
12/7/2018
1/1/2019
Current Reading
Date Reading Cons
$6.95
($1.00)
($0.50)
$8.75
$0.18
$14.38
$14.38
$14.38
$ 0.00
$14.38
$14.38
To view your amount due at the current time and make a payment click here.
Auto payment is setup for this customer account, do not pay.
1
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Frorn: ��m T�ar�s
Sent: Thursday, �eeem%er �0, 2(J18 1 fi},1 �} �kh�l
i�: Julie Chen�y
Subject: �E� �v1r��ti Charerber Luro�h In�c�ices
Julie, �c�od t4 gn� f�r a tt�tal c�f $3Q.€7fl frt�r� EDA fu�rds f�r th� �O�tot�er r�e�ti�g ��15,0C�� plus the Nouemh�r rn��tin�
{��5.��j.
P�ea�e c�d� ta; 213-�6.3C}1-44399+�
From: Julie �Chen�ey �J�Iie,Cheney�ci_mcar�ticello.rr��t.us�
5ent: Tue�d�y. Gecember 18, �(?18 ;3:O�k P�11
T�: 1im Thar�s <Jim,Thar����i.meanticello_mn,�us�
5ubj+ect: Mc�r�ti �h�mb�r Lun��i Irwv�iees
Jim
�1t[��hed �r� tw�i inr�ai�es from the ��rarrr��er for your O�t $a Nov I�anches. Ukcay to pay $3� Cot,�l�
Pl��se p�r�vid� t�ding.
Th�nks,
f�Tlli� C I�i�xil�lr
�ir�nn�e Ass�s�r�rrt
C'i#y of I�I�r��it�ll�v
7�3-�ii-3��5
,Tul��„C�h�n�^yC?��.r�ant�.cel_l�_���n.�s
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C-�aY r�b
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�rrra�� c�r�r,espor�d�err�ce to ar�d fr+am �F�e Ci�}� of Mot�tr'eel�o go�er�nr�ner�t o���c�s r"s scr�b,��ct �o ti�e
ll�inrte�ota �overr�+t��er�t DQt€a �rxac��ces ��t and rnay� be di����sed t� t�h�r�d �partie�.
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Julig �h�n�e
Ft+u�n: Matthev�r Leonard
Sea�t: Friday, Decernber �" , 2018 11;57 �#M
Te�: �ulie �hen�y�
Su'bjec#: RE: h+lvnti Ch�rnb�r No+� L�,nch
Ok i� p�y,
Frc�m. Jul ie �heney <Juli�.CF�ene+� c�Z ei.mc�ntic��lo_�nn_u�>
Ser�t: �riday, C��e��rr�ber � 1. ��18 10�5� Af�l
Ts�: M�tthew Leon�rd <,rr��akl.le��tiar�l�ci,���i7tirelfl�,r�n.us>
S�rbje[t: RE: Mt�nti �h�rribee Not+ LuntM
h+l a tt
I f[�Ilou+��d � p�,rith M�r�y at the �harruber, �he s�ir� y'c��u �7�ic� ca�k� at t�e D�cer�'rk��r I�,��rch th�t uv�s thFs w�ek. �'I�i� inu�ri[e
i� f�sr N�vem'�er. Ok�y to �5�� SiS.��?'
7h�nk�
Juli�
Frorn: Nl�tthew Leonard
Ser�t; Tut�St��+�, D���mher 18, 207'�8 3;19 PM
T�: Juli� �h�ney �!�alie.�f•��7F3i,��,��c:i.rY7cr�7tir�ll�.mr3_u�>
Su�j�et: RE: N1+�nti Ch�r�nb�r N�u Lunch�
I p�id ��sM at the doc�r f�r T�m P�rrd r�yself._.
Fr�rn: Jul�e �Chen�y <Jt,li�.€-.17�r7r4°�'`�'c.i.r��ntivr_Il�u.rr�.r•�.�.;�
Sents T�esday, �ecember 1$, 2Q18 3;Qtl �M
Tt�: Matthew Le€�n��d �rii.��t.l�r,na��tiri'`�i iT�v�r�.kir_�_ li�° •rii�._i4>�
Sub�e[t; M�nti ��a�nb�r hV€�v Lun�l�
Att�e�et� i5 �n invoi�e frorn th� Cl��mber for the No�+em b�ef lunch y+�u �k�en�ier�_ Okay to pay $15.00�?
�le�s� �rovide cc�ding,
Thanks,
]iiifd' ( !i{'i2�'lJ
�iP�t�►1Ce ASSiStC��t
�'ity c�f hhonticello
7'b3-�7�-3�O�r
,i ul ��.Ch�n��rC� ei,rnanti cel Ic�.n�n.us
��L�ci,m�r�t�ceflo,mr�.u�
1
Julie �hene
From:
Sent�
To:
��bject:
I�ear ���c�unts:
�lar�y Ari�l�r5vr+ �rmarcy�rnontxi�lla�cc�.corn�
Thur�d��r, D�cember �I�, �018 5;1� Pfv1
AP
Invoice fror� M[an��r�flo Ghambe�r c�f Commer�� �nd Industry�
Yo�r in�roi�e is b�lo�va. Please remi# p�ym�nt �t yaur e�rlie�# c�nv�ni�r�c�.
�har�k ycru f�+r your busin�ss -�uve �ppr��i2te �t verj� mu��.
Sinc�rely,
iV�anticelM� Ghamber c�f �C�mmer� �r�d Ind�st�r
{763) Z��-2�D0
To +�iewlp�y bills onli�2, �afe�as� eli�k here
Manticello �har�her of Comm�rc�e �r�d Induskry
�I]� PIr1P �tf�2t
PC7 B+�x 1 �2
MonCicello� A+1i�! 5536�
f,763J 295-�70�i � fax: (763) �95-�7pS
i nfo� r��nkie�ll oc�i. c� m
MrrntG�ella City vf
Accaunt5 P�yeble
5�5'Js+�l�r�R �tf��k �a�il� #1
�u1�n#icella. hAN ��36�
��SC�^iptibn
2{�16 �h�r�`�ber Lunch - O�I�her 96--A+1GG �Jim Thares}
Invo��e
I�+rvi�� [7�t�; 7{]li�i11$
Invv�ce Number; 12�63a
Accnunt f []:
T��ffIS
Ne1 15
Quantity Fi2�te
1 $�S.�C�
Subtotal:
Tax;
Total;
Paym�n�'Cr�dit Applied:
��I�f1��;
1
Due D���
11�2i18
Arno�n#
�15 0�
�1�_DO
$0,0�
59 �_OQ
�[�,40
�� ���1�
Julie �he��y
�POI'1°I. �IRI �hd��5
��nt: fihur�,day, �}ecemh�er 2�1, �(718 ;0:1 i� A#v1
To: Julie �h�eney
�ubject� �E; Mc�nti Channb�r L�rach� Ir���aicex
aul6�. g��sd tc� g� for a total of �3�1,f}�i ffarn EDA funds �or th� C}cttabe� rrt��tirrg (�15�,OOj plus th� IV�vemb�r` m��ting
��15,�f}�.
Pleaseec�d�to: �13-463�}1-44.�99�0
F�^orn: lulie Ch�eney �luli�,Cheney@ci,m�ntit�l�u.rrrr�,us�
S�nt: Tues�day, �e�embe� 1�3, �Ci18 �_�]4 PM
Tc�: Jim T�rares <Jim.ihares[c�ci,�nonticell�,rnn,us�
Sub��[t: I'1+�C7f�ti Ch�t�T1�E�r LUI�Ch Ir��r4i��5
Jim
Atta�hed are tw€� inv�ic�s fror'� th� �h�mber f�r your �Dct & Nov lun�h�es_ {�ka�r ta pay ��[J total?
F'lea�e provide cadin�,
Tha n ks,
,f{Y11.� �.rl{���S�L�
�i#1�C1C� A��iS#A�lt
�it}� af �ont�cello
7�53-�'7i-3�0�
Jul �e.Cher�e.}'�'�c �.nrtar�t.c�l I�.rnn.��
�PC�ei.mon#i cel lo�mn.us
t � e, {��
a�; ���.t���e�.�
�+�t�ctrl ,��rr�espc�n�derrc� to �o�nd fro+r� the �`r'��r of Mora#�c���c �S+��r�rrmen� �a��fces rs s�b,�e�t ta the
A4i�rr�s�� �e��rrrmerrt �a�a Pr�ct�ces r4rt arxc�f rnc��r �� dr'.������ed to t�h�rd pc�rtfe�_
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�lulie Ch�n��r
Fronn:
Se�#:
To:
�u�ject:
Autt�-F�eceipt �r�s�reply�m�il,�utl�c�ri�e.n�t�
Friday, De�e�r�ber �8, �+�1� �:�46 P"M
AF'
Tr�nsa�ti�r� R��eipt from h,�'onte�ell�, Ch�rnber of Cartlrri�ree � Ir�dustry far �45_O(�
fUS�}
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Julie Chene
Fr�rrn:
Sent:
�uhject:
o n fo � rrra nti r��:l o�c i. corn
Frid��r, [7�eeember �8, 2�ti8 Z;46 �h,+M
Onlin� ��yment Corrfirrt�ati+�n
�°'c��r ���line pa�tt��ent r�e�u.�st ha� ��een rec:eiv�d by I�'ic�nticeNlc.} C'l�axii�e� taf C'�rra�r��r�� �ri�i Inciustry.
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pa ment f4r In�oic�e �384�} 2� �� �hamber tun�Y� - h�ar+em�r�r 24th--M�� i�att Leonard�
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EDA Agenda - 02/13/19
6. Consideration to Adopt EDA Resolution #2019-01 re�ardin� Consent of Collateral
Assi�nment and Subordination of Contract for Private Redevelopment and TIF Note
between Rivertown Residential Suites, LLC and Bell Bank (a North Dakota
Corporation) related to the Bri��s Apartment proiect financin� (JT)
A. REFERENCE AND BACKGROUND
The EDA is asked to consider adopting EDA Resolution #2019-01 regarding Consent of
Collateral Assignment and Subordination of Contract for Private Redevelopment and TIF
Note between Rivertown Residential Suites, LLC (Briggs Apartment) and Bell Bank (a
North Dakota Corporation) related to proposed project financing. The proposed
Assignment and Subordination document was drafted by the EDA attorney and reviewed
and agreed to by the Bell Bank legal counsel and the developer.
This type of assignment is typical as it serves as a collateralization/risk mitigation measure
by the lender in this type of development project. The Developer continues to have the
responsibility to construct the minimum improvements outlined in the Contract. The lender
obtains rights to the TIF proceeds until its loan credit to Rivertown Suites, LLC is satisfied.
Al. Budget Impact: There is a minimal budget impact to the EDA related to the
Consideration of Consenting to the Collateral Assignment and Subordination Agreement
between Rivertown Residential Suites, LLC and Bell Bank The EDA attorney's expense
in drafting the Assignment will be paid from the developer escrow account. In-house staff
costs related to completing the report are budgeted in the 2019 EDA General Fund Budget.
A2. Staff Workload Impact: An estimate of 6 to 8 hours of staff time has been spent to date
in research and communication in formulating/drafting the Assignment and Subordination
Agreement.
A3. Strategic Plan Impact: N/A
B. ALTERNATIVE ACTIONS
L Motion to adopt EDA Resolution #2019-01 consenting to a Collateral Assignment and
Subordination of the Contract for Private Redevelopment and TIF Note between
Rivertown Residential Suites, LLC and Bell Bank (a North Dakota Corporation) as
related to lender financing for the Briggs Apartment proj ect.
2. Motion to deny adoption of EDA Resolution #2019-01 consenting to a Collateral
Assignment and Subordination of the Contract for Private Redevelopment and TIF
Note between Rivertown Residential Suites, LLC and Bell Bank (a North Dakota
Corporation) as related to lender financing for the Briggs Apartment project.
3. Motion to table action on EDA Resolution #2019-01 for further research and/or
discussion.
C. STAFF RECOMMENDATION
Staff recommends Alternative 1. This is a typical Collateral Assignment and Subordination
request by the lender, in this case Bell Bank, as a risk mitigation measure in its financing
offer to Rivertown Residential Suites. The developer's ability to close on the financing
offer of $5,500,000 will hinge on the approval of the Assignment and Subordination by the
EDA.
D. SUPPORTING DATA
A. Resolution #2019-01
B. Assignment and Subordination Agreement
C. Contract for Private Redevelopment
2
CITY OF MONTICELLO ECONOMIC DEVELOPMENT AUTHORITY
EDA RESOLUTION NO. 2019-01
RESOLUTION APPROVING AN ASSIGNMENT AND SUBORDINATION
AGREEMENT BETWEEN THE AUTHORITY, RIVERTOWN RESIDENTIAL
SUITES, LLC, AND BELL BANK
BE TT RESOLVED By the Board of Commissioners ("Board") of the City of
Monticello Economic Development Authority ("Authority") as follows:
Section 1. Recitals.
1.01. The Authority is currently administering its Redevelopment Project No. 1
(the "Proj ect") pursuant to Minnesota Statutes, Sections 469.001 to 469.047, and within
the Project has duly established Tax Increment Financing District No. 1-40 (the "TIF
District").
1.02. The Authority and Rivertown Residential Suites, LLC (the
"Redeveloper") entered into a Contract for Private Redevelopment dated as of July 11,
2018 (the "Contract"), regarding redevelopment of the property within the TIF District by
means of the construction of a multifamily rental housing facility, along with associated
parking (the "Minimum Improvements").
1.03. In order to receive construction financing for the Minimum Improvements,
the Redeveloper's mortgage lender, Bell Bank (the "Lender") requires a collateral
assignment of the Contract and TIF Note (when and if issued pursuant to the Contract) by
the Redeveloper to the Lender and subordination of the Authority's rights under the
Contract with respect to the Minimum Improvements, as set forth in the Collateral
Assignment and Subordination of Contract for Private Redevelopment and TIF Note
presented to the Authority (the "Subordination").
1.04. Section 7.3 of the Contract provides for subordination of the Authority's
rights under the Contract, so long as such subordination contains such reasonable terms
and conditions as are mutually agreed by the Authority and Lender in writing.
1.05. The Board has reviewed the Subordination and finds that the approval and
execution of the Subordination are consistent with the terms of the Contract and in the
best interests of the City and its residents.
Section 2. Authoritv A�roval; Other Proceedin�s.
2.01. The Subordination as presented to the Board is hereby in all respects
approved, 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
Subordination by such officials shall be conclusive evidence of approval.
554240v1 MNI MN190-156
2.02. The President and Executive Director are hereby authorized to execute on
behalf of the Authority the Subordination and any other documents requiring execution
by the Authority in order to carry out the transaction described in the Subordination.
2.03. Authority staff and consultants are authorized to take any actions
necessary to carry out the intent of this resolution.
Approved by the Board of Commissioners of the City of Monticello Economic
Development Authority this 13th day of February, 2019.
President
ATTEST:
Secretary
554240v1 MNI MN190-156
COLLATERAL ASSIGNMENT AND SUBORDINATION
OF CONTRACT FOR PRIVATE REDEVELOPMENT AND TIF NOTE
THIS COLLATERAL ASSIGNMENT AND SUBORDINATION OF CONTRACT FOR
PRIVATE REDEVELOPMENT AND TIF NOTE (this "Assignment") is made and entered into
as of the day of February, 2019, by and among THE CITY OF MONTICELLO
ECONOMIC DEVELOPMENT AUTHORITY, a public body corporate and politic and political
subdivision organized and existing under the laws of the State of Minnesota (the "Authority"),
RIVERTOWN RESIDENTIAL SUITES, LLC, a Minnesota limited liability company (the
"Redeveloper"), and BELL BANK, a North Dakota corporation (the "Lender").
Recitals
WHEREAS, the Authority and the Redeveloper are parties to that certain Contract for
Private Redevelopment dated as of July 11, 2018 (the "Redevelopment Agreement"), pertaining
to, among other things, the construction of a multi-family housing proj ect (the "Proj ect"), all to
be located on property legally described on Exhibit A attached hereto and hereby made a part
hereof (the "Property"); and
WHEREAS, pursuant to the Redevelopment Agreement, the Authority shall issue a Tax
Increment Revenue Note to the Redeveloper in the maximum principal amount of $785,000,
upon the terms and conditions set forth therein (the "TIF Note"); and
WHEREAS, all references in this Assignment to "Redevelopment Agreement" shall
include and incorporate all provisions of the TIF Note; and
WHEREAS, the Redeveloper and the Lender have entered into that certain Construction
Loan Agreement of even date herewith (the "Loan Agreement"), pursuant to which the Lender
has agreed to make a construction loan to the Redeveloper in the original principal amount of
$5,500,000.00. As used herein Loan Agreement shall include any future building loan
agreements, construction loan agreements or loan agreements between Redeveloper and Lender
which refer to this Assignment. The Loan Agreement is evidenced by a Promissory Note in the
original principal amount of 5,500,000.00 (the "Promissory Note") and payable to the order of
the Lender; and
WHEREAS, the Promissory Note is secured by certain documents and instruments
evidencing securing and executed by Redeveloper or Guarantor in connection with the Loan,
553425v1 MNI MN190-156
including without limitation, the Loan Agreement, Mortgage, Security Agreement, any
Guaranty, Fixture Financing Statement and Assignment of Leases and Rents of even date
herewith (collectively the "Loan Documents"), executed by the Redeveloper in favor of the
Lender and encumbering the Property, and filed of record in the office of the Wright County
[Recorder/Registrar of Titles] on the date hereof; and
WHEREAS, the Lender has required, as an express condition to entering into the Loan
Agreement, that the Redeveloper assign its rights under the Redevelopment Agreement to the
Lender to secure the obligations of the Redeveloper under the Promissory Note and the Loan
Documents, and that certain rights of the Authority under the Redevelopment Agreement be
subordinated to the Mortgage and applicable Loan Documents.
NOW, THEREFORE, in consideration of the recitals set forth above and incorporated
herein, and for other good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the Redeveloper hereby agrees as follows:
1. Capitalized terms used herein but not otherwise defined herein shall have the
meaning set forth in the Loan Agreement.
2. As security for the payment and performance by Redeveloper of all its covenants,
agreements and obligations under the Promissory Note and Loan Documents, the Redeveloper
hereby assigns to the Lender a first and prior security interest in all of its right, title and interest
in and to (a) all provisions of the Redevelopment Agreement and (b) the TIF Note and all
payments of any and every kind due and payable thereunder, together with all documents and
agreements attached as exhibits thereto, and all amendments, addenda and modifications thereof,
whether made now or hereafter.
3. The Redeveloper hereby represents and warrants that there have been no prior
assignments of its rights under the Redevelopment Agreement (other than to Lender), that the
Redevelopment Agreement is a valid and enforceable agreement, that neither the Authority nor
the Redeveloper is in default thereunder and that all covenants, conditions and agreements have
been performed as required therein, except those not to be performed until after the date hereof.
The Redeveloper agrees not to sell, assign, pledge, mortgage or otherwise transfer or encumber
its interest in the Redevelopment Agreement as long as this Assignment is in effect. The
Redeveloper hereby irrevocably constitutes and appoints the Lender as its attorney-in-fact to
demand, receive and enforce the Redeveloper's rights under the Redevelopment Agreement for
and on behalf of and in the name of the Redeveloper or, at the option of the Lender, in the name
of the Lender, with the same force effect as the Redeveloper could do if this Assignment had not
been made.
4. Redeveloper acknowledges by accepting this Assignment, Lender does not
assume any of Redeveloper's obligations under the Redevelopment Agreement. Redeveloper
agrees it is and will continue to be solely responsible for obligations, duties, covenants and
representations of the Redevelopment Agreement. Nothing in this Assignment shall give Lender
a greater right than Redeveloper to enforce the Redevelopment Agreement.
2
553425v1 MNI MN190-156
5. Redeveloper agrees (a) to pay and perform all obligations, duties and covenants of
Redeveloper under the Redevelopment Agreement, (b) to enforce the payment and performance
of all obligations of any other person or entity under the Development Agreement and the TIF
Note, (c) not to modify the Redevelopment Agreement or the TIF Note without Lender's prior
written approval except as otherwise may be permitted in the Loan Documents and (d) not to
further assign, for security or any other purposes, Redeveloper's rights under the Development
Agreement or the TIF Note without Lender's prior written consent.
6. This Assignment shall constitute a perfected, absolute and present assignment,
provided that the Lender shall have no right under this Assignment to enforce the provisions of
the Redevelopment Agreement or the TIF Note or exercise any rights or remedies under this
Assignment until an Event of Default shall occur and be continuing.
