HRA Agenda 11-09-1994AGENDA
MONTICELLO HOUSING AND REDEVELOPMENT AUTHORITY
Wednesday, November 9, 1994 - 7:00 p.m.
City Hall
MEMBERS: Chairperson Al Larson, Vice Chairperson Ben Smith,
Everette Ellison, Tom St. Hilaire, and Brad Barger.
GUEST: Rick Murray, Residential Development, Inc.
STAFF: Rick Wolfsteller, Jeff O'Neill, and 011ie Koropchak.
1. CALL TO ORDER.
2. CONSIDERATION TO APPROVE THE OCTOBER 5, 1994 HRA MINUTES.
3. CONSIDERATION TO ADOPT A RESOLUTION MODIFYING THE
REDEVELOPMENT PROJECT PLAN AND BOUNDARIES FOR REDEVELOPMENT
PROJECT NO. 2, MODIFYING THE TIF PLAN FOR TIF DISTRICT NOS. 1-
1 THROUGH 1-17, AND APPROVAL OF TIF PLAN FOR TIF DISTRICT NO.
1-18.
4. CONSIDERATION TO REVIEW THE FIRST DRAFT OF THE PRIVATE
REDEVELOPMENT CONTRACT BETWEEN THE NRA AND RESIDENTIAL
DEVELOPMENT, INC.
S. CONSIDERATION TO REVIEW AND TO APPROVE THE PRELIMINARY CONCPET
FOR USE OF TIB (HOUSING DISTRICT) FOR THE CONGREGATE SENIOR
HOUSING PROJECT.
6. CONSIDERATION TO REVIEW AND TO AUTHORIZE REIMBURSEMENT OF HRA
COST ASSOCIATED WITH THE SENIOR HOUSING MARKET ANALYSIS.
7. CONSIDERATION OF BILLS FROM PRG AND HOLMES A GRAVEN.
8. CONSIDERATION OF OTHER BUSINESS.
a) Retailer Services Corporation
b) 180,000 sq ft warchouse/distribution.
9. ADJOURNMENT.
MINUTES
MONTICELLO HOUSING AND REDEVELOPMENT AUTHORITY
Wednesday, October 5, 1990 - 7:00 p.m.
City Hall
MEMBERS PRESENT: Chairperson Al Larson, Vice Chairperson Ben
Smith, Everette Ellison, Tom St. Hilaire, and
Brad Barger.
STAFF PRESENT: 011ie Koropchak.
STAFF ABSENT: Rick Wolfsteller and Jeff O'Neill.
1. CALL TO ORDER.
Chairperson Larson called the HRA meeting to order at 7:00
p.m.
2. CONSIDERATION TO APPROVE THE SEPTEMBER 7. 1990 HRA MINUTES.
Ben Smith made a motion to approve the September 7, 1996 HRA
minutes. Seconded by Brad Barger and with no corrections or
additions, the minutes were approved as written.
3. CONSIQERATION TO ADOPT A RESOrUTION AUTHORIZING PUBLIC
RESOURCE GROUPS INC. TO BEGIN PREPARATION FOR THE MODIFXCATION
OF REDEVELOPMENT PROJECT NO. 1 BOUNDARIES AND PLAN. AND FOR
THE ESTABLISHMENT OF A TIF PLAN FOR TIF DISTRICT NO. 1-18.
HRA members reported they have been confronted by numerous
Individuals who disfavored the HRA and Council's preliminary
concept approval for the use of TIF assistance to eliminate
the unsafe and hazardous mined -gravel pit.
Having received the executed TIF Preliminary Agreement, a
$5,000 cashier's check, and a copy of the land purchase
agreement from the redeveloper, Tom St. Hilaire made a motion
to adopt the resolution authorizing Public Resource Group, to
begin preparation for the modification of the Redevelopment
Project No. 1 boundaries and plan, and for the establishment
of the TIF Plan for TIP District No. 1-18. Everette Ellison
second the motion and with no further discussion, the motion
passed 6 to 1. Yeas: Tom St. Hilaire, Everette Ellison, Ben
Smith, and Brad Barger. Nay: Al Larson. Again, the HRA
adopted the resolution no they viewed the $102,000 TIF
assistance for elimination of the unsafe and hazardous mined -
gravel pit as a long-term investment for the bottormont of the
City of Monticello and its future.
Pago 1
HRA MINUTES
OCTOBER 5, 1994
4. CONSIDERATION TO DISCUSS THE LETTER ADDRESSED TO HRA
CHAIRPERSON LARSON FROM STEVE BIRKELAND, JR. PRIOR TO
RESPONDING.
Chairperson Larson requested Steve Birkeland's letter and Jeff
O'Neill's response be discussed by HRA members prior to any
action. Chairperson Larson suggested that in -fairness to the
three individuals: Birkeland, O'Neill, and Anderson, the HRA
consider inviting them to the November meeting to hear first-
hand of the discrepancies.
Some HRA members felt it was not the role of the HRA to
monitor discrepancies between city staff and developers.
However, they felt the HRA could review the developed project
for compliance of the screening requirements and thereafter
reconsider the denial of TIP pay-as-you-go assistance.
A general agreement among NRA members was to extend an
invitation to the three individuals to the November HRA
meeting for further discussion, only, if all three individuals
were in attendance.
CONSIDERATION TO REVIEW THE LETTER WRITTEN TO THE H -WINDOW
COMPANY AS IT RELATES TO THE CERTIFICATE OF COMPLETION.
HRA members agreed that if the minimum improvements are 90%
complete by the end of December, 1994, the Certificate of
Completion should be issued. An occupancy permit was issued
for the 28,600 oq ft manufacturing expansion but not looued
for the 4,000 sq ft socond-floor office area. However, the
approved TIP pay-as-you-go aooistanee to begin in August of
1995 will not be paid until certification by the project
engineer or other project oupervioor ohowing in adequate
detail that the public (site) improvement coats have been
Incurred and paid by the H -Window.
CONSIDERATION TO REVIEW THE j.ETTER RECEIVED FROM RONALD MUSICH
AS IT RELATES TO THE EXECUTED PRIVATE REDEVELOPMENT CONTRACT,
Upon the request of Mr. Musich to extend the completion date
for the minimum improvements to February -March and with
projections of sufficient tax increment to cover the HRA
indobtedn000, Tom St. Hilaire made a motion to oxtond the
construction commencement date for the minimum improvemcnto
from October 20, 1994 to November 20, 1994 and the
construction completion date from December 31, 1994 to May 20,
Pago 2
HRA MINUTES
OCTOBER 5, 1996
1995. This within the Private Redevelopment Contract. Brad
Barger second the motion and with no further discussion, the
motion passed unanimously.
CONSIDERATION OF PROJECT UPDATES:
a) Genereux Fine Wood Products, Inc. - Koropchak requested
HRA members consider preliminary concept approval for
modification of the TIF Plan and Budget for TIF District
No. 1-9. Bill Tapper, Lenny Kirscht, and Koropchak met
to define financial uses and sources for the 18,000 aq ft
manufacturing expansion and second -floor mezzanine to the
Genereux existing facility and the addition of 15 jobs.
Anticipated groundbreaking the middle of April, 1995.
Marquette Bank has given preliminary concept approval to
finance the expansion. Sources of funding for
construction and equipment include $30,000, upfront TIF
assistance (as equity); $50,000, CHEF: $300,000, Bank;
and SBA, $280,000 for a total expansion project of
$700,000. The upfront $30,000 TIF to be disbursed from
the surplus fund of prior 1990 TIF Districts. The
surplus fund to be fully reimbursed through the projected
tax increment increase from District No. 1-9. Rick
Wolfeteller had indicated available dollars in the
surplus fund. The HRA'o general concenouo woo to proceed
with modification of the TIF District No. 1-9 budget.
b) Quality Welding - The IDC Prospect Team toured this
company in Rogers. The company has not committed to
Monticello; however, a strong consensus is for a
Monticello expansion/ location in 1995 as Mr. Johnson
resides in the Monticello area. No financial assistance
has been proposed.
c) Micro -Tech - Koropchak and Marquette Bank are working
with company officials to relocate the ld tele -poles
personnel from St. Cloud to Monticello. Annual wages
range from $30,000 to $60,000.
d) Right -Choice Services, Inc. - This redemption company
continues to look at Monticello for possible
rolocatinn/oxpansion. Spring doeioion anticipated. The
owner rosldoo in the Monticello area.
e) Monticello Senior Housing Alliance - Alliance Chairperson
Larson Informed HRA members that the Alliance members
unanimcuoly voted to move ahead on the senior housing
project and authorized propnrotion for a 501 (c)(3) non-
profit otatus. Additionally. Mr. Larson said he has
received many pooitivo inquiries and comments regarding
the eonior housing project.
Pogo 3
HRA MINUTES
-.l OCTOBER 8, 1994
I
8. OTHER BUSINESS.
a) Consideration of PRG and Holmes 6 Graven billings - The
HRA approved payment of the September billings for PRG
and Holmes 6 Graven.
b) Other - None.
9. ADJOURNMENT.
The HRA meeting adjourned at 8:00 p.m.
