EDA Agenda 10-8-2002 ACTENUA
MONTICELLO ECONOMIC" DEVELOPMENT AUTHOKITY
. Tuesday, Octnbcr 8, 2402 - 4:40 p.m.
City Hall -Academy Room
MI~,MB I~.RS: Chair Bill I~elllcules, Vice Chair Barb Schwieiltek, Assist "Treasurer Ken Maus,
Clint Herbst, Roger Carlson, Ron 1 loglu-ld, a11C1 1)arrlCl Lahr.
STAFF :Treasurer Rick Wolfsteller, Executive Director Ullie Koropchak, Recorder L.~ori
Kraemer.
GLJEST : yarn Campbell, UA~I~ Chair.
1. Call to Order.
?. Consideration to approve the August 20, 2002 EI)A miilutcs.
;. Consideration oi`adding or removing agenda items.
4. Consideration of Council Referral to Research Assistance or Other Options for k3roadway
Business Owners.
5. Contincled -Cost estimates <lnd ideas Ior drafting cosmetic rc~u' facade illlprovements for
Block ~5 alld input from business owners.
(. Status of GMEF Loan No. 014 and consideration to autllori~e pursuing recovery ok` funds.
7. Consideration to approve the First Amendment to the ball Agreelllent for C~MEF loan
No. 017.
K. Executive Director's Report.
9. Other Business.
0. Ad~OL1C11111e11t.
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MINUTES
MON"I-ICI~:LLO ECONOMIC DEVELOPMENT AUTHORITY
"I~uesdav. August 20, 2002 - X1:00 p.m.
City Flall -Academy Room
Members Present: Chair Bill Demeules. Vice Chair Barb Schwientek, Clint Herbst, Darrin
Lahr, Assistant Treasurer Ken Maus, Ron Hoglund, and Roger Carlson
Staff: Executive Director Ollie Koropchak. Rick Wolfsteller, and Recorder Lori
Kraemer
Guests: Pant Campbell, DAT Chair
Call to order.
Chair Demeules called the meeting to order at ~ p.m. declaring a quorunl.
2. Considcratiolt to a. rove the June ] 8.2002 LUA minutes.
A MO"PION WAS MADI/ 13Y BARB SCHWIL~,NTEK "f0 APPROVI THE -TUNE 18,
2002 I:DA MIND"T'IS AS WRIT~I"EN. RON HOGLUND SECONDED THE MOTION.
MOTION CARRICD WI"i~[ l GLINT I-IERFiST ABSTAINING.
. ~. Consideration of acldin~~ or relnovin~' a Benda items. None
~. Consideration to review fur discussion the rclinlinarv GME:F loan a lieatioll for Ultra
Machining Com an UNIC .
Ollie Koropchak. Executive: Direcror- gave a brief summary of the request by LING for a
loan for `.6200,000- adclin~~ that they were an excellent company with great jobs. It was
claritied that at Icast 90% of the news jobs must pay a wage of`the hi~~hcr of $9.00 per
hour versus ~1.~ ofthc; new jobs as vas stated in the staf`freport. Koropchak is waiting for
a letter on the credit worthiness which slle slated is in process.
Koropchak stated she; had not called for the current prime rate but would do so on
Wednesday. Ron { luglund stated that the prime rate was 4.7a%. They discussed that the
loan should not exceed >0 years. and t11c loan would become null and void on February
20. 200_x. Koropchak provided dr•~twu~~~s of the proposed building.
T"he I':DA discussed as pal"t of the 111x1"ketlll~~ strategy to offer free bus tours to i1MC
employees- free passes ll)l' tllelr 1a111111es t(1 the C011111111I11tV Center. as well as other
~1111eI11til'5 In tht C'lly, wh1Ch lhcy StatL'el could be given out at the ground breaking
scheduled fur Septelllher 20. 2002. "Chem: was no further discussion.
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EDA Minutes - 08/20/02
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j PUb11C l1C<lrln" Gild Col1tiICleCatloll
for L1MC.
c de17v CiMI/1' No. tl!!, a
Koropchak advised that when the EDA grants a loan over $100,000 they must 11o1d a
public hcarln~~.
Chair pemeules opened the public hearing. Ron Hoglund asked if t1MC preferred a .;0
year an7ortizatioll and Koropchak stated that the motion should state consistent with
lender not to exceed a 30 year. a balloon in 5 years-.
A MOTION WAS MADE BY DARRIN LAFI~I,Z~TO/AYBI~L~w ~'RMME ~T~ N ~j%)
FOR. 'LiMC [N ~I~I-IE AMOLINT OI• $.-00,000
AMOR~fIZA'TION NO C "TO EXCEED ;0 YI:ARS_ CONSISTENT WLTI C LENDER,
BALLOON I'AYMI~:N f IN ~ YLARS, AND LOAN FEE OF $200.00. CiMEI•' LOAN
APPROVAL Sl1I3JlC"f "f0 LENDER COMMITMENT. CREDiT W(.>RTi tINESS
Lh."Cl'ER AND C'(7UNC'IL_ RATIFICATION. R L YHOUL1IND S1/CONDEU ~'HE
MOTION. MO~fION CARRI[:D UNANIMO
There Was no further cliscussioll. Chair Del77eules then closed the public hearin~~
r~
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6. Block 3~ in7 rovcments - E:UA Prelin7ina
action of Au gust 1?. ?002.
117ateS aI1CI C1tV C
Koropchak adviscci that she was expectin~~ a Coxed sketch of proposed improvements to
filOCl: ?~ trom ~teVC) C~1'lttlllall, bllt she had llot Yet rCCe1VCd al7yt11111g. Slle CIICI p10~lde a
pl'eVlOLl5 COnCl:pt pltlll. She stateCi Sl1c II7Clllded this a~~enLla 1te117 s111Ce the Clty ~b~a5
recently asked to look into possible inprovements to parking lot of Block 3~ and it was
the consensus of the Council and property owners that they did not want the parking lot
torn up at the same tlnlt as Broadway. They would preter to repau- the parkin4~ lot by
patcllin~~ it up at this time.
Koropchak also recapped some estimates that were received last year. approximately
$70.000 to $7.000 ti)r playa Il11prOVe-llelltti and ~JOv0 ~Oolll~Whereltl7elprope tyt1111eSlare.
I-(erbst stated betore making a decision they should tln~
Ile felt they should di~~ up the a11C~' a11CI put 111 the Catch basn7s. HC als0 staCcd that last
year was not a good year tl) See if them was still a drainage problem.
They also discussed Tavlor surveyin~~ a portion of the alley as this would probably tell
them ~vhcrc the pl'l)peC[y Mlle Clllls. They tilt 171pSt likely the pl'opCCLV 111I1ZV It0 11~11VelltthC
Centel" of cite alley. Sch~vicntck stated she tell they should spend the nu ,
surveyed and get it done right.
EDA Minutes - 08/20/02
Ken Mt1115 aske(1 about going back to what was first intended regarding improving the
looks of the backs of the buildings. I-Ie did not feel that this would help improve the
looks by fixing drainage, y~arbage collection, parkin„ etc. Maus stated he felt the EDA
should ask the owners it`thcy were interested in improving the backs of their buildings
and il`not, the FDA should move on to another block. He felt that the building owners
were more interested in fixing the drainage and garbage collection, not facade
illlprovemcnts.
[7arrin Lahr added that maybe they could entice the owners to fix Llp their buildings if the
EDA could show them sketch plans of possible options. F'am Campbell, DAT Chair,
added that initially they had looked into fixing Llp the backs of the buildings hoping that
the design would entice the owners to proceed. It then went to fixing drainage problems
and icy buildup.
Darrin 1,ahr was excused at 4:40 pm.
Flcrbst stated that possibly the EDA should let the owners know that the EUA is reluctant
to proceed any I`urthcr, state their objective, and see what the building owners woLlld be
willin~.z to do. Koropchak added that the EDA should have cost estimates available to the
owners. Ken Maus added that possibly the EUA should ~~et some more ideas of how- to
work WItl7 the dlttcrellt bUIld111g types and ell'VatlOns. R()n ]-lOglLlnd Stated maybe the
EDA could ~,u to the owners and offer to fix the drainage problem off the roofs, and in
turn ask the building u~vners wllat they would be ~villin~~ to do to address the facades.
Koropchak added that thev had nut directed Cirittnlan to work on building desi~~n, only
plaza/parking lot dcsi~~n.
Barb Scllwientek stated that possibly thG City Council would want to direct the EDA to
have a survey clone to find out who the property owner is, and in doing so easements
would also be dctcrminecl. It was stated that there are no sewer/water lines behind the
huildin4~s. Maus aske(l It the Clty Councll would be interested in asking the owners to ,
deed the alley property to the City so the City can maintain. Maus also asked if the City
could require a developers agl"ee1111'Ilt tt'On1 the propel"ty OWners tOC nlalntall1111!', the alleys
and 12ic1: Wull`stcller stated they could do that, but didn't feel the owners would agree.
