EDA Agenda 12-13-2005
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AGENDA
MONTICELLO ECONOMIC DEVELOPMENT AUTHORITY
Tuesday, December 13, 2005 - 4:00 p.m.
City Hall - Academy Room
MEMBERS:
President Bill Dcmeules, Vice President Barb Schwientek, Council Mcmbers Wayne
Mayer and Tom Perrault, Ron Hoglund, Darrin Lahr, and Susie Wojchouski.
STAFF:
Treasurer Rick Wol fsteller. Executive Director Ollie Koropchak, Recorder Angela
Schumann.
1. Call to Order.
2. Considcration to approve the November 29, 2005 EDA minutes.
3. Consideration of adding or removing agenda items.
4. Public Hearing on the proposed amendments to the Monticello EDA Business Subsidy Criteria
and consideration to approve.
5. Other Business.
6.
Adjournmcnt.
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EDA Agenda - 12/13/05
4.
Public Hcarill!! on the proposed amendments to the Monticello EDA Business Subsidy
Criteria and consideration to approve.
A. Reference and backl!round:
As per the EDA Business Subsidy Criteria and the Minnesota Statutes, amendments to the
criteria are subject to public hearing requirements pursuant to Minnesota Statutes, Section
116J.993 through 116J. 994.
The said public hearing notice appeared in the Monticello Times on December 1 and 8, 2005,
thereby satisfying the requirement.
The proposed amendments were suggested by the EDA, drafted by the EDA Attorney, and the
proposed modifications to the EDA-GMEF Guidelines were approved by the City Council on
December 12,2005. Additionally, the City Council on December 12,2005, adopted the
resolution designating the EDA as a local development organization (LDO).
The proposed amendments arc a means to encourage re-use ofthe Federal funds and as an
additional marketing tool for the Monticello Business Center.
OPEN THE PUBLIC HEARING
The proposed amendments to the Business Subsidy Criteria are located on page 7, Section 5,
of the attached Criteria. The amendments include the interest rates and balloon payment dates
as suggested by the EDA: 0% interest rate with balloon payment in three years or up to 3%
below prime rate with balloon payment in five years. The amendments also include the Federal
requirements for re-use of Federal funds (restrictive dollars) from the payback ofthe Twin City
Die Castings loan.
After public comments or views, please close the public hearing.
CLOSE THE PUBLIC HEARING
Aftcr closing the public hearing, the EDA must consider approval of the proposed amendments
to the Criteria.
EDA Agenda - 12/13/05
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B.
Alternative Action:
1. A motion to approve the proposed amendments to the MonticelloEDA Business
Subsidy Criteria as presented and request submission of the Designated LDO
resolution and criteria to DEED for written approval.
2. A motion to deny approval of the proposed amendments to the Monticello EDA
Business Subsidy Criteria.
3. A motion to table any action.
C. Recommendation:
The City Administrator and Executive Director recommend alternative no. 1 supporting the
rational of the EDA.
D. Supportinl! Data:
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Copy of public hearing notice and proposed amendments to the Monticello EDA Business
Subsidy Criteria.
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2
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'--::> .!L u\ t' CJ"Y\..
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ECONOMIC DEVELOPMENT AUTHORITY
IN AND FOR THE CITY OF MONTICELLO, MINNESOTA
Business Subsidy Criteria
J1ublic Hearing and Adoption the 3rt day of August, 1999
Public Hearing and Adoption of Amendments the 8th day of November, 2000
Public Hearing and Adoption of Amendments the 24th day of April, 2001
1. PURPOSE
1 :01 The purpose of this document is to establish the Economic Development Authority's
criteria for granting of business subsidies, as defined in Minncsota Statutes 116J.993,
Subdivision 3, for private development. This criteria shall be used as a guide in processing
and reviewing applications requesting business subsidies.
1:02 The criteria set forth in this document arc guidelines only. The Economic Development
Authority reserves the right in its discretion to approvc business subsidies that vary from
the criteria stated herein if the Economic Development Authority determines that the
subsidy neverthcless serves a public purpose. The Authority will file evidence of any deviation
irom these criteria with the Department of Trade and Economic Development in accordancc
with Minnesota Statues, Scction 116.1 .994, Subd. Z.
