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HRA Agenda 01-11-1995AGENDA MONTICELLO HOUSING AND REDEVELOPMENT AUTHORITY Wednesday, January 11, 1995 - 7:00 p.m. City Hall MEMBERS: Chairperson Al Larson, Vice Chairperson Ben Smith, Everette Ellison, Tom St. Hilaire, and Brad Barger. STAFF: Rick Wolfsteller, Jeff O'Neill, and 011ie Koropchak. GUEST: Rick and Bob Murray, Residential Development, Inc. Brad Larson, Metcalf & Larson. Gene Burdock, Region District Postal Representative. 1. CALL TO ORDER. 2. CONSIDERATION TO APPROVE THE DECEMBER 7, 1994 AND DECEMBER 15, 1994 HRA MINUTES. 3. CONSIDERATION TO ACKNOWLEDGE AND RECORD THE DISCLOSURE AND ABSTENTION STATEMENTS FROM THE TWO AFFECTED HRA COMMISSIONERS. 4. CONSIDERATION TO READOPT THE PRELIMINARY CONCEPT APPROVAL FOR USE OF TIF FOR THE SENIOR HOUSING PROJECT AND THE APPROVAL FOR AUTHORIZATION FOR RE -IMBURSEMENT OF FEES ASSOCIATED WITH SENIOR HOUSING MARKET ANALYSIS. 5. CONSIDERATION TO READOPT THE RESOLUTION AUTHORIZING PRC TO o PREPARE THE TIF PLAN RELATING TO THE ESTABLISHMENT OF TIF DISTRICT NO. 1-•19, A HOUSING DISTRICT. 6. CONSIDERATION TO ADOPT A RESOLUTION MODIFYING THE PLAN RELATING TO THE REDEVELOPMENT PROJECT NO. 1, MODIFYING THE PLANS RELATING TO TIF DISTRICTS NO. 1-1 THROUGH 1-18, AND APPROVING AND ADOPTING THE PLAN RELATING TO TIF DISTRICT NO. 1-10. 7. CONSIDERATION TO REVIEW THE FIRST DRAFT OF THE PRIVATE REDEVELOPMENT CONTRACT BETWEEN THE HRA A14D THE MONTICELLO SENIOR HOUSING ALLIANCE, INC. 8. CONSIDERATION TO APPROVE A NOTE IN THE AMOUNT OF $40,500 FROM THE HRA TO THE MONTICELLO SENIOR HOUSING ALLIANCE, INC. 9. CONSIDERATION TO APPROVE CHANCES TO THE PRIVATE REDEVELOPMENT CONTRACT BETWEEN THE HRA AND RESIDENTIAL DEVELOPMENT, INC. 10. CONSIDERATION TO REVIEW A REQUEST FROM BRAD LARSON. Continued Page 1 il. CONSIDERATION TO APPROVE ISSUANCE OF THE CERTIFICATE OF COMPLETION FOR ROY AND TODD SCHULZ DBA POLYCAST SPECIALTIES, INC. a) H -Window Company b) Custom Canopy, Inc. 12. OTHER BUSINESS. a) IDC BRAINSTORM WORKSHOP, Thursday, January 19, 1995. b) December PRG and Holmes & Graven billings. 13. ADJOURNMENT. C Page 2 MINUTES HOUSING AND REDEVELOPMENT AUTHORITY Wednesday, December 6, 1995 - 7:00 p.m., City Hall MEMBERS PRESENT: Chairperson Al Larson, Vice Chairperson Brad Barger, Tom St Hilaire, and Everette Ellison. MEMBER ABSENT: Roger Carlson. STAFF PRESENT: Rick Wolfsteller, Jeff O'Neill and 011ie Koropchak. GUESTS: Steve Bubul, HRA Attorney Rich Carlson I. CALLTOORDER- Chairperson D.RChairperson Larson called the HRA meeting to order at 7:00 p.m. 2. CONSIDERATION TO APPROVE THE OCTOBER C 1995_ AND THE NOVEMBER 1. 1995, HRA MINUTES. Brad Barger made a motion to approve the October 4, 1995, HRA minutes. Seconded by Everette Ellison and with no corrections or additions, the October minutes were approved as written. Al Larson made a motion to approve the November I, 1995. HRA minutes. Seconded by Brad Barger and with no corrections or additions, the November minute: were approved as written. CONSIDERATION TO CONTRACT WITH PUBLICORP. INC. FOR SERVICES RELATING TO TIF. Through a general consensus of the HRA members, preparation for establishment and modification of 71F related issues will be contracted through Publicorp. Inc. Having experienced some problems with Public Resource Group, Inc. (PRG) in the area of TIF Plan modification and creation, the HRA had previously interviewed Mark Ruff and two others from Publicorp. Mark prepared the financial impact analysis for the Ketanarek and Olson properties. They appear knowledgeable in the area of TIF and recent changes adopted by Legislation, and have a good working relationship with Attorney Bubul. With the proposed riverfront/downtown redevelopment project under consideration, the HRA felt it was a good time to twitch companies. PRG will continue to prepare financial packages (uses and sources) and SBA. CMH=, and State loan applications. One HRA member felt PRG had served the HRA well and was happy with their performance. Page 1 HRA AGENDA FEBRUARY 5, 1997 Holdngton Additional Services As you recall, in May of 1996, the HRA entered into a Contract with the Hoisington Koegkr Group, Inc. for preparation of the Monticello Downtown and Riverfront Revitalization Plan. The HRA agreed to pay the consultant an amount not -to -exceed $80,650 for thea professional planning services. 'Ile scope of service and tasks of the work plan were defined by the MCP and the work completion and satisfaction is monitored by the MCP. As the work plan nears completion and the final workshop presentation is anticipated in about a month, the activity level has excelled within the defined downtown/riverfront rodevelopmem area. Within the scope of the bridge concept, Michael Schroeder identified the two anchors as the river and the mall and identified a civic area along the Burlington tracks and West 5 Street. With the potential to develop a partnership with the military service for construction of a community/training center, Michael developed conceptual plans for redevelopment of the identified civic area. Additionally, he took the lead role in a ream presentation to representatives of the military service. MCP, HRA, City Mayor, and school administration. Ile military service is committed to a Monticello location. Two site locations are under consideration: Ile new high school site and the 500 block area along West 5 Street. Local public officials and representatives present at the presentation, clearly identified the site selection process as a cooperative effort between the school and the city. The overall goal for the community is to identify uses for the proposed shared facility and to assist in the provision of the land and/or shared facility. The conceptual plans prepared by Schroeder will be available at the HRA meeting. It is my understanding, the development of these conceptual plats is beyond the scope of services identified in the original Contract. Prior to Mr. Schroeder continuing to provide services not identified in the Contract, the NRA is asked to review the proposal for payment of additional services on a case-by-case basis. This proposal will he submitted at the HRA meeting. �:i r --ft l.: RVW1 Y 1 I A motion approving the Hoisington proposal for payment of additional services beyond the Contract between the Monticello HRA and the Hoisington Koegler Group, Inc. dated May 2, 1996. HRA AGENDA FEBRUARY 5,1997 A motion approving the Hoisington proposal with a shared payment between the HRA and the Qty of Monticello for the additional services. A motion to deny approving the Hoisington proposal for payment for additional services and requesting the City to consider the proposal. C. $ on: Although at this time the proposal is not available for review, it is suggested the HRA consider the fact that the HRA has the ability to recover its cost as part of the budget for the proposed TIF District No. 1-22. As will the budget include wMeaditure of the original Comram D. None. To be subtmtted at meeting. MINUTES MONTICELLO HOUSING AND REDEVELOPMENT AUTHORITY SPECIAL MEETING Thursday, December 15, 1994 - 7:00 p.m. City Hall MEMBERS PRESENT: Chairperson Al Larson, Vice Chairperson Ben Smith, Tom St. Hilaire, and Brad Barger. MEMBER ABSENT: Everette Ellison. STAFF PRESENT: 011ie Koropchak. STAFF ABSENT: Rick Wolfsteller and Jeff O'Neill. CALL TO ORDER. Chairperson Larson called the special HRA meeting to order at 7:00 p.m. 2. CONSIDERATION TO REVIEW THE INDEPENDENT SENIOR HOUSING FINANCIAL PACKAGE. Koropchak advised HRA members of the proposed financing package for the senior housing project as discussed at an afternoon meeting at the office of Public Resource Group. Those in attendance were Dan Lindl, Presbyterian Homes: Rick Wolfsteller. City Administrator; Steve Bubul, HRA Attorney; Lenny Kirscht, Public Resource Group, and Koropchak. It is proposed the City of Monticello adopt a resolution for the issuance of Revenue Bonds and the HRA adopt a resolution for creation of a TIF Housing District. The 25 -year Housing Diotrict is anticipated to meet the requirements of a "Qualified Housing District". TIF will be used to assist with site improvement coGts associated with the senior housing project. It is anticipated the district will run the entire 26 years. Additionally, it Is anticipated the Hospital Board will sell the two lots, proposed alto of the senior project, to the non-profit organization. 3. CONSIDERAT30N TO APPROVE INTERIM FINANCING FOR THE INDEPENDENT SENIOR HOUSING PROJECT. Koropchak advised members of the HRA Statutory as it relates to HRA members appointed to the Monticello Senior Housing Alliance, Inc. This poses a conflict of interest as the Statutory prohibits an HRA member from voting and dlseussing the project with staff and other HRA mombere. Page 1 With only two non-Alliance/HRA members present, do consideration or action was taken regarding the S40,500 Interim financing. Koropchak informed members that according to Dan Lindl, the lack of any action by the HRA would riot delay the project. Additionally, Attorney Bubul suggested the HRA riot consider the approval of interim financing until after the City Council adopted a resolution for issuance of the Revenue Bonds. Of the estimated $81,000 upfront construction costs necessary for interim financing, the Hospital Board approved a $40,500 note at a prime interest rate pending participation by the City/HRA. Also, the adopted HRA resolution authorizing PRG to begin preparation of the TIF Housing District and Plan will need to be re-adopted. Tom St. Hilaire asked if tie could vote by proxy as tie may be out-of-town on January 11, the next scheduled HRA meeting. Koropchak will ask Attorney Bubul. CONSIDERATION TO APPROVE AMENDING THE COMMENCEMENT AND COMPLETION CONSTRUCTION DATES OF THE PRIVATE REDEVELOPMENT CONTRACT BETWEEN THE HRA AND RONALD S. MUSICH. The Private Redevelopment Contract between the HRA and Ronald Munich is technically in-default oecause construction, of i„e minimum improvements did not occur by November 20, 1994. The delay is due to the necesoary re-appraisal for bank financing. The first appraisal was approximately $100,000 under the proposed project construc-lorn and land costs. The land has been appraised higher than originally and Mr. Munich will Inject additional equity. Bank flnanclt,g has been approved. The projected tax increment is sufficient to cover the loss of one-year of increment and still satisfy the TIF budget according to Lenny Kiracht. Tom St. Hilaire made a motion authorizI ng and directing the proper Authority officials to execute the extension of the commencement and completion dateo of the Private Redevelopment Contract between the HRA and Ronald S. Musich. Ben Smith seconded the motion. Upon further diocussion of the project for construction of the 15,000 aq ft manufacturing/office facility to the east of Suburban Machlne & Manufacturing, Tom St. Hilaire withdrew hla motion stating he was unfamiliar with the project. Brad Barger then made a motion authorizing and directing the proper Authority officlalo to execute the extension of the commencement and completion dates of the Private Redevelopmont Contract between the HRA and Ronald S. Musich. Bon Smith seconded the motion and with no further diacussion, the motion passed unanimously. Page 2 HRA MINUTES DECEMBER 15, 1994 5. CONSIDERATION TO CERTIFY A SUBORDINATION AGREEMENT FOR THE PRIVATE REDEVELOPMENT CONTRACT BETWEEN THE HRA AND RONALD S. MUSICH. Per the bank's attorney, Marquette Bank requests the HRA execute a Subordination Agreement for the Private Redevelopment Contract between the HRA and Musich. The document under review by Attorney Bubul gives the HRA right of reversion. Brad Barger indicated the request was a normal practice of banks for bank and SBA financing. Ben Smith made a motion authorizing and directing the proper Authority officials to execute the Subordination Agreement under review and as amended by Attorney Bubul. Brad Barger seconded the motion and with no further discussion, the motion passed unanimously. 6. OTHER BUSINESS. Next HRA meeting is scheduled for Wednesday, January 11, 1995. ifiA members will be requeoted to consider amending the e'rivate Redevelopment Contract between the HRA and Residential Development, Inc. 7. ADJOURNMENT. The HRA meeting adjourned at 7:20 p.m. 011ie Roropchak, HRA Executive Director Page 3 MINUTES MONTICELLO HOUSING AND REDEVELOPMENT AUTHORITY Wednesday, December 7, 1994 - 7:00 p.m. City Hall MEMBERS PRESENT: Chairperson Al Larson, Vice Chairperson Ben Smith, Tom St. Hilaire, Brad Barger, and Everette Ellison (tardy). STAFF PRESENT: Jeff O'Neill, Gary Anderson, and 011ie horopchak. STAFF ABSENT: Rick Wolfsteller. GUEST: Stephen Birkeland, Jr., Custom Canopy, Inc. 1. CALL TO ORDER. Chairperson Larson called the HRA meeting to order at 7:00 p.m. 2. CONSIDERATION TO APPROVE THE NOVEMBER 9, 1994 HRA MINUTES. Brad Barger made a motion to approve the November 9, 1994 HRA minutes. Seconded by Ben Smith and with no additions or corrections, the minutes were approved unanimously as written. 3. CONSIDERATION TO DISCUSS THE LETTER RECEIVED FROM STEPHEN BIRKELAND, JR. AND RECONSIDERATION OF THE PAY-AS-YOU-GO TSF ASSISTANCE. Koropchak reiterated the prepared agenda supplement describing the HRA's action and the Nc embe.