[~a117 Ca111pbtIl stateCl that 111 ell(: C('Vltallzatloll plait It states t0 take advalltage of the 111
told out p--otilcs, layer(n4~ roof lines, etc., to create a nice looking buildin~~. Campbell felt
the best the ED;~ C:()lll(1 expl'C:t trOlll the bLlllClln~~ owners would be cosmetic fixes such as
ptllllt" w'lildOw tl'llll. t~()~Vtl' pots, new doors and possibly,~Jarbage enclosures. It was a~~ain
noted that sketches should be drawn up to show ideas of what could be dulle. It was also
asked ifGrlttnlan c()LIId pI"()vlCle tl (:OSt estllllilte as well and Koropchak stated she would
ask. Maus stated that possibly the DA"I~ should review this as well to come up with ideas.
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EDA Minutes - OS/?0/02
Schwientcl: stated that the [;L)A would probably have to bear the cost of the planning as it
is too hard to get all tllc owners together to do this, a11d also suggested that they ask
Grittman first, and if he states that is not his area oFcxpertise. then perhaps kind an
architect, possibly through UA"f, for estimates and concepts to present to the owners.
Maus also stated that if the UA~I" has ideas they should share these with Grittman, or
whoever is going to provide the concepts, so that it is known what the E DA/DAT is
looking for. Koropcllak also stated the revitalization plan has gl.lidelines.
It was the consenslrs that possibly fixing the parkin4~ lot would be a City project. Herbst
stated that perhaps the C ity would choose to tix the parking lot and drainage issues and
assess the owners.
7. Executive Director's Re ort.
KOI'OI)ChClk sllnlrllill'V.CCI het' rCp01't add111g that she IS still WOrl:ing with the "w(:t~" industry
and WAC/SAC' fees wer-c reduced. She is also working on a request Io]- proposal for the
wind ~~cneratin~~ manufacturer who is looking at ;separate buildings. Koropchak felt that
WILh the til"I_e 01 the 17LIIlCIm`~ versus the a111ount ol~ land. the manufactu]•cr 111ay have a
great deal of outdoor stora~~c and that may not be tilt best use of mdustrlal land. She also
marketed several vacant sites and buildings in town.
Koropchal: also talked to I-foot Mfg Co. yesterday who stated no interest in lookin~~ at
sites here at this time. She will check back with him periodically.
Korupchak also) pruvldcci 50111('. Sketches oI,tI1C' i3lock ~? development that is proposed by
Steve .lohnson and nOteCl that the I-IC~A is workin~~ w'1tI1 the111 011 tills pl'O)ect.
$, ALI Olll'n.
A MO"f1ON WA5 MADE fiY ROG[R C'AR[-SON TO AI).IOtJRN "rHE MEETING A"f
~:~0 PM. RON } IOGI.LIND SECONDED TI (E MOTION. MO"PION Cr1RRILU.
Recorder
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~~UA Agenda - 10/8/02
4. Consideration of Council Referral to Research Assistance or Uther ~ bons for
Broadway Business_Owncrs.
A. Reference and background:
At the Septen]bcr 2i, 2002, City Council meeting, Bonze West Broadway business owners
approached tl]e C'ouncll to (11SCL15S the financial il]7pact that the Cout7ty Road 75
(Broadway) construction was having on business owners. 'I~he Council referred this to
the LDA to research options. Sec Attachment A, LlIlapprOVed COLII]C11 I11InL1teS. 11]C
1"Oad Ir17pI'OV~II]er]t alol7g County Road 75 is a Wright CoLll7ty project and the utility
improvcnlent is a City project.
RESEAR(:1 I
In checking with EDA Attorney Dan. Circer7sweig, one way to compensate the business
owr7crs is through tax abatement by the Ciiy. Ilowever, becaLlse the paI•CCIs ilI'e located
within the Downtown TIF District, this option doesn't. exist in Monticello. A second way
to compensate the husirless owners, is Ior the 1~:r)A to establish a policy including cl-itel-ia.
aI]d public purpose. Public purpose -17earling to create jobs, remove substandard
buildings, I-etain jobs, provide affordable housing, increase tax base, ren7ediatiorl of soil
conditions, etc. However, the EDA Attorney noted to he cautious about setting a
. precedence. A question for tl7e EDA to aslc is: What is unique or different about this
1?ublic improvement project.'? Is the replacement of utility lir7cs unic]Lle? The do11al's
would need to be allocated l:ron7 the original Liquor rand or ren]aining DMR(~'.
Secondly, I placed a call. to Dore Levees, Cokota. City Adrninistr-ator, to ask what ~.Il7ci if
the City of Cokato provided assistance to the business owners located along l lighway 12
during the recent Flighway 12 improvements. 1 Ic said the (.'ity was sensitive to tl7c
potential impact to the business owners and prior to construction worked with the
Chamber ol~Conullerce, MDOT, and business owners to minimize the in]pact. Working
with MUO'r, the City contributed less than $10,000 (from general funds) for additional
signage and to run acts in the local newspaper m<lrketing the city's utility service and
custorller service. The Chall7bcr of CornI7]erce assisted with additional ads and posters
and worked with the business owners. The C'Ity pald 170 COlllpel]Sat1oI1 t0 the bLlsmess
OWIICCS.
At the Council n7ceting, the Public WoI'lcs Director and City Engineer Consultant
infi~rnlcd the public that the City provided (paid fol-) additional access signage. Secondly,
the City 1-equestecl the contractor use multi-crews to cornmencc construction
silllultancously at both the cast allcl west ends of County Road 7S in order to expedite
completion of tl]c improvements. Lastly, at the September Council n7eeting, the City
E1)A Agentl~~ - 10/$/02
. l~;nginccr Consultant requested the Chamber of Comine--ce assist with polling the busi)ess
owtlers along County Road 7.5 whether to complete the south-side road ilnpl'ovenlellts
this Tall or next spring.
F,1)A Commissioner Ken Maus contacted the Office ol~the EDA on September 29, 2002,
to inform r11e that he would be out-of-town for the October S`'' meeting and said that he
w~ls the individual who suggested to the Council that this issue may best be han(Iled by
the }~,DA. Maus also indic~lted that although he suggested the FI)A review the business
owners request, did not mean he was supportive of any conlpensatioll. His concern
being "setting a precedence". As he might ask himself "} las Maus Foods been impacted
by const--uction of road or utility improvements`?"
LDA Conlnlissioncl' Barb Sclawientelc contacted the U1`fice of the BDA on October 1,
2002, to itllorill me that she was unable to attend the October 8`'' meeting. I }er input:
Although. elnpathic io the business owners, she felt setting a precedence ~:lnd detcrnlining
criteria for compensation would be very difficult. Slle noted the constr(ictioll period was
temporary and lllany businesses in the past have been and in the futtu-c will he in the same
position. She did ask "l }ow illuch ol~ the itnprovelnent costs would he assessed the
property owner which is normally passed on to the tenant. or business owner'? This all
added iillpact. S}le did support encouraging cornpletiorl ol`the project as soon as
possible.
• Un October 1, 2002, Conltllissioners Hoglund i~11cn-nled the Office ol~tlle El)A chat he
would he leaving the country on ()ct 3 for a month. His input: Uid not support paying
compensation as to avoid setting a precedence.
As of Octoher } , 2002, the C"ity f:ngincer Consultant informed me of pl~:-ns to pave tllc
north-side, east of }-lighway 2S on }Friday/Saturday, October 4 and S and to pave t11e
north-side, west of Highway 2.5 on Tuesday/Wednesday, October' 8 atld 9. }fie also
informed lnc that the results oTthe poll conducted by the Chamber indicated ~.u1
overwhelming percent of~the business owners wanted to see the south-side completed this
year.
13. Alternative Assistance ~md other O .bons:
Since the 1'0701 11111)1'oVen1ellt Is a. County project, 1'eCO111I11enCl the b1.15111CSS OWllers
also approach the Wright ('ollnty Commissioners to create an awarciless, to
request additional access signage and assistance, and/or to encourage an
accelerated completion of the road improvements. (Meet every "Tuesday at 9:00
a.nl., Wl'ight Coutlty (-iovernment Centel'.)
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FDA Agenda - 10/8/02
?. Since the road italprovernent is a County project, recoraanlend the business owners
also approach the Economic Development Partnership of Wright County for
assistance.
>. If the north-side improvement project is taot complete, request assistance ti-otll the
City and County for additional access signagc and/or ra7r.lest the City encourage
an accelerated completion ol'the north-side impl'ovellacnts.
~. l)pon construction of the south-side improvement project, request ~:ISSistancc from
the City and ('ounty tOr addltlorlal access slgnagL alld~or I'eC]ucst the Clty
encourage an accelerated cotnplction of the south-side improvements.
S. ~l,he H:DA establish a policy, criteria, and public purpose to compensate the
bttsincss owners for loss o1'salcs revcllue I-csttltin~, from the impact ol'thc
construction ol'utility irnprovernents.
6. Other Ideas.
C'. Recommendation:
No rea)Inrnendatioll front tlac Clay AdI111ntStrat0l• S1I1CC Ile 15 OUt-OI-tOWIl. It Is the
opinion of the City I/ngineer Consultant that additionally signagc would not lac.lp as
people are aware the businesses arc open anal access signagc is already in place. It
appears that perhaps the Ilorth-side of the project Will he completed or nearly co-llpletcd
by the IDA meeting. So any assistance or cncouragerncnt for additional signagc may
only apply to the south-side. Although enapatllic to the business owners relative to loss oI~
sales revenue, the recomnaelldation of the F,cononlic Development Director ~.uld Deputy
Administrator is to not compensate the busitess owners but to recommend the business
ownct•s approach the Wright County Commissioners to create awareness and to
erlcouragc atl accelerated completion of the road improvements. And to encourage the
same ol'the City Council.. (A portion of alternative no. 1, i, ~.uld/oI' 4.)