011ie Koropchak, HRA—Executive Director
Page 4
HRA AGENDA
NOVEMBER 9, 1994
3. Consideration to adopt a resolution modifvinq the
Redevelopment Plan and Boundaries for Redevelopment Project
No. 1, modifvinq the TIF Plan for TIF District Nos. 1-1
through 1-17, and the approval of the TIF Plan for TIP
District No. 1-18,
A. Reference and Background:
At the September HRA meeting, members approved the preliminary
concept of the Residential Development project. with receipt
of an executed Preliminary Agreement, $5,000 cashier check,
copy of the executed land purchase agreement, and preliminary
bank commitment; the HRA on October 5 approved a resolution
authorizing Public Resource Group, Inc. (PRG) to begin
preparation of TIF District 1-18 and modification of the
Redevelopment Project Boundaries.
The HRA is now requested to adopt the resolutinn for:
Modification of the Redevelopment Project No. 1 Plan and
Boundaries,
First, in order for City Cou-cil to adopt the resolution for
establishment of TIF District No. 1-18, the orderly annexation
for the township portion of the Krautbauer and/or Hawk
property(s) must be ratified as effective by the Municipal
Board in St. Paul. Secondly, the Redevelopment Project No. 1
boundaries must be modified to Include the total proposed
River Mill's project and/or Hawk's property.
On October 21, the annexation process was delayed by the City
Council's action to tablo adoption of the resolution for
annexation. The owner of Hawk's Bar withdrew his request for
annexation. To proceed in an orderly faohinn, we assume
annexation will be completed.
Therefore, the HRA is requested to modify the Central
Monticello Project No. 1 boundaries to include the Krautbauor
72-acreo and/or Howtr'9 property now located within the city
and township. Soo Supporting Data, Boundary Maps.
Approving the plan for TIF Dintrict No. 1-18,
TIF Diotrict No. 1-18, a Saila Condition District, is being
created to 000iot with the reclamation costo of the mined -
gravel pit which lion within the propooed River Mill's
project. The district has a maximum life duration of twonty-
yearo; however, diotrict decertification Io anticipatod in
Page 1
HRA AGENDA
NOVEMBER 9, 1994
1999 with final payment in February, 2000, or decertification
upon sufficient tax increment to retire the HRA debt service.
The HRA agreed to the use of TIF in an amount not -to -exceed
$102,000 for soils correction coats associated with
reclamation of the mined -gravel pit. This to eliminate unsafe
and hazardous factors aosociated with existing mined -gravel
pit.
The total River Mill's construction project incl ides 70
single -homes, 48 twin -homes (96 units), and two commerical
developments. Assuming construction goes as planned, the
projected 10% NPV Administrative Cost would be $13,065; the
NPV Increment would be $107,289; and the NPV HACA Penalty
would be $46,778 ending 1999. The NPV increment of $107,289
Is sufficient to retire the HRA debt service. Previously, the
HRA agreed to transfer the $13,065 for City Administrative
Costs associated with this Soils Condition District; therebye,
reducing the City's $46,778 HACA Loss to $33,713. The HRA
administrative costs (PRG and Holmes & Graven) associated with
this district will be paid from the HRA General Fund as these
costs no longer qualify as legal TIF expenditures. See the
Supporting Data, Projections.
The TIP District No. 1-18 Budget coincides with the above
projected increment. See the Supporting Data, TIF Plan and
Budget.
and the Modification of TIF District Nos. 1-1 through 1-17,
namely, the Budqet of TIF District No. 1-9.
At the October HRA meeting, members approved using $30,000
from the TIF Surplus Fund to assist with the Tapper's 18,000
oq ft manufacturing facility expansion. The upfront dollars
will be used as financing equity for the expansion. The
expansion estimates the creation of an additional 11, jobs.
The $30,000 TIF surplus dollars are earmarked from TIF
District Nos. 1-3 PSI, 1-5 Construction Five, and 1-6
Raindanco. The TIF Surplus Fund will be reimbursed by the
incroaoed tax increment of District 1-9 ttpon completion of the
expansion and prior to deeortification of the district. See
Supporting Data, TIF District 1-9 Budget.
The TIF Plan for TIF District No. I.-18 was distributed to the
county, school, and hoopital taxing jurisdictiono on October
28, satisfying the Statutory 30 day notice requirement for
comment. The HRA resolution for adoption request the City
Council call for a public hearing on November 28, 1094
Page 2
HRA AGENDA
NOVEMBER 9, 1994
relating to the adoption this modification and approval of the
plan for TIP District 1-18.
Rick Murray, president of Residential Development, Inc, will
be present at the HRA meeting for questions.
If the proposed boundary and District No. 1-9 budget
modifications and the proposed TIP plan for TIP District No.
1-18 is consistent with the Minnesota Statutory, then the HRA
can consider the following alternatives.
B. Alternative Actions:
1. A motion to adopt the resolution modifying the
Redevelopment Plan and Boundaries for Redevelopment
Project No. 1, modifying the TIP Plans for TIP District
Nos. 1-1 through 1-17, and the adoption of the TIP Plan
for TIP District No. 1-18.
2. A motion to deny adoption of the resolution.
P
3. A motion to table any action.
n
C. Staff Recommendation:
Staff recommends Alternative No. 1 as the project meets the
definition of a Soils Condition District, the reclamation of
the mined-gravol pit would not take place without TIP
assistance, and with the assumption of annexation completion.
D. Suaaortino Data:
A copy of the modified boundary map, TIP District No. 1-18
projections, TIP District No. 1-9 Budget, TIP District No. I-
18 Plan, and the resolution for adoption.
tPage 3
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.� City limits
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It is anticipated that Phase I will proceed at the commencement of ihr. ))rr P ci
and Phase II will proceed as additional increment becomes available 0..
development.
1-36
(As modified August 13, 1990)
BUDGET
(As modified
August 13. 1990)
(As modified
November 28. 19941
Land Acquisition
$ 74,000.00
$ 74,000.00
Site Improvements
15.500.00
45-500.00
Subtotal
S 89,500.00
5119,300.00
Contingency
0.00
2,465.00
Administration
14,000.00
14,000.00
Professional Services
6,900.00
9,400.00
Capitalized Interest
26,600.00
31,633.00
Discount
3.000.00
3.000.00
TOTAL
Increment Financing
5140.000.00
District No. 1-10
5180.000.00
Tax
(As adopted April 9, 1990)
BUDGET
PHASE I
PHASE II
Land Acquisition
$120,000
$ 0
On -Site Utilities/Grading/Landscaping 65,000
0
Public Improvements
0
55,000
Soils Corrections
Subtotal
$183,000
$55,000
Contingency
0
0
Administration
13,000
10,000
Professional Services
10.000
5.000
Subtotal
$210,000
$70,000
Capitalized Interest
47,000
14,000
Discount
3,000
1,000
TOTAL
x,000
It is anticipated that Phase I will proceed at the commencement of ihr. ))rr P ci
and Phase II will proceed as additional increment becomes available 0..
development.
1-36
1940 CONSTRUCTION STAR - COMMERCIAL
1097 COMPLETION
LOT 1
LOT 9
1998 VALUATION
LOT 1
LOY 2
1995 TAIIE1 PAYABLE
INFLATION
AOMIN/POOGAAM WD69,6
PV 6ArE
PAY 1904 TAN 9ATQ
L40 6L98 TOTAL
WOOD 556.6010 "Am
199.000 "&.000 6".000 1.OM 1. 400
16.7"
21.611 41,170
/9.955
6/mm I.
96.OII
19/19" 460!
1.12175
NS01 PWAAED M CALKRLY MOLIAIM 1 AS,OCIATU. tAC 24-A.9-94
OPTION II CONT'D
ADI/CIry OF MONTICE
LO
14' NVZCTION START - AESIDENTIAL
19! _ -PL.ETION
/ SINGLE FAMILY 1
96.000
]90,000
B TOM NOMES
90.000
640.000
1.020.000
1997 VALILITION
4 51MLE FAMILY •
1,190
• 6,720
6 TCW M04M
690
7,040
11,760
1999 TAXES PAYABLE
17, 274
1995 W41T# TION START - RE3I00 TIAL
1997 COALETION
24 SIN&I FAMILY •
116.000
2.610.000
70 TOM HMO
85.000
7.230.000
6.910.000
1999 VALUATION
2/ SINGLE FAMILY 1
1.490
. 31,520
79 TOM Mors
967
57.2"
72.760
1999 TAXES PAYA9LE
92.126
1996 CON3TRUMON START - 9LSIOE7fTIAL
1999 CMXPLMON
of 20 SIMILE FAMILY •
120. WO
5.660.600
50 TOM HOWS
9o.000
. 5.120.000
7.0 .000
1989 VALUATION
>0 BINOLE FAMILY •
1.600
- 50. Am
m TOM TOES
1.010
. 41.040
P1,A40
2000 TAXES PAYAKJ
140.911
19 7AISTEICTIOf START - R91IOOfTIAL
196, DMOLETIOI
25 SINGAE FAMILY •
150,000
• 5.2110.000
12 TOM HOMES
95.000
. 1.140,000
A, 590.000
2000 VALUATION
25 319U FAMILY •
t,BBo
p,000
12 TOM MOPS
1.198
14,160
61.160
2001 TAVMES PAVAl"
90.011
1940 CONSTRUCTION STAR - COMMERCIAL
1097 COMPLETION
LOT 1
LOT 9
1998 VALUATION
LOT 1
LOY 2
1995 TAIIE1 PAYABLE
INFLATION
AOMIN/POOGAAM WD69,6
PV 6ArE
PAY 1904 TAN 9ATQ
L40 6L98 TOTAL
WOOD 556.6010 "Am
199.000 "&.000 6".000 1.OM 1. 400
16.7"
21.611 41,170
/9.955
6/mm I.
