EDA Agenda 02-11-2009 (Workshop Meeting)WORKSHOP AGENDA
CITY OF MONTICELLO ECONOMIC DEVELOPMENT AUTHORITY
Wednesday, February 11, 2009
6:00 p.m.
Academy Room
Commissioners: President Bill Demeules, Vice President Dan Frie, Treasurer Bill Tapper, Bill Fair, Bob
Viering, and Council members Tom Perrault and Brian Stumpf
Staff: EDA Executive Director Megan Barnett
1. Call to Order
2. Discuss Business Subsidy Criteria documents:
a. Business Subsidy Criteria (proposed new City applicable document)
b. Tax Increment Financing (only removing section that includes general Business Subsidy
criteria language. This section is now a standalone document called "Business Subsidy
Criteria ")
c. Greater Monticello Enterprise Fund (GMEF)
d_ . Small Cities Economic Development Set Aside Fund (to be distributed to the EDA on
Monday)
Adjournment.
CITY OF MONTICELLO
CITY OF MONTICELLO ECONOMIC DEVELOPMENT AUTHORITY
BUSINESS SUBSIDY CRITERIA
I. Purpos e
This document includes the criteria to be considered by the City of Monticello ( "City")
and the City of Monticello Economic Development Authority ( "EDA ") to evaluate the
granting of business subsidies. The intent of the City and EDA in adopting these criteria
is to comply with Minnesota Statutes, Sec. 1167.993- 1167.994 (the "Act'). The City and
EDA hereby adopt the definitions contained in the Act for application in the criteria.
H. Types of Business Subsidies
The EDA shall have the authority to administer the following programs for the granting
of business subsidies:
1. Tax Increment Financing (TIF)
2. Greater Monticello Enterprise Fund (GMEF)
3. Small Cities Economic Development Set Aside Fund (ED)
The EDA has separately developed guidelines for each of these types of subsidies (the
"Guidelines "). To the extent that the Guidelines contain more specific policies for each
type of subsidy, those Guidelines control. Notwithstanding anything to the contrary
herein, the City (and EDA, subject to City approval) reserve the right to grant any type of
business subsidy authorized by law, without limitation.
III. Goals and Obiectives/Public Purpose
It is the City's and EDA's intent to support and comply with the goals and objectives
stated in the City of Monticello's Comprehensive Plan in granting business subsidies, and
with the public purpose requirements of the Act. The following goals and objectives are
general guidelines to assist in determining the granting of a Business Subsidy. The City
and EDA recognize that every proposal is unique and nothing in these criteria or in the
Business Subsidy policy shall be deemed to be an entitlement.
a. Attracting New Businesses & Expanding Tax Base
1. Increase in tax base. (Cannot be the only criteria.)
2. Promote and enhance industrial and commercial diversity
b. Attracting New Jobs & Job Retention
1. Jobs and Wages. It is the City's and EDA's goal that the subsidy recipient will
create the maximum number of livable wage jobs possible. (The business
subsidy agreement must include numbers and wages to be achieved within two
years of the benefit date.)
2. Jobs and wages in this context may include jobs to be retained but only if job
loss is "imminent and demonstrable ".
C. Business Retention: Promote and maintain industrial and commercial diversity.
d. Enhancing Downtown: Promote revitalization and redevelopment
C. Facilitating Redevelopment: Promote redevelopment objectives and removal of
blight, including pollution cleanup.
f. Housing: Diversify the housing stock available within the community.
IV. Subsidy Agreement.
2
In the implementation of any subsidy granted by City or EDA, the parties will be required
to enter into a formal agreement which identifies the amount and nature of the subsidy
and articulates the goals and objectives which are intended to be implemented. In
addition, the agreement must establish the number of full -time or part-time jobs and the
wages for those jobs which are to be established (or retained) within two years of the
benefit date. The agreement must also contain a penalty for failure to meet those goals.
Finally, the agreement will require that the recipient continue operations at the site for at
least five years.
V. Compliance and Reporting Requirements.
It will be necessary for both the recipient and the City or EDA to comply with the
reporting and monitoring requirements of the statute.
VI. History.
Public Hearing on 2009 approved on 2009
3
MON'fICELLO
CITY OF MONTICELLO
ECONOMIC DEVELOPMENT AUTHORITY
EDA - TIF Criteria
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4 —TAX INCREMENT FINANCING
EDA - TIF Criteria
1. PROJECT EVALUATION CRITERIA
4:01 Business 9-i�I.L01 Tax increment fmaneine proposals must meet a public purpose in
addition to increasing tax base; which can include but are not limited to, the creation of
livable wage jobs, removal of blight, and environmental clean up.
