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EDA Agenda 05-27-2003AGENUA MONTICELLO I~C(7NOMIC UI{;VELOI'MENT AUTHORITY Tuesday, May 27, 2003 - 4:00 O.m. City Hall -Boom Island Ruum MEMBERS: Chair Bill Demeules, Vice Chair Barb Schwientek, Assistant Treasurer Rorl I Ioglund, Roger Carlson, Robbie Smith, Clirat 1 Ierbst, and I)arr-in Lahr. STAI~I~: Treasnrer Rick Wolf'steller, Executive Director Ollie Koropchak, Recorder Lori Kraemer. Gt1ES"I~S: Steve Grittman and/or Bob Kirrnis, Northwest Associated Consultants, Inc. Mike Cyr, MLC Building and. Remodeling DAT Representation ('all to Order. 2. Consideration to approve the April 22, 2003, N~I)A minutes. 3. Consideration ol`adding or removing agenda items. 4. Continued -Consideration to review cost estimates for rear cosmetic facade improvements to Block 35 and to determine next step. 5. Consideration of h'I~A updates: a) Refinance of CiM1=,l~' Loan No. 014 - "I'..I. Martin, Inc. b) Request to pre-pay GMEF Loan No. 018 - IRTI. c) Request to pre-pay GMEF Loan No. 017 - TCDC. 6. I~;xccutivc Director's Report. 7. Other Business. 8. Adjournment. • ANNUAL MEETING MINUTES MONTICELLO ECONOMIC DEVELOPMENT AUTHORITY Tuesday, Apri122, 2003 ~ 4:00 p.m. • City Hall _ Academy Room Members Present: Chair Bill Demeules, Vice Chair Barb Schwientek, Roger Carlson, Robbie Smith, Ron Hoglund, and Darrin Lahr. Absent: Clint Herbst Staff: Treasurer Rick Wolfsteller, .Executive Director Ollie Koropchak, Recorder Lori Kraemer Call to Order. Chair Demeules called the meeting to order at 4:00 p.m. and declared a quorum. 2. Consideration to a rave the Januar 29 2003. and A ri12 2003 EDA minutes. A MOT10N WAS MADE BY RON HOGLUND TO APPROVE THE JANUARY 29, 2003 EDA MINUTES. DARRIN LAHR SECONDED THE MOTION. MOTION CARRIED WITH ROBBIE SMITH ABSTAINING. A MOTION WAS MADE BY DARRIN LAHR TO APPROVE THE APRIL 2, 2003 EDA MINUTES. BARS SCHWIENTEK SECONDED THE MOTION. MOTION CARRIED UNANIMOUSLY. 3. Consideration of addin or removin a enda items. None 4. Consideration to elect 2003 EDA officers. There was a brief discussion on election of officers with Ron .Hoglund stating his willingness to fill the Assistant Treasurer position which was previously held by Ken Maus before he resigned. Chair Demeules and Barb Schwientek also stated their willingness to continue as Chair and Vice Chair, respectively. It was the consensus of the members to continue Rick Wolfsteller as Treasurer and Ollie Koropchak as Secretary. A MOTION WAS MADE BY ROGER CARLSON TO APPROVE THE ELECTION OF RON HOGLUND AS ASSISTANT TREASURER AND BILL DEMEULES, BARB SCHWIENTEK, RICK WOLFSTELLER, AND OLLIE KOROPCHAK TO CONTINUE IN THEIR CURRENT POSITIONS. DARRIN LAHR SECONDED THE MOTION. MOTION CARRIED UNANIMOUSLY. Consideration to review and acce t the ear-end EDA Financial Statements Activit Re art and ro osed 2003 Bud et. Koropchak provided financial statements for the members to review. She further explained the investment interest income listed in the financial report provided by Wolfsteller and that the numbers were actually for the year 2001. They also discussed EDA Minutes - 04/22/03 expenditures and Koropchak explained the $4200.00 listed in the report was payment far a grant done for UMC by Lenny Kirscht. She also explained the remaining balances for TJ Martin, and advised the amount paid to the Liquor Store in 2001 as requested by the HRA for replacement of the Liquor Funds. The members discussed the 2003 cash flow projections noting receipts and expenditures with Koropchak advising of an expected cash balance in December of 2003. She then provided a summary of the activity report and overview of loans in 2002, as well as the accumulative total investment interest earnings in the amount of $216,189.39. A MOTION WAS MAD1/ BY BARB SCHWIENTEK TO ACCEPT THE YEAR-END FINANCIAL STATEMENTS AND REPORT FOR SUBMISSION TO THE CITY COUNCIL ON MAY 12, 2003. RON HOGLUND SECONDED THE MOTION. MOTION CARRIED UNANIMOUSLY. 6. Consideration to review ear-end balances of the GMEF DMRF UDAG. and ERG funds. Koropchak provided a brief review of year-end balances in the GMEF, DMRF, UDAG, and ERG fiends, and stated that although they discontinued the downtown revitalization loan, she still kept track of the balance in the funds that could be used if the EDA chose to renovate Block 35. She then advised that she has to keep track of UDAG information such as who received pay-backs, etc. Koropchak explained the Minnesota Investment Fund which was for TCDC, adding that they have not met their job projections and she was advised not to spend the paybacks. She stated they do have a grace period and there was same discussion that perhaps TCDC should put together an action plan. She then explained the Small Cities Economic Recovery Grant, as well as total revenues and expenditures. UDAG was completely closed out, but they do continue to recycle the money. Central Minnesota Initiative Fund has a balance of $1134.00 as well. The EDA cash balance on 4/22/03 was $696,970.01. Koropchak stated they have not changed their bylaws in regard to loans. In the guidelines it states 50% on the GMEF cash balance as the suggested loan amount. Typically the loans were $100,000. No action was necessary. 7. Consideration to discuss fora royal authorizin the re lacernent of the Li uor Funds. Koropchak asked the EDA members to discuss whether to continue replacement of the original Liquor Funds, adding that they should keep a certain amount of nonrestrictive funds on hand. The EDA had paid $77,000 back to the Liquor Store and it has always been the intent of the EDA to pay the Liquor Fund back and become self sufficient. It was noted any payable would be effective for tax levy 2004. There was discussion on whether to keep the money for any firture loans or to pay it back. The commissioners felt if found necessary in the firture, the EDA could go back to the City for the monies. EDA Minutes - 0/22/03 A MOTION WAS MADE BY ROBBIE SMITH TO AUTHORIZE A 2003 REPAYMENT OF THE LIQUOR FUNDS IN THE AMOUNT OF $70,000 FOR USE SOLELY TO REDUCE TAX LEVIES FOR BONDED INDEBTEDNESS OF THE CITY FUR THE YEAR 2004. BARB SCHWIENTEK SECONDED THE MOTION. MOTION CARRIED UNANIMOUSLY. Consideration to review for amendment__the_Busine5s Subsidy Criteria of the EDA. Koropchak advised that this is an annual housekeeping item and did not have any recommendations for any amendments. There was no further discussion. A MOTION WAS MADE BY RON HOGLUND TO ACCEFT THE CURRENT BUSINESS SUBSIDY CRITERIA OF THE EDA. ROGER CARLSON SECONDED THE MOTION. MOTION CARRIED UNANIMOUSLY. 