96.OII
19/19" 460!
1.12175
NS01 PWAAED M CALKRLY MOLIAIM 1 AS,OCIATU. tAC 24-A.9-94
-- -- -
1AX
EST9AATED
NCREMENT j
TAX
NPV
IPV
NPV
TAXES
CAPACITY
TOTAL
AOYNISTPATNE
LESS
IMCREMNR
ApON
RJCRElENT
LGA
PAYABLE
RATE
NCF93AENT
NCO1E
AMM
PENALTY
COSTS
Lao: ADMIN
PEMTY
1002
1.129
0.00
000
0,00
0.00
05.5%
06.5%
05.5%
1993
1.120
000
0.00
000
0.00
1091
1.120
000
0.00
000
0.00
1006
1.129
0,00
0.00
000
000
0.00
000
0.00
1001
1.120
000
0.00
000
0.00
0.00
000
0.00
1007
1.129
000
0.00
0,00
0.00
0.00
0.00
000
1001
1.129
6.02177
602.16
5,41160
7,166.16
54075
0,566.42
1,01423
INS
1.179
6.071.77
602.16
5.41060
7,155.15
1.06605
6,060.77
3,016.4
1000
1.179
71061.46
7,166.15
",405.53
24,620.11
7.14723
50,102.24
25,56611
1090
1.120
IIAjIq
Tim-10
g4,V.n
2-5.U2.91
13.065.56
10720071
48 775M
2000
1.120
123.167.02
17,316.70
110,650,32
44,007.05
22,17916
I8E,74592
52.67
2000
1.129
123,167.00
12,311.70
110,650.32
44097.05
V,62791
202467.71
116.01631
2001
1.129
157,64756
16,7"16
141.91527
66.45400
41,649.66
156,551.10
159.637.61
2001
1.129
157.667."
15.7".70
141.01522
55.0.:4 90
56.749.69
446.743.72
201.746 61
2002
1.129
715.767.16
31A3a.r2
293.93045
112000.79
61257.94
421".T2
219.31905
2003
1.129
513.767.16
31036.72
263,670.45
112400.79
75.91110 111
519.671.70
775,61703
2004
1.129
315,707.10
31d36.72
293.67045
112400.79
11,66410
610.403.51
376,00074
2005
1.120
315.367.15
31',336.72
293.930.45
112400.79
loe,Olo53
60.1,839.37
3r0,643.77
7006
1.129
000
0.00
0.00
0.00
106,01063
697,59.37
770,545.77
2007
1.179
0,00
0.00
0.00
000
106,01053
693.66917
379,545.77
2005
1.170
0.00
ODO
0.00
000
101.61033
603,660.37
3701545.77
2009
1.129
000
000
0.00
0.00
101,01053
69746937
3791545.77
7010
1.129
000
000
000
0.00
106,01057
603.841037
371,345.71
2011
1.129
000
0.00
0.00
0.00
106,01053
603,"937
7701545.77
2012
1.179
0.00
000
0.00
000
101.010.53
697,6".37
3N,345.n
7013
1.129
0.00
000
OM
Om
101.01o57
697,6037
379$16.n
2014
1.129
0.00
000
0.00
050
106.010.63
607.669.37
379.54177
1117,67364
61,760,602.72
:706294500
101.010.53
00.1.660.37
370.51:77
TAXIES
PAYABLE
I®2
100
iW0
1906
1006
1997
100
1496
1M
tM
7OOD
7000
7001
2001
2002
Tom
2001
7006
7000
2007
2000
2000
2010
2011
2012
2017
2014
ofumHAL FEIN
TAX TAX
CAPACTY CAPA0TY
'ARCO
'AMOO
1,090,00
TMS m
6640
645m
"Soo
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615 m
1,010 m
1.00000
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9,11110.00
110,09.00
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1M485.00
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140,7U.m
14470600
21144Wm
711460.00
704490.00
7110.490.00
0.00
CLOD
COD
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TAX 01CREMEH i FDUNCDIG
ESTEWE OF LOCAL CANERN EN7 AIDS PE LTY
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SCHOOL OUT: ow EST TAR RATE
TYPE 0FDHT'SOLCORR. 7 M. W- TAA CAP RATE
1PTLnND 0LIMIFY910 SCHOOL ADAWED
TF TAX PHHASEa1 TAIL BNES 0 AMFV O
APACIfY PERC60TA(E CAPACTTY RATIO, TAR CAPACITY
0977
7H26%
112Q7%
P801LTY
TAA RATE
3029%
30>ll,
AM%
1a7✓rR
3921%
3029%
302%
30.3m
302%
742%
392M
30.m%
3079%
3070%
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7227%
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0912
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0977
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112Q7%
P801LTY
TAA RATE
3029%
30>ll,
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3921%
3029%
302%
30.3m
302%
742%
392M
30.m%
3079%
3070%
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7227%
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b
(As adopted November 28, 1994)
Soil Corrections 5102.000.00
Subtotal $102,000.00
Administration 11.333.00
TOTAL $113,333.00
(As adopted November, 1982)
Subsection 1. 11. Land Use. All new and/or existing development on land
Went; fied on Exhibits I -C through I -F as 'property to be acquired' or 'possible
acquisition' will be subject to the following uses and requirements:
1. Uses Permitted in Designated Areas.
a. —All permitted, accessory and conditional uses as specified in
Chapters 13 and 16, Monticello Zoning Ordinance, relating to 1-1 (Light
Industry) and 1-2 (Heavy Industry) zones. Planned Unit Developments,
i where applicable, will be considered.
b. Housina/Residential--All permitted, accessory and conditional uses as
specified in Chapters 8 and 10, Monticello Zoning Ordinance, relating
to R-3 (Medium Density Residential) and R -B (Residential -Business)
zones. Planned Unit Developments, where feasible, will be encouraged.
C. —All permitted, accessory, and conditional uses
in accordance with the provisions governing all 'B' zones and including
R -B, providing however that any commercial development in an R -B
zone shall be coordinated with the goals and objectives of the Housing
Plan. Planned Unit Developments, especially in the B-3 zone (Highway
Business), will be encouraged.
2. Additional Provisions.
a. $=nipg—Because the overall appearance of a community contributes
to the ability to attract development, more restrictive screening
requirements may be implemented if the nature of the development
would yield visual pollutioniblight.
1.40
SECTION RIX
TAR INCREMENT FINANCING PLAN FOR
TAR INCPJ04EENT FINANCING DISTRICT NO. 1-18
Subsection 19.1. Statement of Objectives. See Subsection 1.4 of the
Redevelopment Plan.
Subsection 19.2. The Redevelopment Plan. See Section I, Subsections 1.1
through 1.20.
Subsection 19.3. Description of the Proiect. The project, located within Tax
Increment Financing District No. 1-18, consists of the development of 83 single-
family homes, % twin -family homes and 2 commercial lots. This project is expected
to begin in 1996 and be completed by 1998.
Subsection 19.4. Parcels to be Included in Tax Increment Financing Dis'-Eicj
No_ 1.18. The fo:lowing property is located in the City of Monticello, Count, of
' Wright, State of Minnesota.
Legal Description
PID Number: 133-300-182200
213-000-182304
Subsection 19.3. Parcels in Acguisitioe. The Authority may acquire the
property listed in Subsection 19.4, which property is located within Tax Increment
Financing District No. 1-18.
Properties identified for acquisition may be acquired either by the City or the
Authority in order to accomplish public improvements listed in Subsection 1.11 of the
Redevelopment Plan hereof.
Subsection 19.6. Development Activity in Tax Increment Financing District
No. 1-18 for Which Contracts will be Signed. The following contract(s) will be
entered into by the Housing and Redevelopment Authority and the person(s) named
below:
r
Prior to the certification of Tax Increment Financing District No. 1-18, a
Development and Assessment Agreement will be executed between the Housing and
Redevelopment Authority of Monticello and Residential Development, Inc.
Subsection 19.7. Other Specific Development Expected to Occur within
Redevelopment Project No. 1.
(As specific development is expected to occur, it will be inserted into this Subsection.)
Subsection 19.8. Estimated Public improvement Costs and Supportive Data.
See Subsection 1.10 of the Redevelopment Plan for estimated costs associated with
Redevelopment Project No. 1.
Subsection 19.9. Sources of Revenue. Land acquisition costs, and other costs
outlined in Subsection 1.10 of the Redevelopment Plan will be financed through the
annual collection of tax increments.
Subsection 19. 10. Original Tax CapadW. Pursuant to Section 469.177, Subd.
1, of the Tax Increment Financing Act, the original tax capacity value for Tax
Increment Financing District No. 1-18 is estimated to be $1,090, based on the tax
capacity value of all taxable real property within Tax Increment Futaneing District
No. 1-18. Pursuant to Section 469.177, Subds. 1 and 4, of the Tax Increment
Financing Act, the County Auditor of Wright County (the "County Auditor") shall
certify in each year the amount by which the original tax capacity value has increased
or decreased as a result in a change in tax-exempt property within Tax Increment
Financing District No. 1-18, reduction or enlargement of Tax Increment Financing
District No. 1-18 or changes in connection with previously issued building permits.
In any year in which the current tax capacity value of Tax Increment Financing
District No. 1-18 declines below the original tax capacity value, no tax capacity value
will be captured and no tax increment will be payable to the Authority.
