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EDA Agenda 08-11-2021AGENDA REGULAR MEETING - ECONOMIC DEVELOPMENT AUTHORITY (EDA) Wednesday, August 11th, 2021— 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, Angela Schumann, Sarah Rathlisberger 1. Call to Order 2. Roll Call 3. Consideration of additional agenda items 4. Consent Agenda a. Consideration of Approving Regular Meeting Minutes—July 14, 2021 b. Consideration of Approving Payment of Bills c. Consideration of Approving Funding for 2021 IEDC Manufacturers Recognition Event in the amount of $1,050 Regular Agenda 5. Consideration of Resolution #2021-10 Approving a GMEF Loan Agreement between the EDA and Rustech Brewing in the amount of $62,555 6. Consideration of TIF Pre -Application from Headwaters Development for Affordable Housing Development Proposal on EDA Owned Land, Country Club Manor, Outlot A 7. Consideration of Resolution #2021-12 Authorizing the 2022 HRA Special Benefit Property Tax Levy in the Amount of $388,000 and the General Fund Budget in the Amount of $425,000 8. Economic Development Manger's Report 9. Adjourn MINUTES REGULAR MEETING - ECONOMIC DEVELOPMENT AUTHORITY (EDA) Wednesday, July 14th, 2021— 6:00 p.m. Mississippi Room, Monticello Community Center Commissioners Present: Steve Johnson, Bill Tapper, Jon Morphew, Tracy Hinz, 011ie Koropchak-White, Lloyd Hilgart and Jim Davidson Staff Present: Jim Thares, 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 agenda items None. 4. Consent Agenda a. Consideration of Approving Regular Meeting Minutes —June 9, 2021 Recommendation: Approve Regular Meeting Minutes—June 9, 2021. b. Consideration of Approving Payment of Bills Recommendation: Approve Payment of Bills through June. c. Consideration of Resolution #2021-09 Modifying TIF District #1-22 — Parcel Ramnvalc Recommendation: Adopt Resolution #2021-09 expressing support for the modification of TIF District #1-22 — Parcel Removals. d. Consideration of Modifying Bill Tapper's effective EDA Resignation date to August 31, 2021 Moved to Regular Agenda. LLOYD HILGART MOVED TO APPROVE THE CONSENT AGENDA WITH THE REMOVAL OF ITEM D. MOTION SECONDED BY JIM DAVIDSON. MOTION CARRIED, 7-0. Economic Development Authority Minutes —July 14th, 2021 Page 1 1 3 Regular Agenda 4. Consent Agenda Item Removed Item d. Consideration of Modifying Bill Tapper's effective EDA Resignation date to August 31, 2021 Jim Thares explained at the end of the June meeting Bill Tapper gave his resignation and there was some confusion about his effective end date. Thares clarified that it is the intention to keep a full EDA through the end of the summer and Tapper has agreed to do so until the position is filled. The city is currently accepting new Commissioner applications and with council approval it could take until September to seat a new member. OLLIE KOROPCHAK-WHITE MOVED TO ACCEPT THE MODIFIED RESIGNATION DATE FOR BILL TAPPER TO AUGUST 31, 2021, OR UNTIL HIS SEAT IS FILLED. MOTION SECONDED BY TRACY HINZ. MOTION CARRIED, 7-0. 5. Consideration of pre -application for GMEF Loan Modification in the amount of $62,555.22 for Rustech Brewing and Authorizing Loan document preparation Jim Thares explained that a pre -application for GMEF loan was received from Rustech Brewing. The applicant is seeking a loan in the amount of $62,555. Rustech is seeking funding to pursue an expansion of its microbrewery located at 105 West 3rd Street in Monticello. Bill and Penny Burt, owners of Rustech introduced themselves and provided background information regarding how Rustech started. They faced challenges in 2020 due to multiple mandated shutdowns and reduced capacity regulations. Now that operations are returning to normal, pre -pandemic levels, they are continuing to grow and having difficulty keeping up with the demand. They believe the growth over the next 36 -months will create an additional 4 FTE jobs. When they first opened for business, they were renting a 2,000 square foot space. The key element in the capacity expansion is the opportunity to purchase their space plus the adjacent suite to expand to a total of 4,000 square feet. Included in the packet is an illustration showing how they will use the additional space. The EDA supported Rustech's startup initially with a $75,000 GMEF loan for equipment purchases. The remaining loan balance is $67,554.24. The EDA is asked to review the GMEF pre -application submittal and indicate whether it has interest in accepting a full application from Rustech Brewing for the loan request of $62,555. Economic Development Authority Minutes —July 14th, 2021 Page 2 1 3 There was consensus by the EDA to accept a full application for a GMEF loan from Rustech Brewing. 6. Consideration of the Draft 2022 EDA Budget Proposal and Property Tax Levy Amount; Review and Approval Process Jim Thares noted that this was the EDA's annual consideration for the HRA Special Benefit Levy for the EDA budget and consideration for the 2022 budget. The property tax levy for 2022 is proposed at $388,000. Thares also noted the proposed 2022 EDA General Fund budget is proposed to be $460,000. Staff encourages the EDA to consider its 2021 Work Plan goals and overall mission to facilitate economic development and redevelopment and housing activities that expand the tax base, increase employment opportunities, and create a vibrant economy as part of its decision process. The consensus of the EDA is to support the maximum amount of the levy. 7. Economic Development Director's Report Jim Thares provided the Economic Development Director's Report as provided in the agenda. 8. Closed Session - Consider Offers or Counteroffers for the purchase or sale of Real or Personal Property Pursuant to Minnesota Statute 13D.05, Subdivision 3(c)(3) Property Address: 1. PID #155171000060 2. PID #155171000050 9. Adjourn TRACY HINZ MOVED TO ADJOURN THE MEETING AT 7:19 P.M. LLOYD HILGART SECONDED THE MOTION. MOTION CARRIED, 7-0. Recorder: Beth Green Approved: August 11, 2021 Attest: Jim Thares, Economic Development Director Economic Development Authority Minutes —July 14th, 2021 Page 3 1 3 EDA: 08/11/21 4b. Consideration of Approving Payment of Bills (JT) A. REFERENCE AND BACKGROUND: Accounts Payable summary statements listing bills submitted during the previous month are included for review. B. ALTERNATIVE ACTIONS: 1. Motion to approve payment of bills through July 2021. 2. Motion to approve payment of bills through July 2021 with changes as directed by the EDA. C. STAFF RECOMMENDATION: Staff recommends approval of Alternative #1. D. SUPPORTING DATA: A. Accounts Payable Summary Statements Accounts Payable Transactions b Account CITY F User: Ju Printed: 07/07/2021 - 2:30PM onti effo Batch: 00202.07.2021 Account Number Vendor Description GL Date Check No Amount PO No 213-46301-431990 WSB & ASSOCIATES INC 2021 Economic Development Service: 07/13/2021 0 1,292.00 Vendor Subtotal for Dept:46301 1,292.00 213-46301-431993 WSB & ASSOCIATES INC 2021 Economic Development Service: 07/13/2021 0 850.00 Vendor Subtotal for Dept:46301 850.00 213-46301-434990 KRAUS ANDERSON Drone & Video Production Block 53 6 07/13/2021 124140 501.00 Vendor Subtotal for Dept:46301 501.00 Subtotal for Fund: 213 2,643.00 Report Total: 2,643.00 AP -Transactions by Account (07/07/2021 - 2:30 PM) Page I 701 XENIA AVENUE S SUITE 300 M!NNEAPODS, MN 55416 City of Monticello Attn: Sarah Rathlisberger, CPFO Finance Manager 505 Walnut Street, Suite 1 Monticello, MN 55362-8831 2021 Economic Development Services City Staff Reviewer - Jim Thares GL Acct # 213.46301 A31990 mie June 25, 2021 Project/Invoice: R-017641-000 - 5 Reviewed by: Bret Weiss Project Manager: James Gromberg Phase 001 2021 Economic Development Services Hours Monthly Retainer Amount t 2.00 Monthly Retainer 850 / Lump Sum Fee $10,200 for this task. L Information from SWOT Meeting completed Fee Gromberg, James 5/12/2021 Total Fee 10,200.00 76.00 SWOT Meeting notes Percent Complete 41.6667 Total Earned 4,250.00 Gromberg, James 5/17/2021 2.00 Previous Fee Billing 3,400.00 SWOT Information/Sites Current Fee Billing 850.00 Totals 4.50 Total Fee 684.00 850.00 Total this Task $850.00 2(3.4io30L 4310153 Special Projects Hours Rate Amount Gromberg, James 5/6/2021 1.00 152.00 152.00 CET Grant SWOT Meeting Gromberg, James 5/7/2021 3.00 152.00 456.00 CET Grant SWOT Meeting Totals 4.00 608.00 Total Labor 608.00 Total this Task $608.00 CET Grant Planning Hours Rate Amount Gromberg, James 5/10/2021 2.00 152.00 304.00 Information from SWOT Meeting completed Gromberg, James 5/12/2021 .50 15200 76.00 SWOT Meeting notes Gromberg, James 5/17/2021 2.00 152.00 304.00 SWOT Information/Sites Totals 4.50 684.00 Total Labor 684.00 Project R-017041-000 MONT - 2021 Economic Development Service Invoice 5 Total this Task $684.00 Total this Phase $2,142.00 Total this Invoice $2 42.00 Billings to Date Current Prior Total Fee 850.00 3,400.00 4,250.00 Labor 1,292.00 4,379.50 5,671.50 Add-on 0.00 -93.00 -93.00 Totals 2,142.00 7,686.50 9,828.50 Page 2 From: Jim Thares To: Julie Cheney Subject: RE: WSB $2,142.00 Date: Sunday, July 4, 20218:58:33 PM Attachments: imacae001.a_na Hi Julie, yes. This invoice is okay to pay as coded. From: Julie Cheney <Julie.Cheney@ci.monticello.mn.us> Sent: Wednesday, June 30, 20213:07 PM To: Jim Thares <Jim.Thares@ci.monticello.mn.us> Subject: WSB $2,142.00 Jim Attached is WSB Inv# R017641-000 5. Okay to pay $2,142.00 as coded? Thanks, Julie Cheney Finance Assistant City of Monticello 763-271-3205 Julie.Cheney@ci.monticello.mn.us AP@ci.monticel lo.mn.us CITY OF Monticello Email correspondence to and from the City of Monticello government offices is subject to the Minnesota Government Data Practices Act and may be disclosed to third parties. DocuSign Envelope ID: DE083B67-6BF3-410E-SE24-7D05EE028A3F Attn: Jacob Thunander Request For Payment This Request for Payment is a billing for Drone and Video production work for Block 53 and 4th Street on June 15,2021. Drone Services $ 501.00 Total Amount Due Kraus -Anderson Construction: $501.00 Kraus -Anderson Construction Company 501 South Eighth Street Minneapolis, MN 55404 ED ... fthed ti, ary H" 72E539474A 8489... 6/16/2021 Building Enduring Relationships and Strong Communities e KRAUS-ANDERSON® Construction Company 501 South Eighth Street Minneapolis, MN 55404 0 812.332.7281 3 wm .kraus ndersonc o June 16, 2021'•'` 1,_ Invoice # 46593 `` Project # 2110139 City of Monticello , u 505 Walnut Street 1 Monticello, MN 55362 t.. Attn: Jacob Thunander Request For Payment This Request for Payment is a billing for Drone and Video production work for Block 53 and 4th Street on June 15,2021. Drone Services $ 501.00 Total Amount Due Kraus -Anderson Construction: $501.00 Kraus -Anderson Construction Company 501 South Eighth Street Minneapolis, MN 55404 ED ... fthed ti, ary H" 72E539474A 8489... 6/16/2021 From: Jim Thares To: Julie Cheney Cc: Jacob Thunander Subject: Invoice for Marketing Drone Video Date: Wednesday, June 23, 20212:59:00 PM Attachments: KA Invoice #2110139 - 99.7001 Drone Video Footaae - Marketina - 06-23-21.odf Julie, this invoice is okay to pay. Please code to: 213-46301-434990 Accounts Payable Transactions by Account CITY F 05 User: Debbie.Davidson effo Printed: 07/21/2021 - 4:04PM Batch: 00203.07.2021 Account Number Vendor Description GL Date Check No Amount PO No 213-46301-443990 DEMVI LLC Parking Lot Maintenance - July 2021 07/27/2021 124218 198.02 Vendor Subtotal for Dept:46301 198.02 213-46522-431990 NORTHLAND SECURITIES INC TIF 22 07/27/2021 124244 537.50 Vendor Subtotal for Dept:46522 537.50 213-46522-435100 ECM PUBLISHERS INC PH TIF 1-22 Ad# 1150837 07/27/2021 0 324.59 Vendor Subtotal for Dept:46522 324.59 213-46540-465110 GRANITE CITY REAL ESTATE Pay As You Go - 1st Pmt 2021 Interest 07/27/2021 124225 5,863.37 Vendor Subtotal for Dept:46540 5,863.37 213-46585-465110 LAXMI HOTEL INC Pay As You Go - 1st Pmt 2021 - Intere 07/27/2021 124235 5,993.34 Vendor Subtotal for Dept:46585 5,993.34 Subtotal for Fund: 213 12,916.82 AP-Transactions by Account (07/21/2021 - 4:04 PM) Page I Account Number Vendor Description GL Date Check No Report Total: Amount PO No 12,916.82 AP -Transactions by Account (07/21/2021 - 4:04 PM) Page 2 From: Bullseye Property Management & Realty <mail@managebuilding.com> Sent: Thursday, July 22, 2021 3:04 AM To: AP Subject: Lease statement for Broadway Parking Easement - COMMERCIAL - 2 as of 7/22/2021 Bullseye Property Management & Realty Categories: Red Category Lease statement as of 2021-07-22 City of Monticello Economic Development Authority Account #: 00405914 35 Lake St Suite 500 Big Lake, MN 55309 Date Memo Amount Balance Prior balance $0.00 4/29/2021 Payment ($198.02) ($198.02) 5/1/2021 Common Area Maintenance $198.02 $0.00 5/28/2021 CC convenience fee $10.79 $10.79 by City of Monticello Economic 5/28/2021 ($208.81) ($198.02) Development Authority 6/1/2021 Common Area Maintenance $198.02 $0.00 6/29/2021 Payment ($198.02) ($198.02) 7/1/2021 Common Area Maintenance $198.02 $0.00 8/1/2021 Common Area Maintenance $198.02 $198.02 a13 .4Q30) • Lf L13 9 90 Balance due: $198.02 Payment is due on the 28th of the month. If payment isn't received, a one-time fee equal to 8% of recurring charges will be charged on the 4th of each month. Manage your account online: http://bullseyeproperties.managebuilding.com Northland Securities, Inc. 150 South Fifth Street Suite 3300 Minneapolis, MN 55402 Voice: 612-851-5900 Fax: 612-851-5951 Bill To: City of Monticello Jinl Thares, lEcononlic Dev. Dir, 505 Walnut Street, Suite 1 Monticello, MN 55362 NORTHLAND SECURITIES % JUL - 5 2021 Invoice Invoice Number: 6721 Invoice Date: 7/7/21 Page: 1 Customer PO Payment Terms Sales Rep ID Y Due Date TIF No, 22 Net 30 Days 8/6/21 Description I Amount services related to TDF No. 22. Please see enclosed detail. 537.50 Subtotal 537.50 Sales Tax Total Invoice Amount 537.50 Payment Received TOTAL 537.50 Main 612-851-5900 1 Toll -Free 800-851-2920 1 Fax 612-851-5987 150 South Fifth Street, Suite 3300 1 Minneapolis, MN 55402 Nor thlandSecurities.com Member F1NRA and S1PC, Registered with SEC and MSRB NORTHLAND PUBLIC FNANCE INVOICE SUPPLEMENT Client: City of Monticello Project: TIF No. 22 Contact: Jim Thares City of Monticello 505 Walnut Street Suite 1 Monticello, MN 55362 Bulling Period: June 2021 Services Performed • TIF 22 parcel analysis for removal of parcels Staff Time Expenses Total This Period Position Senior Professional Total Staff Mileage Printing Other Total Expenses Project Summary Total Budget* Billed This Period Billed Previous Budget Remaining Hours Rate Billable 2.50 $215 $537.50 2.50 $537.50 $0.00 $0.00 $0.00 $0.00 $537.50 ($537.50) $0.00 $ (537.50) Northland Securities, Inc. Page 2 of 2 From: Jim Thares To: Julie Cheney Subject: RE: Northland Securities $537.50 Date: Monday, July 19, 2021 1:15:09 PM Attachments: imaae001.a_na Julie, this is okay to pay. Please code to: 213-46522-431990 From: Julie Cheney <Julie.Cheney@ci.monticello.mn.us> Sent: Monday, July 19, 202111:41 AM To: Jim Thares <Jim.Thares@ci.monticello.mn.us> Subject: FW: Northland Securities $537.50 Following up on this invoice. Please approve by end of day Tuesday to be included in the check run on Wednesday. Thanks! From: Julie Cheney Sent: Friday, July 9, 20212:19 PM To: Jim Thares <Jim.Thares(@ci.monticello.mn.us> Subject: Northland Securities $537.50 Jim Attached is Inv# 6721 from Northland Securities for TIF 22. Okay to pay $537.50? Please provide coding. Thanks, Julie Cheney Finance Assistant City of Monticello 763-271-3205 Julie.Cheney@ci.monticello.mn.us AP@ci.monticel lo.mn.us CITY OF Monticello Email correspondence to and from the City of Monticello government offices is subject to the Minnesota Government Data Practices Act and may be disclosed to third parties. ECM Publishers, Inc. 4095 Coon Rapids Blvd. Coon Rapids, MN 55433 Address Service Requested CITY OF MONTICELLO ATTN: ACCOUNTS PAYABLE 505 WALNUT ST STE 1 MONTICELLO, MN 55362 PLEASE CHECK BOX IF ADDRESS CHANGED Page # 1 & INDICATE NEW ADDRESS g Invoice Date 7/15/2021 Invoice Number Ad Number 844639 1150837 Terms Net 30 Check Number Amount Paid Account# 429204 $324.59 Please return the upper portion with your payment. Or call 763-712-2494 with a credit card payment. PUBLICATION DATE AD# CLASS DESCRIPTION/TAG LINE TYPE SIZE QTY/ TIMES I AMOUNT Monticello Times 07/15/2021 1150837 150 July 26 District 1-22 PH LD 2.0 X 8.10 1 324.59 J U L 1 9 2021 Net Amount 324.59 Shipping 0.00 Tax 0.00 Amount Due 324.59 844639 _ LI N K VIS $30 charge assessed for returned checks. Report errors within 5 days to ensure consideration. ECS jj ApG PIXE Unpaid balances over 30 days past due will incur 1.5% Publishers, Inc. s�k1- CREATIVE GROUP a :,. ��.� � :�: wz�g �.� txsc via' finance charge per month (Minimum .50 per month). AFFIDAVIT OF PUBLICATION STATE OF MINNESOTA ) ss COUNTY OF WRIGHT Karen Nelson being duly sworn on an oath, states or affirms that he/she is the Publisher's Designated Agent of the newspaper(s) known as: Monticello Times with the known office of issue being located in the county of: WRIGHT with additional circulation in the counties of: SHERBURNE and has full knowledge of the facts stated below: (A) The newspaper has complied with all of the requirements constituting qualifica- tion as a qualified newspaper as provided by Minn. Stat. §331A.02. (B) This Public Notice was printed and pub- lished in said newspaper(s) once each week, for 1 successive week(s); the first insertion being on 07/15/2021 and the last insertion being on 07/15/2021. MORTGAGE FORECLOSURE NOTICES Pursuant to Minnesota Stat. §580.033 relating to the publication of mortgage foreclosure notices: The newspaper complies with the conditions described in §580.033, subd. 1, clause (1) or (2). If the newspaper's known office of issue is located in a county adjoining the county where the mortgaged premises or some part of the mortgaged premises described in the notice are located, a substantial portion of the newspaper's circulation is in the latter county. By: Kli 4 A -1/n Designated Agent Subscribed and sworn to or affirmed before me on 07/15/2021 by Karen Nelson. Notary Public ------------- - DARL.ENE MARIE MACPHERSON Tit'`.•. NOTARY PUBLIC - MINNESOTA • ! j �;• My Commission Expires Jan 31, 2024 3t�a+1• Rate Information: (1) Lowest classified rate paid by commercial users for comparable space: $18.50 per column inch Ad ID 1150837 CITY OF MONTICELLO WRIGHT COUNTY STATE OF MINNESOTA NOTICE OF PUBLIC HEARING NOTICE IS HEREBY GIVEN that the City Council of the City of Mon- ticello, Minnesota (the "City") will hold a public hearing on Monday, July 26, 2021, at or after 6 p.m. at City Hall, located at 505 Walnut Street in the City, with respect to a proposal to modify the tax increment financ- ing plan (the "TIF Plan") for Tax Increment Financing District 1-22 (the "TIF District"), a redevelopment district located within Central Monticel- lo Redevelopment Project Area No. 1 in the City (the "Redevelopment Project") and administered by the City of Monticello Economic Devel- opment Authority. The boundaries of the TIF District and the Redevelopment Project are shown in the map below. The purpose of the proposed modification is to remove certain parcels from the TIF District, thereby reducing its geographic area. The proposed modification will be available for public inspection at the office of the Economic Development Manager at City Hall during regular business hours. Following the public hearing, the City Council of the City will consider a resolution approving the modifi- cation to the TIF Plan. All interested persons may appear at the hearing and present their views orally or prior to the meeting in writing. District w/Removals t'FVTRat MY��TYt'kllal Nfltiv YI tWN}.�Y 1'k11JY�'i \n. l r"ttf t}F Nt!\YIC4l iI1 BY ORDER OF THE CITY OF MONTICELLO Published in the Monticello Times July 15, 2021 1150837 From: Jim Thares To: Julie Cheney Subject: RE: ECM $324.59 Date: Monday, July 19, 20214:43:02 PM Attachments: imaae001.a_na Julie, this is okay to pay. Please code to: 213-46522-435100 From: Julie Cheney <Julie.Cheney@ci.monticello.mn.us> Sent: Monday, July 19, 20211:55 PM To: Jim Thares <Jim.Thares@ci.monticello.mn.us> Subject: ECM $324.59 Jim Attached is Inv# 844639 from ECM for the PH for TIF 1-22. Okay to pay $324.59? Please provide coding. Thanks, Julie Cheney Finance Assistant City of Monticello 763-271-3205 Julie.Cheney@ci.monticello.mn.us AP@ci.monticel lo.mn.us CITY ��OF �I Monticello Email correspondence to and from the City of Monticello government offices is subject to the Minnesota Government Data Practices Act and may be disclosed to third parties. Rivertown Residential Suites Pay-as-you-go balance Payment information Payment to: Granite City Real Estate Description: TIF 1-40 pay as you go 1st or 2nd 1/2 GL account: 213-46540-465110 District: 40.0 Original Amount: 785,000.00 Interest Rate: 5.490% Payments Commence: 8/1/21 Ending no Later Than: 2/1/46 Available TIF: 90.00% PID: 155-010-036030 State assessed fee 0.0036 Increment Total Balance Date Received Principal Interest Payment Remaining 8/1/2021 6,514.85 5,863.37 5,863.37 785,000.00 E�1� -I �q 1 0-1 Julie Cheney From: Sarah Rathlisberger Sent: Thursday, May 27, 2021 1:47 PM To: Julie Cheney Cc: Liz Lindrud Subject: FW: Rivertown TIF Categories: Red Category Julie, There is a new TIF payment that will be sent after we get the first tax settlement. The vendor is GCRE, and the contact's information is at the bottom of this email. Feel free to reach out to him if you need any other additional information in setting up the vendor. Thanks, Sarah Rathlisberger, CPFO Finance Director City of Monticello, MN Tel: 763-271-3201 Fax: 763-295-4404 NOTE: The contents of this E-mail may contain information that is legally privileged and/or confidential to the named recipient. This information is not to be used by any other person and/or organization. The views expressed in this document do not necessarily reflect those of the City of Monticello. Email correspondence to and from City of Monticello government offices is subject to the Minnesota Government Data Practices and may be disclosed to third parties. From: Ingram, Martha N. <Mingram@Kennedy-Graven.com> Sent: Thursday, May 27, 2021 1:31 PM To: Sarah Rathlisberger <Sarah.Rathlisberger@ci.monticello.mn.us> Cc: Jim Thares <Jim.Thares@ci.monticello.mn.us>; Angela Schumann <Angela.Schumann@ci.monticello.mn.us>; Liz Lindrud <Liz. Lind rud@ci.monticello.mn.us> Subject: RE: Rivertown TIF Hi, Sarah — You are correct - the assignment of the TIF Note pursuant to the Assignment and Assumption Agreement was a total assignment, so GCRE should receive any and all payments of increment under the TIF Note. If they have some kind of side deal with Pat Briggs to split the August 1 payment, they can figure it out at their end — the EDA's only responsibility is to make the payments under the TIF Note to GCRE. Martha From: Sarah Rathlisberger <Sarah.Rathlisberger@ci.monticello.mn.us> Sent: Thursday, May 27, 2021 12:04 PM To: Ingram, Martha N. <MIngram @Kennedy-Graven.com> Cc: Jim Thares <Jim.Thares@ci.monticello.mn.us>; Angela Schumann <Angela.Schumann@ci.monticello.mn.us>, Liz Lindrud <Liz.Lindrud@ci.monticello.mn.us> Subject: FW: Rivertown TIF Martha, I assumed we'd pay GCRE as the vendor for the TIF note after we get the increment from Wright County and can send it to the address he's requesting, but just wanted to verify that with you so we don't violate something in the assignment of the TIF note. Thanks, Sarah Rathlisberger, CPFO Finance Director City of Monticello, MN Tel: 763-271-3201 Fax: 763-295-4404 NOTE: The contents of this E-mail may contain information that is legally privileged and/or confidential to the named recipient. This information is not to be used by any other person and/or organization. The views expressed in this document do not necessarily reflect those of the City of Monticello. Email correspondence to and from City of Monticello government offices is subject to the Minnesota Government Data Practices and rr7oy be disclosed to third parties. From: Jim Thares<Jim.Thares@ci.monticello.mn.us> Sent: Thursday, May 27, 202111:44 AM To: Mike Bobick <mikeb@gcremn.com>; Angela Schumann <Angela.Schumann@ci.monticello.mn.us> Cc: Sarah Rathlisberger <Sarah.Rathlisberger@ci.monticello.mn.us>; Liz Lindrud <Liz.Lind rud@ci.monticello.m n.us> Subject: RE: Rivertown TIF Hi Mike, we can pass this on to Sarah Rathlisberger, City Finance Director. Thanks. From: Mike Bobick <mikeb@gcremn.com> Sent: Thursday, May 27, 202111:26 AM To: Jim Thares <Jim.Thares@ci.monticello.mn.us>; Angela Schumann <Angela.Schumann@ci.monticello.mn.us> Subject: Rivertown TIF Jim and Angela, Would it be possible to send a note to whomever will be issuing the TIF proceeds for the first half of 2021 in August? I'd like to request that the check is mailed to me at the address below. We will prorate with Mr. Briggs if that works for you. Please let me know. Best regards Mike Bobick, COM ( Principal/Brokerage, CCIM G`�-Granite City Direct: 320.257.3722 1 Cell: 320.333.2692 1 Fax: 320.253.0006 3900 Roosevelt Road #125, St. Cloud, MN 56301. View Map Landmark Square Phase I Pay-as-you-go balance Payment information _ Payment to: Laxmi Hotel Inc (formerly Master's Fifth Avenue) Description: TIF 1-22.5 pay as you go 1st or 2nd 112 GL Account: 213-46585-465110 District: 22.5 Original Amount: 185,000.00 Interest Rate: 8,000% Payments Commence: 811103 Ending no Later Than: 2/1123 Available TIF: 90.00% PID: 155.010.036130 & 155.010.036140 State assessed fee 0.0036 213-416%5-46S 110 sy.2 -717.,17,% Increment Total Balance Date Received Principal Interest Payment Remaining 8/1/2003 0.00 185,000.00 1/1/2004 a.00 185, 000.00 8/112004 3,085.00 3,085.00 185,000.00 1/1/2005 3,084.00 3,084.00 185,00000 8/1/2005 6,393.00 6,393.00 185,000.00 1/1/2006 6,393.00 6,393.00 185,000.00 8/1/2006 6,830.00 6,83000 185,000.00 1/1/2007 6,830.00 6,830.00 185,000.00 8/1/2007 90.00 7,400.00 7,490.00 184,910.00 1/28/2008 94.00 7,396.00 7,490.00 184,816.00 8/1/2008 5,106.00 5,106.00 184,816.00 1/9/2009 6,332.00 5,698.80 5,698.80 184,816.00 8/1/2009 6,304.90 5,674.41 5,674.41 184,816.00 1/1/2010 6,304.90 5,674.41 5,674.41 184,816,00 8/1/2010 6,266.02 5,639.42 5,639.42 184,816.00 1/1/2011 6,266.02 5,639.42 5,639.42 184,816.00 8/1/2011 5,668,11 5,101.30 5,101.30 184,816.00 1/112012 5,668.11 5,101.30 5,101.30 184,816.00 8/1/2012 5,835.67 5,252.10 5,252.10 184,816.00 1!112013 5,835.67 5,252.10 5,252.10 184,81600 8/1/2013 5,617.76 5,055.98 5,05598 184,816.00 1/1/2014 5,617.76 5,055.98 5,055.98 184,816.00 8/1/2014 5,978.58 5,380.72 5,380.72 184,816.00 1/1/2015 5,978.58 5,380.72 5,380.72 184,816.00 8/1/2015 4,899.75 4,409.78 4,409.78 184,816.00 1/1/2016 4,899.75 4,409.78 4,409.78 184,816.00 8/1/2016 4,962.48 4,466.21 4,46621 184,816.00 1/1/2017 4,962.46 4,466.21 4,466.21 184,816.00 8/1/2017 4,817.10 4,335.39 4,335.39 184,816.00 1/1/2018 4,817.10 4,335.39 4,335.39 184,816.00 8/1/2018 5,014.49 4,513.04 4,513.04 184,816.00 1/1/2019 5,014.49 4,513.04 4,513.04 184,816,00 8/1/2019 5,705.72 5,135.15 5,135.15 184,816.00 1/1/2020 5,705.72 5,135.15 5,135.15 184,816.00 8/1/2020 6,279.25 5,651.32 5,651.32 184,816.00 1/1/2021 6,279.25 5,651.32 5,651. 184,816.00 8/1/2021 6,659.27 5,993.34 ,993.34 184,816,00 213-416%5-46S 110 sy.2 -717.,17,% Accounts Payable Transactions by Account CITY F User: Debbie.Davidson Printed: 07/20/2021 - 12:58PM 3tjMSo!nti e ffo Batch: 00201.07.2021 Account Number Vendor Description GL Date Check No Amount PO No 213-46301-438200 CITY OF MONTICELLO 7256-004 - 130 Brdwy- Stormwtr 07/15/2021 0 19.25 213-46301-438200 CITY OF MONTICELLO 7256-007 - 103 Pine St- EDA 07/15/2021 0 37.97 213-46301-438200 CITY OF MONTICELLO 7256-008 - 112 River St. W EDA 07/15/2021 0 37.97 Vendor Subtotal for Dept:46301 95.19 213-46301-443990 US BANK CORPORATE PMT SYS Monti Chamber - May Lunch (JT) 07/15/2021 0 15.00 Vendor Subtotal for Dept:46301 15.00 Subtotal for Fund: 213 110.19 Report Total: 110.19 AP -Transactions by Account (07/20/2021 - 12:58 PM) Page 1 Debbie Davidson From: Sent: To: Subject: Attachments: City of Monticello, MN 505 Walnut St, Ste 1 Monticello, MN 55362 763.271.3228 8AMto4:30PM Account Information Account: Name: Service Address: Service Period: Billing Date: Due Date: Meter Reading noreply@merchanttransact.com Friday, June 4, 2021 8:17 AM AP Your bill from City of Monticello, MN is ready. 6-3-21 I NSERT.pdf 007256-004 MONTICELLO EDA (213-46301) 130 BROADWAY E 5/1/2021 to 5/31/2021 (31 days) 6/3/2021 7/1/2021 Previous Reading Current Reading Serial Date Reading Date Reading Cons Current Charges Water: ACH CREDIT - AUTO PAY ($1.25) Water: EBILL CREDIT ($0.50) Stormwater: STORMWATER / NON-RESIDENTIAL $21.00 Total Current Charges: $19.25 Bill Summary Previous Balance: $19.25 Payments Received: $19.25 Adjustments: $0.00 Current Charges: $19.25 * Total Amount Due by: 7/1/2021 $19.25 * This was the amount due at the time of billing. 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 Debbie Davidson From: Sent: To: Subject: Attachments: City of Monticello, MN 505 Walnut St, Ste 1 Monticello, MN 55362 763.271.3228 8AMto4:30PM Account Information Account: Name: Service Address: Service Period: Billing Date: Due Date: Meter Reading Serial Current Charges noreply@merchanttransact.com Friday, June 4, 2021 8:17 AM AP Your bill from City of Monticello, MN is ready. 6-3-21 I NSERT.pdf Previous Reading Date Reading Water: Water: CITY WATER - NON-TAXABLE Water: ACH CREDIT - AUTO PAY Water: EBILL CREDIT Water: WATER - STATE CONNECTION FEE Sewer: SEWER - COMMERCIAL Stormwater: STORMWATER / NON-RESIDENTIAL Total Current Charges: Bill Summary Previous Balance: Payments Received: Adjustments: Current Charges: * Total Amount Due by: 7/1/2021 * This was the amount due at the time of billing. 007256-007 MONTICELLO EDA (213-46301) 103 PINE ST 5/1/2021 to 5/31/2021 (31 days) 6/3/2021 7/1/2021 Current Reading Date Reading 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 $0.00 $7.81 ($1.25) ($0.50) $0.81 $10.10 $21.00 $37.97 $37.97 $37.97 $0.00 $37.97 $37.97 Debbie Davidson From: Sent: To: Subject: Attachments: City of Monticello, MN 505 Walnut St, Ste 1 Monticello, MN 55362 763.271.3228 8AMto4:30PM Account Information Account: Name: Service Address: Service Period: Billing Date: Due Date: Meter Reading noreply@merchanttransact.com Friday, June 4, 2021 8:17 AM AP Your bill from City of Monticello, MN is ready. 