7. Upon the occurrence of an Event of Default, without affecting any of the Lender's
rights or remedies against the Redeveloper under any other instrument or agreement, the
Redeveloper shall be deemed to have irrevocably appointed the Lender as the Redeveloper's
attorney-in-fact to exercise any or all of the Redeveloper's rights in, to and under this
Assignment and to give appropriate receipts, releases and satisfactions on behalf of the
Redeveloper in connection with the performance by any party to the Redevelopment Agreement
and to do any or all other acts in the Redeveloper's name or in the Lender's own name that the
Redeveloper could do under the Redevelopment Agreement with the same force and effect as if
this Assignment had not been made. In addition, the Lender shall have the right to exercise and
enforce any and all rights and remedies available after a default to a secured party under the
Uniform Commercial Code as adopted in the State of Minnesota. If notice to the Redeveloper of
any intended disposition of collateral or of any intended action as required by law in any
particular instance, such notice shall be deemed commercially reasonable if given in writing at
least ten (10) days prior to the intended disposition or other action. The Redeveloper hereby
authorizes the Lender to deliver a copy of this Assignment to any other party to the
Redevelopment Agreement to verify the rights granted to the Lender hereunder. The Authority
is authorized and directed by the Redeveloper to tender performance of its obligations under the
Redevelopment Agreement to the Lender upon presentation of a copy of this Assignment.
8. The Authority hereby agrees that the rights of the Authority with respect to the
Redevelopment Agreement are and shall remain subordinate and subj ect to liens, rights and
security interests created by the Loan Agreement and the Mortgage and to any and all
amendments, modifications, extensions, replacements or renewals of the Loan Agreement and
Mortgage; provided, however, that nothing herein shall be construed as subordinating (a) the
requirement contained in the Redevelopment Agreement that the Property be used in accordance
with the provisions of Section 10.3 of the Redevelopment Agreement, or (b) the Authority's
rights under the TIF Note to suspend or terminate payments in accordance with the TIF Note.
9. Upon issuance of the TIF Note by the Authority pursuant to the terms of the
Redevelopment Agreement, Redeveloper shall execute and deliver to Lender the Allonge Assignment and
Endorsement to Tax Increment Revenue Note in the form attached hereto as E�ibit B.
10. The Authority agrees to provide the Lender with copies of any notice of default
given under the Redevelopment Agreement, and agrees that the Lender shall have the right, but
3
553425v1 MNI MN190-156
not the obligation, to cure such default within the time period set forth in the Redevelopment
Agreement. The Lender agrees to use commercially reasonable efforts to notify Authority of the
occurrence of any Event of Default given to Redeveloper under the Loan Agreement and
Mortgage, in accordance with Section 7.2 of the Redevelopment Agreement. The Lender shall
not be bound by the other requirements in Section 7.2 of the Redevelopment Agreement.
11. The parties agree that no change or amendment that would materially and
adversely affect the amount or timing of receipt of Available Tax Increment (as defined in the
TIF Note) shall be made to the terms of the Redevelopment Agreement without the prior written
consent of the Lender.
12. The Authority acknowledges that the rights of the Authority with respect to
receipt and application of any proceeds of insurance as set forth in Article V of the
Redevelopment Agreement shall, in all respects, be subject and subordinate to the rights of the
Lender under the Mortgage.
13. Notwithstanding the provisions of Article VI of the Redevelopment Agreement,
the Authority acknowledges that the agreements by the Redeveloper to pay real estate taxes as
set forth in Section 6.1 are not the personal obligations of, nor shall any such provision of Article
VI impose any personal obligation upon, the Lender, except to the extent the Lender assumes the
Redeveloper's obligations under the Redevelopment Agreement and seeks to enforce the
Redeveloper's rights thereunder after an Event of Default as described in Section 5 hereof.
14. The Redeveloper will pay or reimburse the Lender on demand for all out-of-
pocket expenses (including in each case all filing and recording fees and taxes and all reasonable
fees and expenses of counsel and of any experts and agents) incurred by the Lender in
connection with the creation, perfection, protection, satisfaction, foreclosure or enforcement of
the security interest granted hereunder and the preparation, administration, continuance,
amendment or enforcement of this Assignment, all of which shall be secured hereby. The
Redeveloper shall indemnify and hold the Lender harmless from and against any and all claims,
losses and liabilities (including reasonable attorneys' fees) growing out of or resulting from this
Assignment and the security interest hereby created (including enforcement of this Assignment)
or the Lender's actions pursuant hereto, except claims, losses or liabilities resulting from the
Lender's gross negligence or willful misconduct as determined by a final judgment of a court of
competent jurisdiction. Any liability of the Redeveloper to indemnify and hold the Lender
harmless pursuant to the preceding sentence shall be the personal obligation of the Redeveloper
to the Lender and shall be secured hereby. The obligations of the Redeveloper under this Section
14 shall survive any termination of this Assignment.
15. This Assignment can be waived, modified, amended, terminated or discharged
only explicitly in a writing signed by the Lender. A waiver by the Lender shall be effective only
in the specific instance and for the specific purpose given. Mere delay or failure to act shall not
preclude the exercise or enforcement of any of the Lender's rights or remedies hereunder. All
rights and remedies of the Lender shall be cumulative and shall be exercised singularly or
concurrently, at the Lender's option, and any exercise or enforcement of any one such right or
remedy shall neither be a condition to nor bar the exercise or enforcement of any other.
4
553425v1 MNI MN190-156
16. This Assignment shall remain in full force and effect from the date hereof until
such time as the Loan Agreement has been terminated and all amounts owing by the
Redeveloper to the Lender under the Loan Agreement and the Note have been fully repaid, at
which time the TIF Note shall be reassigned, re-endorsed and redelivered, by the Lender to the
Redeveloper, and any financing statement filed pursuant hereto shall be terminated. The Lender
shall not be required to so reassign, re-endorse and/or redeliver the TIF Note if any portion of the
indebtedness evidenced by the Note remains unpaid. This Assignment shall (a) be binding upon
the Redeveloper and its legal representatives, successors and assigns, and (b) inure to the benefit
of and be enforceable by the Lender and its successors, transferees and assigns.
17. Except as expressly provided by this Assignment, no provision of this Assignment
shall be deemed or construed to alter, amend or modify, in any way, the rights and obligations of
the Authority against the Redeveloper as set forth and contained in the Redevelopment
Agreement.
18. The Authority hereby represents and warrants to Lender, for the purpose of
inducing Lender to make advances to Redeveloper under the Loan Documents, that:
(a) No default or event of default by Redeveloper exists under the terms of the
Redevelopment Agreement on the date hereof; and
(b) The Redevelopment Agreement has not been amended or modified in any respect,
nor has any material provision thereof been waived by either the Authority or the
Redeveloper, and the Redevelopment Agreement is in full force and effect.
19. Any notice, request, demand or other communication hereunder shall be deemed
duly given if delivered or postage prepaid, certified or registered, addressed to the party as set
forth below:
If to the Authority:
City of Monticello Economic Development Authority
Attn: Executive Director
505 Walnut Street, Suite 1
Monticello, Minnesota 55362
If to the Redeveloper:
Rivertown Residential Suites, LLC
Attn:
633 Upland Avenue, Suite C
Elk River, Minnesota 55330
If to the Lender:
Bell Bank
15490 101 st Avenue North, Suite 150
553425v1 MNI MN190-156
Maple Grove, MN 55369
Attn: Devin Odegard
Email: DOdegard@BellBanks.com
With a required copy to:
Bell Bank
The Colonnade
5500 Wayzata Blvd.
Minneapolis, MN 55416
Attn: Legal
20. This Assignment shall be governed by and construed in accordance with the laws
of the State of Minnesota.
IN WITNESS WHEREOF, the parties hereto have caused this Assignment to be duly executed
as of February , 2019.
6
553425v1 MNI MN190-156
[SIGNATURE PAGE TO COLLATERAL ASSIGNMENT AND SUBORDINATION OF
CONTRACT FOR PRIVATE REDEVELOPMENT AND TIF NOTE]
STATE OF MINNESOTA
COUNTY OF WRIGHT
)
) ss
)
CITY OF MONTICELLO ECONOMIC
DEVELOPMENT AUTHORITY, a public
body corporate and politic and political
subdivision organized and existing under the
laws of the State of Minnesota
By:
Name:
Its: President
By:
Name: Jim Thares
Its: Executive Director
The foregoing instrument was acknowledged before me this day of February, 2019, by
, the President of the City of Monticello Economic Development
Authority, Minnesota, a public body corporate and politic and political subdivision organized
and existing under the laws of the State of Minnesota, for and on behalf of said Authority.
STATE OF MINNESOTA
COUNTY OF WRIGHT
)
) ss
)
Notary Public
The foregoing instrument was acknowledged before me this day of February, 2019, by Jim
Thares, the Executive Director of the City of Monticello Economic Development Authority, a
public body corporate and politic and political subdivision organized and existing under the laws
of the State of Minnesota, for and on behalf of said Authority.
Notary Public
553425v1 MNI MN190-156
[SIGNATURE PAGE TO COLLATERAL ASSIGNMENT AND SUBORDINATION OF
CONTRACT FOR PRIVATE REDEVELOPMENT AND TIF NOTE]
Rivertown Residential Suites, LLC, a
Minnesota limited liability company
By:
Name: Patrick Bri��s
Its:
STATE OF MINNESOTA )
) ss
COUNTY OF )
The foregoing instrument was acknowledged before me this day of February, 2019, by
Patrick Briggs, the of Rivertown Residential Suites, LLC, a Minnesota
limited liability company, for and on behalf of the limited liability company.
Notary Public
553425v1 MNI MN190-156
[SIGNATURE PAGE TO COLLATERAL ASSIGNMENT AND SUBORDINATION OF
CONTRACT FOR PRIVATE REDEVELOPMENT AND TIF NOTE]
LENDER:
Bell Bank, a North Dakota corporation
By:
Name: Tyler Manning
Its: Vice President
STATE OF MINNESOTA )
) ss
COUNTY OF )
The foregoing instrument was acknowledged before me this day of February, 2019, by
Tyler Manning, the Vice President of Bell Bank, a North Dakota corporation, for and on behalf
of said corporation.
Notary Public
THIS 1NSTRUMENT WAS DRAFTED BY:
KENNEDY & GRAVEN, Chartered (MNI)
470 U. S. Bank Plaza
200 South 6m Street
Minneapolis, Minnesota 55402
Telephone: (612) 337-9300
553425v1 MNI MN190-156
EXHIBIT A
(Legal Description)
Lots 1-3, Block 36, Plat of MONTICELLO, according to the recorded plat thereof, Wright
County, Minnesota.
553425v1 MNI MN190-156
I�►.�:II:�Y1�:�
ALLONGE ASSIGNMENT AND ENDORSEMENT
TO
TAX INCREMENT REVENUE NOTE
This Allonge Assignment and Endorsement to Tax Increment Revenue Note is attached
to that certain Tax Increment Revenue Note (Briggs Housing Project) dated ,
20 , made and executed by the City of Monticello Economic Development Authority, a public
body corporate and politic and political subdivision organized and existing under the laws of the
State of Minnesota, to Rivertown Residential Suites, LLC, a Minnesota limited liability company
("Payee") in the principal amount of $ ("TIF Note"), with the same force and
effect as if endorsed directly upon the Note.
By execution hereof, the Payee represents and warrants that it is the owner and holder of
the Note, free and clear of any prior assignment, transfer, pledge, lien endorsement, charge or
hypothecation; that the Payee has lawful right, power and authority to execute this instrument;
and that the Note has not been modified, amended, paid or terminated.
Pay to the order of Bell Bank, a North Dakota corporation
Dated: , 20
Rivertown Residential Suites, LLC
(a Minnesota limited liability company)
By: _
Name:
Its:
553425v1 MNI MN190-156
EDA Agenda - 02/13/19
7. Consideration of Authorizin� TIF Grant Pro�ress Pavment to Rivertown
Residential Suites, LLC in the amount of $170,865.35 for Underground Parking
Structure Materials Expenses (JT)
A. REFERENCE AND BACKGROUND:
This item is to request the EDA to consider authorizing a TIF Grant progress payment to
Rivertown Residential Suites, LLC (Briggs Apartment) for underground parking structure
materials expenses. A$400,000 TIF Grant to Rivertown Residential Suites, LLC for the
underground parking excavation and materials expenses was authorized by the EDA as a
component of the financial assistance for the development. The Contract for Private
Redevelopment was approved by the EDA at its July 10, 2018 meeting.
Two invoices reflecting the materials work for the project are attached for review. The
total amount of eligible items on the invoices is $170,865.35. The fully executed Contract
for Private Redevelopment is also included (Section 3.4 Other Assistance). The EDA
attorney believes that the request does not exactly following the Contract language as it
specifies a presumed one-time payment upon the developer paying for or incurring
$400,000 worth of excavation and materials expenses.
It is the EDA 's discretion as to whether it takes action to waive the specific language and
authorize the payment to the developer. Staff will support the EDA in its policy decision
in this regard. Pat Briggs, representing Rivertown Residential Suites, LLC, will be present
at the meeting to further explain the payment request and provide an update on the 47-unit
apartment development.
Al. STAFF IMPACT: The staff impact due to presenting the payment request items
(invoice 1 and 2) is relatively minimal. Time commitments from all involved staff is
estimated to be approximately 3 hours (includes time during the EDA meetings). Staff
involved in the discussion and preparation of the report includes: Community
Development Director, Economic Development Manager, Finance Director and EDA
attorney.
A2. BUDGET IMPACT: The budget impact of presenting the two invoices to the EDA
to authorize release of grant funds is negligible. The cost of reviewing and presenting the
payment request to the EDA, including legal counsel advice, will be covered by the
developer's escrow deposit.
B. ALTERNATIVE ACTIONS:
Motion to authorize a TIF Grant progress payment to Rivertown Residential Suites,
LLC in the amount of $170,865.35 as detailed invoice #1 and #2 for underground
parking materials expenses.
2. Motion to deny authorization of a TIF Grant progress payment to Rivertown
Residential Suites, LLC in the amount of $170,865.35 as detailed in invoice #1 and
#2 for underground parking materials expenses.
EDA Agenda - 02/13/19
3. Motion to table consideration of authorizing a TIF Grant progress payment to
Rivertown Residential Suites, LLC in the amount of $170,865.35 as detailed in
invoice #1 and 2 for underground parking materials expenses.
C. STAFF RECOMMENDATION:
Staff will support the EDA's decision regarding the progress payment request. There is a
small amount of risk in advancing the payment ahead of the actual completion of the
underground parking structure. This risk level is negated somewhat by knowing of and
acting on the developer's and prospective lending bank's request to have the EDA Consent
to a Collateral Assignment and Subordination of the Contract for Private Redevelopment
and TIF Note related to the proposed proj ect financing. As noted in the Collateral
Assignment Agreement, the request proposed lender financing is $5,500,000. The Consent
consideration is presented to the EDA as item 6 of the February 13, 2019 EDA Meeting
Agenda. The developer will also be available at the meeting to answer any questions
regarding the request.
D. SUPPORTING DATA:
A. Invoice #1 and #2 from Wells Concrete, Albany, MN
B. Contract for Private Redevelopment with Rivertown Residential Suites, LLC
''' WELLS CONCRETE i ro v o i c E
FOR PER10�: 11/1J2018 to 11f30/2018
PROJECT DESGRIP.: RIVERTOWN RESIDENTIAL
BUYERS SUBCONTRACT NO.:
WELLS CONCRETE JOB NO.: 6953
INVOICE DATE: 11/19/2018
INVOICE NO: 011070
BILLING NO: 1
TO: RIVERTOWN RESIOENTIAL SUITES LLC REMITTO: WELLS CONCRETE
633 UPLAND AVE NW PO BOX 656
ELK RIVER, MN 55330 210 INSPIRATION LN
ALBANY, MN 56307-0656
SCHEDULED COMPLETE TO-DATE PREVIOUS THIS
ITEM OESCRIPTION VALUE % VALUE INVOICES INVOICE UNBILLED
CONTRACi
DRAFTING
MATERIALS
INSTALLATION
RETENTION - 5%
10,904.44
179,858.26
81,737.30
Visit us on-line a� www.wellsconcrete.com
THANK YOU FOR YOUR BUSINESS.
100.00% 10,904.44
79.35% 142,720.88
O.OD% -
(7,681.27)
REMIT TO ADDRE55:
PO BOX 656
ALBANY, MN 56307-0656
10,904.44 -
142,720.88 37,137.38
- 81,737.30
p,ssi.v� �ii,ss�.a�)
TOTALS 272,500.00 53.569� 145,944.05 - 145,944.05 106,987.21
PLEASE PAY THIS AMOUNT UPON RECEIPT OF INVOICE $ 145,944.05
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A�ORO� CERTIFICATE OF LIABILITY INSURANCE DATE�MMlDDfYYYY)
12/18/2oie
TNIS CERTIFICATE IS ISSUED AS A MATTER OF INFORMATION ONLY AND CONFERS NO RIOHT3 UPON THE CERTIFICATE HOLDER. THIS
CERTIFICATE DOES NOT AFFIRMATIVELY OR NEGATIVELY AMEND, EXTEND OR ALTER THE COVERA(iE AFFORDED 8Y THE POLICIES
BELOW. THI3 CERTIFICATE OF INSURANCE DOES NOT CONSTITUTE A CONTRAGT BETWEEN THE ISSUING INSURER(S), AUTHORI2ED
REPRESENTATIVE OR PROOUCER, AND THE CERTiFICA7E HOLDER.
IMPORTANT: If the certillcate hold�ar is an AODITIONAL IN3URED, the p�llcy(tes) must be endorsed. If SUBRO(3ATION IS WAIVED, subJect to
the terma and conditions of lhe policy, certain policles may requlre an endorsement. A statement on this ceniflcate doea not confer righte to tha
certl/icate hoider In Ileu oi such endorsement a).
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�ME: Shesry Derry
Security Inaurance Agency ��E , (507)393-6446 FAx �so��3��-e�s�
A!C No :
1606 East Main Street qooRESS:eherryQeecurityineurmceagenay.com
P.O. HO% 410 INSURER $ AfFORDINO COYERA6E NAIC /
Albert Lea t�IIi 56007-0430 IN6URERA:Tha Trnvolara Com aniee Inc.
INSURED INSURER8:Th9 Cinainnati Ineurance Co an
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PO Box 308 INSURERE:
Wella t�1 56097 iNSUREtt F:
COVERAGES CERTIFICATE NUMeER�18-19 welia RFv�c�nu ui�uneo.
THIS IS TO CERTIFY THAT THE POLICIES OF INSURANCE LISTED BELOW HAVE BEEN ISSUED TO THE INSURED NAMED ABOVE FOR THE POLICY PERIOD
INDICATEd. NOTIMTHSTANOINO ANY REQUIREMENT, TERM OR CONDITION OP ANY CONTRACT OR OTHER DOCUMENT WITH RESPECT TD WHICH THIS
CERTIFICATE MAY BE ISSUED OR MqY PERTAIN, THE INSURANCE AFFORDED BY THE POLICIES pESGRIBED HEREIN IS SUBJECT TO ALL THE TERMS,
EXCLUSIONS AND CONDITIONS OF SUCH POLICIES. LIMITS SHOWN MAY HAVE 9HHN REDUCED BY PAIO CLAIMS.
IN8R
�7q TYPEOFINSURANCE POUCYNUMBER �UCYEFF POLICYEXP UMITS
X COMMERCIAL GENERAL W�81UTY EACH OCCURRENCE S 1, 000, 000
A CLAIMS-MADE X❑ OCCUR PR Mt Ea rtenu S 300,000
X ECU Cov�raqa 630-9F28�958 �/1/2018 �/i/2019 MED EXP(M one non S 5,000
X Contractual Liabiliky PERSONHL BADVINJURY S 1,000,000
OEN'LA6GREGATE UMITAPpUES PER� GENERALAGGREGATE S 2 r 000 � 000
POLICY � �E a � LOC PRODUCTS - COMPIOP AGG S Z� 000, 000
OTHER: Ertplqsaeanefls S 1,000,000
AUTOMOBILE LIABILITY C e wl e 1 1 L' 1 1 = 1, 000 � 000
A x ANYAUiO BOO�LY INJURV (Per penon) S
AUTOS�E� AUTOSULED 810-80563319 4/1/2018 �/1/2019 BOOILY INJURY (Per acddent) S
X NIREDAVTOS X �N-0NMED PROPERTY DAMAGE s
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UndHlnWrwmotonneomdMailf S S,OOO,OOO
A X UMBRELIALIAB X��R CUP-iJ604373 1�1/2018 �/1/2019 EACHOCCURPFNCE S 5,000,000
B X EXCESSLIAB CWMS•MADE AGGREOATE S 5,000,000
OED X RETENTION S 10,000 BX80379319 1/IJ2018 �J1/2019 9`� ° = 45mi1/�Smil
WORNERSCOMPENSA710N Covar�po for IA,NI,BD X
AND EMPLOYEfiS' UABILITY TA TE
ANYPROPRIETORlPARTNER/EXECUTIVE Y�N t4::9erk Comp 6olt Insuzod E.L.EACHACCIpENT S 500�000
A OFfiCEWMEMBERFJfCLUDED9 � N�a �g_9F281958 �/1/2010 1/1/2019
(M�ntlatory In NM) E.L. DISEASE • EA EMPLOYEE 5 500 000
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OESCRIPTION OF OPERATIONS Delow E.L OISEASE • POUCY LIMIT S 500 000
A Laaied/Rentsd Bquipmtnt 660-8A135732 �/1/4018 �/1/2018 P�rliem $1,500,000
A Riqyor� Liabllity 660-8�195732 �/1)7018 �/1/2019 4800,000
DESCRIPTION OF �ERATIONS I LOCA710NS i VEHICLES �ACORD 101, Addlllontl Rom�rks SeMdule, m�y W att�ehad N moa apacv Is nqulod)
WC JobY 6953. Rivertoan Reaidential Suitea, Monticalla, bIId. Store Materiala in the amount of $37,137.38
SHOULD ANY OF THE ABOVE OESCRIBED POLICIES BE CANCElLEO BEFORE
Rivertown Reaidential Suitea , LLC THE EXPIRATION DATE THEREOP, N0710E WILt 8E DELIVERED IN
633 Upland Avs NW ACCORDANCE WITH THE POUCY PROVISIONS.
Elk River, tffd 55330
AUiHORIZF.D pEPRESENTATVE
Sherry Derry/SJD �i1��
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ACORD 26 (2014/01y The ACORD name and logo are registered marks of ACORD
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''' WELLS CONCRETE i N V O I C E
FOR PERIOD: 12J1/2018 to 12/31/2018
PROJECT DESCRIP.: RIVERTOWN RESIDENTIAL
BUYERS SUBCONTRACT NO.:
WELLS COfVCRETE JOB NO.: 6953
INVOICE DATE: 12/18/2018
INVOICE NO: 012064
81LUNG NO: 2
TO: RIVERTOWN RESIDENTIAL SUITES LLC REMITTO: WELLS CONCRETE
633 UPLAND AVE NW PO BOX 656
ELK RIVER, MN 55330 210 INSPIRATION LN
ALBANY, MN 56307-0656
SCHEDULED COMPLETE TO-DATE PREVIOUS THIS
ITEM DESCRIPTION VALUE % VALUE INVOICES INVOICE UNBILLED
CONTRACT
DRAFTING
MATERIALS
INSTALLATION
RETENTION - 5%
10,904.44
179,858.26
81,737.30
Visit us on-line at www.wellsconcrete.com
THANK YOU FOR YOUR BUSINESS.