9. Consideration to a rove execution of a Satisfaction of Mort a e for GMEF No. 018 - IRTI. Koropchak advised that Integrated Recycling, after the EDA on April 2 made a motion to subordinate the loan to the new lender, called and stated they have decided to pay off the EDA loan. This will be completed after receiving full payment of the principal balance. Anticipated May 1, 2003. There was no further discussion. A MOTION WAS MADE BY DARRIN LAHR TO APPROVE THE EXECUTION OF A SATISFACTION OF MORTGAGE FOR GMEF NO. 018 (IRTI) SUBJECT TO REPAYMENT IN FULL OF THE REMAINING PRINCIFAL BALANCE, $69,377.01, W1"I'k-I DOCUMENT PREPARATION AT THE COST OF THE BORROWER. ROBB[E SMITH SECONDED THE MOTION. MOTION CARRIED UNANIMOUSLY. 10. Continued -Consideration to review cosmetic design sketches and cost estimates for rear facade improvements far Block 35_ This item was tabled until sketches and cost estimates were received. 11. Continued -Consideration of a re nest b Cit CoLmcil for commissions to review Cit 's Vision & Governin Policies for in ut and to develo a list of oafs. Demeules asked if the EDA was to review and make recommendations for any changes in the Vision Statement, and Koropchak stated only if there was input, otherwise the EDA is to prepare goals only. They discussed that they had previously had the Baal of the revaluing loan fund for Block 35. Koropchak stated that this was delayed due to Broadway reconstruction last summer and now construction will begin on the south side of Broadway. The parking lot reconstruction is in the city's budget, but they questioned starting anything on the parking lot at the same time that the streets are being repaired. It EDA Minutes - 04/2?/03 was noted that Al Loch had asked if it was the EDA's intent to continue with the parking lot reconstruction, but Wolfsteller stated they would like to wait with the parking lot until the alley work is completed. Koropchak advised of an owner on Broadway that was interested in building on a vacant lot on Block 35, but she advised that TIF did nat qualify, the single lot has no improvements. She advised that staff had discussed having this owner look at something on Walnut Street, but that the City was not in favor of that due to increased density and the need to keep the parking. Demeules asked if there were surrounding communities that were doing anything unique for attracting business and Koropchak advised that it is slow all over, although Big Lake is buying additional land. Koropchak added that Buffalo has an industrial park and their revenues came from purchasing electricity from NSP and selling back to buyers. She advised that John Chadwick was proceeding with his project which would provide land options. Barb Schwientek wished to continue providing incentives to attract businesses to Monticello, specifically industrial land. She also added that the EDA should facilitate, or provide incentives, for Block 35. The EDA members were all in agreement. 1 Z. Executive Director's Re ort. • Koropchak provided her report and noted that Production Stamping had applied • for a building permit and planning to move in at the end of the month. • She advised of a boat manufacturer from Maple Lake that had been looking at Monticello, as well as a manufacturer from Silver Creek looking to sell his property and rebuild. • Koropchak asked the EDA if it was their assumption that they would get new personal guarantees from TJ Martin and Demeules felt that they would want to. She advised it was the attorney's thought that the EDA would want to keep the same personal guarantee. Bill asked if they did not comply by June 15`, what were the options, other than bankruptcy. He then advised that the EDA could go after US Bank as the EDA took first position, but Koropchak advised that First Bank of Elk River had the equipment loan and it was stated that the EDA move up to first now. They did ask how much this would cost to proceed. Koropchak stated she would keep in touch with them. • Regarding the TIF bill, Koropchak advised that she had been in touch with Mayor Thielen to work with Ourada and see what position he was taking. She has not heard back yet. Anderson has "walked away", not supporting or opposing. According to John Choi, the bill could still go through. Schwientek advised that Bruce Anderson had talked to her on another issue and that he advised her he stays out of local issues but that he actually was in support of the bill. 13. Other Business. None 4 EDA Minutes - 04/22/p3 I4. Adjournment. A MOTION WAS MADE BY BARB SCHWIENTEK TO ADJOURN THE MEETING AT 5:05 P.M. RON HOGLUND SECONDED THE MOTION. MOTION CARRIED. Recorder • • EDA Agenda - 5/27/03 =1. Continued - C~onsidcration to review cost estimates for rear cosmetic facade improvements to 131ock 35 and to determine next step. A. Rcf'crcncc and back round: Northwest Associated Consultants (NAC) have submitted cost cstimatcs for materials and installation to each individual building based on the cosmetic design sketches presented to the EDA on ,lanuar•y 29, 200 ~. Cost estimates were prepared by Mike Cyr. The EDA had also requested an estimated cost for the installation and materials completed as one project. DA'I' viewed tlae cosmetic design sketches on May 20, 200 ~, and liked the results brit felt the estimated costs would not lly with the majority of the building owners. DAT representation will be present at the EDA meeting for input. Attached is a copy of tl~e January EDA agenda supplement which summaries the background. "1'hc minutes of the January EDA meeting summarise the cosmetic design sketches presented by Sieve Grittman and Bob Kirmis. According to .lohn Sirnola, construction ol'the south side of Broadway (County Road 75) is expected to be completed by mid June. What is the amount ol` assessments to the businesses'? A volunteer group is looking to adopt the median between Wright-Sherburne and. Gowan Realty and plant flowers, arc there any volunteers from the FDA in addition to Ron Hoglund'? Secondly, the Council authorised bids for the core area street improvements (~"' and 4`'' streets, etc. in the southwest corridor). Scope of project yet to be determined and construction could commence following the completion of the Broadway project. Lastly, over-lay improvements to the [31ock 35 public parking lot are not on the agenda, only patching is planned. Under the 1~;xecutivc Director's Report is an update on the Monticello TIF Special Legislation Bill. Based on the new information, the EDA needs to determine its next step. It is suggested that the I;DA invite the property owners for a presentation to view the before and after cosmetic facade design sketches and cost cstimatcs, to view the alley/parking/trash improvements, and to hear as a partnership what the I;I~A is willing to invest. What, when or if the building and business owners are willing to invest`? B. Alternative Action: Accept cosmetic design sketches for rear lacade irnprovernents and cost cstimatcs as submitted by NAC, determine what the EDA is willing to fund, and invite the property and business owners to a presentation. • EDA Agenda - 5/27/03 2. Recommend modification to cosll~etic design sketches Ior rear facade ]lllpl'OVLmCntS and estimates. i. Given new inl`ormation, take a wait and see approach. 