EDA Meeting Minutes - 11/22/2022 (Special)MINUTES
SPECIAL MEETING - ECONOMIC DEVELOPMENT AUTHORITY (EDA)
Tuesday, November 22nd, 2022 — 7:30 a.m.
Mississippi Room, Monticello Community Center
Commissioners Present: President Steve Johnson, 011ie Koropchak-White, Councilmembers
Lloyd Hilgart and Charlotte Gabler
Commissioners Absent: Vice -President Jon Morphew, Treasurer Tracy Hinz, Hali Sittig
Staff Present: Executive Director Jim Thares, Angela Schumann, Hayden
Stensgard
1. Call to Order
President Steve Johnson called the special meeting of the Monticello EDA to order at
7:30 a.m.
2. Roll Call
Mr. Johnson called the roll.
3. Consideration of additional agenda items
None
4. Consent Agenda
None
Regular Agenda
S. Consideration of Resolution No. 2022-36 Approving a TIF Note Assignment (Pledge)
Agreement, Consent and Acknowledgement between Monticello Townhomes CHC
LLC, Bremer Bank, and the EDA in connection with the twin home residential
development proposal at Country Club Manor, Second Addition
Executive Director Jim Thares provided an overview of the agenda item to the EDA and
the public. The townhome portion of the proposed and approved Headwaters West
residential development is to be assigned to another entity, Community Housing
Corporation (CHC), St. Paul, MN. With EDA approval, CHC will take responsibility of the
townhome portion of the development, including the recently established TIF district, 1-
43. Headwaters Development will still oversee the physical development of the project.
CHARLOTTE GABLER MOVED TO ADOPT RESOLUTION NO. 2022-36 APPROVING THE TIF
NOTE ASSIGNMENT (PLEDGE) AGREEMENT, CONSENT AND ACKNOWLEDGMENT
BETWEEN MONTICELLO TOWNHOMES CHC LLC, BREMER BANK, AND THE EDA IN
CONNECTION WITH THE TWIN HOME RESIDENTIAL DEVELOPMENT PROPOSAL AT
COUNTRY CLUB MANOR, SECOND ADDITION. OLLIE KORPCHAK-WHITE SECONDED THE
MOTION. MOTION CARRIED UNANIMOUSLY, 4-0.
6. Consideration of Resolution No. 2022-37 — Subordination Agreement between CHC
Monticello Townhomes LLC, Bremer Bank, and the EDA in connection with the twin
home residential development proposal at Country Club Manor, Second Addition
Mr. Thares provided an overview of the agenda item to the EDA and the public. It was
noted that if the EDA would like to see a corporate guaranty related to this item (from
CHC to the EDA), they can do so by adding that piece to the proposed motion of
approval.
CHARLOTTE GABLER MOVED TO ADOPT RESOLUTION NO. 2022-37 APPROVING THE
REVERTER SUBORDINATION AGREEMENT BETWEEN MONTICELLO TOWNHOMES CHC
LLC, BREMER BANK AND THE EDA IN CONNECTION WITH THE TWIN HOME RESIDENTIAL
DEVELOPMENT PROPOSAL AT COUNTRY CLUB MANOR, SECOND ADDITION WITH THE
INCLUSION OF A CORPORATE GUARANTY. OLLIE KOROPCHAK-WHITE SECONDED THE
MOTION. MOTION CARRIED UNANIMOUSLY, 4-0.
7. Adjourn
OLLIE KOROPCHAK-WHITE MOVED TO ADJOURN THE SPECIAL MEETING OF THE
MONTICELLO EDA. CHARLOTTE GABLER SECONDED THE MOTION. MOTION CARRIED
UNANIMOUSLY, 4-0. MEETING ADJOURNED AT 7:55 P.M.
Recorded By: Hayden Stensgard
Date Approved: January 11, 2023
ATTEST:
res, Executive Director