100.00% 10,904.44
1Q0.00% 179,858.26
O.DO% -
10,904.44
142,72D.88
37,13738
81,737.30
(9,538.14j (7,681.27) (1,856.87) (8,173.73)
REMIT TO ADDRE55:
PO BOX 656
ALBANY, MN 56307-0656
TOTALS 272,500.00 66,50% 181,224.57 145,944.05 35,280.52 73,563.57
PLEASE PAY THIS AMOUNT UPON RECEIPT OF INVOICE $ 35,280.52
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(i) delivered to the Authority one or more certificates signed by the
Redeveloper's duly authorized representative, containing the following: (i) a statement that
each cost identified in the certificate is a Public Redevelopment Cost as defined in this
Agreement and that no part of such cost has been included in any previous certification; (ii)
evidence that each identified Public Redevelopment Cost has been paid or incurred by or on
behalf of the Redeveloper; and (iii) a statement that no uncured Event of Default by the
Redeveloper has occurred and is continuing under the Agreement. The Authority may, if
not satisfied that the conditions described herein have been met, return any certificate with a
statement of the reasons why it is not acceptable and requesting such further documentation
or clarificatron as the Authority may reasonably require;
(ii) submitted and obtained Authority approval of financing in accordance with
Section 7.1; and
(iii) delivered to the Authority an investment letter in a form reasonably satisfactory
to the Authority.
The terms of the Note will be substantially those set forth in the form of the Note shown in
Schedule B, and the Note will be subject to all tenns of the Authorizing Resolution, which is
incorporated herein by reference.
(c) Termination of riglzt to Note. All conditions for delivery of the Note must be met by
no later than the date which is less than five (5) years after the date of certification of the TIF
District by the County and complies with the so-called five-year rule under Section 469.1763, subd.
3(c) of the TIF Act. If the conditions for delivery of the Note are not satisfied by the date described
in this paragraph, the Authority has no further obligations under this Section 3.3.
(d) Assignment of Note. The Authority acknowledges that the Redeveloper may assign
the Note to a third party. The Authority consents to such an assignment, conditioned upon receipt
of an investment letter from such third party in a form reasonably acceptable to the Authority, and
will reasonably execute any document evidencing such assignment within 30 days after receipt and
review by Authority's legal counsel.
(e) Qualifications. The Redeveloper understands and acknowledges that all Public
Redevelopment Costs must be paid by the Redeveloper and will be reimbursed from Available Tax
Increment pursuant to the terms of the Note. The Authority makes no representations or warranties
regarding the amount of Tax Increment, or that revenues pledged to the Note will be sufficient to
pay the principal and interest on the Note. Any estimates of Tax Increment prepared by the
Authority or its financial advisors in connection with the TIF District or this Agreement are for the
benefit of the Authority, and are not intended as representations on which the Redeveloper may
rely. Public Redevelopment Costs exceeding the principal amount of the Note are the sole
responsibility of Redeveloper.
Section 3.4. Other Assistance. In addition to the reimbursernent of a portion of
Redeveloper's Public Redevelopment Costs through issuance of the Note, the Authority will pay a
521619v3 MNl MN 190-156
portion of the costs of excavation and materials necessary to construct the structured parking
required in connection with construction of the Minimum Improvements (the "Authority Grant"),
pursuant to and in conformity with the Authority's Policy Statements for Management of Available
Tax Increment Financing Funds, adopted by the Authority on January 10, 2018. The Authority
Grant shall be in the amount of $400,000. The Authority shall disburse the Authority Grant to the
Redeveloper within twenty (20) days after receipt by the Authority of evidence submitted by the
Redeveloper of structured parking expenditures paid or incurred by the Redeveloper, in at least the
amount of the Authority Grant.
Section 3.5. Pavment of Administrative Costs. The Authority acknowledges that
Redeveloper has deposited with the Authority $10,000. The Authority will use such deposit to pay
"Administrative Costs," which term means out of pocket costs incurred by the Authority together
with staff costs of the Authority, all attributable to or incurred in connection with the negotiation
and preparation of this Agreement, the TIF Plan, and other documents and agreeinents in
connection with the development of the Redevelopment Property. At Redeveloper's request, but
no more often than monthly, the Authority will provide Redeveloper with a written report including
invoices, time sheets or other comparable evidence of expenditures for Administrative Costs and
the outstanding balance of funds deposited. If at any time the Authority determines that the deposit
is insufficient to pay Administrative Costs, the Redeveloper is obligated to pay such shortfall
within twenty (20) days after receipt of a written notice from the Authority containing evidence of
the unpaid costs. If any balance of funds deposited remains upon issuance of the Certificate of
Completion pursuant to 5ection 4.4 of this Agreement, the Authority shall promptly return such
balance to Redeveloper; provided that Redeveloper reinains obligated to pay subsequent
Administrative Costs related to any amendments to this Ageement requested by Redeveloper.
Upon termination of this Agreement in accordance with its terms, the Redeveloper remains
obligated under this section for Adininistrative Costs incurred through the effective date of
termination.
Section 3.6. No Business Subsidy. The parties agree and understand that the primary purpose
of any financial assistance to the Redeveloper under this Ageement is to facilitate development of
housing and is therefore not a"business subsidy" within the meaning of Minnesota Statutes, Sections
116J.993 to ] 16J.995. The Redeveloper releases and waives any claim against the Authority and its
governing body members, officers, agents, servants and employees thereof arising from application of
the Business Subsidy Act to this Agreement, including without limitation any claim that the Authority
failed to comply with the Business Subsidy Act with respect to this Agreement.
(The remainder of this page is intentionally left blank.)
9
521619v3 MNI MN190-156
MINUTES
REGULAR MEETING - ECONOMIC DEVELOPMENT AUTHORITY (EDA)
Wednesday, July l lth, 2018 — 6:00 p.m.
Mississippi Room, Monticello Community Center
Commissioners Present
Commissioners Absent
Staff Present:
Steve Johnson, Bill Tapper, Jon Morphew, Tracy Hinz, and Jim
Davidson
011ie Koropchak-White and Lloyd Hilgart
Jim Thares and Angela Schumann
1. Call to Order
Steve Johnson called the regular meeting of the EDA to order at 6:00 p.m.
2. Roll Call
3. Consideration of additional a�enda items
None.
4. Consent AQenda - Item 4a throu�h 4�
B1LL TAPPER MOVED TO APPROVE THE CONSENT AGENDA WITH THE
REMOVAL OF ITEM G. JON MORPHEW SECONDED THE MOTION. MOTION
CARRIED, 5-0.
a.
b.
c.
d.
Consideration of approvine Joint Citv Council-EDA Meeting Minutes — June
4, 2018
Recommendation: Approve the Joint City Council-EDA Meeting Minutes — June
4, 2018
Consideration of approving Re�ular Meeting Minutes — June 13, 2018
Recommendation: Approve the Regular Meeting Minutes — June l 3, 2018.
Consideration of approving Special Workshop Meeting Minutes — June 13,
2018
Recommendation: Approve Special Workshop Meeting Minutes — June 13, 2018.
Consideration of approving qavment of bills
Recominendation: Approve payment of bills through June 2018.
It was noted that the Cuningham Group invoice ($'7,000) would be recoded to the
City Council and the Chamber lunches would be reviewed for correct coding.
e. Consideration of Hazardous Materials Abatement and Demolition quotes —
255 East Broadwav
Decision 1: Asbestos Abatement
Recommendation: Select Bergo Environmental, Inc. in the amount of $6,223 to
remove and dispose of asbestos.
Decision 2: Demolition Quote and/or Ash Removal
Recommendation: Select Carlson Construction in the amount of $5,250 to remove
burned buildings and foundation or select Schluender Construction Company in
Economic Development Authority Minutes — July 11, 2018 Page l � 4
the amount of $7,500 for removal of complete buildings and foundation (if the
Fire Department is unable to complete the fire training).
f. Consideration of Administrative Modification of Affordable Housin� TIF
District #1-40
Recommendation: Adopt EDA Resolution #2018-15 approving an Administrative
Modification to the TIF Plan for Affordable Housing TIF District #1-40.
g. Consideration of Contract for Private Redevelopment with Rivertown
Residential Suites. LLC
ITEM WAS REMOVED FROM THE CONSENT AGENDA.
4g. Consideration of Contract for Private Redevelopment with Rivertown
Residential Suites, LLC
Jim Thares indicated that the contract for private redevelopment was the final
item for the affordable housing TIF district. The EDA and City Council approved
the TIF district at the previous June meeting.
Thares indicated that the project calls for a$785,000 worth of TIF assistance to
Briggs Properties and $400,000 upfront financing assistance for underground
parking. Briggs is required to provide 10 affordable units with tenants making less
than 50 percent of the County median income ($47,150).
Tarniny Omdal noted the modificatian to the TIF plan and the agreement. Under
the modified TIF Plan - and reflected in the Agreement — the amount of
developer's cost subject to reimbursement was reduced from $862,000 to
$785,000 because of reductions in project costs and the interest rate increasing to
5.5% over the term of the note. Omdal stated that the rate was reasonable because
of market conditions.
TRACY HINZ MOVED TO ADOPT EDA RESOLUTION #2018-16
APPROVING A CONTRACT FOR PRIVATE REDEVELOPMENT BETWEEN
RNERTOWN RESIDENTIAL 5UITES, LLC AND THE CITY OF
MONTICELLO EDA AS RELATED TO AFFORDABLE HOUSING TIF
DISTRICT #1-40. BILL TAPPER SECONDED THE MOTION. MOTION
CARRIED, 5-0.
Consideration of Downtown Facade Imarovement Grant ProEram and Downtown
Fronta�e and Si�nage Grant Program Guidelines
Steve Johnson noted that a workshop meeting was held prior to the regular meeting to
discuss the Downtown Fa�ade Improvement Grant Program and Downtown Frontage
and Signage Grant Program. It was discussed with minor adjustments and would likely
be approved at the next regular EDA meeting in August.
BILL TAPPER MOVED TU TABLE ACTION FOR ADDITIONAL DISCUSSION.
MOTION CARRIED, 5-0. JIM DAVIDSON SECONDED THE MOTION CARRIED,
5-0.
Economic Development Authoriry Minutes — July 11, 2018 Page 2 � 4
6. Consideration of Preliminarv 2019 EDA Budget and HRA Lew
Jim Thares asked for feedback of the proposed 2019 Special Benefit (HRA) Levy. ln
20] 8, the EDA voted to set the levy at the maximum level of $323,000. The maximum
levy for 2019 is $348,000 which is an increase of $25,000. Thares suggested that the
EDA consider the maxiinum levy again in 2019 because of new efforts and programs
such as the Downtown Fa�ade Improvement Grant Program, Downtown Frontage and
Signage Grant Program, the proposed housing rehabilitation program, and potential
acquisition of property in the downtown area.
It was asked how the $348,000 value was determined. Thares confirmed that it was a
percentage of the overall market value of property in the city. It was noted that in order
for the EDA to receive the full projected levy in 2019, there would have to be zero
delinquent property tax payrnents. A small amount of interest and a land lease are also
minor revenue saurces for the EDA.
BILL TAPPER MOVED TO RECOMMEND TO C1TY COUNCIL $348,000 FOR
THE 2019 SPECIAL BENEFIT (HRA) LEVY. JIM DAVIDSON SECONDED THE
MOTION. MOTION CARRIED, 5-0.
7. Director's Report
Angela Schumann explained that staff is leading a new initiative in the downtown called
"Downtown Rounds". The purpose of the meetings is to be an open forum with business
and property owners in the downtown to talk about what's happening in the downtown.
The first meeting would occur in August at Lucy Murray's Studio of Dance.
Jim Thares provided the Economic Development Report. Thares followed up with detail
about the MIF One-Time Exclusion Opt Out Program. The figures that MN-DEED
approved as accurate were a total MIF FLTND of $291,183. The 20% amount that is
being returned to the State General Fund is $58,237. The balance being split 50-50 with
the City is $232,946. Bill Tapper asked why the City Council would be given half of the
money. Thares indicated it was a recommendation to the City Council that the City's 50
percent of the remaining funding, be dedicated to downtown improvement projects by the
City Council, so in effect it is additional funds directed to the EDA's downtown
redevelopment goals.
Thares stated that an updated prospect list would be emailed to the EDA. One additional
prospect was recently added to the list.
Thares explained that the City's Arts Initiative was ramping up. The consultant is looking
for a space to complete projects and would like to use the EDA property at 349 West
Broadway. The consultant would like to begin using the building in August and the
Park's Department would be responsible for the utilities and maintenance.
Steve Johnson asked if the electric utilities were turned off. Thares confirmed that staff
Economic Development Authority Minutes — July 11, 2018 Page 3 � 4
shut the services off in late May.
Jon Morphew asked if a lease would be executed. Thares yuestioned if it was needed but
would defer to the EDA if that is the desire. Davidson asked about the hazardous
materials found in the building.
Schumann stated that staff would talk to the EDA's Attorney about the lease and
indemnification of the hazardous materials. Schumann recalled that most of the
hazardous materials found in the building were non-friable and are safe if left
undisturbed.
Steve Johnson stated that if the Park's Department could bring the building up to a safe
and sound condition, they could occupy the building. He further stated that it is important
that if a lease is created that it includes a 30-day notice of vacation of the property in case
redevelopment opportunities came along.
JIM DAVIDSON MOVED TO ALLOW THE USE WITH THE CONDITION THAT
THE PARKS DEPARTMENT WOULD BE RESPONSIBLE FOR ANY INCREASED
COSTS, THE CONTRACT WOULD SITPULATE THE BUILDING AS SAFE AND
USEABLE AND AN ACCEPTABLE FIT FOR THE LAND USE. BILL TAPPER
SECONDED THE MOTION. MOTION CARRIED, 5-0.
8. Adiourn
BILL TAPPER MOVED TO ADJOURN THE MEETING AT 6:31 P.M. JIM
DAVIDSON SECONDED THE MOTION. MOTION CARRIED, 5-0.
9. Closed Session - Consideration of recessin� to closed session to develop or consider
offers or counter-offers for the purchase or sale of real or personal Aroperty
pursuant to Minnesota Statute 13D.05, Subdivision 3(c)(3). PID #155011000010,
155010031031,155010031010
Recorder: Jacob Thunander �
Approved: August 8, 2018
��1 f�Alw�1�
Attest: i
Ji hares, Economic Development Director
Economic Development Authority Minutes — July 11, 2018 Page 4 � 4
Policy Statements for Management of Available Tax
Increment Financing (TIF) Funds
The City of Monticello Economic Development Authority (the "EDA") has prepared the following policy
statements to guide both staff and EDA members to make consistent and informed financial decisions
regarding the use of available tax increment financing (TIF) funds. The policy statements are intended to
be a guide. The EDA may determine to allocate funds to other types of projects, not included below,
based on other criteria and factors that may exist. The EDA defines "available TIF funds" as both current
and future projected dollars legally available within established TIF funds, and not committed to existing
obligations, for the EDA to spend on redevelopment and/or assisting affordable housing projects, all
pursuant to Minnesota Statutes, Sections 469.174 through 469.1794, inclusive, as amended (the "TIF
Act").
POLICY STATEMENTS:
Redevelopment Proiects
The EDA will consider allocating available TIF funds, without priority order, to the following types
of redevelopment projects:
1. Acquisition of property — Block 52 to facilitate redevelopment consistent with the objectives
of the Downtown Small Area Study.
2. Acquisition of Property — Block 34 to facilitate redevelopment consistent with the objectives
of the Downtown Small Area Study.
3. Acquisition of Property - Other downtown sites that provide relatively immediate
development opportunities that support the objectives of the Comprehensive Plan and the
Downtawn Small Area Study.
4. Masters Fifth Avenue Site —Assistance for underground or structured parking improvements
for a development consistent with the objectives of the Comprehensive Plan, the Downtown
Small Area Study, the TIF Plan and the existing Contract for Private Development, and
approved by the EDA.
5. Assistance for installation of public or private infrastructure and value-added site
improvements such as underground or structured parking for redevelopment projects
consistent with the objectives of the Comprehensive Plan and/or the Downtown Small Area
Study and approved by the EDA.
Page � 1
January 10, 2018 (Revised}
508678v2 MNI MN1y0-101
Affordable Housin� Proiects
The EDA will consider allocating available TIF funds, without priority order, to the following types
of affordable housing projects:
1. Assistance to lower overall project costs via reimbursement of TIF-eligible expenses related
3
4
5
to projects that meet the EDA's value-added standards/criteria.
Block 52 — Assistance for underground or structured parking and/ar value added site
improvements in connection with a market-rate, multi-family housing with an affordable
component.
City Core - Establishment of a scattered-site owner-occupied rehabilitation program.
Downtown Area - Assistance for underground or structured parking and/or value added site
improvements in connection with development of market-rate, multi-family projects with
an affordable component.
City-wide — Assistance for the installation of public or private infrastructure serving sites to
be developed with market rate, multi-family housing with an affordable component
Acquisition of property for purposes of facilitating development of a market-rate, multi-
family housing project with an affordable component consistent with the goals and
objectives of the Comprehensive Plan.
Page � 2
January 10, 2018 (Revised)
508678v2 MNI MN190-101
MINUTES
REGULAR MEETING - ECONOMIC DEVELOPMENT AUTHORITY (EDA)
Wednesday, January lOth, 2018 — 6:00 p.m.
Mississippi Room, Monticello Communit,y Center
Com�nissioners Present: Bill Tapper, Steve Johnson, Tracy Hinz, Jon Morphew, Jim
Davidson, and Lloyd Hilgart
Staff Present: Jim Thares and Angela Schumann
1. Call to Order
Bill Tapper called the regular meeting of the EDA to order at 6:00 p.m.
2. Roll Call
3. Consideration of presidin� officer
Bill Tapper recommended postponing elections for officers until the annual meeting in
February. The EDA members were in consensus.
4. Consideration of additional a�enda items
Bill Tapper requested adding Item 8, 9, and 12 to the Consent A�enda.
5. Consent A�enda
LLOYD HILGART MOVED TO APPROVE THE CONSENT AGENDA WITH
NOTED ADDITIONS AND REMOVAL OF ITEM D. TRACY HINZ SECONDED
THE MOTION. MOTION CARRIED, 6-0.
a. Consideration of approvin� Regular Meeting Minutes — December 13th, 2017
Recommendation: Approve Regular Meeting Minutes — December 13`�', 2017.
b. Consideration of approvin� Special Workshoq Meetin� Minutes — December
13th,2017
Recornmendation: Approve Special Workshop Meeting Minutes — December 13'",
2017.
c. Consideration of approvin$ aavment of bills
Recommendation: Approve payrnent of bills through December, 2017.
d. Consideration of Acpuisition and Relocation Services Retainer A�reement
with Wilson Develoament
Recoirnnendation: ITEM REMOVED FROM THE CONSENT AGENDA.
e. Consideration of revised MIF (Minnesota Investment Fund) Loan Guidelines
Recommendation: Modify the MIF Loan Guidelines rebarding repayment term
and equity and interest rate language.
f. Consideration of revised SCDP (Small Cities Development Program) Loan
Guidelines
Recommendation: Modify the SCDP Loan Guidelines regarding repayrnent term
and equity and interest rate language.
g. Consideration of Purchase A�reement for 255 East Broadwav Street,
Monticello, MN
Recommendation: Approve Resolution 2018-2 authorizing the purchase of the
vacant parcel of land located at 255 East Broadway.