4. Other. C. Recommendation: Recommendation is io invite the building and business owners for a presentation and to get their input. Perhaps, thereafter sol~~e alternations to the coslnctic design may be necessary. D. Su~ortin~; Data: .lanuary 29 agenda supplement and minutes, estimated costs Ior cosmetic facade improvements as submitted by NAC. Design sketches will be available at the meeting. • r' r ~. Cl~nsidcr~rtion to t•cvicw co; imnrnve-nents on 13lnc1.37. l~D.~ ~~7endrr - 1/Z9/03 esi~rr si~etclreti anti cult estirn:rtes or' rear- facade :1. I~ct'erence anti back~rouncl: Planner Stc:vc; Grittman, Northwest <<lssociated Consultants, will prr:sent casrtlctic cle:si~~n sketches and cost estimates for rear facade improveme[ts on Block 35. <<\s yaU I'tcall Chls lIl 110t a ne~V fi~~tl1Cla Ite[ll t0 [' t(li: EDA. In April ?00?, the EDA cliscontinutcf the DNIRF program and reserved the re1111i[1in~ balance of the DNIRI~ funds far 1 Blocl: ~~ project in ?003. it has been the interest of-the EDA to expend clolllrs to CCeilte ail attraGttVt 11t1d lppeallll<~ fear h;lltrallCe alltl pIaZ1 1114 t(7 ellilllllate the tce bLllltl-Lip in the alley area of 131uc1: 3 ~. Prior to the ED~~ e~penclin~ clolllrs to replace the catch basis and allev parkin;77,/tl'ash tll1pra\%enlenCs. tilt C01111111ss1anel'S ~~'Ollld hke 1 Ca111n11tt11t[1t lI'0111 the p['apel'ty O~Vners tD I111pi"OVe the I'eaI' bLlllCllll`~ taCldeS thrOLlY~h a cos[1lttic clesi~~n 1I11prOVtt11e11C. T11LS to (: 1'eate a pLLt7ltc%pt'lvate partilel's111p via an agreel11tr1t. r~ At t11e December ?00? EDA meetin4. the conlmissiontrs agreed that in orc(er to encourage participltion by the property owners. the EDA ~voulcl need to prepare sketches of cosmetic design options for real• Facade improv,'enlellts along with cast estimates prior to appralching the property owners. The EDA authariztcl Northwest Assaciatecl Consultants to prepare design sketches 1114 COSt est1l1l1tE5 tOC tilt Cear taClCle of b1111C1111~5 on Blocl: 35 1t 1 cast [tat to exceed `63,000. , Previous cast estimates: 5ltetch concepts for parking to Peal' of buildin~~s anti trash inlprovemellts: ~Uithout sidewalk and curbtng - Estilllate .50,000. With sicltwallc anti curbing -Estimate `675,000. [Zeplace alley anti adcl a second catch basin -Estimate X50,000, not including engines[' Fees nor cost to slope p['ivate surface to match nevv alley elevation. Funding: f\pproxirnatt balance of DNff2F~ ~3f7B" $~4S .acs e~ ~ '~ an ~ Things to thitlk about: Atlticipatecl conlplstio[1 of I3roadvvly Improvements. Amount of lssesslnent to praperty ow-Hers. Anticipatccl date to commence public parking lot improvements. Funding source not dtterrtlined. Ag1in, the F:DA objectives was to clevel[1p clGSi~~n and cost paclca~c For raar (acacle and alley/trash irnproverncnts for Block 35 lol° presuntation to property owners. "I-hc desi~~n • ~. ~r r 4 r Cl)nCr;pt Ileecis CO `ti0 Chrl)Clytill the (_~Lty approVAl pl'uCCS5 Ltnci 1_);\ I as vvcll a5 he aCC~ptahlC t(, property l~wners. FO!\ needs to clecicie on cl nc~~(,tiatiOn stratc~~y' hU,~\ willill~^ to cli) this __ 11t this cost ~, it`the prOl)cr-ty ovvncrs a~~r~c Cu do this at this Gust C)r what ore thl' property ownc;rs willin~~ Cu cuntrihute'? ,I'inlill~ ot` C(>IlSCrlil'CI1111 fs UnUthei' C1LItSCIO[l. 13. .~Vtcrnati~~e :fiction: I . Accept cosrrletic clesi~~n sketches l~)r rear lacacle improvements allcl cost estimates as prepared by NAC anti forward Co DA"C" anti/or property owners for review. ~• l~cCU111tllenl:l 111pC11tLCatlon t0 CbS111et1(: C1cSl`~L1 sl:ttches for rear tacacle 1111p1'o~'etllellts 11101 estLmatc:S, ~ • OCher. C. Recommencl~ition: Without scein~7 cosmetic design sketches and cost estimates, no recommendation is given. ll. Su ortin~ ^ata: . None. • ~l l C7 .V iYtIINUT ' IVIONTICELLO ECONOMY OPMENT ACJTI-IORITY Wednesday . anuary 29 03 - =1:0U p.m. City a - cademy Room NIENIBERS PRESENT: Chair Bill Demeules, Ron Hoglund, Darrin Lahr, and Clint Herbst. MEMBERS ABSENT: Ro~~er Carlson and Barb Schwientek. STAFF PRESENT: Treasurer Rick Wolfsteller and Executive Director Ollie Koropchak. GUEST: Steve Grittman and Bob Kirmis, Northwest Associated Consultants. Pam Campbell, DAT member. Call to Order. Chair Demeules called the EDA meeting to order at 4:00 p.m. ?. Consideration to a rove the December 16. 2002 EDA minutes. RON HOGLUND MADE A MOTION TO APPROVE THE DECEMBER 16. 2002 EDA MINUTES. SECONDED BY CLINT HERBST AND WITH NO CORRECTIONS OR ADDC['IONS. THE MINUTES WERE APPROVED AS WRITTEN. • 3. Consideration ofaddin~_= or removin<? agenda items. Koropchak asked to renu7ve a~~enda item #6 and informed the commissioners that the City Council on January 27, 2003, appointed Clint I-Ierbst to the EDA seat vacated by Kell Maus after N[r. Herbst expressed interest to serve on the EDA. Herbst•s six-year term expires December 200$. The EDA had suggested the two out-~~oin<~ Council members be contacted fur the vacated seat. Belsaas declined. Koropchak regrtested the addition of an item: Consideration of a request by City Council For commissions to review the City's Vision & Governing Policies for input and to develop a list of goals. ~. Consideration to review cosmetic design sketches and cost estimates for rear facade imhrtwtntents on Block >~. Koropchak noted at the last EDA meeting, the commissioners authorized Northwest ~~ssuciated C'utlsultants to prepare design sketches and cost estirnatus fur the rear facade oFbuilciin~Ts on Block 3~ at a cost not-to-exceed $3,000. 11 EDA VTinuttes - l/29/03 r Consultant Steve Grittman informed commissioners that the sketches were designed as a 1•ramcWOrlc or idea to create an attractive atld appealing rear entrance and plaza. Grittman introduced Bob Kirmis, an associate, w.ho displayed a current panoramic photo of the rear of the buildings noting elevations gild functions. Areas identified: 1. Signage - no continuity. ?. visual and c~cposure of trash. 