6-3-21 I NSERT.pdf Previous Reading Serial Date Reading 68621907 5/1/2021 43873 Current Charges Water: Water: CITY WATER - NON-TAXABLE Consumption Water: CITY WATER - NON-TAXABLE Water: ACH CREDIT - AUTO PAY Water: EBILL CREDIT Water: WATER - STATE CONNECTION FEE Sewer: SEWER - COMMERCIAL Consumption Sewer: SEWER - COMMERCIAL Stormwater: STORMWATER / NON-RESIDENTIAL Total Current Charges: Bill Summary Previous Balance: Payments Received: Adjustments: Current Charges: * Total Amount Due by: 7/1/2021 * This was the amount due at the time of billing. 007256-008 MONTICELLO EDA (213-46301) 112 RIVER ST W 5/1/2021 to 5/31/2021 (31 days) 6/3/2021 7/1/2021 Current Reading Date Reading Cons 6/1/2021 43880 7 $0.00 $0.00 $7.81 ($1.25) ($0.50) $0.81 $0.00 $10.10 $21.00 $37.97 $37.97 $37.97 $0.00 $37.97 $37.97 To view your amount due at the current time and make a payment click here. I Auto payment is setup for this customer account, do not pay. M Vendor fi��hj- �&66,, — Date of Transaction CITY OF MONTICELLO Ghost Card Transaction Please attach the Invoice/ receipt and any other available documentation to this form. To be completed by purchaser: Amount $ UU Expense Code Lj(c Ljy ��9 0 . -*4 tS. a--) Circle purchaser name: Debbie Davidson Julie Cheney gree Monticello Chamber of Commerce and Industry 205 Pine Street PO Box 192 Monticello, MN 55362 (763) 295-2700 f fax: (763) 295-2705 info@monticellocci.com Monticello City of Accounts Payable 505 Walnut Street Suite #1 Monticello, MN 55362 Thank you for coming to our event. Description 2021 Chamber Lunch -5/18/2021 -Updates from Wright County Commissioner Darek Vetscl : Chamber Lunch (Jim Thares) Invoice Invoice Date: 6/11/2029 Invoice Number; 7160 Account ID: n SQL JiTh; 202 Terms Due Date Net 15 6/26/2021 Quantity Rate Amount 1 $1500 $15.00 Subtotal: $15.00 Tax: $0.00 Total: $15.00 PaymenVCredit Applied; $0,00 Balance: $15.00 Julie Cheney From: Jim Thares Sent: Monday, June 14, 2021 11:52 AM To: Julie Cheney Subject: RE: Invoice from Monticello Chamber of Commerce and Industry Hi Julie, yes, this is okay to pay, From: Julie Cheney <Julie.Cheney@ci.monticello.mn.us> Sent: Friday, June 11, 2021 10:16 AM To: Jim Thares <Jim.Thares@ci.monticello.mn.us> Subject: FW: Invoice from Monticello Chamber of Commerce and Industry Hi Jim Attached is Inv# 7160 from the Chamber for the May lunch. Okay to pay $15.00? Thanks Julie From: Marcy Anderson <marc monticeilocci.com> Sent: Friday, June 11, 20219:04 AM To: AP <AP ci.monticello.mn.us> Subject: Invoice from Monticello Chamber of Commerce and Industry Dear Jim Your invoice for the May 18, 2021 Chamber lunch is attached, Thank you for supporting the Chamber. Please remit payment at your earliest convenience. You will find a link at the bottom f th' ;I Thank you for your continued support. Sincerely, Monticello Chamber of Commerce and Industry (763)295-2700 To view/pay bills online, please click here o Is emal to pay bills online. This email was sent on behalf of Monticello Chamber of Commerce and Industry 205 Pine Street Monticello, MN 55362 To unsubscribe click here. if you have questions or comments concerning this email or services in general, please contact us by email at info monticellorci.cnm. Julie Cheney From: info@rnonticellocci.corn Sent: Wednesday, June 23, 2021 11:06 AM Subject: Online Payment Confirmation Your online payment request has been received by Monticello Chamber of Commerce and Industry. Payment Confirmation Name: Julie Cheney Company: Monticello City of Transaction Number: 63106SB6016 Last 4 of Acct Number: 8769 Amount: $15.00 Description Items) Total Quantity Amount Payment for Invoice 2021 Chamber Lunch -511812021-Updates from Wright County #7160 (Monticello City of) Commissioner Darek Vetsch: Chamber Lunch (Jim Thares) 1 $1500 $15 00(Class ) Grand Total: $1500 This Email was automatically generated. For questions or feedback, please contact us at: Monticello Chamber of Commerce and Industry 205 Pine Street PO Box 192 Monticello, MN 55362 (763) 295-2700 info@monticellocci.com http://www.monticeilocci.com Julie Cheney From: Auto -Receipt <noreply@mail.authorize.net> Sent: Wednesday, June 23, 2021 11:06 AM To: AP Subject: Transaction Receipt from Monticello Chamber of Commerce & Industry for $15.00 (USD) Description: Payment for Invoice 9#7160 (Monticello City of) : 2021 Chamber Lunch -5/18/2021 -Updates from Wright County Commissioner Darek Vetsch: Chamber Lunch (Jim Thares) $15.00(Class: J Invoice Number 7888686 Billing Information Julie Cheney Monticello City of 505 Walnut Street Suite 1 Monticello, MN 55362 us ap@ci.monticello.mn.us 763-271-3205 Date/Time: Transaction ID: Payment Method: Transaction Type: AuthCode: Shipping Information 23 -Jun -2021 9:06:27 PDT 63106586016 Visa xxxx8769 Purchase 038276 Monticello Chamber of Commerce & Industry Monticello, MN 55362 Us marcy@monticellocci.com 1 Total, $15.00 (USD) Monticello Chamber of Commerce and Industry 205 Pine Street PO Box 192 Monticello, MN 55362 (763) 295-2700 1 fax: (763) 295-2705 info@monticeilocci com Monticello Community Center Accounts Payable 505 Walnut Street Suite 4 Monticello, MN 55362 Thank you for coming to our event. Description 2021 Chamber Lunch -5/18/2021 -Updates from Wright County Commissioner Darek Vetsch: Chamber Lunch (Tricia Handorff) Invoice Invoice Date: 6/11/2021 Invoice Number: 7161 Account ID: Terms Due Date Net 15 6/26/2021 Quantity Rate Amount 1 $15.00 $15.00 Subtotal: $15.00 Tax: $0,00 Total: $15.00 Payment/Credit Applied: $0.00 Balance: $15.00 Julie Chen From: Tricia Handorff Sent: Monday, lune 14, 2021 7:02 AM To: Julie Cheney Subject: RE: Invoice from Monticelfo Chamber of Commerce and Industry Yes it is Thank you From: Julie Cheney <Julie.Cheney@ci.monticello.mn.us> Sent: Friday, June 11, 2021 10:12 AM To: Tricia Handorff <Tricia.Handorff@ci.monticello.mn.us> Subject: FW: Invoice from Monticello Chamber of Commerce and Industry Hi Tricia Attached is Inv# 7161 from the Chamber for the May lunch. Okay to pay $15.00? Thanks Julie From: Marcy Anderson <marc monticellocci.com> Sent: Friday, June 11, 20219:04 AM To: AP <AP2ci.mont1cello.mn us> Subject: Invoice from Monticello Chamber of Commerce and Industry Dear Tricia: Your invoice for the May 18, 2021 Chamber lunch is attached. Thank you for supporting the Chamber, Please remit payment at your earliest convenience. You will find a link at the bottom of this email to pay bills online. Thank you for your continued support. Sincerely, Monticello Chamber of Commerce and Industry (763) 295-2700 To view/pay bills online, please click here This email vias sent on Behalf of Monticello Chamber of Commerce and Industry 205 Pine Street Monticello, MN 55362.To unsubscribe click here If you have questions or comments concerning this email or services in general, please contact us by email at info c rnonticellmd cm Julie Cheney From: Auto -Receipt <noreply@mail.authorize.net> Sent: Wednesday, June 23, 2021 11:08 AM To: AP Subject: Transaction Receipt from Monticello Chamber of Commerce & Industry for $15.00 (USD) Description: Payment for invoice 47161 (Monticello Community Center) : 2021 Chamber Lunch - 5/18/2021 -Updates from Wright County Commissioner Darek Vetsch: Chamber Lunch (Tricia Handorff) $15.00(Class: ) Invoice Number 7888706 Billing Information Shipping Information Julie Cheney City of Monticello 50S Walnut Street Suite 1 Monticello, MN 55362 u5 ap@ci rronticello mn.us 7632713205 Date/Time: 23 -Jun -20219:08:20 PDT Transaction ID: 6310658972S Payment Method: Visa xxxx8769 Transaction Type: Purchase Auth Code: 088456 Monticello Chamber of Commerce & Industry Monticello, MN 55362 Us rnarcy@monticellocci.com 1 Total: $15.00 (USD) Julie Chene From: info@ Mont icel Iocci.com Sent: Wednesday, June 23, 2021 11:08 AM Subject: Online Payment Confirmation Your online payment request has been received by Monticello Chamber of Commerce and Industry. Payment Confirmation Name: Julie Cheney Company: City of Monticello Transaction Number: 63106589725 Last 4 of Acct Number: 8769 Amount: $15.00 Description P Item(s) Quantity Total Payment for Invoice #7161 2021 Chamber Lunch -5/18/2021-Updates from VVright Amount (Monticello Community County Commissioner Darek Vetsch: Chamber Lunch (Tricia Center) Handorff) $15.00(Class. } 1 $15.00 Grand Total: $15.00 This Email was automatically generated. For questions or feedback, please contact us at, - Monticello Chamber of Commerce and Industry 205 Pine Street PO Box 192 Monticello, MN 55362 (763) 295-2700 info@monticellocci.com http://www.monticellocci,com Accounts Payable Transactions by Account User: Debbie.Davidson Printed: 08/02/2021 - 1:55PM Batch: 00215.07.2021 Account Number Vendor Description GL Date 213-46301-438100 XCEL ENERGY 51-13295413-8 - 103 Pine St 07/31/2021 Vendor Subtotal for Dept:46301 Subtotal for Fund: 213 Report Total: Monticello Check No 0 Amount PO No 40.41 40.41 40.41 40.41 AP -Transactions by Account (08/02/2021 - 1:55 PM) Page 1 Xcel Energy RESPONSIBLE BY NATURE® QUESTIONS ABOUT YOUR BILL? See our website: xcelenergy.com Email us at: Customerservice@xcelenergy.com Please Call: 1-800-481-4700 Hearing Impaired: 1-800-895-4949 Fax: 1-800-311-0050 Or write us at: XCEL ENERGY PO BOX 8 EAU CLAIRE WI 54702-0008 NORTHERN STATES POWER COMPANY 111MI MAILING ADDRESS ACCOUNT NUMBER 1 CITY MONTICELLO ECONOMIC DEV AUTH 505 WALNUT ST STE 1 MONTICELLO MN 55362-8831 51-0013295413-8;$101.41 /06/2021 STATEMENT NUMBER STATEMENT DATE Amount Due (Cantidad a pagar) 735130846 06/08/2021 Your bill is paid through a In automated bank ACCOUNT BALANCE (Balance de su cuenta) Previous Balance As of 05/04 $106.61 Payment Received Auto Pay 06/07 -$106.61 CR Balance Forward $0.00 Current Charges $101.41 Amount Due (Cantidad a pagar) $101.41 PREMISES SUMMARY PREMISES NUMBER PREMISES IDENTIFIER PREMISES DESCRIPTOR CURRENT BILL 302923602 103 PINE ST EDA $40.41 303409149 112 W RIVER ST Pw Split $61.00 Total INFORMATION ABOUT YOUR BILL This month the Resource Adjustment has increased due to changes in the Renewable Energy Standard (RES) Rider, which recovers our investments and expenses to add renewable energy systems to our generation resources. The RES Rider portion of the Resource Adjustment is 5.091% of the basic service charge, energy charge, and demand charge on your bill. Thankyouforyourpayment. RETURN BOTTOM PORTION WITH YOUR PAYMENT • PLEASE DO NOT USE STAPLES, TAPE OR PAPER CLIPS M m 0 $101.41 f . Xcel Energy® ACCOUNT NUMBER DUE DATE �r r r r r 51-0013295413-8 07/06/2021 $101.41 Automated Bank Payment Your bill is paid through a In automated bank payment plan. 1 2 3 4 5 n 7 8 9 10 11 12 13 14 15 16 17 ------ manifest line --------- 18 19 20 21 22 23 24 I"I�III"'I''�I'IIIIIII�II�I'II��III�I��II�III�I�I'I�IIII'I��' 25 26 27 28 29 30 31 CITY MONTICELLO ECONOMIC DEV AUTH 505 WALNUT ST STE 1 MONTICELLO MN 55362-8831 I..I�III"�'I'�'�I'IIIIIII�II�I'II�'lll�l"II�III'I�I'I�IIII'I��' XCEL ENERGY P.O. BOX 9477 MPLS MN 55484-9477 32 51070621 00132954138 0000001014100000010141 Xcel Energy Page 2 of 6 MAILING ADDRESS ACCOUNT NUMBER CITY MONTICELLO ECONOMIC DEV AUTH 505 WALNUT ST STE 1 MONTICELLO MN 55362-8831 51-0013295413-8 =/06/2021: STATEMENT NUMBER STATEMENT DATE Billable Demand 735130846 06/08/2021 $101.41 SERVICE ADDRESS: 103 PINE ST MONTICELLO, MN 55362-8564 NEXT READ DATE: 07/07/21 ELECTRICITY SERVICE DETAILS PREMISES NUMBER: 302923602 INVOICE NUMBER: 0905578127 METER READING METER 3632365 - Multiplier x 40 Read Dates: 05/04/21 - 06/03/21 (30 Days) DESCRIPTION CURRENT READING MEASURED BILLED PREVIOUS READING USAGE USAGE Total Energy 21410 Actual 21407 Actual 3 120 kWh Demand Actual 0.4 kW Billable Demand 0 kW ELECTRICITY CHARGES RATE: Sm Gen Svc (Metered) DESCRIPTION USAGE UNITS RATE CHARGE Basic Service Chg $10.00 Energy Charge Summer 12 kWh $0.092560 $1.11 Energy Charge Winter 108 kWh $0.077570 $8.38 Fuel Cost Charge 120 kWh $0.033167 $3.98 Sales True Up 120 kWh $0.008510 $1.02 Affordability Chrg $1.27 Resource Adjustment $0.84 Subtotal $26.60 City Fees $5.50 Total $32.10 OTHER RECURRING CHARGES DETAILS INVOICE NUMBER: 905578109 ADDRESS: 103 PINE ST MONTICELLO, MN 55362-8564 UNIT DESCRIPTION USAGE UNITS CHARGE QTY CHARGE Install Number 157123 05/04/21 to 06/02/21 100 WATT HIPS AREA CO OWN SAVINGS TO BLOW YOU AWAY Rebates now available for fan systems that are Fan Energy Index or FEI rated. Rebates range from $120 to $9,100 depending an horsepower and if the system is integrated with 8 VFD, and can off -set first costs of your energy improvement project. Contact your account manager or one of our energy advisors at 855-839-8862 or visit xcelenergy com/Susiness, a Xcel Energy OTHER RECURRING CHARGES DETAILS Page 3 of 6 MAILING ADDRESS ACCOUNT NUMBER Temperature CITY MONTICELLO ECONOMIC DEV AUTH 505 WALNUT ST STE 1 MONTICELLO MN 55362-8831 51-0013295413-8 /06/2021 ;$101.41 STATEMENT NUMBER STATEMENT DATE 735130846 06/08/2021 INVOICE NUMBER: 905578109 ADDRESS: 103 PINE ST MONTICELLO, MN 55362-8564 UNIT DESCRIPTION USAGE UNITS CHARGE QTY CHARGE Auto Protective Lgt 30 kWh $7.41 1 $7.41 Fuel Cost Charge $0.77 Resource Adjustment $0.13 Total $8.31 Premises Total $40.41 DAILY AVERAGES Last Year Temperature 58° F Electricity kWh 5.3 Electricity Cost $1.29 INFORMATION ABOUT YOUR BILL For an average non -demand customer, 68% of your bill refers to power plant costs, 15% to high voltage line costs, and 17% to the cost of local wires connected to your business. For an average demand -billed customer, 78% of your total bill refers to power plant costs, 14% to high voltage lines, and 8% to the cost of local wires connected to your business. ENERGY AT AN AFFORDABLE COST. Investing in clean energy is important. Providing it all at an affordable cost is even better. That's why we're working to provide you safe, reliable energy at an affordable cost, Xcel Energy DAILY AVERAGES Last Year Temperature 58° F Electricity kWh 13.5 i Electricity Cost $4.88 Page 4 of 6 MAILING ADDRESS ACCOUNT NUMBER CITY MONTICELLO ECONOMIC DEV AUTH 505 WALNUT ST STE 1 MONTICELLO MN 55362-8831 51-0013295413-8 STATEMENT NUMBER STATEMENT DATE 735130846 06/08/2021 =/06/2021: Demand $101.41 SERVICE ADDRESS: 112 W RIVER ST MONTICELLO, MN 55362-8766 NEXT READ DATE: 07/07/21 ELECTRICITY SERVICE DETAILS PREMISES NUMBER: 303409149 INVOICE NUMBER: 0905581291 METER READING METER 15062258 Read Dates: 05/04/21 - 06/03/21 (30 Days) DESCRIPTION CURRENT READING PREVIOUS READING USAGE Total Energy 69260 Actual 69250 Actual 10 kWh Demand Actual 1.08 kW Billable Demand 0 kW ELECTRICITY CHARGES RATE: General Service DESCRIPTION USAGE UNITS RATE CHARGE Basic Service Chg $25.64 Energy Charge 10 kWh $0.034070 $0.34 Fuel Cost Charge 10 kWh $0.033000 $0.33 Sales True Up 10 kWh $0.008780 $0.09 Energy Chg Crd 10 kWh -$0.015180 -$0.15 CR Demand Charge Summer 0 kW $14.790000 $0.00 Demand Charge Winter 0 kW $10.490000 $0.00 Affordability Chrg $3.60 Resource Adjustment $0.15 Subtotal $30.00 City Fees $31.00 Total $61.00 Premises Total $61.00 INFORMATION ABOUT YOUR BILL For an average non -demand customer, 68% of your bill refers to power plant costs, 15% to high voltage line costs, and 17% to the cost of local wires connected to your business. For an average demand -billed customer, 78% of your total bill refers to power plant costs, 14% to high voltage lines, and 8% to the cost of local wires connected to your business. ENERGY AT AN AFFORDABLE COST. Investing in clean energy is important. Providing it all at an affordable cost is even batter. That's why we're working to provide you safe, reliable energy at an affordable cost, Iu 0 XcelEnergy SAVE ON HIGH -EFFICIENCY COOLING UPGRADES 1 V your business is using an alder cooling system, it could be inefficient and expensive to maintain, When you're ready to make energy efficiency improvements, consider a high - efficiency cooling upgrade, Whether you'd like to replace a chiller, rooftop unit, or packaged terminal 81r -conditioner, you cin earn cash back with our rebates to lower your up -front costs. Contact our energy advisors at 855-839-8862 or visit xcelone rgy_com1HVACR to learn more xceknergy,pcm 19 2021 Xcel Energy Iric, I A91 Energy it a r%*Wed trademark of Xc*l Ener9Y Irk 10621ON06 EDA Agenda— 08/11/21 4c. Consideration of approving funding for 2021 Manufacturer's Appreciation Breakfast Event in the amount of $1,050 (JT) A. REFERENCE AND BACKGROUND: The Manufacturers' Appreciation Breakfast, formerly Industry of the Year, is a business retention effort sponsored by the Industrial and Economic Development Committee (IEDC) and the EDA. The event is an opportunity to focus on and celebrate the contributions of the Monticello manufacturing and industrial community. It is held each year in conjunction with Minnesota Manufacturer's Week (typically the first week in October). Attendance has historically been in the range of 65 to 90 people. The event typically starts at 7:00 a.m. and ends at 8:15 a.m. Event planning and preparation kicked off at the August 3rd IEDC meeting and will continue through September. While staff is still evaluating the best date, it has been narrowed down to either October 7 or October 14. The event elements consist of the following. • 7:00 a.m. Networking and Breakfast Served • 7:20 a.m. Introduction, Sponsors Thank You • 7:25 a.m. Recognition Statement honoring Manufacturers • 7:30 a.m. Speaker Introduction — IEDC Chair • 7:35 a.m. Guest Speaker Presentation • 8:00 a.m. Questions for Speaker • 8:15 a.m. Conclude Event In the past, the EDA has funded a portion of the costs associated with the event, with city staff completing the planning and organizing. Staff also secured commitments for event sponsorships in prior years in the amount of $650 to help defray the costs. Expenses for the event include the complimentary breakfast and table decor and preparation, estimated at $1,700 +/-. Invitations and promotions for the event are completed in house at minimal cost. Supporting the IEDC in its lead role of Business Retention & Expansion, of which Manufacturers' Week events is a small part, is identified in the EDA's adopted 2021 Work Plan. The EDA is asked to consider funding $1,050 for the event. Al. Budget Impact: The estimated expenses for the event are about $1,700. The EDA has sufficient funds in its Marketing line item to cover $1,050 of the estimated costs. The balance of event expense funding is anticipated to be covered by sponsorships. A2. Staff Workload Impact: Staff coordination is estimated at 14 to 18 hours. B. ALTERNATIVE ACTIONS: Motion to approve $1,050 in funding for the 2021 Manufacturers' Appreciation event. 2. Motion to table consideration of funding for Manufacturers' Appreciation event for further research and/or discussion. C. STAFF RECOMMENDATION: City staff recommends Alternative #1. This event is Monticello's opportunity to thank its existing manufacturers and industries and support business retention and expansion activities. The EDA's funding support is vital to holding a successful event. D. SUPPORTING DATA: A. 2021 EDA Workplan 2 "K ciTv of � Monticello MONTICELLO ECONOMIC DEVELOPMENT AUTHORITY 2021 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 2040 + Comprehensive Plan. The EDA will be proactive by developing and undertaking actions for achievement of the Comprehensive Plan's Economic Development goals and will be reactive in responding to economic development opportunities as they arise in the most timely and effective manner possible. The EDA shall utilize the Economic Development Implementation Chart as a guiding document creating its 2021 Work Plan. Comprehensive Plan Goals: 1. Business Attraction and Retention 2. Tax Base Expansion 3. Downtown Vitality 4. Redevelopment and Reinvestment 5. Life Cycle Housing 6. Workforce Development 7. Promotion and Partnerships 8. Opportunity Focus Areas 11 Page GOAL #1: BUSINESS ATTRACTION AND RETENTION Policy 1.1. Business and Employment Retention Strategies: 1. Maintain a strong Business Retention and Expansion (BR&E) program to monitor opportunities for continued growth and expansion of businesses as well as the continued relationship development between the City and existing businesses. 2. Identify and support companies that are expanding and adding employees. 3. Identify and promote programs that assist existing companies in expansion and creation of new positions. 4. Assist and support companies in accessing business assistance programs including financing and educational programs. 5. Bring Businesses and Educations Organizations together to create training programs to foster new live wage opportunities. Policy 1.2: Local Business Support Strategies: 1. Facilitate relationships with existing businesses on the expansion, redevelopment and improvement of their buildings and facilities. 2. Consider facade rehabilitation programs, small business loans, grants and other tools to encourage property reinvestment and support local businesses. 3. Foster partnerships and maintain networking relationships with the goal of maintain communication in support of existing businesses. GOAL #2: TAX BASE EXPANSION Policy 2.1: Diversify economic sectors to broaden the base of available living wage employment in the community. Strategies 1. Capitalize on the proximity to the I-94 regional transportation facilities, available land and educated and skilled workforce to create opportunities for job growth. 2. Inventory existing industry clusters by attracting similar and complementary businesses. 3. Work with existing business clusters to expand the attraction of supply chain companies. 4. Recognize changing land use patterns for industrial parks, and other or alternative uses such as co -working spaces. Policy 2.2: Maintain a business development and job creation toolbox to assist existing and future businesses. Strategies: 1. Continue discussion on use of tax reimbursement/abatement, including development of criteria/application. 2 1 P a g e 2. Identify and communicate new or innovative state and federal programs or grants which could be leveraged to support business development. 3. Proactively support small business start-up efforts through programs, collaborative efforts and various tools available for small businesses. Policy 2.3. Work collaboratively with partners to foster the attraction of new businesses. Strategies: 1. Continue to support the IEDC interactions with in the Wright County Workforce Pathways efforts in addressing workforce needs and training. 2. Consider IEDC recommendations and be prepared to be a partner in potential solutions based on WCWFP findings. GOAL # 3: DOWNTOWN VITALITY Policy 3.1: Implement the recommendations of the Downtown Small Area Plan. Strategies: 1. Support and advocate for improvements to the downtown as envisioned in the Small Area Plan and Walnut Street Corridor Plan. 2. Develop and support the appropriate policies, programs, and incentives that enable the type of development described in the Plan. 3. Continue to build a funding base for use in property acquisition and redevelopment efforts in targeted areas. 4. Implement a facade improvement program for desired revitalization areas. 5. Continue to meet with downtown property owners either in an informal group setting (Downtown Rounds) or individually to understand their concerns with traffic, parking, land use and possible reinvestment in their property as well as willingness to sell, partner, desired price, etc. 6. Encourage continued incorporation of arts as an economic development tool for Downtown Monticello and the community at -large. 7. Support opportunities for park and pathway development as consistent with the Downtown Small Area Plan. 8. Encourage the redesign of the pathway connection under the MN-TH #25 bridge to incorporate safety elements and improved lighting. 9. Ensure that greenway and pedestrian/cycle connections are considered within the downtown and from the downtown to other areas within the community. 10. Support park improvements in the downtown area. 3 1 P a g e GOAL #4: REDEVELOPMENT & REINVESTMENT Policy 4.1: Redevelopment: Continue to support redevelopment efforts for publicly - owned properties in Block 52, Block 34 and other EDA owned sites. Strategies: 1. Continue to focus on site control for a potential future targeted redevelopment in Block 52 as envisioned in the Downtown Small Area Study Plan. 2. Proactively market Block 52 as a unique regional site and development opportunity; reach out to developers to gauge interest, potential suitability and capacity to collaborate on a redevelopment plan. 3. Advocate for reconnecting Walnut Street to River Street in support of redevelopment. 4. Remain open to and analyze strategic opportunities for redevelopment throughout the community. 5. Proactively market Block 34, the Cedar/Broadway site, 4th Street site, West River Street parcel and the West 7th Street land tract to the commercial and residential development community. GOAL #5: LIFE -CYCLE HOUSING Policy 5.1: Actively promote and seek opportunities for the development of a wide variety of housing types, styles and price points as a mechanism to support and attract employment. Strategies: 1. Develop revised policy statements for housing which address the identified 2020 Housing Study needs. 2. Continue to market workforce housing development on EDA owned land along East 4t' Street and Outlot A of Country Club Manor, or at other suitable sites in the City, including the Downtown. 3. Support efforts by private and non-profit entities to develop affordable housing projects utilizing state and federal programs. 4. Examine the use and application of available housing TIF dollars per the 2016 TIF Management Plan and the adopted Policy Statements for Available TIF Funds. 5. Continue to periodically examine housing stock for aging or blighted properties and research development of programs for redevelopment and/or revitalization of existing housing. 6. Market the availability of incentives/subsidies available for development of housing. GOAL #6: WORKFORCE DEVELOPMENT Policy 6.1. Diversified and Skilled Workforce Strategies: 1. Continue to support interactions with local organizations to address workforce needs and training. 4 1 P a g e 2. Partner with Wright County Workforce Pathways (WCWFP) on solutions for workforce needs and training. 3. Promote Central Minnesota Jobs and Training Services as an option to Community College or university for students seeking alternative careers in the trades, manufacturing, and similar sectors and create a plan to market financial tools which support living wage employment as a primary focus. GOAL #7: PROMOTION & PARTNERSHIPS Policy 7.1: Create and maintain a comprehensive Marketing & Communication Strategy for priority sectors and locations. Strategies: 1. Identify community partners that can be regularly engaged and advised on economic development activities and events. 2. Support the development of strategic marketing plan, including creation of an overall economic development brand, for various focus audiences and sectors of development; residential, commercial and industrial and redevelopment. 3. Incorporate the marketing of EDA incentive programs in a more proactive manner, both within the community and beyond, a. Present existing and new incentive programs to smaller community groups, local banks, realtors, and local businesses either on in an informal group session or a formal roundtable format. b. Develop and communicate a "complete" development package program which provides support and assistance to prospects and developers from inquiry to construction. 4. Market industrial development at the Monticello Business Center (Otter Creek Business Park) to a broad variety of prospects as guided by the Comprehensive Plan. a. Focus on prospects which serve or rely on the St. Cloud and Twin Cities markets. b. Focus on supply chain prospects. 5. In collaboration with the IEDC, communicate with current business and industry in support of Business Retention & Expansion. a. Engage in informal business and industry small group meetings and explore potential format of helpful formal round tables meetings. b. Work with the Monticello Times to do a business spotlight or profile article two times per year. c. Leverage the networks of existing commercial and industrial entities currently doing business in and around Monticello. Policy 7.2: Engage as a partner in local and regional planning and development opportunities. Strategies: 1. Monitor the regional planning efforts of the Central Mississippi River Regional Planning Partnership (CMRRPP) and engage with feedback as requested. 5 1 P a g e 2. 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. 3. Monitor commuter rail development in and around the Twin Cities metro region for potential benefits and opportunities to serve Monticello. GOAL #8. OPPORTUNITY FOCUS AREAS Policy 8.1: Opportunity Focus Areas 1. Maintain open lines of communication with property and business owners to understand their long-term development objectives. 2. Consider strategies, loans, grants and other financing methods to boost reinvestment and improvements. 3. Encourage public infrastructure investment in these areas in an effort to support private investment. Policy 8.2: Support community quality -of -life initiatives which act as economic development tools. Strategies: 1. Encourage and support coordinated planning and development of parks, trails in or near business districts. 2. Support the development Bertram Chain of Lakes Regional Park, including community Connections. 