SA. Consideration of Acauisition and Relocation Services Retainer AEreement
with Wilson Develonment
Lloyd Hilgart questioned being limited with only one optioi� for service. Jim
Thares explained that it is a professional service and not required to have more
than one bid. Thares noted the amount of experience that Wilson Development
has especially with the City of Monticello.
Steve Johnson asked if there was a threshold to use these types of services.
Morphew commented that Wilson Development and WSB's services would likely
charge about tl�e same, but recommended Wilson Development due to past
relationships.
Angela Schumann stated that these services would only be utilized on an as-
needed basis.
JON MORPHEW MOVED TO AUTHORIZE ENTERING INTO A
RELOCATION SERVICES RETAINER AGREEMENT W1TH WILSON
DEVELOPMENT. STEVE JOHNSON SECONDED. MOTION CARRIED, 5-1
WITH LLOYD HILGART VOTING 1N OPPOSITION.
Regular Agenda
6. Consideration of 2018 EDA Work Plan
Jim Thares stated at the last meeting, he received feedback frorn one commissioner and
accounted for it in the proposed 2018 EDA Work Plan. Staff also made other additions to
the plan. Thares reviewed the new items, but stated a primary focus would be on
implementation of the Small Area Study strategies.
TRACY H1NZ MOVED TO ADOPT THE 2018 EDA WORK PLAN AS PRESENTED.
JIM DAVIDSON SECONDED THE MOTION. MOTION CARRIED, 7-0.
7. Consideration of revised Policv Statement for Available TIF Funds
Jirn Thares stated the Master's Fifth Avenue project was ide�itified in the adopted policy
as a"housing" project, but should be identified as a"redevelopment" project.
Adjustrnents were also made to the policy to make the document more professional.
STEVE JOHNSON MOVED TO APPROVE THE PROPOSED REVI5ED POLICY
STATEMENTS FOR AVAILABLE TIF FLTNDS. J1M DAVIDSON SECONDED THE
MOTION. MOTION CARRIED, 7-0.
2
8. Consideration of revised MIF (Minnesota Investraent Fundl Loan Guidelines
Added to the Consent Agenda-
9. Consideration of revised SCDP (Small Cities Development Program) Loan
Guidelines
Added to the ConsentAgenda-
10. Consideration of Downtown Business Improvement Pro�ram Loan Guidelines
Angela Schumann explained that staff were looking for feedback to better direct staff and
CMHP. She stated that staff put together a proposed program that would acconunodate
farade improvements for business vitality in the downtown. Schumann stated the
importance of making an attractive and useful program for property owners in the
downtown.
Schumann explained the basics of the program and noted that the EDA could make
changes. Under the proposal, the loan term would be five years. The loan would be
forgivable based on the term set and pro-rated by years that they remained in the
building. Property owners would need to have other financing as a primary source.
Scl�u�nann stated it was written to require sixty percent private sector commitment and
does not include equity in the building. The minimum borrower commitment is five
percent with a loan cap of forty percent. There was not a minimum loai� amount
established and a loan interest rate is two perceut. Loan participants would not be able to
pair with other EDA loan prograins.
Loan fund uses include lease hold improveinent items, renovations, and modernization of
buildings. A criteria is also proposed to help the EDA in selecting loan participants.
The geographic boundary for the pro�rram would include all properties within the CCD
District.
Bill Tapper comrnented that he'd like to see the EDA hire an architect to evaluate the
downtown and provide a vision for what would be appropriate to modify the fa�ades.
Tapper also suggested putting together a very simple program to carry out the design. He
also suggested renovations to buildings be placed in a different category where it could
be determined if a building was worth being invested in. Tapper didn't want the EDA to
rush into a program without fulling understanding the big picture.
Steve Johnson explained his concei�n for small business owners being able to utilize the
fund. Schumann stated that if a property owner was interested in making changes to their
building they would likely hire an architect to help develop plans. Schumann also stated
that a workshop may be an option to further walk through design guidelines and to
provide a clearer scope for the program.
Tracy Hinz echoed that she would like to see a workshop meeting set up and to also
include downtown property and business owners in on this meeting. Steve Johnson
explained the importance of talking with business and/or property owners prior to the
workshop to showcase what the City would like to do in the downtown, but also asking
these people what they wanted to do and the assistance they would need to make
improvements.
1 l. Consideration of Purchase Asreement for 224 East 4t�' Street, Monticello, MN
Jim Thares stated an email from the property owner was received on January 8th asking
the EDA to be open to assuming the special assessments of $3,604.59
Thares explained that a purchase agreement has not been signed.
LLOYD HILGART MOVED TO LEAVE THE OFFER AS STANDS (AT $71,950).
JIM DAVIDSON SECONDED THE MOTION. MOTION CARRIED, 7-0.
12. Consideration of Purchase A�reement for 255 East Broadwav Street, Monticello
MN
Added to the ConsentAQenda-
13. Director's Reuort
Jim Thares provided the Director's Report and noted the attached prospect list and
Northland Securities services and charge rate update.. Thares also added that the large
marketing sign in Otter Creek is currently being designed as a mock up by WSB.
Thares also explained that he would be attending the annual Wright County Economic
Development Partnership Meeting on Friday, January 19t�' and the Economic
Development Association of Minnesota conference from January 18'�' to the 19`�'.
14. Closed Session — Consideration of recessin� to closed session to develop or consider
offers or counter-offers for the purchase or sale of real or nersonal pronertv
pursuant to Minnesota Statute 13D O5, Su6division 3(c)(3) PID # 155010052131.
155010052110.155010052120,155010052102,155010066010
l5. Adiourn
TRACY HINZ MOVED TO ADJOURN THE MEETING AT 7:54 P.M. JIM
DAVIDSON SECONDED THE MOTION. MOTION CARRIED, 7-0.
Recorder: Jacob Thunander �
Approved: February 14t'', 201$
Attest: � �
im T ares, Economic Development Director
4
EXECUTION COPY
CONTRACT
FOR
PRIVATE REDEVELOPMENT
By and Between
CITY OF MONTICELLO ECONOMIC DEVELOPMENT AUTHORITY
and
RIVERTOWN RESIDENTIAL SUITES, LLC
Dated as of: July 11, 2018
This document was drafted by:
KENNEDY & GRAVEN, Chartered (MNI)
470 U.S. Bank Plaza
Minneapolis, Minnesota 55402
Telephone: (612) 337-9300
521619v3 MNI MN190-156
TABLE OF CONTENTS
PREAMBLE............................................................................................................................1
ARTICLE I
Definitions
Section1.1. Definitions ..........................................................................................................2
Section 2.1.
Section 2.2.
Section 3.1.
Section 3.2.
Section 3.3.
Section 3.4.
Section 3.5.
Section 3.6.
ARTICLE II
Representations and Warranties
Representations by the Authority ....................................
Representations and Warranties by the Redeveloper......
ARTICLE III
Property Acquisition; Public Redevelopment Costs
.............................5
.............................5
Status of the Redevelopment Property ...............................................................7
EnvironmentalConditions .................................................................................7
Public Redevelopment Costs; Issuance of Note ................................................7
OtherAssistance ................................................................................................7
Payment of Administrative Costs ......................................................................8
NoBusiness Subsidy ..........................................................................................9
ARTICLE IV
Construction of Minimum Improvements
Section 4.1. Construction of Minimum Improvements .......................................................10
Section 4.2. Construction Plans ...........................................................................................10
Section 4.3. Completion of Construction .............................................................................11
Section 4.4. Certificate of Completion ................................................................................11
Section 4.5. Records and Reports ........................................................................................11
Section4.6. Income Limits ..................................................................................................11
ARTICLE V
Insurance
Section5.1. Insurance ..........................................................................................................14
Section5.2. Subordination ...................................................................................................15
ARTICLE VI
Tax Increment; Taxes
Section 6.1. Right to Collect Delinquent Taxes ...................................................................16
Section6.2. Review of Taxes ..............................................................................................16
i
521619v3 MNI MN190-156
ARTICLE VII
Financing
Section7.1. Generally ..........................................................................................................18
Section 7.2. Authority's Option to Cure Default on Mortgage ............................................18
Section 7.3. Modification; Subordination ............................................................................18
ARTICLE VIII
Prohibitions Against Assignment and Transfer; Indemnification
Section 8.1. Representation as to Redevelopment ...............................................................19
Section 8.2. Prohibition Against Redeveloper's Transfer of Property and
Assignment of Agreement ...............................................................................19
Section 8.3. Release and Indemnification Covenants ..........................................................21
Section 9.1.
Section 9.2.
Section 9.3.
Section 9.4.
Section 9.5.
Section 9.6.
Section 10.1.
Section 10.2.
Section 10.3.
Section 10.4.
Section 10.5.
Section 10.6.
Section 10.7.
Section 10.8.
Section 10.9.
Section 10.10
Section 10.11
Section 10.12
SCHEDULE A
SCHEDULE B
SCHEDULE C
SCHEDULE D
ARTICLE IX
Events of Default
Events of Default Defined ................................
Remedies on Default .........................................
No Remedy Exclusive .......................................
No Additional Waiver Implied by One Waiver
Attorney Fees ....................................................
Redevelo er's Remedies on Default
..............................................22
..............................................22
..............................................22
..............................................23
..............................................23
p................................................................23
ARTICLE X
Additional Provisions
Conflict of Interests; Authority Representatives Not Individually Liable.......24
Equal Employment Opportunity ......................................................................24
Restrictions on Use ..........................................................................................24
Provisions Not Merged With Deed ..................................................................24
Titles of Articles and Sections .........................................................................24
Noticesand Demands ......................................................................................24
Counterparts.....................................................................................................25
Recording.........................................................................................................25
Amendm ent . . .. . . . . . . . . . . . . . . . . . . . . . . . . . .... . . . . . . . . . . . . . . . . .. . . . .. . . .. .. . . . . . . . . . . .. . . . .. . . . . . . . . . . . . . .. . ... . . . . 2 5
AuthorityApprovals ........................................................................................25
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521619v3 MNI MN190-156
Description of Redevelopment Property
Authorizing Resolution
Certificate of Completion
Form of Income Verification
ii
CONTRACT FOR PRIVATE REDEVELOPMENT
THIS AGREEMENT, made as of the l lth day of July, 2018, by and between CITY OF
MONTICELLO ECONOMIC DEVELOPMENT AUTHORITY, a public body corporate and
politic and a political subdivision under the laws of the State of Minnesota (the "Authority"), and
RIVERTOWN RESIDENTIAL SUITES, LLC, a Minnesota limited liability company (the
"Redeveloper").
WITNESSETH:
WHEREAS, the Housing and Redevelopment Authority in and for the City of Monticello
(the "HRA") and the City of Monticello (the "City") previously created the Central Monticello
Redevelopment Project No. 1(the "Redevelopment Project") pursuant to Minnesota Statutes,
Sections 469.001 through 469.047, as amended (the "HRA Act"), and adopted a redevelopment
plan for the Redevelopment Project; and
WHEREAS, the Authority was established pursuant to Minnesota Statutes, Sections
469.090 to 469.1081 (hereinafter referred to as the "Act"), and was authorized to transact business
and exercise its powers by a resolution of the City Council of the City, which also transferred the
control and responsibility for the Redevelopment Project from the HRA to the Authority; and
WHEREAS, the Authority and City have approved a Tax Increment Financing Plan (the
"TIF Plan") for Tax Increment Financing District No. 1-40 (the "TIF District"), a housing district
within the Redevelopment Project, pursuant to Minnesota Statutes, Sections 469.174 to 469.1794
(the "TIF AcY'); and
WHEREAS, pursuant to the Act, the Authority is authorized to undertake certain activities
to facilitate the redevelopment of real property by private enterprise; and
WHEREAS, the Redeveloper intends to acquire certain property within the TIF District (the
"Redevelopment Property") and to construct a multifamily rental housing facility (the "Minimum
Improvements") on the Redevelopment Property, and has requested tax increment financing
assistance from the Authority to offset certain extraordinary costs of constructing such Minimum
Improvements; and
WHEREAS, the Authority believes that the redevelopment of the Redevelopment Property
pursuant to this Agreement, and fulfillment generally of this Agreement, are in the vital and best
interests of the City and the health, safety, morals, and welfare of its residents, and in accord with
the public purposes and provisions of the applicable State and local laws and requirements under
which the Redevelopment Project has been undertaken and is being assisted.
NOW, THEREFORE, in consideration of the premises and the mutual obligations of the
parties hereto, each of them does hereby covenant and agree with the other as follows:
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521619v3 MNI MN190-156
ARTICLE I
Definitions
Section 1.1. Definitions. In this Agreement, unless a different meaning clearly appears
from the context:
"AcY' means the Economic Development Authority Act, Minnesota Statutes, Sections
469.090 to 469.1081, as amended.
"Affiliate" means with respect to any entity (a) any corporation, partnership, liinited
liability company or other business entity or person controlling, controlled by or under common
control with the entity, and (b) any successor to such party by merger, acquisition, reorganization or
similar transaction involving all or substantially all of the assets of such party (or such Affiliate).
For the purpose hereof the words "controlling", "controlled by" and "under common control with"
shall mean, with respect to any corporation, partnership, limited liability company or other business
entity, the ownership of fifty percent or more of the voting interests in such entity or possession,
directly or indirectly, of the power to direct or cause the direction of management policies of such
entity, whether through ownership of voting securities or by contract or otherwise.
"Agreement" means this Agreement, as the same may be from time to time modified,
amended, or supplemented.
"Authority" means the City of Monticello Economic Development Authority, or any
successor or assign.
"Authority Representative" means the Executive Director of the Authority, or any person
designated by the Executive Director to act as the Authority Representative for the purposes of this
Agreement.
"Authorizing Resolution" means the resolution of the Authority, substantially in the fonn of
attached Schedule B to be adopted by the Authority to authorize the issuance of the Note.
"Available Tax Increment" means, on each Payment Date, 90 percent of the Tax Increment
attributable to the Redevelopment Property and paid to the Authority by Wright County in the six
months preceding the Payment Date.
`Business Day" means any day except a Saturday, Sunday, legal holiday, a day on which
the City is closed for business, or a day on which banking institutions in the City are authorized by
law or executive order to close.
"Certificate of Completion" means the certification provided to the Redeveloper, or the
purchaser of any part, parcel or unit of the Redevelopment Property, pursuant to Section 4.4 of this
Agreement.
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"City" means the City of Monticello, Minnesota.
"Construction Plans" means the plans, specifications, drawings and related documents on
the construction work to be performed by the Redeveloper on the Redevelopment Property which
a) shall be as detailed as the plans, specifications, drawings and related documents which are
submitted to the appropriate building officials of the City, and (b) shall include at least the
following for each building: (1) site plan; (2) foundation plan; (3) basement plans; (4) floor plan
for each floor; (5) cross sections of each (length and width); (6) elevations (all sides); (7) landscape
plan; and (8) such other plans or supplements to the foregoing plans as the Authority may
reasonably request to allow it to ascertain the nature and quality of the proposed construction work.
"County" means the County of Wright, Minnesota.
"Event of Default" means an action by the Redeveloper listed in Article IX of this
Agreement.
"Holder" means the owner of a Mortgage.
"HRA Act" means the Housing and Redevelopment Authority Act, Minnesota Statutes,
Sections 469.001 to 469.047, as amended.
"Minimum Improvements" means the construction by the Redeveloper on the
Redevelopment Property of a multifamily rental housing facility, consisting of approximately 47
rental units, and associated structured underground and surface parking.
"Mortgage" means any mortgage made by the Redeveloper which is secured, in whole or in
part, with the Redevelopment Property and which is a permitted encumbrance pursuant to the
provisions of Article VII of this Agreement.
"Note" means the Tax Increment Revenue Note, substantially in the form contained in the
Authorizing Resolution, to be delivered by the Authority to the Redeveloper in accordance with
Section 3.3 hereof.
"Payment Date" means August 1 of the year following substantial completion of the
Minimum Improvements and each February 1 and August 1 thereafter pursuant to the terms of the
Note.
"Public Redevelopment Costs" has the meaning provided in Section 3.3(a) hereof.
"Redeveloper" means Rivertown Residential Suites, LLC or its permitted successors and
assigns.
"Redevelopment Plan" means the Authority's Redevelopment Plan for the Redevelopment
Project, as amended.
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521619v3 MNI MN190-156
No. 1.
"Redevelopment Project" means the Authority's Central Monticello Redevelopment Project
"Redevelopment Property" has the meaning provided in Section 3.1 hereof.
"State" means the State of Minnesota.
"Tax Increment" means that portion of the real property taxes which is paid with respect to
the Redevelopment Property and which is remitted to the Authority as tax increment pursuant to the
Tax Increment Act. The term Tax Increment does not include any amounts retained by or payable
to the State auditor under Section 469.177, subd. 11 of the Tax Increment Act.
"Tax Increment Act" or "TIF Act" means the Tax Increment Financing Act, Minnesota
Statutes, Sections 469.174 to 469.1794, as amended.
"Tax Increment District" or "TIF District" means the Authority's Increment Financing
District No. 1-40 (Briggs Multifamily Housing).
"Tax Increment Plan" or "TIF Plan" means the Authority's Tax Increment Financing Plan
for Tax Increment Financing District No. 1-40 (Briggs Multifamily Housing), as approved by the
City on June 26, 2018, and as it may be amended.
"Tax Official" means any County assessor; County auditor; County or State board of
equalization, the commissioner of revenue of the State, or any State or federal district court, the tax
court of the State, or the State Supreme Court.
"Termination Date" means the earlier of the following: (a) the date when the Note has been
fully paid, defeased or terminated in accordance with its terms; or (b) the date of termination of the
Note and this Agreement by the Authority due to an Event of Default as set forth in Section 9.2
hereof.
"Transfer" has the meaning set forth in Section 8.2(a) hereof.
"Unavoidable Delays" means delays beyond the reasonable control of the party seeking to
be excused as a result thereof which are the direct result of war, terrorism, strikes, other labor
troubles, fire or other casualty to the Minimum Improvements, litigation commenced by third
parties which, by injunction or other similar judicial action, directly results in delays, or acts of any
federal, state or local governmental unit (other than the Authority in exercising its rights under this
Agreement) which directly result in delays. Unavoidable Delays shall not include delays directly
caused by actions or inaction of the Redeveloper in obtaining permits ar governmental approvals
necessary to enable construction of the Minimum Improvements by the dates such construction is
required under Section 4.3 of this Agreement.
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521619v3 MNI MN190-156
ARTICLE II
Renresentations and Warranties
Section 2.1. Representations by the Authoritv. The Authority makes the following
representations as the basis for the undertaking on its part herein contained:
(a) The Authority is an economic development authority duly organized and existing
under the laws of the State. Under the provisions of the Act, the Authority has the power to enter
into this Agreement and carry out its obligations hereunder.
(b) The activities of the Authority are undertaken to foster the redevelopment of certain
real property which for a variety of reasons is presently underutilized, to create increased tax base
in the City, to increase affordable housing opportunities in the City, and to stimulate further
development of the TIF District and Redevelopment Project as a whole.
Section 2.2. Representations and Warranties bv the Redeveloper. The Redeveloper
represents and warrants that:
(a) The Redeveloper is a limited liability company duly organized and in good standing
under the laws of the State of Minnesota, is not in violation of any provisions of its organizational
documents or the laws of the State, is duly authorized to transact business within the State, has
power to enter into this Agreement and has duly authorized the execution, delivery and
performance of this Agreement by proper action of its governing members.
(b) After acquisition of the Redevelopment Property and on or prior to the dates
specified in Section 4.3 hereof, the Redeveloper will commence and complete construction of, and
operate and maintain the Minimum Improvements in accordance with the terms of this Agreement,
the Redevelopment Plan and all applicable local, state and federal laws and regulations (including,
but not limited to, environmental, zoning, building code and public health laws and regulations).
(c) The Redeveloper has received no notice or communication from any local, state or
federal official that the activities of the Redeveloper or the Authority in the Redevelopment Project
may be or will be in violation of any environmental law or regulation (other than those notices or
communications of which the Authority is aware). The Redeveloper is aware of no facts the
existence of which would cause it to be in violation of or give any person a valid claim under any
local, state or federal environmental law, regulation or review procedure.
(d) The Redeveloper will obtain, in a timely manner, all required permits, licenses and
approvals, and will meet, in a timely manner, all requirements of all applicable local, state and
federal laws and regulations which must be obtained or met before the Minimum Improvements
may be lawfully constructed.