3. Inconsistent building heights. ~. Lack of visual entrance. 5. Doors and windows not consistent (uniform) with year of construction. 6. 1=laphazard parking and trash areas. 7. Poor pedestrian connection between vehicles and east/west connection. Grittrzlan noted the site plan can be adjusted to accommodate southerly parking. Kirmis continued presenting a design sketch to address the elevations and function. Suggestions: l . Create a horizontal element for si~nage providing a sense of consistency and 4ye focus. ?. Relocate and consolidate trash into closed and detached containers. 3. Install parapets for visual prominence and to screen roofinecl,anical units. 4. Canopy options to cleFine entrance and to screen physical elements. ~. With the use of wood or transits after existin~~ doors and Windows to the era of the building. 6. Facade color - individual choice of color or material to retain small town look. The site would create a pede-:striae friendly plaza with east/west wall: area and plantin~~s. The importance of the dUUr/bVI11ClUW elenlenls LI"cafe a focus for customer entrance. Responding to the cost and material of parapets, Grittman noted the material js similar to stucco like the cornice on C'ub Foods. The material is butte durable and affordable and can be designed into a • drainage system. Grittman did not have cost estimates available but estimated each buildin~~ less than $~O.000. Prrhaps would h~ a cost savin~~s if constructed as one. Would all property o~vncrs agree. It Was noted that tlu-ee buildings and one lot is under the same ownership. Thr I~~DA requested NAC pt'ovide material and installation costs for each individual building and as one project based on the suggestions. NAC could have the cost estimates by the end of February. ~. Consideration oFre nest ti-on1 IDC to review GMEF Guidelines for business/'ob retention. The EDA received eclpies of the BRE Visit summaries and Business Subsidv Criteria. Koropchak noted as fullu~vup to t11e 13&B Nletal Stan~pin~~ visit, the IrDA w-as requested to research to see if or should the EDA Criteria -GMEF Guidelines be amended to include job retention for existing businesses. ' DtIl1CUlUti felt 1110 pUrpptiC Ut the ED:\ loan was to increase value anci jobs within the community. Their e~.perietlce is that automatization requires mc)re employees, generally hi~,~her payin~~ ~va~~es. Ho~~lund agreed that automatization increases production which in • APIA-22-08 TUE 04;06 AM MLC BUILDING & I3EMQDEL FAX; 6122958227 PAGE 1 MLG BUILDtIVG & R~M~DELING P-O.BoX 1338, 601 Minnesota Street Monticello, MN 55362 Telephone: 763.295.07' 17' Fax: 7fi3.295.3227 E Mail; mlcyr[7a aol.cvm FAX TRAN$MlTTAL COVET; pAGI= DATE: ~ ~ ~ ~ ~ ~~ TO: ~~f' r/lr~i~ COMPANY N ~ ~ FROM: MESSAGE: TOTAL PAGES INCLUDING COVE~Z PAGE: if you da not reCtiVe all the pages plea~o contact us imlTledlat8ly. The inlarmaHon mined ~ this fecslrnile ai rtl0andeit only for the +~ of the indivld4ral rp~med above. The reader of itlis message shtwld only be the reCipierY, or the employee or ~t responsityle to delver a to the recipicM- C: APA-22-03 TUE 09:06 AM r~ i>~ ~1 Apri12BQ3 t~iversified CoststrUCtion Seivice~, t,.td (dba MLC Building R Remodeling) Design -Construction -Project Management Resfdenilal - Commercial MN Lic. # 20t?54818 Ph_ 763.295.f]717 Fax: 763.285.3Z27Ce11: 642.366.0717 PO Box 1338 - 601 Minnesota Street Monticello, Minnesota 55362 Bob Kirmis Northwest Associated Consultants, lnc_ 5775 Wayzata Boulevard, Suite 555 St. t_ouis bark, Minnesota, 516 Fax: ~g2. - 5`~a ~ ~!~ ~~ ~iPactt 35 ~sttlmatka of Costs r Far: EDA - Monticello Ellie Koropchak, Director 50a Walnut Street Monticello, Minnesota, 552 We~were asked to calculate rougft estimates for the proposed work on the south side of the buildings on Stack 35_ Fpilowing are estimates fur each building. listed under each building are the inclusions, then the prim. gear in mind that this is very ballpark but should give a general feef far the possible costs- L7eli Build out the existing entry to the same plane ~ the rest of the building Install near door and transom Cgrhplete interior finish of new enclaserl entry Remove e~cisting signage Patch area between the upper windows Patch over the existing windows on the lower lave! Replace three windows with Fiberglas windows and wide trim Stucco to match existing building Paint the rear of the building Pain# the bend for the signage Allowance for signage Allowance for exterior elec#rical and lighting $9S, lOD.00 Vacuum C~rlter Remove the parch, railings and dock Remove existing signage inclose the back at the same plane as the Dali MI,C 13UII,DING & HEMODEI, FAX; 612293227 PAGE 2 APA-22-03 TUE 09:07 AM MLC BUILDING & RI?MODEL FAX:612295~227 PAGE 3 [nstall new door and transom • Complete interior finish of new space Stu~cca to match existing building Paint the rear of the building Faint the band for the signage Allowance far signage Allowance far exterior electrical and lighting f~ ~1 Jewr~ler L Bank Remove the fence and sign backing from the jeweler roof Remove the shingled mansard roof firam the jeweler Remove the finish an the bank F~erirove existing signage B-:jild new parapet waif across the two buildings guild the entry details over the entrances Patch and repair roof at parapet Install new doors and transoms Install brick on bank to match brick on jeweler Paint the rear bf the building above the brick Perot the band for the signage Allowance fQr signage Allowance for exterior electrical and lighting $97,SQ0.D0 Office Supply Remove the overhang from the end of the roof Add to the existing "shed all the ,Wray across the back of the building Remove existing signage E3uild new parapet wall across at the back wall wild the entry detail over the entrance Pa#ctt and repair roof at parapet lnstafl new door and transom 5tuecc~ td match existing finish Paint the rear of the banding Faint the band for the signag~a Allowance far signage Af lowance far exterior electrical and lighting ~9$, 000.00 Law (7ffice Remove the ovefiang from the end of the roof Remove existing signage Build new parapet well across at the back wall duilr~ the entry detail over the entrance Patch and repair roof at parapet C, AP13-22-d3 TUE 09:07 AM MLC BUILDING & REMODEL FAX; 6122953227 PAGE 4 . Install new door and transom Stucco to match existing f Wish Paint the rear of the building Paint the band for the signage Allowance for signage Allawanr~ far exterior electrical and lightirx,~ $9~,5DO.dQ "t"ravel Store F~emove the existing mansard roofs /wood shingles Remove existing signage Build new parapet wail across at the back wall