- 9, 1993 to November 9, 1994 correspondences with Stephen Birkeland, Jr. relating to compliance and non-compliance with the Private Redevelopment Contract. As of a few days ago, the required screened area still remained unocreened and thu permanent Occupancy Permit wau not issued. Mr. Birkeland said the small building under -construction would be completed in a couple of dayb. Jeff O'Neill responded that during the project planning stages Mr. Birkeland was not around and otaff was told by Jim Bubl there would be no outdoor -storage. Secondly, O'Neill apologized for the misinformation regarding the curb cut allowance. Thirdly, the delayed request for a variance became apparent upon the need for outdoor -storage. Fourthly, on November, 1993, the City Council lowered the ecreen-fence height from 8 feet as recommended by the Planning Commioslon to 8 feet or at ouch time the stored -items exceed the height Page I HRA MINUTES DECEMBER 7, 1994 of the screened -fence, the stored -items must be removed or the fence height increased. Next, O'Neill presented two concerns shown via photos taken this summer (1994). One, the required screened -fence area uncompleted and the gates remain unclosed. Lastly, the access points of the second drive -way along Fallon Avenue must be hard -surfaced and widened. Mr. Birkeland was not notified of this latter concern. Gary Anderson anticipates issuance of the permanent Occupancy Permit to occur next week upon completion of the small structure. Pending completion of the required screened -fence area, issuance of the permanent Occupancy Permit within the month, and completion of the hard -surface and increased width of the second drive -way along Fallon Avenue by July 30, 1995, Tom St. Hilaire made a motion for the HRA to reinstate the pay-as-you- go TIF assistance as outlined in the Private Redevelopment Contract between the HRA and the Birkelands. Brad Barger seconded the motion. Koropchak reminded Mr. Birkeland that the required screened -fence area includes completion of the small building, fencing completed up to the buildings, and the closure of the gates to comply with the City Zoning Ordinance: screening of right -a -ways. With no further discussion, the motion passed unanimously. CONSIDERATION TO ADOPT A RESOLUTION AUTHORIZING PUBLIC RESOURCE GROUP, INC. TO PREPARE A TIF PLAN RELATING TO THE ESTABLISHMENT OF TIF DISTRICT NO. 1-19, A HOUSING DISTRICT. Koropchak highlighted the content of the enclosed resolution for adoption. In addition to authorizing PRO and Holmes a Graver, to begin preparation of the plan and contract, the resolution states the HRA agreus to waive the receipt of the TIF Preliminary Agreement and the $5,000 Cashier Check, and agrees to allocate the estimated $7.500 PRG and Legal fees and the previous $5,600 Health Planning 6 Management Revourcus, Inc, fees as Administrative Coate of the Housing District Plan. Koropchak emphasized that staff is non -supportive of tho use of TIF to assist with the land write-down of the two proposed lots because of the close proul maty to the Waste Water Treatment Plant and the potential release of odors. Staff If. supportive of using TIF for the sunlor project; however, not for land writu-down at this particular site. HRA members Page 2 HRA MINUTES DECEMBER 7, 1994 received a copy of the letter addressed to 011y Krahl from Kelsie McGuire responding to Krahl's telephone call of November 10, 1994, and a copy of the Monticello Times article which prints Mrs. Krahl's comments made during a Hospital Board meeting. Chairperson Larson reported the Alliance had discussed the Issue and have requested the architect incorporate special filters into t.e design of the building to decrease the potential intake of outside odors. The Alliance views the number of reported odors (5-6 times annually) from the Waste Water Treatment Plant as insignificant. O'Neill reported the coat of upgrading the treatment plant is estimated at 1.5 million dollars. To expand the facility at its existing location would cost an estimated 8.4 million and to relocate the facility would coot approximately 50% more. If the Kruse property were acquired and the existing plant expanded, the capacity of the expanded plant would meet the projected community growth for many years. O'Neill continued stating the City Council will hold a Public Hearing in January relating to the completed study and the future of the Waste Water Treatment Plant. NRA members encouraged staff not -to -be shortsighted and to weigh the long-term economic and environmental benefits of a plant relocation. Brad Barger made a motion to adopt the enclosed resolution authorizing PRG to prepare a TIF Plan relating to TIF District No. 1-19, a Housing District and as stated. Everette Ellison seconded the motion and with no further diocusoion, the motion passed unanimously. The HRA viewed the potential odors from the Waste Water Treatment Plant as insignificant as It relates to the use of TIF and the proposed site of the senior housing project. CONSIDERATION TO REVIEW AND APPROVE THE SECORD DRAFT OF THE ?RIVATE REDEVELOPMENT CONTRACT BETWEEN THE HR/, AND RESIDENTIAL DEVELOPMENT. INC. AND ADOPT THE RESOLUTION RELATING THERETO. The enclosed resolution, prepared by Attorney Bubul, approves the contract in substantially the form presented and authorizes and directs HRA officials to execute the contract. Adoption of the resolution is subject to final annexation and allowance for some minor modifications to the contract. The contract for approval Includes no note with interost as originally prepared. Howovor, the HRA's administrative costo relating to District No. 1-18 remain as an expense of the TIF Page 3 HRA MINUTES DECEMBER 7, 1996 Surplus Fund. Koropchak stated that Attorney Bubul viewed the request by the HRA as somewhat unreasonable in relationship to the amount of TIF assistance (not -to -exceed $102,000). The contract includes the soil corrections must be commenced and completed concurring with the Phase I development and as approved by the City Engineer. The contract outlines the four phases, commencement and completion dates of each phase, and minimum estimated market value of single and twin -homes and commercial developments in each phase. TIF payment to begin August 1, 1998 and to end February 1, 2000. TIF payment is also subject to the development complying with the Subdivision Agreement. A Certificate of Completion is issued after completion of each phase. The contract has been submitted to Attorney Jim Casserly; however, the HRA has heard no reply. Tom St. Hilaire made a motion to adopt the enclosed resolution approving the Private Redevelopment Contract between the HRA and Residential Development, Inc. in substantially the form presented. Ben Smith seconded the motion and with no further discussion, the motion passed unanimously. CONSIDERATION TO REVIEW AND APPROVE THE FIRST DRAFT OF THE AMENDMENT TO THE PRIVATE REDEVELOPMENT CONTRACT BETWEEN THE HRA AND WILLIAM AND BARABARA TAPPER AND ADOPT THE RESOLUTION RELATING THERETO. The enclosed resolution, prepared by Attorney Bubul, approves the amendment to the original Private Redevelopment Contract between the HRA and the Tappers in substantially the form presented. Additionally, it authorizes and directs HRA officials to execute the contract subject to allowing for some minor modifications. The amendment states the redevelopor will construct a 18,000 oq ft manufacturing facility (the "Additional Improvements"). Constructloii commencing May 1, 1995 and completion by December 31, 1995. The HRA will reimburse the redeveloper C30,000 for site improvementa: excavation, landscaping, and curb conotruction neccooary for the development of the additional improvements. Reimbursement upon 00% completion of the additional improvements and certification by an indopondent architect. The annual TI Guarantee increases from the original $26,000 to 134,500. The Asoosoment Agroement's minimun estimated market value will increase from 5750.000 to $111751000. Bon Smith made a motion to adopt the enclosed resolution Pago 4 HRA MINUTES DECEMBER T, 1994 approving the amendment to the Private Redevelopment Contract between the HRA and William R. Tapper and Barbara R. Tapper in substantially the form presented. Brad Barger seconded the motion and with no further discussion, the motion passed unanimously. T. CONSIDERATION OF BRAD BARGER TO ACCEPT REAPPOINTMENT TO THE FIVE-YEAR HRA COMMISSIONER POSITION. The HRA commission seat with the expiration term of December, 1994, is occupied by Brad Barger. Mr. Barger accepted re- appointment to the five-year term. Other HRA members reviewed their respective term dates. Ben Smith made a motion of HRA endorsement and recommendation to the City Council for the re- appointment of Brad Barger for a five-year HRA term. Al Larson seconded the motion and with no further discussion, the motion passed unanimously. a. OTHER BUSINESS: HRA members reviewed the prepared informational items and accepted the written report. Koropchak reported in addition to the supportive data relating to Brad Larson's letter, Mr. Wolfsteller continues to research the matter. However, It appears the City has an easement for ingress and egress. Although the property Ilea within Redevelopment TIF District No. 1-2 and since it appears the City has an easement, the HRA recommended the confict be resolved between Mr. Brad Larson and the Post Office. Additionally, the HRA suggests a letter be addressed to Mr. Larson stating the HRA reviewed the request and their initial recommendation. The HRA authorized payment of November bills from Holmes and Graven and PRO, with the exception the TIF District No. 1-0 Modification. The HRA requested an ltemizcd statement prior to payment. Tom St. Hilaire oxpreaoed his satisfaction with Pat Pelstring with the exception of the H -Window expansion. The HRA inquired of the progroso to compile a list of other TIF creation agencies for review. Koropchak indicated she had received a resume from Publicorp, Inc. Page 5 HRA MINUTES DECEMBER T, 199• ADJOURNMENT. Al Larson made a motion to adjourn the HRA meeting. Tom St. Hilaire seconded the motion and with no further discussion, the meeting adjourned) at 9:15 p.m. 011ie Koropchak, HRA Executive Director Page 6 HRA AGENDA JANUARY 11, 1995 3. Consideration to acknowledge and record the Disclosure and Abstention Statements from the two affected HRA Commissioners. Reference and Backaround: Enclosed is a copy of the letter from HRA Attorney Steve Bubul addressing the conflict question relating to HRA Commissioners who also serve on the Senior Housing Alliance Board and two options to avoid the conflict. Additionally, enclosed are two copies of the Declaration of Potential Conflict of Interest as executed by Al Larson and Brad Barger. The declaration requests that statements of potential conflict be entered In the minutes of the Authority; therefore, this is an acknowledgement to record. m I Pago 1 HOLMES & GRAVEN cTrxaTERn SrEPM% J. BUBUL 4" PI bw, C.r.., w..W.1s, Mia.s.4. Mai Att.wy d I.w Oirat rid (612) 337-9228 December 19, 1994 Olive Koropchak Econormc Development Director City of Monticello P.O. Box 1147 Monticello, MN 55362-9243 RE: Seni4v Alliance Pn*l Dear 011ie: Tdgb— NIr) 3374= P.o1ma. 16121 304310 This letter follows up 1n our discussion last week rcguding members of the Monticello HRA mid City Council serving as directors or officers of Molnticelki Senior Housing Alliance. Inc.. ("Senior Alliance") the nonprofit corporation that intends n7 construct a senior housing project in the City. Under current proposals. the HRA would provide "pay -as -you -goo' tax increment assistance to Senior Alliance as well as a short tern loan of approximately $40.11(1). The City would issue tax exempt revenue h/rnds. proceeds of which would he farted by the City to Senor Alliance in order to construct the facility. I understand that under the articles of incorporation for Senior Alliance, board members are appointed by the City, the HRA, the hospital and the community at large. Both the HRA and the City Council have appointed two members each front their respective hodiies to serve as members of the Senior Allianz board. While I see no difficultly with appointment of Senior Alliance hoard members by the City Council or HRA. apptiinunem of HRA memhers tit City Councilors themselves may preseru a conflict of interest. 1 will focus here largely on HRA co minissiuners. and have referral Inc question regarding City Council member to the City Attorney. Conflict questions for HRA conunissiomers oral employees arc governed by Minncuga Statutes. Se:tim 4651.(114, a copy of which is c iclrhed. That statute provides, in part, that a "potential conflict o l interest is present if the conunissiorer or employee knorws or has reason to know .hat the organ-vaticn with which the commissioner or employee is affiliated is or is reasonatdy likely to hecome a participant in a project tr development which will be affected by the action or decision" (If the HRA. Section 460.0119. Suhd. 1. In this case, two HRA co mmissitaxn are clearly "affiliated" with Senior Alliance, which will he affected by decisions of the HRA. Those commissiomers therefore have two options to avoid the conflict: Disedaure and abstemlon. 11he affected commissioners must prepare a written statement describing the mater requiring HRA decision and the nature (if the potential conflict. The gatzmcnt must he submitted to the other HRA conmuimi ncni and entered on the minutes of the next HRA mewing. This statement must he submitted within one week atter the commissioner becomes aware of the potential conflict. See Section 469.