Subsection 19.11. )fimated Captured Tax CapacilX Value. Pursuant to Section
469.173, Subd. I, and Section 469.177, Subd. 2, of the Tax Increment Financing
Act, the estimated captured tax capacity value in Tax Increment Financing District
No. 1-18 at final completion will approximate $218,240. This estimated annual
captured capacity value is determined in the following manner:
Estimated Tax Capacity Value at Final Completion $219,330
Original Tax Capacity
Captured Tax Capacity Value
xlx•2
$218,240
(" Subsection 19.12. Tvne of Tax Increment FinancingDistrict. Tax Increment
Financing District No. 1-18, is pursuant to Section 469.174, Subd. 19, a Soils
Condition District as described below:
'Soils Condition District' means a type of tax increment financing district which
consists of any project, or portions of a project, within which the authority finds by
resolution that the following conditions exist:
(a) Unusual terrain, the presence of hazardous substances, pollution or
contaminants, or sod deficiencies for 80 percent of the acreage in the district
require substantial filling, grading, removal, or remedial action, or other
physical preparation for use; or
(b) The estimated cost of the physical preparation under clause (1), but excluding
costs directly related to roads as defined in section 160.01 and local
improvements as described in sections 429.021, subdivision 1, clauses (1) to
(7), (11), and (12), and 430.01, exceeds the fair market value of the land
before completion of the preparation.
Subsection 19.13. Duration of Tax Increment Financing District No. 1-18.
Pursuant to Section 469.176, Subd. 1, of the Tax Increment Financing Act, the
duration of Tax Increment Financing District No. 1-18 will be twelve (12) years from
the approval of the Tax Increment Financing Plan.
Subsection 19.14. $p=sed Development ,analysis. Pursuant to
Minnesota Statutes, Section 469.175, Subd. 1(7), specific findings and analysis have
been completed relating to the proposed development in Tax Increment Financing
District No. 1.18. Additional relevant documentation relating to the findings and
analysis will be on file and available for review in the City Administrator's office.
Subsection 19.15. F_gtimated Impact on Other Taxing Jurisdictions.
Test No. 1: The estimated impact on other taxing jurisdictions assumes
construction would have occurred without the creation of Tax Increment
Financing District No. 1.18. If the construction is a result of Tax Increment
Financing, the impact is SO to other entities.
XIX -3
(' Test No. 2: Notwithstanding the fact that the fiscal impact on the other taxing
jurisdictions is $0 due to the fact that the financing would not have occurred
without the assistance of the City, the following estimated impact of Tax
Increment Financing District No. I-18 would be as follows if Test No. 1 (the
'but for' test) was not met:
Entity
Wright County
City of Monticello
I.S.D. No. 882
Hospital District
TOTALS
IMPACT ON TAX BASE
Original Net'
Tax Base
Entity
Payable 1994
i
i Wright County
548,638,744
City of Monticello
$15,583,604
I.S.D. No. 882
$19,344,524
Hospital District
$23,874,025
Entity
Wright County
City of Monticello
I.S.D. No. 882
Hospital District
TOTALS
IMPACT ON TAX BASE
Original Net'
Future Net
Tax
4
Tax ty
Payable
Payable
$ 1,090
5219,330
$ 1,090
$219,330
$ 1,090
$219,330
$ 1,090
$219,330
�ibT,'1T_ L=_-
Tax Capacity
District %
Payable 1994
of Entity
5218,240
.449%
5218,240
1.400%
5218,240
1.128%
5218,240
.914%
l?4PPACT ON TAX CAPACITY
MILL RATES
Gross Tax Rate 1994 Potential Taxes
31.965 569,760
17.530 38,257
60.634 132,328
2.744 5.989
112.873 $246,334
The impacts were based upon the tax capacity value obtained in the year 2000 per the
proposed buildout schedule. It is anticipated that, at this level, the bonds would be
repaid and the district decertified.
Subsection 19.16. Cash Flow Assumpl*o . and AnalXlil.
A. Future Tax Capaci . The estimated fbhue tax capacity of Tax Increment
Financing District No. 1.18 at final completion as determined by the City
Assessor is $219,330, payable in the year 2000.
XIX4
( B. projected Timing. The payment of the first tax increment from Tax Increment
Financing District No. 1-18 will be received by the Authority in 1998.
C. Quginal Tax Caocity. The County Assessor's records show the original tax
capacity of Tax Increment Financing District No. 1-18 to be $1,090 for taxes
in 1993 and payable in 1994.
D. Cross Tax C=cilg Rate. The original local tax rate is 112.873 perceat. This
rate is estimated for taxes payable in 1994, although the actual rate to be
certified will be for taxes payable in 1995.
E. Tax Increment. Total tax increment at the completion of all redevelopment
activity has been calculated assuming a static gross tax amity rate and a
valuation increased by zero percent (0%) compounded annually.
F.�,spi t z„dit,n . Capital expenditures are a summary of the items
associated with the public improvement costs set forth in Subsection 10.3 and
are to be financed from the proceeds of the Bonds and tax increment revenue.
Subsection 19.17. Estimated Amount of Bonded Indebtedness. It is anticipated
that $113,333 of banded indebtedness will be incurred with respect to this portion of
the Redevelopment Project.
Subsection 19.19. Tax Increment Financing Account for Tax Increment
Financing District No. 1-18. The taut increment received with respect to Tax
Increment Financing District No. 1-18 will be submitted by the Authority to the City
and segregated by the Authority in a special account or accounts (the 'Tax Increment
Account') on its official boobs and records or as otherwise established by resolution
of the City to be held by a trustee or trustees for the benefit of holders of the Bonds.
Subsection 19.19. Modification of Ta:_ Increment Financing District No. 1-18.
As of November 28, 1994, there have been no modifications made to Tax Increment
Financing District No. 1-18.
XtX-5
0
N. 1/2 SEC. 18. T. 121. R.24
LEMMLIML
WCAMON MAP
ca
EXMrr XIX -B
DISTRICT �,e.AAixit-ATION FORM
Date Prepared: October 21 1994
Name of District or Modification: Tax Increment Financing District No. I-19
Date of City Council Approval: November Z8 1994
SOIL CONDITION DIS'T'RICT CERTIFICATION
At the dine .f duct cmadan of mnd&afim, thefallowing oonditions ggab
Unusual terrain, the presence of hazardous substances, pollution or
contaminants, or soil deficiencies for 80 percent of the acreage in the
district require substantial filling, grading, removal, or remedial action,
or other physical preparation for use; or
`• _ The estimated cost of the physical preparation under clause (1), but
excluding costs directly related to roads as defined in section 160.01 and
local improvements as described in sections 429.021, subdivision 1,
clauses (1) to (7), (11), and (12), and 430.01, exceeds the fair market
value of the land before completion of the preparation.
cam, w, ng dac�mentAdon on file:
Land Use Man Map
City Council Resolution
Project Objectives
Other:
This Form Prepared by: Public Resource Group_ Inc.
Original Building Condition Data Collected by: SLA
Documentation in support of District Certification is on file at the City offices.
xnw
Commissioner introduced the following resolution,
the reading of which was dispensed with by unanimous consent, and moved
its adoption:
HOUSING AND REDEVELOPMENT AUTHORITY
IN AND FOR THE CITY OF MONTICELLO
WRIGHT COUNTY
STATE OF MINNESOTA
Resolution No.
A RESOLUTION RELATING TO THE MODIFICATION, BY
THE HOUSING AND REDEVELOPMENT AUTHORITY IN
AND FOR THE CITY OF MONTICELLO, OF THE
REDEVELOPMENT PLAN RELATING TO
REDEVELOPMENT PROJECT NO. 1, THE MODIFICATION
OF THE TAX INCREMENT FINANCING PLANS
RELATING TO TAX INCREMENT FINANCING DISTRICTS
NO. 1-1 THROUGH 1-17, SPECIFICALLYTAX INCREMENT
FINANCING DISTRICT NO. 9 AND THE APPROVAL AND
ADOPTION OF THE TAX INCREMENT FINANCING
PLAN FOR TAX INCREMENT FINANCING DISTRICT NO.
1-18, ALL LOCATED WITIUN REDEVELOPMENT PROJECT
NO. 1.
BE IT RESOLVED by the Commissioners (the "Commissioners") of
the Housing and Redevelopment Authority (the "Authority") in and for the
City of Monticello, Minnesota (the "City"), as follows:
Section 1. Recitals.
1.01. It has been proposed that the Authority modify, by increased
project costs and enlarged geographic area, Redevelopment Project No. 1,
pursuant to and in accordance with Minnesota Statutes, Sections 469.001 to
469.047, inclusive, as amended.
-1-
It has been further proposed that the Authority modify, by increased project
costs and enlarged geographic area, the Tax Increment Financing Plans
relating to Tax Increment Financing Districts No. 1-1 through 1-17
specifically Tax Increment Financing District No. 9 and establish Tax
Increment Financing District No. 1-18 and approve and adopt the Tax
Increment Financing Plans relating thereto, all located within Redevelopment
Project No. 1, pursuant to and in accordance with Minnesota Statutes,
Sections 469.174 to 469.179, inclusive, as amended.
1.02. The Authority has investigated the facts and has caused to
be prepared a proposed Modified Redevelopment Plan (the "Modified
Redevelopment Plan") for Redevelopment Project No. 1, defining more
precisely the increased project costs and enlarged geographic area to be made
to Redevelopment Project No. 1, the proposed Modified Tax Increment
Financing Plans for Tax Increment Financing Districts No. 1-1 through 1-17,
specifically Tax Increment Financing District No. 9 and Tax Increment
Financing Plan (the "Tax Increment Financing Plan") for Tax Increment
Financing District No. 1-18 (collectively referred to as the "Plans").