Patch and repair roof at~ parapet Install new doors and transom f~eplac:e six windows with f%berglas windows and wide trim Stucco to ma#rah existing finish Paint the rear of the building Paint the band for the signage Allowance for signage Allowance far exterior electrical and lighting ~zv, ~oo_~o . Pi~~a / _Com~uters Ac#d to the height of the existirg parape#s Remove existing signage Instal! new doors and transoms Stucco to match existing fnish Paint the rear of the building Paint the band for the signage Allowance fdr signage Allowance for exterior electrical and iightin $10,5~_DO Cors~mon Areas Excavate for sidewalk and revised paving Install sidewalk and curb Install new paving I"'atch and repair some existing paving wild trash enclosures Trees /landscaping $73,000.00 g r1 LJ AP1~-22-03 TUE 09:07 AM MLC BUILDING & REMODEL Summary Deli lfacuum Center Jew~:ler !Bank Office Supply Law Office Travel Store pizza /Computer Common Areas Total FAX:b122953227 X15,100.00 21,100.00 17,500.00 18,000.00 1 Q,5t10A0 2a,5c~0.oo 10,500.00 7'3.000.00 $180, 200, 00 PAGE 5 Before doing a more thorough analysis, more detailed plans and specifica#ions vuould need to be developed. Diversif ind~ Construction Services, Ltd. would be happy to contract their services as a Construction Manager for this project. As the canstruCtion manager it v+rould be our responsibility to help develop the spec cations, develop the budget, solicit competitive bids for the various divisigrx5 pf work and manage the constru[:tion project. I apologize for the amount of time that lapsed betv,Feen your apprDval for this estimate and the delivery of same. Sirtcereiy, lvtichaei Cyr • t{JUA Agenda - S/27/03 5. Consideration of EDA updates: a) Rcliuancc of CMEF Loan No. 014 - "1'..1. Martin, Inc. Based oil the EDA motion oI` April 2, 200 ~, the EDA agreed to fi~rgive a portion of the defaulted GMF.F Loan to T. J. Martin, Inc.. The original machinery and equipment loan of $87,500 has an outstanding principal balance ol` $45,886.66, October l , 2()02. The EDA forgave $27,886.66 and agreed to accept a settlement of $18,000 loan at 6.0`% interest rate over three years, ellective June 1, 200 ~. regal fees to he paid up-front prior to documentation preparation. Upon receiving a check. for the estimated legal fees ($1,500) o~i May 5, 2003, Kemiedy & Graven was notified to prepare the necessary documents. An amortization schedule laas been prepared ellective June 1, 2003, and the Loan Agreement between, the EDA and Carl, Eric, and Dennis Bondhus should be ready for executio~l by May 27. As the loan is in the name of Carl, l.~.ric and I)cnnis, no personal guarantees are necessary according to the attorney. b) Rcqucst to pre-pay GMEF ~.oan No. U18 - IRTI_, On April 2, 2003, the T:DA approved subordinating GMEF Loan No. 018 io take-out the existing hank loan of $140,337 suhject to execurtion ol`the necessary document and legal fees at the expense of the Borrower. The second request to add an additional $SO,000 to tl~e F3ank's first position with the GMFh' loan in second position was withdrawn by Borrower Steve Btrbul. (fin April 22, 2001, based on the Borrower's request to pre-pay the I~,I)A loan, the 1DA approved a Satisfaction of Mortgage subject. to payment in Lull ol~ (iMl~h Loan No. O18 and document preparation at the cost of the Borrower. The Satisfaction of Mortgage is ready for execution. According to the Lender, the IDA loan will be pre-paid perhaps in June. The Lender is waiting for an executed Partnership Buy-- Out Agreement betwee~l Budd and his former partners prior to bank refinancing. Attached invoice for reimbursement by Budd. c) Request to pre-pay CiMEI+ Loan Nc~._ 0.17_- TCDC. Doug 1 larmon, "T`win City [)ic C'astings, called and inquired on procedure to pre-pay the h:l)A and City loans. In conversation with his lender, Twin City Federal, he can get a commercial rate at 4% or less. 'l~he original principal oI`ihe EDA machinery & equipment loan was $100,000 at 6.25%. The outstanding principal balance as of May 1, 2003, is $64,003.67. There is no penalty to pre-pay a GMI?h' loan and no remedies for non-compliance ol`job and wage level requirements. Remedies for non-compliance of job and wage levels do exist on the City Loan of $SOO,000 and fhc TII= Pay-As-You-Go and City Contribution. 'l`hc interest rate of the City loan is 4%. See attached. • SUPPLEMENTAL LOAN AGREEMENT THIS AGREEMENT is made this _ day of , 2003 by Carl Bondhus, Eric Bondhus, and Dennis Bondhus (the "Borrowers") and the Monticello Economic Development Authority, a public body corporate and politic (the "Authority"). R FC"TTAT ,S WHEREAS, T.J. Martin, Inc. (the "Original Borrower") entered into a loan agreement with the Authority on February 18, 1998 (the "Loan Agreement"), pursuant to which the Authority lent the Original Borrower $87,500 (the "Original Loan") in order to pay a portion of the purchase price and installation costs of certain equipment; and WHEREAS, the Borrowers have assumed all rights and obligations of Original Borrower under the Loan Agreement and in this Supplemental Loan Agreement; and WHEREAS, as of October 1, 2002, the outstanding principal balance of the Original Loan was $48,886.66; and WHEREAS, the Authority has agreed to forgive repayment of $27,886.66 of that balance, leaving a principal balance of $18,000, and has also agreed to forgive interest accrued on the Original Loan since October 1, 2002; and WHEREAS, the Authority and Borrowers have determined to modify the terms of . the Original Loan as further described herein. ACCORDINGLY, in consideration of the parties' mutual agreement to modify the terms of the Original Loan and far good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 1. The Borrowers agree to repay the balance of $18,000 (the "Revised Loan"), together with interest thereon from June 1, 2003, in monthly installments at the rate of 6.0% per annum, in the amounts that will amortize the revised principal amount over a term of three years. 2. The Loan shall be evidenced by a replacement promissory note (the "Replacement Promissory Note") payable by the Borrowers to the Authority in substantially the form of Exhibit A hereto, which shall be dated as of June 1, 2003. Upon execution and delivery to the Authority of the Replacement Promissory Note, the Authority shall deliver to the Borrowers the original Promissory Note in the amount of $87,500 dated February 18, 1998 (the "Original Note"), and thereafter the Original Note shall be deemed cancelled. 