(114, Suhd. I. CJn91117 "I')11 4 N Olive Koropchak December 19, 1994 Page 2 Further. the affected cammissioncrs must not attempt to m luence an employee in any matter related to the action or decision in question (i.e., any aspect of the Senior Alliance project), must not lake pan in any such action or decision. and will not cow toward a quorum during the portion of any HRA meeting at which the Senior Alliance project will be considered See Section 469.009, subd. 2. Note that if two HRA commissioners are disqualified from voting on any Senior Alliance miner, the remaining three commissioners will be required to be present in order to take any action on that MUM. Commissioners who knowingly fail to disclose a conflict or who violate the abstention rule are guilty of a gross misdemeanor. Resign one or the two boards Instead of complying with the conflict pmvisioms above. the affected commissioners could resign from either the Senior Alliance board or the HRA board, which removes the conflict. If commissioners resign fronm the Senior Alliance board the HRA could nevertheless appoint a replacement who is not an HRA commissioner or City Council member. Another provision of the HRA statute provides that any com mWioner who "knowingly takes pm in any manner in making any sale. lease. or con= in the commissioner's official capacity in which the commissioner.. , has a neuronal financial ig(g�{s is guilty of a gross misdemeanor." See" 479.009, Suhd. 3. (emphasis added). Membership cm the Senior Alliance huard probably does not. by itself, create a personal financial interest under this sutute. Also. the commissioners are required to abstain from taking pan in decisions regarding contracts with Senior Alliance, so cormmissioners will comply with this provision in any r event by emptying with We rules described above. I have enclosed a Declaration of Potential Conflict of Interest that HRA comndssiurters may use if either M them chase to remain on the Senior Alliance hoard. As mcntkmed above. this situation presents conflicts for City Council members as well, though different statutes apply in that context. We will seek advise from the City Attorney regarding their role as Senior Alliance hood members. If you any HRA co n missiamas have any questions about this matter, please give me a call. Very truly yews. ISte I. Bubul cc: Rick Wrolfsteller Dan Undh Lennie Kincht Paul Weingarden more n n iw�ro �e DECLARATION OF POTENTIAL CONFLICT OF INTEREST 1. the undersigned commissioner of the Housing and Redevelopment Authority in and for the City of Monticello ("Authority"). hereby declare that: 1. 1 am a tnember of the board of directors of Monticello Senior Housing Alliance, Inc. (the "Senior Alliance"). a Minnesota nooprofit corporation. 2. The Senior Alliance is or is reasonably Bluely to become a participant in a project or development that will be affected by decisions of Authority and its board of comunissioners. Specifically. the Senior Alliance expects to seek tax increment financing and other fmaacial assistance from the Authority in connection with construction of a senior housing project in the City, which assistance will require approval by the Authority of a tax increment financing plan and a redevelopment contract and related ag mements between the Authority and Senior Alliance. 3. Pursuant Section 469.009 of the HRA Act. I hereby submit this steternent of potential c;nflict of interest and request that it be entered in the minutes of the Authority at its meeting on , IR—. 4. 1 will not attempt to influence any Authority employee in any matter related to the Senior Alliance housing project, will not take par In any action or decision related to that matter. and will not be counted toward a quorum during the portion of any meeting of the Authority board of commissioners in which that matter is to be considered. Dated: Decembers 1994 i/ Commissioner Housing and Redevelopment Aathmity in and for the City of Monticello uu1 A I ISO, SUBURBAN 612,295,6601 Page 1/1 Job 733 Dec -22 Thu 12:14 1994 DECLARATION OF POTFIMAL CONFLICT OF INTEREST L the uodersipod commission of the Housing and Redevelopment Authority in and for the City of Monticello ("Authority'), hereby declare that 1. I am a member of the board of directors of Monticello Senior Housing Alliance, Inc. (the "Senior Alliance'), a Minnesota nonprofit corporation. 2. The Senior Allinson is err is reasonably li Wy to become a participant in a project or development that will be affected by decisions of Authority and its board of commiasioaets. Specifically. the Senior Allmoce axpeW to seep tax ux=zw financing sad other financial asdAMM from the Authority in connexion with eonsattcdom of a senior housing project in the City, which au mnce will require approval by the Authority of a tax increment financing plan and a redevelopment contract and related agreements between the Authority and Senior Alliance. 3. Pursuant Section 469M9 of the HRA Act. I hereby submit this aattmtent of potential conflict of interest and request that it be ent rod in the atinutes of the Authority at its meeting on /-i/ , f9i'Sr 4. I will not attempt to inllacoce any Authority employee io my mama related to the Seeing Alliance housing projem will not tate part to any action or decision related to that Matta. and will not be counted toward a qua= during the portion of any meeting of rhe Autbmity board of commissioners in which that Mama is to be considered. Dated: Det mba 21, 1994 Coamtissiona Housing and Redevelopment Authority in and for the City of Monticello aratese W19 40 aFw.b 1110vor'tKtFSDrMF Yr Subd. 3. Cnttft ates of appalatsrrnt. A eeni6ed o0T' of the "ns6cate of appoint- men, of each commiuiune, shall be filed with the commissioner Of bade and economic development. Ulotomy: 1987 r 191 , 6: 1987 c 311 art f r 16 nhd 1: 1991 c J3 r 1 469.007 POWERS OF COUNT!- AND MUI-T-ICOUfvM Al7r0ORITIFS. Subdivision I. Powers. A county or multicount) authority and its commnuionen shall, within the arca of operation of the authority, have the same functions, nights. powcn, duties. privileges, immumtin, and limitation; as a" provided for housing and redevelopment authorities created (or cities, and lot the commissionrn of those authontin. The pmvisiom of law applicable to isuusiug and Md-clopmrnt Authoritin created for cities and then commuionen shall be applicable to county and multi- count authorities and then commisamnrn, cseept is clearly indicated othems— Subd 2. P—a n u to bomslag Aerelagia a at pnai When & Count) or mulllcounty authority undenakn any housing pro/m or h—ing dtsclopment farm involving the acgmutron of multifamily housing rental properties that I1 f were financed under the federal rection S or section 216 programs, or (2 y are designed to he affordable to prawns or families with incomes not greater than 80 percent of median income for the meant pofitan t ausucal area or nonmetmpohtan county, and arc located within any city or town, the aulbomy shall notify the governing hody al the city or town in wntinS Of the location of the housing pmlm or housing development prolecr. If the go-namg hod fails to take anion on a housing prawn or housing development prsa}m m a —ran$ which rets forth an, reasons for the action within 30 days, the govrm ng body it coned. ered to have approved the heation of the housing pm/eet or housing dcvtlnpmrnm pml- m for purposes of any sp"bat or Veneto) taw regmnng local appmv&t of the location of housing proln•ts and housing development proms undertaken by county or multi• county authorities. IllstoV 1987 r 191s 7, 1989,* JM wI Jt4 469.008 EFFE"dRY1N(T'I"k'Il0IISINC AND RI'DEVVI.OPMFNT'A11T11091- rlFy. Nothing m sections 469.128 m 464 WS snail alta .r impar, the powers oil obiiga- tionsol al, housing and redevelopment—thontin created under Mmneurta Sulu,. 1969, chaplet 462, prior to lune S. 147), nor shall lair are* of operatmn of such co) auth(nty tw included within ,he area of Optrarion of & courtly or multicnunty aulhomy created purtuam 10 sections 4600M an 4h9j)(18, With the corawro of thr tuuni Of com- maamntn of s call authority and the governing body of the City, a city authority my tw,_ a pan of a r ... iy ,,, muhta•.um) au,honry .,son auumpunn by the au,hamy of the ohlrgnnons of rhe cra) oulhon,) Iflatory: 1987 r 191 , 8 469.009 CONFIX–F 0F IN ERENI", PENALTIF:.S FOR FAILURE TO ITIS CLOSE. Sutdesvuon 1. Ularbsun, Before asking an action or making a decision which muid rubstantialiy of ro the commiumner't or an a repioyte s financial interests or those of an mganitation with which the COMMI.,anrr, m an employ" or associated, a commissioner or employee of on authority shall (t) prepare a vvniten statement dewnhmg alit matter requmnng Annan or decision and the nature of the poremui cryo- fl,a of interni and (h) submit the uatemrm to the Comm,suonen of the authonty. IV dtsrlmure shad he entered upon the minuses of the outhmay a Its nett meeting- TTm diselrnure statement must hr wbmihed nn later thin one week Aller the employee m commiuronet becomes &ware of the potential conffu; of lateness. However, no duel. W" aNement is required of the effect nn the rommiumner or employee of the decision or an +ell to ria gresfn than Lan other membena of ted business, pmfeuioo a ryccupa• tin. w � If alit r"n on all, organtuon twith which the commissioner at employer' is tFLi6aMiC .t t'FtDrNt.a"r aN Vii affiliated is indirect. emote, and insuln aninal. A potential conflict of interest is present if the commiuiona or employee knows or has reason to know that the organisation with which the commisuoner an employee it affiliated it or is reasortabh likcl) to become a participant In a projen or development which will he affected by the action or decision. Any individual who knowingly fish to tubmit a statement required by this subdivision or submits a ustereem which the individual knows contains false intorma- tion or omits required information is guilty of a gross miWrmeanar. Subd, 2. Effect oldltdoaart. If an employee has potential conflict of interest, the employee's uperior than immediately assign the mailer to another employ" who don nee have a potential conflict of Interest. A celmmruioner who has a potential conflict Of interest shah..& attempt to influence An employ" in any mattrr rttated to the action or d"binn to qunnan, shill nor take pan in the action or decision, and shall not to counted toward a quorum ,'.until the portion of any meeting of the auttaomy in which the anion or decision is toile Considered. Any mdasdual who knowingly aoda,n this suh4iv,sion it guilty of a groan misdemeanor. Subd. 1. Cooftlar i fon6iddea. A commissioner or employm of an authonty who knowingly takes pan in any manner in making any leek, lease, or rontcon In the com. miuioner's or employee i.ffmeial mpuitv ,n which the cammnsioner or cmpiayee has a personal financial Interni is guilty of a grow misdemeanor. Subd. 4. Agto! a attmary, F.r one year after termination of a poarttan ss s coin• misuooer or employee of an authonty, no former commissioner or fonncr employee of an authority &hall appe*r genially before any court or tovemmental department or agency as agent or Anornry for anyone othn than the authonty ,n connection with any proceeding, application, request for ruling or other dnnrtunstion, contract, claim, mnimseny, charge, sic oust n, arrest, or other panam., matter m which the —h— try is substantially mterntrd, and with respect to which the commiuiann or employ" took any, action an nude any deem.. as a c.mmisumarr of employee of the autharoy it any time within • penod of ,or year prior In the 1--i n M that pmmnn Subd. 5. IAmltatstraa. With Moret ,n each pnttom established by the a ifs—, w provide finanrmi ountan, or financing In, real pmpeny other than rental awstanrt programs, an employ" or eommiuuoer may receive such hnonaal suanance Cir financing not mo" than ante" Suhd. 6. Iojaadlon. The counq attorney may seek an injunction to thr dnrrrn court io enforce the m—morn of all,s wri IlWney: 1987 r 19/ , 9 469,010 RF.M01'AI; 11FARi NC; NOTICE. I'm mefhorncy or orgkct of duty or mrondwi in Office, a comman inrr may tar "moved by the gotemmg Ivd) of the mumcipslny. Ihr commisstonr, must to psen a copy of the charges at Iasi ten days prior to a hearing at which the commit• von" has an oppnnumly rotor herd in perswrnor by counwl Whrncharmm wntmg have been preferred against a mmor Groner, ponding final action Ihere.n the governing body may temporan)y wsprnd the c.mmauuow.r flat 11 found that thane charges have not been substantiated, the commuto"r shall immediately he rtmtlmrd in o(ber When any commissioner, it removed, a itavrd of the pnwredmgs, log"hn with thr charges and findings 1herean, shall he filed m the office of the cte,k Moral): 19.97 r 191 n 10 4/9,011 Alff110R1T1' OMMATIONS. Subdiv'iturn I. Plarm is caetelubarra; 9aurar The pic.— of each aiitharoy dull be vested in its commitaoncis in office at any time, a majority of whom shall earn• u,tuh a grtoetlm for all purposes Subd. 2. ()ffk►gt bylaws. Each authonty shill rlecl a chair and a oerrnaty (turn am0131 its commissioners And shall adopt by -tow, and whet rubs for the conduct of its thin that st dams appropriate. HRA AGENDA JANUARY 11, 1995 4. Consideration to readout the oreliminary concept approval for use of TIF for the Senior Housino Protect and the approval for authorization for re -imbursement of fees associated with Senior Housing Market Analvsis. A. Reference and Backqround: Due to the Declaration of Potential Conflict of Inturests executed by Al Larson and Brad Barger in the previous agenda item, HRA Attorney Bubul recommmends any prior HRA approvals relating to the Senior Housing project be ratified or readopted. Therefore as a housekeeping item, HRA Commissioners Ben Smith, Everette Ellison, and Tom St. Hilaire should consider readoption of the preliminary concept approval for use of TIF and authorization for re -imbursement of fees associated with the Senior Housing Market Analysis. Enclosed is a copy of the November 9, 1994 NRA minutes recording the original approvals. B. Alternative Actions: 1. A motion to readopt the preliminary concept approval for use of TIF for the Senior Houoing project arid approval for authorization for re -imbursement of fees assuclated with the Senior Housing Market Analysis. 