EDA Agenda 01-20-1998
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AGENDA
MONTICELLO ECONOMIC DEVELOPMENT AUTHORITY
Tuesday, January 20, 1998 ~ 5:00 p.m.
City Han
MEMBERS: Chair Ron Hoglund, Vice Chair Barb Schwientek, AssistantTreasurer Ken Maus,
Clint Herbst, Roger Carlson, Bill Demeules, and Darrin Lahr.
STAFF:
Treasurer Rick Wolfsteller and Executive Director Ollie Koropchak.
GUESTS:
Eric or Carl Bondhus, Lake Tool, Inc.
Chad Vitzthum, Marquette Bank
1. CALL TO ORDER.
2. CONSIDERATION TO APPROVE THE OCTOBER 21, 1997 EDAMINUTES.
3. CONSIDERATION TO REVIEW FOR APPROVAL THE PRELIMINARY GMEF
LOAN APPLICATION FROM LAKE TOOL, INC.
4.
CONSIDERATION TO APPROVE OR DENY APPROVAL OF GMEF LOAN NO. 014
FOR LAKE TOOL, INC.
5.
CONSIDERATION TO REVIEW FOR APPROV ALIDISAPPROV AL THE DMRF
APPLICATION (REIMBURSEMENT FEES) FOR 103 PINE STREET.
6. CONSIDERATION OF EXECUTIVE DIRECTOR'S REPORT:
a) Annual meeting - Tuesday, February 24, 1998, 7:00 p.m.
b) Downtown Revitalization Design Workshop Payment.
c) Annual appointment of ED A Commissioner.
d) GMEF No. 004.
7, OTHER BUSINESS.
8. ADJOURNMENT.
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Minutes
Monticello Economic Development Authority
Tuesday, October 21,1997 - 7:00 p.m.
City Hall
MEMBERS PRESENT:
Chair Ron Hoglund, Vice Chair Barb Schwientek, Assistant
Treasurer Ken Maus, Clint Herbst, Roger Carlson, Bill Demeules,
and Darrin Labr.
STAFF PRESENT: Ollie Koropchak, Executive Director
STAFF ABSENT: Rick Wolf steller and Jeff O'Neill.
GUESTS:
Rita Ulrich, MCP Manager and Pam Campbell, Design Chair.
1. Call to order.
Chair Hoglund called the EDA meeting to order at 7:00 p.rn.
2.
Consideration to approve the July 22. 1997 EDA Minutes.
Bill Demeules made a motion to approve the July 22, 1997 EDA minutes. Seconded by
Roger Carlson and with no corrections or additions, the motion was approved. Yeas:
Demeu1es, Carlson, Hoglund, Schwientek, and Lahr. Nays: None. Abstention: Herbst
and Maus (not present at July meeting).
3.
Consideration to review for approval/disapproval the DMRF application for 112 East
Broadway.
EDA members accepted the recommendation of the MeP-Design Advisory Team.
Recommendation was to table for consideration by the future owners as the current owner
is negotiating to sell the business and property at 112 East Broadway.
4. Consideration to review for approval/disapproval the DMRF application for 103 Pine
Street.
EDA members reviewed the application for funding for facade improvements at 103 Pine
Street. Applicant Kathy Froslie. Some confusion existed among commissioners as to the
true front, rear, and side facade of the building as described for funding. Maus
recommended in the future the front facade be consistent with the city designated street
address. Hoglund, a member of the Design Team, informed commissioners that Froslie
consulted the recommended preservation consultant for suggestions. Entry, roofline and
window changes are proposed with respect to the era the building was constructed.
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EDAMINUTES
OCTOBER 21, 1997
The commissioners found the application to be consistent with the DMRF purpose and
criteria where applicable. Barb Schwientek made a motion to approve DMRF No. 001 in
the amount of $2,500 for front facade and signage improvements, $2,500 for rear facade
improvements, and $710 for side facade improvements at 103 Pine Street (Going-In-Style,
Kathy Froslie). Disbursal of the matching grant funds in the amount of$5,71O subject to
compliance ofthe facade designs as recommended by the MCP Design Advisory Team,
compliance of codes and ordinances by the Building Official, and evidence of payment of
approved improvement costs. DMRF No. 001 becomes null and void July 21, 1998 if
funds are not disbursed. Clint Herbst seconded the motion and with no further discussion,
the motion passed unanimously.
5.
Consideration to review for a,pprovaVdisapproval the DMRF application for 121 West
Broadway.
EDA members reviewed the application for funding for facade improvements and fee
reimbursement at 121 West Broadway. Applicant Steve Johnson. Hoglund reported that
the Design Team reviewed two front facade designs: One consisted of an all new brick
and the second consisted of panel inserts. The applicant utilized the recommended
architect for assistance and both designs met the design guidelines. Panel inserts are
economically more feasible than full replacement; therefore, panel inserts were acceptable
to the design team. The rear facade improvement included a painted mural. The design
team will review the mural sketches when available.
The applicant proposes to make appropriate treatment to the east side facade which is
proposed to consist of a painted tum-of-the-century sign. The painted sign may not be in
coIlfoJ'fMD-ce because of size and perhaps creates to many signs. The MCP continues to
wo* with Steve Grittman to amend the sign ordinance within the CCD. The proposed
imPrpvements will be done in two phases in 1997 and 1998.
p~ Lahr made a motion to approve DMRF No. 002 in the amount of $2,500 for front
f~~~4e and signage improvements, $2,500 for rear facade improvements, $1,000 for east
~,q~ facade improvements, and $200 for fee reimbursement at 121 West Broadway.
Pi~\1Yfsal pfthe matching grant funds in the amount of $6,000 and fee reimbursement of
$200 subject to compliance of the facade designs as recommended by the MCP Design
Advisory Team, compliance of codes and ordinances by the Building Official, and
evidence of payment of approved improvement costs. DMRF No. 002 becomes null and
void July 21, 1998 if funds are not disbursed. Clint Herbst seconded the motion. EDA
members found the application to be consistent with the DMRF purpose and criteria
where applicable. Without further discussion, the motion passed l1n:mimously.
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EDA MINUTES
OCTOBER 21, 1997
6. Consideration of a request for funding to provide a one-day training session for members
ofthe Design Advisory Team and others.
MCP Design Chair Pam Campbell requested $1,000 from the EDA to provide a one-day
training session for members of the design team and other designated commissioners. The
Design Committee did not budget this expenditure in their 1997 Budget. The RFP from
Bob Claybaugh had a cost of$l ,500 attached for the one-day session. The Design
Committee would pick-up the remaining $500. Claybaugh is a historical rehabilitation and
commercial architect who understands economic ramifications and is capable of assisting
with determinations of what lies underneath existing facades. The session would inform
the advisory team as to their responsibilities and how to prepare reports with
recommendations to the City Council. Barb Schwientek made a motion authorizing the
expenditure of$l,OOO from the $200,000 DMRF appropriations. Bill Demeules seconded
the motion and with no further discussion, the motion passed unanimously.
7.
Consideration to review for discussion and to measure the interest-level to construct an
industrial buildini for lease.
EDA members reviewed the explanation from Mark Ruff relating to an EOA owned
building leased to private business. The explanation was requested as perhaps a means to
assist m the recruitment of new industrial business and the idea was first suggested in 1974
by th~ IDC. Some EOA members had concerns that the principal and interest payments
may Wain the EDA funds and how a spec building would cashflow ifvacant. Some felt
thi& )Vas best left to the private sector. Members asked when is an HRA or EOA tax
ex~wpt'? They requested further defining of construction numbers and square footage
reqwr.... ements, land costs, loan requirements and cashflow. Provide examples using two
dq*H~ns: Tip-up panel and steel.
8.
~er business:
EpA members received a copy of the Monticello Downtown Revitalization Loan Program
offered by First National Bank of Monticello. .
9. AQ,joumment.
The EOA meeting adjourned at 8:30 p.m.
':-) ~ \<: ll\ ~
Ollie Koropchak, Executive Director
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EDA AGENDA
JANUARY 20, 1998
3. Consideration to review for approval the preliminary GMEF loan application from Lake
TooL Inc.
A. Reference and Background:
GMEF Loan Request:
$100,000 M&E loan, seven years.
Project Summary:
Lake Tool, Inc., a tool shop which-builds plastic inject-ion melds, is owned by Carl, Eric,
and Denni$ Bondhus. T.J. Martin, Inc., a Minnesota corporation, constructed and leases
the new 9,000 sq ft manufacturing/office facility located at 1347 Dundas Circle to Lake
Tool. The company relocated. and moved. into the new location in September of 1997.
The City provided. l'lF assist-ance in the amount of $37 ,-9D{) for land acquisition and site
improvem~ts. TIF District No. 21 was certified by Wright County on December 6, 1996
and the construction project was to create five new jobs within two years at an average
annual wage of $40,000. Since application ofTIF in October, 1996, Lake Tool
employment has grown ft-em two to seven satisfying the TIF job requirement. The
company originally planned to apply for the GMEF at time of construction; however,
elected to purchase machinery and equipment at a later date. The machinery will be
purchased by T.J. Martin, Inc., leased to Lake Tool, Inc. and guaranteed by the owners.