1.03. The Authority and the City have performed all actions
required by law to be performed prior to the modification of Redevelopment
Project No. 1, the modification of Tax Increment Financing Districts
No. l- 1 through 1-17 and the establishment of Tax Increment Financing
District No. 1-18 and the adoption of the Plans relating thereto.
1.04. The Authority hereby determines that it is necessary and in
the best interest of the City at this time to modify Redevelopment Project
No. 1, to modify Tax Increment Financing Districts No. 1-1 through 1-17
and to establish Tax Increment Financing District No. 1-18 and approve the
Plans relating thereto. and to request that the City Council (the "Council")
hold a public hearing relating to the above -stated matters.
Section 2. Approval of the Modified Redevelopment Plan for
Redevelopment Project No. 1.
2.01. Subject to the finding. determination, and approval of the
Modified Redevelopment Plan for Redevelopment Project No. I by the City
-2-
Council of the City, the Modified Redevelopment Plan for Redevelopment
Project No. 1 is hereby approved by the Commissioners of the Authority.
The increased project costs and enlarged geographic area shall be described
in the Modified Redevelopment Plan for Redevelopment Project No. 1,
approved in Section 4 hereof.
Section 3.
3.01. Subject to the finding, determination, and approval of the
Modified Tax Increment Financing Plans for Tax Increment Financing
Districts No. 1-1 through 1-17, specifically Tax Increment Financing District
No. 9 and Tax Increment Financing Plan for Tax Increment Financing
District No. 1-18 by the Council of the City, the Tax Increment Financing
Plans for Tax Increment Financing Districts Nos. 1-1 through 1-18 are
hereby approved by the Commissioners of the Authority.
Section 4. Anproval of the Respective Plans.
4.01. The Plans presented to the Authority on this date, are
hereby approved and adopted by the Authority and shall be forwarded to the
Council with the request that the Council hold a public hearing relating to the
adoption of the Plans for Redevelopment Project No. 1 and Tax Increment
Financing Districts Nos. 1-1 through 1-18.
Section 5. Filing of Plans.
5.01. The Authority shall cause the Plans, all as approved and
adopted, to be filed with the Minnesota Department of Revenue.
Dated:
Attest:
011ie Koropchar, Executive Director
(SEAL.)
-3-
Chairman
HRA AGENDA
NOVEMBER 9, 1994
Consideration to review the first draft of the Private
Redevelopment Contract between the HRA anCl Residential
Development, Inc.
Reference and Backqround.
A short summary of the first draft of the Private
Redevelopment Contract.
1. Redeveloper provides evidence of mortgage financing.
2. Redeveloper provides proof of payment of premiums for
Builder's Risk Insurance, Comprehensive General Liability
Insurance, and Worker's Compensation Insurance.
3. Redeveloper and City Engineer provide evidence of site
improver-Pnt completion and the Redeveloper provides
evidence of payment of site improvements.
4. HRA adopts a resolution to issue a Note. The Note is
sold to the Redeveloper in amount of $102,000 at a rate
of 8.6%. (Over three -years, approximately 6+161696.) %1,0-00
8. Minimum improvements, number of units at designated
estimated market value, and the commence and completion
dates are defined by three Phases.
6. Authority issue certificate of completion for each Phase
upon issuance of a certificate of occupancy for all the
housing units constituting such Phase.
7. Authority shall make the Note payments on the scheduled
Payment Date if the increment is sufficient. If the
Increment is insufficient the Note payment shall be
deferred, without interest, to the next Payment Date.
8. Agreed upon Design Styles.
9. Compliance to the Standard Development Agreement for a
Sub -Division.
At this point, the Municipal Board in St. Paul has nothing
pending regarding annexation for the City of Monticello.
Therefore, the City Council will hold Ito public hearing on
November 28, and table adoption of the resolution for TIP
approval. On December 6, the Planning Commiooion will adopt
a rouolution approving the modified Redevelopment Project No.
1 boundaries and on December 7, the HRA will approve the final
draft of the Private Redevelopment Contract. Let's hope the
Municipal Board will ratify the annexation in December so the
City Council adopt the TIF resolution of December 12.
Supportinq Data.
Copy of the Reoolution for isouance of the Tax Increment
Revenue Nntc, a portion of the Private Redevelopment Contract.
Page 1
SCHEDULE C
Authorizing Resolution
HOUSING AND REDEVELOPMENT AUTHORITY
IN AND FOR THE CITY OF MONTICELLO, K NNESOTA
RESOLUTION NO.
RESOLUTION AWARDING THE SALE OF, AND PROVIDING
THE FORM, TERMS, COVENANTS AND DIRECTIONS FOR
THE ISSUANCE OF ITS $102,000 TAS INCREMENT
REVENUE NOTE, SERIES IS—.
BE IT RESOLVED BY THE BOARD OF COMMISSIONERS OF THE HOUSING AND
REDEVELOPMENT AUTHORITY IN AND FOR THE CITY OF MONTICELLO,
MINNESOTA ("AUTHORITY") AS FOLLOWS:
Section 1. Authorization: Award of Sale.
1.01. Authorization. The Authority and the City of Monticello (the "City")
have heretofore approved the establishment of Tax Increment Financing District No.
1-18 (the "TIF District") within Redevelopment Project No. 1 ("Project"), and have
adopted a tax increment financing plan for the purpose of financing certain
improvements within the Project. Q
Pursuant to Minnesota Statutes, Section 489.178, the Authority Is authorized
to Issue and sell its bonds for the purpose of financing a portion of the public
development costs of the Project. Such bonds are payable from all or any portion of
revenues derived from the TIF District and pledged to the payment of the bonds.
The Authority hereby finds and determines that it is in the best interests of the
Authority that it issue and sell its $102,000 Tax Increment Revenue Note, Series 19
(the "Note") for the purpose of financing certain public development costs of the
project .
1.02. Issuance. Sales and Terms of the Note. The Authority hereby delegates
to the Executive Director the determination of the date on which the Note is to be
Issued, in accordance with that certain Contract for Private Development among the
Authority and the Owner dated 119 (the "Agreement"). The Note
shall be sold to Residential Development, Inc. (tge "Owner"). The Note shall be
dated the date of initbd delivery thereof, and shall bear interest at the tate of
% per annum to the earlier of maturity or prepayment. The Authority shall receive
in exchange for the sale of the Note the agreement of the Owner to pay the Soil
Correction costs as defined in the Agreement.
Section 2. Form of Note. The Note shall be in substantially the following
form, with the blanits to be properly filled to and the principal amount and payment
schedule adjusted as of the date of issue:
an7ow
0►b-as C-1
UNITED STATES OF AMERICA
STATE OF MINNESOTA
COUNTY OF WRIGHT
HOUSING AND REDEVELOPMENT AUTHORITY
IN AND FOR THE CITY OF MONTICELLO
No. R-1
TAX INCREMENT REVENUE NOTE
SERIES 19_
Rate
$102,000
Date
of Orictnal Issue
, 19_
The Housing and Redevelopment Authority in and for the City of Monticello,
Minnesota (the "Authority") , for value received, certifies that it is indebted and
hereby promises to pay to Residential Development, Inc. or registered assigns (the
"Owner"), the principal sum of $102,000 and to pay interest thereon at the rate of
per annum, as and to the extent set forth herein.
Principal and interest ("Payments") shall be paid on August 1, 19 and each
February 1 and August 1 thereafter to and including February 1, 20 7"Payment
Dates") in the amounts set forth in Attachment A hereto, but only to tie extent of
Available Tax Increment as hereinafter defined. Payments shell be applied first to
accrued interest, and then to unpaid principal. Interest accruing from the date of
issue to the first Payment Date shall be compounded semiannually on February 1 and
August 1 of each year and added to principal.
Payments are payable by mail to the address of the Owner or such other
address as the Owner may designate upon 30 days written notice to the Authority.
Payments on this Note are payable in any coin or currency of the United Sates of
America which, on the Payment Date, is legal tender for the payment of public and
private debts.
Interest at the rate stated herein shall accrue on the unpaid principal,
commencing on the date of original issue. Interest shall be computed on the basis
of a year of 380 days and charged for actual days principal is unpaid.
Payments on this Note are payable solely from "Available Tart Increment,"
whish shall mean, on each Payment Date, 90 percent of the Tax Increment generated
in the preceding six (8) months with respect to the TIF District and remitted to the
Authority by Wright County, ell as such terms are defined in the Contract for
Private Redevelopment, dated as of , 1994 ( the "Agreement") between the
Authority and the Owner.
The Authority shall have no obligation to pay principal of and Interest on this
Note on each Payment Date from any source other than Available Tax Increment. and
the failure of the Authority to pay the entire amount of principal or interest on this
Note on any Payment Data shall not constitute a default hereunder as long as the
Authority pays principal and interest hereon to the extent of Available Tax
Increment. If on any Payment Date there is available to the Authority Insufficient
Available Tax Increment to pay all amounts due on such date, the amount of such
SWIM
wl"-M C-2
deficiency shall be deferred and shall be paid, without interest thereon, on the next
Payment Date on which the Authority has available to it Available Tax Increment in
excess of the amount necessary to pay the amount due on such Payment Date.
