EDA Resolution 2019-04 Approving $100,000 Facade Grant to Cornerstone Cafe - 8-1-19EDA RESOLUTION NO. 2019-04
RESOLUTION APPROVING A GRANT AGREEMENT
BETWEEN THE CITY OF MONTICELLO ECONOMIC
DEVELOPMENT AUTHORITY AND TRICAMBRA FOODS
INC., DBA CORNERSTONE CAFE AND CATERING
BE IT RESOLVED BY the Board of Commissioners ("Board") of the City of Monticello
Economic Development Authority (the "Authority") as follows:
Section 1. Recitals.
1.01. The Authority is a grantor as defined in Minnesota Statutes, Sections 116J.993 to
116J.995, as amended (the "Business Subsidy Act"), and is authorized to grant financial
assistance for private development, including grants.
1.02. The Authority and Tricambra Foods Inc. dba Cornerstone Cafe and Catering (the
"Grantee") desire to enter into a grant agreement (the "Grant Agreement") for a Downtown Fagade
Improvement Grant (the "Grant") to be used to pay a portion of the costs of certain facade
improvements, including replacement windows and stucco work (the "Improvement Costs") on
certain real property located at 154 W. Broadway Street in the City of Monticello (the "Property"),
in conformity to the Grant guidelines.
1.03. Pursuant to the Grant Agreement, the Authority will grant to the Grantee the sum of
$50,000 (the "Grant") to reimburse a portion of the Improvement Costs.
1.04. Pursuant to Section 116J.993, Subdivision 3(1) of the Business Subsidy Act, the
Authority is not required to hold a public hearing on the Grant because the Grant is in an amount
less than $150,000, and is therefore not a business subsidy. However, the Authority has held a
duly noticed public hearing concerning the Grant on the date hereof, and hereby finds, pursuant
to Section I I6J.994, subd. 41 that the purpose of the Grant is not the creation or retention of jobs.
Therefore, notwithstanding the requirements of Section 116J.994, Subd. 2 of the Business
Subsidy Act, the Authority hereby determines that the terms of the Grant may deviate from the
Authority's written business subsidy criteria, and hereby sets the job and wage goals of the Grant
at zero.
Section 2. Grant Agreement Approved.
2.01. The Authority hereby approves the Grant Agreement in substantially the form
presented to the Board. The Authority further authorizes execution of the Grant Agreement and
all documents prepared in connection therewith, subject to modifications that do not alter the
substance of the transaction and that are approved by the President and Executive Director,
provided that execution of the Grant Agreement by such officials shall be conclusive evidence of
approval.
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583370v1MN325-40
Approved this 29th day of May, 2019, by the Board of Commissioners of the City of Monticello
Economic Development Authority.
President
ATTEST:
583370v1MN325-40