41:02 The EDA will utilize Tax Increment financing 111) to support the community's long -term
economic, redevelopment, and housing goals stipulated in the Comprehensive Plan and
Zoning Ordinance. Changes to the Comprehensive Plan and City Code must be under active
consideration by the City at the time of approval.
41:03 The EDA shall use the following guidelines when evaluating a tfflE inuement finanehifIIF
request.
A. All business ° 4d—y IF requests shall meet the "but for" test. The "but for" test
means that the project would not develop solely on private investment in the
reasonable future. The developer shall provide findings for the "but for" test.
B. Business ,,. sidiesTIF will not be provided to projects that have the financial
feasibility to proceed without the benefit of the subsidy, In effect, business
suhsidissTIF will not be provided solely to broaden a developer's profit margins on a
project.
C. Business subsidy fegiiestTIF reauests should create the highest feasible number of
jobs on site from date of occupancy where deemed appropriate.
D. For manufacturing and warehousing business s44411F requests, at least 90% of the
jobs created must pay at least 160% of the federal minimum wage requirements for
individuals over the age of 20 during the term of the assistance. In the case of a
recipient with existing jobs, the EDA may determine that the wage goal is satisfied if
wages are increased to at least the minimum specified in this paragraph. Annual
written reports are required until termination date. Failure to meet the job and wage
level goals require partial or full repayment of the assistance with interest.
E. In the case of a recipient with existing jobs, the EDA may determine that the wage
goal is satisfied if wages are increased by a specified amount over the federal
minimum wage. Annual written reports are required until termination date. Failure to
meet the job and wage level goals require partial or full repayment of the assistance
with interest.
F. ;moss- suba*11F requests should result in a substantial increase in property value
and/or property taxes.
F. Business siibsidyTIF requests should facilitate redevelopment or elimination of
"substandard" or "blighted" areas where deemed appropriate.
G. Business ubMdyTIF requests should facilitate the "clean-up" of environmentally
unsound property where deemed appropriate.
2
EDA - TIF Criteria
H. Business sid3tT requests should increase housing options for area residents
where deemed appropriate.
5. BUSINESS SUBS DY2. TIF APPROVAL CRITERIA
32:01 All new projects considered by the EDA should meet the following minimum approval
criteria. However, it should not be presumed that a project meeting these criteria will
automatically be approved. Meeting these criteria creates no contractual right on the part of
any potential developer or the EDA.
62:02 Prior to approval by the EDA, the developer shall provide any and all applicable and required
market and financial documentation, appraisals, soil boring, information provided to private
lenders for the project, and other information or data as requested.
62:03 A recipient of a business subsidylIF must make a commitment to continue operations at the
site where the subsidy is used for at least five years after the benefit date.
62:04 The EDA may determine job creation or retention is not a goal of the subsidy. In those cases,
the recipient must instead meet at least one of the following minimum requirements (in
addition to all other criteria in this document other than those relating to jobs and minimum
wages):
A. To remove blight and encourage redevelopment in the commercial and industrial areas
of the City in order to encourage high levels of property maintenance and private
reinvestment in those areas; or
B. The proposed subsidy must result in improvements to public infrastructure or public
facilities, including without limitations, sewers, storm sewers, streets, parks,
recreational facilities, and other City facilities; or
C. The proposed subsidy must remove physical impediments to development of land,
including without limitations poor soils, bedrock conditions, steep slopes, or similar
geotechnical problems.
6.3. PROCEDURES
63:01 Meet with appropriate Staff to discuss the scope of the project, define public assistance
requested, identify public participation eligibility, and other information as may be necessary.
63:02 The request shall be reviewed by Staff on a preliminary basis as to the feasibility of the
project.
63:03 The project concept shall be placed on the EDA agenda for concept review. The applicant
will make a presentation of the project. Staff will present its findings.
63:04 If EDA concept review is positive, Staff will provide the City Council with an informational
concept review.
3
EDA - TIF Criteria
63:05 The City will hold all required public hearings.
63:06 The applicant will execute and submit the Preliminary Development Agreement accompanied
by a deposit per approved fee schedule.
63:07 Building and site plans will be required to be submitted to the Community Development
Department.
63:08 If Planning and Zoning Commission action is required, it will be necessary for the applicant,
at this time, to make application to the Commission.
63:09 Staff will authorize the following steps:
A. Preparation for establishment of the Tax Increment Finance District and the Tax
Increment Financing Plan if required.
B. Preparation of the Purchase and Development Contract or Private Redevelopment
Contract (Subsidy Agreement) based upon agreed terms.
63:10 When action is required for the Tax Increment Finance District and Plan, Purchase and
Development Contract or Private Redevelopment Contract, or Zoning/Ordinance; the EDA,
Planning Commission and City Council shall take appropriate action such as public hearings
and consideration of approvals.