(e) Neither the execution and delivery of this Agreement, the consummation of the
transactions contemplated hereby, nor the fulfillment of or compliance with the terms and
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521619v3 MNI MN190-156
conditions of this Agreement is prevented, limited by or conflicts with or results in a breach of, the
terms, conditions or provisions of any corparate restriction or any evidences of indebtedness,
agreement or instrument of whatever nature to which the Redeveloper is now a party or by which it
is bound, or constitutes a default under any of the foregoing.
( fl Whenever any Event of Default occurs and if the Authority shall employ attorneys
or incur other expenses for the collection of payments due or to become due or for the enforcement
of performance or observance of any obligation or agreement on the part of the Redeveloper under
this Agreement, and the Authority prevails in such action, the Redeveloper agrees that it shall,
within ten days of written demand by the Authority, pay to the Authority the reasonable fees of
such attorneys and such other expenses so incurred by the Authority.
(g) The proposed development by the Redeveloper hereunder would not occur but for
the tax increment financing assistance being provided by the Authority hereunder.
(h) The Redeveloper is not currently in default under any business subsidy agreement
with any grantor, as such terms are defined in the Business Subsidy Act.
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521619v3 MNI MN190-156
ARTICLE III
Propertv Acquisition, Conveyance; Public Redevelopment Costs
Section 3.1. Status of the Redevelopment Property. (a) As of the date of this Ageement,
the Redeveloper has entered into a purchase agreement with a third party for the purchase of the
Redevelopment Property. If all contingencies in the purchase agreement are satisfied, the
Redeveloper will acquire the Redevelopment Property on or before July 12, 2018. The Authority
has no obligation to acquire any portion of the Redevelopment Property.
Section 3.2. Environmental Conditions. (a) The Redeveloper acknowledges that the
Authority makes no representations or warranties as to the condition of the soils on the
Redevelopment Property or the fitness of the Redevelopment Property for construction of the
Minimum Improvements or any other purpose for which the Redeveloper may make use of such
property, and that the assistance provided to the Redeveloper under this Agreement neither implies
any responsibility by the Authority or the City for any contamination of the Redevelopment
Property or poor soil conditions nor imposes any obligation on such parties to participate in any
cleanup of the Redevelopment Property or correction of any soil problems (other than the financing
described in this agreement).
(b) Without limiting its obligations under Section 8.3 of this Agreement the
Redeveloper further agrees that it will indemnify, defend, and hold harmless the Authority, the
City, and their governing body members, officers, and employees, from any claims or actions
arising out of the presence, if any, of hazardous wastes or pollutants existing on or in the
Redevelopment Property, unless and to the extent that such hazardous wastes or pollutants are
present as a result of the actions or omissions of the indemnitees. Nothing in this section will be
construed to limit or affect any limitations on liability of the City or Authority under State or
federal law, including without limitation Minnesota Statutes Sections 466.04 and 604.02.
Section 3.3. Public Redevelopment Costs; Issuance of Note.
(a) Generally. If the Redeveloper acquires the Redevelopment Property, in order to
make construction of the Minimum Improvements financially feasible, the Authority will reimburse
the Redeveloper for a portion of the Public Redevelopment Costs incurred by the Redeveloper in
accordance with this section. The term "Public Redevelopment Costs" means costs of acquisition
of the Redevelopment Property, and costs of site preparation, public improvements including
without limitation street parking and sidewalk improvements, costs of construction of the
affordable housing units of the Minimum Improvements, and structured parking on the
Redevelopment Property (to the extent such structured parking costs exceed the amounts paid by
the Authority under Section 3.4 hereo�.
(b) Terms. To reimburse the Public Redevelopment Costs incurred by Redeveloper, the
Authority shall issue and the Redeveloper shall purchase the Note in the maximum principal
amount of $785,000. The Authority shall issue and deliver the Note upon compliance by the
Redeveloper with the following conditions:
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521619v3 MNI MN190-156
(i) delivered to the Authority one or more certificates signed by the
Redeveloper's duly authorized representative, containing the following: (i) a statement that
each cost identified in the certificate is a Public Redevelopment Cost as defined in this
Agreement and that no part of such cost has been included in any previous certification; (ii)
evidence that each identified Public Redevelopment Cost has been paid or incurred by or on
behalf of the Redeveloper; and (iii) a statement that no uncured Event of Default by the
Redeveloper has occurred and is continuing under the Agreement. The Authority may, if
not satisfied that the conditions described herein have been met, return any certificate with a
statement of the reasons why it is not acceptable and requesting such further documentation
or clarification as the Authority may reasonably require;
(ii) submitted and obtained Authority approval of financing in accordance with
Section 7.1; and
(iii) delivered to the Authority an investment letter in a form reasonably satisfactory
to the Authority.
The terms of the Note will be substantially those set forth in the form of the Note shown in
Schedule B, and the Note will be subject to all terms of the Authorizing Resolution, which is
incorporated herein by reference.
(c) Termination of right to Note. All conditions for delivery of the Note must be met by
no later than the date which is less than five (5) years after the date of certification of the TIF
District by the County and complies with the so-called five-year rule under Section 469.1763, subd.
3(c) of the TIF Act. If the conditions for delivery of the Note are not satisfied by the date described
in this paragraph, the Authority has no further obligations under this Section 3.3.
(d) Assignment of Note. The Authority acknowledges that the Redeveloper may assign
the Note to a third party. The Authority consents to such an assignment, conditioned upon receipt
of an investment letter from such third party in a form reasonably acceptable to the Authority, and
will reasonably execute any document evidencing such assignment within 30 days after receipt and
review by Authority's legal counsel.
(e) Qualifzcations. The Redeveloper understands and acknowledges that all Public
Redevelopment Costs must be paid by the Redeveloper and will be reimbursed from Available Tax
Increment pursuant to the terms of the Note. The Authority makes no representations or warranties
regarding the amount of Tax Increment, or that revenues pledged to the Note will be sufficient to
pay the principal and interest on the Note. Any estimates of Tax Increment prepared by the
Authority or its financial advisors in connection with the TIF District or this Agreement are for the
benefit of the Authority, and are not intended as representations on which the Redeveloper may
rely. Public Redevelopment Costs exceeding the principal amount of the Note are the sole
responsibility of Redeveloper.
Section 3.4. Other Assistance. In addition to the reimbursement of a portion of
Redeveloper's Public Redevelopment Costs through issuance of the Note, the Authority will pay a
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521619v3 MNI MN190-156
portion of the costs of excavation and materials necessary to construct the structured parking
required in connection with construction of the Minimum Improvements (the "Authority GranY'),
pursuant to and in conformity with the Authority's Policy Statements for Management of Available
Tax Increment Financing Funds, adopted by the Authority on January 10, 2018. The Authority
Grant shall be in the amount of $400,000. The Authority shall disburse the Authority Grant to the
Redeveloper within twenty (20) days after receipt by the Authority of evidence submitted by the
Redeveloper of structured parking expenditures paid or incurred by the Redeveloper, in at least the
amount of the Authority Grant.
Section 3.5. Pavment of Administrative Costs. The Authority acknowledges that
Redeveloper has deposited with the Authority $10,000. The Authority will use such deposit to pay
"Administrative Costs," which term means out of pocket costs incurred by the Authority together
with staff costs of the Authority, all attributable to or incurred in connection with the negotiation
and preparation of this Agreement, the TIF Plan, and other documents and agreements in
connection with the development of the Redevelopment Property. At Redeveloper's request, but
no more often than monthly, the Authority will provide Redeveloper with a written report including
invoices, time sheets or other comparable evidence of expenditures for Administrative Costs and
the outstanding balance of funds deposited. If at any time the Authority determines that the deposit
is insufficient to pay Administrative Costs, the Redeveloper is obligated to pay such shortfall
within twenty (20) days after receipt of a written notice from the Authority containing evidence of
the unpaid costs. If any balance of funds deposited remains upon issuance of the Certificate of
Completion pursuant to Section 4.4 of this Agreement, the Authority shall promptly return such
balance to Redeveloper; provided that Redeveloper remains obligated to pay subsequent
Administrative Costs related to any amendments to this Agreement requested by Redeveloper.
Upon termination of this Agreement in accordance with its terms, the Redeveloper remains
obligated under this section for Administrative Costs incurred through the effective date of
termination.
Section 3.6. No Business Subsidv. The parties agree and understand that the primary purpose
of any financial assistance to the Redeveloper under this Ageement is to facilitate development of
housing and is therefore not a"business subsidy" within the meaning of Minnesota Statutes, Sections
116J.993 to 116J.995. The Redeveloper releases and waives any claim against the Authority and its
governing body members, officers, agents, servants and employees thereof arising from application of
the Business Subsidy Act to this Agreement, including without limitation any claim that the Authority
failed to comply with the Business Subsidy Act with respect to this Agreement.
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521619v3 MNI MN190-156
ARTICLE IV
Construction of Minimum Improvements and Public Improvements
Section 4.1. Construction of Minimum Improvements. The Redeveloper agrees that, after
acquisition of the Redevelopment Property, and on or prior to the dates provided in Section 4.3
hereof, it will commence and complete construction of the Minimum Improvements on the
Redevelopment Property, in accordance with approved Construction Plans and at all times while
Redeveloper owns the Redevelopment Property, will operate and maintain, preserve and keep the
respective components of the Minimum Improvements or cause such components be maintained,
preserved and kept with the appurtenances and every part and parcel thereof, in good repair and
condition.
Section 4.2. Construction Plans. (a) Before commencing construction of the Minimum
Improvements, the Redeveloper shall submit to the Authority Construction Plans. The Construction
Plans shall provide for the construction of the Minimum Improvements and shall be in conformity
with the TIF Plan, Redevelopment Plan, this Agreement, and all applicable State and local laws and
regulations. The Authority Representative wi11 approve the Construction P1ans in writing i£ (i) the
Construction Plans conform to the terms and conditions of this Agreement; (ii) the Construction
Plans conform to the goals and objectives of the Redevelopment Plan; (iii) the Construction Plans
conform to all applicable federal, state and local laws, ordinances, rules and regulations; (iv) the
Construction Plans are adequate to provide for construction of the Minimum Improvements; (v) the
funds available to the Redeveloper from all sources for construction of the Minimum
Improvements are adequate to construct the project described in the Construction Plans; and (vi) no
Event of Default has occurred. No approval by the Authority Representative shall relieve the
Redeveloper of the obligation to comply with the terms of this Agreement or of the Development
Plan, applicable federal, state and local laws, ordinances, rules and regulations, or to construct the
Minimum Improvements in accordance therewith. No approval by the Authority Representative
shall constitute a waiver of an Event of Default. If approval of the Construction Plans is requested
by the Redeveloper in writing at the time of submission, such Construction Plans shall be deemed
approved unless rejected in writing by the Authority Representative, in whole or in part. Such
rejections shall set forth in detail the reasons therefor, and shall be made within 20 days after the
date of their receipt by the Authority. If the Authority Representative rejects any Construction
Plans in whole or in part, the Redeveloper shall submit new or corrected Construction Plans within
20 days after written notification to the Redeveloper of the rejection. The provisions of this Section
relating to approval, rejection and resubmission of corrected Construction Plans shall continue to
apply until the Construction Plans have been approved by the Authority. The Authority
Representative's approval shall not be unreasonably withheld, delayed or conditioned. Said
approval shall constitute a conclusive determination that the Construction Plans (and the Minimum
Improvements constructed in accordance with said plans) comply to the Authority's satisfaction
with the provisions of this Agreement relating thereto.
The Redeveloper hereby waives any and all claims and causes of action whatsoever
resulting from the review of the Construction Plans by the Authority and/or any changes in the
Construction Plans requested by the Authority that comply with applicable codes and laws. Neither
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521619v3 MNI MN190-156
the Authority, the City, nor any employee or official of the Authority or City shall be responsible in
any manner whatsoever for any defect in the Construction Plans or in any work done pursuant to
the Construction Plans, including changes requested by the Authority, if such changes comply with
applicable codes and laws.
(b) If the Redeveloper desires to make any material change in the Construction Plans or
any component thereof after their approval by the Authority, the Redeveloper shall submit the
proposed change to the Authority for its approval. For the purpose of this section, the term
"material" means changes that increase or decrease construction costs by $500,000 or more. If the
Construction Plans, as modified by the proposed change, conform to the requirements of this
Section 4.2 of this Ageement with respect to such previously approved Construction Plans, the
Authority shall approve the proposed change and notify the Redeveloper in writing of its approval.
Such change in the Construction Plans shall, in any event, be deemed approved by the Authority
unless rejected, in whole or in part, by written notice by the Authority to the Redeveloper, setting
forth in detail the reasons therefor. Such rejection shall be made within ten (10) days after receipt
of the notice of such change. The Authority's approval of any such change in the Construction
Plans will not be unreasonably withheld.
Section 4.3. Completion of Construction. Subject to Unavoidable Delays, the Redeveloper
must commence construction of the Minimum Improvements by June l, 2019, and substantially
complete construction of the Minimum Improvements by June 1, 2020. All work with respect to
the Minimum Improvements to be constructed or provided by the Redeveloper on the
Redevelopment Property shall be in substantial confonnity with the Construction Plans as
submitted by the Redeveloper and approved by the Authority.
The Redeveloper agrees for itself, its successors and assigns, and every successor in interest
to the Redevelopment Property, or any part thereof, that the Redeveloper, and such successors and
assigns, shall promptly begin and diligently prosecute to completion the redevelopment of the
Redevelopment Property through the construction of the Minimum Improvements thereon, and that
such construction shall in any event be commenced and completed within the period specified in
this Section 4.3 of this Agreement. Subsequent to execution of this Agreement and until
construction of the Minimum Improvements has been completed, the Redeveloper shall make
reports, in such detail and at such times as may reasonably be requested by the Authority, as to the
actual progress of the Redeveloper with respect to such construction.
Section 4.4. Certificate of Completion. (a) Promptly after substantial completion of the
Minimum Improvements in accordance with those provisions of the Agreement relating solely to
the obligations of the Redeveloper to construct the Minimum Improvements (including the date for
completion thereof j, the Authority will furnish the Redeveloper with a Certificate of Completion in
substantially the form attached as Schedule C. Such certification by the Authority shall be a
conclusive determination of satisfaction and termination of the agreements and covenants in the
Agreement with respect to the obligations of the Redeveloper, and its successors and assigns, to
construct the Minimum Improvements and the date for the completion thereof. Such certification
and such determination shall not constitute evidence of compliance with or satisfaction of any
obligation of the Redeveloper to any Holder of a Mortgage, or any insurer of a Mortgage, securing
money loaned to finance the Minimum Improvements, or any part thereof.
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521619v3 MNI MN190-156
(b) The Certificate of Completion provided for in this Section 4.4 of this Agreement
shall be in such form as will enable it to be recorded in the proper office for the recordation of
deeds and other instruments pertaining to the Redevelopment Property. If the Authority shall
refuse or fail to provide any certification in accordance with the provisions of this Section 4.4 of
this Agreement, the Authority shall, within thirty (30) days after written request by the
Redeveloper, provide the Redeveloper with a written statement, indicating in adequate detail in
what respects the Redeveloper has failed to complete the Minimum Improvements in accordance
with the provisions of the Agreement, or is otherwise in default, and what measures or acts it will
be necessary, in the opinion of the Authority, for the Redeveloper to take or perform in order to
obtain such certification.
(c) The construction of the Minimum Improvements shall be deemed to be commenced
when foundations are completed (as reasonably determined by the Authority Representative); and
shall be deemed to be substantially complete upon issuance of a certificate of occupancy far the
Minimum Improvements, and upon determination by the Authority Representative that all related
site iinprovements on the Redevelopment Property have been substantially completed in
accordance with approved Construction Plans, subject to landscaping and/or public art that cannot
be completed until seasonal conditions permit.
Section 4.5. Records and Reports. (a) The Authority, through any authorized
representatives, shall have the right at all reasonable times after reasonable written notice to
inspect, examine and copy all books and records of Redeveloper relating to the Minimum
Improvements. Such records shall be kept and maintained by Redeveloper through the Termination
Date.
(b) The Redeveloper also agrees to submit to the Authority written reports so as to allow
the Authority to remain in compliance with reporting requirements under state statutes. The
Authority will provide information to the Redeveloper regarding the required forms.
Section 4.6. Income Limits.
(a) The Authority and the Redeveloper understand and agree that the TIF District will
constitute a"housing district" under Section 469.174, subdivision 11 of the TIF Act. The
Redeveloper covenants that, for the duration of the TIF District, it will comply with all income
requirements for a qualified residential rental project as defined in Section 142(d) of the Internal
Revenue Code of 1986, as amended. Specifically, the Redeveloper agrees to reserve at least 20%
of the units of the Minimum Improvements for families with incomes at or below 50% of area
median income in the County, adjusted for family size.
(b) On or before February 2 of each year for the duration of the TIF District, the
Redeveloper shall submit evidence in substantially the form in Schedule D, showing that the
Minimum Improvements meet the relevant income requirements. The parties agree and understand
that the Redeveloper may retain a manager (the "Manager") who will review such evidence and
will certify to the Authority that the TIF District remains a housing district under the TIF Act.
Redeveloper is responsible for any costs incurred to compensate the Manager (or any successor) for
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521619v3 MNI MN190-156
such activities.
(c) If the Authority receives notice from the Manager, if any, the State department of
revenue, the State auditor, any Tax Official or any court of competent jurisdiction that the TIF
District does not qualify as a"housing district," such event shall be deemed an Event of Default
under this Agreement. In addition to any remedies available to the Authority under Article IX
hereof, the Redeveloper shall indemnify, defend and hold harmless the Authority for any damages
or costs resulting therefrom.
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521619v3 MNI MN190-156
ARTICLE V
Insurance
Section 5.1. Insurance. (a) The Redeveloper will provide and maintain at all times during
the process of constructing the Minimum Improvements an All Risk Broad Form Basis Insurance
Policy and, from time to time during that period, at the request of the Authority, furnish the
Authority with proof of payment of premiums on policies covering the following:
(i) Builder's risk insurance, written on the so-called `Builder's Risk --
Coinpleted Value Basis," in an amount equal to 100% of the principal amount of the Note,
and with coverage available in nonreporting form on the so-called "all risk" form of policy.
The interest of the Authority shall be protected in accordance with a clause in form and
content satisfactory to the Authority;
(ii) Comprehensive general liability insurance (including operations, contingent
liability, operations of subcontractors, completed operations, and contractual liability
insurance) together with an Owner's Protective Liability Policy with limits against bodily
injury and property damage of not less than $1,000,000 for each occurrence (to accomplish
the above-required limits, an umbrella excess liability policy may be used). The Authority
shall be listed as an additional insured on the policy; and
(iii) Workers' compensation insurance, with statutory coverage, provided that the
Redeveloper may be self-insured with respect to all or any part of its liability for workers'
compensation.
(b) Upon completion of construction of the Minimum Improvements and prior to the
Termination Date, the Redeveloper shall maintain, or cause to be maintained, at its cost and
expense, and from time to time at the request of the Authority shall furnish proof of the payment of
premiums on, insurance as follows:
(i) Insurance against loss and/ar damage to the Minimum Improvements under a
policy or policies covering such risks as are ordinarily insured against by similar businesses.
(ii) Comprehensive general public liability insurance, including personal injury
liability (with employee exclusion deleted), against liability for injuries to persons and/or
property, in the minimum amount for each occurrence and for each year of $1,000,000, and
shall be endorsed to show the City and Authority as additional insureds.
(iii) Such other insurance, including workers' compensation insurance respecting
all employees of the Redeveloper, in such amount as is customarily carried by like
organizations engaged in like activities of comparable size and liability exposure; provided
that the Redeveloper may be self-insured with respect to all or any part of its liability for
workers' compensation.
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521619v3 MNI MN190-156
(c) All insurance required in Article V of this Agreement shall be taken out and
maintained in responsible insurance companies selected by the Redeveloper that are authorized
under the laws of the State to assume the risks covered thereby. Upon request, the Redeveloper
will deposit annually with the Authority policies evidencing all such insurance, or a certificate or
certificates or binders of the respective insurers stating that such insurance is in force and effect.
Unless otherwise provided in this Article V of this Agreement each policy shall contain a provision
that the insurer shall not cancel nor modify it in such a way as to reduce the coverage provided
below the amounts required herein without giving written notice to the Redeveloper and the
Authority at least thirty (30) days before the cancellation or modification becomes effective. In lieu
of separate policies, the Redeveloper may maintain a single policy, blanket or umbrella policies, or
a combination thereof, having the coverage required herein, in which event the Redeveloper shall
deposit with the Authority a certificate or certificates of the respective insurers as to the amount of
coverage in force upon the Minimum Improvements.
(d) The Redeveloper agrees to notify the Authority immediately in the case of damage
exceeding $250,000 in amount to, or destruction of, the Minimum Improvements or any portion
thereof resulting from fire or other casualty. In such event the Redeveloper will forthwith repair,
reconstruct, and restore the Minimum Improvements to substantially the same or an improved
condition or value as it existed prior to the event causing such damage and, to the extent necessary
to accomplish such repair, reconstruction, and restoration, the Redeveloper will apply the net
proceeds of any insurance relating to such damage received by the Redeveloper to the payment or
reimbursement of the costs thereof.