D. Su Fortin Data:
Copy of Cotulcil minutes.
Council Minutes - 9/23/Q2
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7. Public Hearing= on the Status of the Twin Ci Die Castro<=s Com stn ro'ect ~tnd
consideration to ado t a resolution extending the "Com Rance Date" of the Small Cities
Cconomic Uevelo ment Grant.
Ollie Karopchal., Cconomic Development Director-, gave a sunamlry of the item. Mayor Eielsaas
opened the public hearing. No one present spoke Inr or against the adoption of tl~e resolution.
ROGER C:ARLSON MOVED TO ADOPT A RESOL[JTION EXTENDING THE
"C'OMI'1,[ANCI DATE'." FROM JUNE 30, 2002, 'I'O .iULY 26, 2003 FOR TFIE SCE[)G TO
"I'I-IE CITY FUR TFII TWIN CITIES DIE CAST:"INGS COMPANY PROJECT. CI.IINT
I-IEItBST SECONDED TI IE MOTION. MOTION CARRICD UNANIMOUSLY. Res. No.
2002-65.
Presentation by Downtown Business Owners on financial i!m act of CSAH 75 construction.
Eloward and Jane Maass of Prairie Edge Gallery, 1 13 West Bt•oadway came before the Council to
discuss the financial impact that the construction taking place on CSAH 75 is having on the downtown
business owners. ,lane Maass noted that some of the businesses had lower sales because of the
construction antl was wondering if any assistance vas available for the business owners. Larry and
Sheri Manos oFthe Monticello Mercantile were also present to address the Council on this issue.
Mayor Belsaas stated that he was not aware of any Funds that would be available throttgh the City and
lie also felt that the taxpayers would be t.tpset if money was given directly to the businesses.
The Mayor felt that this topic might be more appropriate For discussion at the City EDA or County
EI)A. Ollie Koropchal: will set up a meeting and research options, if any, for the EDA to consider.
Bret Weiss, City Engineer, questioned whether the business owners would prefer construction on the
south side of C'SAFI being deferred until next spring. The business owners present will poll the other
business owners and get back to the City.
Reprove pa_ ment.,of bil_IS for September.
9
ROGER CARLS()N MOVED TO APPROVE PAYMENT OF BILLS FOR SEP"1"l?MBF..R.
BRIAN STIJMI'E' SECONDED THE MOTION. MO"PION CARRIED [.JNANIMO[JS[_,Y.
Ad~r!•
10.
I"he meeting was adjo~u-ned at 7:35 p.m.
Recording Secretary
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EDA Agenda - 10/8/02
5. Continued -Oust estimates and ideas fur draftin cosmetic rear facade
im rnvements for Block 35 and in ut from business owners.
A. Reference and back round:
At the August 1~:L)A meeting, the commissioners reviewed the status of the Block 35 alley
improvement project. At the annual meeting of the El..)A in April, the commissioners
elected to terminate the DMR.F~ facade program after- Iivc years and lack of interest. The
EDA ~.rgrced to focus on Block. 35 anal its rear entry appearance. 'The 1~,DA working with
the City Planner C'o-isultant and business owners lool.ed at sketch concepts including
parking to the rear of buildings and trash improvements. 'Iwo cost estimates were
provided: Without sidewalk and curbing, $50,000 and with sidewalk and curbing,
$7.5,000. After additional discussion, a third concept included tl~c addition of parking to
the south side of the alley. This to provide a perception of additional business parking
and a plaza. "l he City Planner is to provide a sketch of that concept. Later "drainage"
became a topic of discussion. Both drainage froril roofs, snow melting, and frozen catch
basin in the alley. According to John Simola to replace and add a second catch basin was
approximately $50,000, not including engineer tees nor cost to slope private surface to
match new alley elevation. The property owners agreed to jointly hire one snow plower
for snow plowing on priv~:rte property arld to wot'k with the public wocl.s department
relative to plowing the alley. Block 35 improvements were delayed to 2002. With the
construction of ro~:id and utility improvements along County 75 in 2002, the EDA delayed
Block 35 improvet~~ents and the City delayed improvements to public parking lot until
200> or until completion of C'ortnty Road 75 improvements.
At the August meeting, Commissioner Maus asked if the EDA participates with
improverilents to the alley as discussed, has the 1:Ul1 met the purpose of the DMRI~'
program to improve the facade (rear) of the buildings? Members agreed the EDA needed
to draft a concept sketch for cosmetic facade improvements and cost estimates to present
to the business owners. 'his as a means to develop a partnership between the EUA and
business owners: What is the concept plan, can it be phased, to determine cost
allocations, obtain necessary approvals, and execute agreement. Koropchal: was directed
to check with the City Planner for recornrncnclation of individuals with expertise to
prcp~.tre rear- Iacadc improvement sketches and cost cstirnates. DAT Chair Campbell to
check on ide~.rs or persons who could develop cosmetic facade iti~provement ideas with
input t`rom L)A'h.
Al Loch, business owner, called the City Planner Consultant for a meeting witl~ business
owners which was hclcl on. September 26, 2002. Campbell grid Koropcl~al< attended.
'1'lie bt.rsincss owners were r.tpdated on the discussions of the EDA in August and were
asked to research records of alley easements or property lines? Liusiness owncr-s were
1•JDA Agenda - 10/8/02
invited to the IDA Octobet• meeting. ()ne of the new owners of Dino's Deli business grid
the property attended. Her name is Sue Swiecichowslci and very positive.
f~eview sketch concept and names of individuals and cost estimates to prepare ideas.
Input. from business owners.
Things to outline: Seleet par-l:ing, trash, and alley improvement concept and
estimated costs working through City approval process and 1)f1"1'.
Select cosmetic facade improvement concepts and estimated costs
working through City approval process and DAT.
l~gr•ee on role of partnership:
ED,A financial corllmitmetlt toward costs of irnprovcrnents.
Business owners cornmitrnent to costs of improvements.
Commcnce-nent date, phased project, and completion date.
Scope oi'improvemertt project.
Draft agreement for execution between the EDA and business
owners.
C]
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F UA Agenda - 10/8/02
• 6. Status of (YMEIN' Loan No. 014 and consideration to authorize ursuin = recove of
funds.
A. Reference and back round:
On February 18, 1998, the I~;DA and T. ,l. Martin, Inc. entered into a Loan Agreement.
The lendet• (I?I)A) agreed to loan the borrower ('}•. J. Martin, lac.) $87,500 to purchase
and irislall certain equipment clesigncd for use at the Minimum Improvements. (See
Attaclu~lent A - filed iJCC-1 anal letter.)
Allen t•eccipt of the aiiached letter ~.uld per the suggestion of the first National Bank of
Elk River, the borrower contacted the Office of the EDA and reported that certain
equipment had been sold during their liquidation sale and noted that 7~. J. Martin, Inc. no
longer existed. As you recall, about a year ago, the EDA authorized monthly loan
payment by aritomatic wire deposit. 'I herefore, the load payback payments arc current.
"I'he cur-rerit remaining bal~.ince of the (iMEF is $45,886.66. In a telephone convers~.ttion
with Eric Bonclhus, their intent with the revenues from the liquidation sale and the
upcoming pcndin}; sale of the real estate is to pay olf tlac l~;l)A loan. In talking with the
first National Bank of F?lk River, he concurs with their intent. The question is whether
the borrower will have sufficient funds to cover their debt. The I~,I)A-GMEF is sccur-cd
by ~r Guaranty Agreement, Promissory Note, aril Security Agreeri~ent. The EDA-CiMFF
• is in a subordinated position behind the ]ender.
I'er t1~e Loan Agreement, I,endcr's Remedies u on Borrower's Default. ilpon an l~:vcnt
of l~cfault by Borrower and after receipt of written notice Ii-om Lender, Lender shall h~~ve
the right to exercise any or all of the following t•emcdies (trnd any other rights and
remedies available to it) :........... .
if the H;l)A authorizes pursuing recovery of funds, a written notice from the EI)A
(Lender) to the T.:1. Martin, lac. (Borrower) will be delivered. This would put the 1-;DA
in the position of the right to exercise any or all remedies while still allowing time for the
Borrower to pay-oll~the (_iMl~:h' loan. Lastly, the written notice to the Borrower and
Bank would state the intent of the EDA.. According to h'irst National Bank of I?Ik River,
the real estate pr•opcrty is expected to be sold around the end of October, 2002.
B. Alternative Actions:
A motion to authorise pursuing recovery of funds for GMI~,h' Loan No. 014 (T..T.
Martin, Inc.).
?. A motion to deny authorization to pursue recovery of funds for CMEI~' Loan No.
•
EDA Agenda - lU/8/U2
• 014 ('I~..I. M~:u°iin, Inc.)
>, A -notion to table arly action.
C. Recommendation:
The r'ecommend~:rtion of the Executive Director and the I~,DA Attorney is Alternative No.
I . This would put the 1~:1)A irl the position and the right to exercise any or all rights to
recovery funds if deed be.