63:11 Building permit will be issued after the Tax Increment Finance District and Plan is approved
by the City Council, the Purchase and Development Contract or Private Redevelopment
Contract is executed by the developer and EDA, and the Building Permit Fees are paid.
63:12 Generally Tax Increment Financing projects take between six to eight weeks from time of
authorization to begin drafting plan and contract.
History:
Public Hearing and Adoption the 8" of September 1999
Public Haring and Adoption of Amendments the 4h day of October 2000
Public Hearing and Adoption of Amendments the 5th of May 2004
Public Hearing and Adoption of Amendments the 3" day of May 2006
Public Hearing and Adoption the 12`h day of November 2008
El
EDA 11.12.08
4. SUMMARY OF PROPOSED REVISIONS TO THE GMEF DOCUMENT:
A. REFERENCE AND BACKGROUND:
The Economic Development Authority (EDA) directed staff to work with Bill
Tapper and Bill Demeules to revise the GMEF Business Subsidy Criteria. The
Authority stated that current condition of the document was confusing and they
desired to endorse criteria that can be understood by the general public.
Staff, Commissioner's Tapper and Demeules went through the document line by
line in an attempt to restructure the criteria to be user friendly. Staff and legal
counsel will walk through the proposed changes during the workshop. Most of the
proposed changes are simply providing more clarity to word and sentence
structure. A few changes to pay particular attention to are:
1. The ability to issue funds by looking at job retention versus job creation
2. "Non Competitive Commercial" is being proposed to be relaxed to include the
ability to issue a loan to commercial businesses in the event they can meet
public purpose.
3. The clause pertaining to number of jobs created directly reflecting the amount
of dollars to be issued is being proposed to be removed.
As stated above, staff and legal counsel will walk through the proposed changes
in detail during the workshop.
0 NO
NIONTICELLO
GNMF Business Subsidy Criteria
CITY OF MONTICELLO
ECONOMIC DEVELOPMENT AUTHORITY
Business Subsidy Criteria
GREATER MONTICELLO ENTERPRISE FUND GUIDELINES
CITY OF MONTICELLO
505 WALNUT STREET, SUITE #1
MONTICELLO, MINNESOTA 55362
(763) 271 -3208
L PURPOSE
The purpose of the Greater Monticello Enterprise Fund (GMEF) is to encourage economic• - - - -- I Formatted: Instilled, Indent: Left: 0.5 ", Na
Through by supplementing conventional financing sources available to existing and new businesses. bullets or numbering
Through tThis program is administered by the Economic Development Authority (EDAI and
participating lending institutiorl GMEF Lloans are made to businesses to help them meet a portion of
their financing needs. The loans are meant to be a secondary source of financing provide gaps in private
financing and assist in securing other grants All loans must meet at least two of the criteria established
sflterta��rb
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2. ORGANIZATION + - - - -- Formatted: Justified, Outline numbered +
..___— _____— _________......__.__._______--------- ____--------------- ._— ______— _____
Level: l +Numbering Style: 1, 2, 3, ... +Start
at: 1 + Alignment: Left + Aligned at: 0.5" +
The Greater Monticello Enterprise Fund is administered by the City of Monticello EDA It is the Indent at: 0.75'
responsibility of the EDA to assure that loans meet the public purpose standard and courply with all other Formatted: No underline
GMEF policies as defined in this document
3. GMEF GUIDELINE MODIFICATION: - - -- Formatted: outline numbered + Level: 1 +
Numbering Style: I, 2, 3, ... +Start at: 1 +
Alignment: Left + Aligned at: 0.5" + Indent at:
US"
GMEF Business Subsidy Criteria
At a minimum. the EDA shall review the guidelines on an annual basis Changes to the GMEF widelines
require approval by the City Council
24. DEFINITION OF PUBLIC PURPOSE
2-.04- To provide loans for credit worthy businesses 4hatthat create new jobs.
(a) One job is equivalent to a total of 37.5 hours per week.
(b) At lest 90% of the jobs created must pay a wage of the high. F of $9 .00 per L..w OF at
least 160% of the federal minimum wage, exclusive of benefits, for individuals over the
age of 20 during the term of assistance. Annual written reports are required until
termination date. Failure to meet the job and wage level goals require partial or full
repayment of the assistance with interest.
°^ To provide loans for credit worthy businesses that would increase the community tax base.