The Redeveloper shall complete the repair, reconstruction and restoration of the Minimum
Improvements, regardless of whether the net proceeds of insurance received by the Redeveloper for
such purposes are sufficient to pay for the same. Any net proceeds remaining after completion of
such repairs, construction, and restoration shall be the property of the Redeveloper.
(e) In lieu of its obligation to reconstruct the Minimum Improvements as set forth in this
Section, the Redeveloper shall have the option of: (i) paying to the Authority an amount that, in the
opinion of the Authority and its fiscal consultant, is sufficient to pay or redeem the outstanding
principal and accrued interest on the Note, ar(ii) so long as the Redeveloper is the owner of the
Note, waiving its right to receive subsequent payments under the Note.
(� The Redeveloper and the Authority agree that all of the insurance provisions set
forth in this Article V shall terminate upon the termination of this Agreement.
Section 5.2. Subordination. Notwithstanding anything to the contrary herein, the rights of
the Authority with respect to the receipt and application of any insurance proceeds shall, in all
respects, be subordinate and subject to the rights of any Holder under a Mortgage allowed pursuant
to Article VII of this Agreement.
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521619v3 MNI MN190-156
ARTICLE VI
Tax Increment; Taxes
Section 6.1. Right to Collect Delinquent Taxes. The Redeveloper acknowledges that the
Authority is providing substantial aid and assistance in furtherance of the redevelopment described
in this Agreement, through reimbursement of the Public Redevelopment Costs. The Redeveloper
understands that the Tax Increment pledged to payment of the Public Redevelopment Costs is
derived from real estate taxes on the Minimum Improvements, which taxes must be promptly and
timely paid. To that end, the Redeveloper agrees for itself, its successors and assigns, that in
addition to the obligation pursuant to statute to pay real estate taxes, it is also obligated by reason of
this Agreement to pay before delinquency all real estate taxes assessed against the Redevelopment
Property and the Minimum Improvements. The Redeveloper acknowledges that this obligation
creates a contractual right on behalf of the Authority through the Termination Date to sue the
Redeveloper or its successors and assigns to collect delinquent real estate taxes and any penalty or
interest thereon and to pay over the same as a tax pa}nnent to the county auditar. In any such suit,
the Authority shall also be entitled to recover its costs, expenses and reasonable attorney fees.
Section 6.2. Review of Taxes. The Redeveloper agrees that prior to the Termination Date,
it will not cause a reduction in the real property taxes paid in respect of the Redevelopment
Property through: (A) willful destruction of the Redevelopment Property or any part thereof; or (B)
willful refusal to reconstruct damaged or destroyed property pursuant to Section 5.1 of this
Agreement. The Redeveloper also agrees that it will not, prior to the Termination Date, apply for a
deferral of property tax on the Redevelopment Property pursuant to any law, or transfer or permit
transfer of the Redevelopment Property to any entity whose ownership or operation of the property
would result in the Redevelopment Property being exempt from real estate taxes under State law
(other than any portion thereof dedicated or conveyed to the City or Authority in accordance with
this Agreement).
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521619v3 MNI MN190-156
ARTICLE VII
Financing
Section 7.1. Generallv. (a) Before commencement of construction of the Minimum
Improvements, the Redeveloper shall submit to the Authority or provide access thereto for review
by Authority staff, consultants and agents, evidence reasonably satisfactory to the Authority that
Redeveloper has available funds, or commitments to obtain funds, whether in the nature of
mortgage financing, equity, gants, loans, or other sources sufficient to construct the Minimum
Improvements, provided that any lender or grantor commitments shall be subject only to such
conditions as are normal and custoinary in the commercial lending industry.
(b) If the Authority finds that the financing is sufficiently committed and adequate in
amount to pay the costs specified in paragraph (a) then the Authority shall notify the Redeveloper
in writing of its approval. Such approval shall not be unreasonably withheld and either approval or
rejection shall be given within twenty (20) days from the date when the Authority is provided the
evidence of financing. A failure by the Authority to respond to such evidence of financing shall be
deemed to constitute an approval hereunder. If the Authority rejects the evidence of financing as
inadequate, it shall do so in writing specifying the basis for the rejection. In any event the
Redeveloper shall submit adequate evidence of financing within ten (10) days after such rejection.
Section 7.2. Authority's Option to Cure Default on Mort�a�e. In the event that there
occurs a default under any Mortgage authorized pursuant to Section 7.1 of this Agreement, to the
extent the Redeveloper is aware of such default, the Redeveloper shall cause the Authority to
receive copies of any notice of default received by the Redeveloper from the holder of such
Mortgage. Thereafter, the Authority shall have the right, but not the obligation, to cure any such
default on behalf of the Redeveloper within such cure periods as are available to the Redeveloper
under the Mortgage documents, if negotiated and permitted by the Holder. In the event there is an
event of default under this Ageement, the Authority wi11 transmit to the Holder of any Mortgage
and to the Redeveloper's Tax Credit Investor (as hereinafter defined) a copy of any notice of
default given by the Authority pursuant to Article IX of this Agreement.
Section 7.3. Modification; Subordination. In order to facilitate the securing of other
financing, the Authority agrees to subordinate its rights under this Agreement provided that such
subordination shall be subject to such reasonable terms and conditions as the Authority and Holder
mutually agree in writing. Notwithstanding anything to the contrary herein, any subordination
agreement must include the provision described in Section 7.2.
17
521619v3 MNI MN190-156
ARTICLE VIII
Prohibitions Against Assignment and Transfer; Indemnification
Section 8.1. Representation as to Redevelopment. The Redeveloper represents and agrees
that its purchase of the Redevelopment Property, and its other undertakings pursuant to the
Agreement, are, and will be used, for the purpose of redevelopment of the Redevelopment Property
and not for speculation in land holding.
Section 8.2. Prohibition Against Redevel�er's Transfer of Property and Assignment of
Agreement. The Redeveloper represents and agrees that until the issuance of the Certificate of
Completion for the Minimum Improvements:
(a) Except as specifically described in this Agreement, the Redeveloper has not made or
created and will not make or create or suffer to be made or created any total or partial sale,
assi�mment, conveyance, or lease, or any trust or power, or transfer in any other mode or form of or
with respect to this Agreement or the Redevelopment Property or any part thereof or any interest
therein, or any contract or agreement to do any of the same, to any person or entity (collectively, a
"Transfer"), without the prior written approval of the Authority's board of commissioners. The
term "Transfer" does not include (i) encumbrances made or granted by way of security for, and
only for, the purpose of obtaining construction, interim or permanent financing necessary to enable
the Redeveloper or any successor in interest to the Redevelopment Property or to construct the
Minimum Improvements or component thereof; (ii) any lease, license, easement or similar
arrangement entered into in the ordinary course of business related to operation of the Minimum
Improvements; (iii) admitting or removing limited partners or transferring direct or indirect limited
partner interests or interest in the general partner of Redeveloper or admitting or removing
members of any of Redeveloper's partners in accordance with the applicable organizational
documents, or (iv) removing the general partner of Redeveloper for cause at the direction of its
limited partner(s) (whether one or more, the "Tax Credit Investor") in accordance with
Redeveloper's partnership agreement.
(b) If the Redeveloper seeks to effect a Transfer requiring the approval of the Authority
prior to issuance of the Certificate of Completion, the Authority shall be entitled to require as
conditions to such Transfer that:
(1) any proposed transferee shall have the qualifications and financial
responsibility, in the reasonable judgment of the Authority, necessary and adequate to fulfill
the obligations undertaken in this Agreement by the Redeveloper as to the portion of the
Redevelopment Property to be transferred; and
(2) Any proposed transferee, by instrument in writing satisfactory to the
Authority and in form recordable in the public land records of Wright County, Minnesota,
shall, for itself and its successors and assigns, and expressly for the benefit of the Authority,
18
521619v3 MNI MN]90-156
have expressly assumed all of the obligations of the Redeveloper under this Agreement as to
the portion of the Redevelopment Property to be transferred and agreed to be subject to all
the conditions and restrictions to which the Redeveloper is subject as to such portion;
provided, however, that the fact that any transferee of, or any other successor in interest
whatsoever to, the Redevelopment Property, or any part thereof, shall not, for whatever
reason, have assumed such obligations or so agreed, and shall not (unless and only to the
extent otherwise specifically provided in this Agreement or agreed to in writing by the
Authority) deprive the Authority of any rights or remedies or controls with respect to the
Redevelopment Property, the Minimum Improvements or any part thereof or the
construction of the Minimum Improvements; it being the intent of the parties as expressed
in this Agreement that (to the fullest extent permitted at law and in equity and excepting
only in the manner and to the extent specifically provided otherwise in this Agreement) no
transfer of, or change with respect to, ownership in the Redevelopment Property or any part
thereof, or any interest therein, however consummated or occurring, and whether voluntary
or involuntary, shall operate, legally, or practically, to deprive or limit the Authority of or
with respect to any rights or remedies on controls provided in or resulting from this
Agreement with respect to the Redevelopment Property that the Authority would have had,
had there been no such transfer or change. In the absence of specific written agreement by
the Authority to the contrary, no such transfer or approval by the Authority thereof shall be
deemed to relieve the Redeveloper, or any other party bound in any way by this Agreement
or otherwise with respect to the Redevelopment Property, from any of its obligations with
respect thereto.
(3) Any and a11 instruments and other legal documents involved in effecting the
transfer of any interest in this Agreement or the Redevelopinent Property governed by this
Article V1II, shall be in a form reasonably satisfactory to the Authority.
(c) If the conditions described in paragaph (b) are satisfied then the Transfer will be
approved and the Redeveloper shall be released from its obligation under this Agreement, as to the
portion of the Redevelopment Property that is transferred, assigned, or otherwise conveyed. The
provisions of this paragraph (c) apply to all subsequent transferors, assuming compliance with the
terms of this Article.
(d) Upon issuance of the Certificate of Completion, the Redeveloper may transfer or
assign the Minimum Improvements and/or the Redeveloper's rights and obligations under this
Agreement with respect to such property without the prior written consent of the Authority;
provided that:
(i) until the Termination Date the transferee or assignee is bound by all the
Redeveloper's obligations hereunder with respect to the property and rights transferred. The
Redeveloper shall submit to the Authority written evidence of any such transfer or
assignment, including the transferee or assignee's express assumption of the Redeveloper's
obligations under this Agreement. If the Redeveloper fails to provide such evidence of
transfer and assumption, the Redeveloper shall remain bound by all obligations with respect
to the subject property under this Agreement; and
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521619v3 MNI MN190-156
(ii) upon compliance with clause (d)(i) above (whether the transfer occurred
before or after issuance of the Certificate of Completion), the Redeveloper shall be released
from its obligations under this Ageement with respect to the property transferred.
The provisions of this paragraph (d) apply to all subsequent transferors, assuming compliance with
the terms of this Article.
Section 8.3. Release and Indemnification Covenants. (a) The Redeveloper releases from
and covenants and agrees that the Authority and the governing body members, officers, agents,
servants and employees thereof (the "Indemnified Parties") shall not be liable for and agrees to
indemnify and hold harmless the Indemnified Parties against any loss or damage to property or any
injury to or death of any person occurring at or about or resulting from any defect in the Minimum
Improvements.
(b) Except for any willful or negligent misrepresentation or any willful or wanton
misconduct or negligence of the Indemnified Parties, the Redeveloper agrees to protect and defend
the Indemnified Parties, now or forever, and further agrees to hold the Indemnified Parties harmless
from any claim, demand, suit, action or other proceeding whatsoever by any person or entity
whatsoever arising or purportedly arising from this Agreement, or the transactions contemplated
hereby or the acquisition, construction, installation, ownership, and operation of the Minimum
Improvements.
(c) Except for any negligence of the Indemnified Parties (as defined in clause (b)
above), and except for any breach by any of the Indemnified Parties of their obligations under this
Agreement, the Indemnified Parties shall not be liable for any damage or injury to the persons or
property of the Redeveloper or its officers, agents, servants or employees or any other person who
may be about the Minimum Improvements due to any act of negligence of any person.
(d) All covenants, stipulations, promises, agreements and obligations of the Authority
contained herein shall be deemed to be the covenants, stipulations, promises, agreements and
obligations of the Authority and not of any governing body member, officer, agent, servant or
employee of the Authority in the individual capacity thereof.
20
521619v3 MNI MN 190-156
ARTICLE IX
Events of Default
Section 9.1. Events of Default Defined. The following shall be "Events of Default" under
this Agreement and the term "Event of Default" shall mean, whenever it is used in this Agreement,
any one or more of the following events, after the non-defaulting party provides 30 days written
notice to the defaulting party of the event, but only if the event has not been cured within said 30
days or, if the event is by its nature incurable within 30 days, the defaulting party does not, within
such 30-day period, provide assurances reasonably satisfactory to the party providing notice of
default that the event will be cured and will be cured as soon as reasonably possible:
(a) Failure by the Redeveloper or the Authority to observe or perform any material
covenant, condition, obligation, or agreement on its part to be observed or performed under this
Agreement; or
(b) The Redeveloper:
(i) files any petition in bankruptcy or for any reorganization, arrangement,
composition, readjustment, liquidation, dissolution, or similar relief under the United States
Bankruptcy Act or under any similar federal or State law;
or
(ii) makes an assignment for benefit of its creditors;
(iii) admits in writing its inability to pay its debts generally as they become due;
(iv) is adjudicated a bankrupt or insolvent.
Section 9.2. Remedies on Default. Whenever any Event of Default referred to in
Section 9.1 of this Agreement occurs, the non-defaulting party may:
(a) Suspend its performance under this Agreement until it receives assurances that the
defaulting party will cure its Event of Default and continue its performance under the Agreement.
(b) Upon an Event of Default by the Redeveloper under this Agreement, the Authority
may terminate the Note and this Agreement.
(c) Take whatever action, including le�al, equitable, or administrative action, which
may appear necessary or desirable to collect any payments due under this Agreement, or to enforce
performance and observance of any obligation, agreement, or covenant under this Agreement,
provided that nothing contained herein shall give the Authority the right to seek specific
performance by Redeveloper of the construction of the Minimum Improvements.
Section 9.3. No Remedy Exclusive. No remedy herein conferred upon or reserved to the
Authority or Redeveloper is intended to be exclusive of any other available remedy or remedies,
21
521619v3 MNI MN190-156
but each and every such remedy shall be cumulative and shall be in addition to every other remedy
given under this Agreement or now or hereafter existing at law or in equity or by statute. No delay
or omission to exercise any right or power accruing upon any default shall impair any such right or
power or shall be construed to be a waiver thereof, but any such right and power may be exercised
from time to time and as often as may be deemed expedient. In order to entitle the Authority to
exercise any remedy reserved to it, it shall not be necessary to give notice, other than such notice as
may be required in this Article IX.
Section 9.4. No Additional Waiver Implied by One Waiver. In the event any agreement
contained in this Agreement should be breached by either party and thereafter waived by the other
party, such waiver shall be limited to the particular breach so waived and shall not be deemed to
waive any other concurrent, previous or subsequent breach hereunder.
Section 9.5. Attornev Fees. Whenever any Event of Default occurs (as determined by a
final court or administrative order or Redeveloper admissions) and if the Authority shall employ
attorneys or incur other expenses for the collection of payments due or to become due or for the
enforcement of performance or observance of any obligation or agreement on the part of the
Redeveloper under this Agreement, the Redeveloper agrees that it shall, within 10 days of written
demand by the Authority, pay to the Authority the reasonable fees of such attorneys and such other
expenses so incurred by the Authority.
Section 9.6 Redeveloper's Remedies on Default. If the Authority fails to make a
payment when due in accordance with the terms of Sections 3.3 and 6.3(c) of this Agreement,
Redeveloper may, after providing 30 days' written notice to the Authority of the Event of Default,
as applicable, suspend or terminate its performance under this Ageement, permit Redeveloper to
suspend or terminate its performance under this Agreement and/or take whatever action at law or in
equity may appear necessary or desirable to Redeveloper to enforce performance of an outstanding
payment obligation of the Authority under this Agreement. If Redeveloper terminates its
obligations hereunder, this Agreement shall be deemed terminated and Redeveloper shall have no
further obligations hereunder.
22
521619v3 MNI MN190-156
ARTICLE X
Additional Provisions
Section 10.1. Conflict of Interests; Authoritv Representatives Not Individually Liable. The
Authority and the Redeveloper, to the best of their respective knowledge, represent and agree that
no member, official, or employee of the Authority shall have any personal interest, direct or
indirect, in the Agreement, nor shall any such member, official, or employee participate in any
decision relating to the Agreement which affects his personal interests or the interests of any
corporation, partnership, or association in which he is, directly or indirectly, interested. No
member, official, or employee of the Authority shall be personally liable to the Redeveloper, or any
successor in interest, in the event of any default or breach by the Authority or County or for any
amount which may becoine due to the Redeveloper or successor or on any obligations under the
terms of the Agreement.
Section 10.2. Equal Employment Opportunitv. The Redeveloper, for itself and its
successors and assigns, agrees that during the construction of the Minimum Improvements
provided for in the Agreement it will comply with all applicable federal, state and ]ocal equal
employment and non-discrimination laws and regulations.
Section 10.3. Restrictions on Use. The Redeveloper agrees that until the Termination Date,
the Redeveloper, and such successors and assigns, shall devote the Redevelopment Property to the
operation of the Minimum Improvements for uses described in the definition of such term in this
Agreement, and shall not discriminate upon the basis of race, color, creed, sex or national origin in
the sale, lease, or rental or in the use or occupancy of the Redevelopment Property or any
iinprovements erected or to be erected thereon, or any part thereof.
Section 10.4. Provisions Not Merged With Deed. None of the provisions of this
Agreement are intended to or shall be merged by reason of any deed transferring any interest in the
Redevelopment Property and any such deed shall not be deemed to affect or impair the provisions
and covenants of this Agreement.
Section 10.5. Titles of Articles and Sections. Any titles of the several parts, Articles, and
Sections of the Agreement are inserted for convenience of reference only and shall be disregarded
in construing ar interpreting any of its provisions.
Section 10.6. Notices and Demands. Except as otherwise expressly provided in this
Agreement, a notice, demand, or other communication under the Agreement by either party to the
other shall be sufficiently given or delivered if it is dispatched by registered or certified mail,
postage prepaid, return receipt requested, or delivered personally; and
(a) in the case of the Redeveloper, is addressed to or delivered personally to the
Redeveloper at 633 Upland Avenue, Suite C, Elk River, Minnesota 55330; and
23
521619v3 MNI MN190-156
(b) in the case of the Authority, is addressed to or delivered personally to the Authority
at 505 Walnut Street, Suite 1, Monticello, Minnesota 55362, Attn: Executive Director; or at such
other address with respect to either such party as that party may, from time to time, designate in
writing and forward to the other as provided in this Section.
Section 10.7. Counterparts. This Ageement may be executed in any number of
counterparts, each of which shall constitute one and the same instrument.
Section 10.8. Recordin�. The Authority may record this Agreement and any amendments
thereto with the Wright County recorder. The Redeveloper shall pay all costs for recording.
Section 10.9. Amendment. This Agreement may be amended only by written agreement
approved by the Authority and the Redeveloper.
Section 10.10. Authority Ap rp ovals• Unless otherwise specified, any approval required by
the Authority under this Agreement may be given by the Authority Representative.
Section 10.11. Termination. This Agreeinent terminates on the Termination Date. Upon
termnation of the Ageement, the Authority shall promptly execute any reasonable documents
necessary to remove this Agreement from the title records of the Redevelopment Property.
Section 10.12. Choice of Law and Venue. This Agreement shall be governed by and
construed in accordance with 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.
24
521619v3 MNl MNI90-156
IN WITNESS WHEREOF, the Authority has caused this Agreement to be duly executed in
its name and behalf and its seal to be hereunto duly affixed and the Redeveloper has caused this
Agreement to be duly executed in its name and behalf on or as of the date first above written.
CITY OF MONTICELLO ECONOMIC
DEVELOPMENT AUTHORITY
B
Its reside
By /�
Its xec tive Director
STATE OF MINNESOTA )
) SS.
COUNTY OF WRIGHT )
The foregoing instrument was acknowledged before me this ;�1"'` day of. ���
2018 b '
, y�"��� �`,►� j�-Y v�n and �'� �,-� � s�j�� ;t= �, , the President and Ex u� i��rector
of the City of Monticello Economic Development Authority, a public body corporate and politic,
on behalf of the Authority.
�. � . �
�/..� !J'1 " ' 'v'
Notary Public
�>��;.� VIGKI JAN IEERHOFF
r ►rOTARY PUBLIC
j ���',� MINNESOTA
'3�- �' �Ay Commission ERP� 01f�1R041
25
521619v3 MNI MN190-156
STATE OF MINNESOTA
) SS.