3.lncrease the visibility of the interconnection of all amenities including parks and trails with economic hubs of the City. Appendix: Monticello 2040 Vision + Plan, Economic Development and Implementation 6 1 P a g e EDA: 08/11/21 5. Consideration of Resolution #2021-10 Authorizing a GMEF Loan Agreement between the EDA and Rustech Brewing in the amount of $62,555 (JT) A. REFERENCE AND BACKGROUND: The EDA is asked to consider Resolution #2021-10 authorizing a GMEF Loan Agreement between the EDA and Rustech Brewing in the amount of $62,555. Rustech is seeking gap funding to pursue an expansion of its microbrewery located at 105 West 3rd Street, Monticello, MN. The GMEF funding is proposed to be used to purchase new brewing and canning equipment. As part of the expansion, the owners, Bill and Penny Burt, are also committing to the proposal by purchasing the building on a Contract for Deed. Rustech Brewing opened for business at its current location in a 2,000 square foot rented space in late May 2018. The EDA supported Rustech's start-up by providing a $75,000 GMEF loan for equipment purchases. Summary elements of the startup financing included the following: • Primary lender = Bank Vista, Sartell, MN. • Cash Equity = Bill and Penny Burt • GMEF Loan = $75,000 (remaining loan balance is $67,308.89) • GMEF Loan Term = 20 -year amortization with balloon at 1201h pmt. • GMEF Loan Status = Current; 35 installment payments; no late charges • GMEF Loan Security = First lien (UCC filing) on equipment including the Brew House System and fermenting tanks. • Job Creation Requirements = 4 new FTE jobs Rustech adapted to get through the major impacts of the pandemic in 2020 and early 2021. Now they are executing on their long-term business plan by focusing on capacity expansion and revenue growth. The key component in the capacity expansion is the opportunity to purchase their space and the adjacent suite via Contract for Deed which will allow them to expand the Brewery to a total of 4,000 square feet. Hammer's Hair Lounge, the adjacent tenant, is moving to a new space on Broadway in early fall 2021. A plan layout illustrating the expansion proposal is attached to this report. The brewing production area of the facility will expand along with the customer seating space. A new walk-in cooler, game area, music stage and an additional bathroom will also be added. Rustech is currently profitable and managed to attain a stable financial performance in the face of a challenging past 20 months. They added a patio area to accommodate patrons when restrictions on indoor capacity went effect in early 2020. In purchasing the building rather than continuing to lease, their occupancy expenses will decrease by $17,200 (includes new property tax obligation). This savings is a direct benefit to the EDA: 08/11/21 bottom line. Rustech's pro -forma financial statements show a gradual increase in revenue as they utilize the additional seating space and production apacity. Revenue from canning will be a major driver of income in the next several years as well. After expenses, it appears that Rustech will show a year over year increase in cash position of 51 percent +/-. The debt coverage ratio falls in a range of 2.05 to 2.25 in the next two years, showing operating income sufficient to cover debt obligations by twice the required amount. Job creation is a required component of the EDA's Business Subsidy policy when providing financial assistance to companies seeking gap funding. Rustech indicates that it will create four additional FTE jobs over the next two years. They are currently just below the 4 FTE positions that they agreed to create as part of the initial GMEF funding. With the additional employees, Rustech plans to have a total of 8 FTE staff by late 2023. The terms of the proposed GMEF Loan #2 are as follows: ✓ Amount = $62,555 ✓ Term = 20 -year Amortization with 10 -year balloon (120th installment pmt.) ✓ Interest Rate = 3.25 percent ✓ Security = First UCC filing on all new equipment (see equipment list) ✓ Personal Guarantee = Yes, Bill and Penny Burt ✓ 4 new FTE jobs ✓ Loan Disbursement Date = mid-September 2021 ✓ Loan Payment Commencement Date = November 1, 2021 - Principal and Interest Pmts While this proposed assistance is referred to as GMEF Loan #2, if the EDA approves it, staff is recommending that a modification of the existing GMEF Loan (#1) be presented to the EDA in September wherein both of the GMEF loan terms are synced. Essentially, this would mean extending the term of the existing loan by 38 months. This will benefit Rustech by avoiding a large balloon payment in approximately 6 years (9-1-2027) and allow the installment payments to be consolidated. While the new combined loan balloon payment will be sizeable, it will not be due until 10-01-2031. Rustech has paid the required loan application fee and will be charged an origination fee in the amount of $938. The GMEF Loan Account currently has a balance of approximately $1,061,000. Al. STAFF IMPACT: Staff involved in processing Rustech's GMEF Loan application include the Economic Development Manager, Community Development Director and the EDA attorney. A basic credit review analysis using the Rustech submittal packet was completed by City staff in this process. An estimate of staff time is approximately 23 +/- hours. EDA: 08/11/21 A2. BUDGET IMPACT: The budgetary impact related to consideration of the EDA-GMEF loan request is to the loan fund itself. The fund currently has approximately $1,061,000 available to lend out. Rustech's request is for $62,555 or approximately 5.9 percent of the available dollars in the GMEF Loan program account. There will be a small charge by the EDA attorney for reviewing the loan request. The Loan Origination fee is intended to cover the legal costs incurred by the EDA. Rustech will be required to pay the legal fees if the origination fee is not sufficient to cover the EDA attorney costs. B. ALTERNATIVE ACTIONS: 1. Motion to approve Resolution #2021-10 authorizing a GMEF Loan Agreement between the EDA and Rustech Brewing Company, LLC in the amount of $62,555.22. 2. Motion to table consideration of Resolution #2021-10 authorizing a GMEF Loan Agreement between the EDA and Rustech Brewing Company, LLC in the amount of $62,555 for further research and/or discussion. C. STAFF RECOMMENDATION: Staff recommends Alternative #1. Providing additional gap financing will allow Rustech to expand and increase its production and seating capacity. Rustech's financial submittals indicate it has a stable financial position and the ability to service its debt obligations. It is current on its existing GMEF loan which has a remaining balance of $67,308.89. The community's economic benefits derived from the proposal include new job creation and increased stature and vitality for a downtown business. The GMEF loan program is a tool that can help fill the identified funding gap in the proposal. SUPPORTING DATA: A. Resolution #2021-10 B. GMEF Loan Agreement Documents C. GMEF Loan Application with Plan Building layout D. Proposed Collateral — Equipment List (UCC Filing) E. Aerial Photo of Site —105 West 3rd Street EDA RESOLUTION NO. 2021-10 RESOLUTION APPROVING A GMEF LOAN AGREEMENT BETWEEN THE CITY OF MONTICELLO ECONOMIC DEVELOPMENT AUTHORITY AND RUSTECH BREWING COMPANY LLC BE IT RESOLVED BY the Board of Commissioners ('Board") of the City of Monticello Economic Development Authority (the "Authority") as follows: Section 1. Recitals. 1.01. The Authority has previously entered into a Greater Monticello Enterprise Fund ("GMEF") loan agreement dated July 12, 2017, with Rustech Brewing Company LLC (the "Borrower") for a loan in the principal amount of $75,000 (the "Original Loan") to pay a portion of the costs of certain equipment necessary for the operation of a microbrewery and tap room (the "Facility") located in the City of Monticello, Minnesota (the "City") and the Borrower is current on its payments of the Original Loan. 1.02. The Borrower now intends to expand the Facility to allow for additional brewing production and additional seating and entertainment areas for customers, and has requested an additional GMEF loan in the amount of $62,555 (the "Loan") to finance a portion of the equipment necessary for this purpose (the "Equipment"). 1.03. The Authority and the Borrow desire to enter into a loan agreement (the "Loan Agreement"), pursuant to which the Authority will make the Loan to the Borrower, evidenced by a promissory note (the "Note"), a personal guaranty of William F. Burt and Penny Burt (the "Guaranty"), and a Security Agreement (the "Security Agreement"), to be executed and delivered to the Authority by the Borrower. 1.04. The terms of the Loan Agreement and Note shall conform to the Amended GMEF Guidelines approved by the Authority on July 24, 2017, including wages at a level equal to at least 160% of the federal minimum wage, a term of the loan of ten years, and a fixed interest rate of 3.25%. Section 2. Loan Agreement and Note Authorized. 2.01. The Authority hereby approves the Loan Agreement, the Note, the Security Agreement, and the Guaranty in the form presented to the Board, and authorizes execution of the Loan Agreement and all documents prepared in connection therewith, subject to modifications that do not alter the substance of the transaction and that are approved by the President and Executive Director, provided that execution of the Agreement by such officials shall be conclusive evidence of approval. Approved this 11th day of August, 2021, by the Board of Commissioners of the City of Monticello Economic Development Authority. 1 MN325\47\738868.v2 President ATTEST: Executive Director MN325\47\738868.v2 LOAN AGREEMENT This Loan Agreement ("Agreement") is made this _ day of August, 2021, between Rustech Brewing Company LLC, a Minnesota limited liability company ('Borrower") and the City of Monticello Economic Development Authority ("Lender"), a public body corporate and politic and political subdivision of the State of Minnesota. RECITALS A. The Lender has previously entered into a loan agreement dated July 12, 2017, with the Borrower for a loan in the principal amount of $75,000 (the "Original Loan") to pay a portion of the costs of certain equipment necessary for the operation of a microbrewery and tap room (the "Facility") located in the City of Monticello, Minnesota (the "City"). B. The Borrower is current on its payments of the Original Loan. C. The Borrower now intends to expand the Facility to allow for additional brewing production and additional seating and entertainment areas for customers, and has requested an additional loan (the "Loan") to finance a portion of the equipment necessary for this purpose (the "Equipment"). D. In consideration for the Loan contemplated by this Agreement, Borrower is executing and delivering to Lender this Agreement. ACCORDINGLY, to induce Lender to make the Loan to Borrower, and for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 1. The Loan Amount. Subject to and upon the terms and conditions of this Agreement, Lender agrees to loan to Borrower the sum of Sixty -Two Thousand Five Hundred and Fifty -Five and no/100ths Dollars ($62,555), or so much thereof as is disbursed to Borrower in accordance with this Agreement, for the purpose of financing a portion of the cost of the Equipment. The Loan shall be evidenced by a promissory note ("Note") payable by Borrower to Lender and substantially in the form of Exhibit B attached to this Agreement, which shall be dated as of the date of closing on the Loan (the "Loan Closing Date"). Proceeds of the Loan shall be disbursed in accordance with Section 3 hereof. 2. Repayment of Loan. The Loan shall be repaid with interest as follows: (a) Simple interest at the rate of three and one-quarter percent (3.25%) per annum shall accrue from the date of each disbursement pursuant to each draw request, as described in Section 3 hereof, until the Loan is repaid in full. Accrued interest until the Initial Payment Date (as hereinafter defined) shall be added to principal. (b) Payments of principal and interest on amounts disbursed under the Note MN325\47\738330.v3 I shall commence on November 1, 2021 (the "Initial Payment Date") and continue on the first day of each and every month thereafter until paid in full. Such payments shall fully amortize the principal and interest over twenty (20) years, provided that the final unpaid balance of principal and interest shall be due and payable on the first day of the one hundred twentieth (120'') month following the Loan Closing Date. 3. Disbursement of Loan Proceeds. (a) The Loan proceeds shall be paid to Borrower in accordance with the terms and conditions of this Agreement. Notwithstanding anything to the contrary herein, if the cost of the Equipment exceeds the amount to be reimbursed under this Agreement, such excess shall be the sole responsibility of the Borrower. (b) All disbursements of proceeds of the Loan will be made subject to the conditions precedent that prior to the date of such disbursement: (i) The Lender has received from Borrower, without expense to Lender, executed copies of this Agreement and the Note, and Borrower further having caused to be executed and delivered to Lender a security agreement in substantially the form set forth hereto at Exhibit C (the "Security Agreement") and a personal guaranty of William Francis Burt and Penny Layne Burt in substantially the form set forth hereto at Exhibit D (the "Guaranty"); (ii) The Lender has received a written statement from the Borrower's authorized representative certifying with respect to each payment: (a) that none of the items for which the payment is proposed to be made has formed the basis for any payment previously made under this Section (or before the date of this Agreement); and (b) that each item for which the payment is proposed is included in the Equipment; (iii) Borrower has provided evidence satisfactory to Lender that Borrower has established a separate accounting system for the exclusive purpose of recording the receipt and expenditure of the Loan proceeds; (iv) Borrower has paid $938 to Lender as a loan origination fee; (v) Borrower has paid to Lender the full amount of the legal fees incurred by Lender in the negotiation and preparation of this Agreement and any other agreement or instrument securing the Loan; and (vi) No Event of Default shall have occurred and be continuing. (c) Whenever the Borrower desires a disbursement to be made hereunder, which shall be no more often than weekly, the Borrower shall submit to the Lender a draw request in the form attached as Exhibit E duly executed on behalf of the Borrower, accompanied by paid invoices or other comparable evidence that the cost has been incurred and paid or is MN325\47\738330.v3 2 payable by Borrower. Each draw request shall constitute a representation and warranty by the Borrower that all representations and warranties set forth in this Agreement are true and correct as of the date of such draw request. (d) If the Borrower has performed all of its agreements and complied with all requirements to be performed or complied with hereunder, including satisfaction of all applicable conditions precedent contained in this Section, the Lender shall make a disbursement to the Borrower in the amount of the requested disbursement or such lesser amount as shall be approved, within twenty days after the date of the Lender's receipt of the draw request. 4. No Business Subsidy. (a) No Subsidy. The parties agree and understand that the purpose of the Lender's financial assistance to the Borrower is to provide a business loan of less than $150,000 and is not a "business subsidy" within the meaning of Minnesota Statutes, Sections 116J.993 to 116J.995. However, because the Loan is in an amount of $62,555, and the Borrower has previously received a loan of $75,000 from the Lender, the Loan must comply with the Lender's current business subsidy policy, and the parties therefore agree to the following terms in conformity with said policy. (b) Job Goals. The parties agree and understand that the Loan is being made, in part, for the purpose of facilitating the creation of jobs in the City. Accordingly, the Borrower agrees that within one year after the date of this Agreement, Borrower will create at least two full-time equivalent jobs in the City in connection with the operation of the Facility, and that within two years after the date of this Agreement, Borrower will create at least two additional full-time equivalent jobs in connection with the operation of the Facility, and will pay wages of at least $11.72 per hour in connection with each job created. (c) Reports. The Borrower must submit to the Lender a written report regarding job and wage results by no later than February 1 of each year, commencing February 1, 2022 and continuing until the date the goals stated in Section 4(b) are met. The Lender will provide information to the Borrower regarding the required forms. If the Borrower fails to timely file any report required under this Section, the Lender will mail the Borrower a warning within one week after the required filing date. If, after 14 days of the postmarked date of the warning, the Borrower fails to provide a report, the Borrower must pay to the Lender a penalty of $100 for each subsequent day until the report is filed. The maximum aggregate penalty payable under this Section is $1,000. (d) Default. Failure to create the jobs provided in Section 4(b) at the wages specified in such section is an Event of Default. Representations and Warranties. Borrower represents and warrants to Lender that: (a) Borrower is duly authorized and empowered to execute, deliver, and perform this Agreement and to borrow money from Lender. MN325\47\738330.v3 (b) The execution and delivery of this Agreement, and the performance by Borrower of its obligations hereunder, do not and will not violate or conflict with any provision of law and do not and will not violate or conflict with, or cause any default or event of default to occur under, any agreement binding upon Borrower. (c) The execution and delivery of this Agreement has been duly approved by all necessary action of Borrower, and this Agreement has in fact been duly executed and delivered by Borrower and constitutes its lawful and binding obligation, legally enforceable against it. (d) Borrower warrants that it shall keep and maintain books, records, and other documents relating directly to the receipt and disbursements of Loan proceeds and that any duly authorized representative of Lender shall, at all reasonable times, have access to and the right to inspect, copy, audit, and examine all such books, records, and other documents of Borrower pertaining to the Loan until the completion of all closeout procedures and the final settlement and conclusion of all issues arising out of this Loan. (e) Borrower warrants that it has fully complied with all applicable state and federal laws pertaining to its business and will continue to comply throughout the terms of this Agreement. If at any time Borrower receives notice of noncompliance from any governmental entity, Borrower agrees to take any necessary action to comply with the state or federal law in question. (f) Borrower warrants that it will use the proceeds of the Loan made by Lender solely for the Equipment. (g) Borrower warrants that it will not create, permit to be created, or allow to exist any liens, charges, or encumbrances prior to the obligation created by this Loan Agreement, except as otherwise authorized in writing by Lender. 6. Event of Default by Borrower. The following shall be Events of Default under this Agreement: (a) failure to pay any principal or interest on the Loan when due; (b) any representation or warranty made by Borrower herein or in any document, instrument, or certificate given in connection with this Agreement, the Note, the Security Agreement, or the Guaranty is false when made; (c) Borrower fails to pay its debts as they become due, makes an assignment for the benefit of its creditors, admits in writing its inability to pay its debts as they become due, files a petition under any chapter of the Federal Bankruptcy Code or any similar law, state or federal, now or hereafter existing, becomes "insolvent" as that term is generally defined under the Federal Bankruptcy Code, files an answer admitting insolvency or inability to pay its debts as they become due in any involuntary bankruptcy case commenced against it, or fails to obtain a dismissal of such case within thirty (30) days after its commencement or MN325\47\738330.v3 4 convert the case from one chapter of the Federal Bankruptcy Code to another chapter, or be the subject of an order for relief in such bankruptcy case, or be adjudged a bankrupt or insolvent, or has a custodian, trustee, or receiver appointed for, or has any court take jurisdiction of its property, or any part thereof, in any proceeding for the purpose of reorganization, arrangement, dissolution, or liquidation, and such custodian, trustee, or receiver is not discharged, or such jurisdiction is not relinquished, vacated, or stayed within thirty (30) days of the appointment; (d) a garnishment summons or writ of attachment is issued against or served upon Lender for the attachment of any property of Borrower in Lender's possession or any indebtedness owing to Borrower, unless appropriate papers are filed by Borrower contesting the same within thirty (30) days after the date of such service or such shorter period of time as may be reasonable in the circumstances; (e) any breach or failure of Borrower to perform any other term or condition of this Agreement not specifically described as an Event of Default in this Agreement and such breach or failure continues for a period of thirty (30) days after Lender has given written notice to Borrower specifying such default or breach, unless Lender agrees in writing to an extension of such time prior to its expiration; provided, however, if the failure stated in the notice cannot be corrected within the applicable period, Lender will not unreasonably withhold its consent to an extension of such time if corrective action is instituted by Borrower within the applicable period and is being diligently pursued until the Default is corrected, but no such extension shall be given for an Event of Default that can be cured by the payment of money (i.e., payment of taxes, insurance premiums, or other amounts required to be paid hereunder); (f) any breach by Borrower of any other agreement between Borrower, and Lender, or the City. 7. Lender's Remedies upon Borrower's Default. Upon an Event of Default by Borrower and after provision by Lender of written notice, Lender shall have the right to exercise any or all of the following remedies (and any other rights and remedies available to it): (a) declare the principal amount of the Loan and any accrued interest thereon to be immediately due and payable upon providing written notice to Borrower; (b) suspend its performance under this Loan Agreement; (c) take any action provided for at law to enforce compliance by Borrower with the terms of this Agreement and the Note; (d) exercise its rights under the Security Agreement and/or Guaranty. In addition to any other amounts due on the Loan, and without waiving any other right of Lender under any this Agreement or any other instrument securing the Loan applicable documents, Borrower shall pay to Lender a late fee of $250 for any payment not received in full MN325\47\738330.v3 5 by Lender within 30 calendar days of the date on which it is due. Furthermore, interest will continue to accrue on any amount due until the date on which it is paid to Lender, and all such interest will be due and payable at the same time as the amount on which it has accrued. 8. Lender's Costs of Enforcement of Agreement. If an Event of Default has occurred as provided herein, then upon demand by Lender, Borrower shall pay or reimburse Lender for all expenses, including all attorneys fees and expenses incurred by Lender in connection with the enforcement of this Agreement and the Note, or in connection with the protection or enforcement of the interests and collateral security of Lender in any litigation or bankruptcy or insolvency proceeding or in any action or proceeding relating in any way to the transactions contemplated by this Agreement. 9. Indemnification. (a) Borrower shall and does hereby agree to indemnify against and to hold Lender, and its officers, agents, and employees, harmless of and from any and all liability, loss, or damage that it may incur under or by reason of this Agreement, and of and from any and all claims and demands whatsoever that may be asserted against Lender by reason of any alleged obligations or undertakings on its part to perform or discharge any of the terms, covenants, or agreements contained herein. (b) Should Lender, or its officers, agents, or employees incur any such liability or be required to defend against any claims or demands pursuant to this Section, or should a judgment be entered against Lender, the amount thereof, including costs, expenses, and attorneys fees, shall bear interest thereon at the rate then in effect on the Note, shall be secured hereby, shall be added to the Loan, and Borrower shall reimburse Lender for the same immediately upon demand, and upon the failure of Borrower to do so, Lender may declare the Loan immediately due and payable. (c) This indemnification and hold harmless provision shall survive the execution, delivery, and performance of this Agreement and the creation and payment of any indebtedness to Lender. Borrower waives notice of the acceptance of this Agreement by Lender. (d) Nothing in this Agreement shall constitute a waiver of or limitation on any immunity from or limitation on liability to which Borrower is entitled under law. 10. Miscellaneous. (a) Waiver. The performance or observance of any promise or condition set forth in this Agreement may be waived, amended, or modified only by a writing signed by Borrower and Lender. No delay in the exercise of any power, right, or remedy operates as a waiver thereof, nor shall any single or partial exercise of any other power, right, or remedy. (b) Assi_nm . This Agreement shall be binding upon Borrower and its successors and assigns and shall inure to the benefit of Lender and its successors and MN325\47\738330.v3 6 assigns. All rights and powers specifically conferred upon Lender may be transferred or delegated by Lender to any of its successors and assigns. Borrower's rights and obligations under this Agreement may be assigned only when such assignment is approved in writing by Lender. (c) Governing Law. This Agreement is made and shall be governed in all respects by the laws of the state of Minnesota. Any disputes, controversies, or claims arising out of this Agreement shall be heard in the state or federal courts of Minnesota, and all parties to this Agreement waive any objection to the jurisdiction of these courts, whether based on convenience or otherwise. (d) Severability. If any provision or application of this Agreement is held unlawful or unenforceable in any respect, such illegality or unenforceability shall not affect other provisions or applications that can be given effect, and this Agreement shall be construed as if the unlawful or unenforceable provision or application had never been contained herein or prescribed hereby. (e) Notice. All notices required hereunder shall be given by depositing in the U.S. mail, postage prepaid, certified mail, return receipt requested, to the following addresses (or such other addresses as either party may notify the other): To Lender: City of Monticello Economic Development Authority 505 Walnut Street, Suite 1 Monticello, MN 55362 Attn: Executive Director To Borrower: Rustech Brewing Company LLC 6328 80h Street NE Monticello, MN 55362 Attn: William F. Burt (f) Termination. If the Loan is not disbursed pursuant to this Agreement by December 31, 2021, this Agreement shall terminate and neither party shall have any further obligation to the other, except that if the Loan is not disbursed because Borrower has failed to use its best efforts to comply with the conditions set forth in Section 3 of this Agreement then Borrower shall pay to Lender all reasonable attorneys fees, costs, and expenses incurred by Lender in connection with this Agreement and the Note. (g) Entire Agreement. This Agreement, together with the Exhibits hereto, which are incorporated by reference, constitutes the complete and exclusive statement of all mutual understandings between the parties with respect to this Agreement, superseding all prior or contemporaneous proposals, communications, and understandings, whether oral or written, concerning the Loan. (h) Headings. The headings appearing at the beginning of the several sections contained in this Agreement have been inserted for identification and reference purposes only and MN325\47\738330.v3 7 shall not be used in the construction and interpretation of this Agreement. MN325\47\738330.v3 IN WITNESS WHEREOF, this Agreement has been duly executed and delivered by the proper officers thereunto duly authorized on the day and year first written above. CITY OF MONTICELLO ECONOMIC DEVELOPMENT AUTHORITY By: Its President By: Its Executive Director [SIGNATURE PAGE TO LOAN AGREEMENT - CITY OF MONTICELLO ECONOMIC DEVELOPMENT AUTHORITY[ MN325\47\738330.v3 9 RUSTECH BREWING COMPANY LLC Lo Title: [SIGNATURE PAGE TO LOAN AGREEMENT - RUSTECH BREWING COMPANY LLC] MN325\47\738330.v3 10 EXHIBIT A EQUIPMENT (2) 5BBL Fermenters - $6000 each from Baltimore $6,000.00 $12,000.00 (1) 5BBL Brite - $5900 from Baltimore $5,900.00 $5,900.00 Nor -Lake KLB771014-C Kold Locker 10'x 14'x 7'7" Indoor Walk -In Cooler $11,355.22 $11,355.22 The Mancos: 5-15 cans per minute, handles slim, sleek, standard and the CrowlerTM cans $28,000.00 $28,000.00 Advanced Tech Pack: Automated Tank Pressure Controller, Automated Fobber, Post -Seam $5,300.00 $5,300.00 Rinse/Dry Module, Automated Fill Raise $62,555.22 MN325\47\738330.v3 A-1 EXHIBIT B PROMISSORY NOTE -$62,555- -3.25%- , 2021 Rustech Brewing Company LLC, a Minnesota limited liability company ("Maker"), for value received, hereby promises to pay to the City of Monticello Economic Development Authority, a public body corporate and politic and political subdivision of the State of Minnesota or its assigns (Authority and any assigns are collectively referred to herein as "Holder"), at its designated principal office or such other place as the Holder may designate in writing, the principal sum of Sixty -Two Thousand Five Hundred Fifty -Five and no/100ths Dollars ($62,555) or so much thereof as may be advanced under this Note, with interest as hereinafter provided, in any coin or currency that at the time or times of payment is legal tender for the payment of private debts in the United States of America. The principal of and interest on this Note are payable in installments due as follows: 1. Simple interest at the rate of three and one-quarter percent (3.25%) per annum shall accrue from the date of each disbursement pursuant to each draw request, as described in the loan agreement between Borrower and Lender dated as of August _, 2021 ("Loan Agreement") until the Loan is repaid in full. Accrued interest until the Initial Payment Date (as hereinafter defined) shall be added to principal. 