2.03- To provide credit worthy industrial or commercial businesses assist (new or existing) indastrial
or loans that would allow the ability to +o-improve or expand their
operations. ConsideratiAng for loans shah, -�uat-factors including, but not limited to
will be taken into account:;
a. therm ao' Type -and waenf size of the business - - - -- Formatted: Indent: First line: 0.5"
b/ thePproduct or service involved,
c. thapPresent availability of the product or service within the City of Monticello;
d. the- Ceompatibility of the proposed business as it relates to the comprehensive plan and ------- Formatted: Indent: ten: 1.5 Frst fine: o"
existing zoning policies,
e. and - Ppotential for adverse environmental effects of the business, if any. -- - -- Formatted: Indent. First fine: 0.5"
In the event iob creation is not a viable option, credit worthy businesses have the ability to - -- - -- Formatted: Indent: ten: 0.63 ", First nne:
demonstrate up blic purpose by means of job retention o.s"
2.04 To provide loans to be • sed as a SeGM„a F5' SBUFee Of r ........:.... that is ended to supplemen
eenveatiound finaneing
--'- -- I Formatted: Indent Left: 0.5"
22.05 To Provide loans , situations in which a funding
.. j.:........ ..a....... mom$.
• - --' Formatted: Indent: Lek: 0.5"
o n6To provide funds economic de:elopme:t that could be used to assit in otamirtgohivnoncai9
sash as Small Busifiess Administratien loans, fedef&laads
3:5_ THE GREATER MONTICELLO ENTERPRISES REATO vinrr_ LOAN yr 11 D(GMEF)
POLICIES
3.01 BUSINESS ELIGIBILITY
a. Industrial businesses.
b. hlen -e Commercial businesses which enhance the community.
c. Businesses located within the City of Monticello.
GMEF Business Subsidy Criteria
d. Credit worth existing businesses.
e. Non - credit worthy start-up businesses with worthy feasibility studies (Deny -ell- historical
non -credit worthy businesses will be denied).
f.
3.02 ACCEPTABLE PRNATE FINANCING METHODS
a. COMPANION DIRECT LOAN: Example: Equity onv. R FGMEF 30% and bank cno< (A44
such
g4ie pr n loan leveraged ,._d the 19m,ff int,...,,,,t -ate of th -�-�,e RLF lowers E i..,. ers the emotive interest
rate o GMEF is subordinate to the primary lender.
b. PARTICIPATION LOAN: RL€GMEF narticinates in a portion of the loans. Vi m°
the loan (the nr r is not in a subordinate p osit:,,.. no eellate�l is _aqui- d by the pr E and ♦he
loan provides a lower interest rate).
c. GUARANTEE LOANS : RLFGMEF guarantees a portion of the bank loan. (eFSeaal -aad
real Estate �amntees handled epam4ely.)
1. interest rate can is subject to EDA approval
3.03 USE OF PROCEEDS
a. Real property acquisition--and-development, & rehabilitation improvement costs:
i.
Land Acquisition
ii.
Enginea/Desian Inspection Fees
iii.
Buildina Permit Fees
iv.
Architect Fees
v.
Building Materials
vi.
Soil Borings
vii.
Construction Labor
viii.
Appraisal Fees
ix.
Landscaping
x.
Legal Fees
Formatted: No bullets or numbering
Formatted: Indent: Left: 0.5'. No bullets or
Formatted: Numbered + Level: 3 +
Numbering Style: I, II, 111, ... + Start at: I +
Alignment: Right + Aligned at: 1.38" + Indent
at: 1.5'
xii. Environmental Study
xiii. Curbing/Parking Lot
xiv. Recording Fees
xv. Title Insurance
c. Machinery and equipment
i. Personal property, used as an integral part of the manufacturing or commercial business, with as - - - -- Formatted: Indent, . Left: 0.75"
useful life of at least three years Acquisition costs would include freight and sales taxes paid. As a
general rule, office equipment would not qualifv.
GMEF Business Subsidy Criteria
46. TERMS AND CONDITIONS
a. LOAN SIZE: Minimum of $25,000 and maximum not to exceed 50% of the rRemaining Feyo4 •'-g
loan fun GMEF balance; f4 &sw iple if the remaining _evolving 48aa, ask a balmose l is e
the .,.....,:...um le
a. < -- - -- Formatted: Indent: Left: 0.75 ", No bulletr or
numbering
b. LEVERAGING: Minimum 60% private /public Nfton -GMEF, Maximum 30% ^bbl's GMEF)
Minimum 10% equity-RDA-low.
c. LOAN TERM: Personal property term not to exceed life of equipment (generally 5 -7 years). Real
estate property maximum of 5 -year maturity amortized up to 30 years. Balloon payment at 5 years.
d. INTEREST RATE: Fixed rate not less than 2% below prime rate as published in the Wall Street
Journal on date of EDA loan approval.
e. LOAN FEE: Minimum of $2500 but not to exceed 1.5% of the total loan p r - fee
ef$200-. Fees are to be documented and no duplication of fees between the lending institution and
the ALFGMEF. Loan fee may be incorporated into project cost. EDA retains the right to reduce or
waive loan fee or portion of loan fee. Fee to be paid by applicant to the EDA within 5 working days
after City Council approval of GMEF loan. The fee is Nnon - refundable.
f PREPAYMENT POLICY: No penalty for pre = payment.
g. DEFERRAL OF PAYMENTS:
1. Appoaval of the FDA niewbetship by majority vote.
1_Extendinao -the balloon payment if °wl�-°fi°°°^°, will require a verification letter from
two lending institutions statinz the inability to refinance and is subject to Board-approval-by
the EDA.