2. A motiun to deny readoption. 3. A motion to table any action. C. Stdff Recommendation: To avoid a conflict of interest and to comply with Minnesota Statutory, Stdff recommendu Alternatve Actiun Nu. 1. D. Suvoortina Data: November 9, 1994 HRA minuted. kA.. Payo 1 HRA MINUTES NOVEMBER 9, 1996 rate. It was the HRA's understanding or intent that the use of TIF to assist with the reclamation of the mined gravel pit was an amount not -to -exceed $102,000 flat, no interest nor Net Present Value. The HRA members recommended the Tax Increment Revenue Note with interest be deleted from the Contract and to insert that the Redeveloper assume the responsibility of the HRA Administrative expenses. CONSIDERATION TO REVIEW AND TO APPROVE THE PRELIMINARY CONCEPT FOR USE OF TIF (HOUSING DISTRICT) FOR THE CONGREGATE SENIOR HOUSING PROJECT. The HRA members reviewed the proposed senior housing project with the TIF Policies and determined four of the four criteria were satisfied. Additionally, they determined the proposed market -rate congregate facility was consistent with the results of the HRA Senior Housing Study as prepared by Health Planning & Management Resources, Inc. (HP&MR); thereby&, the project supports one of the HRA objectives. They determined the proposed project satisfied the "but for" test, and felt the proposed project would qualify to meet the requirements of a Housing District. Al Larson made a motion to approve the preliminary concept for use of TIF to assist with the financing of the senior housing project. The motion was seconded by Brad Barger and with no further discussion, the motion passed unanimously. Members requested Koropehak prepare a written Informational update informing City Council of the HRA's preliminary concept approval 'for use of TIF to assist with financing of the senior housing project. K;oropchak informed members that Dan Lindl, Presbyterian Homes; Lenny Kirseht, Public Resource Group. Inc. (PRG) ; Steve Bubul, Holmes & Graven: and Koropehak scheduled a meeting for Friday. November 18, 1994, 10:00 a.m. at the office of PRG to discuss the TIF project and process. Al Larson expressed interest in attending and requested Koropehak invite Barb Sehwientek to the aeheduled meeting. CONSIDgRJ\TJO((_-rO [tgVIEW ANQ 10 j1UTfngjtlgE R1gJ1411.IftS§J41ERT OF UA COSTS ASSOCIATED WITH THE SENIOR HOUSING MARKET SJUPY, A total of $8,600 was dleburead from the HRA General Fund to pay for Phase I of the Senior Housing Market Study prepared by HP&MR for the HRA. Brad Barger made a motion authorizing the S9,600 NRA expenditure be recovered as an Administrative Cost within the proposed TIB Plan for proposed TIF District No. i- 19, a Housing District . Al Larson second the motion and without further d:ecussion, the motion pa000d unanimously. Pago 3 HRA AGENDA JANUARY 11, 1995 5. Consideration to readopt the resolution authorizing PRG to orenare the TIF Plan relating to the establishment of TIF District No. 1-19, a Housing District. A. Reference and Background: Due to the Declaration of Potential Conflict of Interests executed by Al Larson and Brad Barger under the Agenda Item No. 3, again, HRA Attorney Bubul recommends any prior HRA approvals relating to the Senior Housing project be ratified or readopted. Therefore as a housekeeping item, HRA Cummissioners Ben Smith, Everette Ellison, and Tom St. Hilaire should consider readoption of the resolution authorizing PRG to prepare the TIF Plan relating to the establishment of TIF Distri„t No. 1- 19, a Housing District. Enclosed is a copy of the December T, 1996 HRA minutes recording the original approval and a copy of the resolution for adoption. B. Alternative Actions: 1. A motion to readopt the resolution authorizing PRG to prepare the TIF Plan relating to the establishment of TIF District No. 1-19, a Housing District. 2. A motion to deny readuption of the resolution. 3. A motion to table any action. C. Staff Recommendation: To avoid a conflict on Interest and to comply with Minnesota Statutory, Staff recommendo Alternative Action Nu. 1. D. Suaoortina Data: December 7, 1994 HRA minutes and resolution. 7 �� Page 1 HRA MINUTES DECEMBER 7, 1994 of the screened -fence, the stored -items must be removed or the fence height increased. Next, O'Neill presented two concerns shown via photos taken this summer (1994). One, the required screened -fence area uncompleted and the gates remain unclosed. Lastly, the access points of the second drive -way along Fallon Avenue must be hard -surfaced and widened. Mr. Birkeland was not notified of this latter concern. Gary Anderson anticipates issuance of the permanent Occupancy Permit to occur next week upon completion of the small structure. Pending completion of the required screened -fence area, Issuance of the permanent Occupancy Permit within the month, and completion of the hard -surface and increased width of the second drive -way along Fallon Avenue by July 30, 1995, Tom St. Hilaire made a motion for the HRA to reinstate the pay-ae-you- go TIF assistance as outlined in the Private Redevelopment Contract between the NRA and the Birkelands. Brad Barger seconded the motion. Koropchak reminded Mr. Birkeland that the required screened -fence area includes completion of the small building, fencing completed up to the buildings, and the closure of the gates to comply with the City Zoning Ordinance: `b screening of right -a -wage. With no further discussion, the motion passed unanimously. CONSIQERATION TO ADOPT A RESOLUTION AUTHORIZING PUBLIC RESOURCE GROUP,_ INC. TO eREPARE A TIF PLAN RELATING TO THE ESTABLISHMENT OF TIF DISTRICT NO. 1-19, A HOUSING DISTRICT. Koropchak highlighted the content of the enclosed resolution for adoption. In addition to authorizing PRO and Holmes & Graven to begin preparation of the plan and contract, the resolution states the HRA agrees to waive the receipt of the TIF Preliminary Agreement and the $5,000 Cashier Check, and agrees to allocate the estimated $7,500 PRG and Legal fees and the previous $5,600 Health Planning 8 Management Resources, Inc. fees as Administrative Coote of the Housing District Plan. Koropchak emphasized that staff is non -supportive of the use of TIF to assist with the land write-down of the two proposed lots because of the close proximity to the Waste Water Treatment Plant and the potential release of odors. Staff is supportive of using TIF for the senior project; however, not for land write-down at this particular site. HRA mombers Page 2 HRA MINUTES DECEMBER 7, 1994 received a copy of the letter addressed to 011y Krahl from Kelsle McGuire responding to Krahl's telephone call of November 10, 1994, and a copy of the Monticello Times article which prints Mrs. Krahl's comments made during a Hospital Board meeting. Chairperson Larson reported the Alliance had discussed the issue and have requested th3 architect incorporate special filters into the design of the building to decrease the potential intake of outside odors. The Alliance views the number of reported odors (5-6 times annually) from the Waste Water Treatment Plant as insign-ficant. O'Neill reported the cost of upgrading the treatment plant is estimated at 1.5 million dollars. To expand the facility at its existing location would cost an estimated 8.4 million and to relocate the facility would cost approximately 50% more. If the Kruse property were acquired and the existing plant expanded, the capacity of the expanded plant would meet the projected community growth for many years. O'Neill continued stating the City Council will hold a Public Hearing in January relating to the completed study and the future of the Waste Water Treatment Plant. HRA members encouraged staff not -to -be shortsighted and to weigh the long-term economic and environmental benefits of a plant relocation. Brad Barger made a motion to adopt the enclosed resolution authorizing PRG to prepare a TIF Plan relating to TIF District No. 1-19, a Housing District and as stated. Everette Ellison seconded the motion and with no further discussion, the motion passed unanimously. The HRA viewed the potential odors from the Waste Water Treatment Plant as Insignificant as it relates to the use of TIB and the proposed site of the senior housing project. 5. CONSIDERIL ION TO jtEVIEW C14D APPROVE }'HE 8gCONQ DRAFT O? THE PRIVAT? FMPVELOPMENT COPIT,i2ACT BETv16Ejj7HE HgAJ1ND R1S3DEPTIA4 DEVELOPMENT, INC. AND ADOPT THE RESOLUTION RELATING THERETO. The enclosed resolution, prepared by Attorney bubul, approves the contract in substantially the form presented and authorizes and directs HRA officials to execute the contract. Adoption of the resolution is subject to final annexation and allowance for some minor modifications to the contract. The contract for approval includes no note with interest as originally prepared. However, the HRA's administrative costo relating to District No. 1-18 remain as an expense of the TIF Page 3 A RESOLUTION BY THE HOUSING AND REDEVELOPMENT AUTHORITY IN AND FOR THE CITY OF MONTICELLO, WRIGHT COUNTY ` RESOLUTION NO. RESOLUTION AUTHORIZING PREPARATION FOR THE MODIFICATION OF THE REDEVELOPMENT PROJECT PLAN, SIF DISTRICTS, AND ESTABLISHMENT OF TIF DISTRICT NO. 1-19 AND ITS PLAN. WHEREAS, the Housing and Redevelopment Authority (the "HRA"), in and for the City of Monticello, Minnesota, has been requested by Monticello -Big 7,ake Lousing, Inc., a Minnesota non-profit organization, (the "Redeveloper") to establish a Tax Increment Finance (TIF) District; and WHEREAS, the HRA agrees to waive the receipt of the Preliminary Agreement from the Redeveloper; and WHEREAS, the HRA agrees to waive the receipt of a $5,000 cashier's check from the Redeveloper; and WHEREAS, the HRA agrees to allocate the estimated $7,500 PRG and Holmes & Graven fees and the previous $5,600 Health Planning & Management Resources, Inc. fee as Administrative Coots within the Plan relating to the proposed TIF District; and WHEREAS, the Monticello -Big Lake Community Hospital District (the "Seller") is considering to propose that sale of the following two parcels to the Redeveloper (the "Buyer") for redevelopment, the parcels identified as: PID+ PIDO WHEREAS, the Redeveloper requests the HRA or City consider issuing Revenue Bonds for the 501 (e) (3) non-profit organization; and WHEREAS, the Redeveloper proposes to construct a 48 -unit independent senior housing facility; and WHEREAS, on November 9, 1994, the HRA approved the preliminary concept for use of TIF to assist with financing the proposed senior housing project; and WHEREAS, on November 14, 1994, the City Council received an information update relating to the HRA'o preliminary concept approval for use of TIF on the senior housing project; and NOW, THEREFORE, BE IT RESOLVED by the Monticello Housing and Redevelopment Authority, in and for the City of Monticello, Minnesota: y Page 1 I . Authorizes Public Resource Group, Inc. to prepare a modification of the Plan for Redevelopment Project No. 1 and the Plans for TIF District Nos. 1-1 through 1-18 and for establishment of TIP District No. 1-1y, a H.)using District, and Plan relating to District No. 1-19. 2. Authorizes Holmes A Graven to prepare the Private Redevelopment Contract between the HRA and Monticello -Big Lake Housing, Inc. Adopted this 7 th day of December, 1994. Readopted this th day of January 11, 1995. ATTEST: HRA Executive Director HRA Chairperson Page 2 0 HRA AGENDA JANUARY 11, 1995 6. Consideration to adopt a resolution modifvina the Plan relating to the Redevelopment Proiect No. 1. modifvina the Plans relating to TIF Districts No. 1-1 throuuh 1-18, alLd auorovino and adootiny the Plan relatina to TIF District No. 1-19. (Monticello Senior Housing Alliance, Inc.) A. Reference and Backaround: Previously, the HRA approved the preliminary concept for use of TIF to assist the Senior Housing project. The HRA waived receipt of an executed Preliminary Agreement and a $5,000 cashier check. PRG was authorized to begin preparation of the plan relating to TIF Distrlct No. 1-19 in December of 1994. The HRA is requested to adopt the resolution: Modifving the Dlaus relating to the Redevelooment Proiect No. 1 and TIF Districts No. 1-1 throuuh 1-18. Because the described property of the proposed TIF District No. 1-19 Is located within the Redevelopment Project No. 1 boundarles, there is no need to enlarge the geographic boundaries. The plans for the Redevelopment Project Nu. 1 and TIF Districts Nu. 1-1 through 1-18 are modified to Include tlw proposed district. And auoruviva dud aduotina the Plan relating to TIF District No. 1-19. TIF District No. 1-19, a Housing District, is being created to asslot with the uite/yubllc improvement touts aosoci ,ted with the construction of a 46 -unit uunior housing project. The project locatud on the two ydrcvls directly to the or,[;t of the Monticello Clinic along Hart Boulevard. The proposed district has a maximum life duration of twenty- five years and It is anticipated to run the full durdtlon. The proyooed diotrict Is expected to qualify as a "Qualified Housing District" therefore the HACA Penalty or Lose to the City I waivt:d ($78,700 NPV Q 5.5%). The two preliminary TIF budget optfono are uubmitted and enclooed at this time. Modlflcatluno to the budget are expected and will be noted at the HRA meeting. 41,14% 3'x,44 4 The eotlmatud annual lneroment of 04&.A" )CTC $62 1,69) lu based from a $1,850,000 ustlmatod market value of the proposed 7 ,, Page 1 HRA AGENDA JANUARY 11, 1995 68 -unit senior housing project. The estimated increment is sufficient to retire the projected debt service. The City will issue Revenue Bonds in the amount of $3.5 million, the projected total project cost. B. Alternative Actions: 1. A motion to adopt the resolution modifying the plan relating to the Redevelopment Project No. 1, modifying the plans relating to TIF Districts No. 1-1 through 1-18, and approving and adopting the plan relating to TIF District No. 1-19. 