2. Payments of principal and interest on amounts disbursed under this Note shall commence on November 1, 2021 (the "Initial Payment Date") and continue on the first day of each and every month thereafter until paid in full. Such payments shall fully amortize the principal and interest over twenty (20) years, provided that the final unpaid balance of principal and interest shall be due and payable on the first day of the one hundred twentieth (120th) month following the date of this Note. 3. The Maker shall have the right to prepay the principal of this Note, in whole or in part, with interest accrued to the date of such prepayment, on any date a principal and interest payment is due and payable. 4. This Note is given pursuant to the Loan Agreement, a security agreement of even date herewith delivered by Borrower (the "Security Agreement"), and a personal guaranty of William Francis Burt and Penny Layne Burt (the "Guaranty"). If any such security is found to be invalid for whatever reason, such invalidity shall constitute an Event of Default hereunder. All of the agreements, conditions, covenants, provisions, and stipulations contained in the MN325\47\738330.v3 B- I Loan Agreement, the Security Agreement, the Guaranty, or any other instrument securing this Note are hereby made a part of this Note to the same extent and with the same force and effect as if they were fully set forth herein. It is agreed that time is of the essence of this Note. If an Event of Default occurs under the Loan Agreement, the Security Agreement, the Guaranty, or any other instrument securing this Note, then the Holder of this Note may at its right and option, without notice, declare immediately due and payable the principal balance of this Note and interest accrued thereon, together with reasonable attorneys fees and expenses incurred by the Holder of this Note in collecting or enforcing payment hereof, whether by lawsuit or otherwise, and all other sums due hereunder or any instrument securing this Note. The Maker of this Note agrees that the Holder of this Note may, without notice to and without affecting the liability of the Maker, accept additional or substitute security for this Note, or release any security or any party liable for this Note or extend or renew this Note. 5. The remedies of the Holder of this Note as provided herein, and in the Loan Agreement, the Security Agreement, the Guaranty, or any other instrument securing this Note shall be cumulative and concurrent and may be pursued singly, successively, or together, and, at the sole discretion of the Holder of this Note, may be exercised as often as occasion therefor shall occur; and the failure to exercise any such right or remedy shall in no event be construed as a waiver or release thereof. The Holder of this Note shall not be deemed, by any act of omission or commission, to have waived any of its rights or remedies hereunder unless such waiver is in writing and signed by the Holder and then only to the extent specifically set forth in the writing. A waiver with reference to one event shall not be construed as continuing or as a bar to or waiver of any right or remedy as to a subsequent event. This Note may not be amended, modified, or changed except only by an instrument in writing signed by the party against whom enforcement of any such amendment, modifications, or change is sought. 6. If any term of this Note, or the application thereof to any person or circumstances shall, to any extent, be invalid or unenforceable, the remainder of this Note, or the application of such term to persons or circumstances other than those to which it is invalid or unenforceable shall not be affected thereby, and each term of this Note shall be valid and enforceable to the fullest extent permitted by law. 7. It is intended that this Note is made with reference to and shall be construed as a Minnesota contract and is governed by the laws thereof. Any disputes, controversies, or claims arising out of this Note shall be heard in the state or federal courts of Minnesota, and all parties to this Note waive any objection to the jurisdiction of these courts, whether based on convenience or otherwise. 8. The performance or observance of any promise or condition set forth in this Note may be waived, amended, or modified only by a writing signed by the Maker and the Holder. No delay in the exercise of any power, right, or remedy operates as a waiver thereof, nor shall any single or partial exercise of any other power, right, or remedy. MN325\47\738330.v3 B-2 9. IT IS HEREBY CERTIFIED AND RECITED that all conditions, acts, and things required to exist, happen, and be performed precedent to or in the issuance of this Note do exist, have happened, and have been performed in regular and due form as required by law. IN WITNESS WHEREOF, the Maker has caused this Note to be duly executed as of the day of , 2021. RUSTECH BREWING COMPANY LLC itz Title: [SIGNATURE PAGE FOR PROMISSORY NOTE - RUSTECH BREWING COMPANY LLC MN325\47\738330.v3 B-3 EXHIBIT C SECURITY AGREEMENT THIS SECURITY AGREEMENT, dated as of , 2021, is made and entered into by and between RUSTECH BREWING COMPANY LLC (the "Debtor"), a Minnesota limited liability company with its principal place of business at 6328 86th Street NE, Monticello, Minnesota 55362 and the CITY OF MONTICELLO ECONOMIC DEVELOPMENT AUTHORITY (the "Secured Party"), a public body corporate and politic and political subdivision of the State of Minnesota, with its principal place of business at 505 Walnut Street, Suite 1, Monticello, Minnesota 55362. 1. Security Interest and Collateral. To secure the payment of that certain Promissory Note in the original aggregate principal amount of $62,555, issued pursuant to a Loan Agreement dated as of August _, 2021 (the "Loan Agreement"), between the Secured Party and the Debtor, the proceeds of which will be applied to the acquisition of certain equipment for use at a microbrewery and tap room owned by the Debtor and located at 213 Pine Street in the City of Monticello, Minnesota (the "Facility"), the Debtor hereby grants the Secured Party a security interest (herein called the "Security Interest") in the following property (herein called the "Equipment"): any and all machinery and equipment installed in, attached to, or used in connection with the Facility, as described in Exhibit A hereto, together with all parts, additions, replacements, and repairs to the Equipment now or hereafter installed in, attached to, or used in the Facility, and the proceeds thereof (collectively with the Equipment, the "Collateral"). 2. Debtor's Representations, Warranties, and Covenants. Debtor represents, warrants, covenants, and agrees as follows: (a) Organization. The Debtor is a Minnesota limited liability company, and Debtor has full power and authority to execute, deliver, and perform this Security Agreement, and to own its property and conduct its business as presently conducted and as proposed to be conducted. (b) Authorization. The execution, delivery, and performance of this Security Agreement by the Debtor has been duly authorized by all necessary action and will not: (i) require any consent or approval of any entity which has not been obtained; or (ii) violate any material provision of any indenture, contract, agreement or instrument to which Debtor is a party or by which it is bound. MN325\47\738330.v3 C-1 (c) Performance by Debtor. Unless Debtor obtains Secured Party's written consent to the contrary, or except as provided in the Loan Agreement, Debtor shall not: (i) terminate its interest in any of the Collateral; or (ii) sell, transfer, or assign, or offer to sell, transfer or assign all or any part of the Collateral or permit all or any part of the Collateral to be sold, transferred, or assigned; or (iii) remove or consent to the removal of any of the Equipment from the Facility. (d) Title to Collateral. Debtor shall keep good marketable title to all of the Collateral, and none of the Collateral is subject to any lien or security interest except for the security interest created by this Security Agreement and other security interests consented to in writing by Secured Party. Debtor has not granted, and will not grant or permit to exist, any lien or security interests in all or a portion of the Collateral other than the liens in favor of Secured Party and other liens consented to in writing by Secured Party. Debtor shall defend the Collateral against all claims and demands of all and any other persons at any time claiming any interest therein adverse to Secured Party. (e) Actions and Proceedings. There are no actions at law, suits in equity, or other proceedings before any governmental agency, commission, bureau, tribunal, or other arbitration proceedings against or affecting Debtor, that if adversely determined would adversely affect Debtor's interest in the Collateral or would adversely affect the rights of Debtor to pledge and assign all or a part of the Collateral or the rights and security afforded Secured Party hereunder. (f) Insurance. The Debtor agrees it will keep the Equipment insured, or cause the Equipment to be kept insured, at all times against loss by fire or other hazards concerning which, in the judgment of the Secured Party, insurance protection is reasonably necessary and in amounts sufficient to protect against loss or damage of the Equipment. Such policy or policies will contain a loss payable clause in favor of Secured Party or its successors or assigns, in form satisfactory to Secured Party, provided, however, that Debtor may, at its reasonable discretion, self -insure the Equipment. (g) No Fixture. If any of the Collateral is or becomes a fixture, Debtor agrees to furnish Secured Party, at Secured Party's request, with a statement or statements signed by all persons who have or claim an interest in the real estate concerned, which statements shall provide that the signer consents to the security interest created hereby and disclaims any interest in the Collateral as fixtures. (h) Understandings Regarding Collateral. Debtor acknowledges that the Collateral is or will be of the design, capacity, and manufacture specified for and by Debtor, and that Debtor is satisfied that the same is or will be suitable for its intended purposes. Debtor further acknowledges and agrees that Secured Party has not made, and does not make, any representation, warranty, or covenant with respect to merchantability, fitness for any purpose, durability, patent, copyright or trademark infringement, suitability, or capability of any item of Collateral in any respect or in connection with any other purpose or use of Debtor, or any other MN325\47\738330.v3 C_2 representation, warranty, or covenant of any kind or character expressed or implied with respect thereto. Debtor accordingly agrees not to assert any claim whatsoever against Secured Party based thereon. Debtor further agrees, regardless of cause, not to assert any claim whatsoever against Secured Party for loss of anticipatory profits or consequential damages. (i) Use of Collateral. The Collateral will be used for its intended business purpose and will at all times be located at the Facility, except as provided in the Loan Agreement. 0) Condition of Collateral. Debtor will keep the Collateral in good condition and repair, reasonable wear and tear excepted, and will permit Secured Party to enter the Facility at reasonable times and upon reasonable notice for the purpose of examining the Collateral. (k) Costs of Collection. In the event of any action or proceeding to collect or realize upon the Collateral or to enforce any of Secured Party's rights hereunder, the Debtor shall pay: (i) all of Secured Party's attorneys fees and legal expenses, with interest thereon, incurred by the Secured Party; (ii) all taxes, levies, insurance expenses, and costs of repairs to, or maintenance of, the Collateral; and (iii) all costs of the Secured Party reasonably incurred in taking possession of, disposing of, or preserving the Collateral after any Event of Default (defined below). 3. Event of Default. Upon the occurrence of a default in the payment of the Note, or under the terms of the Loan Agreement, this Security Agreement, or the personal guaranty of William Francis Burt and Penny Layne Burt (the "Guaranty"), the Secured Party may exercise any remedy available to it under the terms of the Loan Agreement, the Note, this Security Agreement, or the Guaranty, and may, without limiting any other right or remedy available to it, exercise and enforce any and all rights and remedies available upon default to a secured party under the Uniform Commercial Code as enacted in the State of Minnesota, Minnesota Statutes, Chapter 336, as amended (the "UCC"), and the Secured Party and all representatives of the Secured Party are hereby granted the right to enter upon any property of the Debtor, without a hearing or prior notice thereof, for the purpose of taking possession of the Collateral. If notice to the Debtor of any intended disposition of the Collateral or any other intended action is required by law in a particular instance, such notice shall be deemed commercially reasonable if given (in the manner specified in this Security Agreement) at least ten calendar days prior to the date of the intended disposition or other action. 4. Further Assurances. The Debtor shall execute and deliver to the Secured Party, promptly and at the Debtor's expense, financing statements, including without limitation a UCC - 1 Financing Statement listing the Equipment and all proceeds thereof as collateral. Debtor agrees that the Secured Party is authorized, at its option, to file a photocopy or other reproduction of this Security Agreement as a financing statement and such photocopy or other reproduction shall be sufficient as a financing statement under the UCC, and the Debtor hereby irrevocably appoints the Secured Party as the Debtor's attorney-in-fact to execute and file, from time to time, MN325\47\738330.v3 C-3 on its behalf, one or more financing statements with respect to the Collateral and to execute such other documents and instruments on behalf of the Debtor as the Secured Party, in its sole judgment, shall deem necessary or desirable for the purposes of effectuating this Security Agreement, such power being coupled with an interest. 5. Cumulative Remedies. All of the Secured Party's rights and remedies herein are cumulative and in addition to any rights or remedies available at law or in equity, including the UCC, and may be exercised concurrently or separately. The Debtor shall pay all costs, expenses, losses, damages, and legal costs (including attorneys fees) incurred by the Secured Party as a result of enforcing any terms or conditions of this Security Agreement. 6. No Liability Imposed on the Secured Party. The Secured Party shall not be obligated to perform or discharge, nor does it hereby undertake to perform or discharge, any obligation, duty, or liability, nor shall this Security Agreement operate to place responsibility for the control, care, or management of the Equipment upon Secured Party; provided, that upon payment in full of the Note, the Secured Party shall execute and file UCC termination statements in the offices in which financing statements with respect to the Collateral are effective. 7. Indemnification. The Debtor hereby agrees to indemnify and to hold the Secured Party harmless of and from any and all liability, loss, or damage which it may or might incur under or by reason of this Security Agreement, and of and from any and all claims and demands whatsoever which may be asserted against it by reason of any alleged obligations or undertakings on its part to perform or discharge any of the terms, covenants, or agreements contained herein. Should the Secured Party incur any such liability or be required to defend against any such claims or demands, or should a judgment be entered against the Secured Party, the amount thereof, including costs, expenses, and attorneys fees, shall bear interest thereon at the rate then in effect on the Note, shall be secured hereby, and shall be added to the obligations of the Debtor secured hereunder. The Debtor shall reimburse the Secured Party for such additional obligations immediately upon demand, and upon the failure of the Debtor to do so, the Secured Parry may declare such additional obligations immediately due and payable. 8. Expenses of Secured Party. All expenses paid or incurred in protecting, storing, warehousing, insuring, handling, and shipping the Collateral, all costs of keeping the Collateral free of liens, encumbrances, and security interests (other than the security interest created by this Security Agreement), and the removing of the same and all excise, property, sales, and use taxes imposed by state, federal, or local authority on any of the Collateral or with respect to the sale thereof, shall be borne and paid for by the Debtor and if the Debtor fails to promptly pay any amounts thereof when due, the Secured Party may, at its option, but shall not be required to, pay the same, and upon such payment the same shall constitute additional obligations of the Debtor and shall bear interest at the rate specified in the Note and shall be secured by the security interests granted hereunder. 9. Continuing Rights. The rights and powers of the Secured Party hereunder shall continue and remain in full force effect until the Note (and any additional obligations referred to in Sections 7 and 8 hereof) is paid in full. MN325\47\738330.v3 C_4 10. Books and Records. The Debtor will permit the Secured Party, and its representatives, at reasonable times and upon reasonable notice, to examine the Debtor's books and records (including data processing records and systems) with respect to the Facility and the Collateral and make copies thereof at any time and from time to time, and the Debtor will furnish such information reports to the Secured Party and its representatives regarding the Collateral as the Secured Party and its representatives may from time to time request. The Secured Party shall have the authority, at any time, to require the Debtor to place upon the Debtor's books and records relating to the Collateral and other rights to payment covered by the security interest created in this Security Agreement a notation stating that any such Collateral and other rights of payment are subject to a security interest in favor of the Secured Party. 11. Successors and Assigns. This Security Agreement and each and every covenant, agreement, and provision hereof shall be binding upon the Debtor, and its successors and assigns, and shall inure to the benefit of the Secured Party, and its successors and assigns. 12. Governing Law. This Security Agreement is executed pursuant to and shall be governed by the laws of the State of Minnesota. 13. Severability. It is the intent of this Security Agreement to confer to the Secured Party the rights and benefits hereunder to the full extent allowable by law, including all rights available under the UCC. The unenforceability or invalidity of any provisions hereof shall not render any other provision or provisions herein contained unenforceable or invalid. Any provisions judicially determined to be unenforceable shall be severable from this Security Agreement. 14. Miscellaneous. (a) Waiver. The performance or observance of any promise or condition set forth in this Security Agreement may be waived only in writing. No delay in the exercise of any power, right or remedy operates as a waiver thereof, nor shall any single or partial exercise of any other power, right or remedy. (b) Assignment. This Security Agreement shall be binding upon the Debtor, and its successors and assigns, and shall inure to the benefit of the Secured Party, and its successors and assigns. All rights and powers specifically conferred upon the Secured Party may be transferred or delegated by the Secured Party to any of its successors and assigns, including any successor holder of the Note. (c) Certain Defined Terms. Capitalized terms used in this Security Agreement and defined in this Security Agreement, the Loan Agreement or the Note are used with the meanings given in this Security Agreement, the Loan Agreement or the Note. (d) Other Matters. If any provision or application of this Security Agreement is held unlawful or unenforceable in any respect, such illegality or unenforceability shall not affect other provisions or applications which can be given effect, and this Security Agreement shall be construed as if the unlawful or unenforceable provision or application had never been contained MN325\47\738330.v3 C_5 herein or prescribed hereby. All representations and warranties contained in this Security Agreement or in any other agreement between Debtor and Secured Party shall survive the execution, delivery, and performance of this Security Agreement and the creation and payment of any indebtedness to Secured Party. Debtor waives notice of the acceptance of this Security Agreement by Secured Party. (e) Notice. All notices required hereunder shall be given by depositing in the U.S. mail, postage prepaid, certified mail, return receipt requested, to the addresses first set forth above (or such other addresses as either party may notify the other). (The remainder of this page is intentionally left blank.) MN325\47\738330.v3 C_6 IN WITNESS WHEREOF, the Debtor and the Secured Party have executed this Security Agreement as of the date set forth above. RUSTECH BREWING COMPANY LLC Its THIS DOCUMENT DRAFTED BY: Kennedy & Graven, Chartered (MNI) 470 U.S. Bank Plaza 200 South Sixth Street Minneapolis, MN 55402 (612) 337-9300 William F. Burt MN325\47\738330.v3 C-7 DEBTOR'S ACKNOWLEDGMENT to the Security Agreement, dated as of 52021 STATE OF MINNESOTA ) ss. COUNTY OF WRIGHT ) The foregoing instrument was acknowledged before me this —day of , 2021, by William F. Burt, the of Rustech Brewing Company LLC, a Minnesota limited liability company, on behalf of the company. Notary Public MN325\47\738330.v3 C_g Signature of the Secured Party with respect to the Security Agreement, dated as of '2021. CITY OF MONTICELLO ECONOMIC DEVELOPMENT AUTHORITY By: President By: Executive Director MN325\47\738330.v3 C_9 SECURED PARTY'S ACKNOWLEDGMENT to the Security Agreement, dated as of , 2021 STATE OF MINNESOTA ) ss. COUNTY OF WRIGHT ) The foregoing instrument was acknowledged before me this —day of , 2021, by and , the President and Executive Director, respectively, of the City of Monticello Economic Development Authority, a public body corporate and politic under the laws of Minnesota, on behalf of the Authority. Notary Public MN325\47\738330.v3 C-10 EXHIBIT A TO SECURITY AGREEMENT EQUIPMENT (2) 5BBL Fermenters - $6000 each from Baltimore $6,000.00 $12,000.00 (1) 5BBL Brite - $5900 from Baltimore $5,900.00 $5,900.00 Nor -Lake KLB771014-C Kold Locker 10'x 14'x 7'7" Indoor Walk -In Cooler $11,355.22 $11,355.22 The Mancos: 5-15 cans per minute, handles slim, sleek, standard and the Crowler'"^ cans $28,000.00 $28,000.00 Advanced Tech Pack: Automated Tank Pressure Controller, Automated Fobber, Post -Seam $5,300.00 $5,300.00 Rinse/Dry Module, Automated Fill Raise $62,555.22 MN325\47\738330.v3 C-1 I EXHIBIT D GUARANTY AGREEMENT This Guaranty Agreement is made and entered into this _ day of , 2021, by William F. Burt and Penny Burt ("Guarantors") for the benefit of the City of Monticello Economic Development Authority ("Lender"), a public body corporate and politic. WITNESSETH: WHEREAS, Rustech Brewing Company LLC, a Minnesota limited liability company (the "Borrower") proposes to borrow the sum of $62,555 from Lender for equipment acquisition for a microbrewery and tap room facility located in the City of Monticello; and WHEREAS, pursuant to the loan agreement between Borrower and Lender dated as of August _, 2021 (the "Loan Agreement") Borrower has agreed to repay to Lender $62,555 together with interest thereon at the rate and within the time stated in Borrower's promissory note of even date herewith ("Note"); and WHEREAS, to secure payment of the Note, Lender has required, and Guarantors have agreed to provide, a guaranty of the indebtedness above described between Borrower and Lender; and WHEREAS, Guarantors will receive a direct financial benefit from the loan to Borrower by Lender pursuant to the Note. NOW, THEREFORE, to induce Lender to make the loan to Borrower, Guarantors hereby covenant and agree with Lender, for the benefit of all who at any time become holders of the Note, as follows: Section 1.1. Guarantors hereby unconditionally guarantee to Lender for the benefit of the Holder (as defined in the Note) from time to time of the Note: (a) the full and prompt payment of the principal of the Note when and as the same shall become due, whether at the stated maturity thereof, by acceleration or otherwise; (b) the full and prompt payment of any interest on the Note when and as the same shall become due; and (c) any other amounts due Lender under the Loan Agreement or the Note. All payments shall be paid in lawful money of the United States of America. Each and every default in payment of the principal of or interest on the Note shall give rise to a separate cause of action hereunder, and separate suits may be brought hereunder as each cause of action arises. Section 1.2. The obligations of Guarantors under this Guaranty shall be absolute and unconditional and shall remain in full force and effect until the entire principal of and interest on the Note shall have been paid, and such obligations shall not be affected, modified or impaired upon the happening from time to time of any event, including, without limitation, any of the following: MN325\47\738330.v3 D-1 a. The compromise, settlement, or release of less than all of the obligations, covenants or agreements of Borrower under the Note; b. The failure to give notice to any person of the occurrence of an event of default under the terms and provisions of this Guaranty or the Note executed by Borrower: C. The extension of the time for payment of principal of or interest on the Note or under this Guaranty; d. Any failure, omission, delay, or lack on the part of Lender to enforce, assert or exercise any right, power, or remedy conferred on Lender in this Guaranty or other instruments executed and delivered in connection with the loan contemplated thereby, or any other act or acts on the part of Lender or any of the holders from time to time of the Note; e. The default or failure of Guarantors to perform any of the obligations set forth in this Guaranty. Section 1.3. No set-off, counterclaim, reduction, or diminution of any obligation, or any defense of any kind or nature that Borrower has or may have Lender shall be available hereunder to Guarantors against Lender. Section 1.4. In the event of a default in the payment of principal of the Note when and as the same shall become due, whether at the stated maturity thereof, by acceleration or otherwise, or in the event of a default in the payment of any interest on the Note when and as the same shall become due, or upon the occurrence and continuance of any Event of Default under the Agreement, Lender may proceed hereunder; and Lender, in its sole discretion, shall have the right to proceed first and directly against either Guarantor or both Guarantors for the full amount due without proceeding against or exhausting any other remedies it may have as to Borrower. Section 1.5. Guarantor hereby expressly waives notice from Lender or the holders from time to time of the Note of acceptance of or any reliance upon this Guaranty. Guarantors agree to pay all the costs, expenses, and fees, including attorneys' fees, which may be incurred by Lender in enforcing or attempting to enforce this Guaranty whether the same shall be enforced by suit or otherwise. Section 1.6. This Guaranty is entered into by Guarantors with Lender for the benefit of Lender and the holders from time to time of the Note, all of whom shall be entitled to enforce performance and observance of this Guaranty. Section 1.7. Guarantors are duly authorized and empowered to execute, deliver, and perform this Agreement and to borrow money from Lender. Section 1.8. The performance or observance of any promise or condition set forth in this Guaranty may be waived, amended, or modified only by a writing signed by Guarantors and Lender. No delay in the exercise of any power, right, or remedy operates as a waiver thereof, nor MN325\47\738330.v3 D-2 shall any single or partial exercise of any other power, right, or remedy. Section 1.9. This Guaranty is made and shall be governed in all respects by the laws of the state of Minnesota. Any disputes, controversies, or claims arising out of this Guaranty shall be heard in the state or federal courts of Minnesota, and all parties to this Guaranty waive any objection to the jurisdiction of these courts, whether based on convenience or otherwise. Section 1.10. If any provision or application of this Guaranty is held unlawful or unenforceable in any respect, such illegality or unenforceability shall not affect other provisions or applications that can be given effect, and this Guaranty shall be construed as if the unlawful or unenforceable provision or application had never been contained herein or prescribed hereby. Section 1.11. All notices required hereunder shall be given by depositing in the U.S. mail, postage prepaid, certified mail, return receipt requested, to the following addresses (or such other addresses as either party may notify the other): To Lender: 505 Walnut Street, Suite 1 Monticello, MN 55362 Attn: Executive Director To Guarantors: William Francis Burt and Penny Layne Burt 632886 1h Street NE Monticello, MN 55362 Section 1.12. This Guaranty constitutes the complete and exclusive statement of all mutual understandings between the parties with respect to this Guaranty, superseding all prior or contemporaneous proposals, communications, and understandings, whether oral or written, concerning the Guaranty. Nothing contained herein shall effect or impair Lender's rights under the Loan Agreement, the Note, or the Security Agreement. Section 1.13. The obligation of each Guarantor under this Guaranty shall be joint and several with the obligations of each other Guarantor, shall be binding upon the heirs and estate of both Guarantors, and shall survive the death, divorce, or any other change in situation or relationship of any or all Guarantors. MN325\47\738330.v3 D-3 IN WITNESS WHEREOF, Guarantors have caused this Guaranty to be executed as of the date first above written. William Francis Burt Penny Layne Burt [SIGNATURE PAGE FOR GUARANTY- RUSTECH BREWING COMPANY LLC] MN325\47\738330.v3 D-4 EXHIBIT E DRAW REQUEST TO: City of Monticello Economic Development Authority 505 Walnut Street, Suite 1 Monticello, MN 55362 Attn: Executive Director DISBURSEMENT DIRECTION The undersigned Authorized Representative of Rustech Brewing Company LLC, a Minnesota limited liability company (the "Borrower"), hereby authorizes and requests you to disburse from proceeds of the Loan, in accordance with the terms of the Loan Agreement between the City of Monticello Economic Development Authority ("Lender") and the Borrower, dated as of August _, 2021 (the "Agreement"), the following amount to the following person and for the following proper cost of the Equipment: 1. Amount: 2. Payee: 3. Purpose: all as defined and provided in the Agreement. The undersigned further certifies to the Lender that (a) none of the items for which the payment is proposed to be made has formed the basis for any payment previously made under Section 3 of the Agreement (or before the date of the Agreement); and (b) that each item for which the payment is proposed is Equipment, eligible for funding from the proceeds of the Loan. Dated: Borrower's Authorized Representative MN325\47\738330.v3 E-1 CITY OF JTZ' OF MONTICELLO ECONOMIC OMI DEVELOPMENT AUTHORITY BUSINESS SUBSIDY APPLICATION �ticen 0 BUSPIMSS ASSISTANCE FINANCING 763-295-2711 - infoci.mo„ ticello.mtx_us Name of Contact Pew; William F Burt Address; 105 W 3RD ST Monticello MN 55362 Telephone number= 612-414-9437 Business Name, Rustech Brewing Company LLC Business Address: 105 W 3RD ST Monticello MN 55362 REQUESTED LNFORMATION Addendum shall Tie attached hereto addressing in detail the following: A map showing the exact hoandaric!s of proposed development. See Drawing A 2. Give a general description of tht project including size and location of building(&); business type or use; lrafl'ie information including parking, projected vehicle ecunts and traffic flow: timing ofthe project; estimated market value following completion. Expansion of building is an additional 2000 Scl FT. We would like to have the new Brewhall open by 12/2021 and additional brew space and tanks by 11/2021 3. The existing Carnprehmsive Guide Plan Land Use designation and zoning of the: property. Include a statement as to how the proposed dovelopmcnt will conform to the land use designation and how the property will be zoned. We are expanding the current location to add more seating and brewhouse area. 4. A statement identifying how the increment assistance will be used and why it is necessary to undr,' ake the project. We will use the funds to purchase three more tanks, a walkin cooler and a small canning line We are need the taproom space for events and winter, we need brewhouse tanks to keep up with demand. 