2. Monthly payments may be deferred for a determined period of time upon approval by the
EDA.
h. LATE PAYMENT POLICY:
1. Failure to pay principal or interest when due may result in the loan being immediately called.
2. In addition to any other amounts due on any loan, and without waiving any right of the
Economic Development Authority under any applicable documents, a late fee of $250 will be
imposed on any borrower for any payment not received in full by the Authority within 30
calendar days of the date on which it is due. Furthermore, interest will continue to accrue on
any amount due until the date on which it is paid to the Authority, and all such interest will
be due and payable at the same time as the amount on which it has accrued.
1. Strbjecttasecr ;tymd/orf€yiewalb¢i^ ..
pi_ASSUMABILITY OF LOAN: None.
l:.iBUSINESS EQUITY REQUIREMENTS:
GMEF Business Subsidy Criteria
—Subject to type of loan, Beard of Di- ° °'e- °the EDA will determine on a case by cash
analysis utilizing under normal lending guidelines.
-------
Formatted: Numbered + Level: 2+
Numbering Style: 1, 2, 3, ... + Start at: 1 +
I:. COLLATERAL:
Alignment: Left + Aligned at: 1" +Indent at:
1.25"
1. Liens on real property in project (mortgage deed).
Formatted: Indent: Left: o^
2. Liens on real property in business (mortgage deed).
3. Liens on real property held personally (subject to o. ffd of Di....,.tenthe _EDA homestead
exempt).
4. Machinery and equipment liens (except equipment exempt from bankruptcy).
5. Personal and/or corporate guarantees (requires unlimited personal guarantees).
m1. NON - PERFORMANCE:
1. An approved GMEF loan shall be null and void if funds are not drawn upon or disbursed
within 180 days from date of EDA approval.
+t m. NON - PERFORMANCE EXTENSION:
I. The 180 -day non - performance date can be extended up to an additional 120 days upon
approval by the EDA.
a. A written request is-must be received 30 days prior to expiration of the 180 -day
non - performance date.
b Apps -dal -o 4he EDA membership l:,ajertty -vet€:
an. LEGAL FEE:
1. Responsibility of the GMEF applicant.
o. Equal Opportunity Rights:
p. The Greater Monticello Enterprise Fund is operated as an equal opportunity program. All applicants
shall have equal access to GMEF funds regardless of race, sex, age, marital status, or other personal
characteristics
i'V.Wk9rafl0t. r •t •_ •! fir• _ HE! ME •. •„ SEA
INNER I — • Lr•_ —__ — _
GMEF Business Subsidy Criteria
na4ienal origin, sex marital status, disability, seimal orientation, public assistanee 0
familial status
o !`ompl:..nee with A.., Lsy, and MAdeFete T......me (LAII) 13mefit National Objeetk,e
vMieb, in the economic development eenteeit, has as its goal the creation and fe4entien e
jobs, .ef•:.I::eh .e. minimum of 51%must be held b 1 U._o. „ens defined as embef f
a firmily lim,ing ate ineeme lose than or equal to the Seetion 8 4m;, inestme, liaut
the- GeeateFiVlo>�t@rpr' ^>...a
?a. PARTICIPATING LENDING INSTITUTION(S)
a. Participating lending institution(s) shall be detetmined by the GMEF applicant.
b. Participating lending institution(s) shall cooperate with the EDA and assist in carrying out the
policies of the GMEF as approved by the City Council.
c. Participating lending institution(s) shall analyze the formal application and indicate to
the EDA the level at which the lending institution will participate in the finance package.
11. LOAN ADMIMSTRATION:
1. City staff shall collect applicable GMEF payments.
2. City Staff shall assure City compliance with all applicable terms and
conditions of the loan
3. All loan documents shall include the followins:
GMEF Business Subsidy Criteria
1. Definition of loan default, agreements regarding notification of -- - - -- Formatted
default.