1 :03 The Economic Development Authority may amend the business subsidy criteria at any
time. Amendments to these criteria are subject to public hearing requirements pursuant to
Minnesota Statutes, Sections 116J.993 through 116J.994.
2. STATUTORY LIMITATIONS
2:01 In accordance with the business Subsidy Criteria, Business Subsidy requests must comply
with applicable State Statutes. The Economic Development Authority ability to grant business
subsidies is governed by the limitations established in Minnesota Statutes
l16J. 993 through 1161.994.
3. PUBLIC POLICY REQUIREMENT
3:01 All business subsidies must meet a public purpose in addition to increasing the tax base. .lob
retention may only be used as a public purpose in cases where job loss is imminent and
dcmonstrable.
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4.
EDA Business Subsidy Criteria
BUSINESS SUBSIDY APPROVAL CRITERIA
4:01 All new projects approved by thc Economic Development Authority should meet the
following minimum approval criteria. However, it should not be presumed that a project
meeting these criteria will automatically be approved. Meeting these criteria creates no
contractual right on the part of any potcntial developer or the Economic Development
Authority.
4:02 The project must be in accord with the Comprehensive Plan and Zoning Ordinance, or
required changes to the plan and ordinances must be under active consideration by the
City at the time of approval.
4:03 Prior to approval of a business subsidies financing plan and when deemed appropriate by
the Economic Development Authority, the developer shall providc any required market
and financial feasibility studies, appraisals, soil boring information providcd to private
lenders for the project, and othcr information or data as requested.
4:04 A recipient of a business subsidy must make a commitment to continue operations at the.
site where the subsidy is used for at least five years after the benefit date.
. 4:05
(Recipients of any business subsidy will be required to meet wage and job goals determined
by the Economic Oevclopment Authority on a case-by-case basis, giving consideration to
the nature of the developmcnt, the purpose of the subsidy, local economic conditions, and
situational circumstances.)
The Ecol1omic Development Authority may determine after a public hearing that job creation or
retention is not a goal of the subsidy. In those cases, the recipient must instcad meet at least one
of the following minimum requirements (in addition to all other criteria in this document other
than those relating to jobs and minimum wages):
(1) The proposed subsidy must accomplish removal, rehabil itation or redevelopment
of "blighted areas" as defined in Minnesota Statues, Section 469.002, Subd. I 1,
or must constitute a cost of correction conditions that allow designation of
redevelopment districts under Minnesota Statues, Sections 469.174 to 469.179;
or
(2) The proposed subsidy must result in improvements to public infrastructure or
public facilities, including without limitations, sewers storm sewers, streets,
parks, recreational facilities, and other City facilities; or
(3) The proposed subsidy must remove physical impediments to development of
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land, including without limitation poor soils, bedrock conditions, steep slopes, or
similar geotechnical problcms.
DAWNIWORDIPOLlCIES 10/30100
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EDA Business Subsidy Criteria
4:06 For any business subsidy that does not meet the requirements of Section 4:05, the recipient must
create or retain jobs as determined by the Economic Development Authority, as must mect the
minimum wage thresholds, described in Section 5:03, Greater Monticello Enterprise Fund
Guidelines, l.(b) (whether or not the source of the subsidy is tax increment financing).
5. GREATER MONTICELLO ENTERPRISE FUND PROJECT EV AUJATION CRITERIA
5:01 The Economic Development Authority will utilize the Greater Monticello Enterprise fund
to support the community's long-term economic goals.
5:02 Each Greater Monticello Enterprise Fund subsidy will be analyzed and evaluated by the
Economic Development authority. Each project shall be measured against the general
criteria in Sections 1 through 4 and the specific criteria in this Section 5 applicable to the
Greater Monticello Enterprise Fund subsidies.