5. A statement identifying the public benefm- LPF the proposal including estirnatt!5i increase in property valuation, new jo to be er ted, hourly wages and other community assets. With the expansion we plan to add 4 more jobs, 90% of employees are at 13.75 and hour. We are purchasing the building. We plan to add a exciting roof top seating for YEAR 5 6. A w ri [ten kwriplion of the devel r";s bttgiriess, pri r« ipa] s. h i store and rayl proj" Currently opened a brewery, looking to expand and bring more customers to Monticello I trndi=tand that the application fee will be used for EDA staff aM consultant eosts and may be partially refundable if the request f'or assistance is withdrawn_ Refunds will be made at the discretion of the EDA Burd and be based on the costs incurred by the EDA prior to withdraw of the request for assistance. If the initial applition fee is insuftleient, I will be responsible icor additional deposits. I further understand that by signing below, should the original escrow be exceeded, the applicant or responsible party will be billed for all additional services. In signing the ackncwl-edgement below, the applicant is indicating that they have not relied on the estimate of fees in their decision to proceed with the application, If payment is not received as required by this agreement, the City will proceed to recover payment by action of assessment or a lien against the real property. Payment of the costs will he required whether the application is granted or denied_ SIGNATURE Applicant's signature: Date; 8/1/2021 2 I _ Have you vver- fill for bankrupt -y9 No 2. Have you ever defaulted on any loan commitment? No 3. Have }amu applied for conventional financing for the project? 4- List financial references - Cory Ritter - critter@swcocpas.com h - c. No S. Have you ever used Business Assistance Financing before? Yes If yes, what, where and when? Initial used EDA loan for Brew Equipment PRQJECT TNFORML►T1QN: I. Location of Proposed i'roject: 105 W 3RD ST Monticello MN 55362 2. Amount of Business Assistance requested? $62,555.22 3- Meed for Business Assist.aincv; 3 More tanks, Walkin Cooler and Canning line 4. PresentownamWp of site: _ We currently own the location. S. Number of permanent jobs created as a result of project? (Currently 4 - Expansion 8) . Fgtimated annual sales: if'resent: YR3 $403,352 Future; YR4 $619,517 - YR5 $921,920 7. Markel value of pr-oje t following completion: TBD 8. Anticipated scm dare= 10/1/2021 3 omplction Dais: 12/1/2021 FIAi�II~ ll�l. �NFR1�lAT1T�l� I . Estimated project related casts= a _ Land acquisition b. Site development c. Building cost d, Equipment e. Archil ectura l/engineering fee f. Legal tcvs g- Off-sitle development casts Z. Source of financing.- a. inancing;a. Private financing institution b. Tax incremci)i funds C. Olher publi1Y fuT,d.S d_ Developer equity N/A N/A $479,000 $62,555.22 TBD N/A N/A N/A N/A N/A ^Square loan for Building and OnDeck for Build out or SBA (2) 5BBL Fermenters - $6000 each from Baltimore $6,000.00 $12,000.00 (1) 5BBL Brite - $5900 from Baltimore $5,900.00 $5,900.00 Nor -Lake KLB771014-C Kold Locker 10'x 14'x 7'7" Indoor Walk -In Cooler $11,355.22 $11,355.22 The Mancos: 5-15 cans per minute, handles slim, sleek, standard and the Crowler"' cans $28,000.00 $28,000.00 Advanced Tech Pack: Automated Tank Pressure Controller, Automated Fobber, Post -Seam $5,300.00 $5,300.00 Rinse/Dry Module, Automated Fill Raise $62,555.22 133:: DPEN Ex pansian Employee 1 p yee Employee 2 p yee Em l0 3 p yee Em la 4 p yee Expand Taproom Employee#5 Expand Taproom Em ployee #h (GI Rinser and0eanup) Expand Brewhouse Employee#5 {gam to4pm) Canning&delivery Expand Brewhouse Employee#5(13amto4pm) Kegging, Celler&grain pickup Penny Burt (Taproom Manger and Marketing) Bill Burt (Head brewer) Monday Closed Closed Closed Ck,-d Closed Closed 8.06 8.06 Tuesday 6.75 6.75 6.75 8.06 8.06 Wednesday 6.75 6.75 6.75 8.06 8.00 Thursday 7.75 7.75 7.75 13.66 13.66 Friday 8.75 8.75 8.75 8.75 8.06 8.00 Saturday 5.00 5.00 6.60 6.00 6.00 8.00 Sunday 6.75 6.75 6.75 Monday 8.06 s.o6 Tuesday 6.75 6.75 6.75 13.66 13.66 Wednesday 6.75 6.75 6.75 8.00 8.06 Thursday 8.06 8.06 Friday 8.75 8.75 8.75 8.75 8.00 8.00 Saturday 5.60 5.60 6.06 6.60 8.06 8.00 Sunday 1 6.75 1 1 1 1 6.75 1 6.75 2 weeks hour Head Count Total Hours 1 75.75 1 27.50 12.00 12.00 1 81.75 1 81.75 180.00 180.00 1 B0 I Rn 610.75 7.634375 PLEASE INCLUDE: 1. Preliminary financial commitment from bank. 2. Plans and drawing -of project, 3. Background material of company. 4. Fro Forma analysis. S. Financial statemk nts_ 6. Statement of property ownership or control, 7. Payment of application fee of $200. Drawning A cimpDow S I � '= I • II NEW EDA Equip. Lfi.Sfiln. - r - u. Lfi�56n. - O Z T ' O m G J D N 6x V r i`7 4 � a 1 1 — T T c C f 11 <...... <DL&P yy 101 P I I� I� O 00 N O 00 N O O M O O � rn m �rq ih "I � to tri 60- C O 0 O r14 N O m O O OOi Lr1 `� W ih CD ` N O O E O E d U 00 Q m F++ C f E E 3 E •�' O O �C LO N U N U f0 Q t a ' N U - O -p LOO L � d N O C a--- N M o -a E L O to 1 +_+ M f0 O LL N (1) W x N Om E x O O O U- E i J m m L Y uO N LI) O Ln C O p Y U O U L N N QJ m Q (� J Y N � 4J U � Y J U � � E L O 1 Lf1 O Z � o a U C Y U C� G d N t � H v v H v U C rp Q T0.1 -I 11hr Bea I fJ n n Wright County, MN Overview Legend Roads — CSAHCL — CTYCL — MUNICL — PRIVATECL — TWPCL Highways Interstate — State Hwy US Hwy City/Township Limits ❑ c ❑ t ❑� Parcels Torrens Parcel ID 155010035040 Alternate ID n/a Owner Address FLICKER,MARNE P & MARIE R Sec/Twp/Rng 11-121-025 Class 233 -COMM LAND&BLDGS 194920TH ST NW Property Address 213 PINEST Acreage n/a GRAND RAPIDS, MN 55744 MONTICELLO District 1101 CITY OF MONTICELLO 882 H Brief Tax Description Sect -11 Twp -121 Range -025 ORIGINAL PLAT MONTICELLO Block -035TH PRTOF LTS 4&5 BLK35 DES COM SE COR OF LT5TH NWLY ALG SLY LN OF LT5&4TO SW COR OF LT4TH NELY ALG W LN76.24FTTH SELY132.41FTTO PT ON E LN OF LT5 76.26FT NELY OF SELY COR TH SWLY76.26FTTO POB (Note: Not to be used on legal documents) Date created: 7/8/2021 Last Data U ploaded: 7/8/20217:46:23 AM Developed by4f� Schneider GEOSPATIAL EDA: 08/11/21 6. Consideration of TIF Pre -Application and Concept Multi -family Residential Development By Headwaters Development - EDA owned Country Club Addition (16.4 -acres) (JT) A. REFERENCE AND BACKGROUND: Headwaters Development, Lakeville, MN, has submitted a TIF Pre -Application and concept multi -family development proposal on the 16.4 -acre Country Club Addition site along 7th Street West. The EDA has owned this property for some time. The property was originally part of a residential development with public improvement assessments. The developer sought approval to shift the bulk of the assessments to the vacant linear parcel adjacent to I- 94. After that occurred, and as the development climate slowed, the property went in tax forfeiture with the assessments unpaid. The EDA was eventually able to obtain title to the property and is the current owner. Under the existing land use map, the site is guided "Mixed -Density Residential" and is zoned R-3, Medium Density residential. The site is bounded on both sides by public roadways. On the north lies 7t" Street West. Along the south side of the property lies 4 -lane Interstate 94. This stretch of 1-94 is currently being expanded, adding a third lane in each direction. Headwaters Development recently completed development of Willows Landing, a $15,500,000 - 96 -unit assisted living facility, in Monticello located at located 9872 Hart Boulevard. They view the Monticello market as capable of further absorption of senior housing units. They reviewed the 2020 Housing Study and believe the concept proposal will fill a portion of the demand for senior units in the community. The Study findings indicate that there is an unmet demand for approximately 190 senior units, ranging from active to assisted and at varying affordability ranges within the City. A concept plan is attached to this report. Headwaters is proposing to develop a 100 -unit affordable senior (age 55 +) apartment building in the western portion of the site and 60 twin - home units (30 pad sites) on the eastern half of the parcel. The 100 -unit apartment building will be completed in two phases: 60 units in phase 1 and 40 units in phase 2. The townhomes will be targeted to the senior owner and rental market. Those units will be single story structures consisting of 1,200 square feet +/- per unit with attached two stall garages. The total unit count in the first phase of development is 120 (60 + 60) or 7.3 units per acre. The total development investment is expected to be approximately $34,000,000 or equal to $2,073,000 per acre. The per unit investment for the full proposal is about $212,500 +/-. To offset site grading and construction costs, Headwaters is proposing that an affordable housing TIF District (potential 26 -year district) be established to assist with development costs. They are requesting $2,300,000 +/- in pay -go increment for qualified development costs. An initial review of the proposal indicates that the development could generate increment more than the requested $2,300,000. EDA: 08/11/21 Headwaters' proposal offers no upfront payment to the EDA for land. The County currently lists the land value for taxable market purposes as $257,425, or ($15,415 per acre). The EDA may want to have the parcel appraised to get a more definitive idea of valuation if it determines it wants to proceed with the proposal. In addition, the City may wish to recover the prior unpaid assessment amount, estimated at $232,209 (with or without interest). Staff believes the EDA should receive compensation for the property and a TIF District would provide a mechanism for that to occur. The preliminary TIF estimate for the project indicates sufficient revenue from the full build -out to fund land acquisition and assessment costs. Headwaters is an experienced developer, and the City of Monticello has recently had a positive development experience with them as they completed the Willows Landing Assisted Living facility. An illustration of the proposed development and the proposal Summary along with a development budget indicating a funding gap is attached for your review. Al. STAFF IMPACT: There is a limited staff impact in considering the concept development proposal at this time. Time commitments have been related to initial discussions about the proposal along with review and organization of the proposal materials as part of preparing the staff report for EDA review. Staff involved in the review include the Community Development Director, Economic Development Manager, City Engineer/Public Works Director. Northland Securities has also reviewed the proposal and provided an initial TIF flow estimate based on the concept phasing. A2. BUDGET IMPACT: There is a modest budget impact due to a review of the Headwaters concept proposal at this stage. It should be noted that Headwaters is proposing to pay an upfront TIF application fee and an additional fee for legal and financial consultant expenses associated with the review process, if and when the EDA decides to move forward with Headwater's proposal. B. ALTERNATIVE ACTIONS: 1. Provide feedback and direction regarding further review and/or next steps. 2. Motion of other as directed by the EDA. C. STAFF RECOMMENDATION: Staff defers to the EDA regarding the proposed concept and the use of TIF assistance to support the development. The 2020 Housing Study indicates a sizeable demand for affordable housing units exists. The Headwaters proposal would help meet this demand, especially for seniors (55+). There are aspects of the land value and timing process that may need further discussion or guidance. There are currently large billboard signs on the parcel that are under lease through the end of 2021. Staff have contacted the billboard companies and informed that the leases will be terminated as of 12-31-21. Again, staff will defer to the EDA regarding EDA: 08/11/21 next steps in the review process and future discussions and/or considerations with the developer. D. SUPPORTING DATA: a. TIF Pre -Application b. Proposal Summary for 55 + Housing with Development Cost Budget c. Preliminary TIF Analysis d. Concept Site Proposal Illustration e. Aerial Photo of Site f. County Property Information Report CITY OF MONTICELLO ECONOMIC DEVELOPMENT AUTHORITY TAX INCREMENT FINANCING (TIF) PRE -APPLICATION BUSINESS SUBSIDY APPLICATION BUSINESS ASSISTANCE FINANCING Legal name of applicant: Headwaters Development LLC Address: 6511 Nez Perce Drive, Chanhassen, MN 55317 612-438-2727 Telephone number: Name of contact person: Michael Hoagberg REQUESTED INFORMATION Addendum shall be attached hereto addressing in detail the following: 1. A map showing the exact boundaries of proposed development. 2. Give a general description of the project including size and location of building(s); business type or use; traffic information including parking, projected vehicle counts and traffic flow; timing of the project; estimated market value following completion. 3. The existing Comprehensive Guide Plan Land Use designation and zoning of the property. Include a statement as to how the proposed development will conform to the land use designation and how the property will be zoned. 4. A statement identifying how the increment assistance will be used and why it is necessary to undertake the project. 5. A statement identifying the public benefits of the proposal including estimated increase in property valuation, new jobs to be created, hourly wages and other community assets. 6. A written description of the developer's business, principals, history and past projects I understand that the application fee will be used for EDA staff and consultant costs and may be partially refundable if the request for assistance is withdrawn. Refunds will be made at the discretion of the EDA Board and be based on the costs incurred by the EDA prior to withdraw of the request for assistance. If the initial application fee is insufficient, I will be responsible for additional deposits. SIGNATURE Applicant's signature: Date: July 28, 2021 CITY OF MONTICELLO ECONOMIC DEVELOPMENT AUTHORITY Application for Tax Increment Financing (TIF) Assistance GENERAL INFORMATION: Business Name: Headwaters Development LLC 6511 Nez Perce Drive Address: Chanhassen, MN 55317 Type (Partnership, etc.): Limited Liability Company Authorized Representative: Michael Hoagberg Description of Business: Real Estate Development Legal Counsel: Fabyanske, Westra, Hart & Thomson P.A. 333 South Seventh Street, Suite 2600 Address: Minneapolis, MN 55402 FINANCIAL BACKGROUND: No 1. Have you ever filed for bankruptcy? No 2. Have you ever defaulted on any loan commitment? No 3. Have you applied for conventional financing for the project? Date: July 28, 2021 612-438-2727 Phone: Phone: 612-359-7600 4. List financial references: American National Bank, Hayley Monnens, Director, Private and Professional Services Banking, a. 612-238-4823 b. Minnwest Bank, Brad Steiner, SVP, 952-230-9800 Bridgewater Bank, Chris Myers, AVP Commercial Lending, 952-737-4747 C. 2 No 5. Have you ever used Business Assistance Financing before? If yes, what, where and when? PROJECT INFORMATION: 71 Street West and Golf Course Road 1. Location of Proposed Project: Land contribution, $3.5mm TIF (NPV), reduction 2. Amount of Business Assistance requested? of fees 3. Need for Business Assistance: To provide affordable housing to seniors 55+ 4. Present ownership of site: City of Monticello 5. Number of pennanent jobs created as a result of project? Approximately 10 FTEs 6. Estimated annual sales: Present: $0 Future: $3 million 7. Market value of project following completion: We estimate the value to around $34 million 8. Anticipated start date: May 2022 FINANCIAL INFORMATION: 1. Estimated project related costs: a. Land acquisition b. Site development c. Building cost d. Equipment e. Architectural/engineering fee f. Legal fees g. Off-site development costs Completion Date: May 2023 $ 1.00 **Incl. in Building Cost $29,200,000.00 $100,000.00 $350,000.00 $50,000.00 $4,300,000.00 3 2. Source of financing: a. Private financing institution $ 23,350,000.00 b. Tax increment funds 3,500,000.00 0.00 c. Other public funds 7,150,000.00 d. Developer equity PLEASE INCLUDE: 1. Preliminary financial commitment from bank. 2. Plans and drawing of project. 3. Background material of company. 4. Pro Forma analysis. 5. Financial statements. 6. Statement of property ownership or control. 7. Payment of application fee of $10,000 Monticello Affordable Senior Community 160 Unit Senior Housing Monticello, MN Statement of Confidentiality & Disclaimer This is a confidential memorandum intended solely for your own limited use. You agree to treat confidentially the information contained in this memorandum (the "Information"). You agree that you will not knowingly use the Information in any way detrimental to Headwaters Development, LLC ("HWD") and all affiliates (collectively the "Sponsor") and that such Information will be kept confidential by you and agents or advisors retained by you; provided however, that any such Information may be disclosed to your directors, officers, employees, and representatives and to individuals acting in similar capacities on your behalf who need to know such Information (it being understood that such agents, advisors, directors, officers, employees and representatives shall be informed by you of the confidential nature of such Information and shall be directed by you to treat such Information confidentially). Although the Information has been prepared in good faith and is believed to be accurate, you understand that the Sponsor has not made any expressed or implied representations or warranties as to the accuracy or completeness of the Information. You agree that the Sponsor shall not have any liability to you or any of your representatives or agents resulting from the use of the Information. This confidential memorandum shall not be deemed an indication of the state of affairs of the Sponsor, nor constitute an indication that there has been any change in the business or affairs of the Property or the Sponsor since the date of preparation of this memorandum. For additional Information, please contact: Michael J. Hoagberg Headwaters Development President E: mhoagberg@headwatersdevelopment.com W: (612) 438-2727 C: (612) 723-3330 Brian T. McCaw Headwaters Development Chief Financial Officer E: bmccaw@headwatersdevelopment.com W: (612) 438-2831 C: (917) 587-7275 Project Summary Headwaters Development, LLC is proposing a 160 unit senior 55+ community on the approximately 16.5 acre site located at the corner of Golf Course Road and 7t" Street West. The project will consist of 100 unit multifamily building and 30 twin home villas (60 units) — single story living. The project projects at least 40% of all units will be considered affordable based on 60% AMI levels for Wright County. The project took into consideration in its design, unit mix and rental rates, the housing study completed by the City of Monticello in 2020. i. A3 .r • F #- A,- Application Addendum — Site Map with Boundaries Club C-- P—'I E:1 Site Boundary Application Addendum — General Description The project will be broken into two main projects (two separate lots); with the twin home site further divided into zero lot lines for each villa residential unit. All units are expected to be for rent, not for re -sale. Project 2 Project Size: $17 million Two Phase: 100 units total Type: Multi -family Parking: 75 on -grade; 100 below 4. A lei • -• f i 1 Project 1 Project Size: $17 million Two Phase: 60 units total Type: single story villas Parking: 2 -car garages EEL� AM Application Addendum — Statements Comprehensive Guide Plan • [TBD] Use of Assistance • The project will utilize public assistance to support the construction and operations of the senior community. The assistance will further support the project's ability to offer a minimum of 40% of its units to seniors meeting affordability requirements. Without the assistance, the project is not viable and will not be able to secure sufficient private funding (bank construction loans). Public Benefits • First and foremost, this project will be a part of solving the cities need for affordable senior housing. By providing this option to the residents of Monticello and surrounding communities, it allows those seniors to stay in a community they have been a part of for a long time. They are able to move into a more manageable residence, their existing homes turnover to the younger generation and ultimately supports future growth for the city. This project also expects to create more than $28 million of incremental property value on a site that has been owned by the city for a long time and has had essentially no market value. This project will allow the city to capture the value of the land over time, which it has been unable to do over the past several years. Application Addendum — Development Team The developer represents one of the strongest senior housing teams in the country ■ The most important aspects of a senior housing development is ensuring the entire team has a deep understanding of the product and has substantial experience building and operating communities specifically designed for the senior population ■ The developer team has a long and successful track record of designing, developing and operating senior housing communities HEADWATERS DEVELOPMENT ' Development,` Construction and Operations experts D E LTA MODULAR JAYBIRD CONSTRUCTION SENIOR LIVING Headwaters Development Headwaters Development is a full service real estate development company dedicated exclusively to the senior housing segment Our partners have substantial senior housing experience, including senior housing real estate development and operations, and over $4 billion of portfolio debt and equity transactions Headwaters Development brings a depth of knowledge to the senior housing space unmatched by most generalist real estate developers in the market. It's our ability to seamlessly source project capital (both debt and equity), identify premiere locations for new project developments, execute construction management and provide operational oversight that sets us apart from our competition ■ Capital Markets: Ability to efficiently access both debt and equity providers to meet necessary capital requirements for each project ■ Market Feasibility: Analyzing markets to identify key supply and demand dynamics and demographics critical to locating the right market to initiate a new senior housing project ■ Construction Management: Coordination of development partners with a proven track record in senior housing. The development relationship plays a critical role in building the budget, creating the architectural design, obtaining appropriate permitting and licenses, and coordinating construction of the new community ■ Operations: Getting involved as early as possible to ensure the building design is optimal for the market being served and the expected level of acuity of the senior population. Coordinate community operations from fill -up through stabilization HEADWATE" -[JEVELOI'MENT- Award Winning Senior Living — Stonehaven • Voted best Senior Apartment in 2020 and 2021 • Developed by Headwaters Development, is a 97 unit senior living community offering the complete continuum of care, 78 independent living and assisted living units, 15 memory care units, and 4 rehabilitative care suites — Filled in 12 months ■ Amenities throughout the community, including a fitness center, beauty salon, library & game room, gourmet kitchen, club room, theater, arts & crafts room and a spiritual reflection room Award Winning Senior Living — Riley Crossing ■ Voted 2019 Business of the Year ■ Riley Crossing Senior Living is a Class A senior living community and Child Daycare center offering an Intergenerational experience that enhances the quality of life for both the seniors and the children ■ Developed by Headwaters Development, a 153 unit senior living community offering the complete continuum of care, 101 independent living and assisted living units, 28 memory care units, 8 rehabilitative care suites, and 16 twin homes — 45% pre -leased (Opened November 2019) — 100 student child daycare center 3019 New Member f L,•' of the Y - Award Riley Crossing Child & Senior Living southwest Me, CHAMBER OF COMMERCE ��1 El Unmatched Quality — Willows Landing Senior Living • Developed by Headwaters Development, Willows Landing is a 93 unit senior living community offering the complete continuum of care, 78 independent living and assisted living units and 15 memory care units ■ Situated on the bluffs overlooking the beautiful Mississippi River valley. This community was specifically built to blend into the surrounding residential neighborhoods and the natural waterways of the Mississippi. ■ Amenities throughout the community, including a fitness center, beauty salon, library & game room, gourmet kitchen, club room, arts & crafts room and a spiritual reflection room ■ Opened December of 2020 to rave reviews from local constituents. On track to stabilize within originally expected timeframe �IT_. _-_T_ Monticello Senior Community Senior Housing Development Specialist City of Monticello Tax Increment Financing District No. 1-42 (Housing) Headwaters Projected Tax Increment Cash Flow Combined Tax Increment for All Phases of Development TIF District Year Taxes Payable Year Taxable Market Value (TMV) ' Net Tax Capacity Less Original Net Tax Capacity Captured Net Tax Capacity 3 Original Tax Rate 2 Available TIF Present Value of Available TIF s TIF Retained by City PV of TIF to City s TIF to Developer PV of Net Available TIF s 1 2024 5,200,000 65,000 (4,827) 60,173 95.95% 57,528 53,502 5,753 5,350 51,775 48,152 2 2025 5,252,000 65,650 (4,827) 60,823 95.95% 58,149 105,481 5,815 10,548 52,334 94,933 3 2026 15,097,480 188,719 (4,827) 183,892 95.95% 175,807 256,531 17,581 25,653 158,226 230,878 4 2027 17,102,997 213,787 (4,827) 208,961 95.95% 199,774 421,509 19,977 42,151 179,797 379,358 5 2028 19,147,114 239,339 (4,827) 234,512 95.95% 224,202 599,470 22,420 59,947 201,782 539,523 6 2029 21,230,403 265,380 (4,827) 260,553 95.95% 249,098 789,515 24,910 78,952 224,188 710,564 7 2030 23,353,443 291,918 (4,827) 287,091 95.95% 274,470 990,786 27,447 99,079 247,023 891,707 8 2031 23,586,978 294,837 (4,827) 290,011 95.95% 277,261 1,186,208 27,726 118,621 249,535 1,067,587 9 2032 23,822,848 297,786 (4,827) 292,959 95.95% 280,080 1,375,952 28,008 137,595 252,072 1,238,356 10 2033 24,061,076 300,763 (4,827) 295,937 95.95% 282,927 1,560,181 28,293 156,018 254,634 1,404,163 11 2034 24,301,687 303,771 (4,827) 298,944 95.95% 285,801 1,739,055 28,580 173,906 257,221 1,565,150 12 2035 24,544,704 306,809 (4,827) 301,982 95.95% 288,706 1,912,731 28,871 191,273 259,835 1,721,458 13 2036 24,790,151 309,877 (4,827) 305,050 95.95% 291,639 2,081,359 29,164 208,136 262,475 1,873,223 14 2037 25,038,052 312,976 (4,827) 308,149 95.95% 294,602 2,245,085 29,460 224,508 265,141 2,020,576 15 2038 25,288,433 316,105 (4,827) 311,279 95.95% 297,594 2,404,052 29,759 240,405 267,834 2,163,647 16 2039 25,541,317 319,266 (4,827) 314,440 95.95% 300,615 2,558,397 30,061 255,840 270,553 2,302,557 17 2040 25,796,730 322,459 (4,827) 317,632 95.95% 303,668 2,708,255 30,367 270,825 273,301 2,437,429 18 2041 26,054,697 325,684 (4,827) 320,857 95.95% 306,751 2,853,756 30,675 285,376 276,076 2,568,381 19 2042 26,315,244 328,941 (4,827) 324,114 95.95% 309,864 2,995,027 30,986 299,503 278,878 2,695,525 20 2043 26,578,397 332,230 (4,827) 327,403 95.95% 313,009 3,132,191 31,301 313,219 281,708 2,818,971 21 2044 26,844,181 335,552 (4,827) 330,726 95.95% 316,186 3,265,366 31,619 326,537 284,567 2,938,829 22 2045 27,112,623 338,908 (4,827) 334,081 95.95% 319,394 3,394,668 31,939 339,467 287,455 3,055,201 23 2046 27,383,749 342,297 (4,827) 337,470 95.95% 322,633 3,520,210 32,263 352,021 290,370 3,168,189 24 2047 27,657,586 345,720 (4,827) 340,893 95.95% 325,906 3,642,101 32,591 364,210 293,316 3,277,891 25 2048 27,934,162 349,177 (4,827) 344,350 95.95% 329,212 3,760,447 32,921 376,045 296,290 3,384,403 26 2049 28,213,504 352,669 (4,827) 347,842 95.95% 332,550 3,875,352 33,255 387,535 299,295 3,487,816 7,017,427 3,875,352 701,743 387,535 6,315,684 3,487,816 TOTAL = Key Assumptions for Cash Flow: 1 Taxable market value (TMV) annual growth assumption = 1.00% 2 Original Tax Rate estimated based on Taxes Payable Year 2021. 