The total number of employees today is seven--exc1uding the owners, and the company
plans to hire five new employees at an annual average wage of $30,000-$40,000 within
two years.
The purchase ofthe following machinery will cause the company to be more viable,
increase effIciency, and provide job security.
Uses of Funds
SuperMax Max-4 Rebel CNC Bedmill
Mitsubishi EX8 CNC EDM
Fadel VMC3016 CNC Bedmill and miscellaneous tooling
2 - Chevalier Accugrind Super Precision Surface Grinders
TOTAL USES OF FUNDS
$11 0,-000
$130,000
$ 94,000
$ 16,000
$350,000
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EDA AGENDA
JANUARY 20, 1998
Sources of Funds
Marquette Bank
SBA(7a)*
GMEF
Equity
TOTAL SOURCES OF FUNDS
$1-00;000
$153,750
$ 87,500
$ 8,750
$350,000
* If the SBA(7a) program is not approved, Marquette's Lease Financing Companywi11
provide the funding.
GREATER MONTlCEL-LQENTERP-RlSE--FUND Gl IIDELINES
PUBLIC PURPOSE CRITERIA: Must comply with four or more of the criteria listed
below, criteria #1 being mandatory.
1.
Creates new jobs:
Seven jobs currently, five additional (37.5 hpw) jobs within
two years. Annual average wage, $30,000-$40,000.
2.
Increases the community tax base: The purchase of machinery does not increase
the tax. base.
3.
Factors:
To assistan--existingindustrial-businessto improve their operations.
The company's business environment meets the City's industrial
objectives: Nature of business, service and product, no adverse
environmental effects, the comprehensive plan and zoning policy.
4. U sed as a secondary-souroe to-supplement conventional financing:
The GMEF will be the secondary source of funding to the lender, Marquette Bank.
5. Used as gap financing: Used as gap financing (see Letter from Lender) and
as an incentive to encourage economic development.
6. Used to assist other funds: In addition to the lender, an SBA application is
submitted for funding approval. Per the lender, time
constraints prevent applying for CMIF or Wright
County funds.
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EDA AGENDA
JANUARY 20, 1998
GREATER MONTICELLO ENTERPRISE FUND POLICIES
I. BUSINESS EL-lGIBILITY:
Industrial business: Yes.
Located withincit-ylimits: Yes, ZQBed 1-2.
Credit worthy existing business:
For determination by Marquette Bank.
$10,000 loan per each-jebcreated. $10,000 X 5-= S50,000.
$5,000 per every $20,000 increase in personal property used for business
purposes, whichever is higher. $20,000 divided by $350,000 = 17.5 X $5,000 =
$87,500.
Recommendation: $81,500.
II. FINANCING METHOD:
Companion Direct -Loan:
All suc-h loans may be -subordinated to the primary
lender(s) ifrequested by the primary lender(s). The
GMEF is leveraged and the lower interest rate of the
GMEF lowers the effective interest rate on the entire
project.
Recommendation: Tbe GMEF take a second position bebindMarquette
BanklSBA on all tbe machinery.
III. USES OF PROCEEDS:
Machinery and equipment.
IV. TERMS AND C-oNDITlONS:
Loan Size:
Maximum not to exceed 50% of the remaining GMEF balance.
Annual GMEF Appropriation Balance, January 20, 1998,
$200,000. Request: $100,000. Recommendation: $87,500.
RemainingGMEF Balance: $112,500.
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EDA AGENDA
JANUARY 20, 1998
Leveraging: Minimum 60% private/public non-GMEF. Maximum 30% GMEF.
Minimum 10% equity of GMEF loan.
Marquette Bank (9.-1 %, 7 yrs)
SBA7a (9.1%,7 yrs)
GMEF
Equity
TOTAL
$-100,000(28.5%)
$153,750(44%)
$ 87,500(25%)
$ 8,750(2.5%[10%])
$3SO,000(lDO%)
Loan Term: Personal property not to exceed life of machinery or equipment
(generally 5- 7 years)
Requested: 7 years
Recommendation: 7 years, same as lender.
Interest Rate: Fixed -rate-not-less than 2% -below Minneapolis prime rate. Prime
rate per National Bank (First Bank) of Minneapolis on date of ED A
loan approval.
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Prime rate January 14,1998 - ~ ~,S 10
Prime 1-20.97, to be determined.
Recommendation: Fixed interest rate of
Loan Fee:
Minimum fee of$200butnettoexceed 1.5% of the total loan
project. Paid by applicant to the EDA within five working days
after City Council approval of GMEF loan. Nonrefundable. Loan
fee may be incorporated into project cost. EDA retains the right to
reduce or waive loan -fee or port-ion-ofloan fee.
It has been the past practice ofthe EDA to collect the 1.5% of the
total loan. For this application, that fee would be $1,312.50. The
GMEF fee hasrece-ived criticism from some applicants as the
applicant is also responsible for legal fees associated with the
GMEF.
Recommendation: At least, the minimum fee of $200.
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EDA AGENDA
JANUARY 20,1998
Prepayment Policy: No penalty for prepayment.
Deferral of Payments: 1.. Approval efthe EI>Amembership by majority vote.
2. Extend the balloon if unable to refinance, verification
letter from two lending institutions subject to Board
approval.
Interest limitation on guaranteed leans:
Net applicable.
Assumability ofloan: None.
Business equity requirements:
Subject-to type of loan; Board of Directors
will determine case by case, analysis under
normal lending guidelines.
Equity requirement forGMEF loans is 10% of the GMEF loan or
$8,750 for this application. Previously, up-front TIP has been used
as equity; however, this is not applicable. For SBA approval, the
EDA is requested to structure the GMEF loan with interest
payback payments amortized ever 84 months and principal payback
payments jimortized over last 60 months of the 7-year loan. In
other words, the EDA would be subordinating the equity for the
first twenty-four months.
Recommendation: Grant request to encourage industrial growth of existing
businesseswbo pay livable wages.
Collateral:
Machinery and equipment liens (except equipment exempt from
bankruptcy) and personal and/or corporate guarantees (requires
unlimited personal guarantees) -as per the GMEF attorney.
Non-performance: An approved GMEF loan shall be null and void if funds are
not drawn upon or disbursed within 180 days from date of
EDA approval.
January 20, 1998 approval- loan becomes null and void July 20, 1998.
Non-performance extension: Net applicable.
Legal Fee:
Responsibility of the GMEF applicant.
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EOA AGENDA
JANUARY 20, 1998
B. Recommendatien~
Recommendation is to review this infonnation prior to the EDA meeting for
discussion and potential questions. Carl or Eric Bondhus or Chad Vitzthum,
Marquette Bank will be present at the EDA meeting. Consideration to approve or
disapproveGMEF Loan No. 014 is the next agenda item.
C. Supportin~ Data:
PreliminaryGMEF application, list of equipment, and tetter of intent fromlender if
received prior to agenda mailing.
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DEe 30 '97 11: 34Ar1 CITY OF MONTICELLO
G?.9.;:'~ ~ON':IC~O ENT~R:::S2
250 EASJ: BROADVi'A~
~ONTIc=:r...LO, MImlESOTA
P.2/8
PR~L~~!~A?~ A2P~I~\TION ~OR LOAN
. APPL:;:C~; Lake Tool, Inc.
FI?l1 03. ~'\DE HA..'1E:
cOSINZSS ADDR!SS:
Mont1cello, MN ~~j62
(City << Stace) (Zip coce)
E~..E ( ) N / A
EMl?LOY::R I. D. ,: 41-18 51 0 2 9
TSLZ:?=::ONL:
134/ Dundas Ci~cle,
(ii &. St:eec)
BIJ5:LNESS ( ) 612/295-6fi5.5
DA'.::S ESTABLISc..:..u: 6-1-86
SOLE ?p,OPRIETOR
x~ CORPORA'!'ION
~.AR~nIP
~l'>NAG2!4~
NAME
Dennis Bondhus
TITLE
Owner
o'joj~al? %
33.33%
Eric Bondhus
33.33%
Owner
Carl Bondhus
Owner
33.34%
?ROJEC: tCCATION; 1i<17 nllnil.::l~ r;r,...11<> Mnpti(;pllo. MN '=i'=iifi?
NEVi BUS!NESS
xxx EXIS':'ING BcrS:r~SS
TO'!AL PROJZc:::' COST ESTL"!A'XE: ~ 3 5 0 , 0 0 0 . 0 0 .
PROPOSED OSZS: R.::QUEST: '.
L?ND $
txlST!NG BOILDING
CONS':'?OCT!ON
~~CEI~ ~!~ 350.000.00
WOI1.XING c.\PI~
O'F...Z3.