2. A motion to deny adoption of the resolution. 3. A motion to table any action. C. Staff Recommendation: As the Alliance proposes to Install special air -filters to assist in the control of potential odurs from the nearby Waste Water treatment Plant and the Alliance views the odor concern as insignificant, staff recommends Alternative Action No. 1. Also, the housing market study and the houoing program and plan support the need for the proposed senior houuing project. D. Supporting Data: Resolution for adoption, TIF and HACA projections, TIF budget options and excerpts of the plan, and a revisud copy of the TIF schedule. 7 Page 2 JAN -09-•95 MON 15:06 ID:BDS INC. TEL NO: 786-9034 #914 P02 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 MON77CELLO 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 1-18, AND THE APPROVAL AND ADOPTION OF THE TAX INCREMENT FINANCING PLAN FOR TAX INCREMENT FINANCING DISTRICT NO. 1- 19, ALL LOCATED WITHIN REDEVELAPMENT PROJECT NO. 1. BE IT ABSOLVED 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. R&GjA. 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 Minneseft Rtntutes. Sections 469.001 to 469.047, inclusive, as amended. JAN -09-'95 POJ 15:07 IL:13D5 INC. TEL x0:786-9034 8914 P03 0 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 1-18 and establish Tax Increment Financing District No. 1-19 and approve and adopt the Tax ituremcnt Pinaacing Plans relating thereto, all located within Redevelopment Project No. 1, pursuant to and in accordance with hfiOWW a $pig, 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 mono precisely the increased project costs and enlarged geographic area to be made to Redevelopment Project No. 1, the proposed Modified Tax Increment Financing Pians for Tax Increment Financing Districts No. 1.1 through 1-18, and Tax Increment Financing Plan (the "Tax Increment Financing Plan") for Tax Inurement Financing District No. 1-19 (collectively referred to as the "Plans"). 1.03. The Authority and the City have ;.crfornied 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 1.18 and the establishment of Tax Increment Financing Distrirt No. 1-19 and the adoption of the Plan 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 1-18 and to establish Tax Increment Financing District No. 1-19 and approve the Plana 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 Redevelaemeu Plan tir Radevelcginant ftect 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- Jf N-09-- 95 MON 15:07 I D: BDS 1K. TEL NO:786-9034 0914 PO4 Council of rite City, the Modified Redevelopment Plan for Redevelopment Project No. 1 is hereby approved by the Commi.4onera of the Authority. The increased project coats and enlarged geographic area shall be described in the Modified Redevelopment Plan for Redevelopment Project No. 1, approved in Section 4 hereof. Section 3. AVr 21 of the Tax InQMCMSALZJUgWJULJ5g0LfU Ta: Increment Financlog Dimricts Noe. 1-1 tltrou�h 1-19. 3.01. Subject to the finding. determination, and approval of the Modified Tax Increment Financing Plans for Tax In.---, Financing Districts No. 1-1 through 1-18. and the Tax Increment Financing Plan for Tax Increment Financing District No. 1-19 by the Council of the City, the Tax Increment Financing Plans for Tax Increment Financing Districts Nos. 1-1 through 1-19 are hereby approved by the Commissioners of the Authority. Section 4. Anoroval of the Reaonetive Plana. 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 1-19. Section S. Filing of Plane. 3.01. The Authority shall cause the Plans, all as approved and adopted, to be filed with the Minnesota Department of Revenue. Dated: Chairman Attest: 011ie Koropchak, Executive Director (SEAL) -3- JAN -11-'95 WED 15:25 ID:BDS District No. 1-18 (As adopted November 28, 1994) Soil Corrections i1Q=.pQ M Subtotal =102,000.00 Administration 111 233 TOTAL $113,333.00 (As adopted November, 1982) T : inerern'r+r nnnc�en District No. 1-19 (As adopted February 27, 1993) Load Acq+dsition 1120,000.00 Demolition/Removal 7,300.00 Public Improvements Storm Sewer 13,440.00 Sanitary Sewer 18,930.00 Water 3,400.00 Utility Realignment 12,000.00 Site Preparation 39,108.00 Other Preparation Footings 13,673.00 Parldng/Pa way 59,657.00 Subtotal $290,830.00 Contingency 45,000.00 Administration 44.000.00 Total $379,830.00 Subsection 1.11. L- Use. All new at I/or ezistia8 development on land ldentiAed an liiabibits I -C througb 1-F u 'property to be acquired' or 'powble acquisition" will be v*oct to the following uses sad requirements: 1. Uses Permitted in Designatstl Arent. 1.42 SECTION RX TAR INCREMENT FINANCING PLAN FOR TAX INCREMENT FINANCING DISTRICT NO. 1-19 Subsection 20.1. Statement of Objectives. See Subsection 1.4 of the Redevelopment Plan. Subsection 20.2. The Redevelopment Plan See Section I, Subsections 1.1 through 1.20. Subsection 20.3. Description of the Pr _iect. The project, located within Tax Increment Financing District No. 1-19, consists of the development of a 48 -unit senior housing facility. This project is expected to begin in 1993 and be completed by January 2, 1996. Subsection 20.4. Parcels to be Included in Ta: Increment Financing District No. 1-19. The following property is located in the City of Monticello, County of Wright, State of Minnesota. PID Number: 133-013.021-020 PID Number: 133-013-022-120 PID Number: 155-015-021-010 PID Number: 155-011-000.210 PID Number: 153-011400-050 PID Number: 155-015-022.020 PID Number: 155-015-022.040 Also described as: Those parts of Lots 2, 3, 4, 10, 11, 12. Block 22 and Block 21 lying southeasterly of the center line of said Lot 2 extended northeasterly to the shoreline of 11'r. Mississippi River and lying northwesterly of the northeasterly extension of 1, L southeasterly line of said Lot 10. Also that part of Lot 3 of Auditor's Subdivision No. One according to the recorded map thereof lying westerly of the southwesterly extension of the southeasterly line of Lot 4, Block 22, LOWER MONTICELLO according to the recorded plat thereof extended southwesterly to the southwest line of said Lot S except that part lying southeasterly of a line parallel with and 12.5 feet northerly of a line described as follows: Beginning at the intersection of the southwesterly extension of the southeasterly line of Lot 3 of said Block 22 with the southeasterly extension of the southwest line of said Block 22, thetsce southwesterly at a deflection angle of 132 degrees 46 mimste from the said southeasterly extension of the southwest line of Block 22, a distance of 139.5 feet more or less to said southwest line of Lot 5 of Auditor's Subdivision No. One and said line there terminating. Also that part of Broadway Street of LOWER MONTICELLO according to the recorded plat thereof lying southeasterly of the southwesterly extension of the center line of Lot 2, Block 22 of said LOWER MONTICELLO and twrdmstedy of the northwesterly extension of the southwest line of Lot 5 of the Auditor's Subdivision No. One according to the recorded map thereof. Subsection 20.5. Parcels in A=isition. The Authority may acquire the property listed in Subsection 20.4, which property is located within Tax Increment Financing District No. 1-19. Properties identified for acquisition may be acquired either by the City or the Authority in order to accomplish public improvements listed in Subsection 1.1 l of the Redevelopment Plan hereof. Subsection 20.6. Development Activity in Tax Increment Financing District No. 1-19 for Which Contracts will be Simied. The following contract(s) will be entered into by the Housing and Redevelopment Authority and the person(s) named below: Prior to the certification of Tax Increment Financing District No. 1-19, a Development and Assessment Agreement will be executed between the Housing and Redevelopment Authority of Monticello and Monticello Senior Housing Alliance, Inc. Subsection 20.7. Other Specific Development xneeted to Occur within Redevelopment Project No. 1. (As specific development is expected to occur, it will be inserted into this Subsection.) XX -2 Subsection 20.8. 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 20.9. Sources of Revenue. Land acquisition costs, and otter costs outlined in Subsection 1.10 of the Redevelopment Plan will be financed through the annual collection of tax increments. Subsection 20.10. Original Tax Capacity. Pursuant to Section 469.177, Subd. 1, of the Tax Increment Financing Act, the original tax capacity value for Tax Increment Financing District No. 1-19 is estimated to be $5,096, based on the tax capacity value of all taxable real property within Tax Increment Financing District No. 1-19. Pursuant to Section 469.177, Subds. 1 and 4, of the Tax Increment Financing Aa, 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. 1-19, reduction or enlargement of Tax Increment Financing District No. 1-19 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. 1-19 declines below the original tax capacity value, no tax capacity value will be captured and no tax hweement will be payable to the Authority. Subsection20.It. Estimated Captured Tax Capacily Value. Pursuant to Section 469.175, Subd. 1, and Section 469.177, Subd. 2, of the Tax Increment Financing Act, the estimated captured tax capacity value in Tax Increment Financing District No. 1-19 at final completion will approximate $37,454. This estimated annual captured capacity value is determined in the following manner: Estimated Tax Capacity Value at Final Completion $42,550 Original Tax Capacity 5.096 Captured Tax Capacity Value 537,454 Subsection 20.12. Tvne of Tax Increment Financing District. Tax Increment Financing District No. 1-19, is pursuant to Section 469.174, Subd. 11, a Qualified Housing District as described below: "Qualified Housing District" means a type of tax increment financing district which consists of a project, or a portion of a project, intended for occupancy, in part, by persons or families of low and moderate income, as defined in chapter 462A, Title 11 of the National Housing Act of 1934, the National Housing Act of 1939, the United XX -3 7 Housing Act of 1937, as amended, Title V of the Housing Act of 1949, as amended, any other similar present or future federal, state, or municipal legislation, or the regulations promulgated under any of those acts. A project does not qualify under this subdivision if the fair market value of the improvements which are constructed for commercial uses or for uses other than low and moderate income housing consists of more than 20 percent of the total fair market value of the planned improvements in the development plan or agreement. The fair market value of the improvements may be determined using the cost of construction, capitalized income, or other appropriate method of estimating market value. Subsection 20.13. Duration of Tax Increment Financing District No. 1-19. Pursuant to Section 469.176, Subd. 1(e), of the Tax Increment Financing Act, the duration of Tax increment Financing District No. 1-19 will be twenty-five (25) years from the date of receipt of the first tax increment. Subsection 20.14. BMsed Develolnnent Analysis. Pursuant to esota Statutes, Section 469.175, Subd. I(7), specific findings and analysis have been completed relating to the proposed development in Tax Increment Financing District No. 1-19. Additional relevant documentation relating to the findings and analysis will be on file and available for review in the City Administrator's office. Subsection 20.15. Estimated Impact on Other Taxing Jurisdictions. Tess No. 1: The esti i,atr_d imp tet on usher iaxiuq! juriisdictioms assume: construction would have occurred without the creation of Tax Increment Financing District No. 1.19. If the construction is a result of Tax Increment Financing, the impact is $0 to other entities. 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. 