1). Su ortin ~ Data:
Copy of letter to T. J. Martin, Inc. and excerpts from the Loan Agreement.
r~
• -
September 17, 2002
~ `~
Eric I3ondllus and Den1115 BOndhr.tS
T..1. Martin, Inc.
1 347 Dundas Circle
Monticello, MN 55362
Re: 1/DA -GMEF Loan No. 014
Dear E ric and Dennis:
On February 18, 1998, T. J. Martin, lnc. and the Monticello Development Authority (EDA)
entered into a Loan Agreement. The GMEF loan to T. J. Martin, Inc. was a $87,500 machinery
and equipment loan and secl.tred by an Guaranty Agreement, Promissory Note, and Security
Agreement. Attached is a copy of the filed UCC -I.
It is the understanding of the Commissioners of the Monticello EDA that t11e property located at
1;47 Dundas Circle has been sold or is soon to he sold. Additionally, it is their understanding
that a liquidation sale has taken place. As the EDA has an interest in the machinery and
equipment financed throLlgh the GMEF, please advise t11e EDA as to the current status of t11e
machinery and equipment.
The address of the Office ~l~the Monticello EDA is 505 Walnut Street, Suite 1, Monticello, MN
55362 or please call me at 763-271-3208.
Sincerely,
ECONOMIC DEVELOPMENT' AIl'1'F-LORI"1,Y
[N AND FOR TI-lE CI'T'Y OF M(7NTICEGI~O
Ollie Koropchak
I?~cec~ttive Director
c: Greg I-Iohlen, I~ first National L3an1. of Elk River
EUA File
Monticello City Hall, 505 Walnut Strcct, Suite 1, Monticello, MN 55362-8831 - (763) 295-271 I • Fax: (763) 295-4404
Office of Public Works, 909 Golf C:vurse Rd., Monticello, MN 55362 - (763) 295-3170 • Fax: (763) 271-3272
MONTICELLO
09y19-02 14:48 Fram-KENNEQY & GRAVEN
r•
iii
,~,
.STATE OF MINNESOTA i1CC-1
FINANCING STATEMENT This sta[ement
is presented for filing pursuant
to Minnesota Statutes 336.9-402
DEBTOR
T_7. Martin, Inc.
13a7 Durdas Circlz
Monticello, MN 55342
TIN. 4/~ r~~5'~ ~
SECURED PARTY
Monticello Economic Development Authority
P.O. Box 1147
250 East Broadway
Monticello, MN 553b2
Attention: Executive Director
CUI,,,LATERAi.
See attached Exhibit A.
RETURN Q-CKNOWLEYaGMENT COPY TO:
i~ennedy & Graven, Chartered
470 Pillsbury Center
Minneapolis, Minnesota 55402
•
+6123379310
~'
T,J. Martin, Inc_
~~~~.1~~~~~~!
98 FHB 2~ QI~ B~ fl
C~.~, Oi $~~~ c
~~~~~ER51~.~8 F1l.E
By , a
ILS
By ~~;. ~~
Its ns,~,.
By
lts Se ~+`~~
T-273 P.02/03 F-501
E'OR USA BY FILING OFFIC>~R ONLY
4~~`~~~
X4:48 From-KENNEDY ~ GRAUEN
+6123378310 T-273 P.03/03 F-501
EX1~iIBIT A
to UCC~1 Financing StatemeAt naming
T,J, Martin, Tnc., as Debtor
and
Monticello Economic Developmep=Authority
as Secured Parry
~D`1i~~3~~j
Pursuant to The provisions of the Security Agreement dared as of ~~ /y, 199$ ~1e
"Agreement") between the Debtor and Secured Farzy, the Debtar dons hereby assign to and
to the Secured parry all of its right, title and interest in and to: ~t
SuperMax Ma?;,-4 Repel CNC Bedmill
Makinv EDMC-43 including MR-C ,q,,~is 16 position tool changer
FadeI VMC3016 CNC Bedmill and miscellaneous tooling
Two (2) Chevalier Accugzind Super Precision Surface Grinders
l+the u£4uipment`~; canrracrril;hts'-{incltrding contract ri hts
fidelity bands, ar insurance contracts) now or hereafter be onging I;n ~f l~er~°rm~c~ bOn` s,
F4vipmznt, and all proceeds and products of the foregoing. .. Y Y penaining to the
•
4N69Fi5 /~G'`'"%
LOAN AGREEMENT
THIS AGREEMENT is made this ~~ day of ~.a.~w 1998 by T.J. Martin, Inc., a
Minnesota corporation (the "Borrower") and the Monticello Economic Development Authority,
a public body corporate and politic under the laws of Minnesota (the "Lender").
RECITALS
p,. Borrower has entered into that certain Contract for Private Redevelopment dated
\ , 1997 (the "Development Agreement"), pursuant to which Borrower has
acquire certain property in the City of Monticello legally described on the Exhibit A attached
hereto (the "Property") and constructed the Minimum Improvements (as defined in the
Development Agreement).
B. In consideration for the loan contemplated by this Agreement, Borrower has
executed and delivered a Security Agreement (the "Security Agreement") to Lender.
C. Lender agrees to loan to Borrower the maximum amount of $87,500 in order to
pay a portion of the purchase price and installation costs of certain equipment designed for use
at the Minimum Improvements (the "Equipment") (such equipment being described on the Exhibit
B attached hereto).
ACCORDINGLY, to induce Lender to make the Loan to Borrower, and for good and
valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties
hereto agree as follows:
1. The Loan Amount. Subject to and upon the terms and conditions of this
Agreement, Lender agrees to loan to Borrower the sum of Eighty Seven Thousand Five Hundred
and no/IOOths Dollars ($87,500), or so much thereof as is disbursed to Borrower in accordance
with this Agreement (the "Loan"). The Loan shall be evidenced by a promissory note ("Note")
payable by Borrower to Lender substantially in the form of Exhibit C attached to this Agreement,
which shall be dated as of the date of this Agreement. Proceeds of the Loan shall be disbursed
in accordance with Section 3 hereof.
2. Re a ment of Loan. The Laan shall be repaid with interest as follows:
(a) Interest at the rate of six and one half percent (6.50%) per annum shall
accrue From the Loan Closing Date (as hereinafter defined) until the Laan is repaid in full.
(b) Payments of interest shall commence on the first day of the second month
immediately following the Loan Closing Date, and continue on the first day of each and
every month thereafter until paid in full. Such payments shall fully amortize the interest
over seven (7) years; provided, however, the entire remaining unpaid balance of interest
shall be due and payable in full on the first day of the eighty-fifth (85th) month following
the Loan Closing Date.
DJG137452
hIIV325-3
~ (c) Payments of principal shall commence on the first day of the twentyryf fth
month immediately following the Loan Closing Date, and continue an the first day of
each and every month thereafter until paid in full. Such payments shall fully amortize
the principal over five (5) years; provided, however, the entire remaining unpaid balance
of principal shall be due and payable in full on the first day of the eighty-irlfth ($Sth)
month following the Loan Closing Date.
3. Disbursement of Loan Proceeds.
(a) The Loan proceeds shall be paid to Borrower on ~_~__ ~~ ~ ~ 1 ggg
(the "Loan Closing Date"). ~`^-'
(b) The following events shall be conditions precedent to the payment of the
Loan proceeds to Borrower on the :Loan Closing Date:
(i) Borrower having executed and delivered to Lender no later than
three days prior to the Laan Closing Date, without expense to Lender, executed
copies of this Agreement, the Nate, and the Security Agreement;
(ii) Borrower having provided evidence satisfactory to Lender that
Borrower has established a separate accounting system for the exclusive purpose
of recording the receipt and expenditure of the Loan proceeds;
• (iii) Borrower having provided evidence satisfactory to Lender of
commitment and approval of a $100,000 loan from Marquette Bank to Borrower
for the purpose of purchasing the Equipment (the "Bank Loan");
(iv) Borrower having provided evidence satisfactory to Lender of
commitment and approval of an additional $226,750 in lease financing from an
entity reasonably acceptable to Lender (the "Lease Financing");
(v) Borrower having paid to Lender $200 in loan origination fees;
(vi) Borrower having paid all attorney fees, costs, and expenses incurred
by Lender in connection with this Agreement, the Note, and the Security
Agreement; and
(vii) Execution by Carl Bondhus, Eric Bondhus, Dennis Bondhus, and
Lake Tool, Inc. of a Guaranty Agreement substantially in the form Shawn at
Exhibit D to this Agreement.
4. Re resentations and Warranties. Borrower represents and warrants to Lender that:
(a) Borrower is a corporation duly organized and existing in good standing
under the laws of the State of Minnesota.
•
~JG137~S2
hIN325-3 2
(b) Borrower is duly authorized and empowered to execute, deliver, and
perform this Agreement and to borrow money from Lender.
(c) The execution and delivery of this Agreement, and the performance by
Borrower of its obligations hereunder, do not and will not violate or conflict with any
provision of law or the articles or bylaws of Borrower and do not and will not violate or
conflict with, or cause any default or event of default to occur Linder, any agreement
binding upon Borrower.
(d) The execution and delivery of this Agreement has been dLLly approved by
all necessary action of Borrower, and this Agreement has in fact been duly executed and
delivered by Borrower and constitutes its lawful and binding obligation, legally
enforceable against it.