TCTAL USZS ~
P?'OPOSZD BEGINNING DA~: 1-15 - 9 8
ESTD".AT;JJ caMPLE':'ION DA~!: 1.~ 3 0 - 9 8
AMOtJNT OF t.OAN 1 0 0 , 0 0 0 . 0 0
t'"A~'!"I!' & 'rEm'..$
REQOESTI:D 7 Y r s
APPLIc..\N":' S
rQUI~
LOAN P~OS1!: 1'19 ~h i np puq::hase
TI!LZ TO
PE\OVEC! ASSZ':'S TO BE t::"::TD B"!:
Ol?~~ING ENTI'!'Y
x x x ALTI:P, E'"'..,o
PAR'!'ICI?A1'ING LENDER: Marquette Bank, 106 pine st,. Monticello, MN 55362
(Name) (Accress)
Chad Vitzthum
,Con1:.2.c:: P'=t"scn)
{ )612/295-2952
(Telephone ~)
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':;l '1f ll''4.-
PP.ESENT i OF E.."'PLOYEES: .ale
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P~OJEC'::n * OF FlPLOY.::ES
ADDI':'IONlo.L p~.o.;t:C! m?O~}I.'!':CN: Purchase of new SuperMax Max-4 Rebel CNC Bedmi I
& Fadel VMC3016 CNC Bedmill, & Mitsubishi EX8 CNC EDM & (2) Chevalier
Accugrind Super p. recisi~. S\lrface Grinders.
A??!'..!CANT SIGNA.':"J?.E~~~C) ~ DA'!.'l;: SIGNED: 1/R/98
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DEC 30 '97 11:34RM CITY OF MONTICELLO
P.3/8
MONTICELLO
250 East Broadway
P. O. Box 1147
Montic~llo, MN
55362-9245
Phone: (612) 295.2711
Metw: (612) 333,5739
Fa.x: 'I(IlH2) 295A404
Name of
AUTHORIZATION RELEASING INFORMATION
Marquette Bank
Financial Institution
106 pine street
Street
Monticello,
Minnesota
State
55362
Zip
City
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I hereby authorize any person to furnish to the Monticello Economic
Development Authority, 250 East Broadway, PO Box 1147, Monticello,
Minnesota 55362, any and all financial records, reports,
statements, or other documentation or information in their
possession regarding: Lake Tool, Inc.
Developer's name(s)
1147 nnndas cir.. Monticello, MN 55362
Developer's address
Upon presentation of this authorization or an exact copy thereof,
you are directed to permit the personal review, copying, or
photostating of such records, information, and evidence and provide
same to the Monticello Economic Development Authority.
I, the undersigned, acknowledge the said above information may
become public.
This authorization shall be valid
the entire term of the loan.
1/8/98
Dated:
.dJ~
Authorized ignat~
One copy for each principal of a
partnership or corporation as
well as the entity itself.
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Lal~e Tool, Inc.
1347 Dundas Circle, Monticello MN 55362
ph: (612) 295-6655 Fx: (612) 295-6555
Mitsubishi EX 8 Sinker EDM Machine
List Price
Macro Combi - 32 position tool changer
Combined List Price
$ 129,000.00
$ 36,000.00
$ 165,000.00
** Machine is currently offered for $132,000.00
** Lake Tool's expected price for machine: $126,000.00
-1997 Super Max Max-4 Rebel CNC Bedbill WI Probing Tool
Cost
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$110,000
From: To: Child
Dilte: 12/22/97 Time. 1'::10:015
Pilge 2 of 4
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USED EQUIPMENT LIST
D!3SCRIPTION PRICl-: . N'-:,W OU.~ PRlCF. % OfF
1 Fadel VMC-3016 $90,845 $63,500 30.10%
2 Deckel Single Lip Cutter Grinder Model $6,305 $4,000 36.56%
SO (wired for 11 OV)
3 Torit Vibra - Shake Dust Collector $4,691 $2,000 57.37%
4 Tool Cart (full of tools) $8,108 $3,200 60.53%
5 Westhoff 100-1 Drilling Machine $2,250 $1 .400 37.78%
Chevalier Accugrind 618SP Super
6 Precision Surface Ginder wi Walker $11,420 $7.500 34.33%
Ceramax 6X18, Coolent System
Chevalier Accugrind 818SP Super
7 Precision Surface Grinder wI Walker $12,170 $8,500 30.16%
Ceramax 8X181 Coolent System
8 Ultramax-DF #5000210 Ultrasonic $4,990 $2,600 47.90%
Polishing Machine
9 Scheer Tumico 20-3500 Optical $8,364 $3,500 58.15%
Comparitor
10 Clausing 20" Drill Press $2,750 $1,000 63.64%
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11 Air Compressor 5 hp $1.328 $700 47.29%
12 Baldor 8" Grinder $546 $200 63.37%
13 NSK Luster LS-100 $1,264 $400 68.35%
4 Shop Cart $850 $350 58.82%
15 (3) Kurt Vises D675 $1,230 $770 37.40%
From: To: Chad
Dilte: 12/22/97 Time: 10:10:40
Page 3 of4
USED EQUIPMENT LIST
DESCRIPTION PRICE. NEW OUR PRICE %OFF
(1) PROD NL50UR24F 4 1/2X5X8 PRe
16 ANG (1) PROD NL4035USA 6X6X6 Pre $203 $90 55.67%
Grd Ang Pit
17 0-8" Mike Set $912 $600 34.21%
18 0~1 Step Mike $141 $70 50.35%
19 Drill & Screw Cabinets $285 $160 43.86%
20 1" Belt Sander $170 $100 41.18%
21 Suburban ex 15 Mag Chuck $1,136 $400 64.79%
.2 Metal Strapper $342 $100 70.76%
23 10 Pieces Angle Block Set $100 $60 40.00%
24 4" Grinding Vises (no name) $337 $100 70.33%
25 12" Height Gage $170 $60 64.71 %
26 81 Pieces Gage Block Sets $235 $140 40.43%
27 Parrell Set $70 $30 57.14%
28 Counter Bore Set $160 $50 68.75%
(1) - Teco 20401 Clamp Kit 9/16 Slot (2) $250 $120 52.00%
Teco 20402 PL Clamp Kit 5/8 Slot
30 Polishing Stones $175 $50 71.43%
From: To: Chad
Date: 12/22/97 Time: 10:11:11$
Page 4 of 4
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USED EQUIPMENT LIST
!
DESCRIPTION PRICE. NEW OUR PRICI~ "10 OFF
l Criterian Boring Head DBl 203 & R8
I 31 $281 $140 50.18%
Shank for Boring Head #20063
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I 32 Kennedy Tool Cart $407 $150 63.14%
33 Safety Clean Tank $535 $150 71.96%
34 3 Tall Cabinets $360 $180 50.00%
MiSe: Table, Fire Extinguisher,
35 Vacumme, Mop Bucket, Ladder, $590 $320 45.76%
I Microwave, 2 Vacu Guards
(8) . 30X6D Maple Top Benchs (1)
36 $1,640 $1 ,000 39.02%
36X72 Maple Top Bench
7 Kuhn 215-895 Clearview Radius Dresser $950 $600 36.84%
Meyer 230-5180 C-10 Minus Set Pin
38 Gages & Meyer 230-5190 M-2 Minus Set $335 $210 37.31 %
Pin Gages
, 39 MasterCam $14,000 $6.500 53.57%
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40 Matoh Plotter $500 $300 40.00%
TOTALS: $181,395 $111,300 38.64%
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Marquette Bank
Monticello
Ms. Ollie Koropchak
Director
Office of Economic Development
Monticello, Mn 55362
Dear Ms. Kropcheck
.
TJ Martin Inc., / Lake Tool, Inc. is applying for additional credit in order to enhance the
production capabilities of their new facility @ 1347 Dundas Cr. in Monticello, MN.
From the Bank's standpoint, the credit risk is considered reasonable based on the
information received to date. The gap financing the EDA offers is an essential factor in
the Bank's consideration of an SBA application or lease financing package. The gap
financing with the EDA's second position to Marquette Bank NA and the SBA, or a
Lease Finance Company, will enhance the viability of this potential transaction.
Sincerely
Chad A. Vitz1h~d
Assistant Vice President
.
Office of Marquette Bank, NA
106 Pine Street
Monticello, MN 55362
Phone (612) 295-2952
200 W. 6th Street
Monticello, MN 55362
Phone (612) 295-2952
Mailing address: P.O. Box 729, Monticello, MN 55362
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LAKE TOOL, INC.
FINANCIAL STATEMENTS
(Compiled)
Year Ended December 31, 1997
And
INDEPENDENT ACCOUNTANT'S REPORT
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CONTENTS
INDEPENDENT ACCOUNTANT'S REPORT ON THE
FINANCIAL STATEMENTS
FINANCIAL STATEMENTS
Balance Sheet
2
Statement of Income and Retained Earnings
3
.
SUPPLEMENTAL INFORMATION
Schedule of Costs of Revenues
4
Schedule of Operating Expenses
5
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. ANDERSON BOWEN & COMPANY, LLP
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Certified Public A<<~
and ConnJianu
INDEPENDENT ACCOUNTANT'S REPORT
To the Stockholders
Lake Tool, Inc.
Monticello, Minnesota
We have compiled the accompanying balance sheet of Lake Tool, Inc. (an S Corporation), as of
December 31, 1997, and the related statement of income and retained earnings for the year then ended,
and the ac:;::;mpanying supplemental infonnation that is presented only for supplemental analysis
purposes, in accordance with Statements on Standards for Accounting and Review Services issued by the
American Institute of Certified Public Accountants.