3 Election for captured tax capacity is 100.0% 4 Original Net Tax Capacity is calculated based on a TMV = $386,137, NTC calculated for Apartment classification. 5 Present value is calculated based on semi-annual payments, 4.0% rate, and date of 1/1/2023. 6 Present value amount of the net available TIF is equal to the estimated maximum developer costs to be reimbursed from TIF. 7 Available TIF is after deducting State Auditor Fee of 0.36%. 5/24/2021 NORTHLAND ®�. PUBLIC FINANCE Page 1 of 4 City of Monticello Tax Increment Financing District No. 1-42 (Housing) Headwaters Projected Tax Increment Cash Flow Apartment Building, Phase I, 40 Units TIF District Year Taxes Payable Year Taxable Market Value (TMV) ' Net Tax Capacity Less Original Net Tax Capacity Captured Net Tax Capacity 3 Original Tax Rate 2 Available TIF Present Value of Available TIF s TIF Retained by City PV of TIF to City s TIF to Developer PV of Net Available TIF s 1 2024 5,200,000 65,000 (4,827) 60,173 95.95% 57,528 53,502 5,753 5,350 51,775 48,152 2 2025 5,252,000 65,650 (4,827) 60,823 95.95% 58,149 105,481 5,815 10,548 52,334 94,933 3 2026 5,304,520 66,307 (1,696) 64,611 95.95% 61,770 158,553 6,177 15,855 55,593 142,697 4 2027 5,357,565 66,970 (1,512) 65,458 95.95% 62,580 210,232 6,258 21,023 56,322 189,209 5 2028 5,411,141 67,639 (1,364) 66,275 95.95% 63,361 260,525 6,336 26,053 57,025 234,473 6 2029 5,465,252 68,316 (1,243) 67,073 95.95% 64,124 309,448 6,412 30,945 57,712 278,503 7 2030 5,519,905 68,999 (1,141) 67,858 95.95% 64,875 357,021 6,487 35,702 58,387 321,319 8 2031 5,575,104 69,689 (1,141) 68,548 95.95% 65,534 403,211 6,553 40,321 58,981 362,890 9 2032 5,630,855 70,386 (1,141) 69,245 95.95% 66,201 448,060 6,620 44,806 59,581 403,254 10 2033 5,687,163 71,090 (1,141) 69,949 95.95% 66,873 491,605 6,687 49,160 60,186 442,444 11 2034 5,744,035 71,800 (1,141) 70,660 95.95% 67,553 533,884 6,755 53,388 60,798 480,496 12 2035 5,801,475 72,518 (1,141) 71,378 95.95% 68,239 574,935 6,824 57,493 61,416 517,441 13 2036 5,859,490 73,244 (1,141) 72,103 95.95% 68,933 614,792 6,893 61,479 62,040 553,313 14 2037 5,918,085 73,976 (1,141) 72,835 95.95% 69,633 653,491 6,963 65,349 62,670 588,142 15 2038 5,977,266 74,716 (1,141) 73,575 95.95% 70,340 691,065 7,034 69,107 63,306 621,958 16 2039 6,037,039 75,463 (1,141) 74,322 95.95% 71,054 727,546 7,105 72,755 63,949 654,792 17 2040 6,097,409 76,218 (1,141) 75,077 95.95% 71,776 762,967 7,178 76,297 64,598 686,671 18 2041 6,158,383 76,980 (1,141) 75,839 95.95% 72,505 797,359 7,251 79,736 65,255 717,623 19 2042 6,219,967 77,750 (1,141) 76,609 95.95% 73,240 830,750 7,324 83,075 65,916 747,675 20 2043 6,282,167 78,527 (1,141) 77,386 95.95% 73,984 863,170 7,398 86,317 66,585 776,853 21 2044 6,344,988 79,312 (1,141) 78,171 95.95% 74,735 894,648 7,473 89,465 67,261 805,183 22 2045 6,408,438 80,105 (1,141) 78,965 95.95% 75,493 925,210 7,549 92,521 67,944 832,689 23 2046 6,472,522 80,907 (1,141) 79,766 95.95% 76,258 954,884 7,626 95,488 68,633 859,395 24 2047 6,537,248 81,716 (1,141) 80,575 95.95% 77,033 983,695 7,703 98,369 69,329 885,325 25 2048 6,602,620 82,533 (1,141) 81,392 95.95% 77,814 1,011,667 7,781 101,167 70,032 910,501 26 2049 6,668,646 83,358 (1,141) 82,217 95.95% 78,603 1,038,827 7,860 103,883 70,743 934,944 1,798,189 1,038,827 179,819 103,883 1,618,370 934,944 TOTAL = Key Assumptions for Cash Flow: 1 Taxable market value (TMV) annual growth assumption = 1.00% 2 Original Tax Rate estimated based on Taxes Payable Year 2021. 3 Election for captured tax capacity is 100.0% 4 Original Net Tax Capacity is calculated based on a TMV = $386,137, NTC calculated for Apartment classification. 5 Present value is calculated based on semi-annual payments, 4.0% rate, and date of 1/1/2023. 6 Present value amount of the net available TIF is equal to the estimated maximum developer costs to be reimbursed from TIF. 7 Available TIF is after deducting State Auditor Fee of 0.36%. 5/24/2021 1-4.. NORTHLAND %ft PUBLIC FINANCE Page 2 of 4 City of Monticello Tax Increment Financing District No. 1-42 (Housing) Headwaters Projected Tax Increment Cash Flow Apartment Building, Phase II, 60 Units TIF District Year Taxes Payable Year Taxable Market Value (TMV) 7 Net Tax Capacity Less Original Net Tax Capacity Captured Net Tax Capacity a Original Tax Rate z Available TIF Present Value of Available TIF 5 TIF Retained by City PV of TIF to City s TIF to Developer PV of Net Available TIF s � 1 2024 - 0 0 95.95% 0 0 0 0 0 0 2 2025 - - 0 0 95.95% 0 0 0 0 0 0 3 2026 7,956,780 99,460 (2,544) 96,916 95.95% 92,655 79,608 9,266 7,961 83,390 71,647 4 2027 8,036,348 100,454 (2,268) 98,186 95.95% 93,870 157,128 9,387 15,713 84,483 141,415 5 2028 8,116,711 101,459 (2,046) 99,413 95.95% 95,043 232,568 9,504 23,257 85,538 209,311 6 2029 8,197,878 102,473 (1,864) 100,610 95.95% 96,186 305,952 9,619 30,595 86,568 275,357 7 2030 8,279,857 103,498 (1,711) 101,787 95.95% 97,312 377,312 9,731 37,731 87,581 339,581 8 2031 8,362,656 104,533 (1,711) 102,822 95.95% 98,302 446,598 9,830 44,660 88,472 401,938 9 2032 8,446,282 105,579 (1,711) 103,867 95.95% 99,301 513,871 9,930 51,387 89,371 462,484 10 2033 8,530,745 106,634 (1,711) 104,923 95.95% 100,311 579,188 10,031 57,919 90,280 521,269 11 2034 8,616,053 107,701 (1,711) 105,989 95.95% 101,330 642,608 10,133 64,261 91,197 578,347 12 2035 8,702,213 108,778 (1,711) 107,066 95.95% 102,359 704,183 10,236 70,418 92,123 633,765 13 2036 8,789,235 109,865 (1,711) 108,154 95.95% 103,399 763,970 10,340 76,397 93,059 687,573 14 2037 8,877,128 110,964 (1,711) 109,253 95.95% 104,450 822,018 10,445 82,202 94,005 739,816 15 2038 8,965,899 112,074 (1,711) 110,362 95.95% 105,511 878,379 10,551 87,838 94,960 790,541 16 2039 9,055,558 113,194 (1,711) 111,483 95.95% 106,582 933,102 10,658 93,310 95,924 839,791 17 2040 9,146,113 114,326 (1,711) 112,615 95.95% 107,664 986,233 10,766 98,623 96,898 887,610 18 2041 9,237,575 115,470 (1,711) 113,758 95.95% 108,757 1,037,820 10,876 103,782 97,881 934,038 19 2042 9,329,950 116,624 (1,711) 114,913 95.95% 109,861 1,087,907 10,986 108,791 98,875 979,116 20 2043 9,423,250 117,791 (1,711) 116,079 95.95% 110,976 1,136,538 11,098 113,654 99,878 1,022,884 21 2044 9,517,482 118,969 (1,711) 117,257 95.95% 112,102 1,183,754 11,210 118,375 100,892 1,065,379 22 2045 9,612,657 120,158 (1,711) 118,447 95.95% 113,240 1,229,598 11,324 122,960 101,916 1,106,638 23 2046 9,708,784 121,360 (1,711) 119,649 95.95% 114,389 1,274,108 11,439 127,411 102,950 1,146,698 24 2047 9,805,872 122,573 (1,711) 120,862 95.95% 115,549 1,317,324 11,555 131,732 103,994 1,185,592 25 2048 9,903,930 123,799 (1,711) 122,088 95.95% 116,720 1,359,283 11,672 135,928 105,048 1,223,355 26 2049 10,002,970 125,037 (1,711) 123,326 95.95% 117,904 1,400,022 11,790 140,002 106,114 1,260,020 2,523,773 1,400,022 252,377 140,002 2,271,395 1,260,020 TOTAL = Key Assumptions for Cash Flow: 1 Taxable market value (TMV) annual growth assumption = 1.00% 2 Original Tax Rate estimated based on Taxes Payable Year 2021. 3 Election for captured tax capacity is 100.0% 4 Original Net Tax Capacity is calculated based on a TMV = $386,137, NTC calculated for Apartment classification. 5 Present value is calculated based on semi-annual payments, 4.0% rate, and date of 1/1/2023. 6 Present value amount of the net available TIF is equal to the estimated maximum developer costs to be reimbursed from TIF. 7 Available TIF is after deducting State Auditor Fee of 0.36%. 5/24/2021 .'L, NORTHLAND `�% PUBLIC FINANCE Page 3 of 4 City of Monticello Tax Increment Financing District No. 1-42 (Housing) Headwaters Projected Tax Increment Cash Flow Rental Twinhomes, 30 Twinhomes/60 Units TIF District Year Taxes Payable Year Taxable Market Value (TMV) 7 Net Tax Capacity Less Original Net Tax Capacity Captured Net Tax Capacity a Original Tax Rate z Available TIF Present Value of Available TIF 5 TIF Retained by City PV of TIF to City s TIF to Developer PV of Net Available TIF s � 1 2024 - 0 0 95.95% 0 0 0 0 0 0 2 2025 - - 0 0 95.95% 0 0 0 0 0 0 3 2026 1,836,180 22,952 (587) 22,365 95.95% 21,382 18,371 2,138 1,837 19,244 16,534 4 2027 3,709,084 46,364 (1,047) 45,317 95.95% 43,324 54,149 4,332 5,415 38,992 48,734 5 2028 5,619,262 70,241 (1,417) 68,824 95.95% 65,798 106,377 6,580 10,638 59,218 95,739 6 2029 7,567,272 94,591 (1,720) 92,870 95.95% 88,787 174,115 8,879 17,412 79,908 156,704 7 2030 9,553,681 119,421 (1,975) 117,446 95.95% 112,283 256,453 11,228 25,645 101,055 230,808 8 2031 9,649,218 120,615 (1,975) 118,641 95.95% 113,425 336,399 11,343 33,640 102,083 302,759 9 2032 9,745,710 121,821 (1,975) 119,847 95.95% 114,578 414,021 11,458 41,402 103,120 372,619 10 2033 9,843,167 123,040 (1,975) 121,065 95.95% 115,743 489,388 11,574 48,939 104,169 440,449 11 2034 9,941,599 124,270 (1,975) 122,295 95.95% 116,919 562,563 11,692 56,256 105,227 506,307 12 2035 10,041,015 125,513 (1,975) 123,538 95.95% 118,107 633,613 11,811 63,361 106,297 570,252 13 2036 10,141,425 126,768 (1,975) 124,793 95.95% 119,307 702,597 11,931 70,260 107,376 632,337 14 2037 10,242,840 128,035 (1,975) 126,061 95.95% 120,519 769,576 12,052 76,958 108,467 692,618 15 2038 10,345,268 129,316 (1,975) 127,341 95.95% 121,743 834,608 12,174 83,461 109,569 751,147 16 2039 10,448,721 130,609 (1,975) 128,634 95.95% 122,979 897,749 12,298 89,775 110,681 807,974 17 2040 10,553,208 131,915 (1,975) 129,941 95.95% 124,228 959,055 12,423 95,905 111,805 863,149 18 2041 10,658,740 133,234 (1,975) 131,260 95.95% 125,489 1,018,578 12,549 101,858 112,940 916,720 19 2042 10,765,327 134,567 (1,975) 132,592 95.95% 126,763 1,076,370 12,676 107,637 114,087 968,733 20 2043 10,872,981 135,912 (1,975) 133,938 95.95% 128,049 1,132,483 12,805 113,248 115,244 1,019,234 21 2044 10,981,710 137,271 (1,975) 135,297 95.95% 129,349 1,186,963 12,935 118,696 116,414 1,068,267 22 2045 11,091,527 138,644 (1,975) 136,670 95.95% 130,661 1,239,860 13,066 123,986 117,595 1,115,874 23 2046 11,202,443 140,031 (1,975) 138,056 95.95% 131,986 1,291,218 13,199 129,122 118,788 1,162,096 24 2047 11,314,467 141,431 (1,975) 139,456 95.95% 133,325 1,341,082 13,333 134,108 119,993 1,206,974 25 2048 11,427,612 142,845 (1,975) 140,871 95.95% 134,677 1,389,497 13,468 138,950 121,210 1,250,547 26 2049 11,541,888 144,274 (1,975) 142,299 95.95% 136,043 1,436,503 13,604 143,650 122,4391,292,853 2,695,465 1,436,503 269,547 143,650 2,425,919 1,292,853 TOTAL = Key Assumptions for Cash Flow: 1 Taxable market value (TMV) annual growth assumption = 1.00% 2 Original Tax Rate estimated based on Taxes Payable Year 2021. 3 Election for captured tax capacity is 100.0% 4 Original Net Tax Capacity is calculated based on a TMV = $386,137, NTC calculated for Apartment classification. 5 Present value is calculated based on semi-annual payments, 4.0% rate, and date of 1/1/2023. 6 Present value amount of the net available TIF is equal to the estimated maximum developer costs to be reimbursed from TIF. 5/24/2021 7 Available TIF is after deducting State Auditor Fee of 0.36%. 8 Assumes 20% of the total 60 units completed each year beginning with construction commencement in 2024. NORTHLAND 1`�i PUBLIC FINANCE Page 4 of 4 s � 11L� Adh % 40 &I 1 40 me IV ` LAf • • 4e `` ~ Nb jo F4A N*l — � . 4% %'� I - fi - • 4b %L Alm R '� S• OL A It I - + . ! VRY -1 • lvw 1v#6#9* - 1 4 5 6 7 $ �o AlA,�- 1`�1�- MENEM Q 2 15 16 17 18 19 20 21 22 ,- ,1 7A PROJECT Z:•.s EXISTING WETLAND ,. im" PROJECT INFORMATION PHASE I = 40 UNITS PHASE II = 60 UNITS 60'x 68' TWINHOMES = 30 TWINHOMES / 60 UNITS f4,,,Beacon_"V Wright County, MN Overview Parcel ID 155033900010 Alternate ID n/a Owner Address Sec/Twp/Rng 10-121-025 Class 958- MUNICIPAL PUB -OTHER Property Address Acreage n/a District 1101 CITY OF MONTICELLO 882 H Brief Tax Description Sect -10 Twp -121 Range -025 COUNTRY CLUB MANOR OUTLOTA (Note: Not to be used on legal documents) Date created: 6/3/2021 Last Data Uploaded: 6/3/20217:48:58 AM Developed by4" Schneider GEOSPATIAL Legend Roads — CSAHCL — CTYCL — MUNICL — PRIVATECL -- TWPCL Highways Interstate — State Hwy — US Hwy City/Township Limits c ❑t aParcels Torrens CITY OF MONTICELLO EDA EXECUTIVE DIRECTOR 505 WALNUT STSTE 1 MONTICELLO, MN 55362 8/5/2021 Beacon - Wright County, MN - Report: 155033900010 f%,BeaconTM Wright County, MN Summary Parcel ID 155033900010 Property Address Sec/Twp/Rng 10-121-025 Brief Tax Description Sect -10 Twp -121 Range -025 COUNTRY CLUB MANOR OUTLOT A (Note: Not to be used on legal documents) Deeded Acres 0.00 Class 958 - (NON-HSTD) MUNICIPAL PUB -OTHER District (1101)1101 CITY OF MONTICELLO 882 H School District 0882 Creation Date 01/01/0001 Note: Class refers to Assessor's Classification Used For Property Tax Purposes Owner Primary Taxpayer City Of Monticello Eda Executive Director 505 Walnut St Ste 1 Monticello, MN 55362 GIS Acreage Parcel: 155033900010 Acres: 16.71 Acres USAB: 16.71 Acres WATE: 0.00 Acres ROW: 0.00 Sq Ft: 728,012.60 Land Unit Eff Seq Description Dim 1 Dim 2 Dim 3 Units UT Price Adj 1 Adj 2 Adj 3 Adj 4 Rate Div % Value 1 RES B 0 0 0 14.710 AC 35,000.000 1.00 1.00 1.00 0.75 26,249.966 1.000 386,137 Total 14.710 386,137 Land (Working 2022 Assessment) Unit Eff Seq Description Dim 1 Dim 2 Dim 3 Units UT Price Adj 1 Adj 2 Adj 3 Adj 4 Rate Div % Value 1 RES B 0 0 0 14.710 AC 35,000.000 1.00 1.00 1.00 0.75 26,249.966 1.000 386,137 Total 14.710 386,137 Recent Sales In Area Sale date range: From: 08/05/2018 To: 08/05/2021 Sales by neighborhood 1500 Feet S=I('S by DiStance Transfer History Grantor CITY OF MONTICELLO HRA Grantee Doc Date Transfer Date Doc Type Doc No Sale Price CITY OF MONTICELLO EDA 1/2/2008 2/21/2008 QCLDEED 1080161 $0 https://beacon.schneidercorp.com/Application.aspx?ApplD=187&LayerlD=2505&PageTypelD=4&PagelD=1310&KeyValue=155033900010 1/2 8/5/2021 Valuation (Working 2022 Assessment) Beacon - Wright County, MN - Report: 155033900010 Taxes and Special Assessments Payable in 2022 are preliminary. Map No data available for the following modules: Land GA/RP, Buildings, Buildings (Working 2022 Assessment), Extra Features, Sales, Valuation, Taxes Paid, Photos, Sketches. The information provided on this site is intended for reference purposes only. The information is not suitable for legal, engineering, or Developed by surveying purposes. Wright County does not guarantee the accuracy of the information contained herein. Schneider User Privacy Policy GEOSPATIAL GDPR Privacy Notice Last Data Upload: 8/5/2021, 6:47:22 AM Version 2.3.138 https://beacon.schneidercorp.com/Application.aspx?ApplD=187&LayerlD=2505&PageTypelD=4&PagelD=1310&KeyValue=155033900010 2/2 2022 2021 + Land Value $386,137 $386,137 + Building Value $0 $0 + Extra Features Value $0 $0 = Total Value $386,137 $386,137 Change 0.00% 0.00% Taxation 2021 Payable 2020 Payable 2019 Payable 2018 Payable Estimated Market Value $386,100 $257,400 $220,700 $198,600 - Excluded Value $0 $0 $0 $0 - Homestead Exclusion $0 $0 $0 $0 = Taxable Market Value $0 $0 $0 $0 Net Taxes Due $0.00 $0.00 $0.00 $0.00 + Special Assessments $0.00 $0.00 $0.00 $0.00 = Total Taxes Due $0.00 $0.00 $0.00 $0.00 Change 0.00% 0.00% 0.00% 0.00% Taxation (Preliminary 2022 Taxes Payable) 2022 Proposed 2021 Payable Estimated Market Value $386,100 $386,100 - Excluded Value $0 $0 - Homestead Exclusion $0 $0 = Taxable Market Value $0 Net Taxes Due $0.00 + Special Assessments $0.00 = Total Taxes Due $0.00 Change 0.00% 0.00% Taxes and Special Assessments Payable in 2022 are preliminary. Map No data available for the following modules: Land GA/RP, Buildings, Buildings (Working 2022 Assessment), Extra Features, Sales, Valuation, Taxes Paid, Photos, Sketches. The information provided on this site is intended for reference purposes only. The information is not suitable for legal, engineering, or Developed by surveying purposes. Wright County does not guarantee the accuracy of the information contained herein. Schneider User Privacy Policy GEOSPATIAL GDPR Privacy Notice Last Data Upload: 8/5/2021, 6:47:22 AM Version 2.3.138 https://beacon.schneidercorp.com/Application.aspx?ApplD=187&LayerlD=2505&PageTypelD=4&PagelD=1310&KeyValue=155033900010 2/2 EDA: 08/11/21 7. Consideration of Resolution #2021-11 Authorizing the 2022 HRA Property Tax Levy in the amount of $388,000 and the EDA General Fund Budget in the amount of $425,000 (JT/SR) A. REFERENCE AND BACKGROUND: Staff is asking the EDA to consider Resolution #2021-11 authorizing the 2022 HRA Special Benefit property tax levy in the amount of $388,000 and the EDA General Fund Budget in the amount of $425,000. The proposed tax levy is an increase of $21,700 over the 2021 certified levy. In percentage terms, it is 5.9 percent increase. The attached spreadsheet shows the 2022 General Fund budget operating expenditures line items. Typical operating line items consist of staff salaries and benefits, overhead (electricity, computer maintenance, postage), legal fees, financial advisorfees, marketing, and various memberships such as the Wright County Economic Development Partnership and Economic Development Association of Minnesota. Larger property acquisition - redevelopment activities and funded through the General Fund cash balance and/or other available unrestricted Funds. It should be noted that the salaries line item in the 2022 EDA General Fund budget increases by 25.20 percent due to the Community Economic Development Coordinator position being paid at a 40 percent level from the versus the previous 10 percent figure. This change was made to better reflect the time spent on EDA tasks. The 2022 Redevelopment activities line item is $104,671. This line has historically been a flex and fill figure. Unused funds in all line items carry over from year to year and remain in the EDA General Fund and available for various EDA goals as needed. A transfer in of $25,000 on the revenue side reflects the available CET Grant dollars which are to be used for marketing in 2022 as outlined in the CET Grant Agreement. A small amount of projected interest earnings ($6,000) is also shown on the revenue side. The table below shows the maximum allowed HRA property tax levy along with the actual certified levy over a timeframe that spans 2016 to 2021. The table also shows the City's projected 2022 taxable market value. The City's total taxable property valuation increased by $119,857,000 over the previous year. The maximum 2022 allowed levy is 0.0185 percent of the property valuation equaling $388,000. B. C. Year Taxable Mkt. Value* Allowed 2022 $2,100,005,500 2021 $1,980,148,000 2020 $1,923,814,900 2019 $1,883,565,600 2018 $1,748,750,200 2017 $1,631,446,700 2016 $1,513,570,400 )V Statute $388,000 $366,300 $355,000 $348,000 $323,000 $302,000 $280,000 Actual $?????? $366,300 $355,000 $348,000 $323,000 $280,000 $280,000 *Taxable market value is for the calendar year prior to the levy year, e.g., 2022 levy is based on 2021 Taxable Market Value amount The proposed levy is calculated at 0.0185 percent x municipal taxable market value (2021 =.0185 x $2,100,005,000) Al. STAFF IMPACT: The staff impact to seek feedback about the levy is minimal. A2. BUDGET IMPACT: The cost of presenting the 2022 Property Tax Levy discussion to the EDA for review and feedback is minimal. It is part of the normal work duties of the EDA Executive Manager. A3. STRATEGIC PLAN IMPACT: Goals that relate to the establishment of the HRA Levy and EDA Budget include the following: Goal #1 — Create and Preserve Sustainable Livability: Work to attract and develop a healthy mix of housing options. Goal #4 - Support A Vibrant Economy: Expand City/EDA owned industrial land inventory in targeted areas; Support development and redevelopment efforts for publicly owned properties. ALTERNATIVE ACTIONS: 1. Motion approving Resolution #2021-11 authorizing the 2022 Special Benefit HRA Property Tax Levy in the amount of $388,000. 2. Motion to table consideration of Resolution #2021-11 for further research and/or discussion. STAFF RECOMMENDATION: Setting the annual levy is a policy decision for the EDA. It should be noted that the proposed budget reflects the efforts and the resources needed to effectively carry out the EDA's Work Plan goals and overall mission of facilitating economic development, K redevelopment and housing activities that expand the tax base, increase employment opportunities and create a vibrant economy. Some of the 2021 Work Plan activities underway right now, will carry over into 2022. They include Block 52 redevelopment efforts such as assembly of additional land and/or demolition activities, marketing of the Block 34 and Cedar -Garden Center sites, continuation of a Downtown Fagade Improvement Grant Program (estimated additional cost of $100,000), industrial development land acquisition(s) and potential strategic land acquisition in the core downtown to facilitate redevelopment as opportunities arise. The 2021 EDA Workplan is attached as supporting documentation to this report. D. SUPPORTING DATA: A. Resolution #2021-11 B. 2022 EDA General Fund Expenses and Revenue Budget Proposal (combined spreadsheet) C. 06-30-21 EDA Revenue and Expenditures Statement D. 06-30-21 EDA Balance Sheet 3 CITY OF MONTICELLO ECONOMIC DEVELOPMENT AUTHORITY RESOLUTION NO. 2021-11 AUTHORIZING THE LEVY OF A SPECIAL BENEFIT TAX PURSUANT TO MINNESOTA STATUTES, SECTION 469.033, SUBDIVISION 6 AND APPROVING A BUDGET FOR FISCAL YEAR 2022 WHEREAS, pursuant to Minnesota Statutes, Sections 469.090 through 469.1081, as amended, the City Council of the City of Monticello, Minnesota (the "City") previously created the City of Monticello Economic Development Authority (the "Authority"); and WHEREAS, the Authority is authorized to exercise all powers and duties of a housing and redevelopment authority under the provisions of Minnesota Statutes, Sections 469.001 to 469.047 (the "HRA Act"); and WHEREAS, Section 469.033, subd. 6, of the HRA Act permits the Authority to levy and collect a special benefit tax of up to 0.0185 percent of taxable market value in the City, levied upon all taxable real property within the City, to finance the Authority's economic development and redevelopment activities; and WHEREAS, the special benefit tax levy authorized by Section 469.033, subd. 6 of the HRA Act is separate and distinct from the City's levy and is not subject to the City's levy limits; and WHEREAS, the Authority desires to levy a special benefit tax in the amount of 0.0185 percent of taxable market value in the City; and WHEREAS, the Authority has determined to adopt a budget for fiscal year 2022 that provides for the levy of the special benefit tax in the amount of 0.0185 percent of taxable market value of property in the City, to be used for the Authority's economic development and redevelopment activities. NOW, THEREFORE, Be It Resolved by the Board of Commissioners ("Board") of the City of Monticello Economic Development Authority as follows: The Board hereby approves a budget of $425,000 (excluding TIF district and loan activity) for fiscal year 2022, including the levy of a special benefit tax in an amount not to exceed $388,000, subject to approval of such budget by the City Council prior to September 30, 2021. 2. Staff of the Authority is hereby authorized and directed to file the budget with the City in accordance with Minnesota Statutes, Section 469.033, Subdivision 6, and request that the City Council consider approval of the special benefits tax levy. MN190\101\737069.v1 There is hereby levied a special benefit tax pursuant to Minnesota Statutes, Section 469.033, Subdivision 6, in an amount not to exceed $388,000 with respect to taxes payable in calendar year 2022, contingent upon the approval of the City Council. 4. Staff of the Authority is hereby authorized and directed to take such other actions as are necessary to levy and certify such levy upon approval by the City Council. Approved by the Board of Commissioners of the City of Monticello Economic Development Authority this 11th day of August, 2021. President Attest: Executive Director MN190\101\737069.v1 2 CITY OF MONTICELLO Schedule of Assets, Liabilities, Deferred Inflows of Resources, and Fund Balances Economic Development Authority & Small Cities Development Program June 30, 2021 - Unaudited ASSETS Cash and investments Receivables Unremitted taxes Delinquent taxes Intrafund receivable Prepaid items Notes receivable Land held for resale TOTAL ASSETS LIABILITIES Accounts and contracts payable Intrafund payable Unearned revenue Escrow deposits Total liabilities DEFERRED INFLOWS OF RESOURCES Unavailable revenue - property taxes FUND BALANCES Nonspendable Restricted Total fund balance TOTAL LIABILITIES, AND FUND BALANCES Required or Actual Decertification Date TIF District Type (d) = decertified 1,367 TIF 6 (d) TIF 19 TIF 20 (d) TIF 22 TIF 24 EDA General GMEF TIF Future Raindance MS Shores Prairie West Downtown St. Henry's $ 896,251 $ 1,056,643 $ $ 6,721 $ 112,773 $ 104,838 $ 565,200 $ 146,066 1,367 749,105 - 104,838 565,200 1,898 $ 4,767,712 566,924 $ 749,105 742,384 $ 104,838 $ 730,298 - - 180,297 1213112023 1211012018 1213112024 - 3,303,170 Redevelopment Housing Redevelopment Housing & 163,200 - $ 4,767,712 $ 1,236,940 $ $ 749,105 $ 112,773 $ 104,838 $ 730,298 $ 146,066 44,497 - - - 163,200 6,720 - - 6,720 44,497 163,200 1,367 1,898 4,759,625 1,236,940 (44,497) 749,105 112,773 104,838 565,200 146,066 4,759,625 1,236,940 (44,497) 749,105 112,773 104,838 565,200 146,066 $ 4,767,712 $ 1,236,940 $ - $ 749,105 $ 112,773 $ 104,838 $ 730,298 $ 146,066 121912013 1213112023 1211012018 1213112024 1213112026 Redevelopment Housing Redevelopment Housing & Housing Redevelopment (Continued) CITY OF MONTICELLO Schedule of Assets, Liabilities, Deferred Inflows of Resources, and Fund Balances Economic Development Authority & Small Cities Development Program June 30, 2021 - Unaudited (Continued) ASSETS Cash and investments Receivables Unremitted taxes Delinquent taxes Intrafund receivable Prepaid items Notes receivable Land held for resale TOTAL ASSETS LIABILITIES Accounts and contracts payable Intrafund payable Unearned revenue Escrow deposits Total liabilities DEFERRED INFLOWS OF RESOURCES Unavailable revenue - property taxes FUND BALANCES Nonspendable Restricted Total fund balance TOTAL LIABILITIES, AND FUND BALANCES Required or Actual Decertification Date TIF District Type (d) = decertified TIF 29 TIF 30 TIF 34 TIF 39 TIF 40 TIF 41 GAAP Total Total Front Porch CMHP Interchange Otter Creek Briggs UMC Reconciliation EDA SCDP $ 180,103 $ 120,181 $ (55,421) $ 22,624 $ 6,850 $ - $ - $ 3,162,829 $ 767,854 3,265 (1,309,308) - 180,297 158,944 3,466,370 - $ 180,103 $ 120,181 $ (55,421) $ 22,624 $ 6,850 $ $ (1,309,308) $ 6,812,761 $ 926,798 103,215 130,596 1,031,000 (1,309,308) - - - (163,200) - - - 6,720 103,215 130,596 1,031,000 (1,472,508) 6,720 3,265 180,103 16,966 (55,421) (107,972) 6,850 (1,031,000) 163,200 6,802,776 926,798 180,103 16,966 (55,421) (107,972) 6,850 (1,031,000) 163,200 6,802,776 926,798 $ 180,103 $ 120,181 $ (55,421) $ 22,624 $ 6,850 $ - $ (1,309,308) $ 6,812,761 $ 926,798 12131 /2029 12131 /2029 12131 /2022 12131 /2021 12131 /2045 12131 /2030 Housing Housing Redevelopment Economic Housing Economic Development Development 2022 Budget Draft EXPENDITURES TOTAL EXPENDITURES $ 290,062 EDA FUND 2019 EDA - TIF 6 TIF #19 - MISSISSIPPI SHORES ACTUAL 213-46506-431990 MISC PROFESSIONAL SERVICES - 2019 EDA General EDA/HRA ACTUAL 213-46301-410100 SALARIES, FULL TIME - REG $ 85,651 213-46301-410200 SALARIES, FULL TIME - OT 182 213-46301-410300 SALARIES, PART TIME - REG - 213-46301-411100 SEVERANCE PAY - 213-46301-411100 SEVERANCE PAY - 213-46301-411110 SEVERANCE BENEFITS 6,731 213-46301-412100 PERA CONTRIBUTIONS 6,438 213-46301-412200 FICA CONTRIBUTIONS 6,408 213-46301-413100 HEALTH/DENTAL/LIFE INSURAN 19,181 213-46301-413250 HSA CONTRIBUTIONS - 213-46301-413300 LIFE INSURANCE CONTRIBUTIONS - 213-46301-413400 DISABILITY INS CONTRIBUTIONS - 213-46301-415100 WORKERS COMP INSURANCE 2,538 213-46301-421990 GENERAL OPERATING SUPPLIES 146 213-46301-430300 PROF SRV - ENGINEERING FEE - 213-46301-430400 PROF SRV - LEGAL FEES 22,103 213-46301-430910 PROF SRV - Market Matching - 213-46301-431990 MISC PROFESSIONAL SERVICES 25,345 213-46301-431991 MISC PROFESSIONAL SERVICES - Property Mgmt - 213-46301-431993 MISC PROFESSIONAL SERVICES - Econ Dev Svcs - 213-46301-432100 TELEPHONE STIPEND 780 213-46301-432150 IT Services 3,009 213-46301-432200 Mail & Delivery Services 94 213-46301-433100 Travel/Training Expense 1,884 213-46301-434990 ADVERTISING 1,698 213-46301-435100 LEGAL NOTICE PUBLICATION 207 213-46301-436100 Insurance - Liability/Property/Vehicle 976 213-46301-437100 PROPERTY TAXES 3,492 213-46301-438100 Utilities - Gas/Electricity - 213-46301-438200 WATER/SEWER 431 213-46301-440100 REPAIR & MTC - BLDG & SYSTEMS - 213-46301-440200 REPAIR & MTC - FACILITIES MAINTENANCE - 213-46301-443300 DUES, MEMBERSHIP & SUBSCRI 5,291 213-46301-461500 REDEVELOPMENT ACTIVITIES 10,572 213-46301-443990 MISC OTHER EXPENSE 3,286 213-46301-451010 LAND 58,619 213-46301-472030 TRANSFER TO OTHER FUNDS 25,000 213-46601-443990 MISC OTHER EXPENSE - TOTAL EXPENDITURES $ 290,062 EDA FUND 2019 EDA - TIF 6 TIF #19 - MISSISSIPPI SHORES ACTUAL 213-46506-431990 MISC PROFESSIONAL SERVICES - 213-46506-443991 QUALIFYING TIF EXPENDITURE - TOTAL EXPENDITURES $ - EDA FUND 2019 EDA - TIF 19 TIF #19 - MISSISSIPPI SHORES ACTUAL 213-46519-431990 MISC PROFESSIONAL SERVICES - 213-46519-435100 LEGAL NOTICE PUBLICATION 39 213-46519-443991 QUALIFYING TIF EXPENDITURE 240,000 TOTAL EXPENDITURES $ 240,039 Decertified EDA FUND 2019 EDA - TIF 20 TIF #20 - PRAIRIE