The Authority shall have no obligation to make any payment on any Payment
Date if, as of such date there has occurred and is continuing any Event of Default
on the part of the Owner as defined in the Agreement. If the Event of Default is
thereafter cured in accordance with the Agreement, the Available Tax Increment as
of such Scheduled Payment Date shall be deferred and paid, without interest
thereon, on the next Payment Date after the Event of Default is cured on which the
Authority has available to it Available Tax Increment in excess of the amount
necessary to pay the amount due on such date together with any deferred amount
payable in accordance with the previous paragraph. The Authority shall have no
obligation to pay unpaid balance of principal or accrued interest, including any
amounts deferred due to an Event of Default, that may remain after the final Payment
on February 1, 20_.
The principal sum and all accrued interest payable under this Note is
prepayable in whole or In part at any time by the Authority without premium or
penalty. No partial prepayment shall affect the amount or timing of any other
regular payment otherwise required to be made under this Note.
At the Authority's option, this Note shall terminate and the Authority's
obligation to make any payments under this Note shall be discharged upon
termination of the Agreement by the Authority in accordance with its terms.
This Note is issued in the total principal amount of $102.000, to aid in
financing certain public development costs and administrative coats of a Project
undertaken by the Authority pursuant to Minnesota Statutes, Sections 469.001
through 469.047, and Is issued pursuant to an autloRiEg resolution (the
"Resolution") duly adopted by the Authority on 119 , and pursuant to
and in full conformity with the Constitution and laws of the State of Minnesota,
including Minnesota Statutes, Sections 469.174 to 469.179. This Note is a limited
obligation Ee /Tu ority which to payable solely from Available Tax Increment
pledged to the payment hereof under the Resolution. This Note and the interest
hereon shall not be deemed to constitute a general obligation of the State of
Minnesota or any political subdivision thereof, including, without limitation, the
Authority. Neither the State of Minnesota, nor any political subdivision thereof shall
be obligated to pay the principal of or interest on this Note or other costs incident
hereto except out of Available Tax Increment, and neither the full faith and credit
nor the taxing power of the State of Minnesota or any political subdivision thereof
is pledged to the payment of the principal of or intorest on this Note or other coats
incident hereto.
This Note to issuable only as a fully registered note without coupons. As
provided in the Resolution, and subject to certain limitations set forth therein, this
Note is transferable upon the books of the Authority kept for that purpose at the
principal office of the Executive Director, by the Owner hereof in person or by ouch
Owner's attorney duly authorised in writing, upon surrender of this Note together
with a written instrument of transfer satisfactory to the Authority, duly executed
by the Owner. Upon such transfer or exchange and the payment by the Owner of
any tax, fee, or governmental charge required to be paid by the Authority with
respect to ouch transfer or exchange, there will be issued in the name of the
an,esro
transferee a new Note of the same aggregate principal amount, bearing interest at
j the same rate and maturing on the same dates.
\1 This Note shall not be transferred to any person other than an affiliate, or
other related entity, of the Owner unless the Authority has been provided with an
opinion of counsel or a certificate of the transferor, in a form satisfactory, to the
Authority, that such transfer is exempt from registration and prospectus delivery
requirements of federal and applicable state securities laws.
I
IT IS HEREBY CERTIFIED AND RECITED that all acts, conditions, and things
required by the Constitution and laws of the State of Minnesota to be done, to exist,
to happen, and to be performed in order to make this Note a valid and binding limited
obligation of the Authority according to its terms, have been done, do exist, have
happened, and have been performed in due form, time and meaner as so required.
IN WITNESS WHEREOF, the Hoard of Commissioners of the Housing and
Redevelopment Authority in and for the City of Monticello, Minnesota has caused this
Note to be executed with the manual signatures of its Chairperson and Executive
Director, all as of the Date of Original Issue specified above.
HOUSING AND REDEVELOPMENT AUTHORITY
IN AND FOR THE CITY OF MONTICELLO,
MINNESOTA
Executive Director Chairperson
REGISTRATION PROVISIONS
The ownership of the unpaid balance of the within Note is registered in the
bond register of the Authority, in the name of the person last listed below.
Date of Signature of
Registration Registered Owner Executive Director
arsrnse
wnlo-u C -d
ATTACHNWIT A
Payments and Payment Dates
TOTAL
DATE PRINCIPAL INTEREST PAYMENT
anew
loam -u C-8
Section 3. Terms. Execution and Deliverv.
3.01. Denomination, Pavment. The Note shall be issued as a single
typewritten note numbered R-1.
The Note shall be issuable only in fully registered form. Principal of and
interest on the Note shall be payable by check or draft issued by the Registrar
described herein.
3.02. Dates. Interest Pavment Dates. Principal of and interest on the Note
shall be payable by mail to the owner of record thereof as of the close of business on
the fifteenth day of the month preceding the Payment Date, whether or not such day
Is a business day.
3.03. Recistration. The Authority hereby appoints the Executive Director
to perform the functions of registrar, transfer agent and paying agent (the
"Registrar"). The effect of registration and the rights and duties of the Authority
and the Registrar with respect thereto shall be as follows:
(a) Re ster. The Registrar shall keep at its office a bond register in which
the Registrar shall provide for the registration of ownership of the Note and the
registration of transfers and exchanges of the Note.
(b) Transfer of Note. Upon surrender for transfer of the Note duly
endorsed by the registered owner thereof or accompanied by a written instrument
of transfer, in form reasonably satisfactory to the Registrar, duly executed by the
registered owner thereof or by an attorney duly authorized by the registered owner
in writing, the Registrar shall authenticate and deUver, in the name of the
designated transferee or transferees, a new Note of a like aggregate principal
amount and maturity, as requested by the transferor. Notwithstanding the
foregoing, the Note shall not be transferred to any person other than an affiliate,
or other related entity, of the Owner unless the Authority has been provided with
an opinion of counsel or a certificate of the transferor, in a form satisfactory to the
Authority, that such transfer is exempt from registration and prospectus delivery
requirements of federal and applicable state securities laws. The Registrar may
close the books for registration of any transfer after the fifteenth day of the month
preceding each Payment Date and until such Payment Date.
(c) Cancellation. The Note surrendered upon any transfer shall be
promptly cancelled by the Registrar and thereafter disposed of as directed by the
Authority.
(d) lntnrooer or Unauthorized Transfer. When the Note is presented to the
Registrar for transfer, the Registrar may refuse to transfer the same until it Is
satisfied that the endorsement on such Note or separate instrument of transfer Is
legally authorized. The Registrar shall incur no liability for its refusal, in good
faith, to make transfers which it, in its judgment, deems improper or unauthorized.
(e) Persons Doomed Owners. The Authority and the Registrar may treat
the person In whose new the Note is at any time registered in the bond register as
the absolute owner of the Note, whether the Note shall be overdue or not, for the
purpose of receiving payment of, or on account of. the principal of and interest on
such Note and for all other purposes, and all such payments so made to any such
registered owner or upon the owner's order shall be valid and effectual to satisfy
MUM
MIU-4a C -e
and discharge the liability of the Authority upon such Note to the extent of the sum
or sums so paid.
(f) Taxes, Fees and Charities. For every transfer or exchange of the Note,
the Registrar may impose a charge upon the owner thereof sufficient to reimburse
the Registrar for any tax, fee, or other governmental charge required to be paid
with respect to such transfer or exchange.
(g) Mutilated. Lost. Stolen or Destroved Note,. In case any Note shall
become mutilated or be lost, stolen, or destroyed, the Registrar shall deliver a new
Note of like amount. maturity dates and tenor in exchange and substitution for and
upon cancellation of such mutilated Note or in lieu of and in substitution for such
Note lost, stolen, or destroyed, upon the payment of the reasonable expenses and
charges of the Registrar in connection therewith; and, in the case the Note lost,
stolen, or destroyed, upon filing with the Registrar of evidence satisfactory to it
that such Note was lost, stolen, or destroyed, and of the ownership thereof, and
upon furnishing to the Registrar of an appropriate bond or indemnity in form,
substance, and amount satisfactory to it, in which both the Authority and the
Registrar shall be named as obligees. The Note so surrendered to the Registrar
shall be cancelled by it and evidence of such cancellation shall be given to the
Authority. If the mutilated, lost, stolen, or destroyed Note has already matured or
been called for redemption in accordance with its terms, it shall not be necessary to,
issue a new Note prior to payment.
9.04. preparation and Delivery. The Note shall be prepared under the
direction of the Yocecutive Director and shall be executed on behalf of the Authority
by the signatures of its Chairperson and Executive Director. In case any officer
whose signature shall appear on the Note shall cease to be such officer before the
delivery of the Note, such signature shall nevertheless be valid and sufficient for
all purposes, the same as if such officer had remained in office until delivery. When
the Note has been so executed, it shall be delivered by the Executive Director to the
Owner thereof upon payment of the Public Development Costs in accordance with the
Agreement.
Section 4. Securitv Provisions.
4.01. Pledgee. The Authority hereby pledges to the payment of the principal
of and interest on the Note all Available Tax Increment as defined in the Note.
Available Tax Increment shall be applied to payment of the principal of and interest
on the Note in accordance with the terms of the form of Note set forth in Section Z
of this resolution.
4.04. Bond Fund. Until the date the Note is no longer outstanding and no
principal thereat or Interest thereon (to the extent required to be paid pursuant to
this resolution) remains unpaid, the Authority shall maintain a separate and special
"Bond Fund" to be used for no purpose other than the payment of the principal of
and interest on the Note. The Authority irrevocably agrees to appropriate to the
Bond Fund in each year Available Tax Increment necessary to pay principal and
interest due on the Note in such year. Any amounts remaining in the Bond Fund
shall be transferred to the Authority's account for the TIF District upon the payment
of all principal and Interest to be paid with respect to the Note.