A compilation is limited to presenting in the form of financial statements and supplemental schedules
information that is the representati<?n of management. We have not audited or reviewed the
accompanying financial statements and supplemental information and, accordingly, do not express an
opinion or any other form of assurance on them.
Management has elected to omit substantially all of the disclosures and the statement of cash flows
required by generally accepted accounting principles. If the omitted disclosures and statement of cash
flows were included in the fmancial statements, they might influence the user's conclusions about the
Company I s financial position, results of operations and cash flows. Accordingly, these financial
statements are not designed for those who are not informed about such matters.
The Company, with the consent of its shareholders, has elected under the Internal Revenue Code to be an
S Corporation. In lieu of corporation income taxes, the shareholders of an S Corporation are taxed on
their proportionate share of the Company's taxable income. Therefore, no provision or liability for
corporate income taxes has been induded in these financial statements.
AN~ t,.,,,,,,,, 4 c,-r"!J LLP
Roseville, Minnesota
January 16, 1998
-1-
.
.
.
LAKE TOOL, INC.
BALANCE SHEET
December 31, 1997
ASSETS
CURRENT ASSETS
Cash
Accounts receivable
Work-in process inventory
Total Current Assets
PROPERTY & EQUIPMENT
Leasehold improvements
Office equipment
Small tools
Machinery
Accumulated depreciation
Total Property & Equipment
OTHER ASSETS
Note receivable - affiliate
Due from officers
Total Other Assets
$ 44,650
64,801
90,878
200,329
1,586
4,669
1,843
4,250
12,348
(2,470)
9,878
35,845
23,034
58,879
$ 269,086
See independent accountant's report.
-2-
.
.i-",j
.
-I
^,
I
.--,
LIABILITIES AND STOCKHOLDERS' EQUITY
December 31, 1997
CURRENT LIABILITIES
Line of credit
Current portion of long-term debt
Accounts payable
Accrued expenses
Interest
Payroll taxes
Sales tax
Salaries and wages
State minimum fee
$ 20,000
10,301
80,145
469
1,566
421
16,518
100
129,520
Total Current Liabilities
LONG-TERM DEBT
Note payable, net of current portion
Total Liabilities
44,140
173,660
STOCKHOLDERS' EQUITY
Common stock; $1.00 par value; 300 shares authorized, issued
and outstanding
Additional paid-in capital
Retained earnings
Total Stockholders' Equity
300
1,136
93,990
95,426
$ 269,086
.
.
-'1
LAKE TOOL, INC.
STATEMENT OF INCOME AND RETAINED EARNINGS
Year Ended December 31, 1997
REVENUES
COSTS OF REVENUES
Gross Profit
EXPENSES
Operating Income
OTHER INCOME (EXPENSE)
Interest expense
Interest income
Total Other Income (Expense)
Net Income
RETAINED EARNINGS, Beginning of Year
Shareholder distributions
RETAINED EARNINGS, End of Year
$ 744,685
241,885
502,800
440,040
62,760
(7,631)
29
(7,602)
55,158
64,816
(25,984)
$ 93,990
See independent accountant's report.
-3-
.
.
.
LAKE TOOL, INe.
SCHEDULE OF COSTS OF REVENUES
Year Ended December 31,1997
COSTS OF REVENUES
Beginning inventory
Purchases of mold supplies
Labor
Expendable tooling
Commissions
Depreciation
$ 51,461
157,186
108,868
10,478
2,300
2,470
332,763
Ending inventory
Total Costs of Revenues
(90,878)
$ 241,885
See independent accountant's report.
-4-
.
.
tIo".
-.
LAKE TOOL, INe.
SCHEDULE OF OPERATING EXPENSES
Year Ended December 31,1997
OPERATING EXPENSES
Advertising
Bank Charges
Freight and postage
Insurance
Laundry services
Legal and accounting
Meals and entertainment
Miscellaneous
Office Expense
Office supplies
Officers' compensation
Officers' life insurance
Payroll taxes
Property taxes
Rent
Repairs and maintenance
Retirement plan
Salaries and wages
Seminars
Supplies
State minimum fees
Telephone
Utilities
$ 673
622
10,640
13,385
1,498
6,155
973
9,814
4,302
12,995
69,231
2,378
24,940
1,437
31,919
9,800
6,485
215,732
171
4,179
235
4,335
8,141
$ 440,040
Total Operating Expenses
See independent accountant's report.
-5-
.
TJ MARTIN, INC.
FlNANCIAL STATEMENTS
(Compiled)
Year Ended December 31, 1997
And
INDEPENDENT ACCOUNTANT'S REPORT
.
.
.
CONTENTS
INDEPENDENT ACCOUNTANT'S REPORT ON THE
FINANCIAL STATEMENTS
1
FINANCIAL STATEMENTS
Statement of Assets, Liabilities and
Stockholders' Deficit-Income Tax Basis
2
Statement of Revenues, Expenses and Accumulated
Deficit-Income Tax Basis
3
.
.
. ANDERSON BOWEN & COMPANY, LLP
.
.
Cmif/<d PuhJjc AccOU/tlalllS
and ConsulJan:.r
INDEPENDENT ACCOUNTANT'S REPORT
To the Stockholders
TJ Martin, Inc.
Monticello, Minnesota
We have compiled the accompanying statement of assets, liabilities and Stockholders deficit~income tax
basis, of TJ Martin, Inc. (an S Corporation), for the year ended December 31, 1997, and the related
statement of revenues, expenses and accumulated deficit~income tax basis for the year then ended, in
accordance with Statements on Standards for Accounting and Review Services issued by the American
Institute of Certified Public Accountants. The financial statements have been prepared on the accounting
basis used by the Company for income tax purposes, which is a comprehensive basis or accounting other
than generally accepted accounting principles.
A compilation is limited to presenting in the form of financial statements and supplemental schedules
information that is the representation of management. We have not audited or reviewed the
accompanying financial statements and supplemental information and, accordingly, do not express an
opinion or any other form of assurance on them.
Management has elected to omit substantially all of the disclosures ordinarily included in financial
statements prepared on the income tax basis of accounting. If the omitted disclosures were included in
the financial statements, they might influence the user's conclusions about the Company's assets,
liabilities, equity, revenues, and expenses. Accordingly, these financial statements are not designed for
those who are not informed about such matters.
The Company, with the consent of its shareholders, has elected under the Internal Revenue Code to be an
S Corporation. In lieu of corporation income taxes, the shareholders of an S Corporation are taxed on
their proportionate share of the Company's taxable income. Therefore, no provision or liability for
corporate income taxes has been included in these financial statements.
AN~ E>OU>0i\ '" C4<1nu.j, LL I'
Roseville, Minnesota
January 16, 1998
-1-
.
.
.
TJ MARTIN, INC.
STATEMENT OF ASSETS, LIABILITIES AND DEFICIT
-INCOME TAX BASIS
December 31, 1997
ASSETS
CURRENT ASSETS
Cash
$ 9,182
PROPERTY, PLANT AND EQUIPMENT
Office equipment
Leasehold improvements
Machinery and equipment
Tools and Molds
Construction in progress
4,386
28,984
66,354
8,779
496,621
605,124
Accumulated Depreciation
Total Property, Plant and Equipment
(31,024)
574,100
$ 583,282
LIABILITIES AND STOCKHOLDERS' DEFICIT
CURRENT LIABILITIES
Current portion of long-term debt
Note payable-officers
Note payable-affiliate
Total Current Liabilities
$ 12,619
30,688
20,300
63,607
LONG-TERM DEBT
Note payable-machine
Note payable-affiliate
Note payable-construction in progress
Less current portion
Total Long-Term Liabilities
Total Liabilities
49,001
15,545
498,974
(12,619)
550,901
614,508
STOCKHOLDERS' EQUITY (DEFICIT)
Common stock; $ .50 par value; 300 shares authorized, issued
and outstanding
Additional paid-in capital
Accumulated deficit
Total Stockholders' Deficit
150
2,850
(34,226)
(31,226)
$ 583,282
See independent accountant's report.
-2-
TJ MARTIN, INC.
. STATEMENT OF REVENUES, EXPENSES AND
ACCUMULATED DEFICIT-INCOME TAX BASIS
Year Ended December 31,1997
RENTAL REVENUES $ 14,315
OPERATING EXPENSES
Bank charges 55
Depreciation 20,041
Office expense 337
Professional fees 488
Repairs and maintenance 1,944
Total Operating Expenses 22,865
Operating Loss (8,550)
OTHER INCOME (EXPENSE)
Interest expense (17,081)
Other income 2,523
Total Other Income (Expense) (14,558)
. Net Income (Loss) (23,108)
ACCUMULATED DEFICIT, Beginning of Year (11,118)
ACCUMULATED DEFICIT, End of Year $ (34,226)
.
See independent accountant's report.
-3-
.
.