1-19 would be as follows if Test No. l (the 'but for' test) was not met: XX -4 IMPACT ON TAX BASE IMPACT ON TAX CAPACrrY Entity Tax Rate 1994 Potmtial Taxes Wright County 31.965 $11,972 City of Monticello 17.530 6,566 I.S.D. No. 882 60.634 22,710 Hospital District 2.744 1.028 TOTALS 112.873 $42,276 Subsection 20.16. Cash Flow Assumptions and Analysts. A. Future Tax Capacity. The estimated fume tax capacity of Tax Increment Financing District No. 1-19 at final completion is anticipated to be $42,330, payable in the year 1997. B. EMOected Timing. The payment of the first tax increment from Tax Increment Financing District No. 1.19 will be received by the Authority in 1997. C. Oristnal Tax Capacity. The County Assessor's records show the original tax capacity of Tax Increment Financing District No. t-19 to be $5,096 for t:,xer in 1994 and payable in 1993. D. Gross Tax Capac*ly Rate. The original local tax rate is 112.873 percent. ) I,,. rate is estimated for taxes payable in 1994, although the actual rate to 6C certified will be for taxes payable in 1993. XX -5 Original Net Future Net Captured Net Tax Bate Tax Capacity Tau Capacity Tax Capacity District % Entity Payable 1995 Payable 1993 Payable 1995 Payable 1995 of Entity Wright County $48,638,744 $ 5,096 $42,550 $37,454 .077% t City of Monticello $15,583,604 S5,096 $42,350 $37,454 .240% I.S.D. No. 882 $19,344,524 $ 5,096 $42,550 537,454 .194% Hospital District $23,814,023 $ 5,096 $42,550 $37,454 .137% IMPACT ON TAX CAPACrrY Entity Tax Rate 1994 Potmtial Taxes Wright County 31.965 $11,972 City of Monticello 17.530 6,566 I.S.D. No. 882 60.634 22,710 Hospital District 2.744 1.028 TOTALS 112.873 $42,276 Subsection 20.16. Cash Flow Assumptions and Analysts. A. Future Tax Capacity. The estimated fume tax capacity of Tax Increment Financing District No. 1-19 at final completion is anticipated to be $42,330, payable in the year 1997. B. EMOected Timing. The payment of the first tax increment from Tax Increment Financing District No. 1.19 will be received by the Authority in 1997. C. Oristnal Tax Capacity. The County Assessor's records show the original tax capacity of Tax Increment Financing District No. t-19 to be $5,096 for t:,xer in 1994 and payable in 1993. D. Gross Tax Capac*ly Rate. The original local tax rate is 112.873 percent. ) I,,. rate is estimated for taxes payable in 1994, although the actual rate to 6C certified will be for taxes payable in 1993. XX -5 e E. Tax Increment. Total tax increment at the completion of all redevelopment activity has been calculated assuming a static gross tax capacity rate and a valuation increased by zero percent (0%) compounded annually. CVital Exnendiftm. Capital expenditures are a summary of the items associated with the public improvement cost set forth in Subsection 10.8 and are to be financed from the proceeds of the Bonds and tax increment revenue. Subsection 20.17. Estimated Amount of Bond id Indebteditesa. It is anticipated that $379,830 of bonded indebtedness will be incurred with respect to this portion of the Redevelopment Project. Subsection 20.19. Tax Increment Financing Account for Tax increment Financing District No. 1-19. The tax increment received with respect to Tax Increment Financing District No. 1-19 will be submitted by the Authority to the City and segregated by the Authority in a special account or wcamts (the 'Tax Increment Account') on its official books 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. Subsection20.19. Modification of Tax Increment FinacineDistrict No. 1-19. As of February 27, 1995, there have been no modifications made to Tax Increment Financing District No. 1-19. XX -6 • 4` y. r i • �p OF � N •. ti .• •'I •j �` 1 J sM � �� . 149 - r s ♦ k4gr Y_' ! � � /SS/t ��• yL'� • w+ Y f. /a ` S/Apr • •• a i�+"�• �t. •, �` ..-• . ,csa't`-iii''_. `, w Imo. • � � '�w, � � ,� �•.?•• f., �r /7 `XK.'t EXHIBIT XX -B DISTRICT CERTIFICATION FORM Date Prepared: lana= 9. 1995 Name of District or Modification: Tax increment Financing District No. 1-19 Date of City Council Approval: Fey 27. 1995 The project, or a portion of the project is intended for occupancy, in part, by persons or families of low and moderate income. as defined in chapw 462A, Title 11 of the Nasional Housing Act of 1934, the National Housing Act of 1959, the United Stares Housing Act of 1937, as arnerided, ratio V of the Housing Act of 1949, as amended, any other similar present or }Ware federal, state, or municipal legislation, or due regulations promulgated under any of those acts. x 71he fair market value of the improvements which are constructed for commercial uses or for uses other than low and moderate income homing does not consist of more than 20 percent of the total fair market value of the planned improvements in the development plan or agreement. Land Use Plan Map City Co3mcil Resolution Project Objectives Other: This Form Prepared by: Public Resource Group- I r Original Building Condition Data Collected by: N/A Documentation in support of District Certification is on file at the City offices. XX -B APPENDIX L' Chronology of Resolutions Establishing the Development Program, the Development District, the Tax Increment Financing Plans, and the Tax Increment Financing Districts DEVELOPMENT DISTRICT NO. I TAX INCREMENT FINANCING DISTRICT NO. 1-19 1 Aster Jammu 11. 1995 Resolution of HRA for the establishment of Tax Increment Financing District No. 1-19. Jam= 13, 1995 Letter to County Commtsatoner representing the area of TIF District No. 1-19. ,b lana 13. 1995 Letters sent to Wright County, Independent School District No. 882, and Hospital District. lana 23. 1993 Resolution of the City Council calling for a Public Hearing. Fey 7. 1995 Submit Notice of Public Hearing to local newspaper. February 9, 1995/ Febru= 16. 1995 Notice of Public Hearing is published in the local newspaper, calling for a Public Hearing on February 27, 1995. November 28. 1994 Resolution of the City Council modifying the Redevelopment Plan for Redevelopment Project No. l and adopting the Tax Increment Financing Plan for Tax Increment Financing District No. 1-19. Appendix 8 2 TAX INCREMENT FIN WCNG ESTIMATE OF LOCAL GOVERTQENT ADS PENALTY Cm: MONTKXLLO SALES RATIO: 0.972 SCHOOL DIST: so EST TAX RATE 39.28% TYPE OF DIST:OILAL HOUSING (Hap AMae) TAX CAP RATE 1.129 CAPTURED � _ - OWILFYING SCHOOL A STED ®. TAX a TAXES TIF TAX PHASE-IN TAX SALES OIIA .FYNG PENALTY INCREMENT PAYABLE CAPACITY PERCENTAGE CAPACITY RATIO TAXCAPACITY TAX RATE PENALTY 1993 z 0.00% 0.00 0.972 0.00 39.28% 0.00 1994 0.00% 0 w 0.972 0.00 39.29% 0.00 1995 0.00% 0.00 0.971 0.00 39.78% 000 1998 0.00% 0,00 0.972 0.00 39.28% 0.00 1997 37,454.00 0.00% 000 0.972 0.00 39.28% D.00 1998 37,454.00 0.00% 0.00 0.972 0.00 39.78% 0.00 1999 37,454.00 0.00% OAO 0.972 0.00 39.28% D.00 2000 37AS400 0.00% 0.00 0.972 000 39.28% 0.00 2001 37.454.00 0.00% o.o0 0972 0.00 39.28% 0.00 2002 37,454.00 0.00% 0.00 0.972 000 39.29% 0.00 2003 37,454.00 0.00% 000 0.972 0.00 3928% 0.00 2004 37,454.00 0,00% 0.00 0.972 0.00 39.28% 0.00 2005 37.454.00 0.00% 0,00 0.972 0.00 3928% 0.00 2008 37,454.00 0.00% 0.00 0.972 0.00 3928% 0.00 2007 37,454.00 0.00% 000 0.972 0.00 3928% 0.00 2008 37,454.00 0.00% 000 0.972 0.00 3920% 0.00 2009 37,454.00 0.00% 000 0.972 0.00 3928% 0.00 2010 37,454.00 0.00% 000 0.972 0.00 39.28% 000 2011 37.454.00 0.00% 0,00 0.972 0.00 39.78% 0.00 2012 37A54.00 0.00% 0.00 0.972 0.00 39.28% 0.00 2013 37A54.00 0.00% 0.00 0.972 0.00 39.28% 0.00 2014 37A54.00 0.00% 000 0.972 0.00 3928% 0.00 7015 37A54.00 0.00% 0.00 0972 O.00 3928% 000 2018 37.454.00 0.00% coo 0.972 O.OD 3928% OOO 2017 37A54.00 0.00% 000 0.972 0.00 3920% 000 2018 37,454.00 0.00% 000 0.972 0.00 3928% 000 2019 37ASCOO 0.00% 000 0.972 0.00 39281 0.00 2020 37.454.00 0.00% 000 0.972 0.00 3928% 0.00 2021 37,454.00 0,00% Moo 0.972 0.00 3928% 0.00 7022 0.00 0.00% 0,00 0.972 0.00 39.28% O.00 TAXES PAYABLE 1901 1001 IB95 1999 1907 1999 1990 2000 2001 2002 2003 2oa 2009 2000 2007 2006 2001 2010 2011 2012 2011 2014 2015 2011 2017 2016 44119 2020 2021 2015 YET- NWAEMENT AFTER LOSS OF LOCAL GOVEA3O1EIfT ADS TAX ESTNATED TAX GPACTTY TOTAL DKF4Eb6ff RATE DOCIREHENT 3BIALTY 1.120 0.00 OAo 1.126 0.00 000 1.129 O,W 0.00 1.126 0.00 000 1.129 0,200.07 0w 1.126 0260.37 000 1.120 0206.67 000 1.129 0266.57 000 1.129 12,266.67 000 1.129 426.57 000 1.129 026537 000 1.120 12263,57 000 1.129 0265.57 000 1.129 12205,57 000 1.129 0265.67 0.00 1.129 0263.57 000 1.129 42"57 000 1.179 12265 57 0 00 1.129 024557 0.00 1.129 0266 57 000 1.129 0,26557 000 1.129 0,266.37 0,00 1.120 0,266.57 000 1.120 42266.67 000 1.129 0263.67 000 1.120 42.245 57 0 00 1.129 42295.67 000 1.129 0263,57 000 1.120 0265,57 0.00 1 121 0.00 0.00 0.00 ADN*99 ATIVE DOMBAENT LGA VAIAE 0.00 ow0 S 0.00 0.00 0.00 OAO 0.00 000 4.221.5/38.057.01 e.m.56 30,057.01 1,225.66 38.067.01 4226.54 36,067A1 4.22034 38,057.01 46.56 .22 38.057.01 4.220.56 38,057 01 1.220.66 38,067 01 4.220.56 30.057 01 4.220.56 36.057 01 4.226.56 38,06701 1.226.56 38.057 01 4.220.56 3e.W7 01 1.226.66 36.057.01 427156 38.057,01 122036 38.067.01 4.W 56 36.057.01 1.271.56 ]8.057.01 4.220.5/ 38.057.01 4,276.68 30,05701 4276.66 38,067 01 1.220 6e 36.06101 4.22955 38,057 01 1,228b 6 38701 ,06 4.278 58 ]8,(167 01 0,00 000 105.71302 961,42551 MET 91CRE$EI(T T NET PRESENT VALUE ,5ox 0 am% Woo $000 $0.00 $0.00 $0.00 $35.237.07 $0.00 $07,055.77 WOO 0507160 $0.00 $125,04961 $0.00 $151.05060 $0.00 $175.032.97 $000 $108.13861 $000 $210.699 01 $0.00 $2]7,737 87 $0.00 $255,365 03 $000 $771,507 63 10.00 $269,800 59 $000 1300.761 09 $000 $313.751 09 $000 $325,71616 $0.00 1330,866 64 $000 $311.142 21 $000 1MAN o0 $0 ao 1305.154.77 10.00 $373.646.33 $000 $301.200.57 $0 00 $368.200.60 loan 1596,991./9 SOW $400.093 06 $050 $408250.00 sow UN250 00 000 400250 05 COSTS 0 6.Sd11 $0.00 $200 S4.00011 87,8m27 $11,105,35 $11,821.11 $16.057.14 $21.127,69 $21,030.75 $26,760.07 $29,397 75 $31,671.50 $34.21015 S36.44309 $30,55106 $40.050 3/ $42.11116 $44,23984 $15.911 61 $17.55166 $49,00.162 $50.632 Of $51.106 66 $63.200 65 $51.112 6s $56.612 ro 168,72157 $66.72167 56.771 57 7 p ri n. u. 'NET I NCREMENT AFTER LASS OF LOCAL GOVERNMENT A108 TAX ESTIMATED 'TAX ...AOYOOSTRATIVE INCREMENT LGANET INCREMENT NPV TAXES CAPACOY TOTAL INCREMENT INCOME LESS PRESENT NET PRESENT AOMH PAYABLE RATE INCREMENT PENALTY Aa3N VALUE VALUE COSTS 0391 1.121 0.00 _ . - 0.00 f -- -OAO. . - _ 0.00 0050% ®6.00% 05 1992 1.129 0.00 000 0.00 0.00 ..__ 1003 1.120 0.00 0.00 0.00 000 $0.00 $0 OD 9000 .: 1 1.120 0.00 0.00 0.00 000 $0.00 =0.00 $000 1005 1.120 0.00 0.00 0.00 0.00 $0.00 SD OD $000 11.98 1.120 0.00 0.00 0.00 0.00 $0.00 $000 SID CD 7007 1.120 40.030.06 O DO 4,003.90 431x.06 $0.00 $34,]2130 $4.091.06 1950 1.129 48.036.6 000 4.0".00 43131.06 $0.00 366/0044 $7,16005 1039 1.127 48.038.95 ODO 4.803.90 4313500 $000 306.62348 SlIA4447 2003 1.129 48,030.93 0.00 4,603.00 43135.00 $0.00 $122,77091 31612648 2001 1.129 48,038.03 1,074.68 4,6".0 431x.Oe 3738.76 $147,90818 $18,430 e5 2002 1.120 48,03895 2,149.39 4,603.90 43,2)6.06 $213332 $171,366.70 $21}61.00 2000 1.129 48.03826 3.214 Oa 4,803.90 43,235.06 $4,13001 $192.981.99 $24,520 09 2004 1.129 48,038.00 4100.78 4,803.90 43135.05 $064724 $213.01110 $27'140 44 20% 1.129 48,038.93 5,371.47 4,603.90 4311508 50,620.01 3231,55396 330006.17 2006 1.12. 40,036.95 8,448.10 4,803.90 43.235.05 $13,020195 $246,123.20 $32532 Y7 2007 1.127 46,0.98,98 7.52268 4.803.90 431x.00 $16,77120 $264,620.64 $34.927.95 2008 1.128 48.07699 8.50703 4.803.00 43135.08 320,034.19 ITN9,WA0 $37,19e.14 2009 1.129 48.030.93 9.8r'125 4,803.00 43135.00 $75,166.71 1292,960.98 33D,740 N 2010 1.129 48.038.05 10.74004 4,803.90 43MS 08 129.72966 1336.580.08 $41589 00 2011 1.120 43,036.98 11.821.03 4.003.0 43115.08 $34,40724 1317174.98 $4337291 2012 1.120 46,03003 12,69833 4,003.90 43,233.00 536,408.74 1326004.61 35,150.43 2013 1.120 48,0]899 -13 71.02 4.003.00 4313500 144,160.31 3.178.112.61 $48092.42 2014 6129 48.03890 15,045.72 4.803.00 4313501 $49,61490 $36r533.31 145,61316 2013 1.129 48,03090 16,120.41 4,603.00 431]503 $54,831.68 $.153,077,49 $60,00048 2010 1.129 46,036,08 17,196.10 4,80390 43ZS 00 $80,148.03 3303,930.16 13Ijir670 2017 1.129 48,03005 17,10510 4,60390 43,23500 336,186.47 33119375 SWAM as 2018 1.120 48,03895 17.103.10 4,003.90 43,21600 $09,922.91 $378,11189 354,30985 2019 1.129 48.03893 17,193.10 4,63.00 47,7!306 $74.431.74 $304,42429 3Rb.6G9 60 2020 1.1211 000 17.106.10 0.00 COD 178.700 el $301.424 00 SM.50 GD 214.33.70 110.489.09 .904.40027^--^73,706.61 3NA2499 08.51800 zs y p ri n. u. TAX OICREMEW17FINWANG ESTUATE OF LOCAL GOVERMENT ADS PENALTY CITY: 6DNT10ELLO SALES RATIO. 0.972 SCHOOL DIST: 682 EST TAX RATE 3928% TYPE OF DLSTJICUSNG (Hops6q Alam) TAX CAP RATE: 1.128 CAPTURED CAL11"NG SCHOOL ADJLK TFD TAX TAXES TIF TAX PHASE -N FAX SALES QUAL"140 PENALTY NCHFJiIENT PAYABLE CAPACITY PEIRCE TAGE CAPACITY RATIO TAXCIIPACITY TAX RATE PENALLY 1991 0.00% 000 0.972 0.00 •_v 3928% Om 1992 O.DO% O,OD 0.972 0.00 3928% 0 DD 1993 0.00% 000 0.972 0.00 3918% 0 DD 1094 0.00% 0.00 0972 0.00 39.28% 003 1995 0.00 ODO% 0.00 0.972 0.0 39289E 000 1DOO 0,00 ODO% 0.00 0972 0.00 3928% 000 1997 4255000 000% 0.00 0972 O.00 39.28% 000 1990 42,650.00 0.00% 0.00 0.972 0.00 3928% 000 1999 42550.00 0.00% 0.00 0.972 0.00 3928% 000 2000 42,550.00 DAD% 0.00 0.912 0.00 3920% 000 2001 42,650.00 925% 2,869.38 0912 2,735.08 39.28% 1,074.69 2002 42,550.00 1260% 6,318.76 0.912 5,471.97 3928% ?,149.39 2003 4255000 18.76% 7,978.13 0.912 8,207.96 3928% 3.224.09 2004 4255000 25 OD% 10,637.60 0.012 10,943.93 3920% 4,29676 2005 42550.00 31.25% 13206.08 0.912 13,679.91 3920% 6,373.47 2000 42,65000 3/bO% 16,95826 0.9/2 16,415.00 3920% 9,448.16 2007 42,56000 43.76% 18,816.83 0.972 19,151.8,0 3928% 7.52266 7008 42,550.00 5000% 21,275.00 0.972 21,987.66 3928% 9,597.66 7009 42,66000 5025% 23,034.38 0.972 74,623 94 39.28% 0,672?S 2010 42550.00 6260% 20,603.76 0.972 77,359.83 3979% 10.749.94 7011 42,660.00 98.75% 29.M.13 0.972 30,095.91 3920% 11,621.63 2012 42,660.00 75,00% 31,912.50 0.972 32,631.79 3920% 12,608.33 2013 42,660.00 0125% 34,671.66 0.972 36597.77 3928% 13,971.02 2014 42,560.00 8750% 37231.26 0.972 38,303.76 3928% 15.046.72 2015 42,560.00 03.75% 19,890.53 0.972 41,039.74 3928% 16,120A1 7016 42,660.00 10000% 42,650.00 0.072 43,715.77 3928% 17,195.10 2017 42,650.00 100,00% 42560.00 0.972 43,176.77 39.28% 17,105.10 2018 42,650.0 10000% 42,650.00 0.972 43,776.12 3928% 11,195.10 2019 42550.00 100.00% 42,660OD 0.972 43,776.12 39.28% 17,195.10 2070 0,00 10000% 42450.00 0.072 43,776.72 39.26% 17,195AD JAN -10-'95 TUE 10:35 1 D: BDS 1W. COMMUNITY: TYPE OF DISTRICT: DATE OF ISSUE: INTEREST RATE: PROJECT REF: LAND ACQUISITION DEMOUTION/REMOVAL PUBLIC IMPROVEMENTS STORM SEWER SANITARY SEWER WATER TEL ;A:786-9034 n921 P03 TAX INCREMENT BOND ISSUE MONTICELLO QUALIFIED HOUSING 7.00% SENIOR HOUSING ALLIANCE 0.00 7,600.00 16,440.00 18,860.00 3,400.00 SITE PREPARATION 38,208.00 OTHER PREPARATION 16,676.00 PARIONG/PAVING/LANDSCAPING 48,667.00 SUBTOTAL nsaQeamaa■ni■. 