COUNTY OF ��,�" � )
The f�or,�oing in� trument was ackno�
2018 by �'`;� ,� � 1 �r � �' S , �
Residential Suites, LL�; a Mi esota limited
RIVERTOWN RESIDENTIAL SUITES, LLC, a
Minnesota Limited Liability Company
By
Its G , � `t?�
�z
�ledged befare me this ��tay of ' � ,
he y�-�
�� ; � �C f/"�/�,, `- of Rivertown
liability company, on bc�ialf of the company.
;%��, � .
/ � �' '
Notary Public
"� PATRICIA K. KOYICH
,, COMM. #6101660
Notary Public
° State of Minnes�e
' My Canmissia� Exph� t/'31I2�Q
26
521619v3 MN1 MN190-]56
SCHEDULE A
Redevelopment Property
Lots 1-3, Block 36, Plat of MONTICELLO, according to the recorded plat thereof, Wright County,
Minnesota.
A-1
521619v3 MNI MN190-156
SCHEDULE B
AUTHORIZING RESOLUTION
CITY OF MONTICELLO ECONOMIC DEVELOPMENT AUTHORITY
RESOLUTION NO.
RESOLUTION AWARDING THE SALE OF, AND
PROVIDING THE FORM, TERMS, COVENANTS AND
DIRECTIONS FOR THE ISSUANCE OF A TAX
INCREMENT REVENUE NOTE TO RIVERTOWN
RESIDENTIAL SUITES, LLC.
BE IT RESOLVED BY the Board of Commissioners (`Board") of the City of Monticello
Economic Development Authority, Monticello, Minnesota (the "Authority") as follows:
Section 1. Authorization; Award of Sale.
1.01. Authorization. The Authority and the City of Monticello have approved the
establishment of its Tax Increment Financing District No. l-40 (the "TIF District") within
Central Monticello Redevelopment Project No. 1("Redevelopment Project"), and have adopted
a tax increinent financing plan for the purpose of tinancing certain improvements within the
Redevelopment Project.
Pursuant to Minnesota Statutes, Section 469.178, the Authority is authorized to issue and
sell its bonds for the purpose of financing a portion of the public redevelopment costs of the
Redevelopment Project. Such bonds are payable from all or any portion of revenues derived
from the TIF District and pledged to the payinent of the bonds. The Authority hereby finds and
determines that it is in the best interests of the Authority that it issue and sell its Tax Increment
Revenue Note (Briggs Housing Project) (the "Note") for the purpose of financing certain public
redevelopment costs of the Redevelopment Project.
1.02. A�proval of Agreement; Issuance, Sale, and Terms of the Note. (a) The
Contract for Private Redevelopinent between the Authority and Rivertown Residential Suites,
LLC (the "Owner"), as presented to the Board, is hereby in all respects approved, 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 Agreement by such officials shall
be conclusive evidence of approval. Authority staff and officials are authorized to take all actions
necessary to perform the Authority's obligations under the Agreement as a whole, including without
limitation execution of any docuinents to which the Authority is a party referenced in or attached to
the Agreement, all as described in the Agreement.
521619v3 MNI MN 190-] 56 B_ 1
(b) The Authority hereby authorizes the President and Executive Director to issue the
Note in accordance with the Agreeinent. All capitalized terms in this resolution have the
meaning provided in the Agreement unless the context requires otherwise.
(c) The Note shall be issued in the maximum aggregate principal amount of $785,000 to
the Owner in consideration of certain eligible costs incurred by the Owner under the Agreement,
shall be dated the date of delivery thereof, and shall bear interest at the lesser of Owner's actual
mortgage financing rate or 5.50%, from the date of issue per annum to the earlier of maturity or
prepayment. The Note will be issued in the principal amount of Public Redevelopment Costs
submitted and approved in accordance with Section 3.3 of the Agreement. The Note is secured
by Available Tax Increment, as further described in the form of the Note herein. The Authority
hereby delegates to the Executive Director the determination of the date on which the Note is to
be delivered, in accordance with the Agreement.
Section 2. Fonn of Note. The Note shall be in substantially the forrn attached hereto
as Exhibit A, with the blanks to be properly filled in and the principal and interest rate amounts
adjusted as of the date of issue.
Section 3. Terms, Execution and Delivery.
3.01. Denomination, Payment. The Note shall be issued as a single typewritten note
numbered R-1.
The Note shall be issuable only in fully registered fonn. Principal of and interest on the
Note shall be payable by check or draft issued by the Registrar described herein.
3.02. Dates; Interest Payment Dates. Principal of and interest on the Note shall be
payable by mail to the owner of record thereof as of the close of business on the fifteenth day of
the month preceding the Payment Date, whether or not such day is a business day.
3.03. Registration. The Authority hereby appoints the City Finance Director to perfonn
the functions of registrar, transfer agent and paying agent (the "Registrar"). The effect of
registration and the rights and duties of the Authority and the Registrar with respect thereto shall
be as follows:
(a) Re ig ster. The Registrar shall keep at its office a bond register in which the
Registrar shall provide for the registration of ownership of the Note and the registration of
transfers and exchanges of the Note.
(b) Transfer of Note. Subject to Section 3.03(d) hereof, within 15 days after
surrender for transfer of the Note duly endorsed by the registered owner thereof or accompanied
by a written instrument of transfer, in form reasonably satisfactory to the Registrar, duly
executed by the registered owner thereof or by an attorney duly authorized by the registered
owner in writing, and consent to such transfer by the Authority if required pursuant to the
Agreement, the Registrar shall authenticate and deliver, in the name of the designated transferee
or transferees, a new Note of a like aggregate principal amount and maturity, as requested by the
521619v3 MNl MN190-156 B_2
transferor. The Registrar may close the books for registration of any transfer after the fifteenth
day of the month preceding each Pa}nnent Date and until such Payment Date.
(c) Cancellation. The Note surrendered upon any transfer shall be promptly
cancelled by the Registrar and thereafter disposed of as directed by the Authority.
(d) Improper or Unauthorized Transfer. When the Note is presented to the Registrar
for transfer, the Registrar may refuse to transfer the same until it is reasonably satisfied that the
endorsement on such Note or separate instrument of transfer is legally authorized. The Registrar
shall incur no liability for its refusal, in good faith, to make transfers which it, in its judgment,
deems improper or unauthorized.
(e) Persons Deemed Owners. The Authority and the Registrar may treat the person in
whose name the Note is at any time registered in the bond register as the absolute owner of the
Note, whether the Note shall be overdue or not, for the purpose of receiving payment of, or on
account of, the principal of and interest on such Note and for all other purposes, and all such
payments so made to any such registered owner or upon the owner's order shall be valid and
effectual to satisfy and discharge the liability of the Authority upon such Note to the extent of the
sum or sums so paid.
(� Taxes, Fees and Charges. For every transfer or exchange of the Note, the
Registrar may impose a charge upon the owner thereof sufficient to reimburse the Registrar for
any tax, fee, or other governmental charge required to be paid with respect to such transfer or
exchange.
(g) Mutilated, Lost, Stolen or Destroyed Note. In case any Note shall become
mutilated or be lost, stolen, or destroyed, the Registrar shall deliver a new Note of like amount,
Termination Dates and tenor in exchange and substitution for and upon cancellation of such
mutilated Note or in lieu of and in substitution for such Note lost, stolen, or destroyed, upon the
payment of the reasonable expenses and charges of the Registrar in connection therewith; and, in
the case the Note lost, stolen, or destroyed, upon filing with the Registrar of evidence satisfactary
to it that such Note was lost, stolen, or destroyed, and of the ownership thereof, and upon
furnishing to the Registrar of an appropriate bond or indemnity in fonn, substance, and amount
satisfactory to it, in which both the Authority and the Registrar shall be named as obligees. The
Note so surrendered to the Registrar shall be cancelled by it and evidence of such cancellation
shall be given to the Authority. If the mutilated, lost, stolen, or destroyed Note has already
matured or been called for redemption in accordance with its terms, it shall not be necessary to
issue a new Note prior to payment.
3.04. Preparation and Delivery. The Note shall be prepared under the direction of the
Executive Director and shall be executed on behalf of the Authority by the signatures of its
President and Executive Director. In case any officer whose signature shall appear on the Note
shall cease to be such officer before the delivery of the Note, such signature shall nevertheless be
valid and sufficient for all purposes, the same as if such officer had remained in office until
delivery. When the Note has been so executed, it shall be delivered by the Executive Director to
the Owner thereof in accordance with the Agreeinent.
521619v3 MNI MN190-156 B_3
Section 4. Securitv Provisions.
4.01. Pledge. The Authority hereby pledges to the payment of the principal of and
interest on the Note all Available Tax Increment as defined in the Note.
Available Tax Increment shall be applied to payment of the principal of and interest on the Note
in accordance with the terms of the form of Note set forth in Section 2 of this resolution.
4.02. Bond Fund. Until the date the Note is no longer outstanding and no principal
thereof or interest thereon (to the extent required to be paid pursuant to this resolution) remains
unpaid, the Authority shall maintain a separate and special `Bond Fund" to be used for no
purpose other than the payment of the principal of and interest on the Note. The Authority
irrevocably agrees to appropriate to the Bond Fund on or before each Payment Date the
Available Tax Increment in an amount equal to the Payment then due, or the actual Available
Tax Increment, whichever is less. Any Available Tax Increment remaining in the Bond Fund
shall be transferred to the Authority's account for the TIF District upon the termination of the
Note in accordance with its terms.
4.03. Additional Obli�ations. The Authority will issue no other obligations secured in
whole or in part by Available Tax Increment unless such pledge is on a subordinate basis to the
pledge on the Note.
Section 5. Certification of Proceedings.
5.01. Certification of Proceedings. The officers of the Authority are hereby authorized
and directed to prepare and furnish to the Owner of the Note certified copies of all proceedings
and records of the Authority, and such other affidavits, certificates, and information as may be
required to show the facts relating to the legality and marketability of the Note as the same
appear from the books and records under their custody and control or as otherwise known to
them, and all such certified copies, certificates, and affidavits, including any heretofore
furnished, shall be deemed representations of the Authority as to the facts recited therein.
Section 6. Effective Date. This resolution shall be effective upon approval.
Approved by the Board of Commissioners of the City of Monticello Economic Development
Authority on , 2018.
President
ATTEST:
Executive Director
521619v3 MNI MN190-156 B-q,
UNITED STATE OF AMERICA
STATE OF MINNESOTA
COUNTY OF WRIGHT
CITY OF MONTICELLO ECONOMIC DEVELOPMENT AUTHORITY
No. R-1
TAX INCREMENT REVENUE NOTE
SERIES 20_
(BRIGGS HOUSING PROJECT)
Rate
%
�
Date
of Ori�inal Issue
,20
The City of Monticello Economic Development Authority (the "Authority") for value
received, certifies that it is indebted and hereby promises to pay to Rivertown Residential Suites,
LLC or registered assigns (the "Owner"), the principal sum of $ and to pay interest
thereon at the rate of percent ( %) per annum, solely from the sources and to
the extent set forth herein. Capitalized terms shall have the meanings provided in the Contract
for Private Redevelopment between the Authority and the Owner, dated as of ,
2018 (the "Ageement"), unless the context requires otherwise.
1. Payments. Principal and interest ("Payments") shall be paid on August l, 20_
and each February 1 and August 1 thereafter ("Payment Dates") to and including February 1,
2046 (the "Maturity Date") in the amounts and from the sources set forth in Section 3 herein.
Payments shall be applied first to accrued interest, and then to unpaid principal. Interest
accruing from the date of issue through and including February 1, 20_ shall be added to
principal.
Payments are payable by mail to the address of the Owner or such other address as the
Owner may designate upon thirty (30) days written notice to the Authority. Payments on this
Note are payable in any coin or currency of the United States of America which, on the Payment
Date, is le�al tender for the payment of public and private debts.
2. Interest. Interest at the rate stated herein shall accrue on the unpaid principal,
commencing on the date of original issue. Interest shall be computed on the basis of a year of
360 days and charged for actual days principal is unpaid.
3. Available Tax Increment. (a) Payments on this Note are payable on each
Pa}nnent Date solely from and in the amount of Available Tax Increment, which shall mean, on
each Payment Date, Ninety percent (90%) of the Tax Increment attributable to the Miniinum
521619v3 MNI MN190-156 B-5
Improvements and Redevelopment Property that is paid to the Authority by Wright County in the
six months preceding the Payment Date.
(b) The Authority shall have no obligation to pay principal of and interest on this
Note on each Payment Date from any source other than Available Tax Increment and the failure
of the Authority to pay the entire amount of principal or interest on this Note on any Payment
Date shall not constitute a default hereunder as long as the Authority pays principal and interest
hereon to the extent of Available Tax Increment. The Authority shall have no obligation to pay
any unpaid balance of principal or accrued interest that may remain after the final Payment on
the Maturity Date.
4. Default. If on any Payment Date there has occurred and is continuing any Event
of Default under the Agreement, the Authority may withhold from payments hereunder under all
Available Tax Increment. If the Event of Default is thereafter cured in accordance with the
Agreement, the Available Tax Increment withheld under this Section shall be deferred and paid,
without interest thereon, within thirty (30) days after the Event of Default is cured. If the Event
of Default is not cured in a timely manner, the Authority may terminate this Note by written
notice to the Owner in accordance with the Agreement.
5. Prepayment. The principal sum and all accrued interest payable under this Note is
prepayable in whole or in part at any time by the Authority without premium or penalty. No
partial prepayment shall affect the amount or timing of any other regular Payment otherwise
required to be made under this Note.
6. Nature of Obli ag tion. This Note is one of an issue in the total principal amount of
$ , issued to aid in financing certain public redevelopment costs and administrative
costs of a Redevelopment Project undertaken by the Authority pursuant to Minnesota Statutes,
Sections 469.090 through 469.1081, and is issued pursuant to an authorizing resolution (the
"Resolution") duly adopted by the Authority on , 2018, and pursuant to and in full
conformity with the Constitution and laws of the State of Minnesota, including Minnesota
Statutes, Sections 469.174 to 469.1794, as amended. This Note is a limited obligation of the
Authority which is payable solely from Available Tax Increment pledged to the payment hereof
under the Resolution. This Note and the interest hereon shall not be deemed to constitute a
general obligation of the State of Minnesota or any political subdivision thereof, including,
without limitation, the Authority. Neither the State of Minnesota, nor any political subdivision
thereof shall be obligated to pay the principal of or interest on this Note or other costs incident
hereto except out of Available Tax Increment, and neither the full faith and credit nor the taxing
power of the State of Minnesota or any political subdivision thereof is pledged to the payment of
the principal of or interest on this Note or other costs incident hereto.
7. Re�istration and Transfer. This Note is issuable only as a fully registered note
without coupons. As provided in the Resolution, and subject to certain limitations set forth
therein, this Note is transferable upon the books of the Authority kept for that purpose at the
principal office of the City Finance Director, by the Owner hereof in person or by such Owner's
attorney duly authorized in writing, upon surrender of this Note together with a written
instrument of transfer satisfactory to the Authority, duly executed by the Owner. Upon such
521619v3 MNI MN190-156 B-6
transfer or exchange and the payrnent by the Owner of any tax, fee, or governmental charge
required to be paid by the Authority with respect to such transfer or exchange, there will be
issued in the name of the transferee a new Note of the same aggregate principal amount, bearing
interest at the same rate and maturing on the same dates, within 15 days after the delivery by the
Owner of its request and approval of such request by the Authority if required under the
Agreement.
Except as otherwise provided in Section 3.3(d) of the Agreement, this Note shall not be
transferred to any person or entity, unless the Authority has provided written consent to such
transfer.
IT IS HEREBY CERTIFIED AND RECITED that all acts, conditions, and things
required by the Constitution and laws of the State of Minnesota to be done, to exist, to happen,
and to be performed in order to make this Note a valid and binding limited obligation of the
Authority according to its terms, have been done, do exist, have happened, and have been
performed in due form, time and manner as so required.
IN WITNESS WHEREOF, the Board of Commissioners of the City of Monticello
Economic Development Authority have caused this Note to be executed with the manual
signatures of its President and Executive Director, all as of the Date of Original Issue specified
above.
Executive Director
CITY OF MONTICELLO ECONOMIC
DEVELOPMENT AUTHORITY
President
REGISTRATION PROVISIONS
The ownership of the unpaid balance of the within Note is registered in the bond register
of the City Finance Director, in the name of the person last listed below.
Date of
Registration
, 20
Re�istered Owner
Rivertown Residential Suites, LLC
Federal Tax I.D No
521619v3 MNI MN190-156 B_�
Signature of
Finance Director
SCHEDULE C
FORM OF CERTIFICATE OF COMPLETION
(The remainder of this page is intentionally blank.)
521619v3 MNI MN190-156 C-1
CERTIFICATE OF COMPLETION
WHEREAS, the City of Monticello Economic Development Authority (the "Authority")
and Rivertown Residential Suites, LLC ("Redeveloper") entered into a certain Contract for Private
Redevelopment dated , 2018 (the "Contract"), recorded at the office of the County
Recorder of Wright County as Document No. ; and
WHEREAS, the Contract contains certain covenants and restrictions set forth in Articles
III and IV thereof related to constructing certain Minimum Improvements; and
WHEREAS, the Redeveloper has performed said covenants and conditions insofar as it is
able in a maruler deemed sufficient by the Authority to permit the execution and recording of this
certification;
NOW, THEREFORE, this is to certify that all construction and other physical
improvements related to the Minimum Improvements specified to be done and made by the
Redeveloper have been completed and the ageements and covenants in Articles III and N of the
Contract relating to such construction have been performed by the Redeveloper, and this Certificate
is intended to be a conclusive determination of the satisfactory termination of the covenants and
conditions of Articles III and IV of the Contract related to completion of the Minimum
Improvements, but any other covenants in the Contract shall remain in full force and effect.
521619v3 MNI MN190-156 C_2
Dated:
STATE OF MINNESOTA
COUNTY OF WRIGHT
►31�
CITY OF MONTICELLO
DEVELOPMENT AUTHORITY
:
Authority Representative
ECONOMIC
The foregoing instrument was acknowledged before me this day of
20_, by , the of the City of Monticello
Economic Development Authority, a public body corparate and politic under the laws of the
State of Minnesota, on behalf of the authority.
Notary Public
This document was drafted by:
KENNEDY & GRAVEN, Chartered (MNI)
470 U.S. Bank Plaza
Minneapolis, Minnesota 55402
Telephone: 337-9300
(Signature page to Certificate of Completion)
521619v3 MNI MN190-156 C-3
SCHEDULE D
Form of Renter's Income Verification Form
PROPERTY INFORMATION
Postal Address of Property
Unit Number
TENANT INFORMATION
Name of Tenant
Phone #
Number of family/household members:
Annual Household Income* $
*Annual Household Income must he supported by documentation (i.e. copy of most current 1040's, etc.). Failure to
provide verification will constitute a"non-qualifying tenant".
- -_
iNCOME LIMIT INFORMATION
Does the Tenant meet these limits and has appropriate documentation been submitted?
YES NO
Pursuant to the Contract for Private Redevelopment between the City of Monticello Economic Development
Authority and Rivertown Residential Suites, LLC dated as of , 2018, at least 10 of the 47 rental units
comprising the Minimum Improvements must be reserved for tenants whose income is 50% or less of the area's
median gross income.
Signature of Tenant(s)
Reviewed and approved on behalf of Rivertown Residential Suites, LLC.
BY Date
D-1
521619v3 MNI MN190-156
Date
Date
EDA Agenda: 02/13/19
8. Consideration of 2019 EDA Workplan (JT)
A. REFERENCE AND BACKGROUND:
The EDA is being asked to consider adoption of the proposed 2019 EDA Workplan.
Attached to this report is the proposed 2019 Workplan, the City's Strategic Goals and
Obj ectives (compiled in 2017), the summary of the Downtown Small Area Study
Implementation Workshop held in November 2017and the submitted 2019 Workplan
Worksheets. Staff is asking the EDA members to consider adoption of the Workplan
during the meeting or offer direction regarding additional changes if so desired.
Al. Staff Impact: Preparation of the 2019 EDA Workplan required about 12 to 16
hours of staff time of the Community Development Director and the Economic
Development Manager.
A2. Budget Impact: The review and editing tasks are included in the job descriptions
of both of the EDA support staff and as such the costs are part of the EDA's routine
operating expenditures.
ALTERNATIVE ACTIONS:
Motion to adopt the 2019 EDA Workplan as presented.
2. Motion to adopt the 2019 EDA Workplan with revisions identified by the EDA.
Motion to table the adoption of the 2019 EDA Workplan for further research and
discussion.
B. STAFF RECOMMENDATION:
If the EDA feels the 2019 Workplan is complete and meets their approval, then Alternative
#1 is appropriate. If the EDA feels that the 2019 Workplan needs to revised, then either
Alternative #2 or #3 is appropriate.