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EDA AGENDA
JANUARY 20, 1998
4. Consideration to approve or deny approval ofGMEF Loan No. 014 for Lake Tool. Inc.
A. Reference and Backiround:
After review and discussion ofthe preliminary application from Lake Tool, Inc., the EDA
is asked to consider approval or deny approval of the request for a $100,000 GMEF loan.
Carl or Eric Bondhus, Lak-e Tool, and Chad Vitzthum,Marquette Bank, will be present at
the meeting. Eric and Dennis will be executing an authorization releasing information
form in addition to Carl. Marquette Bank will submit to the EDA Office a copy ofthe
requested financial and company data per the EDA final application. Additionally, the
bank will submit a letter expr-essing need fer-gap fundingand-determining the financial
credibility of Lake Tool. Mr. Vitzthum informs me that company sales for 1997 were
down as the company informed customers of plans to relocate in 1997. The sales are now
beginning to pick up.
First, the EDA needs toaetennine ifthis.(;MEFloan-application from Lake Tool will
encourage economic development. Secondly, the EDA must determine if the proposed
purchase of machinery and the application complies with the GMEF public purpose
criteria and policies. Note: the loan will not increase the tax base of the community;
however, this in not a mandatory requirement ofthe guidelines. Lastly, the EDA must
determine the amount and terms ofthe loan for approval.
The City Council will consider ratification of the EDA's action ofGMEF Loan No. 014
for Lake Tool on January 26, 1998. It is anticipated disbursement of the GMEF to the
company or lender will follow quickly.
B.
Alternative Action:
1.
A motion to approve-GMEF Loan NQ.--o14 for Lak-e Tool, Inc. -in the amount of
$87,500 with terms and conditions as recommended. Collateral, guarantees, and
other condition requirements to be determined and prepared by the GMEF
attorney. Loan approval subject to lender and SBA approval.
2.
A motion to approve GMEF Loan No. 014 for Lake Tool, Inc, in the amount of
with terms and conditions as recommended.
3.
A motion to deny approval ofGMEF Loan No. 014 for Lake Tool, Inc.
4.
A motion to table any action.
1
.
.
.
EDA AGENDA
JANUARY 20,1998
c. Recommendation:
Recommendation is for Alternative -Ne. 1 -with the terms andcenditiens as recommended
within the supplement of agenda item no. 4. $87,500 meets criteria of the GMEF
Guidelines.
D. Supporting Data.
Financial and company data submitted by the lender or may be submitted at meeting.
2
.
APPROVAL OF
GREATER MONTICELLO ENTERPRISE FUNDS
BY
ECONOMIC DEVELPMENT AUTHORITY
IN AND FOR THE CITY OF MONTICELLO, MINNESOTA
Preliminary Loan Application Approval.
Loan terms negotiated and agreed upon
betweeen the developer, the lending
institution, and the EDA Executive Director.
Formal Loan Application and Financial
Statements analyzed by the lending
institution, BDS, Inc. or city staff.
LENDER
Building and Site Plan Preliminary and/or
Final Review.
NOT APPLICABLE
Building Permit approval or construction
commitment.
NOT APPLICABLE
Loan documents reviewed and/or prepared
by the City Attorney.
tit ECONOMIC DEVELOPMENT AUTHORITY APPROVAL OR DISAPPROVAL:
LOAN NUMBER GMEF NO. 014 LOAN APPROVED
BORROWER T. J. MARTIN, INC. dba LAKE TOOL, INC.
ADDRESS 1347 DUNDAS CIRCLE, MONTICELLO LOAN DISAPPROVED
LOAN AMOUNT
RATE DATE
TERMS
FEE
A motion was made by EDA Commissioner to
(approve - disapprove) Greater Monticello Enterprise Funds in the
amount of dollars
and cents to developer
this day of Seconded
by EDA Commissioner
YEAS:
NAYS:
GMEF disbursed
19 _ by Check No.
EDA Treasurer
.
CITY COUNCIL MAY REVERSE AN EDA LOAN DECISION WITHIN TWENTY-ONE
DAYS OF EDA APPROVAL.
.
.
.
"
GMEF Approval
Page 2
ACCEPTANCE OF TERMS
I (We) hereby accept the terms stated above as approved by the
Economic Development Authority in and for the City of Monticello.
DATED:
.
.
.
EDA AGENDA
JANUARY 20, 1998
5. Consideration to review for approval/disapproval the DMRF application (reimbursement
fees) for 103 Pine Street.
A. Reference and Background:
The October 1, 1997, DMRF application for 103 Pine Street from Kathy Froslie did not
include a request for reimbursement fees; therefore, is the enclosed application. The
original application was for the front, rear, and side facade matching grant. Kathy elected
not to complete the side (Pine Street) facade. The Design Advisory Team will assess the
completed front and rear facade on January 16, 1998. Upon evidence of voices and
payment and sign-off by the design team; a check will be disbursed to Kathy for $5,000.
Please consider the following when reviewing this application.
PUI:pose
Does the proposed project seek to promote the revitalization of downtown Monticello'?
1. Enhances storefronts and facades in accordance with the design guidelines in the Plan.
Yes .....1L- No
2. Encourages the rehabilitation of building interiors to bring them into compliance with
local codes and ordinances. Yes _ No _ Not applicable --X-.
3. Encourages building rehabilitation to provide space suitable for the proposed use.
Yes-x-No_.
4. Provides funding to close the "gap" between financing needed to undertake the project
and the amount raised by equity and private loans. Yes _ No _ Not applicable.....1L-
5. Provides economic incentives to locate businesses in the downtown. Yes.....1L- No_
TarJ:et Area Preference given to Blocks 35,36,51, and 52, Original Plat.
This proposed project lies within the preferred area. Location Block 52.
Fee Reimbursement
1
.
I.
II.
.
DOWNTOWN MONTICELLO REVITALIZATION FUND
Monticello Economic Development Authority - 271~3208
250 East Broadway, POBox 1147
Monticello, MN 55362
FUND APPLICATION
Basic Information:
~ A+hl-t>i'-J A" fRo s \ \ i
1)5 3 ~ {-teA f\J A- Auf < (\.L <( .
cXCfS-17JV:>
Soc/ - 5 5S - Cj{) (p L/
~ 1-0 q 9(0 17-:J-.-
Name of Applicant/Property Owner
Address of Applicant/Property Owner
Telephone Number of Applicant/Property Owner
Social Security of Applicant/Property Owner
Tax ID#of Applicant/Property Owner
Nature of Revitalization Fund Request:
Street Address of Revitalization Property / 0 3 P ~
PID Number of Revitalization Property -----l S sol 6 6 <) J... \ \ 0
Legal Description of Revitalization Property - Block ~ ?~ot(s) J j...J J-L-
Revitalization Property is currently:
Occupied X Unoccupied
Prospective Occupant
If applicable. Name of Occupant (Business) or Prospective Occupant (Business)
If applicable. brief description of the nature of the business of the occupant:
I
.
.
.
Downtown Monticello Revitalization Fund
Fund Application
III. Type of Revitalization Fund Request:
A. Facade Grants
1. Front Facade and Signage Grant (Matching funds of up to $2,500)
Amount of Request $
Projected Cost of Improvements $
Amount of Equity $
Amount of Private Loans $
Brief description of the improvements for which applicant is seeking funds:
2. Rear Facade Grant (Matching funds of up to $2,500)
Amount of Request $
Projected Cost of Improvements $
Amount of Equity $
Amount of Private Loans $
Brief description of the improvements for which applicant is seeking funds:
3. Side Facade Grant (j.f~plicable) (Matching funds of up to $2,500)
Amount of Request $
Projected Cost ofImprovements $
Amount of Equity $
Amount of Private Loans $
Brief description of the improvements for which applicant is seeking funds:
2
.
.
.
Downtown Monticello Revitalization Fund
Fund Application
B. Rehabilitation Loan (Maximum amount is the lesser of25% of total cost of the
improvements or $20,000)
Amount of Request $
Projected Cost of Improvements $
Amount of Equity $
Amount of Private Loans $
Brief description of the improvements for which applicant is seeking funds:
1;
c.
Fee Reimbursement (Reimbursement of City fees in an amount equivalent of
10% of the total cost of the improvements up to a maximum of $500)
Amount of Request $ 500
Projected Cost of City Fees $ !o5. 0 -
/
CaS1- Q~ I O~ ~cP':} O(fD
IV.
Lender Information:
Name of Participating Lender
Contact Person
Telephone number
Ifwe certifY that all information provided in this application is true and correct to the best of
my/our knowledge.
