EDA Resolution 2012-035CITY OF MONTICELLO
WRIGHT COUNTY, MINNESOTA
EDA RESOLUTION NO. 2012-035
APPROVING A GMEF LOAN AGREEMENT BETWEEN THE CITY OF
MONTICELLO ECONOMIC DEVELOPMENT AUTHORITY AND JACOBSON
VETERINARY PROPERTIES LLC
BE IT RESOLVED BY the Board of Commissioners ('Board ") of the City of Monticello
Economic Development Authority, Monticello, Minnesota (the "Authority" or "Holder ") as
follows:
Section 1. Recitals.
1.01. The Authority and Jacobson Veterinary Properties LLC (the `Borrower ") desire to
enter into a loan agreement (the "Loan Agreement ") for a GMEF Loan to be used for equipment
purchases as described in "Exhibit A" hereto (the "Property") in order to establish an urgent care
veterinary clinic thereon.
1.02. Pursuant to the Loan Agreement, the Authority will loan to the Borrower the sum of
$140,000 (the "Loan"), evidenced by a promissory note (the "Note ") and a mortgage (the
"Mortgage "), to be executed and delivered to the Authority by the Borrower.
1.03. The terms of the Loan Agreement and Note shall conform to the Amended GMEF
Guidelines approved by the Authority on 23`d March 2009, including a term of the loan of seven
years, and a fixed interest rate of 3.0 %.
Section 2. Loan Agreement and Note Authorized.
2.01. The Authority hereby authorizes and directs Authority staff and consultants to
negotiate and prepare the Loan Agreement and Note as provided herein, and authorizes
execution of the Loan Agreement and all documents prepared in connection therewith.
APPROVED BY, by the Board of Commissioners of the City of Monticello Economic
Development Authority this 11th day of April, 2012.
MONTICELLO ECONOMIC DEVELOPMENT
AUTHORITY
ill be meules, President
EXHIBIT A
Property Description
Lot 1, Block 1, Monticello Business Center 6`h Addition
City of Monticello, Wright County, Minnesota
A -1