C. SUPPORTING DATA:
A. 2019 EDA Workplan
B. 2019 Workplan Worksheets w comments-suggestions
C. 2017 City of Monticello Strategic Plan Goals
D. Downtown Small Area Study Implementation Workshop Summary
ECONOMIC DEVELOPMENT AUTHORITY
2019 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 and the 2017/2018 City Strategic 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, including the Downtown Small Area 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 in Block
52.
a. Continue to focus on site control for a potential future targeted redevelopment in
Block 52.
b. Resolve the parking issues that relate to potential future redevelopment of Block
52.
c. Engage with the wider development community to test concept ideas and explore
the marketability of Block 52 as well as the opportunities for possible partnerships
in redevelopment plans/efforts.
d. Support as needed the completion of transportation improvements as envisioned
in the Downtown Small Area Study Plan.
2. Implement the recommendations of the Downtown Small Area Plan
a. Support and advocate for improvements to the downtown as envisioned in the
Small Area Plan.
b. Develop and support the appropriate policies, programs, and incentives that
enable the type of development described in the Plan.
c. Continue to build a funding base for use in property acquisition and
redevelopment efforts in targeted areas.
d. Implement a fa�ade improvement program for desired revitalization areas.
e. Meet with downtown property owners either in a group setting or individually to
understand their concerns with traffic, parking land use and possible reinvestment
in their property as well as willingness to sell, partner, price, etc.
£ Support opportunities for park and trail development as consistent with the
Downtown Small Area Plan.
g. Encourage the redesign of the pathway connection under the MN TH #25 bridge
to incorporate safety elements and improved lighting.
3. Engage as a partner in local and regional development opportunities as they arise
and also the Comprehensive Planning process as it relates to strategic visioning,
land use, transportation, housing and economic development components.
a. Encourage and support coordinated planning and development of parks, trails in
or near business districts.
b. Support the development of the pathway connecting Bertram Chain of Lakes
Regional Park and the City limits.
c. Continue discussion on use of tax reimbursement/abatement, including
development of criteria.
d. Consider funding and/or completing studies that provide policy and strategy
framework for desired land uses/or projects in the downtown and for other
programs.
e. Monitor commuter rail development in and around the Twin Cities metro region
for potential benefits and opportunities to serve Monticello.
4. Support new multi-family housing development through the use of financing tools
such as new TIF Districts or use of excess TIF dollars as identified in the 2016 TIF
Management Plan and per the adopted Policy Statement for Available TIF Funds.
a. Develop marketing packets illustrating financial tools and available sites.
b. Dialogue with multi-family housing developers and inform them of available
resources to support MF development.
c. Sponsor a multi-family housing developer expo providing site and financial
assistance information facilitating relationship building.
d. Continue to explore a 30 to 36-unit workforce housing development on EDA
owned land along East 4th Street or at other suitable sites in the City.
5. Market industrial development at the Monticello Business Center (Otter Creek
Business Park) to a broad variety of prospects.
a. Ramp up multi-channel marketing efforts (including a familiarization tour);
establish a formal plan and appropriate evaluation metrics.
b. 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 of
and to promote the expansion of health care services in Monticello.
c. Focus on prospects which serve or rely on the St. Cloud and Twin Cities markets.
d. Work with the Monticello Times to do a business spotlight or profile article two
times per year.
e. Actively participate/network with current businesses to help establish external
relationships.
6. Market EDA incentive programs in a more proactive manner, both within the
community and beyond, beginning with the education on such 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. Update 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.
7. Actively (aggressively) market for sale and development the EDA-owned properties
at Cedar Street and Outlot A.
a. Identify types of businesses sought for specific properties and market to these
sectors accordingly.
b. Develop marketing materials for the former Fair Garden site along East
Broadway.
c. Identify commercial properties which should be held for larger redevelopment
potential.
8. 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. Research and communicate state and federal incentive programs for bringing
businesses into community.
9. 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. Identify and prioritize 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. Examine use of available housing TIF dollars per the 2016 TIF Management Plan
and the adopted Policy Statements for Available TIF Funds
d. Establish clear criteria for "blight" and "cluster areas" for focus of programs.
e. Identify and communicate state and regional programs which could be leveraged
to support identified properties; identify programs applicable to each property.
10. Support the development of an economic development brand and implement in
economic development activities.
a. Work with Communications Manager to develop coordinated economic
development (including amenities such as technology and recreation)
marketing message(s) and plan.
b. Create and/or enhance economic development materials for the website.
c. Build value in development resources reference materials and communications
pieces.
11. Support the IEDC in its lead role in Business Retention and Expansion efforts and
in workforce engagement and development efforts.
a. Continue to engage and support the IEDC as the primary partner and lead in the
Business Retention and Expansion Program.
b. Continue to support the WCEDP sponsored workforce development efforts.
Appendix: Monticello Comprehensive Plan, 2008 — Economic Development
�,TY oF �nomic Development Authority
:� Objectives Worksheet
Monticello
To assist in the development of a 2019 EDA Workplan, please provide input on the
following areas:
2018 Workplan
Please list below any incomplete or in-progress objectives from the 2018 EDA Workplan which
should be considered to carry forward. �� �� p�, ��
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Please list below any activities related to supporting 2017 Downtown Small Area Implementation
Plan goals and objectives for workplan consideration. ��� � \ � W�r���
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Xcel Energy Power Plant
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Monticella Economic Development Author;�ty
2�19 Goai.s 8� Objective.s Worksheet
To issis# im ihe develogment of a 2019 EDA Workplan, please provide i�pu# on the
fal2uwing areas:
282& Wairk�►IRn
Ple�e list betow arty incomplei+e or in-Pr�vgress objectiv�es from the 2�18 EDA Workplan
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2QY.4 - Nrm Goe�,s �%ri�e� f�r. the Dozv�ttomre Smait Arrr.� P,�g�
Please list below any act�vities reiafied t+o supporting 2017 Dawniown Sma�! Area
Impleatentation Flan goals ar�d o�ves for warkFlan consideration.
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Monticello
Monticello Economic Development Authority
2019 Goals 8� Objectives Worksheet
To assist in the development of a 2019 EDA Workplan, please provide input on the
following areas:
2018 Workplan
Please list below any incomplete or in-progress objectives from the 2018 EDA Workplan
which should be considered to carry forward.
• �
. �
. �
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. �
2019 - New Goals derived,from the Dozuntown Small Area Plan
Please list below any activities related to supporting 2017 Downtown Small Area
Implementation Plan goals and objectives for workplan consideration.
Comprehensive Plan Strateg�U Visioning Ideas
Transportation, Economic Development, Housing, future freeway interchanges, Monticello
with out Xcel Energy Power Plant
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i �.�,� � Y
f-. .`' , } � ;ti- .
;�� �; *�� ,.�N.�,. - _. , ; Ir�plementat�on Workshop
.: .� � -..�- ��
November 16, 2017
Participants -�-�-�-�-�-�-�-�-�-�-�-�-�-�-�-�-�-�-�-
Cit}� �:� ._: `° Brian Stumpf, Bill Fair, Jim Davidson, Charlotte Gabler, Lloyd Hilgart
EDA: Tracy Hinz, Steve Johnson, Jon Morphew, Bill Tapper
Parks �. t�����������=����n Nancy McCaffrey, Larry Nolan
PlanningCommissic$�. Katie Peterson
Guests: Clay Sawatzke, Michele Hertwig
Staffe Jeff 0'Neill, Angela Schumann, Jim Thares, Jacob Thunander, Tom Pawelk, Rachel Leonard,
Jennifer Schreiber
Warkshop Purpcase
Set a foundation for realizing the downtown plan by encouraging the various commissions to
cooperatively review the elements of the plan, prioritize the components, and strategize implementation.
Pricarifization Exercise
Organized by Highest Ranked Projects:
����:i���el�p����: Pursue signature redevelopment on Block 52 with market rate housing and a destination
restaurant that overlooks the park.
R�bl�� Re�lr� Irr�pr��������a`��a Redesign riverfront parks to include more active events and programming in
West Bridge Park (amphitheater, water feature, concessions) and passive uses in East Bridge Park.
Broadway Street Commerciai 1li��
��'��d��v�� St�'�e� �����'�a�r�e�fi° Develop small pocket parks on vacant properties along Broadway,
offering outdoor seating, and pedestrian connections to parking. Curb extensions at Walnut and
Broadway to provide space for landscaping, seating, and gathering.
1����t i�> �� P�� ;., Build Downtown's brand and identity by identifying the downtown core as the
Broadway Walnut area, and naming it. Pursue marketing initiatives to build the new brand.
�. :° � .��� '� ��_ w� Establish fa�ade improvement programs that offer financial support
for improving building appearance and district identity.
Organized by Survey Category
°�p��. ;;
Pursue signature redevelopment on Block 52
_ , Redesign riverfront parks...
Establish fa�ade improvement programs...
, Improve bridge underpass...
, Develop small pocket parks...
Curb extensions at Walnut & Broadway
Redesign riverfront parks...
Pursue Signature redevelopment on Block 52
Reconnected Walnut Street to River Street...
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. - .�$�+ ` �' �a il'��.l� �+���.h��.. '-� ��ii � .
} / �/i � �� �T�' � �, ,ew�y�J �
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'� _� �
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�� �'�1 .�� � Y; E, � � r�� 1( i� �� �� ' ., . ,.
N � 4 ,.I +�� �' ���`!� f � '' ` � ��` � \�,
' � .���'EA� = . �,,� . � , �„ r_ "`-'i
� �.Y ,�r 7� ' ' fi.�. � �-- " •�-���� � � Y' �- .��j ; . � � ..'. - �- � I � ,�
Project Implementation Exercise
East & West Bridge Park Improvements
r. ... .. Location on the river, high visibility, varied
topography, existing assets, capable parks staff, dedi-
cated volunteers, popular community events.
-�:; Limited automobile & pedestrian access,
perception of noise and actual noise, potential river
island flooding, limitations of adjacent land uses, ma-
ture trees can block views, hard to change what's al-
ready popular.
.:.� Acquire surrounding land to allow redevelop-
ment and growth, connect Walnut Street to River
Street, use signage and rebranding to encourage ex-
ploring downtown and connecting with the parks, en-
hance underutilized assets like the southeast stairs and
bridge underpass.
Lead�rs�r'�.:�s Parks staff, Park & Recreation Commission,
City Council, and EDA with redevelopment.
K�y Decisi�r�s_ Park design, connection of Walnut St. to
River St, reconstruction of River St, redevelopment of
Block 52.
s r�:° ��:. ����_; Park Design, remove understory plants for
visibility to the river, programming & events, connect
Walnut St. to River St.
Block 52 Redevel�pment
r=:`�` ' City owns a portion, another property for
aamr_
sale, high visibility, beautiful view, parks complement,
EDA is engaged in acquisition.
�_��° °;° Cost of acquiring property, getting the right
developer, potential contamination, community confu-
sion of public purpose, competition with completing
Block 34, relocation costs.
:; ;: Continue acquiring land and empower eco-
nomic development manager to meet with developers.
_. EDA for site control and incentives, staff for
recruitment and negotiating, additional city staff from
planning, public works, Wright County, etc.
, s x, �.. ..� Preliminary development agreement,
zoning ordinance changes, incentives.
'� ��:, �r:.�� Design for Walnut Street connection to
River St., redesign West Bridge Park parking, acquire
properties, reach out to developers to find the right
partner, continue building relationships and communi-
cating with property owners.
Downtown Housing Development
.„.° Strong market, location has regional and
local amenities, demographics, walkability, accessibility,
site control, lender and council support, developers
interested, jobs nearby.
_`��Q����,�.��� Relocation development costs, water table,
cost of quality construction, noise, trafFic access, size of
block divisions, developers have many options, zoning
not currently aligned with plan, existing property &
business owners.
�, ; Gather better information on water table,
shared equity solutions, create one TIF district, buying
options.
��., �;; EDA to lead land acquisition, TIF program,
coordination with lenders & developers. Planning Com-
mission for zoning review. City Council for final approv-
a Is.
��� V����s����a Determining one site or many, zoning
approved that balances flexibility with predictability.
:��`� �°a�: Create package or feasibility for several
sites so the city knows its limits and capacity, include
aesthetic design expectations, get a more detailed un-
derstanding of the downtown market, engage in out-
reach to developers with marketing materials.
Activating Broadway Street's Commercial Vitality
�. �, _ e_ ��� Proximity to parks and river, some business-
es already making positive changes, changes will en-
courage people to visit, opportunity to build relation-
ships, high trafFic area.
��r���: Not all buildings up to code, cost of rehabili-
tation, Iack of space for outdoor seating, lack of con-
centration, need to agree on fa�ade style, trafFic, busi-
ness mix.
� �� ���i°�_: Assess the state of properties, survey and
encourage stakeholder participation, offer financial in-
centives, help 1-2 businesses start to encourage others.
Survey property owners to guide the focus.
��§k �'�:.. Existing business group, Chamber, City
Council, EDA, and city staff.
��'����, w.,��: Determine ownership of every parcel with
contact information, reach out to property and busi-
ness owners for their ideas, identify and build alliances,
determine design standards.
xt ..9��. Encourage EDA build relationship.
EDA Agenda: 02/13/19
9. Economic Development Report (JT)
A. WSB Economic Development Assistance Update Report — See Exhibit A.
B. Downtown Round Meeting: The first quarterly Downtown Round Mtg. was held on
Thursday, January 17, 2019 from 7:30 a.m. to 9:00 a.m. at Rustic Brewery. The session
focused on answering questions about recent projects in the downtown and the proposed
Walnut Street corridor improvements. The attendees also spent time generating ideas
related to promoting and marketing of the downtown. The next quarterly Downtown
Round will be held on April 18th at a location to be determined.
C. 2019 EDAM Winter Conference - A variety of topics were covered at the Conference
which includes continuing ed credits for Ec. Dev. certification through International
Economic Development Council. See link to presentation regarding changing
demographics in Minnesota and another session regarding MN Chamber of Commerce's
Grow Minnesota efforts and results.
https://www.edam.or�/resource/resm�r/2019 winterconference/collectivenarrativedemogr
aph.pdf
https://www. edam. or�/resource/resm�r/2019_winterconference/�rowminnesota_edamwint
er2019.pdf
D. I-94 EAW Update for 24.2-mile section (Monticello to Clearwater) — Exhibit B.
E. Initiative Foundation — Letter of Thanks for EDA funding support in 2019 - See
Exhibit C.
F. Prospects — See attached
A spread sheet with the concept stage and active search prospects is attached as Exhibit D.
Memorandum
To:
From:
Date:
Re:
Monticello Economic Development Authority
Jim Thares, Economic Development Manager
Jim Gromberg, Economic Development Coordinator
February 6, 2019
Bi-Monthly Report
WSB Project No. 013322-00
wsb
Thank you for the opportunity to continue to assist the City of Monticello in their continued efforts
to provide economic vitality for the community and the residents. Below are updates on the
� projects that are currently being completed for the city with regards to the economic development
o efforts. Some of the highlights were:
c�
W Project 6580: I assist Jim and the development of the latest rendition of the proposal for the
�, proposed project and the development of a new rendition of the site layout. The company owner
� is reviewing the information that was provided.
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Industrial Park Projects: Met with Jim to discuss and develop site layout for the remaining 2
sites (excluding Project 6580) for the development of 2 additional projects for the industrial park.
This are potential projects that would allow for the development of the remaining lots in the park.
Industrial Land Study: I have begun collecting background information on the current
availability of industrial land in both Wright and Sherburne County. This process includes
meetings with the local commercial realtors to determine both availability and the activity currently
occurring in the market place.
EDAM Winter Conference: Attended the EDAM winter conference and met with the following
groups to discuss projects and potential issues for economic development:
• Jeff Rossate — DEED Director of Business Development
• Joel Akson — GREATERMSP
• Ryan Bruers — Xcel Energy
• Bob Issacson — DEED Director of Business Finance Programs
One of the primary issues facing economic development in the coming year will be the proposed
legislative changes in some of the current programs including MIF, JCF and the Data Center
Assistance program. While it is still early in the session, it appears that there may be some
changes to the programs that will make them more difficult to access. In addition, EDAM will be
focusing on additional funding for the redevelopment grant program to allow for assisting a
greater number of projects across the state.
Greater St. Development Corporation: Attended the GSDC Business Core Meeting to get an
update on the current projects in the area and to learn about the Women Owned Business
initiative being led by Sandy Voigt. The group also discussed the current opportunity zone in St.
Cloud and if it could be used for the redevelopment of the Herbergers building in the downtown
area.
Monticello EDA
February 6, 2019
Page 2
Please let me know if you have any questions concerning the above projects or require additional
information on the projects. In addition, let me know if you have additional projects that should be
reviewed and included.
�t]EFARTIMENT OF
TRANSPt]RTATI[3N
DATE: Ja nua ry 21, 2018
TO: Minnesota Environmental Quality Board Distribution List
FROM: Claudia Dumont, Minnesota DepartmentofTransportation(MnDOT)
SUBJECT: I-94 Reconstructionfrom ClearwatertoAlbertville (SP 8680-173)
Environmental Assessment/Environmental Assessment Worksheet — Notice of Availability
Enclosed please find the Environmental Assessment (EA)/Environmental Assessment Worksheet (EAW) for the I-
94 Reconstruction from Clearwaterto Albertville project (State Project 8680-173). The proposed project includes
reconstruction of I-94eastbound and westbound from Trunk Highway(TH) 24 in Clearwaterto CSAH 37 in
Albertville. Thisenvironmental document alsoevaluatesthe addition of athird lane both eastbound and
westbound I-94 between Clearwaterand Albertville. The total project length is approximately 24.2 miles.
Due to length and funding constraints, this corridor has been divided into segments. Major construction
between Clearwaterand Monticello is anticipatedto begin in 2020 and last twoconstruction seasons; with
some minor construction (i.e. temporary pavement and crossovers) starting late in 2019. The segment between
Monticello and Albertville is unfunded atthe currenttime.
This EAwas prepared as a part of the National Environmental Policy Act (NEPA) process and state environmental
review process to fulfill requirements of both 42 USC § 4332 and Minnesota StatutesChapter 116D. Atthe
federal level, the EA is used to provide sufficient environmental documentation to determine the need for an
Environmental Impact Statement (EIS) or that a Finding of No Significant I mpact (FONSI) is appropriate.
This document also serves as an Environmental Assessment Worksheet (EAW). Minnesota Rules, part 4410.1300
allowsthe EAtotakethe place ofthe EAWform, provided thatthe EAaddresseseach oftheenvironmental
effects identified in the EAW form. This EA includes each ofthe environmental effects identified in the EAW
form. It is used to provide sufficient environmental documentation to determine the need for a state EIS or that
a Negative Declaration is appropriate.
The Minnesota Department ofTransportation is the proposer and Responsible Governmental Unit (RGU) for this
project. Preparation of an EAW is considered mandatoryunder Minnesota Rules, part 4410.4300, subpart 22,
item B.
This document is made available for public review and comment in accordance with the requirements of 23 CFR
771.119(d) and Minnesota Rules, part4410.1500through 4410.1600.
Copies of the EA/EAW are being distributed toagencies on the current Minnesota Environmental Quality Board
distribution list and other interested parties. The EA/EAW can be accessed electronically on MnDOT'swebsite at
http://www.dot.state.mn.us/i94-m�-clearwater/. It will also be available in hard copy atthe following locations:
• MnDOT- 3725 12th Street North, Saint Cloud, MN 56303
• Great River Regional Library, Saint Cloud - 1300 West St. Germain St, Saint Cloud, MN 56301
• Great River Regional Library, Monticello - 200 W 6th St, Monticello, MN 55362
• Great River Regional Library, St. Michael -11800 Town Center Dr, St Michael, MN 55376
• Great River Regional Library, Clearwater-740 ClearwaterCtr, Clearwater, MN 55320
�DEPARTIMENT OF
TRANSPt]RTATI[3N
A public hea ring on the EA/EAW will be held on January 29, 2019 from 6:00 p. m. to 8:00 p. m. at the Monticello
Community Center (North Mississippi Room) Iocatedat505 Walnut Street, Monticello, MN 55362. Verbal and
written comments will be recorded.
Written comments on the EA/EAW will be acceptedthrough February 20, 2019 and should be directed to:
Claudia Dumont
Project Manager
MnDOT
3725 12t" Street N
Sa int Cloud, M N 56303
Cla udia. Dumont@state. mn. us
Enclosure: I-94 Reconstruction from ClearwatertoAlbertville project Environmental Assessment/Environmental
Assessment Worksheet (January 2019)
(320) 632-9255
405 First Street SE
�ittle Falls, MN 5b345
ifound.org
January 23, 2019
Jim Thares, EDA Manager
City of Monticello
505 Walnut St, Ste1
Monticello, MN 55362-8822
DearJim,
We have received Monticello's 2019 funding, in support of the work of the Initiative
Foundation. Please extend our appreciation to your city council and mayor. Thank you!
Together, we work to build strong local economies and vibrant communities. Your investment
supports economic development through business financing activities designed to create
living-wage jobs, diversify economies and leverage private sector investment. Communities
are strengthened through signature leadership training and capacity building programs, grants
to local units of government and nonprofit organizations, early childhood initiatives, and
scholarships. This work will provide lasting impact on the health of the region and the future
of rural Minnesota.
We truly value your partnership and your support.
Sincerely,
Matt Varilek
President
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