WEST ACTUAL 213-46520-430400 PROF SRV - LEGAL FEES $ - 213-46520-431990 MISC PROFESSIONAL SERVICES - 213-46520-435100 LEGAL NOTICE PUBLICATION - 213-46520-465110 TIF PAYBACK INSTALLMENTS - TOTAL EXPENDITURES $ - EDA FUND 2019 EDA - TIF 22 TIF #22 - DWNTWN REDEVELOPMT ACTUAL 213-46522-430400 PROF SRV - LEGAL FEES $ - 213-46522-431990 MISC PROFESSIONAL SERVICES 990 213-46522-435100 LEGAL NOTICE PUBLICATION 39 213-46522-436100 Insurance - Liability/Property/Vehicle - 213-46522-438100 Utilities - Gas/Electricity - 213-46522-443989 Excess Increment to County 126,291 213-46522-443990 MISC OTHER EXPENSE 5,456 213-46522-465110 TIF PAYBACK INSTALLMENTS - TOTAL EXPENDITURES $ 132,776 EDA FUND 2019 EDA - TIF 24 TIF #24 - ST BEN'S CENTER ACTUAL 213-46524-431990 MISC PROFESSIONAL SERVICES $ - 213-46524-435100 LEGAL NOTICE PUBLICATION 39 213-46524-443991 QUALIFYING TIF EXPENDITURE 160,000 213-46524-465110 TIF PAYBACK INSTALLMENTS - TOTAL EXPENDITURES $ 160,039 EDA FUND 2019 EDA - TIF 29 TIF #29 - FRONT PORCH ACTUAL 213-46529-430400 PROF SRV - LEGAL FEES $ - 213-46529-431990 MISC PROFESSIONAL SERVICES - 213-46529-435100 LEGAL NOTICE PUBLICATION 39 213-46529-465110 TIF PAYBACK INSTALLMENTS 24,827 TOTAL EXPENDITURES $ 24,866 213-46541-431991 EDA FUND 2019 EDA - TIF 30 TIF #30 - CMHP $ ACTUAL 213-46530-431990 MISC PROFESSIONAL SERVICES $ - 213-46530-435100 LEGAL NOTICE PUBLICATION 39 213-46530-460300 Interfund Loan - Principal $ - 213-46530-461300 Interfund Loan - Interest $ 3,069 TOTAL EXPENDITURES $ 3,108 EDA TIF 22-5 EDA FUND 2019 EDA - TIF 34 TIF #34 -194/INTERCHANGE ACTUAL 213-46534-431990 MISC PROFESSIONAL SERVICES $ - 213-46534-435100 LEGAL NOTICE PUBLICATION 39 213-46534-472030 TRANSFER TO OTHER FUNDS 205,000 TOTAL EXPENDITURES $ 205,039 EDA FUND 2019 EDA -TIF 39 SMC TIF 1-39 SMC ACTUAL 213-46539-431990 MISC PROFESSIONAL SERVICES $ - 213-46539-435100 LEGAL NOTICE PUBLICATION 39 213-46539-460300 Interfund Loan - Principal - 213-46539-461300 Interfund Loan - Interest 8,266 TOTAL EXPENDITURES $ 8,305 EDA FUND 2019 EDA - TIF 40 BRIGGS TIF #40 - BRIGGS ACTUAL 213-46540-430400 PROF SRV - LEGAL FEES $ - TOTAL EXPENDITURES $ - EDA FUND 2019 EDA - TIF 41 UMC TIF #41 - UMC ACTUAL 213-46541-431991 QUALIFYING TIF EXPENDITURE - TOTAL EXPENDITURES $ - EDA FUND 2019 EDA TIF 22-1 TIF 22.1 - FLUTH/CUB FOODS ACTUAL 213-46581-465110 TIF PAYBACK INSTALLMENTS $ 38,781 TOTAL EXPENDITURES $ 38,781 EDA FUND 2019 EDA TIF 22-5 TIF 22.5 - AMOCO ACTUAL 213-46585-465110 TIF PAYBACK INSTALLMENTS $ 10,270 TOTAL EXPENDITURES $ 10,270 TOTAL EXPENDITURES TOTAL EDA FUND 1,113,285 EDA Consolidated ACCOUNT NUMBER SPECIAL REVENUE FUNDS REVENUES 2019 ACTUAL 213-00000-310110 CURRENT AD VALOREM TAXES $ 347,340 213-00000-310210 DELINQUENT AD VALOREM TAX 541 213-00000-310310 Mobile Home tax 610 213-00000-319100 PENALTIES & INT - TAX 24 213-00000-334235 STATE GRANT - 213-00000-347110 Rental of City Property - 213-00000-362110 INTEREST EARNINGS - INVESTEMENTS (Gen ED, 57,026 213-00000-362110 INTEREST EARNINGS - INVESTMENTS (GMEF) 37,758 213-00000-362110 INTEREST EARNINGS - INVESTMENTS (TIF) 42,872 213-00000-362400 SALE OF PROPERTY - 213-00000-362900 OTHER MISCELLANEOUS REV 3,220 213-00000-392000 OPERATING TRANSFERS IN - 213-46301-362200 TIF Intrafund LOAN REPAYMENT - PRIN - 213-46301-362220 TIF Intrafund LOAN REPAYMENT - INT 11,335 213-46519-310500 TIF #19 - MISSISSIPPI SHORES 35,915 213-46520-310500 TIF #20 - PRAIRIE WEST - 213-46522-310500 TIF #22 - CCD/DOWNTOWN 287,485 213-46522-347110 Rental of City Property - 213-46524-310500 TIF #24 - ST BEN'S CENTER 51,252 213-46529-310500 TIF #29 - FRONT PORCH 31,033 213-46530-310500 TIF #30 - CMHP 13,162 213-46534-310500 TIF #34 -194 INTERCHANGE 215,475 213-46539-310500 TIF #39 - Suburban 45,603 213-46540-310500 TIF #40 - Briggs - 213-46541-310500 TIF #41 - UMC - 213-46601-362120 INT EARNINGS - Rustech 2,347 213-46601-362122 INT EARNINGS - MontiRV 3,086 TOTAL REVENUES $ 1,186,084 2020 2021 2021 2022 % ACTUAL BUDGET THRU4/30 BUDGET CHANGE $ 92,453 $ 97,043 $ 27,418 $ 121,568 25.27% 206 - - - --- 620 - 240 _ 6,72(l --- Cablecaster & EDA wat 3,890 - - - --- 6,945 7,278 2,056 9,118 25.28% 6,791 7,424 2,016 9,814 32.19% 16,054 22,363 4,010 24,166 8.06% 4,292 - 1,231 - --- 126 - 22 - --- 553 - 133 - --- 2,260 3,489 2,222 3,704 6.16% - 200 - 200 0.00% 488 3,000 -10,000 233.33% Stormwater mapping 17,318 19,700 3,584 22,000 11.68% - 9,500 - - -100.00% 61,121 29,300 862 31,700 8.19% NSI & General WSB chi - - - 3,000 --- Demvi parking lot agre( - - 2,723 10,600 --- WSB - market matchin 780 780 195 780 0.00% 2,665 3,002 750 4,244 41.37% 133 200 2 250 25.00% 1,348 1,700 975 1,800 5.88% 1,149 21,500 - 35,000 62.79% $25k for CET grant 106 600 - 600 0.00% 1,224 1,652 964 1,680 1.69% 1,641 1,300 13,682 6,000 361.54% Block 52 acquisition - I; 538 - 816 - --- 1,110 - 228 - --- - 5,840 - - -100.00% - - - 6,500 --- 5,796 9,850 4,996 9,850 0.00% 14,571 123,208 - 104,671 -15.05% 301,172 1,685 1,435 1,035 -38.58% 190,000 - - - --- $ 735,350 $ 370,614 $ 70,560 $ 425,000 14.67% 2020 2021 2021 2022 % ACTUAL BUDGET THRU 4/30 BUDGET CHANGE 105 - - - --- $ 105 $ - $ - $ - --- 2020 2021 2021 2022 % ACTUAL BUDGET THRU 4/30 BUDGET CHANGE 105 115 11.1 0.00% 35 75 - 75 0.00% $ 140 $ 190 $ - $ 190 0.00% 2020 2021 2021 2022 % ACTUAL BUDGET THRU 4/30 BUDGET CHANGE $ - $ 135 $ - $ 1351 0.00% 105 165 - 165 0.00% - 75 - 75 0.00% $ 105 $ 375 $ - $ 375 0.00% 2020 2021 2021 2022 % ACTUAL BUDGET THRU 4/30 BUDGET CHANGE $ - $ 135 $ - $ 135 0.00% 990 1,565 - 1,565 0.00% 35 75 - 75 0.00% 137,813 176,595 - 176,595 0.00% $ 138,838 $ 178,370 $ - $ 178,370 0.00% 2020 2021 2021 2022 % ACTUAL BUDGET THRU 4/30 BUDGET CHANGE $ 105 $ 150 $ Is 150 0.00% 35 75 - 75 0.00% $ 140 $ 225 $ - $ 225 0.00% 2020 2021 2021 2022 % ACTUAL BUDGET THRU 4/30 BUDGET CHANGE $ - $ 150 $ - $ 150 0.00% 105 165 - 165' 0.00% 35 75 - 75 0.00% $ 140 $ 390 $ - $ 390 0.00% 2020 2021 2021 2022 % ACTUAL BUDGET THRU 4/30 BUDGET CHANGE $ 11,303 $ 10,270 $ - $ 10,2701 0.00% $ 11,303 $ 10,270 $ - $ 10,270 0.00% 2,127,203 818,000 70,560 872,000 6.60% 2020 2021 2021 2022 % ACTUAL BUDGET THRU 4/30 BUDGET CHANGE $ 105 $ 165 $ - $ 165 0.00% 35 75 - 75 0.00% - 9,221 - 9,221' 0.00% 2,850 2,625 - 2,625 0.00% $ 2,990 $ 12,086 $ - $ 12,086 0.00% 2020 2021 2021 2022 % ACTUAL BUDGET THRU 4/30 BUDGET CHANGE $ 105 $ 165 $ - 1$ 165 0.00% 35 75 - 75 0.00% 200,000 200,000 - 200,0001 0.00% $ 200,140 $ 200,240 $ - $ 200,240 0.007 2020 2021 2021 2022 % ACTUAL BUDGET THRU 4/30 BUDGET CHANGE $ 105 $ 165 $ - $ 1651 0.00% 35 75 - 75 0.00% - 39,757 - 39,757 0.00% 6,772 5,243 - 4,857 -7.36% $ 6,912 $ 45,240 $ - $ 44,854 -0.85% 2020 2021 2021 2022 % ACTUAL BUDGET THRU 4/30 BUDGET CHANGE $ 40 $ - $ - 0 - --- 40 $ - $ - $ - #DIV/0! 2020 2021 2021 2022 % ACTUAL BUDGET THRU 4/30 BUDGET CHANGE 1,031,000 - - I A --- 1,031,000 $ - $ - $ - #DIV/0! 2020 2021 2021 2022 % ACTUAL BUDGET THRU 4/30 BUDGET CHANGE $ - $ - $ - $ - #DIV/0! 2020 2021 2021 2022 % ACTUAL BUDGET THRU 4/30 BUDGET CHANGE $ 11,303 $ 10,270 $ - $ 10,2701 0.00% $ 11,303 $ 10,270 $ - $ 10,270 0.00% 2,127,203 818,000 70,560 872,000 6.60% 2020 2021 2021 2022 % ACTUAL BUDGET THRU 4/30 BUDGET CHANGE $ 353,875 $ 366,300 $ - Is 388,000 5.9% 515 - - - --- 664 - - - --- 26 - - - --- 185,000 - - 25,000 --- CET - Marketing 2,275 - 8,000 - --- 25,519 5,510 - 6,0001 8.9% 19,994 15,000 - 15,000 0.0% 23,586 20,000 - 20,000 0.0% - 105,000 - - -100.0% 5 - - - --- - - - 6,000 --- City transfer for EDA bi - 48,978 - -I -100.0% 9,622 7,868 - - -100.0% 39,084 31,334 - 31,334 0.0% 298,946 262,214 - 262,214 0.0% 56,104 42,782 - 42,782 0.0% 33,749 24,665 - 24,665 0.0% 15,145 10,032 - 10,032 0.0% 218,945 203,862 - 203,862 0.0% 45,479 42,455 - 42,455 0.0% 372 - - 13,000 --- 1,139 - 746 856 --- 2,600 - 1,709 1,800 --- 1,332,644 $ 1,186,000 $ 10,455 $ 1,093,000 -7.8% Schedule of Revenues, Expenditures and Other Financing Sources (Uses) Economic Development Authority & Small Cities Development Program For the Period Ended June 30, 2021 - Unaudited Revenues Property taxes Tax increments Intergovernmental Investment earnings Interest on loans Other revenues Total revenues Expenditures: Current Salary and wages Benefits Professional services - legal Professional services - other LPV Insurance Legal and general publications Property taxes Marketing Dues and membership Utilities IT services Travel and conferences Qualifying TIF expenditures Other expenditures Excess increments Interest on intrafund loans PAYG payments to third parties Total expenditures Excess (deficiency) of revenues over expenditures Other financing sources (uses) Transfers out Net change in fund balances Fund balance at beginning of year Fund balance at end of year Required or Actual Decertification Date TIF District Type (d) = decertified CITY OF MONTICELLO 41,828 17,062 5,810 10,626 964 13,682 4,996 1,585 1,501 975 2,117 101,146 100,607 3,673 19,837 164,959 28,858 4,659,018 1,233,267 (44,497) 749,105 TIF 6 (d) TIF 19 TIF 20 (d) TIF 22 TIF 24 EDA General GMEF TIF Future Raindance MS Shores Prairie West Downtown St. Henry's $ 189,453 $ $ $ $ - $ $ - $ - - 19,837 164,959 28,858 - 3,673 Redevelopment Housing & Housing 12,300 Redevelopment 201,753 3,673 19,837 164,959 28,858 41,828 17,062 5,810 10,626 964 13,682 4,996 1,585 1,501 975 2,117 101,146 100,607 3,673 19,837 164,959 28,858 4,659,018 1,233,267 (44,497) 749,105 92,936 104,838 400,241 117,208 $ 4,759,625 $ 1,236,940 $ (44,497) $ 749,105 $ 112,773 $ 104,838 $ 565,200 $ 146,066 12/9/2013 12131 /2023 12110/2018 12131 /2024 1213112026 Redevelopment Housing Redevelopment Housing & Housing Redevelopment (Continued) CITY OF MONTICELLO Schedule of Revenues, Expenditures and Other Financing Sources (Uses) 8,004 Economic Development Authority & Small Cities Development Program 22,624 For the Period Ended June 30, 2021 - Unaudited (Continued) - 284,071 2,260 TIF 29 TIF 30 TIF 34 TIF 39 TIF 40 TIF 41 GAAP Total Front Porch CMHP Interchange Otter Creek Briggs UMC Reconciliation EDA Revenues (1,031,000) 163,200 6,518,705 924,538 Property taxes $ - $ - $ - $ - $ - $ $ $ 189,453 Tax increments 20,077 8,004 108,917 22,624 6,515 379,791 Intergovernmental - - - - - - Investment earnings - Interest on loans 3,673 Other revenues - - - - 12,300 Total revenues 20,077 8,004 108,917 22,624 6,515 585,217 Expenditures: Current Salary and wages Benefits Professional services - legal Professional services - other LPV Insurance Legal and general publications Property taxes Marketing Dues and membership Utilities IT services Travel and conferences Qualifying TIF expenditures Other expenditures Excess increments Interest on intrafund loans PAYG payments to third parties Total expenditures Excess (deficiency) of revenues over expenditures Other financing sources (uses) Transfers out Net change in fund balances Fund balance at beginning of year Fund balance at end of year Required or Actual Decertification Date TIF District Type (d) = decertified 200,000 200,000 20,077 8,004 (91,083) 22,624 6,515 41,828 17,062 5,810 10,626 964 13,682 4,996 1,585 1,501 975 2,117 200,000 301,146 284,071 Total SCDP 2,260 2,260 2,260 20,077 8,004 (91,083) 22,624 6,515 - 284,071 2,260 160,026 8,962 35,662 (130,596) 335 (1,031,000) 163,200 6,518,705 924,538 $ 180,103 $ 16,966 $ (55,421) $ (107,972) $ 6,850 L(1,031,000) $ 163,200 $ 6,802,776 $ 926,798 12/31/2029 12/31/2029 12/31/2022 12/31/2021 12/31/2045 12/31/2030 Housing Housing Redevelopment Economic Housing Economic Development Development EDA Agenda: 08/11/21 8. Economic Development Director's Report (JT) A. Project Gia -Saurus Update: City staff continue to monitor the company's efforts to understand potential funding through the recently approved American Rescue Plan Act (ARPA) set aside for PPE production. B. Billboard Leases - Country Club Manor Outlot A 16.4 acres: The City attorney was able to communicate with the billboard companies by phone regarding the pending termination of their leases. They are still negotiating on the lease rate and the termination notice period. If the Headwaters Development proposal moves forward, the likely timeframe for removal of the billboards would be in late April or early May 2022. C. Loan Portfolio Update: The three outstanding loans are all current. The attached spreadsheet shows an update of the three in summary format. See Exhibit A. D. Prospect List Update: Please see the updated Prospect List as Exhibit B. E. Power Point Slide Show: Efforts and results of EDA and IEDC in 2020 and 2021; presented to City Council on 7-26-21. See Exhibit C 1 Summary of EDA Loans 8/1/2021 Borrower Status Remaining Balance Remaining Payments Maturity Date Balloon payment of reminaning principal and interest due on 120th Monticello RV Current $ 111,842.15 99 11/1/2039 payment (July, 1st 2029) Bondhus Current $ 157,390.06 91 3/1/2029 Balloon payment of reminaning principal and interest due on 120th Rustech Current $ 67,308.89 85 8/1/2027 payment (August, 1st 2027) Monticello RV (DSN) Loan Amortization Monthly payment Number of payments Total interest Total cost of loan $ 749.69 240 $ 61,425.48 $ 179,925.48 Enter values Loan amount $118,500.00 Annual interest rate 4.50% Loan period in years 20 Start date of loan 5/11/2019 Monthly payment Number of payments Total interest Total cost of loan $ 749.69 240 $ 61,425.48 $ 179,925.48 Page 2 of 20 Payment Beginning Ending No. Date Balance Payment Principal Interest Balance 1 6/1/2019 $ 118,500.00 $ 749.69 $ 305.31 $ 444.38 $ 118,194.69 2 7/1/2019 $ 118,194.69 $ 749.69 $ 306.46 $ 443.23 $ 117,888.23 3 8/1/2019 $ 117,888.23 $ 749.69 $ 307.61 $ 442.08 $ 117,580.62 4 9/1/2019 $ 117,580.62 $ 749.69 $ 308.76 $ 440.93 $ 117,271.86 5 10/1/2019 $ 117,271.86 $ 749.69 $ 309.92 $ 439.77 $ 116,961.94 6 11/1/2019 $ 116,961.94 $ 749.69 $ 311.08 $ 438.61 $ 116,650.85 7 12/1/2019 $ 116,650.85 $ 749.69 $ 312.25 $ 437.44 $ 116,338.60 8 1/1/2020 $ 116,338.60 $ 749.69 $ 313.42 $ 436.27 $ 116,025.18 9 2/1/2020 $ 116,025.18 $ 749.69 $ 314.60 $ 435.09 $ 115,710.59 10 3/1/2020 $ 115,710.59 $ 749.69 $ 315.77 $ 433.91 $ 115,394.81 11 4/1/2020 $ 115,394.81 $ 749.69 $ 316.96 $ 432.73 $ 115,077.86 12 11/1/2020 $ 115,077.86 $ 749.69 $ 318.15 $ 431.54 $ 114,759.71 13 12/1/2020 $ 114,759.71 $ 749.69 $ 319.34 $ 430.35 $ 114,440.37 14 1/1/2021 $ 114,440.37 $ 749.69 $ 320.54 $ 429.15 $ 114,119.83 15 2/1/2021 $ 114,119.83 $ 749.69 $ 321.74 $ 427.95 $ 113,798.09 16 3/1/2021 $ 113,798.09 $ 749.69 $ 322.95 $ 426.74 $ 113,475.14 17 4/1/2021 $ 113,475.14 $ 749.69 $ 324.16 $ 425.53 $ 113,150.98 18 5/1/2021 $ 113,150.98 $ 749.69 $ 325.37 $ 424.32 $ 112,825.61 19 6/1/2021 $ 112,825.61 $ 749.69 $ 326.59 $ 423.10 $ 112,499.02 20 7/1/2021 $ 112,499.02 $ 749.69 $ 327.82 $ 421.87 $ 112,171.20 21 8/1/2021 $ 112,171.20 $ 749.69 $ 329.05 $ 420.64 $ 111,842.15 22 9/1/2021 $ 111,842.15 $ 749.69 $ 330.28 $ 419.41 $ 111,511.87 23 10/1/2021 $ 111,511.87 $ 749.69 $ 331.52 $ 418.17 $ 111,180.35 24 11/1/2021 $ 111,180.35 $ 749.69 $ 332.76 $ 416.93 $ 110,847.59 25 12/1/2021 $ 110,847.59 $ 749.69 $ 334.01 $ 415.68 $ 110,513.58 26 1/1/2022 $ 110,513.58 $ 749.69 $ 335.26 $ 414.43 $ 110,178.31 27 2/1/2022 $ 110,178.31 $ 749.69 $ 336.52 $ 413.17 $ 109,841.79 Page 2 of 20 Page 3 of 20 Payment Beginning Ending No. Date Balance Payment Principal Interest Balance 28 3/1/2022 $ 109,841.79 $ 749.69 $ 337.78 $ 411.91 $ 109,504.01 29 4/1/2022 $ 109,504.01 $ 749.69 $ 339.05 $ 410.64 $ 109,164.96 30 5/1/2022 $ 109,164.96 $ 749.69 $ 340.32 $ 409.37 $ 108,824.64 31 6/1/2022 $ 108,824.64 $ 749.69 $ 341.60 $ 408.09 $ 108,483.04 32 7/1/2022 $ 108,483.04 $ 749.69 $ 342.88 $ 406.81 $ 108,140.16 33 8/1/2022 $ 108,140.16 $ 749.69 $ 344.16 $ 405.53 $ 107,796.00 34 9/1/2022 $ 107,796.00 $ 749.69 $ 345.45 $ 404.23 $ 107,450.55 35 10/1/2022 $ 107,450.55 $ 749.69 $ 346.75 $ 402.94 $ 107,103.80 36 11/1/2022 $ 107,103.80 $ 749.69 $ 348.05 $ 401.64 $ 106,755.74 37 12/1/2022 $ 106,755.74 $ 749.69 $ 349.36 $ 400.33 $ 106,406.39 38 1/1/2023 $ 106,406.39 $ 749.69 $ 350.67 $ 399.02 $ 106,055.72 39 2/1/2023 $ 106,055.72 $ 749.69 $ 351.98 $ 397.71 $ 105,703.74 40 3/1/2023 $ 105,703.74 $ 749.69 $ 353.30 $ 396.39 $ 105,350.44 41 4/1/2023 $ 105,350.44 $ 749.69 $ 354.63 $ 395.06 $ 104,995.82 42 5/1/2023 $ 104,995.82 $ 749.69 $ 355.96 $ 393.73 $ 104,639.86 43 6/1/2023 $ 104,639.86 $ 749.69 $ 357.29 $ 392.40 $ 104,282.57 44 7/1/2023 $ 104,282.57 $ 749.69 $ 358.63 $ 391.06 $ 103,923.94 45 8/1/2023 $ 103,923.94 $ 749.69 $ 359.97 $ 389.71 $ 103,563.97 46 9/1/2023 $ 103,563.97 $ 749.69 $ 361.32 $ 388.36 $ 103,202.64 47 10/1/2023 $ 103,202.64 $ 749.69 $ 362.68 $ 387.01 $ 102,839.96 48 11/1/2023 $ 102,839.96 $ 749.69 $ 364.04 $ 385.65 $ 102,475.92 49 12/1/2023 $ 102,475.92 $ 749.69 $ 365.40 $ 384.28 $ 102,110.52 50 1/1/2024 $ 102,110.52 $ 749.69 $ 366.78 $ 382.91 $ 101,743.74 51 2/1/2024 $ 101,743.74 $ 749.69 $ 368.15 $ 381.54 $ 101,375.59 52 3/1/2024 $ 101,375.59 $ 749.69 $ 369.53 $ 380.16 $ 101,006.06 53 4/1/2024 $ 101,006.06 $ 749.69 $ 370.92 $ 378.77 $ 100,635.15 54 5/1/2024 $ 100,635.15 $ 749.69 $ 372.31 $ 377.38 $ 100,262.84 55 6/1/2024 $ 100,262.84 $ 749.69 $ 373.70 $ 375.99 $ 99,889.13 56 7/1/2024 $ 99,889.13 $ 749.69 $ 375.11 $ 374.58 $ 99,514.03 57 8/1/2024 $ 99,514.03 $ 749.69 $ 376.51 $ 373.18 $ 99,137.52 58 9/1/2024 $ 99,137.52 $ 749.69 $ 377.92 $ 371.77 $ 98,759.59 59 10/1/2024 $ 98,759.59 $ 749.69 $ 379.34 $ 370.35 $ 98,380.25 60 11/1/2024 $ 98,380.25 $ 749.69 $ 380.76 $ 368.93 $ 97,999.49 61 12/1/2024 $ 97,999.49 $ 749.69 $ 382.19 $ 367.50 $ 97,617.30 62 1/1/2025 $ 97,617.30 $ 749.69 $ 383.62 $ 366.06 $ 97,233.67 63 2/1/2025 $ 97,233.67 $ 749.69 $ 385.06 $ 364.63 $ 96,848.61 64 3/1/2025 $ 96,848.61 $ 749.69 $ 386.51 $ 363.18 $ 96,462.10 65 4/1/2025 $ 96,462.10 $ 749.69 $ 387.96 $ 361.73 $ 96,074.15 66 5/1/2025 $ 96,074.15 $ 749.69 $ 389.41 $ 360.28 $ 95,684.73 Page 3 of 20 No. 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 100 101 102 103 104 105 Payment Beginning Ending Date Balance Payment Principal Interest Balance 6/1/2025 $ 95,684.73 $ 749.69 $ 390.87 $ 358.82 $ 95,293.86 7/1/2025 $ 95,293.86 $ 749.69 $ 392.34 $ 357.35 $ 94,901.52 8/1/2025 $ 94,901.52 $ 749.69 $ 393.81 $ 355.88 $ 94,507.72 9/1/2025 $ 94,507.72 $ 749.69 $ 395.29 $ 354.40 $ 94,112.43 10/1/2025 $ 94,112.43 $ 749.69 $ 396.77 $ 352.92 $ 93,715.66 11/1/2025 $ 93,715.66 $ 749.69 $ 398.26 $ 351.43 $ 93,317.41 12/1/2025 $ 93,317.41 $ 749.69 $ 399.75 $ 349.94 $ 92,917.66 1/1/2026 $ 92,917.66 $ 749.69 $ 401.25 $ 348.44 $ 92,516.41 2/1/2026 $ 92,516.41 $ 749.69 $ 402.75 $ 346.94 $ 92,113.66 3/1/2026 $ 92,113.66 $ 749.69 $ 404.26 $ 345.43 $ 91,709.39 4/1/2026 $ 91,709.39 $ 749.69 $ 405.78 $ 343.91 $ 91,303.61 5/1/2026 $ 91,303.61 $ 749.69 $ 407.30 $ 342.39 $ 90,896.31 6/1/2026 $ 90,896.31 $ 749.69 $ 408.83 $ 340.86 $ 90,487.48 7/1/2026 $ 90,487.48 $ 749.69 $ 410.36 $ 339.33 $ 90,077.12 8/1/2026 $ 90,077.12 $ 749.69 $ 411.90 $ 337.79 $ 89,665.22 9/1/2026 $ 89,665.22 $ 749.69 $ 413.44 $ 336.24 $ 89,251.78 10/1/2026 $ 89,251.78 $ 749.69 $ 415.00 $ 334.69 $ 88,836.78 11/1/2026 $ 88,836.78 $ 749.69 $ 416.55 $ 333.14 $ 88,420.23 12/1/2026 $ 88,420.23 $ 749.69 $ 418.11 $ 331.58 $ 88,002.12 1/1/2027 $ 88,002.12 $ 749.69 $ 419.68 $ 330.01 $ 87,582.44 2/1/2027 $ 87,582.44 $ 749.69 $ 421.26 $ 328.43 $ 87,161.18 3/1/2027 $ 87,161.18 $ 749.69 $ 422.84 $ 326.85 $ 86,738.34 4/1/2027 $ 86,738.34 $ 749.69 $ 424.42 $ 325.27 $ 86,313.92 5/1/2027 $ 86,313.92 $ 749.69 $ 426.01 $ 323.68 $ 85,887.91 6/1/2027 $ 85,887.91 $ 749.69 $ 427.61 $ 322.08 $ 85,460.30 7/1/2027 $ 85,460.30 $ 749.69 $ 429.21 $ 320.48 $ 85,031.09 8/1/2027 $ 85,031.09 $ 749.69 $ 430.82 $ 318.87 $ 84,600.27 9/1/2027 $ 84,600.27 $ 749.69 $ 432.44 $ 317.25 $ 84,167.83 10/1/2027 $ 84,167.83 $ 749.69 $ 434.06 $ 315.63 $ 83,733.77 11/1/2027 $ 83,733.77 $ 749.69 $ 435.69 $ 314.00 $ 83,298.08 12/1/2027 $ 83,298.08 $ 749.69 $ 437.32 $ 312.37 $ 82,860.76 1/1/2028 $ 82,860.76 $ 749.69 $ 438.96 $ 310.73 $ 82,421.80 2/1/2028 $ 82,421.80 $ 749.69 $ 440.61 $ 309.08 $ 81,981.19 3/1/2028 $ 81,981.19 $ 749.69 $ 442.26 $ 307.43 $ 81,538.93 4/1/2028 $ 81,538.93 $ 749.69 $ 443.92 $ 305.77 $ 81,095.01 5/1/2028 $ 81,095.01 $ 749.69 $ 445.58 $ 304.11 $ 80,649.43 6/1/2028 $ 80,649.43 $ 749.69 $ 447.25 $ 302.44 $ 80,202.17 7/1/2028 $ 80,202.17 $ 749.69 $ 448.93 $ 300.76 $ 79,753.24 8/1/2028 $ 79,753.24 $ 749.69 $ 450.61 $ 299.07 $ 79,302.63 Page 4 of 20 Page 5 of 20 Payment Beginning Ending No. Date Balance Payment Principal Interest Balance 106 9/1/2028 $ 79,302.63 $ 749.69 $ 452.30 $ 297.38 $ 78,850.32 107 10/1/2028 $ 78,850.32 $ 749.69 $ 454.00 $ 295.69 $ 78,396.32 108 11/1/2028 $ 78,396.32 $ 749.69 $ 455.70 $ 293.99 $ 77,940.62 109 12/1/2028 $ 77,940.62 $ 749.69 $ 457.41 $ 292.28 $ 77,483.20 110 1/1/2029 $ 77,483.20 $ 749.69 $ 459.13 $ 290.56 $ 77,024.08 111 2/1/2029 $ 77,024.08 $ 749.69 $ 460.85 $ 288.84 $ 76,563.23 112 3/1/2029 $ 76,563.23 $ 749.69 $ 462.58 $ 287.11 $ 76,100.65 113 4/1/2029 $ 76,100.65 $ 749.69 $ 464.31 $ 285.38 $ 75,636.34 114 5/l/2029 $ 75,636.34 $ 749.69 $ 466.05 $ 283.64 $ 75,170.29 115 6/1/2029 $ 75,170.29 $ 749.69 $ 467.80 $ 281.89 $ 74,702.48 116 7/1/2029 $ 74,702.48 $ 749.69 $ 469.56 $ 280.13 $ 74,232.93 117 8/1/2029 $ 74,232.93 $ 749.69 $ 471.32 $ 278.37 $ 73,761.61 118 9/1/2029 $ 73,761.61 $ 749.69 $ 473.08 $ 276.61 $ 73,288.53 119 10/1/2029 $ 73,288.53 $ 749.69 $ 474.86 $ 274.83 $ 72,813.67 120 11/1/2029 $ 72,813.67 $ 749.69 $ 476.64 $ 273.05 $ 72,337.03 121 12/1/2029 $ 72,337.03 $ 749.69 $ 478.43 $ 271.26 $ 71,858.61 122 1/1/2030 $ 71,858.61 $ 749.69 $ 480.22 $ 269.47 $ 71,378.39 123 2/1/2030 $ 71,378.39 $ 749.69 $ 482.02 $ 267.67 $ 70,896.37 124 3/1/2030 $ 70,896.37 $ 749.69 $ 483.83 $ 265.86 $ 70,412.54 125 4/1/2030 $ 70,412.54 $ 749.69 $ 485.64 $ 264.05 $ 69,926.90 126 5/1/2030 $ 69,926.90 $ 749.69 $ 487.46 $ 262.23 $ 69,439.43 127 6/1/2030 $ 69,439.43 $ 749.69 $ 489.29 $ 260.40 $ 68,950.14 128 7/1/2030 $ 68,950.14 $ 749.69 $ 491.13 $ 258.56 $ 68,459.02 129 8/1/2030 $ 68,459.02 $ 749.69 $ 492.97 $ 256.72 $ 67,966.05 130 9/1/2030 $ 67,966.05 $ 749.69 $ 494.82 $ 254.87 $ 67,471.23 131 10/1/2030 $ 67,471.23 $ 749.69 $ 496.67 $ 253.02 $ 66,974.56 132 11/1/2030 $ 66,974.56 $ 749.69 $ 498.53 $ 251.15 $ 66,476.02 133 12/1/2030 $ 66,476.02 $ 749.69 $ 500.40 $ 249.29 $ 65,975.62 134 1/1/2031 $ 65,975.62 $ 749.69 $ 502.28 $ 247.41 $ 65,473.34 135 2/1/2031 $ 65,473.34 $ 749.69 $ 504.16 $ 245.53 $ 64,969.17 136 3/1/2031 $ 64,969.17 $ 749.69 $ 506.06 $ 243.63 $ 64,463.12 137 4/1/2031 $ 64,463.12 $ 749.69 $ 507.95 $ 241.74 $ 63,955.17 138 5/1/2031 $ 63,955.17 $ 749.69 $ 509.86 $ 239.83 $ 63,445.31 139 6/1/2031 $ 63,445.31 $ 749.69 $ 511.77 $ 237.92 $ 62,933.54 140 7/1/2031 $ 62,933.54 $ 749.69 $ 513.69 $ 236.00 $ 62,419.85 141 8/1/2031 $ 62,419.85 $ 749.69 $ 515.62 $ 234.07 $ 61,904.23 142 9/1/2031 $ 61,904.23 $ 749.69 $ 517.55 $ 232.14 $ 61,386.69 143 10/1/2031 $ 61,386.69 $ 749.69 $ 519.49 $ 230.20 $ 60,867.20 144 11/1/2031 $ 60,867.20 $ 749.69 $ 521.44 $ 228.25 $ 60,345.76 Page 5 of 20 No. 145 146 147 148 149 150 151 152 153 154 155 156 157 158 159 160 161 162 163 164 165 166 167 168 169 170 171 172 173 174 175 176 177 178 179 180 181 182 183 Payment Beginning Ending Date Balance Payment Principal Interest Balance 12/1/2031 $ 60,345.76 $ 749.69 $ 523.39 $ 226.30 $ 59,822.37 1/1/2032 $ 59,822.37 $ 749.69 $ 525.36 $ 224.33 $ 59,297.01 2/1/2032 $ 59,297.01 $ 749.69 $ 527.33 $ 222.36 $ 58,769.68 3/1/2032 $ 58,769.68 $ 749.69 $ 529.30 $ 220.39 $ 58,240.38 4/1/2032 $ 58,240.38 $ 749.69 $ 531.29 $ 218.40 $ 57,709.09 5/1/2032 $ 57,709.09 $ 749.69 $ 533.28 $ 216.41 $ 57,175.81 6/1/2032 $ 57,175.81 $ 749.69 $ 535.28 $ 214.41 $ 56,640.53 7/1/2032 $ 56,640.53 $ 749.69 $ 537.29 $ 212.40 $ 56,103.25 8/1/2032 $ 56,103.25 $ 749.69 $ 539.30 $ 210.39 $ 55,563.94 9/1/2032 $ 55,563.94 $ 749.69 $ 541.32 $ 208.36 $ 55,022.62 10/1/2032 $ 55,022.62 $ 749.69 $ 543.35 $ 206.33 $ 54,479.26 11/1/2032 $ 54,479.26 $ 749.69 $ 545.39 $ 204.30 $ 53,933.87 12/1/2032 $ 53,933.87 $ 749.69 $ 547.44 $ 202.25 $ 53,386.43 1/1/2033 $ 53,386.43 $ 749.69 $ 549.49 $ 200.20 $ 52,836.94 2/1/2033 $ 52,836.94 $ 749.69 $ 551.55 $ 198.14 $ 52,285.39 3/1/2033 $ 52,285.39 $ 749.69 $ 553.62 $ 196.07 $ 51,731.77 4/1/2033 $ 51,731.77 $ 749.69 $ 555.70 $ 193.99 $ 51,176.08 5/1/2033 $ 51,176.08 $ 749.69 $ 557.78 $ 191.91 $ 50,618.30 6/1/2033 $ 50,618.30 $ 749.69 $ 559.87 $ 189.82 $ 50,058.43 7/1/2033 $ 50,058.43 $ 749.69 $ 561.97 $ 187.72 $ 49,496.46 8/1/2033 $ 49,496.46 $ 749.69 $ 564.08 $ 185.61 $ 48,932.38 9/1/2033 $ 48,932.38 $ 749.69 $ 566.19 $ 183.50 $ 48,366.19 10/1/2033 $ 48,366.19 $ 749.69 $ 568.32 $ 181.37 $ 47,797.87 11/1/2033 $ 47,797.87 $ 749.69 $ 570.45 $ 179.24 $ 47,227.42 12/1/2033 $ 47,227.42 $ 749.69 $ 572.59 $ 177.10 $ 46,654.84 1/1/2034 $ 46,654.84 $ 749.69 $ 574.73 $ 174.96 $ 46,080.10 2/1/2034 $ 46,080.10 $ 749.69 $ 576.89 $ 172.80 $ 45,503.21 3/1/2034 $ 45,503.21 $ 749.69 $ 579.05 $ 170.64 $ 44,924.16 4/1/2034 $ 44,924.16 $ 749.69 $ 581.22 $ 168.47 $ 44,342.94 5/1/2034 $ 44,342.94 $ 749.69 $ 583.40 $ 166.29 $ 43,759.53 6/1/2034 $ 43,759.53 $ 749.69 $ 585.59 $ 164.10 $ 43,173.94 7/1/2034 $ 43,173.94 $ 749.69 $ 587.79 $ 161.90 $ 42,586.15 8/1/2034 $ 42,586.15 $ 749.69 $ 589.99 $ 159.70 $ 41,996.16 9/1/2034 $ 41,996.16 $ 749.69 $ 592.20 $ 157.49 $ 41,403.96 10/1/2034 $ 41,403.96 $ 749.69 $ 594.42 $ 155.26 $ 40,809.53 11/1/2034 $ 40,809.53 $ 749.69 $ 596.65 $ 153.04 $ 40,212.88 12/1/2034 $ 40,212.88 $ 749.69 $ 598.89 $ 150.80 $ 39,613.99 1/1/2035 $ 39,613.99 $ 749.69 $ 601.14 $ 148.55 $ 39,012.85 2/1/2035 $ 39,012.85 $ 749.69 $ 603.39 $ 146.30 $ 38,409.46 Page 6 of 20 Page 7 of 20 Payment Beginning Ending No. Date Balance Payment Principal Interest Balance 184 3/1/2035 $ 38,409.46 $ 749.69 $ 605.65 $ 144.04 $ 37,803.81 185 4/1/2035 $ 37,803.81 $ 749.69 $ 607.93 $ 141.76 $ 37,195.88 186 5/1/2035 $ 37,195.88 $ 749.69 $ 610.20 $ 139.48 $ 36,585.68 187 6/1/2035 $ 36,585.68 $ 749.69 $ 612.49 $ 137.20 $ 35,973.18 188 7/1/2035 $ 35,973.18 $ 749.69 $ 614.79 $ 134.90 $ 35,358.39 189 8/1/2035 $ 35,358.39 $ 749.69 $ 617.10 $ 132.59 $ 34,741.30 190 9/1/2035 $ 34,741.30 $ 749.69 $ 619.41 $ 130.28 $ 34,121.89 191 10/1/2035 $ 34,121.89 $ 749.69 $ 621.73 $ 127.96 $ 33,500.16 192 11/1/2035 $ 33,500.16 $ 749.69 $ 624.06 $ 125.63 $ 32,876.09 193 12/1/2035 $ 32,876.09 $ 749.69 $ 626.40 $ 123.29 $ 32,249.69 194 1/1/2036 $ 32,249.69 $ 749.69 $ 628.75 $ 120.94 $ 31,620.93 195 2/1/2036 $ 31,620.93 $ 749.69 $ 631.11 $ 118.58 $ 30,989.82 196 3/1/2036 $ 30,989.82 $ 749.69 $ 633.48 $ 116.21 $ 30,356.35 197 4/1/2036 $ 30,356.35 $ 749.69 $ 635.85 $ 113.84 $ 29,720.49 198 5/1/2036 $ 29,720.49 $ 749.69 $ 638.24 $ 111.45 $ 29,082.26 199 6/1/2036 $ 29,082.26 $ 749.69 $ 640.63 $ 109.06 $ 28,441.62 200 7/1/2036 $ 28,441.62 $ 749.69 $ 643.03 $ 106.66 $ 27,798.59 201 8/1/2036 $ 27,798.59 $ 749.69 $ 645.44 $ 104.24 $ 27,153.15 202 9/1/2036 $ 27,153.15 $ 749.69 $ 647.87 $ 101.82 $ 26,505.28 203 10/1/2036 $ 26,505.28 $ 749.69 $ 650.29 $ 99.39 $ 25,854.99 204 11/1/2036 $ 25,854.99 $ 749.69 $ 652.73 $ 96.96 $ 25,202.25 205 12/1/2036 $ 25,202.25 $ 749.69 $ 655.18 $ 94.51 $ 24,547.07 206 1/1/2037 $ 24,547.07 $ 749.69 $ 657.64 $ 92.05 $ 23,889.43 207 2/1/2037 $ 23,889.43 $ 749.69 $ 660.10 $ 89.59 $ 23,229.33 208 3/1/2037 $ 23,229.33 $ 749.69 $ 662.58 $ 87.11 $ 22,566.75 209 4/1/2037 $ 22,566.75 $ 749.69 $ 665.06 $ 84.63 $ 21,901.69 210 5/1/2037 $ 21,901.69 $ 749.69 $ 667.56 $ 82.13 $ 21,234.13 211 6/1/2037 $ 21,234.13 $ 749.69 $ 670.06 $ 79.63 $ 20,564.07 212 7/1/2037 $ 20,564.07 $ 749.69 $ 672.57 $ 77.12 $ 19,891.49 213 8/1/2037 $ 19,891.49 $ 749.69 $ 675.10 $ 74.59 $ 19,216.40 214 9/1/2037 $ 19,216.40 $ 749.69 $ 677.63 $ 72.06 $ 18,538.77 215 10/1/2037 $ 18,538.77 $ 749.69 $ 680.17 $ 69.52 $ 17,858.60 216 11/1/2037 $ 17,858.60 $ 749.69 $ 682.72 $ 66.97 $ 17,175.88 217 12/1/2037 $ 17,175.88 $ 749.69 $ 685.28 $ 64.41 $ 16,490.60 218 1/1/2038 $ 16,490.60 $ 749.69 $ 687.85 $ 61.84 $ 15,802.75 219 2/1/2038 $ 15,802.75 $ 749.69 $ 690.43 $ 59.26 $ 15,112.32 220 3/1/2038 $ 15,112.32 $ 749.69 $ 693.02 $ 56.67 $ 14,419.30 221 4/1/2038 $ 14,419.30 $ 749.69 $ 695.62 $ 54.07 $ 13,723.68 222 5/1/2038 $ 13,723.68 $ 749.69 $ 698.23 $ 51.46 $ 13,025.46 Page 7 of 20 Page 8 of 20 Payment Beginning Ending No. Date Balance Payment Principal Interest Balance 223 6/1/2038 $ 13,025.46 $ 749.69 $ 700.84 $ 48.85 $ 12,324.61 224 7/1/2038 $ 12,324.61 $ 749.69 $ 703.47 $ 46.22 $ 11,621.14 225 8/1/2038 $ 11,621.14 $ 749.69 $ 706.11 $ 43.58 $ 10,915.03 226 9/1/2038 $ 10,915.03 $ 749.69 $ 708.76 $ 40.93 $ 10,206.27 227 10/1/2038 $ 10,206.27 $ 749.69 $ 711.42 $ 38.27 $ 9,494.86 228 11/1/2038 $ 9,494.86 $ 749.69 $ 714.08 $ 35.61 $ 8,780.77 229 12/1/2038 $ 8,780.77 $ 749.69 $ 716.76 $ 32.93 $ 8,064.01 230 1/1/2039 $ 8,064.01 $ 749.69 $ 719.45 $ 30.24 $ 7,344.56 231 2/1/2039 $ 7,344.56 $ 749.69 $ 722.15 $ 27.54 $ 6,622.42 232 3/1/2039 $ 6,622.42 $ 749.69 $ 724.86 $ 24.83 $ 5,897.56 233 4/1/2039 $ 5,897.56 $ 749.69 $ 727.57 $ 22.12 $ 5,169.99 234 5/1/2039 $ 5,169.99 $ 749.69 $ 730.30 $ 19.39 $ 4,439.68 235 6/1/2039 $ 4,439.68 $ 749.69 $ 733.04 $ 16.65 $ 3,706.64 236 7/1/2039 $ 3,706.64 $ 749.69 $ 735.79 $ 13.90 $ 2,970.85 237 8/1/2039 $ 2,970.85 $ 749.69 $ 738.55 $ 11.14 $ 2,232.31 238 9/1/2039 $ 2,232.31 $ 749.69 $ 741.32 $ 8.37 $ 1,490.99 239 10/1/2039 $ 1,490.99 $ 749.69 $ 744.10 $ 5.59 $ 746.89 240 11/1/2039 $ 746.89 $ 749.69 $ 746.89 $ 2.80 $ 0.00 Page 8 of 20 Bondhus Loan Amortization Enter values Loan amount $201,039.79 Equals $200,000 plus interest accrued @ 2.75% of $120,647.13 from 11/27/18 and $79,352.87 from 1/29/19 Annual interest rat Loan period in year 10 Start date of loan 1 3/1/2019 11/27/2018 $120,647.13 $854.45 pd pd pd pd pd pd pd Page 9 of 20 1/29/2019 $79,352.87 $185.34 3/1/2019 $1,039.79 Interest added to principal during deferred payment period 2.75% Monthly payment $ 1,918.14 Number of paymen 120 Total interest $ 29,137.17 Total cost of loan $ 230,176.96 Payment Beginning Ending No. Date Balance Payment Principal Interest Balance 1 4/1/2019 $ 201,039.79 $ 1,918.14 $ 1,457.43 $ 460.72 $ 199,582.36 2 5/1/2019 $ 199,582.36 $ 1,918.14 $ 1,460.77 $ 457.38 $ 198,121.60 3 6/1/2019 $ 198,121.60 $ 1,918.14 $ 1,464.11 $ 454.03 $ 196,657.49 4 7/1/2019 $ 196,657.49 $ 1,918.14 $ 1,467.47 $ 450.67 $ 195,190.02 5 8/1/2019 $ 195,190.02 $ 1,918.14 $ 1,470.83 $ 447.31 $ 193,719.19 6 9/1/2019 $ 193,719.19 $ 1,918.14 $ 1,474.20 $ 443.94 $ 192,244.99 7 10/1/2019 $ 192,244.99 $ 1,918.14 $ 1,477.58 $ 440.56 $ 190,767.41 8 11/1/2019 $ 190,767.41 $ 1,918.14 $ 1,480.97 $ 437.18 $ 189,286.44 9 12/1/2019 $ 189,286.44 $ 1,918.14 $ 1,484.36 $ 433.78 $ 187,802.08 10 1/1/2020 $ 187,802.08 $ 1,918.14 $ 1,487.76 $ 430.38 $ 186,314.32 11 2/1/2020 $ 186,314.32 $ 