(e) Borrower warrants that it shall keep and maintain books, records, and other
documents relating directly to the receipt and disbursements of Loan proceeds and that
any duly authorized representative of Lender shall, at all reasonable times, have access
to and the right to inspect, copy, audit, and examine all such books, records, and other
documents of Borrower respecting the Loan until the completion of all closeout
procedures and the final settlement and conclusion of all issues arising out of this Loan.
. (f) Borrower warrants that it has fully complied with all applicable state and
federal laws pertaining to its business and will continue said compliance throughout the
terms of this Agreement. If at any time Borrower receives notice of noncompliance from
any governmental entity, Borrower agrees to take any necessary action to comply with the
State or Federal law in question.
(g) `Borrower warrants that it will use the proceeds of the Loan made by
Lender solely for the purchase of the Equipment.
(h) Borrower warrants that it will not create, permit to be created, or allow to
exist any liens, charges, or encumbrances prior to the lien of the Security Agreement,
except:
(i) 'l'he Development Agreement;
(ii) The Bank Loan; and
(iii) The Lease Financing.
(i) Within two years after the Loan Closing Date (the "Compliance Date"), the
Borrower shall cause to be created at least 5 new full-time equivalent (37.5 hours per
week per job) jobs on the Property (over and above any jobs filled by the Borrower in
the State of Minnesota as of the Loan Closing Date) at minimum annual salaries of at
least $30,000 per job, exclusive of benefits. The Borrower shall satisfy this requirement
by submitting to Lender on or before the Compliance Date a written report in a form
reasonably satisfactory to Lender showing that, at any time before the Compliance Date,
DJG137452
NIN325-3
~,. ~~~ ~~
. the Borrower has caused creation of the jobs and attainment of the wage levels specified
an this Section, and that such jobs and wage levels have been maintained for at least 30
days. if the Borrower fails to comply with any of the terms of this Paragraph 4(i), such
failure shall be deemed an Event of Default under the Note, and the Borrower shall repay
to Lender upon written demand Pram Lender the outstanding principal amount of the Loan
together with accrued interest thereon, such repayment to be made with 10 days of
Lender's written demand.
5. F,vent of Default b Borrower. The following shall be F,vents of Default under
this Agreement:
(a) failure to pay when due any principal or interest on the Loan.
(b) any breach or failure of Borrower to perform any other term or condition
of this Agreement, (other than a default specified in Paragraph 5(a)) and such failure shall
continue far thirty days after Lender has given written notice to Borrower specifying such
default or breach unless Lender shall agree in writing to an extension of such time prior
to its expiration; provided, however, if the failure stated in the notice cannot be corrected
within the applicable period, Lender will not unreasonably withhold its consent to an
extension of such time if corrective action is instituted by Borrower within the applicable
period and is being diligently pursued until the Default is corrected, but no such extension
shall be given fox a Default that can be cured by the payment of money (i.e., payment of
taxes, insurance premiums, or other amounts required to be paid hereunder).
(c) an Event of Default occurs under the Development Agreement.
(d) any representation or warranty made by Borrower herein or in any
document, instrument, or certificate given in connection with this Agreement or the
Security Agreement shall be false when made;
(e) Borrower shall fail to pay its debts as they become due, shall make an
assignment for the benefit of its creditors, shall admit in writing its inability to pay its
debts as they become due, shall file a petition under any chapter of the Federal
Bankruptcy Code or any similar law, state or federal, now or hereafter existing, shall
~ become "insolvent" as that term is generally defined under the Federal Bankruptcy Cade,
I
i shall in any involuntary bankruptcy case commenced against it file an answer admitting
insolvency or inability to pay its debts as they become due, ar shall fail to obtain a
~ dismissal of such case within thirty (30) days after its commencement or convert the case
from one chapter of the Federal Bankruptcy Code to another chapter, or be the subject of
an order for relief in such bankruptcy case, ar be adjudged a bankrupt or insolvent, or
I shall have a custodian, trustee or receiver appointed for, or have any cor-rt take
jurisdiction of its property, or any part thereof, in any proceeding f`or the purpose of
reorganization, arrangement, dissolution or liquidation, and such custodian, trustee ar
I ~ receiver shall not be discharged, or such jurisdiction shall not be relingriished, vacated or
stayed within thirty (30) days of the appointment;
I
~JG137452
NIN325-3 4
(f) Borrower shall be dissolved, liquidated, or wound up, or shall fail to
maintain its existence as a going concern in good standing (excepting, reorganizations,
consolidations and/or mergers into or with affiliates owned by, owning or under common
control of or with such entity or into the parent of such entity, provided the succeeding
organization assumes and accepts such entity's obligations hereunder); or
(g) a garnishment summons or writ of attachment is issued against or served
upon Lender for the attachment of any property of Borrower in Lender's possession or
any indebtedness owing to Borrower, unless appropriate papers are filed by Borrower
contesting the same within 3p days after the date of such service or such shorter period
of time as ~x-ay be reasonable in the circumstances.
6. Lender's Remedies upon Borrower's Default. Upon an Event of Default by
Borrower and after receipt of written notice from Lender, Lender shall have the xight to exercise
any or all of the following remedies (and any other rights and remedies available to it):
(a) declare the principal amount of the Loan and any accrued interest thereon
to be immediately due and payable upon providing written notice to Borrower;
(b) suspend its performance under this Loan Agreement; and
(c) take any action provided for at law to enforce compliance by Borrower
with the terms of this Loan Agreement, the Development Agreement, or the Security
Agreement.
In addition, and without limitation of the foregoing, an Event of Default under this Agreement
shall constitute an Event of Default under the Development Agreement, and Lender shall be
entitled to exercise any rights it has under the Development Agreement upon such an occurrence.
7. Lender's Costs of Enforcement of Agreement. If an Event of Default has occurred
as provided herein, then upon demand by Lender, Borrower will pay or reimburse Lender for all
expenses, including all reasonable Fees and disbursements of legal counsel, incurred by Lender
in connection with the enforcement of this Agreement, or in connection with the protection or
enforcement of the interests and collateral security of Lender in any litigation or bankruptcy or
insolvency proceeding or in any action or proceeding relating in any way to the transactions
contemplated by this Agreement.
8. Subordination. Notwithstanding the provisions of this Agreement, any and all
rights, title, or interest Lender may acquire by operation of this Agreement are subordinate to the
Bank Loan and the Lease Financing.
9. Miscellaneous.
(a) Waiver. The performance or observance of any promise or condition set
forth in this Agreement may be waived only in writing. No delay in the exercise of any
power, right or remedy operates as a waiver thereof, nor shall any single or partial
exercise of any other power, right or remedy.
DSG137452
MN325-3
r t~A Agenda - l oiisioz
7. Consideration to ~ .rove the First Amendment to the Loan A regiment for GMLF
No. 017.
A. Reference and back round:
On •Irme 8, 2000, the I?I)A and the Twin City Die Castings Company (TCI)C) entered
into a Loarl Agreement. ~C'he lender (EDA) agreed to loan the borrower (TC17C)
$100,000 to pay for a portion of the purcllasc price and installation costs of certain
equipment designed for use at the Minimum Improvements.
'The GMEF and the City's Small Cities Economic Devcloprncnt Grant ($500,000) were in
ashared-position hchirld the Industrial lZevenuc Bonds. The closing date of the GMEI~
Loan was .Iurle 8, ~()nn. Wlt11111 the LOall Agreement, 4. Representat:ions and Warrantic5,
(i) Within two years alter the Loan Closing Date (the "Compliance Date"), the borrower
sh~.rll cause to be created at leas( eighty-live (85) new full-time equivalent jobs......., no
less than 90% of those jobs must pay a rate equal to or greater than 160% of the then
current k~cderal minimum wage, exclusive of benefits, for erllployees over 20 years of
age. Please read Attachment A -Status report of the "1'CDC project. "1'he Councrl drd
adopt a resolution extending the "Compliance Date" of the Small Cities Economic
Development Crrant. Because the ('ities revolving loan fund policies must inclucle the
DTED policies and to prevent default ol`tlle EDA Loan Agreement, the EDA is requested
• to consider approving the First Amendment to the Loan Agreement extending the
'`C"onlpliarlec Uate" li•om .lone 8, 2002, to .luly 26, 200 ~. Within the Loan Agreement,
1 1. Miscellaneous. (a) Waiver. The performance or observance of any promise or
condition set forth in this Agreement may be waived, amended, or modified only by a.
writing signed by the Borrower and Lender............
B. Alternative Action:
l . A motion to approve the Hirst Amendment to the Loarl Agreement between the
EDA and TCD('.
2. A motion to deny approval of the h'irst Amcndnlerlt to Loan Agreement. between
the EDA arld TCUC.
3. A motion to table any action.
C. Recommendation:
The Executive Director recommends Alternative No. I . This for consistency with tllc
City Loan, HRA-TII~ Agreement, and. D"I'F.D policies and to prevent default oi'Loan
F UA Agenda - 10//8/02
Agreelncnt. In review of the Ll)A-GMEI' Guldcllnes, the Council does laot need to
approve arnendmellts to Loan ngreemcnts, only, amendments to the Guidelines.
D. Su ortin~ Data:
Copy of h'irst Amendment for approval, City Council Agenda. of September 2 ~, and
excerpts from 1_.oan Agreement.