5:03 Following are the evaluation criteria that will be used by the Eeonomic Development
Authority:
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DAWNIWORDIPOLlCIES 10130/00
EDA Business SUbSIdy Cntena
GREA TER MONTICELLO ENTERPRISE FUND GUIDELINES
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CITY OF MONTICELLO
505 WALNUT STREET, SUITE #1
MONTICELLO, MINNESOTA 55362
(763) 271-3208
INTRODUCTION
The purpose of the Greater Monticello Enterprise Fund (GMEF) is to encourage economic
development by supplementing conventional financing sources available to existing and new
businesses. Through this program administered by the Economic Development Authority and
participating lending institution(s), loans are made to businesses to help them meet a portion of their
financing needs. All loans must serve a public purpose by complying with four or more of the criteria
noted in the next section. In all cases, it is mandatory that criteria #1 be satisfied, which requires the
creation of new jobs. It is the responsibility of the EDA to assure that loans meet the public purpose
standard and comply with all other GMEF policies as defined in this document. Along with
establishing the definition of public purpose, this document is designcd to outline the process involved
in obtaining GMEF financing.
DEFINITION OF PUBLIC PURPOSE
1. 'fo provide loans for crcdit worthy businesses that create new jobs.
.
(a)
One job is equivalent to a total of 37.5 hours per week.
(b) At least 90% of the jobs created must pay a wage of the higher of $9.00 per hour, or at
least 160% of the federal minimum wage, exclusive of benefits, for individuals over the
age of 20 during the term of the assistance. Annual written reports are required until
termination date.
Failure to mect the job and wagc level goals require partial or full repayment of
the assistance with interest.
2. To provide loans for credit worthy businesses that would increase the community tax base.
3. To assist new or cxisting industrial or commercial busincsses to improve or expand their
operations. Considcrations for loans shall take into account factors including, but not limited
to, the nature and extent of the business, the product or service involved, the prcsent availability
of the product or service within the city of Monticello, the compatibility of the proposed
business as it relates to the comprehensive plan and existing zoning policies, and the potential
for adverse environmental effects of the business, if any.
4. To provide loans to be used as a secondary source of financing that is intended to supplemcnt
conventional financing (bank financing).
5.
To provide loans in situations in which a funding gap exists.
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6.
To provide funds for economic development that could be used to assist in obtaining other
funds such as Small Business Administration loans, federal and state grants, etc.
DAWNNVORD/POLlCIES 10130100
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1.
EDA Business Subsidy Criteria
THE GREATER MONTICELLO ENTERPRISES
REVOLVING LOAN FUND POLICIES
BUSINESS ELIGIBILITY
*
*
*
*
*
Industrial businesses
Non-competitive commercial businesses which enhancc the community
Businesses located within the city of Monticello
Credit worthy existing businesses
Non-credit w011hy start-up businesses with worthy feasibility studies (Deny all historical
non-credit worthy businesses)
$10,000 loan per cach job created, or $5,000 per every $20,000 increase in property
market valuation, or $5,000 per every $20,000 increasc in personal property used for
busincss purposes, whichever is higher.
*
II. FINANCING METHOD
*
COMP ANION
DIRECT LOAN-
Example: Equity 20%, RLF 30%, and bank 50(1'0. (All
such loans may be subordinated to the primary lender(s) if
requestcd by the primary lendcr(s). ThcRLF loan is
Icveraged and the lower interest rate of the RLF lowers the
effective interest rate on thc entire project.)
*
PARTICIPATION LOAN - RLF buys a portion ofthe loan (the RLF is not in a
subordinate position, no collateral is required by the RLF,
and thc loan provides a lowcr interest rate).
*
GUARANTEE LOANS - RLF guarantees a portion of the bank loan. (Personal and
real estate guarantces handlcd separately.)
III. USE OF PROCEEDS
*
Rcal property acquisition and development
Real property rehabilitation (expansion or improvements)
Machinery and equipment
*
*
IV. TERMS AND CONDITIONS
*
LOAN SIZE -
Minimum of$5,000 and maximum not to exceed 50% of the
remaining revolving loan fund balance; for example, if the
remaining revolving loan fund balance is $50,000, the maximum
loan issuance is $25,000.