~,~~ )-&-78
~~e of ApplicantlProperty Owner Date
3
CITY OF MONTICELLO / BUILDING PERMIT
250 E Broadway/PO Box 1147/Montlcello. MN 55362 (612) 295-3060
/D3
Site Address: ~ PINE STREET NORTH
Legal: Lot 11 & 12 Block
aerty Owner Name: MICHAEL W. FROSLIE
Address: 7833 AETNA AVENUE NE
PERMIT #
j ,., j I V..J
PID # IS') - 010 -- o';-d/I 0
51
Plat
Zone:
TOWNSITE OF MONTICELLO
City: MONTICELLO
Contractor Name: BRUCE STODKO / KATHY FROSLIE
State License #
Address: City:
Phone # 295-1776
State: MN Zip: 55362
Phone # 295-1776
State: Zip:
Phone # 682-9530
State: Zip:
Phone #
State: Zip:
Phone #
State: Zip:
Eng./Architect Name:
Address:
Plumber Name:
Address:
Mechanical Name:
Address:
JED LARSON
City:
City:
City:
Description of work: REPLACE EXISTING PLAT ROOF 'WITH A NORMAL
ROOF & SEE ATTACHED BLUEPRINT. GOING IN STYLE TO MOVE INTO
THE SPACE. Est. Value: $ 25,000.00
1'VIH! of Work~
'New
Addition
Alteration
o Repair
o Move
o Other
Tree Ordinance Applies: 0 Y es ~ No
Other Handouts Required: 0 Yes (] No
Additionsllnformation:
Const. type:
Occ. group:
Division:
Sq. Ft.:
# Stories:
# Res. units:
Max. occ. load:
Fire zone:
Fire sprinklers: 0 yes 0 no
Off-street parking covered:
Off. street parking uncovered: _
Tvne of Construction:
o Single Family
o Duplex
o Multi-Family
IJ Commercial
o Industrial
o Res. Garage
o Other
*******************
Work performed without required inspections will result in removal of materials at
owner/contractor's expense until inspections are completed. NO EXCEPTIONS.
I have read and examined this permit and agree to comply with the building code in
effect at the time of this application. I agree to comply with the ordinances of the
City of Mooticello.
~ISi
J
Building 0 Ii
Date
9-s - 9/
Date
FEES:
Big. pennit 252.00
Plan review 12.50
S tate surtax
Big. Total 264.50
Plbg. pennit
Fixtures
State surtax
. Plbg. Total
Mech. pennit
Fixtures
State surtax
Mech. Total 1500.00
Sewer access 1 UNIT
Water access
Water meter
Meter sales taX
Meter Total
Sew & water pennit
Trunk water
Trunk san. sewer
Stann sewer
Lift station
TOTAL FEES 1764.'i0
Recei~
Date ,.-,
CITY OF MONTICELLO
BUILDING PERM~T APPLICATION
(612) 295-3060
PERMIT # '}). S / t::,j
PID#
P~E PRINT--INCOMPLETE APPLICATIONS WILL NOT BE ACCEPTED.
· /D3 0 . td
.Site Address: ~ I I f\J [ ~ 1ft' e*
Legal: Lot_II + I ^ Block 50? Plat lOW^, :sdc
Contractor Name:
State License #
Address:
66iuCF
w.
t<Lf
,
:;;-fo~Vo,
F-RosLI f
. iJ, C City: (>)dTd IC1JJ tJJ
Zone:
or-- ~
Phone #dqS-/77 (..
State: m /J Zip: C;SSI.a.L
Property Owner Name: (Y) I 'cJ1t\ e L
Address: {g 33 A-ehic-
d(A--IAa - Ft;tJ5L Ie
Phone #:)95 -J 77 0
City:
State: Zip:__
Phone # (08 ~ - 9 '53 ()
State: Zip:
Phone #
State: Zip:__
ph he #
;~9
"."State: Zip:
Eng./Architect Name: -=s- e'D
Address:
Plumber Name:
Address:
M:.::chanical Name:
Address:
1, iH<- sa N
City:
City:
City:
/'
type of Work:
o New
o Addition
'Alteration
Repair
Move
o Other
Type of Construction:
o Single Frunily
D Duplex
o Multi-Frunily
g Commercial
D Industrial
o Res. Garage
o Other
Buildinl! Informatiwl.;,
Use of building:
# of stories:
Floor area sq. f1.:
Estimated value:
Water meter size:
Water line size:
Sewer access units (#):
Description of work:
,
\1"\
r ~DO\':
WI
00 ~ -=+ 5 C? e t4- "i-I(J A- CAlVO
~
*
<-
NEW CONSTRUCTION: Please record any pre-construction site damage such as but not limited t()'damage to curb; water shut-
off; public utilities (no utility markers in place); street; sighs; etc.: ^)O AJ F
****************************
Work performed without required inspections will result in removal of materials at owner/contractor's expense until inspections are
COmf)letcd. NO EXCEPTIONS.
I have read and examined this permit application and'
I agree to CO~rWY with tbe ordinances of tbe City of M
above wHI b')paked at my expens..
BLnAPP,!'!v/4: 1112m
iOUNSELOR RLTY
L---
LM....on ^""oellllICl~.I"t.
A,d\ll<<:lll tint! Ullglnocr.
':.,C1 ."',,". AYI'III1I1 N.Il.
.ull~I". Wllp'........n .,,'" I..
'J\'J. ((w.1) loll' \I!I.,n
JI... (61 n IIN' II""
.
.
TEL: G 1_Z=5!1).:.. -9.?~(2
U c t _.s ~..:.~ I:' .
d . 1 J r. u . U U J. ,. U J.
d9S- Lr't./o'Y
OCtober 22. I'iV7
Ms, Kathy l1roalic
J 0) .'ine StTeel
Monliuello. MN "~62
Re: Bllitdins Rcmode1ill& and Addition
I U3 Pine Suee\
Monticello, Minn.lota
Dear Kathy:
All requested 1 bave li7.cd the sleel lintel for the nCW waU openln" in the
u-ppeT Jevel east wan ofthe above referenced cxi.tinu building. The
opening will be cut into the existing mllOnry Win c;:.ompoacd of K"
co.u,:rctc block wiLh 4" lace brick at tho oxtorlor to .now 11\e mlltaUut.ion
of. 6'-0" wide x 4'~O'. hiah window.
I recom,,",,'" thal the lintel be a W K " 10 wide flanac beam wIth . Xi" x
11" 1tce1 plate welded to lhe b\.'t\lOln l1anlc- The boaln mould extend
;nlo lhe walla minimum 014" on each end. }1m the block corcs below the
end bc.rin~ ofthc bel,,,, with concrete LO a minimum depth of24" below
lhe beam.
) calculalc t.he maximum total deflection otthil lint.el to be 0,054" which
), within the maximum denection criteria. Jf)'Ou have lIn}' qu.,.tion..
please feoJ ITce to can me.
Sincerely;
"'77Sltl
jkl-w4
-
/
/
;." /
"," .
/ -
Receipt and Waiver of Mechanic's Lien Rights
Draw Number:
Date:
03/19/96
The undersigned hereby acknowledges receipt of the sum of $~1OJOro & ()() as
PARTIAL PAYMENT for material, labor or service
FULL AND FINAL PAYMENT for material, labor or service
furnished to the following described property:
Project Name:
Dustin L. Ewing
17912182nd Ave.
Big Lake
Minnesota
55309'1
Address:
General Contractor:
\
\
\
CTIC File No: 51228P Contract $ 3D 0 GO. a 0 I
) ,
\
and for value received hereby waives any and all rights to file a mechanic's lien against said property for material, labor or
service furnished to said property." .. .
Proj~ct Manager:
\
\
The undersigned affirms that all materials and labor furnished on behalf of the undersigned have been paid In full, EXCEPT:
,.
\,..
\
~ I'AYTOTJ~
~ ORDER ai'
~~"
I If 'If l'~I~
- ~)
I:dq }.qoq u.\ }.I:...
.O-T
LWl 7/~
.
.
.
EDA AGENDA
JANUARY 20, 1998
6.
Consideration of Executive Director's Report:
a) Annual meeting - Tuesday, February 24, 1998, 7:00 p.m.
Although the EDA Bylaws have the annual meeting date as the fourth Tuesday in January,
this does Ilot allow the Finance Department adequate time to determine the Interest
Income _ Notes and Investments. Therefore, the annual meeting is scheduled for February
24 providing this meets everyone's schedule. Annual financial and activity reports are due
as well as election of officers. Any officer not willing to be -considered for re-election,
please so advise.
b) Downtown Revitalization Design Workshop Payment.
Enclosed is a copy of the invoice and check in payment to Claybaugh Preservation
Architechs for $1,000 as authorized by the EDA. The workshop was conducted for
members Qfthe MCP Design Advisory Team and others.
c) Annual appointment of ED A Commissioners.
EOA Commissioner Oarrin Lahr was appointed by the City Council on January 12, 1998
to a five-year term on the EOA, -expiration date December 2002.
Staggered terms as follows: Roger Carlson, Council 12/2001
Clint Herbst, Council 12/1998
Ken Maus 12/2001
Danin Lahr 12/2002
Barb Schwientek 12/1998
BillOemeules 12/1999
Ron Hoglund 12/2000
d) GMEF Loan No. 004.
The balloon payment of$41,51O.65 was paid by Suburban Manufacturing on November
12, 1997. The original amount of the loan was $50,000.
1
.,.... C I ^ Y n ^ I J (-; II ,), l' ~ ~, r~ v ^
~ 361 W. Government St. Taylors Falls, Minnesota
.
liON
55084
STATEMENT
CLIENT:
STATEMENT NO.: ONE
DATE: NOV 18,1997
MONTICELLO COMMUNITY PARTNERS
PO BOX 984
MONTICELLO, MN 55362
PROJECT NO.: 9709
\,
ATr: RJTA ULRICH
PROJECT NAME: DOWNTOWN BLOO DESIGN WORKSIIOP
SERVICES
TOTAL
COMPENSATION
PREVIOUSLY
BILLED
CURRENT
AMOUNT DUE
WORKSHOP
$1,500.00
$1,500.00
.