•
•
FIRST AMENDMENT "I'O LOAN AGREEMENT
TkIIS AMENl7MF~NT, nlacle anct entered into as of-the ~~ day o.f
2002, by and between the Monticello Economic Development Authority ("Lender"), ~ public
body corporate and politic under the laws of Minnesota, and Twin City Die Castings Company
("Borrower„), a Minnesota corporation.
WITNESSETH:
W I~IERE?AS, the Lender and the Borrower dicl on .Tune $, 2000, execrtte and deliver that certain
document entitled Loan Agreement ("Agreement"); and.
WI=IERE~AS, the City of Monticello (the "City") and Twin City Die Castings Company (the
"Developer") made and erlterecl into the Agreement far Loan of Small Cities Development
Program F ands (the ``Agreement") dated June 8, 2000; and
WbIEREAS, the I~CoLtsing and Redevelopment Authority in and for the City of Monticello,
Minnesota (the "Authority"), the City of Monticello (the "City"), and Twin City Die Castings
Company (the "Developer") entered into a Contract for Private Redevelopment (the
"Agreement") dated October 2~, 1999; and
WHEREAS, the Chief Building Official for the City issued the Certificate oFOcct.tpancy
Permit for the Minimum Improvements located at 520 Chelsea Road, Monticella, Minnesota., on
.Iuly 26, 2001; and
WHEREAS, the City on September 23, 2002, adopted Resolution No. 2002-65 extending the
Compliance Date within the Agreement for Loan of Small Cities Development Program Funds
from .tune 30, 2002, to July 26, 2003; and
WIuIEREAS, the Borrower has requested that the Lender amend the "Compliance Date" of the
Agreement from the June $, 2002, to July 26, 2003: and
WHEREAS, per Section 11. Miscellaneous. (a) Waiver. The performance or abservance of
any promise or condition set forth in this Agreement may be waived, amenclecl, ar modified only
by a writing signed by Borrower and L,ender............
WHERI~.AS, the I,encler has cletcrmined that it is ita the best interest of the Lander, and the City
and its citizens, to amend the Compliance Date for consistency among Agrecrnents.
NOW "1'k1ERI;l~ORE, based upon the mutual undertaking of the parties, the Agreement is
hereby amended in the following respects.
1. Section 4. Re rescntations and Warranties. (i) is amended to read as follows:
Within two years after the date of issuance of~the Certificate of Occt-pancy (the "Compliance
Uate"), the Borrower shall cause to be created at least ci~ht-five (85) new fti-ll-time eq~-ivalent
jobs ............... .
IN WI"1"NESS W~IEREI;OR, the parties hereto have set their h~utcls ancf seals as of the day
a-xl years tu~st above written.
M<7NTICELLO ECONOMIC
DEVELOPMENT AUT~IORITY
By:_
Title:
•
3y:
Title:
"CWIN CITY DIE CAS~CINGS
COMP~INY
By:
Title:
By:
Title:
2
City Council Agenda - 9/23/02
• 7. Public Hearin = - on the status of the Twin Ci Dic C'astin =s t_~om an rroect and
consideration to ado t a resolution extcndin the "C'om fiance Uate" of the Small
Cities Economic Develo ment CTrant. (C).K.)
A. Reference and back =round:
l~irsi, the City Council is asked to hold a public hcariilg to discuss the status of the Twin
City Dic Castings ('onlpany ('I'CUC') project.. 't'his public hearing is a requirement of the
Small Cities Economic Development CTrant (SCEUG) criteriai because the City was
awarded or received dollars from HIJU/Hederal gove--nnlent. The public hearing notice
appeared in the local newspaper oil September 12 gild 19, 2002,
PUBLIC IIEARiNG -'hO DISCi)SS THE STATi1S Or THE TCDC PROJECT
On June 8, 2000, the City of Monticello and TCDC entered into a Loan Agreement. T'11c
machinery and equipment load wi-s in the amount of `1;500,000 at an i~lterest rate of 4%,
amortized over 10 years with a balloon payment in yeiir seven. Alter disbursement of the
$100,000 F.DA-(TMF',), Loan, the first disbursement payment of t11e S("I;I)G to the City
for a loan to 'TCDC was made on June 21, 2000; therefore, the "Compliance Date" or
"Grath Close Uut Date" hccatne June 30, 2002. The SCI-;[)C~ and EDA-GM1JF loan
paybacl: payments bcgatl July 1, 2000. Both loan payback payments arc current.
TCDC a reed to construct a ;( 000+ s care foot tnanttfacturnl, f '
g q ~ actltty to Phase I and to
create XS Clew jobs. I'or the purpose of the SCF,UG, _51% of the jobs must. be filled by
persons wllo reside in households of low to moderate income (I,MI).
Uuc to unusual circumstances related to construction of a nlagnesit.tm plant, the initial
construction completion date within the `I"I h' Contract for Private Development was
atllended frottl.lune 1, 2000, to April 1, 2001. Atemporary-partial Certificate of
Occupancy Permit was issued on March 21, 2001, and the Certificate of Occupancy
Permit issued on ;luly 2G, 2001. For taxes payable 2002, the estimated market value
of the project is $1,_572,400 and the net taxes arc $63,358.
As part of the criteria for HIJD/F~'ederal dollars, Carol Pressley-Olson, MN Dept of'I'rade
and F.,conotllic Devclopnlent, monitored. the City files atxl ledgers and toured the "1'CI)C
plant on August 2G, 2002. I'resslcy-Olson found the City files and ledgers to be in
excellent order with a few follow-up things to do such as this public hearing and the
upcoming discussion. at the HRA sleeting relative. to the Fair I-iousitlg Act. Additionally.,
she noted the promptness of payback payments by the business. See attached sutnnlary
letter.
•
City Council Agenda - 9/23/02
As of the Filial Annual Progress Report of .lone 30, 2002, TCDC reported the creation of
65 full-time jobs (29 Non-I..,MI and 36 I,MI) ol'tllc $5 conltnitted jobs. l_lpon monitoring
of tilt job atld Wage goals by Pressley-Olson, it was noted that temporary filll-time
employnlcnt is trot acceptable by the I Ii1D/Federal criteria. Alter monitoring of the Liles
by Pressley-Olsotl, the acceptable number of jobs created according to HiiD/T~'ederal
criteria. was 40 (23 Non-I,MI atul l7 I,MI). Upon touring the facility, Pressley-Olson
reported seeing awell-managed company, a clean operatiotl, and an impressive building
anti machinery/equipment. Pressley-Olson remains eager to work with the business and
detel-tninecl to sec the business meet rile 51 °/, LMI job creation. Mr. Doug 1-farmon, Vice
President ol~Twin City Die Castings, conducted the platlt toLtr and informed I'ressley-
Olson and Koropchal< ol'the following: 'l~he company has felt an impact from the
economic recession which in-turn affected the m.ttllber of jobs created; however, the
Monticello plclllt is I~1"Oflttlble. Additionally, Mr. Harmon doted to remain competitive in
a global market, the company's philosophy is to nlakc greater illvcsttnents in high tech
machinery and to add less personnel bLlt to employ a higher paid/skilled personnel. This
concludes the status report of the TCDC project.
After closing the public hearing, please consider adoptitlg the resolution.
ADOP'hION OF RI';SOLUTION
Pcr the HUD/Federal criteria, a bLislness -s allc)Wf'.d tW0 years fI"0111 file date of 1ssLlanCC OI
the Occupancy Permit to create the job and wage goals; therefore, the City Council is
asked to adopt a resolution extending the "Compliance Date" (Close Out Date) for the
SCEDG fi•onl .lone 30, 2002, to July 26, 200 ~ (two years from date of issuance of the
Occupancy Permit).
B. Alternative Action:
A. A motion to adopt a resolution extending the "Compliance Date" froth June 30,
2002, to .luly 26, 2003, for the SC'1~~DG to the City I'or the TCDC project.
F3. A lllotiorl to deny adoption of a resolution extending the "Conlpliatlce Date"' from
.Tune 30. 2002, to .Iuly 26, 200 ~, for the SCF:DG to the City for the TCDC project.
C. A motion to table any action.
C. Recommendation:
Recornrnetldation of the City Administrator and Economic Development Director is
alternative no. 1. Since the HUD/l~cdc--al criteria allows for two years from date of~
~i
City Council Agenda - 9/23/02
issuance of the Occupancy I'eI'nllt to meet the job and wage criteria, this is considered a
housekeeping iteIll.
U• 5u ortin Uata:
Public hearing notice, sunln~ary letter, and resolution Ior adoption.
•
I
i
i
_ LOAN AGREEMENT
This Loan Agreement ("Agreement") is made this `~~ day of J~~'D 2000, by
Twin City Die Castings Company ("Borrower"), a Minnesota corporation, and the Monticello
Economic Development Authority ("Lender"), a public body corporate and politic under the laws of
Minnesota.
RECITALS
A. Borrower has entered into a Contract for Private Redevelopment dated
ac-~o 6v ~ ~,~ 1999 ("Development Agreement"), as it may be amended, pursuant to
which Borrower has acquired certain property in the City of Monticello legally described on the
Exhibit A attached hereto ("Property") and constructed the Minimum Improvements (as defined in
the Development Agreement).
B. In consideration for the loan contemplated by this Agreement, Borrower has
executed and delivered a security agreement (the "Security Agreement") to Lender.