*
LEVERAGING -
Minimum 60% private/public non-GMEF
Maximum 30% public (GMEF)
Minimum 10% equity EDA loan
DAWNNVORD/POLlCIES- 10/30/00
5
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*
*
*
LOAN TERM -
*
EDA Business Subsidy Criteria
Personal property term not to exceed life of equipment (generally
5-7 years). Real estate property maximum of 5-year maturity
amortized up to 30 years. Balloon payment at 5 years.
INTEREST RATE - Fixed rate not less than 2% below Minneapolis prime rate. Prime
rate per National Bank of Minneapolis on date of ED A loan
approval.
*
LOAN FEE - Minimum fee of $200 but not to exceed 1.5% of the total loan
project. * Fees are to be documented and no duplication of fees
between the lending institution and the RLF. Loan fee may be
incorporated into project cost. EOA retains the right to reduce or
waive loan fee or portion of loan fee.
*
PREP AYMENT
POLICY -
*
DEFERRAL OF
PAYMENTS -1.
*
LA TE PAYMENT
POLICY
INTEREST
LIMITATION ON
GUARANTEED
LOANS -
ASSUMABILITY
DAWN/WORD/POLlCIES 10/30/00
*Fee to be paid by applicant to the EDA within 5 working
days after City Council approval of GMEF loan.
Nonrefundable.
No penalty for prepayment.
Approval of the EDA membership by majority vote.
2. Extend the balloon if unable to refinance, verification
letter from two lending institutions subject to Board
approval.
Failure to pay principal or interest when due may
result in the loan being immediately called.
In addition to any othcr amounts due on any loan, and
without waiving any right of the Economic Development
Authority under any applicable doeuments, a late fee of
$250 will be imposed on any borrower for any payment
not received in full by the Authority 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 tbe Authority, and all such interest
will be due and payable at the same time as the amount on
wbich it has accrued.
Subject to security and/or reviewal by EDA.
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EDA Business Subsidy Criteria
OF LOAN -
None.
*
BUSINESS EQUITY
REQUIREMENTS -
Subject to type ofloan; Board of Directors will determine
case by case, analysis under normal lending guidelines.
*
*
Liens on real property in project (mortgage deed).
Liens on real property in business (mortgage
deed).
Liens on real property held personally (subject to
Board of Directors - homestead exempt).
Maehinery and equipment liens (except equipment
exempt from bankruptcy).
Personal and/or corporate guarantees (requires
unlimited personal guarantees).
COLLATERAL-
*
*
*
*
*
NON-PERFORMANCE - An approved GMEF loan shall be null and void iffunds
are not drawn upon or disbursed within] 80 days from
date of EDA approval.
*
NON-PERFORMANCE
EXTENSION -
The 180-day non-performanee date can be extended up to
an additional 120 days.
1. A written request is reeeived 30 days prior to
expiration of the 180-day non-performance date.
2. Approval of the EDA membership by majority
vote.
*
LEGAL FEE -
Responsibility of the GMEF applicant.
The Greater Monticello Enterprise Fund is operated as an equal opportunity program. All applicants
shall have equal aecess to GMEF funds regardless of race, sex, age, marital status, or other personal
characteristi cs.
(D
ADDITJONAL CRITERIA FOR LOANS ORIGINATING THROUGH SMALL CITIES
ECONOMIC DEVELOPMENT SET-ASIDE GRANT FUNDS
*
Complianee with [ederallabor standards laws, including:
The Davis-Bacon Aet, whieh requires that workers receive no less than the
prevailing wages being paid for similar work in the locality when the contract,
finaneed in whole or part with federal funds, exceeds $2,000;
7
DAWN/WORD/POLICIES 10/30/00
.
.
.
EDA Business Subsidy Criteria
The Contract Work I-lours and Safety Standards Act, which requires that workers
reccive overtime compensation at a rate of ] -1/2 times their regular wage aftcr
they have worked 40 hours in one week;
The Copeland "Anti-Kickback" Act, which requires that workers be paid at least
once a week without any deductions or rebates except pcrmissible deductions
which include taxes, deductions the worker authorizes and those required by
court processes.