SERVICES TOTAL
$1,500.00
$1,500.00
REIMBURSABLE EXPENSES
PREVIOUSLY
BILLED
CURRENT
AMOIJNT DUE
MILEAGE 140 @ $.30
$42.00
~ Y-Cl "<"r--. /.
~ \ \ 0 0-0
e 'Q f\. G...- c. C ~
~ 0 Q.g~6c...v~
\' ~.lU..J-~
~
~~~
~
~-"-~
-'"
$42.00
\\. 'J \-- Clt l
REIMBURSABLE EXPENSES TOTAL
TOTAL AMOUNT DUE:
$1,542.00
Payment i" full is due ul"'" receipt of statement. Interest of .67% per month may be charged on all balances remaining
unpaid 30 days from date of this statement.
FILE:MCP-I
. tel 612.465.7900 . fax 612.465.3505
,2, ~'1- Q... -
'J-lt S ,- ') '1tl S
~
~
GEN CKS
.
CITY OF MONTICELLO
GENERAL FUND
250 EAST BROADWAY
MONTICEllO, MN 55362
75.1152
-9;'9-
NO.
43472
MARQUETTE BANK - MONITCELLO
PO BOX 729
MONITCELLO. MN 55362
DATE
12/04/1997
CHECK NO.
43472
AMOUNT
$1,000.00
ONE THOUSAND AND 00/100 DOLLARS
PAY TO
THE
ORDER
OF
CLAYBAUGH PRESERVATION
361 W GOVERNMENT STREET
TAYLOR FALLS MN 55084
i...-.....---.-""'=-.--------c~.....~.
_ ...' ,.,,-.--- '.:.--.>.1
\..
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. ~....,-.' -.,~._..
,"-:'-="".-
....-..;;...,.;
':'l__.
./
11105 3BO 3111 ':0'1.'1..522':
? bOO O. 7 III
250.46501.3199
EDA-WORKSHOP
1, 000 . 00
.
TOTAL
1,000.09-
CITY OF MONTICEllO
.
.
.
.
Monticello Community Partners
PO Box 984
Monticello MN 55362
295-0999
MEMO
January 9, 1998
To: Mayor Bill Fair; Councilman Roger Carlson; Councilman Clint Herbst; Councilman Brian
Stumpf; Councilman Bruce Thielen
From: Rita Ulrich, MCP Manager ~
Re: Suggested list of aooointments to the Design Advisorv Team
In keeping with our work on the Downtown and Riverfront Revitalization Plan and the Central
Community District Ordinance recently approved by the City Council, Monticello Community
Partners (MCP) hereby submits for your consideration the following people for appointment to
the Design Advisory Team: Pam Campbell, Gail Cole, Ronald Hoglund, Rita Ulrich, and Susie
Wojchouski. Each of these nominees is well versed in the design guidelines incorporated in
the Downtown and Riverfront Revitalization Plan and has participated in training on design
considerations and building rehabilitation for downtown Monticello. It is our understanding that
Fred Patch and Ollie Koropchak will serve as advisors and city liaisons on the Team.
Monticello Community Partners is committed to providing ongoing training and education for
Team members so that they may carry out their duties in a knowledgeable and professional
manner. We will be convening a meeting of the Team in the third or fourth week of January to
work out procedures and guidelines for reviewing proposals and applications in accordance
with the Central Community District Ordinance.
It is our belief that the Design Advisory Team will make a valuable and lasting contribution to
the visual enhancement and economic revitalization of Monticello.
Thank you for your consideration.
cc: MCP Board of Directors
Fred Patch, City of Monticello
Ollie Koropchak, City of Monticello
Design Advisory Team members
.
.
.
Monticello Community Partners
PO Box 984
Monticello MN 55362
295-0999
MEMO
January 9, 1998
To: MCP Board of Directors
Fred Patch, City of Monticello
Ollie Koropchak, City of Monticello
Design Advisory Team members
From: Rita Ulrich, MCP Manager ~
Re: Attached memo to City Council regarding DA T aooointments
I am copying the attached memo for your information. At this point, I have asked Rick
Wolfsteller to put the Design Advisory Team appointments on the City Council agenda for
Monday, if possible. Call me if you have any questions.
DA T members: Pam or I will get in touch with you to set up a meeting for the week of Jan 19th
or 26th.
#, gr"A' ~b~rf,a-" I1C/I~
~'lA/q,( ;.fO,31"Jt3 2fo. {~}J3 u 7-0;.(.1.- 1(1 'Vi;)d'ifpr,..r,..
'; ,/3 0!-Aug--951D 45,628,70 171,111"" $145.2tv 45,483.54/876/tt 11~.7JCM~C-/J 1fOo 'f{f;V>'v~
1.'f,~"34 LSep-951f 45,483.54 170 .~.tfV' $145.76 v 45,337. 78'~/8'133 LI)0.7 f - ~ - 2. '1- '7
J ? ~ - tit. 'i'f
~/1(.1 I-Oct-95..- 45,337.78 170.02'/ $146.3'..-" 45,191.47Jf'/~";u:r f ( q
1~i.16.-..0H(ly-95))1 45,191.47 169.Hc"(,v $146.8fv 45,044.62/9o.)() I~b~ (fi"'~() r3/G"J;;L.7/tlH1
.;.....)7 -Dl-Dec-95 3J 45,044.62 ~/,t'N( $14Ub ,/ 44,897.21 J'i17~ ;..()tr~~'I.#'1 J%'1/f.3 n . LI'{C,7 t '
'!E....38.---0Han-961-i( 44,897.21 ~/"g.g $147.96""""'- 44,'149.25/1,Jf..3 f. )),08' rt]. t'i 11l~y
~11m.-01-Feb"96t-ff 44,749.25 +6-t-:-&4J"U(\$148.51v 44,600.74 /?3'88 1)(,,1/1., 99 YO ')O)J.7'1
~!L-01-Mar-961t. 44,600.74 ~/t.?,4~ $149.07"/ 44,451.661'14/'3 {1.J3.H 173.o"V CJIl.7L.
~~r41 .Jl1--Apr-96?1 44,451.65 r&tr-;-&9/".9~$149.53v' 44,302.031'1'''Or jor0v- (67.7() t/2.j, 7..1.--
1;~01-May-96 2\ 44,302.03 -+~tjll.l.,3.l $150.19..-" 44,151.84/9713 / /GOI ')0,.31 '27/,'11
(/1~Hun-963J 44,151.84 ~/(,S-.-i'4>$150.7("/ 44,OO1.09/'ig'f;. f7'ivZ !3C.VI r'Jf'F-$7
3kA..4_01~Jul-95)0 44,001.09 ~/7'1,ql $151.32....... 4~.849.75 )tjCj2J3 I bj of.,; fr3, J(.. '15, '7J2.~ I
!(fi;LA~L-01-Aug-951'1/ 43,849.75 164.44 ~ $151.89-1/ 4 .~ ~DJif8 113'12- ,y~ - ?f'i.51
V!3..!6 ~01-Sep.-95 3' 43,597.88 +&a-:-B-t/''/.Or.. $152.46'...... <)/"/" ' ....,- I f.>7.){' (!f1,1" G,YJ.;/''-
~%L1..L- 01-0ct-96 te1 43,545.42 ~1"3,~i$153.0~y' V"f (f ./" , I Sb o~ ,(p~ .1'7 <[m.Or:,
:r;... 48 0 Hoy-96).1.- 43,392.39 162.11 v" $153.60 v' ' . W r 1f(f':1 f 33 j. 1...?
1;t,J.49 01-Dee-96 JO 43,238.79 ~1t.a-.11 $154.11'{ T- '. "{p,'" \ {71.2Y
l/Jl~L91::.~a.~~~'1:'_g,_0_84_JJ____~__1tL_~.!LH1b.H~4. 7(' ~. 0rZr:1 A/ f fi o.?; 27
)fii~L_..Q-.t.Eeh~97__37.4?~?L8~___d_j,69..,_~_9J~/'.[?lt5_~.J_J. 7t?t. ~ . . ~'U~~-( -/-/ 1/2., fll}, 2J-
..'~p~_Q.1':~2!:~:~_L(J~___111J7.4:_~L.._..!~.!9-lbJ)/S7J.1~~:~' If "/./r~J' ;;'>'__"''''7'' ." /;:.-(.,1- .) bJ/.j-,f
l~~3_QJ:-Apr__:nJ'1 42 ,5)?_~L__._.]:?~f",~.(JJ.ll~:r I I r I I /:~-'fJ;(7 0 $'7,), Cfy
.r,I;l<'_s.!.~~~y.:9IJ(L_E,452.09.~ IS'I.'fJ. $157 .A!.~.1 "'. I ,3t ll'tJ/IJ
~!r_~5~___9J::lll.rl:-9lJ7_4?,304-.99---'~-(t.s-g-.g3$157 1::- J.? r. ~~?Y~~ : 0'( zc.g,O(..