3. The Borrowers' liability under this Supplemental Loan Agreement and the Replacement PromissoryNote is joint and several. EM'I'-2319~19v I MN32~-I 4. The Authority releases any interest it has in the Equipment and the Security Agreement as those terms are defined in the Loan Agreement. S. The Authority acknowledges that job creation currently described inl Section 4(i) of the Loan Agreement have been satisfied in full. 6. The Loan shall be subject and upon all of the terms and conditions of the Loan Agreement except to the extent such terms are inconsistent with the terms of this Supplemental Loan Agreement. 7. All notices required hereunder to be given to the Borrowers shall be to the following addresses: [insert address] IN WITNESS WHEREOF, this Agreement has been duly executed and delivered by the praper officers thereunto duly authorized on the day and year first written above. MONTICELLO ECONOMIC DEVELOPMENT AUTHORITY r~ ~J U By Its President By Its Executive Director AMT-23 I9.1~)v I MN3~~-I i BORROWERS r 1 U • EM'I'-231949v 1 MN3z,-I, CARL BONDHUS ERIC BONDHUS DENNIS BONDHUS REPLACEMENT PROMISSORY NOTE • $ 18,000 June 1, 2003 Carl Bondhus, Eric Bondhus, and Dennis Bondhus (withacting, the "Borrower"), for value received, hereby promise to pay to the Monticello Economic Development Authority (the "Authority") or its assigns (the Authority and its assigns are referred to hereinafteras the "Holder") as its designated principal office or such other place as the Holder may designate in writing, the principal sum of Eighteen Thousand Dollars ($18,000), with interest as hereinafterprovided, inany cain or currency which 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 is payable in installments due as follows: 1. Interest at the rate of six percent (6.0%) per annum shall accrue from the date of this Note until the Revised Loan as described in the Supplemental Loan Agreement between the Authority and Borrower of the date herewith (the "Supplemental Loan Agreement") is repaid in full. 2. Payments of principal and interest on the Revised Loan shall commence an the first day of June, 2003, and continue on the first day of each and every month thereafter until paid in full. Such payments shall be in the amount that fully amortizes the principal and interest of this Note over thirty-six (36) months; provided, however, the entire remaining unpaid balance of interest shall be due and payable in full on May 1, 2006. • 3. The Barrower shall have the right to prepay the principal of this Note, in whole or in part, on any date that a principal and interest payment is due and payable. 4. This Note is given pursuant to the Supplemental Loan Agreement and the Loan Agreement between the Authority and T.J. Martin, Inc, dated February 18, 1998 (the ``Loan Agreement"). All of the agreements, conditions, covenants, provisions, and stipulations contained in the Supplemental Loan Agreement and the Laan Agreement, or any 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 and Supplemental Loan Agreement, or any instr~unent securing this Nate, 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 any casts of collection including attorney fees incurred by the Holder of this Note in collecting or enforcing payment hereof, whether suit be brought or not, and all other sums due hereunder or any instrument securing this Note. The Borrower agrees that the Holder of this Note may, without notice to the Borrower and without affecting the liability of the Borrower, 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 EhIT-2318~3v I MN32i-I ~ Agreement and Supplemental Loan Agreement, 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 obligations of each Borrower under this Nate are joint and several. 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 of this Note 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 Nate is made with reference to and shall be construed as a Minnesota contract and governed by the laws thereof. Any disputes, controversies, or claims arising out of this Agreement shalt 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. 8. IT IS HEREBY CERTIFIED AND RECITED that atl conditions, acts, and things required to exist, happen, and be performed precedent to or in the issuance of this Replacement Note do exist, have happened. and have been performed in regular and due form as required by law. ~J Fhrr-z_~is~~~i MN32~-I IN WITNESS WHEREOF, the Borrower has caused this Replacement Note to be duly executed as of the I'` day of June, 2003. CARL BONDHUS ERIC BONDHUS DENNIS BONDHUS • EMT-2318~3v I ti1N~2~-I n ~~ .] .] s ~~ _- __ ~~. __ . _ m, ~ ~ i ~ ~ m ~ N ~~~ f..,. `n '~-'-~ ~ N r-n "~ ~ ~ ' ~ p C i ~~' i ] - - r -~ Cpl ~. w a a • ~- , O i ~ rY1 ~L ~ ~ ~ r ~^ ru a ~ ~ .-. ~ Z ~ ~ ~ ~~ ~ =a~~ ` ~ ~ ~ ~ -^ ~ Q rv C)U~~ _ Wig Q z o co ~ ~ Z Q CI" J J ~ LLl N (/ ~/ I / ~ ~n ~ ~ ~ .~ Q ~ Q ~~, =r~ ~~ u ~ o a _ ~ ~ a t' ~. 0 - w a zw ~-~o -~ - - ¢ 0.0 ~ r' .r Kennedy & Graven, Chartered ~ ~~ 200 South Sixth Street Suite 470 Minneapolis, MN 55402 (612) 337-9300 April 23, 2003 Statement No. 55995 Monticello EDA Ollie Koropchak 505 Walnut Street Suite 1 Monticello, MN 55362 Through March 31, 2003 MN325-00011 Integrated Recycling GMEF Loan 161.00 Total Current Billing: 161.00 I declare, under penalty of law, that this account, claim or demand is just and correct and that no part of it has been paid. Signature of Clai ant P>nAY - 2 2~JQ3 • i • Monticello EDA Ollie Koropchak 505 Walnut Street Suite 1 Monticello, MN 55362 Kennedy & Graven, Chartered 200 South Sixth Street Suite 470 Minneapolis, MN 55402 (fi12) 337-9300 41-1225694 April 23, 2003 Invoice # 55995 MN325-00011 Integrated Recycling GMEF Loan Through March 31, 2003 Far All Legal Services As Follows: Hours Amount 3/13/03 EMT Call from O. Korapcheck regarding EDA loan and 0.25 35.00 subordination, begin review of document. 3/14/03 EMT Review file document and call to O. Korapcheck. 0.20 28.00 3117/03 EMT Review file and message to O. Koropcheck. 0.10 14.00 3/18/03 EMT Telephone call with O. Koropcheck regarding drafting 0.30 42.p0 subordination agreement, discuss matter with S. Bubul. 3/31/03 EMT Discuss subordination matter and options for EDA for 0.30 42.00 Wed meeting. Total Services : $ 161.00 Total Services and Disbursements; $ 161.00 • S' G~ Twin City Die Castings Request for Prepayment May 13, 2003 CTMLI~' Loan No. 017 $100,000 6.25`% Create 85 full time jobs (37._5 hours per week) by July 26, 2003. Creen Acres: No less than 90% ol`jobs must have wages greater than 160%~ of Federal minimum wage for those 20 years and older. ($5.25 X 160% _ $8.40 per hour excluding benefits) (77 jobs ~ $8.40). (8 jobs ~ $12.00) Reported March 2003, 34 full time permanent jobs - 28 jobs ~ $:12.00 6 ,jobs ~ $8.40. Met wage requirements. 