*
Compliance with federal fair housing and civil/human rights laws and with the
Minnesota Human Rights law, which forbids discrimination in credit, employment,
housing, public accommodations, public service and education on the basis of racc,
color, creed, religion, national origin, scx, marital status, disability, sexual orientation,
public assistance or familial status.
*
Compliance with the Low and Moderate Income (LMI) Bencfit National Objective,
which, in the economic development context, has as its goal the creation and retention
of jobs, of which a minimum of 51 % must be held by LMI persons, defined as a mcmber
of a family having an income less than or equal to the Scction 8 low-income limit
established by thc U.S. Department of Housing and Urban Development (I-IUD).
*
Compliance with requiremcnts of the National Environmcntal Policy Act (NEP A) of
1969, as amendcd, and preparation of an Environmental Review Record.
*
Compliance with Section 1 04( d) of the federal Housing and Community Development
Act of 1974, as amended, which requires that any reduction in LMI dwelling units in the
community must be offset by the crcation of similar affordable units and rclocation
assistance to displaced LMI families; and with the Uniform Relocation Assistancc and
Real Property Acquisition Policies Act of 1 970, as amended, which mandates
procedures to cnsure fair and equitable treatment for persons displaced by projects
designed for the public good.
*
Terms and conditions for federal money:
- Intercst Rate: 0% with balloon payment in three years or fixed rate not less
than 3% below Minneapolis prime rate with balloon payment in five years.
- All othcr terms and conditions are as outlined in The Greater Monticello
Entcrprises Revolving Loan Flmd Policies, Section IV, above.
DAWNIWORD/POLlCIES 10/30/00
8
.
.
.
EDA Business Subsidy Criteria
ORGANIZA TION
The Greater Monticello Enterprise Fund is administered by the City of Monticello Economic
Development Authority (EDA), which is a seven-member board consisting of two Council members
and five appointed members. EDA members are appointed by the Mayor and confirmed by the City
Council. Formal meetings are held on a quarterly basis. Please see the by-laws of the EDA for more
information on the structure of the organization that administers the Greater Monticello Enterprise
Fund.
P ARTICIPA TlNG LENDING INSTITUTION(S)
1. Participating lending institutions(s) shall be determined by the GMEF applicant.
2. Participating lending institution(s) shall cooperate with the EDA and assist in carrying out the
policies of the GMEF as approved by the City Council.
3. Participating lending institution(s) shall analyze the formal application and indicate to thc EDA
tbc Icvel at which the lending institution will participate in the finance package.
LOAN APPLICATIONI ADMINISTRA TIVE PROCEDURES
The EDA desires to make the GMEF loan application process as simple as possible. However, certain
procedures must be followed prior to EDA consideration of a loan request. Information regarding tbe
program and procedures for obtaining a loan are as follows:
City Staff Duties:
The Economic Development Director, working in conjunction with the Assistant City Administrator,
shall carry out GMEF operating procedures as approved by the EDA and Council. Staff is responsible
for assisting businesses in the loan application process and will work closcly with applicants in
developing the necessary information.
Application Process:
1. Applicant shall complete a preliminary loan application. Staff will review application for
consistency with the policies set forth in the Greater Monticello Fund Guidelines. Staff
consideration of the preliminary loan application should take approximately one week.
Staff will ask applicant to contact a lending institution regarding financing needs and indicate to
applicant that further action by the EDA on the potential loan will require indication of support
from a lending institution.
2.
If applicant gains initial support from lending institution and if the preliminary loan application
is approved, applicant is then asked to complete a formal application. If the preliminary loan
application is not approved by stafl~ the applicant may request that the EDA consider approval
of the preliminary application at the next regularly scheduled meeting of the EDA.
9
DAWNIWORDIPOLlCIES 10/30/00
.
.
.1.
EDA Business Subsidy Criteria
3.
Ifthe preliminary loan application is approved, applicant shall complete a formal application.
Formal application shall include a business plan which will include its management structure,
market analysis, and financial statement. Like documentation necessary for obtaining the bank
loan associated with the proposal is acceptable. Attached with each formal application is a
written release of information executed by thc loan applicant.
4. City staff will meet with applicant and other participating lender(s) to refine the plan for
financing the proposed enterprise.