4. Copy of primary lenders documents
5 Provision allowing the City to inquire on the status of the primary loan
&?. LOAN APPLICATIOWADMml., ISTRAgTO "Trs'n "T^1E PROCEDURES
The EDA desires to make the GMEF loan application process as simple as possible. However, certain
procedures must be followed prior to EDA consideration of a loan request. Information regarding the program
and procedures for obtaining a loan are as follows:
a. City Staff Duties: The m— _ _._._.__ De . _.,pment Director, r..:,.:, ,,.. rnz«m :xa L the r:...p ,
City Staff shall carry out GMEF operating procedures as approved by the EDA
and Cit3LCouncil. Staff is responsible for assisting businesses in the loan application process and
will work closely with applicants in developing the necessary informations ------------------
Farmaned: undedme
- - - -- -- Formanetl: Indent: Left: 1', No bullets or
b. Application Process: numbering
Applicant shall complete a preliminary loan application. Staff will review application for
consistency with the policies set forth in the Greater Monticello Fund Guidelines. Staff
POSSideinti f the preliminary loan application should take apprenimately one week.
e ... - .. .. _ .. , ..
may..:..._:.:..._._ .:.:....... . ..
If applicant gains initial support from lending institution and if the preliminary loan
application is approved, applicant is then asked to complete a formal application. Formal
application shall include a business plan which will include its management structure. market
analysis, and financial statement Like documentation necessary for obtaining the bank loan
associated with the proposal is acceptable. Attached with each formal application is a written
release of information executed by the loan anplieant
2.
3. If the preliminary loan application is not approved by staff, the applicant may request that
the EDA consider approval of the preliminary application at the next regularly scheduled
meeting of the EDA.
application. C 9 !he preliminary loan applietnieff is approved, applietant shall eeffiPlete a formal
Fenian! alapheation shall ude- businesis plan
marlaet analysis, and fiff
bank lean associated wit' «vp:epas acceptable. Attached ..'«L ......L fbian.I .,.,.,echo
is a, written release efinfiarmation assented by the lean applicant
4 t--- - -- Formatted: Indent: Left: 0 ", Hanging: 0.5',
°T City- siaff�vill --meet with— appitafta and— :, ^tl3eF participating lenders) to .n' «' Numbered +Level: 2+ Numbering Style: 1, 2,
3, ... + Start at: 1 + Alignment: Left + Aligned
financing the proposed ea:elpirse. at: 1"+ Indent at: 1.25'
6-6. City staff shall analyze the formal application and financial statements contained therein
to determine if the proposed business and finance plan is viable. Staff......... its dice_..«:...,
GMEF Business Subsidy Criteria
aaeept the findings of a bank institutien regarding applicant eFedit taid finaneial viability of
act the project. AfieF aaw�•s is - ..,...r..,.& City staff shall submit a written recommendation
to the EDA. A decision regarding the application shall be made by the EDA within 60 days
of the submittal of a completed formal application.
- 7-.6 The EDA shall have authority to approve or deny loans; however, within 21 days of EDA
approval, the City Council may reverse a decision by the EDA to approve a loan if it is
determined by the City Council that such loan was issued in violation of GMEF guidelines.
8,7. --Prior to issuance of an approved loan, the City Attorney shall review and/or prepare all
contracts, legal documents, and intercreditor agreements. After such review is complete, the
City shall issue said loan.
'tt OW
Staff shall submit to the EDA and City Council quatterl j i- annual summaries and/or norm reports detailing
the status of the Greater Monticello Enterprise Fund.
to crnm r_rnnnr DIFS HOD;FWATION
�- ' - -- Formatted: Left, Indent: Left: 0 ", First Ilne: a.
Ataminfiram,theFDA shall rs,-AwA, the Fund Guidelines an an a nualbasis. g.„d, °lim,saF.a.11-rbe ns .. tpd..:..ox.;fiatpFia yaI of the rte:.. r•,.mn� �r � Formatted: Left
ERMES W'
b. - -Al{ -1 ean documents shall intelude an ,.x.___red:.__ __-_______ '.'__ u m__ ...,.1, ,le
the following:
a All 1...... d..,......, mat oa shall include agreements he4w el botzro e� .mod 1...- d,. «1... -dens
regarding release of privacy regar ding die status of the loan.
12. Under the GMEF Guideli>tesus- .. ro eed --fa: re^l r_ ^r_ y acquisition and a_. _...r-:_^., ._a. peaper.y
Febabilitationt (expansitut or impmveffients) and machinery
intended to assist deN,elepff with these coots t5Tieally e sidered eligiblei. m
GMEF Business Subsidy Criteria
Peys�zoperty used as on iRteggral part of the manufacturing ar eetamereial business, with a useftil life of a
least ffitee years. Auquisition eests watt4d include fireight and sales taxes paid. As a � general
�
Public Hearing and Adoption the 31" day of August, 1999
Public Hearing and Adoption of Amendments the 81' day of November 2000
Public Hearing and Adoption of Amendments the 24th day of April 2001
Public Hearing and Adoption of Amendments the 13Th day of December 2005
Public Hearing and Adoption the day of _ _ , 2008
GREATER MONTICELLO ENTERPRISE FUND GUIDELINES
1. PURPOSE
The purpose of the Greater Monticello Enterprise Fund (GMEF) is to encourage economic development
by supplementing conventional financing sources available to existing and new businesses. This
program is administered by the City of Monticello Economic Development Authority (EDA) and
participating lending institution(s). GMEF Loans are made to businesses to help them meet a portion of
their financing needs. The loans are meant to be a secondary source of financing, provide gaps in private
financing, and assist in securing other grants. All loans must meet four or more of the criteria
established in the Definition of Public Purpose section.