51 additional jobs needed. Remedies: 1. If not - L3orrowcr pay outstanding principal and accrued interest. 2. if implicit price deflator exceeds 6.25% as defined in MN Section 275.50, Subdivision 2. Borrower shall additionally pay to lender the difference between the present value of the interest actually acct"ued on tlae l .oan as of the date of such payment and the atnottnt of interest that would have accrued on the Doan if the interest rate on the Loan at all tithes had been equal to the implicit price deflator on the date of the l~;vent of Default causing Lender to accelerate the Loan. Repealed 1989. Outstanding principal, May 1, 2003 = $64,003.67 + $11.1116 per day interest through May 31, 2003. Interest paid through Dec 2002 = $13,255.30 City/TCDC Loan $500,000 4% Create 85 full time permanent jobs: 71 ~ $8.50 & 14 ~ $12.00 & 43 jobs must meet LMI or 51% of jobs created. Reported August 2002, 40 full time permanent jobs -Met wage requirement. 16.5 jobs met 1~MI requirements, 21 jobs needed to comply with LMI requirement. Need an additional 45 jobs and 26.5 LMI. Outstanding principal, May 1, 2003 = $376,812.17 + $41.868 per day interest through May 3l, 2003. Interest paid through Dec 2002 $43,608.62 • City/State Grant Agreement: 1. 8.5 john divided by $500,0(.)0 = $5,882,35 per job X 40 = $235,294 plus interest City retains. (ryity pays to State $264,706. 2. If LMI requirement not met, City pays State entire $500,000. TIF Contract Green Acres (same as GMIJF) and 7] jobs ~ $8.50 and 14 jobs ~ $12.00 Reported March 2003 -same as GMEF. 1. The Authority may, after a public hearing, extend to Compliance Date by up to one year. 2. The Developer shall repay to the Authority a "pro rata share" of the amount of any payents made to the Developer and to the City a pro rata share of the amount of any fee waivers granted. 3. To Authority and City, interest on the amounts in clauses 1 and 2 at the implicit price del7aior from the dale of issuance of the C of (' to date of payment. Pro rata share rncans: iI`failure relates to number of jobs: lhe.jobs required 85 Icss the jobs created 34 = S 1, divided by the jobs required 85 = .6 'I'o I IRA - F'cbruary 1, 2003 - $36,935.48 X .6 -=~ $22,161.28 To City - $40,000 X .6 ~- $24,000. C7 EDA Al;enda - 5/27/03 • 6. Executive Director's Rc ort. a) TIF Legislation Bill - I have not Ileard from John Choi, I1RA lobbyist, since preparirLg the last attached mctllo. I did talk with Rcp. Anderson vis telephotle on May 19 and he said he'd talk to the House Conference Chair but would not speak in I~ivor or agaillst the Bill. Rep. Mark Olson did not respond to my voice mail, althoLigll I heard 1)e concurred with Anderson. Beings the Monticello Special I,egislatioll Bill was not introdLiced or sponsored in the I Louse 'lax Committee; the Monticello I3i11 did not survive the Conference Committee and was taken out of the S. F. No. 1.505 Miscellaneous Tax 1:3111. Choi suggested we make one last try and request to be added to a Second Tax Bill being proposed. Ccrtaillly, Senatol• Ourada deserves a "thank you" Ior introdLtcing the Bill to the Senate Tax Conltnittee. The Monticello alld Buffalo C'hanlbers are hosting a Legislative Wrap-IJp on Thursday, May 29, ai the Vintage Grill, 1 1:;0 to 1:00. Call the C11anlber I'or reservations. Senator Ottrada and l~ep. Anderson arc scheduled to be illerc. h) An 1UC, f1FZA ,and city stallNorthwest Corridor Tall. Force is researching indLstrial sites consistent with the Monticello Land 11se Plan. The goal is to talk with property owners relative to their interest and future plans. The IDC' and HRA would like to see the City secure ti pLII'Ch~ist, Optlotl Oll Industrial land for lutLtrc deVeloplIleIlt ~ 15-20 yC1I's OLIt). The City and I-IRA have a colllbincd reserve lulld of $765,000 for such purpose. c) Copy ol~ the IDA (foals/Projects for 200 i as outlined on April 22, 2003. d) Copy of the adjusted CDA - 2003 Cash Flow Projection showing the 200 ~ re-payment to the Liquor Fund. EUA financial and activity reports submitted to City Council on May 12, 200 ~, per the EL7A - (THEE Guidelines. e) Copy of IJMC check rcimbLtrsing the FDA anal City for Lees associated with recording the FDA and City mortgages. t) Copy of article from the Mpls Tribune noting the 2 hole-in-ones and car give-aways at the Chamber Golf Outing. 1'IIe Monticello Marketitlg Committee invited and gave ~2 gratis tickets to commercial/industrial developers and builders. Each group offoLtrsome included either a council, staff, or city consultant for the purpose of promoting Monticello. g) Working with Les Wurrll of Productioll Stampillg for an open house/welcome Monticello event. Perhaps mid June. More later. h) i1MC move-in date looks to be early August with some delays in construction. lr U // ~ °."~ May 19. 2003 r RI?: MON"C~ICI~L1,0 SI'LCI~\l., l-,L~,(.iISI.A"hION BIM, - `I'o cxtetid the ~-year rule Frorn ,lone ;0. 1997, to Jun(: 30. 2007, for "l'll~' District No. 1-72. "fO: Senator Marl: Ourada Representative Bruce Alldet'son Representative Mark Olson FROM: Ollie Koropchak, l-IRA Executive Director (7C)3-271-3208). The NI011t1C(:110 Sp(;Clal ~,k:giSlatlOn Bill is not a part of"I'ax Bill 1505. Please talk to the Ho>.tse anti Senate Conference Chair to adcl the Monttcello I3tll to the: Second I ax Btll. f['lle Monticello Special Lcgislaltoll 6tll rs asking to extend the 5-year rule for "fIF District No. l- 22. 'i`hc Bill is not requesting the State House anti Senate to approve or disapprove any proposed reclevelopnlcnt projects within TiF District No. t-22. Those are local decisions to be made by the Monticello Uesi~m Advisory Teat11, Plarlmng Commission, and City Council. At this point, preliminary redevelopment sketches or ideas for a portion of Block 52, Block > 1, Block >6, and Block 37 have been presented to the Housing and Redevelopment Authority (HRA) requesting TIF assistance. No "l'IF assistance or level of assistance has been approved ley the 1-IRA. No building or site plans have been sublllittecl to the Design Advisory Team, Plarlnin~~ Commission, or City Council for consideration to approve or disapprove. Again, the City is only requesting time to work o-1 redevelopment projects. giving the local commissions and council the opportunity to review and approve or disapprove building anti site plans. The bill is not asking the State I-louse and Senator to appr•ove'or disapprove local redevelopment projects nor does the LIRA or Counctl believe that is the role of the State House or