5. City staff shall analyze the formal application and financial statements contained therein to
determine if the proposcd business and finance plan is viable. Staff may, at its discretion,
accept the findings of a banking institution regarding applicant credit and financial viability of
the project. After analysis is complete, City staff shall submit a written recommendation to the
EDA. A decision regarding the application shall he made by the EDA within 60 days of the
submittal of a completed formal application.
6. Thc EDA shall have authority to approve or deny loans; however, within 21 days of ED A
approval, the City Council may reverse a decision by the EDA to approve a loan if it is
detcrmined by Council that such loan was issued in violation of GMEF guidelines.
7.
Prior to issuance of an approved loan, the City Attorney shall review and/or prepare all
contracts, legal documents, and intcrcreditor agreements. After such review is complete, the
City shall issue said loan.
ORIGINAL REVOLVING LOAN FUNDING
"LETTER OF CREDIT" FROM MONTICELLO CITY COUNCIL - $200,000
SOURCE - City Liquor Store Fund
City shall transfer needed loan amount from existing accounts at such time that individual loans are
approved. Revenue crcated through this program shall be under the control ofthe EDA and shall not
be transferred to City funds unless the City Council determines that reserves generated are not
necessary for the successful operation of the Authority. If such is the case, such funds must he
transferred to the debt service funds of the City to he used solely to reduce tax levies for bonded
indebtedness of the City (see Section 5 B of the ordinance establishing the Monticello EDA).
REPORTING
1. Staff shall submit quarterly summaries and/or annual report detailing the status of the
Monticello Enterprise Fund.
FUND GUIDELINES MODIFICATION
At a minimum, the EDA shall review the Fund Guidelines on an annual basis. No changes to
the GMEF guidelines shall be instituted without prior approval of the City Council.
10
DAWNfWORD/POLlCIES 10/30/00
.
.
.
EDA Business Subsidy Criteria
LOAN ADMINISTRATION
1.
City staff shall service City loan, shall monitor City position with regard to the loan, and shall
assure City compliance with intercrcditor agreement.
2.
All loan documents shall include an intercreditor agreement which must include the following:
A. Definition of loan default, agreements regarding notification of default.
B. Agreements between lending institution and City regarding reproduction of pertinent
information regarding the loan.
3. All loan documentation shall include agreements between borrower and lenders regarding
release of privacy regarding the status of the loan.
11
DAWNIWORD/POLlCIES 10/30100
.
.
.
Under the GMEF Guidelines use of proceeds for real property acquisition and
development, real property rehabilitation (expansion or improvements) and machinery
and equipment. The following commentary is intended to assist developers with those
costs typically considered eligible:
Real Property Acquisition and Improvement Costs
Land Acquisition
Engineer/Design Inspection
Fees
Architect Fees
Soil borings
Appraisal Fees
Legal Fees
Environmental Study
Recording Fees
Title Insurance
Building Permit Fees
Building materials
Construction labor
Landscaping
Grading
Curbing/Parking Lot
Machinerv and Equipment Costs
Personal property used as an integral part of the manufacturing or commercial
business, with a useful life of at least three years. Acquisition costs would include
freight and sales taxes paid. As a general rule, office equipment would not qualify.
.
.
.
EDA Agenda - 12/13/05
5.
Other Business:
I nlieu of a Executive Report, here are a couple of updates.
a) The closing lex the Dahlheimer property in the Monticello Business Center did take place
on December 6, 2005.
b) Viper EDA loan application - This did not appear on this FDA agenda since the lender had
not received personal fInancial information from the president as required for SBA funding since
this is a publicly-held company and had not received a copy of the Purchase Agreement. Also,
the lender is considering this a start-up company as they, Viper, have only manufactured 25
cycles.
c) GMEF Loan No. 024 to Tapper's Holding LLC - Received first monthly payment per Loan
Agreement and after closing, December 1, 2005.
d) Vacation - I'll be out-or-the otlice starting December 16 and back in on December 28.
Must use up some vacation time. HAPPY HOLIDAYS EVERYONE.
e) Copy of the article and ad for the Minnesota Real Estate Journal and Conference attended
December 7.
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