148,830.00 CONTINGENCY 14,841.71 ADMINISTRATION 32,716.00 PROFESSIONAL SERVICES 10,000.00 �1Wa■s■taaoa SUBTOTAL 208,486.71 CAPITALIZED INTEREST 34,689.77 DISCOUNT 4,823.63 ■sa��Q- TOTAL BOND ISSUE —WON $248,000.00 JAN -10-'95 TUE 10:35 ID:ODS INC. COMMUNITY: TYPE OF DISTRICT: DATE OF ISSUE: INTEREST RATE: PROJECT REF: LAND ACQUISITION DEMOLITION/REMOVAL PUSUC IMPROVEMENTS STORM SEWER SANITARY SEWER WATER TEL 10:766-9034 0921 P02 TAX INCREMENT BOND ISSUE MONTICELLO QUALIFIED HOUSING 7.00% SENIOR HOUSING ALLIANCE 120,000.00 7,500.00 15,440.00 18,950.00 3,400.00 SITE PREPARATION 39,208.00 OTHER PREPARATION 15,875.00 PARIQNG/PAVINO/LANDSCAPING 48,657.00 CAPITALIZED INTEREST =Mumma ma----== SUBTOTAL 288,630.00 CONTINGENCY 15.812.00 ADMINISTRATION 32,715.00 PROFLLb':jNAL SERVICES 10.000.00 Q==Cz-_=== SU STOTAL 327,337.00 CAPITALIZED INTEREST 54,995.98 DISCOUNT 7,647.06 ssaaasamanzmaa0 TOTAL BOND ISSUE $390,000.00 REVISED TAX INCREMENT FINANCE (TIF) HOUSING DISTRICT SCHEDULE Febuary 10, 1995 NORMALLY, THE HRA DOES REQUEST A $5,000 CASHIER CHECK, EXECUTED PRELIMINARY TIF AGREEMENT, AND COPY OF LAND PURCHASE AGREEMENT. WED DEC 7, 1994 HRA AUTHORIZES PUBLIC RESOURCE GROUP TO BEGIN PREPARATION OF THE TIF PLAN FOR TIF DISTRICT NO. 1-19. HRA AUTHORIZES }IOLMES & GRAVEN TO PREPARE THE PRIVATE REDEVELOPMENT CONTRACT BETWEEN THE NRA AND MONTICELLO SENIOR HOUSING ALLIANLE, INC. TUES JAN 3, 1995 PLANNING COMMISSION. MON JAN 9 PUBLIC RESOURCE GROUP DISTRIBUTES TIF PLAN TO THE TAXING JURISDICTIONS: SCHUOL, COUNTY, AND HOSPITAL. NO LATER THAN JANUARY 13. WED JAN 11 HRA ADOPTS RESOLUTION APPROVING TSF PLAN AND REQUESTS CITY COUNCIL CALL A PUBLIC 146 HEARING. HRA REVIEWS FIRST DRAFT OF THE PRIVATE REDEVELOPMENT CONTRACT. FRI JAN 13 ° LETTER TO COMMISSIONER PAT SAWZTSKE, 30 - DAY NOTICE PRIOR TO PH NOTICE PUBLICATION. MON JAN 23 CITY COUNCIL CALLS FOR PUBLIC HEARING OF TIF. WED FEB 1 HRA APPROVES FINAL DRAFT OF THE PRIVATE REDEVELOPMENT CONTRACT. THUR FEB 16 AND 23 • PUBLIC HEARING NOTICE APPEARS IN LOCAL NEWSPAPER. TOES FEB 7 PLANNING COMMISSION - ADOPT TIF RESOLUTION. FRI FEB 24 • PRIVATE REDEVELOPMENT CONTRACT EXECUTED BY NRA AND THE ALLIANCE, INC. 7 MON FEB 27 ' CITY COUNCIL HOLDS PUBLIC HEARING AND ADOPTS RESOLUTION APPROVING TIF PLAN. L NORMALLY, SITE AND BUILDING PLANS HAVE BEEN APPROVED BY CITY AND CITY ENGINEER, AND PRIVATE REDEVELOPMENT CONTRACT EXECUTED. 94 HRA AGENDA JANUARY 11, 1995 7. Consideration to review the first draft of the Private Redevelopment Contract between the HRA and the Monticello Senior Housino Alliance. Inc. Attorney Bubul has not received sufficient project information to prepare a first draft. I would expect the HRA will adopt a resolution for the final draft of the Private Redevelopment Contract at their February 1, 1995 meeting. 8. Consideration to approve a note in the amount of $40,500 from the HRA to the Monticello Senior Housinq Alliance, Inc. Attorney Bubul is in the process of preparing a note. The $40,500 loan to the Monticello Senior Housing Alliance, Inc. has similiar terms as the note approved by the Hospital Board, 8.5% interest rate over 120 days. No HRA funds are to be disbursed until after January 24, 1995. The $81,000 is interim financing until the bonds are sold. SM: This note 1s unsecured. Upon the approval of the note by the HRA, the Alliance will need to approve the note. D Copy of the note to be disbursed at the HRA meeting. (—S 40, ootl -) H ct A Gn-.�n..� A , via A- \0 0!/0 '100°/0 =v. WI, 'Q)�'4T-kua Pago 1 LOAN AGREEMENT THIS AGREEMENT is made this_day of , 1995 by Monticello Senior Housing Alliance, Inc. , a Minnesoa nonprofit corporation (herein called the "Borrower") and the Housing and Redevelopment Authority in and for the City of Monticello, a public body corporate and politic under the laws of Minnesota (herein called the "Lender") . RECITALS A. Borrower has submitted a proposal to the Lender and to the City of Monticello (the "City") to construct a 48 -unit multifamily housing development intended primarily for elderly persons to be located at 1215 Hart Boulevard in the City (the "Project"). B. The City Council of the City has initiated the process for issuance of housing revenue bonds ( the "Bonds") under Minnesota Statutes, Ch. 462C in order to finance the Project. C. The Project is located within the Lender's Redevelopment Project No. 3, and the Lender has approved a tax increment financing plan for a housing tax increment financing district in order to Resist In the financing of the Project. D. Borrower expects to incur preliminary costs it connection with the Project before proceeds of the Bonds are available. E. In order to facilitate development of the Project, the Lender has determined that it is necessary and in the public interest to sake a loan to the Borrower in accordance with the terms of this Agreement. ACCORDINGLY, to Induce the Lender to make the Loan to the Borrower, and for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 1. The Loan Amount. Subject to and upon the terms and conditions of this Agreement, the Lender agrees to loan to the Borrower the sum of Forty Thousand and no/100ths Dollars ($40,000), or so much thereof as is disbursed to Borrower in accordance with this Agreement (the "Loan"). The loan aheW be evidenced by a promissory note ("Note") payable by Borrower to the Lender substantially In the form of Exhibit A attached to this Agreement, which shall be datod as of the date of this Agreement. Proceeds of the Loan shall be disbursed in accordance with Section hereof. am1rls6 Owl to- " Ropavment of Lonn. The Loan chill be repaid with Iatereot as follows: (a) Interest at the rate of eight and one-half poreent (8j%) per annum shall accrue from the data of each disbursement of the Loan until the Loan in repaid in full. (b) the principal amount of the Loan together with accrued interest thereon shall be paid in full 120 days after the date hereof, subject to prepayment at any time without premium or penalty. 2'd QA08D B 53L-ro S2:t,1 s6- T Nur 3. Disburgement of Loan ProcePda. The Loan proceeds shall be disbursed upon submission to the Lender by Borrower of evidence satisfactory to the Lender of preliminary coats in connection with Project that are due or have been paid by Borrower, including without limitation costs of architects, surveyors, and other consultants; provided that any request for a disbursement hereunder shall be in a minimum amount of $5,000. 4. Securitv for Note. The Lender's obligations under the Note shall be unsecured. 5. Reuresentations and Warranties. The Borrower represents and warrants to the Lender that: (a) Borrower is a nonprofit corporation duly organized and existing in good standing under the laws of the State of Minnesota. (b) Borrower is duly authorized and empowered to execute, deliver and perform this Agreement and to borrow money from the Lender. (c) The execution and delivery of this Agreement, and the performance by the Borrower of its obligations hereunder, do not and will not violate or conflict with any provision of law or the articles of incorporation of the Borrower and do not and will not violate or conflict with, or cause any default or event of default to occur under, any agreement binding upon the Borrower. (d) The execution and delivery of this Agreement has been duly approved by all necessary action of the Borrower; and this Agreement has in fact boon duly executed and delivered by the Borrower and constitutes its lawful and binding obligation, legally enforceable against it. (o) The Borrower warrants that it shall keep and maintain books, records, and other documents relating directly to the receipt and disbursements of Loan proceeds and that any duly authorized representative of the Lender shall, at all reasonable times, have access to and the right to inspect, copy, audit, and examine all such books, records, and other documents of the Borrower respecting the Loan until the completion of all closeout procedures and the final settlement and conclusion of all Issues arising out of this Loan. (f) The Borrower warrants that It has fully compiled with all applicable state and federal laws pertaining to its business and will c.ntinue said compliance throughout the terms of this Agreement. If at any time the Borrower receives notice of noncompliance from any governmental entity, the Borrower agrees to take any necessary action to comply with the Stato or Federal law in question. (R) The Borrower warrants that it will use the proceeds of the Loan made by the Lender solely for any lawful and proper purposes of the Borrower as indicated in this Loan Agreement. G. Event of Default by the Borrower. The following hall be Events of Default under this Agreement: &M&2 108 en eo-., E d N3AUY) tt S34-10+ 92:rt 55. it ubf (a) Failure to pay when due any principal or interest on the Loan; or (b) Any breach or failure of the Borrower to perform any other term or condition of this Agreement, (other than a default specified in paragraphs (a) and (b) above) and such failure shall continue for thirty days after the Lender has given written notice to the Borrower specifying such default or breach unless Lender shall agree in writing to an extension of such time prior to its expiration; provided, however, if the failure stated in the notice cannot be corrected within the applicable period, Lender will not unreasonably withhold its consent to an extension of such time if corrective action is instituted by Borrower within the applicable period and is being diligently pursued until the Default is corrected, but no such extension shall be given for a Default that can be cured by the payment of money (i.e., payment of taxes, insurance premiums or other amounts required to be paid hereunder) . 7. Lender's Remedies upon Borrower's Default. Upon an event of default by the Borrower and after receipt of written notice from the Lender, the Lender shall have the right to exercise any of the following remedies: (a) declare the principal amount of the Loan and any accrued Interest thereon to be immediately due and payable upon providing written notice to the Borrower. (b) suspend its performance under this Loan Agreement. (c) take any action provided for at law to enforce compliance by the Borrower with the terms of this Loan Agreement. B. Lender's Costa of Enforcement of Agreement. If an "Event of Default" has occurred as provided herein, then upon demand by the Lender, the Borrower will pay or reimburse the Lender for all expenses, including all reasonable fees and disbursements of legal counsel, incurred by Lender In connection with the enforcement of this Agreement, or in connection with the protection or enforcement of the interests and collateral security of the Lender In any litigation or bankruptcy or insolvency proceeding or In any action or proceeding relating in any way to the transactions contemplated by this Agreement. Miscellaneous. (a) Waiver. The performance or observance of any promise or condition set forth In this Agreement may be waived only in writing . No delay in the exercise of any power, right or remedy operates as a waiver thereof, nor shall any single or partial exorctoe of any other power, right or remedy. (b) Assignment. This Agroomont shall be binding upon the Borrower and its successors and assigns and shell inure to the benefit of the Lender and its successors and assigns. All rights and powers specifically conferred upon the Lender may be transferred or delegated by the Landor to any of Its successors and assigns. Borrower's obligations under this Agreement may not be assigned. (c) Law Coverninpk Other Mattern. This Ao?wmont shall be governed by the cubetantive laws of the State of Minnesota. If any provision or application of this Agreement is hold unlawful or unenforceable In any respect, ouch illegality or unonforcca bill t y ohall not affect other provisions or applications which can be given aaou ro• .onw-11 7 d N42 -y9 8 53 -CH 92:r1 56. 11 wur affect, and this Agreement shall be consh-:ed as if the unlawful or unenforceable provision or application had never been contained herein or prescribed hereby. All representations and warranties contained in this Agreement or in any other agreement between the Borrower and the Lender shall survive the execution, delivery and performance of this Agreement and the creation and payment of any indebtedness to the Lender. The Borrower waives notice of the acceptance of this Agreement by the Lender. (d) All notices roquired hereunder shall be given by depositing in the U: S. mail. postage prepaid, certified mail, return receipt requested, to the following addresses (or such other addresses as either party may notify the other) : �nla 101190-17 To the Lender: Housing and Redevelopment Authority in and for the City of Monticello P.O. Box 1147 'Monticello, MN 55362-9245 Attn: Executive Director To the Borrower: Monticello Senior Housing Allicance, Inc. 5'd wiAtw 9 s3wa4 att,t sG. SI Ibf Ah IN WITNM WMEOF. ttds Ageemeat has been duly executed and deSvered ba proper affiasrs thersunto duly autborlsed an the day and year flrat written HOUMNG AND REDSVELOPIEiT AUTHORITY IN AND FOR THE CITY OF MONTICELLO By its Chair By lta Sswmttve Director 9'd N3MW t 53n)H aivi ss. it www 7 MONTICBLLO SENIOR HOUSING AUJANCB, INC. 8p Its $swum 8 w<ror+ Vd W3AtRb I SWOM !2I rt 96. tt Wt E1RISIT A TO LOAN AGRMWEfT PRCKWSORY NOTE $40,000 FOR VALVE RECEIVED, Monticello Senior Housing Alliance, Inc., a Mh nisots nonprofit corporation (herein "linker"), promisee to pay to the order of the Housing and Redevelopment Authority in and for the City of Monticello, a public body corporate and politic under the laws of Minnesota (the "Authority") or its assigns (the Authority and any assigns are hereinafter referred to as the "Holder") , at its designated principal office or each other Place as the Holder may dedgmte In writing, the yrhunpal sum of Forth Thousand and no/100the Dollars ($40.000) or so much tharwof as may be advanced under this Nota. with Interest as heresoefter provided, In say coin or currency which at the time or times of payment is baa! tender for the payment of private debts in the United States of America. Tie prineW of and interest on this Note Is payable as follows: 1. Interest on the principal sum of this Note from time to time outatendiag will be computed at the rate of eight and one-half peraeat (8.5%) per annum from the date of each advancement of principal under the Loan Agreement between the Holder and the Maker of even date herowith (the "Loan Agreement") . 