Senate. Scconcily, if the Monticello Special Legislation I3ill is not passed about $1.2 million of the ~2? million bond sold will he left (tn-spent. You may asl.: Why slid the Monticello HRA not spend the money in the first 5 years'? City ot'Monticello is a small town located outside the severl- county, rrretro area (2002 population - 8,839). [n the kirst five-years of the TIP District, file City entertaitlecl developers to entice redevelopment projects but were: unsuccessful. Just recently, developers have s11owI1 at1 interest in retail and ot`tice space rede:velopnlent projects. hl other words, detllancl for retail anti office Space is being driven by the itlct'ease in population atld the projected increase in population. c: Mayor Bruce "I~1lielen I IKf\ ('hair Steve Andrews ~o G~ • 2003 F..DA GOALS/PRO.JECTS FOR CITY COUNCIL VLSION AND GOVERNING POLICIES i. '1'O CON'l'INC1E PROVIDING iNCENTIVI?S TO A'I"TRACT 1311SINISSES TO MONTICI~:LLO, SPL:CIFICALLY iNDLIS'hRiAL LAND. 2. TO h'ACILITA~I'h: OR PROVIDE INCh~NTIVES F'OR F3t,OCK ~5 IMPROVh~MENTS. • • • • ~ a~ MONTICELLO ECONOMIC DEVELOPMENT AUTHORITY GREATER MONTICELLO ENTERPRISE FUND (GMEF) 2003 CASH FLOW PROJECTION BEGINNING CASH BALANCE, January 2003 $ 951,970.01 RECEIPTS Appropriations, Expected - GMEF $ -0 Notes Amortization Payments - Tapper Inc. -0 Muller Theatre -0- SMM, Inc. 0 Aroplax Corp. ~0 Custom Canopy, Inc. -0 Standard Iron -0- Vector Tool -0 Tapper's I1 ~0 SELUEMED -0 T.J. Martin ($547.60 Mo.) 6-06 $ 3,833.20 Mainline Distrib.($702.08 Mo.) 6-04 $ 8,424.96 Aroplax Corp. II ($730.93 Mo.) 12-04 $ 8,771.16 TCDC ($1,457.29 Mo.) 7-07 $ 17,487.48 IRTI ($549.57 Mo.) Pre-pay $ 72,124.86 EDMA ($193.89 Mo.) 9-06 $ 2,326.68 VisiCom ($115.78 Mo.) 5-04 $ 2,778.72 UMC ($1,084.33 Mo.) 3-08 $ 10,843.30 Tapper III($524.76 Mo.) 5-08 $ 4,198.09 Interest Income - Investment (est.) $ 50,000.00 $ 200.00 Loan Fees $ 3,000.00 Loan Fees Other 1 000.00 Miscellaneous TOTAL RECEIPTS TOTAL BEGTNNING BALANCE AND RECEIPTS EXPENDITURES GMEF Loans - UMC - Recycled UDAG/GMEF $200,000.00 Tappers - Recycled GMEF $ 55,000.00 Other $100,000.00 T.J. Martin Write-Off $ 27,886.66 Re-payment to Liquor Fund 2003 $ 70,000.00 DMRF Grants Professional Fees $ 3,000.00 Legal Fees $ 3,000.00 Miscellaneous a 1,000.00 TOTAL EXPENDITURES ~XPECTED CASH BALANCE, December 2003 $ 184,988.45 $1,136,958.46 $ 459,886.66 $ 677,071.80 UMC, INC. 22510 HIGHWAY 55 HAMEL, MN 55340 PH: 783-478-8609 SAX: 783-478-8483 1 ~ icz r)e;;c,riratian ~TF.R.F~`r' lZ T? 1YS r`IT!>l~i ~~)?1~5.ci WE?c,C)r~r-) ~~f~E~ RE:i:'t:)Rr) ~tC)RT1=:~~1[;I. r~F.,I~I13r)kc~I. v-,~.~ lrnnunt I)icotxllt. ~)1.50 0.~0 I,lI3".t?~ t7.00 ~ ~1t~ o , n`7c ~ \ a , n~ ~D.pQ ~ La~.e..`Z..Or~ ~«n~~~ '~.~-l , fit-.- `~ -~ $ yrn: i8(}? 1/2:;r?003 C'I'C~4' C)F h~f~)'V'l'rC::r?r..r.f:~ -. UMC, INC. '~ pl, 22510 HIGHWAY 55 V~~'~ HAM~L, MN 55340 W PH: 763-47$-6609 uLiVA Mgc;NINING j . , o~^-P^N~..._ FAX: 763-47$-6483 rl.lrlclunt: TCF NATIDNAL BANK MINNEAPOLIS, MN 55402 T).?.t:': 'I!:_'~%?i)0; `,;(~: 55D72 ;1rxu~lznt: 1 ~-rnoo 2910 ~ e~ 058072 N,.( ,r~rltot.uat '~ 1..50 i.,l.~~".QQ I ,?''4. i0 058072 !~ll'~ Itl(111S~1t1!I I~6V17 Iltlil~ll'.~c( 5~:~'„1If}:~I:~.lrl.f ;litCl 5!)'r()!} r)(III:11".~*~**~r~+k:k**«~*>ic**z~~:;xa~*~«xx** *>k+c,:~*«~~h:** r?;:;y f,, t11:, (rr~ OI ~t(>~I r'rc ~r:r,r,r.~ ~ _ ~.~~. ,~~... -.-.. n"D 58^ 7 211' ~; 29 L^ 7000 ~~; 786 X46 h 7H9n" There's little question that ; Barber will play before a larger gallery Thursday than at any point in his rookie season. Toumannent officials are ex- i I petting record crowds for the tournament, and the USA Net- work has increased~its coverage of the first two rounds of the tournament to show Sar- enstam'splay live. ' "I'll get relaxed," said Barber, who had played minitours throughout North. America be- fore making itthrough the PGA first six, seven holes and it was too late." In addition, Barber said he feels much mare at peace now since his wife gave birth to a baby boy, their first child, last week. "That's such a calrning in- fluence,"Barber said. "He's healthy and Leah's healthy. That keeps things in perspec- tive. This is just golf." Barber said he isn't going to preoccupy himself with trying to hit the ball farther than Two aces, two new cars for golfers in Monticello By Mark Craig Star Tribune Staff Writer I No golfer ever makes a hole in one to win the shiny new car, right? We try. We fail. The car re- turns to the local showroom. That's just the way it is - except for at ,last Thursday's annual Monticello Chamber of Comxxiterce golf tournament. Car dealers were losing their wheels so fast, the Monticello Country Club needed speed bumps around its par 3s. "When I gat to the seventh hole, there was a sign that said the car had already been won," said Tom Feaski, chamber president and tournament di- rector. "Then, by the tune I get to the 14th hole, the car on that hole was gone, too! I never had a chance." Jason Liestman, 34, of Beck- erused a 4-iron from 175 yards over a bunker to ace the sev- enth hole. About 45 minutes later, Jahn Frie, 25, of Monti- cello spun an 8-iron over a pond and back into the cup on the 174-yard 14th hale. "I heard about the first hole in one and I'm thinking, `Na way, that never happens,' " Frie said. "A scratch golfer in my foursome said he's never seen it happen, and he plays in a million of these things. Then I get one. My second hole inane in a month. Wild." Liestman won a $20,500 PT Cruiser from Denny Hecker's Monticello Dodge. Frie won a $33,500 Buick LeSabre from West Metro Buick Pontiac GMC. Insurance covered the cast of both vehicles. "I have a company car," Li- estman said. "But my wife's minivan has 185,000 miles on it. The other day, she said, 'You know, those PT Cruisers are nice.' So I gat her one." According to the United States Golf Register, the odds of hitting a hole in one are any- where from one in 20,000 to one in 33,000. This was Liestman.'s first hole in one. Frie has two. "I can't afford another'one," Frie said. "The bar bills are kill- ing me." The odds of two holes in one coming in one tournament with 136 players are hard to de- termine. "It has to be one in 10 mil- lion," Feaski said. "And we a1- most had two more, We had cars on two of the other par 3s. One hole, a guy came about an inch from a hale in one. The other hole, a guy came within maybe six inches." Feaski said people already are filling up next year's tour- nament. "People want a part of this," Feaski said. "They know when the car dealers up here say they're giving away cars, they're really giving away cars." 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