1,918.14 $ 1,491.17 $ 426.97 $ 184,823.15 12 3/1/2020 $ 184,823.15 $ 1,918.14 $ 1,494.59 $ 423.55 $ 183,328.56 13 4/1/2020 $ 183,328.56 $ 1,918.14 $ 1,498.01 $ 420.13 $ 181,830.55 14 5/1/2020 $ 181,830.55 $ 1,918.14 $ 1,501.45 $ 416.70 $ 180,329.10 15 6/1/2020 $ 180,329.10 $ 1,918.14 $ 1,504.89 $ 413.25 $ 178,824.21 16 7/1/2020 $ 178,824.21 $ 1,918.14 $ 1,508.34 $ 409.81 $ 177,315.88 17 8/1/2020 $ 177,315.88 $ 1,918.14 $ 1,511.79 $ 406.35 $ 175,804.08 18 9/1/2020 $ 175,804.08 $ 1,918.14 $ 1,515.26 $ 402.88 $ 174,288.83 19 10/1/2020 $ 174,288.83 $ 1,918.14 $ 1,518.73 $ 399.41 $ 172,770.10 20 11/1/2020 $ 172,770.10 $ 1,918.14 $ 1,522.21 $ 395.93 $ 171,247.89 21 12/1/2020 $ 171,247.89 $ 1,918.14 $ 1,525.70 $ 392.44 $ 169,722.19 22 1/1/2021 $ 169,722.19 $ 1,918.14 $ 1,529.19 $ 388.95 23 2/1/2021 $ 168,193.00 $ 1,918.14 $ 1,532.70 $ 385.44 $ 166,660.30 24 3/1/2021 $ 166,660.30 $ 1,918.14 $ 1,536.21 $ 381.93 $ 165,124.08 25 4/1/2021 $ 165,124.08 $ 1,918.14 $ 1,539.73 $ 378.41 $ 163,584.35 26 5/1/2021 $ 163,584.35 $ 1,918.14 $ 1,543.26 $ 374.88 $ 162,041.09 27 6/1/2021 $ 162,041.09 $ 1,918.14 $ 1,546.80 $ 371.34 $ 160,494.29 28 7/1/2021 $ 160,494.29 $ 1,918.14 $ 1,550.34 $ 367.80 $ 158,943.95 29 8/1/2021 $ 158,943.95 $ 1,918.14 $ 1,553.89 $ 364.25 $ 157,390.06 30 9/1/2021 $ 157,390.06 $ 1,918.14 $ 1,557.46 $ 360.69 $ 155,832.60 31 10/1/2021 $ 155,832.60 $ 1,918.14 $ 1,561.02 $ 357.12 $ 154,271.58 32 11/1/2021 $ 154,271.58 $ 1,918.14 $ 1,564.60 $ 353.54 $ 152,706.98 33 12/1/2021 $ 152,706.98 $ 1,918.14 $ 1,568.19 $ 349.95 $ 151,138.79 34 1/1/2022 $ 151,138.79 $ 1,918.14 $ 1,571.78 $ 346.36 $ 149,567.01 35 2/1/2022 $ 149,567.01 $ 1,918.14 $ 1,575.38 $ 342.76 $ 147,991.62 36 3/1/2022 $ 147,991.62 $ 1,918.14 $ 1,578.99 $ 339.15 $ 146,412.63 37 4/1/2022 $ 146,412.63 $ 1,918.14 $ 1,582.61 $ 335.53 $ 144,830.02 38 5/1/2022 $ 144,830.02 $ 1,918.14 $ 1,586.24 $ 331.90 $ 143,243.78 39 6/1/2022 $ 143,243.78 $ 1,918.14 $ 1,589.87 $ 328.27 $ 141,653.90 40 7/1/2022 $ 141,653.90 $ 1,918.14 $ 1,593.52 $ 324.62 $ 140,060.38 41 8/1/2022 $ 140,060.38 $ 1,918.14 $ 1,597.17 $ 320.97 $ 138,463.21 42 9/1/2022 $ 138,463.21 $ 1,918.14 $ 1,600.83 $ 317.31 $ 136,862.38 43 10/1/2022 $ 136,862.38 $ 1,918.14 $ 1,604.50 $ 313.64 $ 135,257.89 44 11/1/2022 $ 135,257.89 $ 1,918.14 $ 1,608.18 $ 309.97 $ 133,649.71 45 12/1/2022 $ 133,649.71 $ 1,918.14 $ 1,611.86 $ 306.28 $ 132,037.85 46 1/1/2023 $ 132,037.85 $ 1,918.14 $ 1,615.55 $ 302.59 $ 130,422.30 47 2/1/2023 $ 130,422.30 $ 1,918.14 $ 1,619.26 $ 298.88 $ 128,803.04 48 3/1/2023 $ 128,803.04 $ 1,918.14 $ 1,622.97 $ 295.17 $ 127,180.07 49 4/1/2023 $ 127,180.07 $ 1,918.14 $ 1,626.69 $ 291.45 $ 125,553.38 50 5/1/2023 $ 125,553.38 $ 1,918.14 $ 1,630.41 $ 287.73 $ 123,922.97 51 6/1/2023 $ 123,922.97 $ 1,918.14 $ 1,634.15 $ 283.99 $ 122,288.82 52 7/1/2023 $ 122,288.82 $ 1,918.14 $ 1,637.90 $ 280.25 $ 120,650.92 53 8/1/2023 $ 120,650.92 $ 1,918.14 $ 1,641.65 $ 276.49 $ 119,009.27 54 9/1/2023 $ 119,009.27 $ 1,918.14 $ 1,645.41 $ 272.73 $ 117,363.86 55 10/1/2023 $ 117,363.86 $ 1,918.14 $ 1,649.18 $ 268.96 $ 115,714.68 56 11/1/2023 $ 115,714.68 $ 1,918.14 $ 1,652.96 $ 265.18 $ 114,061.72 57 12/1/2023 $ 114,061.72 $ 1,918.14 $ 1,656.75 $ 261.39 $ 112,404.97 58 1/1/2024 $ 112,404.97 $ 1,918.14 $ 1,660.55 $ 257.59 $ 110,744.42 59 2/1/2024 $ 110,744.42 $ 1,918.14 $ 1,664.35 $ 253.79 $ 109,080.07 60 3/1/2024 $ 109,080.07 $ 1,918.14 $ 1,668.17 $ 249.98 $ 107,411.90 61 4/1/2024 $ 107,411.90 $ 1,918.14 $ 1,671.99 $ 246.15 $ 105,739.91 62 5/1/2024 $ 105,739.91 $ 1,918.14 $ 1,675.82 $ 242.32 $ 104,064.09 63 6/1/2024 $ 104,064.09 $ 1,918.14 $ 1,679.66 $ 238.48 $ 102,384.43 64 7/1/2024 $ 102,384.43 $ 1,918.14 $ 1,683.51 $ 234.63 $ 100,700.92 65 8/1/2024 $ 100,700.92 $ 1,918.14 $ 1,687.37 $ 230.77 $ 99,013.55 66 9/1/2024 $ 99,013.55 $ 1,918.14 $ 1,691.24 $ 226.91 $ 97,322.32 67 10/1/2024 $ 97,322.32 $ 1,918.14 $ 1,695.11 $ 223.03 $ 95,627.20 68 11/1/2024 $ 95,627.20 $ 1,918.14 $ 1,699.00 $ 219.15 $ 93,928.21 69 12/1/2024 $ 93,928.21 $ 1,918.14 $ 1,702.89 $ 215.25 $ 92,225.32 70 1/1/2025 $ 92,225.32 $ 1,918.14 $ 1,706.79 $ 211.35 $ 90,518.53 71 2/1/2025 $ 90,518.53 $ 1,918.14 $ 1,710.70 $ 207.44 $ 88,807.83 72 3/1/2025 $ 88,807.83 $ 1,918.14 $ 1,714.62 $ 203.52 $ 87,093.20 73 4/1/2025 $ 87,093.20 $ 1,918.14 $ 1,718.55 $ 199.59 $ 85,374.65 74 5/1/2025 $ 85,374.65 $ 1,918.14 $ 1,722.49 $ 195.65 $ 83,652.16 75 6/1/2025 $ 83,652.16 $ 1,918.14 $ 1,726.44 $ 191.70 $ 81,925.72 76 7/1/2025 $ 81,925.72 $ 1,918.14 $ 1,730.39 $ 187.75 $ 80,195.32 77 8/1/2025 $ 80,195.32 $ 1,918.14 $ 1,734.36 $ 183.78 $ 78,460.96 pd pd pd pd pd pd pd Page 9 of 20 1/29/2019 $79,352.87 $185.34 3/1/2019 $1,039.79 Interest added to principal during deferred payment period 2.75% Payment Beginning Ending No. Date Balance Payment Principal Interest Balance 78 9/1/2025 $ 78,460.96 $ 1,918.14 $ 1,738.33 $ 179.81 $ 76,722.63 79 10/1/2025 $ 76,722.63 $ 1,918.14 $ 1,742.32 $ 175.82 $ 74,980.31 80 11/1/2025 $ 74,980.31 $ 1,918.14 $ 1,746.31 $ 171.83 $ 73,234.00 81 12/1/2025 $ 73,234.00 $ 1,918.14 $ 1,750.31 $ 167.83 $ 71,483.69 82 1/1/2026 $ 71,483.69 $ 1,918.14 $ 1,754.32 $ 163.82 $ 69,729.36 83 2/1/2026 $ 69,729.36 $ 1,918.14 $ 1,758.34 $ 159.80 $ 67,971.02 84 3/1/2026 $ 67,971.02 $ 1,918.14 $ 1,762.37 $ 155.77 $ 66,208.64 85 4/1/2026 $ 66,208.64 $ 1,918.14 $ 1,766.41 $ 151.73 $ 64,442.23 86 5/1/2026 $ 64,442.23 $ 1,918.14 $ 1,770.46 $ 147.68 $ 62,671.77 87 6/1/2026 $ 62,671.77 $ 1,918.14 $ 1,774.52 $ 143.62 $ 60,897.25 88 7/1/2026 $ 60,897.25 $ 1,918.14 $ 1,778.59 $ 139.56 $ 59,118.66 89 8/1/2026 $ 59,118.66 $ 1,918.14 $ 1,782.66 $ 135.48 $ 57,336.00 90 9/1/2026 $ 57,336.00 $ 1,918.14 $ 1,786.75 $ 131.40 $ 55,549.26 91 10/1/2026 $ 55,549.26 $ 1,918.14 $ 1,790.84 $ 127.30 $ 53,758.42 92 11/1/2026 $ 53,758.42 $ 1,918.14 $ 1,794.94 $ 123.20 $ 51,963.47 93 12/1/2026 $ 51,963.47 $ 1,918.14 $ 1,799.06 $ 119.08 $ 50,164.41 94 1/1/2027 $ 50,164.41 $ 1,918.14 $ 1,803.18 $ 114.96 $ 48,361.23 95 2/1/2027 $ 48,361.23 $ 1,918.14 $ 1,807.31 $ 110.83 $ 46,553.92 96 3/1/2027 $ 46,553.92 $ 1,918.14 $ 1,811.46 $ 106.69 $ 44,742.46 97 4/1/2027 $ 44,742.46 $ 1,918.14 $ 1,815.61 $ 102.53 $ 42,926.86 98 5/1/2027 $ 42,926.86 $ 1,918.14 $ 1,819.77 $ 98.37 $ 41,107.09 99 6/1/2027 $ 41,107.09 $ 1,918.14 $ 1,823.94 $ 94.20 $ 39,283.15 100 7/1/2027 $ 39,283.15 $ 1,918.14 $ 1,828.12 $ 90.02 $ 37,455.03 101 8/1/2027 $ 37,455.03 $ 1,918.14 $ 1,832.31 $ 85.83 $ 35,622.73 102 9/1/2027 $ 35,622.73 $ 1,918.14 $ 1,836.51 $ 81.64 $ 33,786.22 103 10/1/2027 $ 33,786.22 $ 1,918.14 $ 1,840.71 $ 77.43 $ 31,945.51 104 11/1/2027 $ 31,945.51 $ 1,918.14 $ 1,844.93 $ 73.21 $ 30,100.57 105 12/1/2027 $ 30,100.57 $ 1,918.14 $ 1,849.16 $ 68.98 $ 28,251.41 106 1/1/2028 $ 28,251.41 $ 1,918.14 $ 1,853.40 $ 64.74 $ 26,398.01 107 2/1/2028 $ 26,398.01 $ 1,918.14 $ 1,857.65 $ 60.50 $ 24,540.37 108 3/1/2028 $ 24,540.37 $ 1,918.14 $ 1,861.90 $ 56.24 $ 22,678.46 109 4/1/2028 $ 22,678.46 $ 1,918.14 $ 1,866.17 $ 51.97 $ 20,812.29 110 5/1/2028 $ 20,812.29 $ 1,918.14 $ 1,870.45 $ 47.69 $ 18,941.85 111 6/1/2028 $ 18,941.85 $ 1,918.14 $ 1,874.73 $ 43.41 $ 17,067.11 112 7/1/2028 $ 17,067.11 $ 1,918.14 $ 1,879.03 $ 39.11 $ 15,188.09 113 8/1/2028 $ 15,188.09 $ 1,918.14 $ 1,883.34 $ 34.81 $ 13,304.75 114 9/1/2028 $ 13,304.75 $ 1,918.14 $ 1,887.65 $ 30.49 $ 11,417.10 115 10/1/2028 $ 11,417.10 $ 1,918.14 $ 1,891.98 $ 26.16 $ 9,525.12 116 11/1/2028 $ 9,525.12 $ 1,918.14 $ 1,896.31 $ 21.83 $ 7,628.81 117 12/1/2028 $ 7,628.81 $ 1,918.14 $ 1,900.66 $ 17.48 $ 5,728.15 118 1/1/2029 $ 5,728.15 $ 1,918.14 $ 1,905.01 $ 13.13 $ 3,823.14 119 2/1/2029 $ 3,823.14 $ 1,918.14 $ 1,909.38 $ 8.76 $ 1,913.76 120 3/1/2029 $ 1,913.76 $ 1,918.14 $ 1,913.76 $ 4.39 $ 0.00 Page 10 of 20 Payment Beginning Ending No. Date Balance Payment Principal Interest Balance Page 11 of 20 Payment Beginning Ending No. Date Balance Payment Principal Interest Balance Page 12 of 20 Payment Beginning Ending No. Date Balance Payment Principal Interest Balance Page 13 of 20 Rustech Loan Amortization Enter values Loan amount $75,513.26 Equals $75,000 plus interest accrued C 3.25% o Annual interest rate 3.25% Loan period in years 20 Start date of loan 3/11/2018 Monthly payment Number of payments Total interest Total cost of loan $ 428.31 240 $ 27,280.66 $ 102,793.92 Page 14 of 20 Payment Beginning Ending No. Date Balance Payment Principal Interest Balance 1 4/1/2018 $ 75,513.26 $ 428.31 $ 223.79 $ 204.52 $ 75,289.47 2 5/1/2018 $ 75,289.47 $ 428.31 $ 224.40 $ 203.91 $ 75,065.07 3 6/1/2018 $ 75,065.07 $ 428.31 $ 225.01 $ 203.30 $ 74,840.06 4 7/1/2018 $ 74,840.06 $ 428.31 $ 225.62 $ 202.69 $ 74,614.45 5 8/1/2018 $ 74,614.45 $ 428.31 $ 226.23 $ 202.08 $ 74,388.22 6 9/1/2018 $ 74,388.22 $ 428.31 $ 226.84 $ 201.47 $ 74,161.38 7 10/1/2018 $ 74,161.38 $ 428.31 $ 227.45 $ 200.85 $ 73,933.92 8 11/1/2018 $ 73,933.92 $ 428.31 $ 228.07 $ 200.24 $ 73,705.85 9 12/1/2018 $ 73,705.85 $ 428.31 $ 228.69 $ 199.62 $ 73,477.17 10 1/1/2019 $ 73,477.17 $ 428.31 $ 229.31 $ 199.00 $ 73,247.86 11 2/1/2019 $ 73,247.86 $ 428.31 $ 229.93 $ 198.38 $ 73,017.93 12 3/1/2019 $ 73,017.93 $ 428.31 $ 230.55 $ 197.76 $ 72,787.38 13 4/1/2019 $ 72,787.38 $ 428.31 $ 231.18 $ 197.13 $ 72,556.20 14 5/1/2019 $ 72,556.20 $ 428.31 $ 231.80 $ 196.51 $ 72,324.40 15 6/1/2019 $ 72,324.40 $ 428.31 $ 232.43 $ 195.88 $ 72,091.97 16 7/1/2019 $ 72,091.97 $ 428.31 $ 233.06 $ 195.25 $ 71,858.91 17 8/1/2019 $ 71,858.91 $ 428.31 $ 233.69 $ 194.62 $ 71,625.22 18 9/1/2019 $ 71,625.22 $ 428.31 $ 234.32 $ 193.98 $ 71,390.90 19 10/1/2019 $ 71,390.90 $ 428.31 $ 234.96 $ 193.35 $ 71,155.94 20 11/1/2019 $ 71,155.94 $ 428.31 $ 235.59 $ 192.71 $ 70,920.35 21 12/1/2019 $ 70,920.35 $ 428.31 $ 236.23 $ 192.08 $ 70,684.12 22 1/1/2020 $ 70,684.12 $ 428.31 $ 236.87 $ 191.44 $ 70,447.24 23 2/1/2020 $ 70,447.24 $ 428.31 $ 237.51 $ 190.79 $ 70,209.73 24 3/1/2020 $ 70,209.73 $ 428.31 $ 238.16 $ 190.15 $ 69,971.57 25 10/1/2020 $ 69,971.57 $ 428.31 $ 238.80 $ 189.51 $ 69,732.77 26 11/1/2020 $ 69,732.77 $ 428.31 $ 239.45 $ 188.86 $ 69,493.32 27 12/1/2020 $ 69,493.32 $ 428.31 $ 240.10 $ 188.21 $ 69,253.23 Page 14 of 20 Page 15 of 20 Payment Beginning Ending No. Date Balance Payment Principal Interest Balance 28 1/1/2021 $ 69,253.23 $ 428.31 $ 240.75 $ 187.56 $ 69,012.48 29 2/1/2021 $ 69,012.48 $ 428.31 $ 241.40 $ 186.91 F 68,771.08 30 3/1/2021 $ 68,771.08 $ 428.31 $ 242.05 $ 186.26 $ 68,529.03 31 4/1/2021 $ 68,529.03 $ 428.31 $ 242.71 $ 185.60 $ 68,286.32 32 5/1/2021 $ 68,286.32 $ 428.31 $ 243.37 $ 184.94 $ 68,042.95 33 6/1/2021 $ 68,042.95 $ 428.31 $ 244.03 $ 184.28 $ 67,798.93 34 7/1/2021 $ 67,798.93 $ 428.31 $ 244.69 $ 183.62 $ 67,554.24 35 8/1/2021 $ 67,554.24 $ 428.31 $ 245.35 $ 182.96 $ 67,308.89 36 9/1/2021 $ 67,308.89 $ 428.31 $ 246.01 $ 182.29 $ 67,062.88 37 10/1/2021 $ 67,062.88 $ 428.31 $ 246.68 $ 181.63 $ 66,816.20 38 11/1/2021 $ 66,816.20 $ 428.31 $ 247.35 $ 180.96 $ 66,568.85 39 12/1/2021 $ 66,568.85 $ 428.31 $ 248.02 $ 180.29 $ 66,320.84 40 1/1/2022 $ 66,320.84 $ 428.31 $ 248.69 $ 179.62 $ 66,072.15 41 2/1/2022 $ 66,072.15 $ 428.31 $ 249.36 $ 178.95 $ 65,822.78 42 3/1/2022 $ 65,822.78 $ 428.31 $ 250.04 $ 178.27 $ 65,572.75 43 4/1/2022 $ 65,572.75 $ 428.31 $ 250.72 $ 177.59 $ 65,322.03 44 5/1/2022 $ 65,322.03 $ 428.31 $ 251.39 $ 176.91 $ 65,070.64 45 6/1/2022 $ 65,070.64 $ 428.31 $ 252.08 $ 176.23 $ 64,818.56 46 7/1/2022 $ 64,818.56 $ 428.31 $ 252.76 $ 175.55 $ 64,565.80 47 8/1/2022 $ 64,565.80 $ 428.31 $ 253.44 $ 174.87 $ 64,312.36 48 9/1/2022 $ 64,312.36 $ 428.31 $ 254.13 $ 174.18 $ 64,058.23 49 10/1/2022 $ 64,058.23 $ 428.31 $ 254.82 $ 173.49 $ 63,803.42 50 11/1/2022 $ 63,803.42 $ 428.31 $ 255.51 $ 172.80 $ 63,547.91 51 12/1/2022 $ 63,547.91 $ 428.31 $ 256.20 $ 172.11 $ 63,291.71 52 1/1/2023 $ 63,291.71 $ 428.31 $ 256.89 $ 171.42 $ 63,034.82 53 2/1/2023 $ 63,034.82 $ 428.31 $ 257.59 $ 170.72 $ 62,777.23 54 3/1/2023 $ 62,777.23 $ 428.31 $ 258.29 $ 170.02 $ 62,518.94 55 4/1/2023 $ 62,518.94 $ 428.31 $ 258.99 $ 169.32 $ 62,259.96 56 5/1/2023 $ 62,259.96 $ 428.31 $ 259.69 $ 168.62 $ 62,000.27 57 6/1/2023 $ 62,000.27 $ 428.31 $ 260.39 $ 167.92 $ 61,739.88 58 7/1/2023 $ 61,739.88 $ 428.31 $ 261.10 $ 167.21 $ 61,478.78 59 8/1/2023 $ 61,478.78 $ 428.31 $ 261.80 $ 166.51 $ 61,216.98 60 9/1/2023 $ 61,216.98 $ 428.31 $ 262.51 $ 165.80 $ 60,954.47 61 10/1/2023 $ 60,954.47 $ 428.31 $ 263.22 $ 165.09 $ 60,691.25 62 11/1/2023 $ 60,691.25 $ 428.31 $ 263.94 $ 164.37 $ 60,427.31 63 12/1/2023 $ 60,427.31 $ 428.31 $ 264.65 $ 163.66 $ 60,162.66 64 1/1/2024 $ 60,162.66 $ 428.31 $ 265.37 $ 162.94 $ 59,897.29 65 2/1/2024 $ 59,897.29 $ 428.31 $ 266.09 $ 162.22 $ 59,631.20 66 3/1/2024 $ 59,631.20 $ 428.31 $ 266.81 $ 161.50 $ 59,364.40 67 4/1/2024 $ 59,364.40 $ 428.31 $ 267.53 $ 160.78 $ 59,096.87 Page 15 of 20 Page 16 of 20 Payment Beginning Ending No. Date Balance Payment Principal Interest Balance 68 5/1/2024 $ 59,096.87 $ 428.31 $ 268.25 $ 160.05 $ 58,828.61 69 6/1/2024 $ 58,828.61 $ 428.31 $ 268.98 $ 159.33 $ 58,559.63 70 7/1/2024 $ 58,559.63 $ 428.31 $ 269.71 $ 158.60 $ 58,289.93 71 8/1/2024 $ 58,289.93 $ 428.31 $ 270.44 $ 157.87 $ 58,019.49 72 9/1/2024 $ 58,019.49 $ 428.31 $ 271.17 $ 157.14 $ 57,748.31 73 10/1/2024 $ 57,748.31 $ 428.31 $ 271.91 $ 156.40 $ 57,476.41 74 11/1/2024 $ 57,476.41 $ 428.31 $ 272.64 $ 155.67 $ 57,203.76 75 12/1/2024 $ 57,203.76 $ 428.31 $ 273.38 $ 154.93 $ 56,930.38 76 1/1/2025 $ 56,930.38 $ 428.31 $ 274.12 $ 154.19 $ 56,656.26 77 2/1/2025 $ 56,656.26 $ 428.31 $ 274.86 $ 153.44 $ 56,381.40 78 3/1/2025 $ 56,381.40 $ 428.31 $ 275.61 $ 152.70 $ 56,105.79 79 4/1/2025 $ 56,105.79 $ 428.31 $ 276.35 $ 151.95 $ 55,829.43 80 5/1/2025 $ 55,829.43 $ 428.31 $ 277.10 $ 151.20 $ 55,552.33 81 6/1/2025 $ 55,552.33 $ 428.31 $ 277.85 $ 150.45 $ 55,274.48 82 7/1/2025 $ 55,274.48 $ 428.31 $ 278.61 $ 149.70 $ 54,995.87 83 8/1/2025 $ 54,995.87 $ 428.31 $ 279.36 $ 148.95 $ 54,716.51 84 9/1/2025 $ 54,716.51 $ 428.31 $ 280.12 $ 148.19 $ 54,436.39 85 10/1/2025 $ 54,436.39 $ 428.31 $ 280.88 $ 147.43 $ 54,155.52 86 11/1/2025 $ 54,155.52 $ 428.31 $ 281.64 $ 146.67 $ 53,873.88 87 12/1/2025 $ 53,873.88 $ 428.31 $ 282.40 $ 145.91 $ 53,591.48 88 1/1/2026 $ 53,591.48 $ 428.31 $ 283.16 $ 145.14 $ 53,308.32 89 2/1/2026 $ 53,308.32 $ 428.31 $ 283.93 $ 144.38 $ 53,024.38 90 3/1/2026 $ 53,024.38 $ 428.31 $ 284.70 $ 143.61 $ 52,739.68 91 4/1/2026 $ 52,739.68 $ 428.31 $ 285.47 $ 142.84 $ 52,454.21 92 5/1/2026 $ 52,454.21 $ 428.31 $ 286.24 $ 142.06 $ 52,167.97 93 6/1/2026 $ 52,167.97 $ 428.31 $ 287.02 $ 141.29 $ 51,880.95 94 7/1/2026 $ 51,880.95 $ 428.31 $ 287.80 $ 140.51 $ 51,593.15 95 8/1/2026 $ 51,593.15 $ 428.31 $ 288.58 $ 139.73 $ 51,304.58 96 9/1/2026 $ 51,304.58 $ 428.31 $ 289.36 $ 138.95 $ 51,015.22 97 10/1/2026 $ 51,015.22 $ 428.31 $ 290.14 $ 138.17 $ 50,725.08 98 11/1/2026 $ 50,725.08 $ 428.31 $ 290.93 $ 137.38 $ 50,434.15 99 12/1/2026 $ 50,434.15 $ 428.31 $ 291.72 $ 136.59 $ 50,142.43 100 1/1/2027 $ 50,142.43 $ 428.31 $ 292.51 $ 135.80 $ 49,849.93 101 2/1/2027 $ 49,849.93 $ 428.31 $ 293.30 $ 135.01 $ 49,556.63 102 3/1/2027 $ 49,556.63 $ 428.31 $ 294.09 $ 134.22 $ 49,262.54 103 4/1/2027 $ 49,262.54 $ 428.31 $ 294.89 $ 133.42 $ 48,967.65 104 5/1/2027 $ 48,967.65 $ 428.31 $ 295.69 $ 132.62 $ 48,671.96 105 6/1/2027 $ 48,671.96 $ 428.31 $ 296.49 $ 131.82 $ 48,375.47 106 7/1/2027 $ 48,375.47 $ 428.31 $ 297.29 $ 131.02 $ 48,078.18 107 8/1/2027 $ 48,078.18 $ 428.31 $ 298.10 $ 130.21 $ 47,780.09 Page 16 of 20 Page 17 of 20 Payment Beginning Ending No. Date Balance Payment Principal Interest Balance 108 9/1/2027 $ 47,780.09 $ 428.31 $ 298.90 $ 129.40 $ 47,481.18 109 10/1/2027 $ 47,481.18 $ 428.31 $ 299.71 $ 128.59 $ 47,181.47 110 11/1/2027 $ 47,181.47 $ 428.31 $ 300.52 $ 127.78 $ 46,880.94 111 12/1/2027 $ 46,880.94 $ 428.31 $ 301.34 $ 126.97 $ 46,579.60 112 1/1/2028 $ 46,579.60 $ 428.31 $ 302.15 $ 126.15 $ 46,277.45 113 2/1/2028 $ 46,277.45 $ 428.31 $ 302.97 $ 125.33 $ 45,974.48 114 3/1/2028 $ 45,974.48 $ 428.31 $ 303.79 $ 124.51 $ 45,670.68 115 4/1/2028 $ 45,670.68 $ 428.31 $ 304.62 $ 123.69 $ 45,366.07 116 5/1/2028 $ 45,366.07 $ 428.31 $ 305.44 $ 122.87 $ 45,060.62 117 6/1/2028 $ 45,060.62 $ 428.31 $ 306.27 $ 122.04 $ 44,754.36 118 7/1/2028 $ 44,754.36 $ 428.31 $ 307.10 $ 121.21 $ 44,447.26 119 8/1/2028 $ 44,447.26 $ 428.31 $ 307.93 $ 120.38 $ 44,139.33 120 9/1/2028 $ 44,139.33 $ 428.31 $ 308.76 $ 119.54 $ 43,830.56 121 10/1/2028 $ 43,830.56 $ 428.31 $ 309.60 $ 118.71 $ 43,520.96 122 11/1/2028 $ 43,520.96 $ 428.31 $ 310.44 $ 117.87 $ 43,210.52 123 12/1/2028 $ 43,210.52 $ 428.31 $ 311.28 $ 117.03 $ 42,899.24 124 1/1/2029 $ 42,899.24 $ 428.31 $ 312.12 $ 116.19 $ 42,587.12 125 2/1/2029 $ 42,587.12 $ 428.31 $ 312.97 $ 115.34 $ 42,274.15 126 3/1/2029 $ 42,274.15 $ 428.31 $ 313.82 $ 114.49 $ 41,960.34 127 4/1/2029 $ 41,960.34 $ 428.31 $ 314.67 $ 113.64 $ 41,645.67 128 5/1/2029 $ 41,645.67 $ 428.31 $ 315.52 $ 112.79 $ 41,330.16 129 6/1/2029 $ 41,330.16 $ 428.31 $ 316.37 $ 111.94 $ 41,013.78 130 7/1/2029 $ 41,013.78 $ 428.31 $ 317.23 $ 111.08 $ 40,696.55 131 8/1/2029 $ 40,696.55 $ 428.31 $ 318.09 $ 110.22 $ 40,378.47 132 9/1/2029 $ 40,378.47 $ 428.31 $ 318.95 $ 109.36 $ 40,059.52 133 10/1/2029 $ 40,059.52 $ 428.31 $ 319.81 $ 108.49 $ 39,739.70 134 11/1/2029 $ 39,739.70 $ 428.31 $ 320.68 $ 107.63 $ 39,419.02 135 12/1/2029 $ 39,419.02 $ 428.31 $ 321.55 $ 106.76 $ 39,097.48 136 1/1/2030 $ 39,097.48 $ 428.31 $ 322.42 $ 105.89 $ 38,775.06 137 2/1/2030 $ 38,775.06 $ 428.31 $ 323.29 $ 105.02 $ 38,451.76 138 3/1/2030 $ 38,451.76 $ 428.31 $ 324.17 $ 104.14 $ 38,127.60 139 4/1/2030 $ 38,127.60 $ 428.31 $ 325.05 $ 103.26 $ 37,802.55 140 5/1/2030 $ 37,802.55 $ 428.31 $ 325.93 $ 102.38 $ 37,476.62 141 6/1/2030 $ 37,476.62 $ 428.31 $ 326.81 $ 101.50 $ 37,149.82 142 7/1/2030 $ 37,149.82 $ 428.31 $ 327.69 $ 100.61 $ 36,822.12 143 8/1/2030 $ 36,822.12 $ 428.31 $ 328.58 $ 99.73 $ 36,493.54 144 9/1/2030 $ 36,493.54 $ 428.31 $ 329.47 $ 98.84 $ 36,164.07 145 10/1/2030 $ 36,164.07 $ 428.31 $ 330.36 $ 97.94 $ 35,833.71 146 11/1/2030 $ 35,833.71 $ 428.31 $ 331.26 $ 97.05 $ 35,502.45 147 12/1/2030 $ 35,502.45 $ 428.31 $ 332.16 $ 96.15 $ 35,170.29 Page 17 of 20 Page 18 of 20 Payment Beginning Ending No. Date Balance Payment Principal Interest Balance 148 1/1/2031 $ 35,170.29 $ 428.31 $ 333.06 $ 95.25 $ 34,837.24 149 2/1/2031 $ 34,837.24 $ 428.31 $ 333.96 $ 94.35 $ 34,503.28 150 3/1/2031 $ 34,503.28 $ 428.31 $ 334.86 $ 93.45 $ 34,168.42 151 4/1/2031 $ 34,168.42 $ 428.31 $ 335.77 $ 92.54 $ 33,832.65 152 5/1/2031 $ 33,832.65 $ 428.31 $ 336.68 $ 91.63 $ 33,495.97 153 6/1/2031 $ 33,495.97 $ 428.31 $ 337.59 $ 90.72 $ 33,158.38 154 7/1/2031 $ 33,158.38 $ 428.31 $ 338.50 $ 89.80 $ 32,819.88 155 8/1/2031 $ 32,819.88 $ 428.31 $ 339.42 $ 88.89 $ 32,480.46 156 9/1/2031 $ 32,480.46 $ 428.31 $ 340.34 $ 87.97 $ 32,140.12 157 10/1/2031 $ 32,140.12 $ 428.31 $ 341.26 $ 87.05 $ 31,798.85 158 11/1/2031 $ 31,798.85 $ 428.31 $ 342.19 $ 86.12 $ 31,456.67 159 12/1/2031 $ 31,456.67 $ 428.31 $ 343.11 $ 85.20 $ 31,113.56 160 1/1/2032 $ 31,113.56 $ 428.31 $ 344.04 $ 84.27 $ 30,769.51 161 2/1/2032 $ 30,769.51 $ 428.31 $ 344.97 $ 83.33 $ 30,424.54 162 3/1/2032 $ 30,424.54 $ 428.31 $ 345.91 $ 82.40 $ 30,078.63 163 4/1/2032 $ 30,078.63 $ 428.31 $ 346.85 $ 81.46 $ 29,731.79 164 5/1/2032 $ 29,731.79 $ 428.31 $ 347.78 $ 80.52 $ 29,384.00 165 6/1/2032 $ 29,384.00 $ 428.31 $ 348.73 $ 79.58 $ 29,035.28 166 7/1/2032 $ 29,035.28 $ 428.31 $ 349.67 $ 78.64 $ 28,685.60 167 8/1/2032 $ 28,685.60 $ 428.31 $ 350.62 $ 77.69 $ 28,334.99 168 9/1/2032 $ 28,334.99 $ 428.31 $ 351.57 $ 76.74 $ 27,983.42 169 10/1/2032 $ 27,983.42 $ 428.31 $ 352.52 $ 75.79 $ 27,630.90 170 11/1/2032 $ 27,630.90 $ 428.31 $ 353.47 $ 74.83 $ 27,277.43 171 12/1/2032 $ 27,277.43 $ 428.31 $ 354.43 $ 73.88 $ 26,922.99 172 1/1/2033 $ 26,922.99 $ 428.31 $ 355.39 $ 72.92 $ 26,567.60 173 2/1/2033 $ 26,567.60 $ 428.31 $ 356.35 $ 71.95 $ 26,211.25 174 3/1/2033 $ 26,211.25 $ 428.31 $ 357.32 $ 70.99 $ 25,853.93 175 4/1/2033 $ 25,853.93 $ 428.31 $ 358.29 $ 70.02 $ 25,495.64 176 5/1/2033 $ 25,495.64 $ 428.31 $ 359.26 $ 69.05 $ 25,136.38 177 6/1/2033 $ 25,136.38 $ 428.31 $ 360.23 $ 68.08 $ 24,776.15 178 7/1/2033 $ 24,776.15 $ 428.31 $ 361.21 $ 67.10 $ 24,414.95 179 8/1/2033 $ 24,414.95 $ 428.31 $ 362.18 $ 66.12 $ 24,052.76 180 9/1/2033 $ 24,052.76 $ 428.31 $ 363.17 $ 65.14 $ 23,689.60 181 10/1/2033 $ 23,689.60 $ 428.31 $ 364.15 $ 64.16 $ 23,325.45 182 11/1/2033 $ 23,325.45 $ 428.31 $ 365.13 $ 63.17 $ 22,960.32 183 12/1/2033 $ 22,960.32 $ 428.31 $ 366.12 $ 62.18 $ 22,594.19 184 1/1/2034 $ 22,594.19 $ 428.31 $ 367.12 $ 61.19 $ 22,227.08 185 2/1/2034 $ 22,227.08 $ 428.31 $ 368.11 $ 60.20 $ 21,858.97 186 3/1/2034 $ 21,858.97 $ 428.31 $ 369.11 $ 59.20 $ 21,489.86 187 4/1/2034 $ 21,489.86 $ 428.31 $ 370.11 $ 58.20 $ 21,119.75 Page 18 of 20 Page 19 of 20 Payment Beginning Ending No. Date Balance Payment Principal Interest Balance 188 5/1/2034 $ 21,119.75 $ 428.31 $ 371.11 $ 57.20 $ 20,748.65 189 6/1/2034 $ 20,748.65 $ 428.31 $ 372.11 $ 56.19 $ 20,376.53 190 7/1/2034 $ 20,376.53 $ 428.31 $ 373.12 $ 55.19 $ 20,003.41 191 8/1/2034 $ 20,003.41 $ 428.31 $ 374.13 $ 54.18 $ 19,629.28 192 9/1/2034 $ 19,629.28 $ 428.31 $ 375.15 $ 53.16 $ 19,254.13 193 10/1/2034 $ 19,254.13 $ 428.31 $ 376.16 $ 52.15 $ 18,877.97 194 11/1/2034 $ 18,877.97 $ 428.31 $ 377.18 $ 51.13 $ 18,500.79 195 12/1/2034 $ 18,500.79 $ 428.31 $ 378.20 $ 50.11 $ 18,122.59 196 1/1/2035 $ 18,122.59 $ 428.31 $ 379.23 $ 49.08 $ 17,743.36 197 2/1/2035 $ 17,743.36 $ 428.31 $ 380.25 $ 48.05 $ 17,363.11 198 3/1/2035 $ 17,363.11 $ 428.31 $ 381.28 $ 47.03 $ 16,981.83 199 4/1/2035 $ 16,981.83 $ 428.31 $ 382.32 $ 45.99 $ 16,599.51 200 5/1/2035 $ 16,599.51 $ 428.31 $ 383.35 $ 44.96 $ 16,216.16 201 6/1/2035 $ 16,216.16 $ 428.31 $ 384.39 $ 43.92 $ 15,831.77 202 7/1/2035 $ 15,831.77 $ 428.31 $ 385.43 $ 42.88 $ 15,446.34 203 8/1/2035 $ 15,446.34 $ 428.31 $ 386.47 $ 41.83 $ 15,059.87 204 9/1/2035 $ 15,059.87 $ 428.31 $ 387.52 $ 40.79 $ 14,672.35 205 10/1/2035 $ 14,672.35 $ 428.31 $ 388.57 $ 39.74 $ 14,283.78 206 11/1/2035 $ 14,283.78 $ 428.31 $ 389.62 $ 38.69 $ 13,894.15 207 12/1/2035 $ 13,894.15 $ 428.31 $ 390.68 $ 37.63 $ 13,503.47 208 1/1/2036 $ 13,503.47 $ 428.31 $ 391.74 $ 36.57 $ 13,111.74 209 2/1/2036 $ 13,111.74 $ 428.31 $ 392.80 $ 35.51 $ 12,718.94 210 3/1/2036 $ 12,718.94 $ 428.31 $ 393.86 $ 34.45 $ 12,325.08 211 4/1/2036 $ 12,325.08 $ 428.31 $ 394.93 $ 33.38 $ 11,930.15 212 5/1/2036 $ 11,930.15 $ 428.31 $ 396.00 $ 32.31 $ 11,534.16 213 6/1/2036 $ 11,534.16 $ 428.31 $ 397.07 $ 31.24 $ 11,137.09 214 7/1/2036 $ 11,137.09 $ 428.31 $ 398.15 $ 30.16 $ 10,738.94 215 8/1/2036 $ 10,738.94 $ 428.31 $ 399.22 $ 29.08 $ 10,339.72 216 9/1/2036 $ 10,339.72 $ 428.31 $ 400.30 $ 28.00 $ 9,939.41 217 10/1/2036 $ 9,939.41 $ 428.31 $ 401.39 $ 26.92 $ 9,538.02 218 11/1/2036 $ 9,538.02 $ 428.31 $ 402.48 $ 25.83 $ 9,135.55 219 12/1/2036 $ 9,135.55 $ 428.31 $ 403.57 $ 24.74 $ 8,731.98 220 1/1/2037 $ 8,731.98 $ 428.31 $ 404.66 $ 23.65 $ 8,327.32 221 2/1/2037 $ 8,327.32 $ 428.31 $ 405.75 $ 22.55 $ 7,921.57 222 3/1/2037 $ 7,921.57 $ 428.31 $ 406.85 $ 21.45 $ 7,514.72 223 4/1/2037 $ 7,514.72 $ 428.31 $ 407.96 $ 20.35 $ 7,106.76 224 5/1/2037 $ 7,106.76 $ 428.31 $ 409.06 $ 19.25 $ 6,697.70 225 6/1/2037 $ 6,697.70 $ 428.31 $ 410.17 $ 18.14 $ 6,287.53 226 7/1/2037 $ 6,287.53 $ 428.31 $ 411.28 $ 17.03 $ 5,876.25 227 8/1/2037 $ 5,876.25 $ 428.31 $ 412.39 $ 15.91 $ 5,463.86 Page 19 of 20 Page 20 of 20 Payment Beginning Ending No. Date Balance Payment Principal Interest Balance 228 9/1/2037 $ 5,463.86 $ 428.31 $ 413.51 $ 14.80 $ 5,050.35 229 10/1/2037 $ 5,050.35 $ 428.31 $ 414.63 $ 13.68 $ 4,635.72 230 11/1/2037 $ 4,635.72 $ 428.31 $ 415.75 $ 12.56 $ 4,219.97 231 12/1/2037 $ 4,219.97 $ 428.31 $ 416.88 $ 11.43 $ 3,803.09 232 1/1/2038 $ 3,803.09 $ 428.31 $ 418.01 $ 10.30 $ 3,385.08 233 2/1/2038 $ 3,385.08 $ 428.31 $ 419.14 $ 9.17 $ 2,965.94 234 3/1/2038 $ 2,965.94 $ 428.31 $ 420.28 $ 8.03 $ 2,545.66 235 4/1/2038 $ 2,545.66 $ 428.31 $ 421.41 $ 6.89 $ 2,124.25 236 5/1/2038 $ 2,124.25 $ 428.31 $ 422.55 $ 5.75 $ 1,701.69 237 6/1/2038 $ 1,701.69 $ 428.31 $ 423.70 $ 4.61 $ 1,278.00 238 7/1/2038 $ 1,278.00 $ 428.31 $ 424.85 $ 3.46 $ 853.15 239 8/1/2038 $ 853.15 $ 428.31 $ 426.00 $ 2.31 $ 427.15 240 9/1/2038 $ 427.15 $ 428.31 $ 427.15 $ 1.16 $ (0.00) Page 20 of 20 PROSPECT LIST 07/29/2021 Date of Company Name Business Category Project Description Building -Facility Retained Jobs New Jobs Total Investment Project Contact Status 11/12/2016 MN DEED Prospect Metal Mfg. Exist Facility+ Equip 65,000 sq. ft. 0 55- $2,500,000 Active 100 Search 11/17/2016 Project Novus v2 Precision Machining New Facility Constr. + Equip 52,000 sq. ft. 205 60 $10,831,000 Construction JEL 6/22/2017 Project #6580 Metal Mfg. New Facility Constr. 70,000 sq. ft. 0 49 $5,480,000 On Hold 10/4/2017 Project Shepherd Tool Mfg. New Construction 70,000 sq. ft. 60 50 $5,900,000 On -Hold 10/17/2017 Project Ted Equipment Mfg. New Equipment N/A 45 ? $650,000 Concept 5/22/2018 Karlsburger Foods Food Products Mfg. Facilty Expansion 10 to $3,500,000 20 7/3/2018 Project Synergy Office New Construction 15,000 to 20,000 sq. 15 $3,000,000 Concept 7/30/2018 Project Saturn Plastic Products Mfg. New Construction 5,000 +/- sq. ft. 4+/- $830,000 Active Search 8/10/2018 Project Jupiter Metal Mfg. New Construction 5,000 sq. ft. 3 $800,000 Active Search 11/29/2018 Project Blitzen Precision Machining Exist Bldg or New Const. 12,000 sq. ft. 10 $1,200,000 Concept Stage 12/14/2018 Project Comet Commercial Bus New Const. 1,700 sq. ft. +/- 7 $700,000 Active 3/28/2019 Project Nutt Co -Working Space Existing Building ? ? ? ? Concept Stage 5/9/2019 Project FSJP Light Mfg -Res. Lab New Construction 20,000 sq. ft. 0 20+/- $1,400,000 Active Search 8/16/2019 Project Jaguar Office New Construction 22,000 sq. ft. 22 4 $2,700,000 Active Search 9/19/2019 Project Kata Service New Construction 22,000 to 35,000 sq. 0 25 $7,900,000 Concept ft. Stage 1/20/2020 3/31/2020 5/21/2020 8/27/2020 12/23/2020 11/5/2020 2/16/2021 2/18/2021 2/18/2021 3/19/2021 4/23/2021 Project Panda v3 Service -Child Care Project GiaSaurus Medical Prod. Mfg. Verde Plus Lawn Care Service Project Nuss Combo Service -sale Project TD Industrial Project Flower Office Project Cold Industrial -Warehouse -Di 3 stri Project Shay Lounge -Restaurant Project Counsel Office -Service Project Orion Warehouse-Distributi Concept on Project Emma Light Ind -Assembly New Construction 10,500 sq. ft. 0 New Construction 175,000 sq. ft. 0 Existing or New Construction 4,000 to 6,000 sq. 0 75 ft. New Construction 30,000 sq. ft. 0 Existing or New Construction 10,000 to 15,000 sq. 0 3 ft. Existing 7,000-8,000 sq. ft. 0 New Construction 80,000 sq. ft. 0 21 $4,100,000 Active Concept Search 75 $50,000,000 Active 5,600 sq. ft. 24 3 $1,120,000 Search 3 $550,000 Active Active $4,250,000 Search 20 to $3,500,000 Concept 30 0 4 $1,350,000 Staee 5 to 7 $800,000 Concept 6/11/2021 Project SBTP Stage 12 $750,000 Concept 40 * $4,800,000 Stage 21 $12,000,000 Concept Stage Existing Bldg. 2,200 0 4 $150,000 Concept Stage New Construction 5,600 sq. ft. 24 3 $1,120,000 Concept cls New Construction 832,500 sq. ft. 0 500 $125,000,000 Active $4,250,000 Concept Sta Search New Construction 20,000 sq. ff. 0 4 $1,350,000 Active Search 6/3/2021 Project FCW Service New Construction w Redev 4,000 sq. ft. 0 9 $4,250,000 Concept Sta 6/11/2021 Project SBTP Industrial- New Construction 51,000 sq. ft. 0 40 * $4,800,000 Active Manufacturing Search 6/16/2021 Project UBAA Child Care Services New Construction or Exist 5,000 sq. ft. 0 12 to 15 $2,000,000 Act Search 6/30/2021 Project Ecosphere Industrial Tech Mfg. New Construction 1,000,000 sq. ft. 0 1122 $85,000,000 Act Search 7/29/2021 Project BA710 Lt Assem-Distribute New Construction 6,500 to 7,000 sq. ft 0 10 $650,000 Active Search Contacts: M = 01 YTD = 22 APL -1 JFf ' i .. ... .... . X; IZCIOF Montiicdo loft = 3�� J NP ej Economic Development Up( ate July 26, 2021 • PROMOTING • PACKAGING • PRESENTING • ENGAGING • COLLABORATING • ASSISTING ECONOMIC DEVELOPMENT TOOL KIT TIF (TAX INCREMENT FINANCING) LOAN PROGRAMS (2); GMEF and SCDP FACADE IMPROVEMENT GRANT PROGRAM COLLABORATIVE PARTNER PROGRAMS (WC,, IF) STATE ASSISTANCE PROGRAMS; MIF, JCF, BDPI, TED TAX ABATEMENT FEDERAL ASSISTANCE PROGRAMS; EDA, RD `I' AM A W '0-1011 r 14 & KUL WORK PLS owntown Redevelopment •omote Industrial/Commercial Dei Busing Development ibor Force Development isiness Retention and Expansion OVID-1 9 Fmp-rrjp-nry Response CITY OF Monticello SND SURVRVORS, �ryU . `H$iFBlOEK 6 �• - ti %^"�Ci /.- ,yid . -u �.:: i asp WORK PLAN ACTIVITIES Downtown Redevelopmer Block 52 — Re-engage Land Assembly Develo Facade Improvement Prograry Agosto Building 3 Other Applications WORK PLAN ACTIVITIES Industrial/Commercial Development Project Orion — Site Search Proposal Project SBTP — Active Search Project Ecosphere — Site Search Proposal Project Rustech — Expansion Project Karlsburger Foods — Expansion Project FCW — Development Proposal Project Restaurant Project CET (Community Energy Transition) —Grant WORK PLAN ACTIVITIES Housing Development • Rivertown Residential Suites • Duffy Development • Headwaters Development WORK PLAN ACTIVITIES Labor Force School District —Career &Technical Education (CTE) Committee Wright County Workforce Pathways Business Retention & Expansion • 2020 — No BR&E visits due to COVID-19 2021 — 2 BR&E visits completed l�i�, `� 1 r srr /h L11114 .1 M 16 IN :q.. 9`-('Iw�iouci6nWRA J � I1' 9 0, , will ►lw/ CITY OF Monticello 2020 MEETINGS AND UPDATIPt 19 Regular Meetings EDA Meetings 6 Workshops g 1 Special Meetings 1 Joint Meetings 10 Regular Meetings IEDC Meetings Workshops g Special Meetings Joint Meetings Council Connection Updates 10 Updates a IN& ?V CITY INDUSTRIAL LAND FOR SALE PROJECT ADMINISTRATION TIF DISTRICTS & LOAN PROGRAMS 2 GMEF Loans (loans are current) 1 SCDP Equipment Loan (loan is current) 3 TIF District Compliance Reports 3 Business Subsidy Compliance Reports 2020 EDA COMMISSIONED STUDIES w Industrial Land Absorption Demand Study (Feb 20) Housing Needs &Demand Study (Sept 20) Hospitality &Lodging Demand Study (Aug 20) Industrial Land Feasibility Study (July 20) TIF District Management Update (Nov 20) 2020=2021 DEVELOPMENT STATS New Industrial Facilities (1) New Commercial Buildings (2) New MF Residential Units (47) New Jobs (54) Land Acquisitions (2) Site -Development Assistance (3) Proposals Land Sales (1) Loans (2) TIF Districts (1) CITY OF Monticello Vie• UMC EXPANSION Project Cost $11 Million 58,000 Square Feet Over 50 New FTE Jobs New Property Taxes $110,000 +/- OTHER PROJECTS • Copperhead • Deephaven 1 and 2 • Nuss Truck & Equipment • Jensen Precision Machining QUESTIONS? Jim Thares Economic Development Manager 763-271-3254 iim.thares@ci.MonticeIIo.mn.us