C. Lender agrees to loan to Borrower the maximum amount of $100,000 to pay a
portion of the purchase price and installation costs of certain equipment ("Equipment") (such
equipment being described on the Exhibit B attached hereto) designed for use at the Minimum
Improvements.
• ACCORDINGLY, to induce Lender to make the Loan to Borrower, and for ood and
g
valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties
hereto agree as follows:
1. The Loan Amount. Subject to and upon the terms and conditions of this Agreement,
Lender agrees to loan to Borrower the sum of One Hundred Thousand and no/100ths Dollars
($100,000), or so much thereof as is disbursed to Borrower in accordance with this Agreement
("Loan"). The Loan shall be evidenced by a promissory note ("Note") payable by Borrower to
Lender and substantially in the form of Exhibit C attached to this Agreement, which shall be dated
as of the date of this Agreement. Proceeds of the Loan shall be disbursed in accordance with
Section 3 hereof.
2. Re~~a~ent of Loan. The Loan shall be repaid with interest as follows:
(a) Interest at the rate of six and one_quarter percent (6.25%) per annum shall
accrue from the Loan Closing Date (as hereinafter defined) until the Loan is repaid in full.
(b) Payments of principal and interest shall commence on the xirst day of the
first month immediately following the Loan Closing Date, and continue on the first day of
each and every month thereafter until paid in full. Such payments shall fully amortize the
Loan over seven (7) years; provided, however, the entire remaining unpaid balance of
•
r.rc-i ~ i i s~ 1
MN325-8
ii ~ of Borrower, and this Agreement has in fact been duly executed and
B mower and constitutes its lawful and binding obligation, legally enforceable
~~,r:
^~d~; (e) Borrower warrants that it sh d d sbu cements ofrLoan proceedsdand that any
"~~ documents relaring directly to the receipt an
duly authorized representative of Lender shall,l such booksabecords,sand other documents
the right to inspect, copy, audit, and examine al
of Borrower pertaining to the Loan until the completion olu~Loan~eout procedures and the
final settlement and conclusion of all issues arising out of t
(~ Borrower warrants that it has fully complied with all applicable state and
federal laws pertaining to its business and will continue to comply throughout the terms of
this Agreement. if at any time Borrower receives notice of noncompliance from any
governmental entity, Borrower agrees to take any necessary action to comply with the state
or federal law in question.
(g) Borrower warrants that it will use the proceeds of the Loan made by Lender
solely for the purchase of the Equipment.
(h) Borrower warrants that it will not create, permit to be created, or allow to
exist any liens, charges, or encumbra therwise authorized n writing by the Lender.nt> except
the Development Agreement and as o
(i) Within two years after the Loan Closing Date ("Compliance Date"), the
Borrower shall cause to be created at least eighty-five (85) new full-time eq obs filled bs
(37.5 hours per week per job) in the City of Monticello (over and above any j Y
the Borrower in the state of Minnesota as of the Compliance Date). At all times during the
term of this Agreement, no less than ninety percent (90%) of those jobs must pay a rate
equal to or greater than one-hundred sixty percent (160%) of Y e the ears of a eedThe
minimum wage, exclusive of benefits, for employees over twent (20) y g
Borrower shall satisfy that requirement by submitting to Lender annual written reports in a
form reasonably satisfactory to Lender, showing that the Borrower has created the jobs and
attained the wage levels specified in this Section, and that suechf oils ton omply withlany of
been maintained for at least thirty (30) days. if the Borrow
the terms of this Paragraph El(i), such failure shall be deemed an Event of Default under the
Note, and the Borrower shall repay to Lender upon written demand from Lender the
outstanding principal amount of the Loan tv feLthend is wri ten demand st thereon. Such
repayment must be made within ten (10) days
$_ Event of Default b Borrower. The following shall be Events of Default under this
Agreement:
(a) failure to pay any principal or interest on the Loan when due;
(b) an Event of Default occurs under the Development Agreement;
•
Prc-i~~ ig~ 3
MN325-8
,-` and, and upon the failure of Borrower to do so, Lender
~~mmediately upon dem d a able.
fu~the Loan immediately due an p y
f harmless provision shall sua event of
This indemnification and h°ld Teement and the creation and p ym
(c) erfnrmance of this Ag regiment
on, delivery, and p r. Borrower waives notice of the acceptance of this Ag
~ indebtedness to bende
1y Lender.
~`" 5ecunt .
10. ^~~
e Loan, Borrower is delivering the Lei erari den cal lettereof
(a) ~ Security for th laced y
has taken title to and possession at the Property of
-fie Letter of Credit shall remaiWerffective, or shall be rep ?,t such time, the
credit until such time as $On0 regiment and Borrower will
ent with a purchase price of at 1$ to ttJ.ee Security Age oan
Equipm but only then, will
Equipment will be identified in Exhibit ment and then, rnvided further,
rovide Lender with a UCC-1 covering suchoEaei~e Letter of Credit; p
p anon top the Loan under this Loan
Borrower be released from its oblig ations to repay
however, that, if Borrower fulfills all of its oblig
while the Letter of Credit or successor h tlteetter of Credit~n e ect,
Agreement and the Note rovide su
then Borrower shall be released from its obligation to p 7 'ons under this Agreement or
(b) Upon failure of Borrower to perform its obligati
b a uarantor to perform the guarantor's obligatioenesment aid
the Nate, or upon any failure y g draw on the
nder may declare the Developer to beV dedeherleinnLe~der m Y f
Guaranty, ~ roceeds of the Letter o
upon failure of Borrower to cure ~ overuto Lender. From thY,ender as the result of such
Letter of Credit proceeds to be P damages incurred by
Credit, Lender shall be reimbue sd eng ne ring fees, and other technical, administrative, and
attorneys f , hts hereunder. Borrower, and
default, and for any to the exercise of Lender's rig
professional assistance relatinghe Guaranty, shall be liable to Lend~a es or costs arising
the guarantors as set forth in
r of Credit, is inadequate to reimburse Lender for Lenders g
Lette
from such default.
11 Miscellaneous.
romise or condition set
(a) W, a~ . ~e performance or observance of any p b a writing signed by
be waived, amended, or modified only y o erates as a
forth in this Agreement may ower, right, or remedy p
in the e~aliexerci e op any other power, right, or remedy-
Borrower and Lender. No desangle or p
waiver thereof, nor shall any u on Borrower and its
(b) Assi nment. 'T'his Agreement shall be binding P
hall inure to the benefit of Lender anndai beltiransferred ~
successors and assigns a owers specifically conferred upon bender y
assigns. All rights and p TJS. Borrower's rights and obligations
Lender to any of its successors aWhe such assignment is approved in wasting
delegated by ned only
under this Agreement may be assig
by bender.
PJG171187
MN325-8
6
EDA Agenct~~ - t0/()S/02
8. Consideration of I+.xecutivc Direct hr's t7eport.
a) Letter front CompuCredit. Attachrncnt A.
b) Copy of Illill'1<etlllg Ilteratllre for R]Verwalk. BUlldlllg perllllts have beC11 IssllCd.
Attachment B. I'crralits issued.
c) Attended NAI~RO Conference, following sessions attended:
Fair Housing Facts; Big E3ox v. New L11•banis111; marketing your conllnunity, large
rn- shall; selling you community to retailers; industrial/business part: development
101; and avoiding icebergs.
d) Cal-gill Kitcllcns - cornlllitted to Big Lake. Already grading.
e) Manufacturer of wind blades, towers, and turbines -Per State representative, interested
in communities with wind farms.
f) I31•ochllres -Another 100 mailed this month. Industrial leads vel-y quiet.
g) UMC -You should have 1'cceived your invitation to the groundbreaking, Please RSVP
at ntullber listed. 'I71e program will be at ~:;0 p.nl. H~:lve plaque, family passes to
community center, C0111I1111111ty gL11deS, and DTrD plans to announce the award of the
State grant to the city Ior the IJMC' project. I~,DA application fee received, Attachment
C. 1,hc city was awarded the $290,000 grant for the L1MC project, Attachment D.
h) l'roductioll Stamping - nlay not construct until spring.
1) ~LlIlI1y I'1•esll hosted bI-eal<fast of ()etober ~ canceled ,will be rescheduled. Sunny h'resh
to present $60,000 check to ('MI-IP for Drake Court project. COllstrllctl011 t0 heg111
(>ctobcr 1 or 7. Building pcrnlit requested. No plat or copy ol`Association Agrcerncnt.
l) Managcnlcni OI' IllOlllt0l'lllg Items: DOCl1meIltS foT I.1MC': TIF (Want: commitment,
insurance evidence) CiMEF, State.
Tapper - CiM(~:1~' (,.losing. 10-1-02 Equipment 11ot in or installed. Non-perfor111allce
date is December 1$, 200?.
Record at County -Hans Hagell Assessment Agreement, f~ ront Porch Contract.
Monitor - I~rollt Porch income level qualification docu111entation.
Production Stamping - Iollowup on TIF Contract.
('reatc new TIF sunllnary sheets for District 1- i0, 1- i ] , 1- ~2.
Meet with County Auditor relative to parcels to bring back info TIF 1-22.
Still holding August TIF payment on I'rairic West - City requesting as-built on lot via
complaint by owner.