2. ORGANIZATION
The Greater Monticello Enterprise Fund is administered by the EDA. It is the responsibility of the EDA
to assure that loans meet the public purpose standard and comply with all other GMEF policies as
defined in this document.
3. GMEF GUIDELINE MODIFICATION
At a minimum, the EDA shall review the guidelines on an annual basis. Changes to the GMEF
guidelines require approval by the City Council.
4. DEFINITION OF PUBLIC PURPOSE
a. To provide loans for credit -worthy businesses which create new jobs.
1. One job is equivalent to a total of 37.5 hours per week.
2. At least 90% of the jobs created must pay at least 160% of the federal minimum wage,
exclusive of benefits, for individuals over the age of 20 during the term of assistance. Annual
written reports are required until termination date. Failure to meet the job and wage level
goals requires partial or full repayment of the assistance with interest.
b. To provide loans for credit -worthy businesses that would increase the community tax base.
c. To provide loans to credit -worthy industrial or commercial businesses (new or existing) that would
allow the ability to improve or expand their operation. Factors including but not limited to the
following will be taken into account:
1. Type and size of the business
2. Product or service involved
3. Present availability of the product or service within the City of Monticello
4. Compatibility of the proposed business as it relates to the comprehensive plan and existing
zoning policies,
5. Potential for adverse environmental effects of the business, if any.
d. In the event job creation is not a viable option, credit -worthy businesses have the ability to demonstrate
public purpose by means of job retention.
5. GREATER MONTICELLO ENTERPRISE FUND POLICIES
a. Business Eligibility:
1. Industrial businesses.
2. Commercial businesses which enhance the community.
3. Businesses located within the City of Monticello.
4. Credit -worthy existing businesses.
5. Non credit - worthy start-up businesses with worthy feasibility studies (historically non credit-
worthy businesses will be denied).
b. Acceptable Private Financing Methods:
1. Companion Direct Loan: The GMEF is subordinate to the primary lender.
2. Participation Loan: The GMEF participates in a portion of the loan.
3. Guarantee Loans: The GMEF guarantees a portion of the bank loan.
a. Interest rate cap is subject to EDA approval
c. Use of Proceeds:
1. Real property acquisition, development, & rehabilitation improvement costs including but
not limited to the following:
a. Land Acquisition
b. Engineer/Design Inspection Fees
c. Building Permit Fees
d. Architect Fees
e. Building Materials
f. Soil Borings
g. Construction Labor
It. Appraisal Fees
i. Landscaping
j. Legal Fees
k. Grading
1. Environmental Study
m. Curbing/Parking Lot
2
n. Recording Fees
o. Title Insurance
2. Machinery and equipment:
a. Personal property used as an integral part of the manufacturing or commercial
business, with a useful life of at least three years. Acquisition costs would include freight
and sales taxes paid. As a general rule, office equipment would not qualify.
d. Terms and conditions:
1. Loan Size: Minimum of $25,000 and maximum not to exceed 50% of the remaining GMEF
balance
2. Leveraging: Minimum 60% private /public Non -GMEF, Maximum 30% GMEF, Minimum
10% equity.
3. Loan Term: Personal property term not to exceed life of equipment (generally 5 -7 years).
Real estate property maximum of 5 -year maturity amortized up to 30 years. Balloon payment
at 5 years.
4. Interest Rate: Fixed rate not less than 2% below prime rate as published in the Wall Street
Journal on date of EDA loan approval.
5. Loan Fee: Minimum of $500 but not to exceed 1.5% of the total loan. Fees are to be
documented and no duplication of fees between the lending institution and the GMEF. Loan
fee may be incorporated into project cost. EDA retains the right to reduce or waive loan fee
or portion of loan fee. Fee to be paid by applicant to the EDA within 5 working days after
City Council approval of GMEF loan. The fee is non - refundable.
e. Pre - payment Polices
No penalty for pre - payment
f Deferral of Pa, m
1. Extending a balloon payment will require a verification letter from two lending institutions
stating the inability to refmance and is subject to approval by the EDA.