Ns78wo
anb•" C-7
Section S. Countv Auditor ReWstration; Certification of Proceedines.
5.01. Countv Auditor Registration. The Secretary is hereby authorized and
directed to file a certified copy oFthis resolution with the County Auditor of Wright
County, together with such other information as such County Auditor shall require,
and to obtain from said County Auditor a certificate that the Note have been entered
on his or her bond register.
5.02. Certification of Proceedings. The officers of the Authority and the
County Auditor of Wright County are hereby authorized and directed to prepare and
furnish to the Owner of the Note certified copies of all proceedings and records of
the Authority, and such other affidavits, certificates, and information as may be
required to show the facts relating to the legality and marketability of the Note as
the same appear from the books and records under their custody and control or as
otherwise known to them, and all such certified copies, certificates, and affidavits,
including any heretofore furnished, shall be deemed representations of the
Authority as to the facts recited therein.
Adopted this _ day of , 19_
Chairperson
ATTEST:
Executive Director
an?"M
ai90-u C-8
250 Easr Broadway
P. 0. Box 1147
MonriceUo, MN
55362-9245
MEMO
Phone: (612) 295-2711
Memo: (612) 333-5739
Fax: (612) 2954404
November 8, 1994
TO: Steve Grittman, Rick Murray, Bob Murray and Howard Lepidas
FROM: Jeff O'Neill �0/0" RE: Summary of building and development design requirements for the River
Mill subdivision
On Monday, November 7, 1994 a meeting was held to discuss design requirements for the
River Mill subdivision. Following is a summary of the design requirements established
which shall be incorporated into formal agreements governing the project.
1. Development Landscaping
Rick Murray indicated that he would direct his engineer to prepare a landscaping
plan that features the following improvements.
a. Berm and dense evergreen plantings strategically located along entrance
ramp to mitigate visual impact and headlights.
b. Berm and landscape plantings located along east side of Hart Boulevard at
development entrance and in areas necessary to block headlights.
C. Entrance monumentation/landscaping at Hwy 76 access point and at west
access to East County Rd 39.
2. Building and Site Design
a. Three basic font elevations will be utilized t4roughout the site for the split
entry twinlwmes. A development plan will be prepared by Murray and
Lepidne which links front elevation design to specific parcels.
River Mill memo
November 8, 1994
Page 2
b. Wingwalls will be required for six structures including four along the park
and two located adjacent to the freeway ramp. The specific locations will be
identified on the development plan.
C. No occupancy will be granted without installation of sod in front yards. The
price of the home will include installation of sod.
d. The 6 -ft grassy area between driveways will be landscaped as follows: an
arborvitae will be planted to screen the view of the utility meters; an
additional understory tree shall be planted in the 6 -ft space somewhere near
midpoint between the property line and the structure; and one additional
tree shall be planted in the front yard area of each unit.
e. The sidewalk leading from the driveway to the front entrance shall be
extended out around the corner of the garage to create a space for landscape
plantings along the garage wall.
3. Protective Covenants
Rick Murray indicated that he would prepare the protective covenants which would
include sections of a party wall agreement commonly utilized by Lepidas. The
protective covenants shall include the following:
a. No kennels.
b. No storage of vehicles anywhere other than on the driveway, no unlicensed
or inoperable vehicles stored outside, and no more than two operable and
licensed vehicles stored outside.
C. No outside storage of boats or recreational vehicles.
d. Fences shall be regulated. A minimum fence design shall be established.
Murray and Lepidas to discuss further.
e. A party wall agreement governing application of maintenance free siding
and requiring common color.
f. Mailboxes shall be established in groups of four as designed by Murray.
g. Storage buildings shall be prohibited or strictly regulated. No storage
building shall exceed 1,200 square feet and siding must match residence. No
fish houses allowed.
River Mill memo
November 8, 1894
Page 3
Steve Grittman noted that a few of the lots on curves have lot lines that are not
perpendicular to the right of way which creates awkward driveway access to the right of
way. Murray indicated that he would review the plat and consider making adjustments
in conjunction with final plat approval.
It was agreed that the builder would recommend placement of TV antennas in the garage
rafter area. The recommendation would be made to potential buyers in conjunction with
the sales process.
I
HRA AGENDA
NOVEMBER 9, 1994
5. Consideration to review and to approve the vreliminary concept
for use of TIF (Housinq District) for the Conqreqate Senior
Housinq Proiect.
A. Reference and Background:
The Senior Housing Alliance has authorized the establishment
of a 501 (c)(3) non-profit organization, known as
Monticello/Big Lake Housing, Inc.
Proposed TIF:
Housing District - Maximum life of 25 -years
Financial method - Pay-as-you-go assistance
Legal expenditures - Land write-down, site improvementQ
(does include moving costs
associated with the relocation of
the two homes), and TIF costs
associated with project (PRG and
Holmes & Graven).
Upfront development costa incurred
by a privately -owned entity are not
considered legal TIF expenditures.
` Examples of upfront development
costo of a privately -owned entity
Include marketing, architect,
attorney, etc. fees. These costo
are included in the bonding proceeds
and may need to be financed through
a short-term construction loan.
The HRA is being asked to establish a TIF Housing District to
assist with the financing of the proposed congregate senior
housing project.
Queotiono for the HRA to consider:
1. Does the prop000d project moot thr- general HRA -TIF
Policies?
2. Doeo the proposed project meet the senior housing
objectives of the HRA?
a) Congregate or aoaioted-living.
b) Market study need through 1997, congregate market
rate - 42 units and ouboidized - 23 units.
c) Market study need through 1997, asoioted-living
market rate - 19 unite and onboidized - 11 units.
9
y
Pago 1
HRA AGENDA
J NOVEMBER 9, 1994
3. Does the proposed project meet the qualifications of a
Housing District? (90% of the tax increment must be used
for the housing project and 50% of the residents income
is 80% or less of the area median gross income.)
4. Does the proposed project meet the "but for" test?
5. Will the proposed district qualify as a "Qualified Local
Housing District" for exemption of HACA lose? (All the
tax increment is used for the housing project only.
Federal Tax Credit, 40% of the units at 60% the average
median income or 20% of the units at 50% the average
median income. Additionally, 30% of the resident's
income is for rent.)
B. Alternative Action:
1. Approve the preliminary concept for use of TIF for the
proposed senior congregate housing project.
2. Deny approval of the preliminary concept for use of TTP
for the proposed senior congregate housing project.
0 3. Table any action.
C. Staff Recommendation:
If the propooed project qualifies as a Housing District and a
"Qualified Local Housing District" and meets the policies and
objectivea of the HRA/TIP, staff then recommends approval of
the preliminary concept of use of TIP.
D. Suovortino Data:
Copy of the HRA/TIF Policies.
r
Pago 2
v
ECCSI:IG AND R.3E7P.•-J?14MNT ACTSCRIT'!
Cit/ aE Monticello
TAS INCR_°Yr..`T: ?MIANCI.IG POLICY
P:cq=am PL -pose: The Xcaticallo Ecusiaq and Redevelcpment
Authority will utilise Tax Incra=mt Pinaaciaq to support the
ccmmunity's long -ter= economic and housing goals.
Police C2asideratioas: The ERA will analyte aad eva'-lata Tax
I2crement ?iaanciaq proposals based upon the following policy
considerations. Each project shall_ be meas=ed against these
ccaside:ations and the project's value shall be determined, based
upon meeting these considerations.
Vr The project shall be ccasistact with the City's
C=p:ahensive Plan.
VY ") The project shall demcastrate long -tars eccacmic and/or
housing benefits to the community.
cbSl The project shall create aad/orr retai�employment for
"b Monticello residents. w. -a �,
�r`'rr The project shall increase moderate priced housiaq
options for area residents. Y.t..9;,9 �w9� •� _ ��
' The project shall facilitate the reds e t or
elimination ct •subataadatd• or -q ted" areas as
(lo C�
detarmined by the SU.
,j\"I
The project shall facilitate the •clean-up• of
envi.onmentally unsound property.
,47)
The project shall provide additional public faadiaq
for public improvements including atilities and/or
park development which would not other+ise be available.
The project shall be deemed to promote additional
desired •spia-of:• development.
POLICY amp, nm
t 1)
TL:r Incramsnt 8inanciaq will be considered for use in
eccacmic dsvelepment, redevelopment and specialised
housinq projects. The standard level of assistance for
projects shall be as follows:
HRA AGENDA
NOVEMBER 9, 1994
6. Consideration to review and to authorize reimbursement of HRA
cost associated with the Senior Housina Market Analysis.
A. Reference and Background.
In April of 1993, the HRA authorized Health Planning &
Management Resources, Inc. (HP&MR) to complete a senior
housing market feasibility analysis. The total amount paid to
HP&MR by the HRA for Phase I of the analysis was $5,600.
If the preliminary concept for use of TIF for the congregate
senior housing project was approved, then the HRA can consider
authorizing reimbursement of their coat associated with the
analysis by including the cost within the proposed TIF Housing
District Plan Budget. The marketing analysis was a HRA
expenditure relating to the senior housing project.
B. Alternative Action.
1. Authorize reimbursement of the HRA General Fund in the
amount $5,600 (Senior Housing Market Analysis) from the
proposed TIF Housing District Plan Budget.
s 2. Deny authorization to reimburse the HRA General Fund.