Need to compile Adn1 expenses for new districts to invoice and cornpilc h'ront Street
costs lot- comparison with budget. Have not received invoice from Veit and. City
I~;nginecr for Front Street grading.
m) Met with Reliant L;nergy representatives on Septenlhcl- ?(: Arnie l lcndrickson and
Shelli Iloude.
n) ('rest Health Care -booking for 10,000 sq l:t office space. They manufacturer parts
and equipment for 1lcalth c~u'e facilities out of Dassel, MN.
o) H-Window building -The real estate agent infornlcd n1c the price of the facility has
C]
EDA Al;enda - 1U/U8/02
b['C11 l'edLlceCl tr0111 ~~.4 nlllll011 LO'~2.8 Illlllloll. A IOCaI 111VeStp1- IS lOOklIlg at the
binlCllllg for possible pure}lase fol- Icasc.
p) Fallon huilding -selling price also reduced. Don't. know the alnoullt.
CI~ M1llrlesOta. C[)171111UIllty Capital l~'und - Agaill I was contacted by ibis agent of
Monticello itlterest to become a nlelllber. I did not invite hire to t}le EDA, since the
adjustable and fixed interest rate is expected to be over prime and the application fee is
greater than that of a lender. "Ihe program appeals geared for gap Ilnanclllg (Iwn-
c}ualiticd lender ftlclds). The Wright County Partnership is participating in the arllount oI
$25,000 which means $250,000 is available for use by .Monticello businesses or
prospects. } lc did note for example l-i;lk River participation along with Sherburne County
Partner for avail~lble fu-lds of $750,000. It was his thought, the agency would welconlc
new members ~.llter the charter nlcnlber formation. but he could not guarantee this.
Attachment C. Let nle know if the I~.DA feels differently.
C~MPUCREDIT
~n~°nninr int°rmstion \ntO ~~t~a
September 9, 2002
M5 Ollie Koropchak
City of Monticello
505 Walnut Street, Suite 1
Monticello, MN 5533F2
Dear Mt,.Koropchak:
r~ .
t~ ~
i ~~ ~ sE~ i; 3 2002
~~ ,
On behalf of the management team at CompuCredit, I want to thank you for your
warm hospitality. Since first coming to St. Cloud and Monticello, I have been
impressed with the openness and warmth displayed by individuals with whom I
have had the pleasure of meeting.
I believe that we have entered into a mutually beneficial partnership that will
result in along-lasting relationship of trust, opportunity and openness. I envision
a relationship that will continue to provide good employment opportunities for the
people of St. Cloud and Monticello; a relationship that will contribute to the high
quality of life for which Minnesota is known.
It is particularly gratifying for me to know that 100 percent of the employees hired
by CompuCredit in St. Cloud and Monticello are former Fingerhut employees. I
speak for the entire management team in saying that we appreciate the
opportunity to keep these hard working, capable individuals employed in their
communities of choice as they raise their families and seek desired levels of self-
sufficiency.
CompuCredit believes in being a good corporate citizen. As business leaders,
we accept our role in providing opportunities for communities like St. Cloud and
Monticello to prosper from a healthy and diverse economy.
Clearly from our conversations, I have much to learn about the area, though you
have provided some important insight. I now know that the barrage of snow this
Southerner experienced last February was not a blizzard because "St. Cloud
doesn't have blizzards." I appreciated Commissioner Haws' optimism that winter
months, though cold, keep the famed Minnesota mosquito in hiding. Having
heard the term "Johnnie," I am relieved to know its derivation.
•
245 Perimeter Center Parkway - Suite 600 - Atlanta, GA 30346 -
(770) 206-6200 - www.compucredit.com
Most importantly, I learned that we share a common band of concern and hope
for our fellow friends and neighbors. On behalf of CompuCredit President Rich
House and myself, I extend warm appreciation for your support and interest in
CompuCredit. I will keep you up to date as we proceed with our investment in
mainta~ng a healthy work environment for our valued employees.
~(rd Gilbert
Chairman
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iverwalk
`Ioivnhomes
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...... .... Y..w-....ww _ .__. •-~._.-. _. _.. _ . ..
Starting at $247,900
For information call:
Gary DeBoer
612-281-4425 -- Cc:II
763-295-5545 -Home
B
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Mary Williamson
612-644-1778 -Cell
763-878-2727 -Home
Office
763-295-5990
All one level living...
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Hagen
Homes
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1683 Square Fee#
Finished
Plans and specifications are constantly chan~cd to better serve our customers. Final plans and specifications will determine dimensions. elevations, and
products used. 4/01 All plans are copyrighted by Flans Ma~•en Homes. Inc.. MN builder license no. DU1291
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Experience the luxury of these Hans Hagen Homes with all the extras and amenities you
could wish for and the convenience of one-level livin~7. Enjoy the view of the tranquil
Mississippi flowing by your door, or relax on your private patio. Whether it's your first
impression of privacy, luxury, or your Cinal feclin4~ of satisfaction, this home will meet
your highest expectations.
EU~K HtluY~
O~~o~funrrv
RIVERWAL~ Tower-TOMES BY
xalvs ~~EN xo~s
STANDARD FEATURES:
WROUGHT IRON FENCE
FIREPLACE WITH MARBLE SURROUND
SKYLIGHT IN SUNROOM
LARGE PRIVATE PATIO
10 FOOT CEILINGS
ARCHED OPENINGS
COLUMNS
BRICK AND CEDAR EXTERIOR
LARGE MASTER SUITE AND MASTER BATH
EXTRA LARGE WALK-IN CLOSETS
CENTRAL AIR CONDITION~tG
LARGE FRONT PORCH WITH COLUMNS
CENTER ISLAND IN KITCHEN
EATING AREA IN KITCHEN PLUS LARGE DIlVING AREA
STOVE, DISHWASHER, AND DISPOSAL INCLUDED
EXTRA STORAGE IN AND ABOVE OVERSIZED GARAGE
MANY UPGRADES AND OPTIONS AVAILABLE
FOR MORE INFORMATION CALL:
GARY DE BOER 763-295-5545 OR
MARY WILLIAMSON 612-644-1775
WRIGHT SHERB REALTY
763-295-5994
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Dev~el~o m c
p ent
September 26, 2002
>,
The Hanarablc Roger Bclsaas
Mayor of the City of Monticello
505 W nut Street, Suite t
Monticello, MN 55362-0676
Drat Mayor Belsaas~
I am pleased to inforrri you that the City of Monticello's application for a
Minnesota Investment Fund grant w~ approves on September 23, 20D2. As
outlined in the approved application, the City of Monticello will make a Ivan of
$29D,000 to Ultra Machining Company.
A giant agreement is being prepared by the Business and Community
~_ Development Division staff. They wi]1 also provide you with additional
infortnatian about your grant awl to help you achieve your economic
develvptnent goals.
Also, please Wort that your approved application becomes part of the grant
agreement_ For additional information, contact Paul A. Moe, Director of
Business Finance, at X51-2g7-1391_
Finally, let me extend my congratulations to you and your staff for developing a
successful project application to help address your community and economic
deti'clopmcnt needs.
Sincerely,
~~c-es~~vv.~C~
Rebecca Yazusch
Commissioner
-~-•-~
S00 Metro Square ^ 12Y 7th Place a5t ^
~dted_5tate.mn.ps 6S1•~g7-1,291 ^ SUU-057-3858 ^ ~~~~~1~71+~inncsota 55101-2146 ^ CISA
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Monticeno Chamber of Commerce
205 Pine Street
PO BoY 192
MontiC,ellO, MN. 55362
Phone: 7fi3-295-2700
Fax: 7fi3.295-2705
~m~il:
Web:
MCNTICELL~ CHAMBER QF COMMERCE
Ta Fax:
- Date-__ ~ ~ -~ -~0~--
From: ~ - - -
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Re: Pages: -
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• ~lJrgertt For Review Please Comment „please Reply Tplease recycle
ai ~ worlL~ iuzE ~ p~o~cr To eorrrnvoE a,1vD BE
CO LETED
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•
11 X`WOULD7.IKE TO 5EE'THE SO[TI'H~.A,LF o'F~iEPROJECT
DELAYED LJKTI~I. SPRYNG.
Es ` aced ercent ofbusiness cvenuelost du ` truttion.
Amounts lured by business, n/a means they d#dn't list amount
Monticello Merchantrle 37%
Going in Style/Riventreet Station 35%
Goeman Realty 0%
Shumans Bait Shop SO%
Agosto Law Office 0%
Monticello Quilt Shop 60 - 70°1°
COnroy Law QffiCe 0%
Amcri~an Express 0%
Monticello Liquor 20% P~ day
Fd Jones Investments 0 -1
Teri's Office Products 50% of walk-in
Pump n Munch 25%
Wafts Pawn Shop 90 - 95%
Platinum Realty 2S%
B1aCk Dog Realty 20%
Stitch in Time 20%
Carlson Wagonlit Travel 30%
Taylor Land Surveyors 0%
Monticello-Big Lake Hospital 2%
Cleary Construction 5 -.10%
Wright Sherburne Realty 30%
Monticello Vacuum 25%
Prairie's Edge Gallery 40%
Studer Chiropractic 1S%
Monticello Theatre 35%
Spa Botanica ~%
Monticello Merchanti7e 37%
Lakeland Family Dental n/a
Crostini Grille n/a
Rcds Marathon n/a
Hills Tax Service 0% il' completed this year
Cedar Street Garden Ctr. n/a
Primerica n/a
C,