2. Monthly payments may be deferred for a determined period of time upon approval by the
EDA.
g. Late Payment Policy
1. Failure to pay principal or interest when due may result in the loan being irmnediately called.
In addition to any other amounts due on any loan, and without waiving any right of the
Economic Development Authority under any applicable documents, a late fee of $250 will be
imposed on any borrower for any payment not received in full by the Authority within 30
calendar days of the date on which it is due. Furthermore, interest will continue to accrue on
3
any amount due until the date on which it is paid to the Authority, and all such interest will
be due and payable at the same time as the amount on which it has accrued.
h. Assumability of Loan:
None
i. Business Equity Requirements:
Subject to type of loan. The EDA will determine appropriate and applicable business equity
requirements on a case by case analysis, utilizing normal lending guidelines.
j. Collateral:
1. Liens on real property in project (mortgage deed).
2. Liens on real property in business (mortgage deed).
3. Liens on real property held personally (subject to EDA approval, homestead exempt).
4. Machinery and equipment liens (except equipment exempt from bankruptcy).
5. Personal and/or corporate guarantees (requires unlimited personal guarantees).
k. Non - Performance:
An approved GMEF loan shall be null and void if funds are not drawn upon or disbursed within 180
days from date of City Council approval.
1. Non - Performance Extension:
1. The 180 -day non - performance date can be extended up to an additional 120 days, upon approval
by the EDA.
2. A written request must be received 30 days prior to expiration of the 180 -day non - performance
date.
m. Legal Fees:
Responsibility of the GMEF applicant.
n. Equal Opportunity:
The Greater Monticello Enterprise Fund is operated as an equal opportunity program. All applicants
shall have equal access to GMEF funds regardless of race, sex, age, marital status, or other personal
characteristics
o. Participating Lending Institution(s):
1. Participating lending institution(s) shall be determined by the GMEF applicant.
2. Participating lending institution(s) shall cooperate with the EDA and assist in carrying out the
policies of the GMEF as approved by the City Council.
Cl
3. Participating lending institution(s) shall analyze the formal application and indicate to the EDA
the level at which the lending institution will participate in the finance package.
p. Loan Administration:
1. City Staff shall collect applicable GMEF payments.
2. City Staff shall assure City compliance with all applicable terms and conditions of the approved
loan.
3. All loan documents shall include the following:
a. Definition of loan default, agreements regarding notification of default
b. Copy of primary lenders documents
C. Provisions allowing the City to inquire on the status of the primary loan
6. LOAN APPLICATION PROCEDURES
The EDA desires to make the GMEF loan application process as simple as possible. However,
certain procedures must be followed prior to EDA consideration of a loan request. Information
regarding the program and procedures for obtaining a loan are as follows:
a. City Staff: City Staff shall carry out GMEF operating procedures as approved by the EDA
and City Council. Staff is responsible for assisting businesses in the loan application process
and will work closely with applicants in developing the necessary information.
b. Application Process:
1. Applicant shall complete a preliminary loan application. Staff will review application
for consistency with the policies set forth in the Greater Monticello Fund Guidelines.
2. If applicant gains initial support from lending institution and if the preliminary loan
application is approved, applicant is then asked to complete a formal application.
Formal application shall include a business plan which will include its management
structure, market analysis, and financial statement. Like documentation necessary for
obtaining the bank loan associated with the proposal is acceptable. Attached with
each formal application is a written release of information executed by the loan
applicant
3. If the preliminary loan application is not approved by staff, the applicant may request
that the EDA consider approval of the preliminary application at the next regularly
scheduled meeting of the EDA.
4. City staff shall analyze the formal application and financial statements contained
therein to determine if the proposed business and finance plan is viable City staff
shall submit a written recommendation to the EDA. A decision regarding the
application shall be made by the EDA within 60 days of the submittal of a completed
formal application.
5. The EDA shall have authority to approve or deny loans; however, within 21 days of
EDA approval, the City Council may reverse a decision by the EDA to approve a loan
if it is determined by the City Council that such loan was issued in violation of GMEF
guidelines.
6. Prior to issuance of an approved loan, the EDA Attorney shall review and /or prepare
all contracts, legal documents, and inter- creditor agreements. After such review is
complete, the City shall issue said loan.
7. REPORTING
City Staff shall submit to the EDA and City Co 61 asemiannual report detailing the balance of the
Greater Monticello Enterprise Fund.
8. HISTORY
Public Hearing and Adoption the 31st day of August, 1999
Public Hearing and Adoption of Amendments the 8h day of November 2000
Public Hearing and Adoption of Amendments the 24th day of April 2001
Public Hearing and Adoption of Amendments the 13th day of December 2005
Public Hearing and Adoption the day of 2009
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