1M.~~.____Jl_~},~..,..1...-._. 9L.1/i4..2. ,147: 3..1. . -t._ .s-...a-.0.5.1S.~.,~). V..j.1r 011 p C <:) 1<..y~....I... /'J /J 7/ ,S'.20 (0 L f?
4tB.~- ~....lt~~9.p.,-.__~.:7.7.::j.-__.L.~\~1~\o~=:k.r.:r~,li\' 'f-j~-?-~~: M A'l a,t':/t"'fi ~j.~ / lff' ~~;::;
'%,>L...O 1::001- 91) 1/ JLEILlL 4>Wl., '", ", "'7 ~ - d.J o,c , ,.- ,"-~ "jl- ~/ 1;Y 1 :l" ~q o. ~}
---:~ ~pcif.;jJbr>--n~b: p ~ ;4t",;< f]iLff::; 12 '9? '--! \-1- (J? v7
52 01~~n-98 41,188,73 154/45 $Iu,. '/?.1. fro_.I' ,-(' cui.,
53 01-Fe'h-98 41.025.87 ;,f;.85 - ~ (, .-> IJ ...~ -- 1. ~ 0
64 0 l-Mar~~8 40,864.39 53.24 -r(n,\.) " /i:!!!..!. (~(, n). ..
65 01-Apr-9a 40.701.31 152.63 ,. tA""rl A ',.,
56 01-May-98\ 40,537.61 / 152.02 1/ 5/0. &.___ ~'t'(r r:
67 01-Jun-98 \ 40,373.31/ 151.40 .) ) /' d (\/ \ {'
68 OHlIl-98 40,208.3S 150.78 tJIA/) /J'j!C!..,;--IJ // '/~ 97 ' r.2 ,/
69 01-Aug-98 \ 40,042 ~4 150.16 f'/l...(j /L. c..z 1-lP"J
;i ~11:.~~:~:: \~:::\.':~ 11::..:: t .) ~ A ~ Ll -. )
;: ~11~~~;~:: ;'9 3~:.':; 11::',:: t/fY'JS/ c7:~ {~~&v, d -- e')
74 01-Jiln-99 ~9,\~05. 75 147.02 _u..t}-tI.A./O{(/'ff./ /' f ,ocn/../YtV
I 75 01--Feb-99 9,0'\5.46 145,39 ./'
75 01-Mar-99 38,85&.,.52 145.75
I 7'/ 01..Apr-99 38, 595.~5 145.11
78 01-May-99 38,524.7 144.47
79 01-Jun-99 38,352.87 143,82
I 80 OHul-9 38,180.37 143.18
81 01-Aug- 9 38,007.22 142.53
82 01-Sep 99 37,833.43 141.88
8301-0ct;l9 37,658.9B 141.22
84 01-Nov-99 37,483.87 140,55
.-' .' !
.,/).. \.':--'i. .)/ (, -J () ,
,. ) l/ ,).. .J
u -- .~
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$174.4(1
$175.10
$175.76
37,833.43
37,658.98
37, 483.87
37, 308.11
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.
.
.
.
draft
Monticello
COlnmunity Partners
po. Box 984 · Monticello. MN 55362
Design Advisory Team
Friday, January 16,1998,11:30 am
Monticello Area Chamber of Commerce Office
Members Present:
Members Absent:
Meeting Minutes
Pam Campbell, Ron Hoglund, Rita Ulrich
Gail Cole, Susie Wojchouski
Those present went to see the work on the Froslie propefty at 103 Pine-Street. After viewing
the building, members agreed that north side of the building had been completed, but
suggested that all of the window trim on the north and west sides of the build match, There
was also some debris left on site. No work has been started on the east facing entrance of the
building.
Members noted that the main entrance to the building on the South side did not have all of the
work completed as proposed in Ms. Froslie's application. The steel columns are to be painted
and the lower portion enclosed with brick. The metal railing around the entrance were to be
replace with brick fin walls. The remainder of the work appeared to be completed.
Action: The Design Advisory Team approved the work on the rear facade, and tabled any
decision on the east and north sides until the work is completed.
1/19/98
RU
.
Design Advisory Team
Final Review of Project
Date ,lit.,. 19 8'
I ,
ftf1f!. f'I1O-#D f:-
Project
Name of Property Owner Kri 7)-1'-1 ~i!osu:c....
Address of Property } () ::s I; :..J t. ar".
~::.
t/rrr UL,eItl.1f
/loG> L#-~,:J
0-1'J7n ,o6L? L..
Team Members Present
.
Findings: _
I!ro;:"L/NL Mrn pC-fort'" ;..(e-.:.U w"Jj)tJw5 14,. '7r/E- !109,..JS ~/2-L(19j /;;i),~,4rL
Pv'f",t-c...- t> r
I W o)4J 0,,) S, .... -rift. )) u,;1 ",,.,; lH;d t.$ t liLy -rt/f?n II PI' ,4"'/h D 1)1 t.- f'LA AI
lie ItH ole
W~.!!!!JU. r 7H ,.If
(l(IYr1 pln/t ,.J L
Approve
~
Disapprove
Comment:
IV f. t.<J w I,...J i) () <..-r.) 7;!!..1 /1'J I .:;
li)HIT't: ~/t.,f(.rn...Jc.,. w;,..tbtJl<J -rt8I~ is t6L/Jc!-K.
)
]) fJ /. t f..-d.-.om In of: "-' .D <; 7;O/- -r ""T}I t: I/LI /'Y"l M I-D.e 5
/J7/f'TOI/. /}L$O 7Jtf- i).A./:
,
5:J l.l &. & t c 7'S mL W I t-1 Do 0 If I R... (It:m1 t:J , r; or? f: /l..../Ji
~5 a,e tf;J 'i:../.) .$ O"m-'i /.j.r...J '7'7.7
fYJl1j{J'( I r L f...S 5 fLeth.&-PI/!....t..LL.-tu-S I/;{D, 11-5 of I !)u!q,y /JoltIL-t:>S, .jJ/I,Ji-(j
(f{)5~/;3't- (1trn~TR...uLTl;Yl bt/J/!-iS) /5, Sr;L-L- 61/' $.1"-& D,II., tf.-cL.crmtn'f./l)/)s ")
~c <"-A"U,,
u...P.
.
.
.
Date \ fl/ /9 i
/ I
Project
Design Advisory Team
Final Review of Project
Name of Property Owner ft1)-/1..
Address of Property /03
s.-
I .
Team Members Present t:;- /J LJL-I!?-;t!.. rI
J;~ ~::tL L
Findings:
f If D.J ECl.'- .;..Ill ~ Jv tJ'/ I3f&t-l N.
Approve
Comment:
;:- ~lf-D L
Disapprove
G .e1'11.J-r'" WI '- L is L
.
}"S ai-I'm PL 'Lit.
-
S;DL r4c1AI.)L
(t A $'1 T A <l 1...0 t,.. E rJjf4./~
""-flt3LfD
/'
l!?-f..-dtyn5d:JL,eE..t) UJ-IIf=N l'evJLc"l'
.
Design Advisory Team
Final Review of Project
Date I Ii II /:; f'
.
Project
nON-l ;C11C1/1j)L
J/ --.
Name of Property Owner I'Clfnly r/ltJ.su(.,
Address of Property /LJ3 ~;Y7:... 6/.
T earn Members Present ,1(; r ,q
~~
LlL~~t If
~"}Jj)
. PL'>iLG.
.
Findings:
;VIetU xtJOf"i-IAlt:-- /-/'19.$ ,6€:.fd e9Yr7pu<.r~I-)/ ;::-"q(!,qi::>~ iI,4~ t3E..t'N SIi)(j:) i.C177f-
W 60 D Ik u)'i:-;} 'itf... ?II i. ..souTH ::';"';7M II;1S
/ ,
tLo J.-U. m AI 5 fi ~ f:- 1'1 t I I' ,q-olrf..l:>, I'f I> .e. f /{tLi-t.> 5. 'i-D
merl1L i!41l.-'/.J& ,III-So /oJ/:)"1"' tu..t:/./ I!..f.../"I../Mi$.'::'
Approve Disapprove
Nor ~€.€.r./ tLh'nPt(cTW. 'Nt..
=> -r.€ t.L,
IP' 7H 13/:'.d.K- ~II/ I.. ow c...e pc /?rlC,Y
1 .
<.VI t5&'qt:... r/"A/ (.<..)/fL.i{;..
.fA6l'~O . V
7).If..
ft;) i;:>"J "
t1ftrl pI.. {. ~.: ..{ .
Comment:
C"
A{'
D.t"
, -r .$;,,4'-1 S m"-6.-r
c, :'1' f- t...:> I!. 117I,y
~ N (J U;U...of. tJ'- E I'n 'Ii,oJ,--
])me~ &ll/O&'/.JIJ; 0,.,[ 1'/1(,l.
.:JP' ~
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II
77-1147 ~ IInf7RtJ/lEm'P"':'7'5. IU.'i-
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