3. Table any action.
C. Staff Recommendation.
As this is a legal expenditure of the TIF, staff recommends
reimbursement to the HRA General Fund.
D. Suoaortina Data.
Copy of the agreement between the HRA and HP&MR and HRA
payments.
Page 1
Health Planning &
Management Resources, inc.
LETTER OF AGREEMENT
MONTICELLO HOUSING AND REDEVELOPMENT AUTHORITY
MONTICELLO, MINNESOTA
AND
HEALTH PLANNING & MANAGEMENT RESOURCES, INC.
EDINA, MINNESOTA
Health Planning & Management Resources, Inc. (HP&MR) agrees to
complete a senior housing market feasibility analysis as described In the Proposal
for Consulting Assistance dated April 15, 1890. For accomplishing the defined
scope of work, Monticello Housing and Redevelopment Authority agrees to pay
HP&MR a fee of $5,600 according to the following schedule:
Initiation of Contract
Initial Site Visit
Completion of Final Report
$2,200.00
$2,000.00
$1,400.00
In addition to fees, Monticello Housing and Redevelopment Authority will
pay HP&MR for direct expenses including travel, duplicating, postage and
telephone.
An materials developed by HP&MR for Monticello Housing and
Redevelopment Authority will remain the property of the Center. No proprietary
data developed for this process will be shared with any individual or organization
except through the adminL" don of Monticello Housing and Redevelopment
Authority.
�IfYI� 4 IS �
Patricia A. McCufloubh Dais
Health Planning & Management Resources, Inc.
l.%�� �•lq•a3
AfChairperson tate
Mob Housing and Redevelopment Authority
Pnme Professional Center
4970 Lincoln Drive
Edina, Minnesota 55436
612-935.6077
CITY OF I.--NTICELLO
GENERAL FUND NO.
250 EAST BROADWAY
rte•A10N11 LLO• MN 55362,..
•
am CIECK NO
4/19/93 35057
n.\
35057
WPM" COIM.,, .W. 41101
A �� 111. II,1A1
AMOUNT
12,200.00
nE HEALTH PLANNING d MANAGENENT RESOURCES, INC.
W
aA
i
0044864r 0:09&91&5221: 760 00 i 7a
PROFESSIONAL SERVICES - HRA 2,200.00
r
CIty OF MONTICELLO
CITY OF MONTICELLO
f GENERAL FUND N0.
I 250 EAST BROADWAY 35293
NONnCELLO. MN 55982
�wm,r coon son 6u
q�T•I.UIMM1
1OR1QLL0 ,�.IOO� Y1L
y DATE GIECR NO, AMOUNT
06/14/1993 35293 $3,400.00
THREE THOUSAND FOUR HUNDRED AND 00/100 DOLLARS n
PAY TO HEALTH PLANNING 6 NGKT RES INC
THE 4970 LINCOLN DRIVE
oOF EDINA MN 55436
00653441' i:09L9LL5221: 760 00L 702
3NDOR 000730 HEALTH PLANNING a NGKT RES INC 06/14/1993 CHECK 35293
.3.46301.3199 PROF SERV/HRA 3,400.00
0Tv OF MONnCELLo
p t
I'
TOTAL 3,400.Op,
Oc000er 20, 1994
Ms. 011ie Koropchalt
City of Monticello
250 East Broadway
P.O. Box 1147
Monticello, MN 55362
PUBLIC RESOURCE
GROUP, INC.
Marketing, Development & Finana Specialists
STATFI4 M
Consulting Services --September 16, 1994 through October 15, 1994
` yY 9-22-94
GLPK—Micro Tech financing options 1.50
9-23-94
LPK—Micro Tech, follow-up with OIHe l AD
i
9-30-94
J� LPK—Tappers follow-up with 011ie .25
10.3-94
LPK—Tappers exon project .75
�0.
\' 10-4-94
LPK—Meering with Bill Tapper, 011ie, Bridgewater, preparation
and follow-up -UQ
TOTAL CHAROABLE HOURS
5.00
NON CHAROABLE HOURS
9-20-94
LPK--Meeting regardLtg Micro Tech project, follow-up 1.75
4205 Lancaster lane North* Suite 1100 ♦ Minneapolis, Minnesota 55441 ♦ (612) S507979 ♦ (612) 5509221 Fax
r
Ms. 011ie Kompchak
Page 2
9-2694
LPK—H-Window follow-up, stale funding
TOTAL NON CHARGEABLE HOURS
Net Chargeable Hours 0 SWHour
TOTAL AMOUNT DUE
2.50
CURM OVER 30 OVER 60 OVER 90
$450.00
TERMS: NET DUE UPON RECEIPT, 1.33% PER MONTH SERVICE CHARGE ON
PAST. DUE ACCOUNTS
HOLMFs & GRAnN
CKART6aRD
es PM6.7 Cir. am
October 19, 1994
INVOICE a 47361
MN190: 46
CITY OF MONTICELLO Soils TIF
P 0 BOX 1147
MONTICELLO MN 99362-9245
For All Legal
Services From
August 1.
1994 Thru September 30. 1994 As Follows:
09/02/94 SJB
Review NRA packet
0.30
3o
UO
09/06/94 SJB
Phone call with 0. Koropchak; research
0.90
60.00
soils issue
09/07/94 SJB
Review Casserly memo; research TIF
2.e0
336.00
issues in preparation for meeting;
attend NRA meeting
09/28/94 SJB
Phone call with O. Koropchak re soils
0.:0
24
00
TIF
09/28/94 SJB
Phone call with 0. Koropchak re
0.20
24
00
housing proposal
09/30/94 SJB
Review fat re preliminary agreement:
0.29
30
�:O
phone call with 0. Koropchak re
same
Total
ServtCes:
$9:0.00
Name
Stephen J Bubul
For All Dtsburssments As Follows:
Long Distance Phone
I dacha, unaor ponapy of law
M sw aowunt dalm or dw tm d
a u as Wd dna n0
Stephen J BubuL
Hours Rate Amount
4.29 120.00 910.00
9.97
Total Disbursements: $9.97
Total Servtces And Disbursements: $91a 97
nr rumor or.aarur P.O. Box 206.1324 East Oakwood Drive • MonWft, MN 55362
Phone: (612) 295.5305 • Fax (612) 2954656
September 10, 1995
Mr. Gary Anderson
Building inspector
City of Monticello
250 Bast Broadway
P.O. Bos 1147
Monticello, MN 55362
Dear Mr. Andersons'
There are three (3) projects that were on the originally submitted plane
of our manufacturing and office expansion that are not yet complete.
1. Parking Lot. The new parking lot will be installed in the spring of
1995.
2. Landscaping. The landscaping will completed at the same time as the
parking lot expansion.
3. Screening of Exterior Storage. We have plans to begin construction
of the exterior storage area within the next two (2) weeks. Completion
of this fence will be before November 15, 1994.
Sincerely Yours,
Thq E -Window Company
Craig D Past
Manufacturing Manager
I
THE WINDOW COMPANY COPY
- _ ... -
na.omasarsmar P.O. Box 206.1324 East Oakwood Drive • MantloeOD, MN 55362
Phone (612) 2955305 • Fax: (612) 295-4656
October 31, 1994
Mr. Gary Anderson
Building Official
City of Monticello
250 Bast Broadway
P.O. Bos 1147
Monticello, MM 55362
Dear Mr. Andersons
Per your letter on September 20, 1994, 1 committed to having the
Screening of Exterior Storage completed yet this year. (See letter of
October 10, 1994). However, because the original size of the fenced
area of 25'Z25' seems to now be inadequate, and because the new parking
lot may change the exact location and configuration of the fenced area,
I am planning to delay all three projects until the Spring of 1995 with
completion by June 15, 1995.
Sincerely Yours
, The H-Window
�, Company
Craig D Past
Manufacturing Manager
250 Fast Broadway
P. O. Box 1147
Monticello, MN
55362.9245
Phone: (612) 295.2711
Metro: (612) 333.5739
Fax: (612) 295.4404
October 21, 1990
Dear Mr. Stephen Birkeland, Jr., Jeff O'Neill, and Gary Anderson:
At the October HRA meeting, the commissioners reviewed the
September 13, 1994 letter addressed to Al Larson, HRA Chairperson,
from Stephen Birkeland, Jr. Mr. Birkeland informed the HRA of his
anticipated mid-October completion of the non -screened area at the
location of 219 Dundas Road and requested the HRA reconsider
authorizing payment of the pay-as-you-go TIF assistance.
Additionally, Mr. Birkeland expressed hie frustrations with city
staff regarding the receipt of conflicting ordinance information
which in hie opinion led to delays and additional requirements and
coats.
Prior to any reconsideration by the HRA, the commissioners decided
to invite Stephen Birkeland, Jeff O'Neill, and Gary Anderson to the
next HRA meeting. Only and only, if all three Individuals are in
attendance will the commissioners consider Mr. Birkeland'e letter.
Secondly, the HRA will review tht: non -screened area for completion
and ordinance compliance. The next scheduled HRA meeting is
Wednesday, November 9, 1996, 7:00 p.m at the City Hall.
Please call me at 996-2711, it you are unable to attend the
November 9 meeting.
Cordially,
HOUSING AND REDEVELOPMENT AUTHORITY
IN AND FOR THE CITY OF MONTICELLO
011ie Kcropchak
Executive Director
cc: Al Larson, HRA Chairperson
01- HRA File ✓