2. Principal and accrued interest thereon shall be due and payable in hull 120 days after the date hereof. The Maker shell have the right to Prepay principal and interest hereon at any time without premium or penalty. Any payments received by the Holder shall be applied first to accrued interest and then to the outstanding �= principal. 3. Tble Note is given pursuant to the Loan Agreement. All of the agreements, conditions, covenants, provisions, and stipulations contained In the Loan Agreement are hereby nude a part of this Note to the same extent and with the same force and affect as If they were fully set forth herein. It is agreed that time Is of the asssace of this Note. If an Event of Default occurs under the Loan Aor this Note. than the Holder of this Note tiny at Its right and option, without notice, dealers immediately due and payable the principal balance of this Note and Internet accrued thereon, together with any costa of collection including attorneys' fees Incurredby the Holder of this Note in collecting or aaforcing re payment heof, whether suit be brought or not. The Maker egress that the Helder of this Note may, without notice to the Holder of this Note and without affecting the liability of the Holder of this Note, accept security for this Note, or release any security or any party 'lab le for this Note or extend or renew this Note. 4. The remedies of the Holder of this Nob as provided herd-, and In the Lola Agreement shall be cumulative and concurrent and may be pursued singly, successively, or together and, at the sola discretion of the Holder of this Note, may be exgyclsod as often as occasion therefor &boll coeur; and the failure to exordia any such riot or remedy shell In no event be construed an a waiver or release thereof. The Holder of this Note shall not be doomed, by any act of omission or commission, to have waived my of Its rights or remedies hereunder vale&, such waiver I, In writing and signed by the Holder of this Note and them only to the extent surra isuo-w B'd u3ntW t 83110 82M 56. 11 Wf syecIfIcally set forth In the writing. A waiver with reference to one event shall not be construed as continuing or as a bar to or waiver of any right or remedy as to a subsequent event. This Note may not be amended, modified, or changed except only by an instrument in writing signed by the party against whom enforcement of any such amendment, modifications, or change is sought. 5. If any term of this Note, or the application thereof to any person or circumstances shall, to any extent, be Invalid or unenforceable, the remainder of this Note, or the application of such term to persons or circumstances other than those to which it is invalid or unenforceable shall not be affected thereby, and each term of this Note shall be valid and enforceable to the fullest extent permitted by law. 8. It Is Intended that this Note is made with reference to and shall be construed as s Minnesota aontraot and governed by the laws thereof. 7. IT IS HEREBY CERTIFIZI) AND RECITED that all conditions, acts, and things required to exist, happen, and be performed precedent to or in the Issuance of this Note do exist, have happened, and have been performed in regular and due form as required by law. IN WITNESS WHEREOF, the Maker boa caused this Note to be duly executed as of the _ day of , 1885 MONTICELLO SENIOR HOUSING ALLIANCE, INC. By its snows OMODN7 8 6'd N3N*e f 53d1064 92:41 Sb, IT Wf HRA AGENDA JANUARY 11, 1995 Consideration to approve changes to the Private Rudevelopment Contract between the HRA and Residential Development, Inc. Reference and Background. As you can see I received this FAX from Bob Murray on January 10, 1995. Time has not permited me to review this for comment nor have I FAXED this to Attorney Bubul for comment. Jeff O'Neill and myself will meet with the Bob and Rick Murray Wednesday at 3:00 p.m. I believe it is the intent of the Murrays to attend the HRA meeting. Supporting Data: Suggested modifications from the redeveloper. 14 Page 1 rA JM 10 195 01:20PM 0 P.2 Awliikl `+ RESIDENTIAL DEVELOPMENT, INC. IS Choctaw Grde, Chanhassen, W. 5517 - (812) 934.8299 -FAX (812) 9342428 January 9, 1995 Ms. Olive Koropchak, Economic Director City of Monticello 258 Broadway V. 0. Box 1147 Monticello, Mei 85362-9243 re: RRA Redevelopment Agreement -1 Dear Ms. Koropchaks We aappyyreciate the time afforded on December 29 to a -fact an understanding of the referenced agreement as approved by the HKA. Attached is a summary of the changes we discussed, with some additional cb=ants. Some of the suggested revisions are offered as text substitutions forclarity only. No pride of authorship exists or is intended, it being well understood there are numerous ways to approach any subject. We would appreciate any comments or modifications of the following points at your earliest convienlence. please accept our best wishes for a happy and prosperous New Year. ly Robert E. hurray eei R. D. Murray Rick Volfsteller ,1 James Casserly, Esq. Gael. JAN 10 '95 01:21Pn 0 P.3 4 rdi RESIDENTIAL DEVELOPMENT, INC. 15 Choctaw Circle, Chanhassen, Mn. 55317 - (612) 934-6238 - FAX (612) 934-2428 SUGGESTED MODIFICATIONS TO PRIVATE REDEVELOPMENT AGREENIEW (Draft dated December 1, 1994) The following comments are made as regards Sections to the Draft Agreement between The Housing and Redevelopment Authority and Residential Development, Inc.: 1 Section 1.1 Delete "Construction Plana" items (b)(S) sad (b)(8). Section 3.3(a) Revise: "...commencing August 1, 1988 and concluding no later than February 1, jQQ�7„ which payments will be..." Section 3.3(e) The Impage "that remain unpaid" should not include any funds that were due and payable by reason of collected Imp Available Tax Increment" on the termination date except as expressly withheld or deferred as provided In this agreement. Section 4.1(b) Revue to reflect two phases: W,;(X3MM_ Section 4.1(c) to read: "Upon the date for completion of each... estimated market value (including lend and improvements) as follows: 1 . �i 1,1,1 1,1,1 1 1,1 1,1,1 1 • ' �.1 . VV • / ls� • 1 • /1. v.1 4• • .1 , 1. •1 . 1 .y • • 11, ••y • 1 e 1 1 � _I 1• � /.. 1 • . l 11.1: • ' 1 � 1• 1. 1 1 y 1,1,1 ,1, . 1 11,1 - • • 1 i .• ql 1 • P •1 1 : 1,1,1 . , • •• •1 yl I I , �•l•1.1.11.1•1••I.1117 • .1 .. rl •,1• •,�11 • • , • 11_ 1 1! •, 11 !1 � l • 1 • 1.�,_I •l.l •I, 1 411_1 � 1 • 1 JGYv io 195 o::21Pn 0 RESIDENTIAL DEVELOPMENT, INC. P. 4 15 Choctaw Circle, Chanhassen. Mn. 55317 • (612) 934-6238 - FAX (612) 934-2428 _ 1�1. 111 .�_ • I 1 I 1 • Isi �� _I • 11 : I 1 1 • 1! • 1 :.1 • 1 1 1/11 - - Section 4.2(a) Revise "...shall review such plans on behalf of the Authority. Minimum Improvements as tigfined in Grtian t.t shall develonedas individua_► building units. and as such, prior t� the commencemen^-1 t linimum improvements at rtsqujm herein. thrllr,�11 er or its aacrit &haU sublW Construction Plans for each building 12 the City Buid{ng,C?f cis. who shall review such plans on behalf of the Authority. The C B 1'1 in�OffiCld shell atrtrrove the C_onstrumion Plans in writing or cause to be issued H m't ing Pen>zits for each buidina if: (i) :.`e cnnsmirzian nlam conform to all apo icab e f d rot era and 1 al lawc_ in n s ales and re illhon!: Ni) L Cart IOJ4.1. Plan: rnrs£atnl to the terms and eon idons o£ his A m n • (iii) the Construction Plans are o Event of Default has occurred. No approval of the City Building Official shall relieve the Redeveloper of the obligation...". Section 4.3 Revise Phase I to commence June 1, 1995 and complete by January 2, 1999. Revise Phase 2 to commence June 1, 1998 and complete by January 2, 2002 Section 4.4(c) Strike "and commercial facilities". Section 7 This Section appears to be directed to publically financed and funded projects. The mortgages underlying the improvements to be constructed, with the exception of RDI's purchase money mortgage and development mortgage, which In the aggregate will total approximately 1.5 million dollars. will be entered into by individual homeowners. We do not believe it is the desire of the Authority to become involved with the lending institution and their review and qualification prnrrsses as they relate to homeowners mortgages. The builders to be involved will have construction loans genalwy drawn against existing lines Of credit We believe this Section could, at the very least, be redrafted to reflect the improvement construction process as it will occur, and at best. be eliminated entirely. since: (i) the funds at risk are those of RDI and the builders, and (ii) protection as to value created is provided elsewhere in the Agreement Section 8.1 The term "speculation in land holding" may be misleading, particularly an light of Section 8.2(a). The property is not held for speculation, but for development. -ne Redeveloper, however, intends to sell the developed land for pre5t, albeit that rmfit may not he realized until the termination of this Agreement. Section 8.2(a) This paragraph does not contemplate the division of the property into residential lots and the coincidental sale of those lots to third panty builders for the construction of the improvements thereon. This paragraph must provide for options to be entered into between the Redeveloper and the builders, to provide builders the opportunity to market their product, thereby creating the Minimtun Improvement values. D JRN 10 '95 01:22PM 0 P.5 7jrdi RESIDENTIAL DEVELOPMENT, INC. 15 Choctaw Circle, Chanhassen, Mn. 55317 - (612) 934-6238 - FAX (612) 934.2428 Section 8.3(c) 7 -his absolves all Authority and City personnel from an carie of action by any party a from negligence. Negligence and its effects should be aralbuted to those parties responsible. Section 9.2(c) There are no payments to be made by the Redeveloper to the City or the Authority by reason of this development. All monies ertpended to effect soils corrections ate to be provided by the Redeveloper, and if the terms and conditions of this Agreement are met, the Redeveloper will be entitled to be reimbursed for those funds to the extent provided to the Agreement. There is no need to enforce performance (how would you "make" a $120,000 home sell for $130,0007). it being inwbrat on the Redeveloper to create the values agreed upon to recover funds invested in soils corrections, Termination Tbere is no termination due specified, other than for default We feel a date certain should be stated to follow the final payment date of February 1, 2002. HRA AGENDA JANUARY 11, 1995 vL 10. Consideration to review a request from Brad Larson. Attorney at Law. Mr. Larson will attend the HRA meeting. Enclosed are copier; of Mr. Larson original request, HRA letter of response, map of the area, and easement documentation. `4> 17 4 Pogo I W AD Le 250 East Broadway P. O. Box 1147 Monticello, MN 55362.9245 Phone: (612) 295-2711 Metro: (612) 333-5739 Fax: (612) 295-4404 Mr. Bradley V. Larson Attorney at Law Metcalf & Larson P.O. Box 446 313 West Broadway Monticello, MN 95362 Dear Mr. Larson: December 22, 1994 Your letter of request dated November 28, 1994 woo submitted to the HRA -)mmiseioners for review at the HRA meeting held December 7, 1994. 14. As it appeared the City of Monticello has an easement on the described property for ingress and egress, the HRA recommended the ioaue be resolved between the two said parties and that the two said parties be notified of the HRA's recommendation. It Is my understanding that conversations have continued between the tw3 said partleo and City Administrator Rick Wolfeteller; therefore, your requ,3et of the HRA will formally appear on the HRA agenda of January 11, 1999. ?lease be encouraged to attend. I will contact you after the holidays and prior to writing the agenda oupplement. Respectfully, HOUSING AND REDEVELOPMENT AUTHORITY IN AND FOR THE CITY o8 MONTICELLO O�b A A -d \'C", t-Qpks� 011ie Koropchak Executive Director /r c: US Post Office, Jack Hutchinson City of Monticello, Rick Wolfeteller //�ilca� C7 eC orlon ATTORNEYS AT LAW PO. SU ue 313 NMI BmaOraY uwksW, Mln "m SS3Moue JAMES G. METCALF TELEPMCI ' BRADLEY k LARSON Al2) 295.3: METRO November 28, 1994 (512)421,MM FAX (812) 298J132 City of Monticello 250 East Broadway P. O. Box 1147 Monticello, Minnesota 55362 ATTENTION: Jeff O'Neill Dear Jeff: Pursuant to our recent telephone conversation, please consider this a letter of request that the HRA deal with the issue of opening up another driveway out of the post office over the former city owned Hass property lying north and west of the post office. After dealing with this weekends snowstorm, plowing and irate postal customers driving through our parking lot during the plowing process, we are prepared to block off the post office access through our parking lot. The post office and their landlord have never contributed monetarily for anew removal, seal coating or bituminous maintenance and to the best of our knowledge they do not have an easement. Our benevolence is about to cease. Respectfully yours, METCALF b LARSON By:I 41.1 BYeC ey V. La . BVL/919 cc1 United States Post Office ATTENTION: Jack Piot 155-010- I t I JONES 050IiP ENV 18].800 T 587a.3O• _ I I I I �s i ly I 1` tITY'#Or m*i a b5oola I � �11,sDo eRavgc I I I i I s J! COLP� 05001 m 1MV 461,6001 T 1!,730.10 I t� 1� U. P6sr OKi I 0s�I2r0 1 I 1+ EN1 Bw31400 I I r I66.eee{ to I I I 4 wL 6�4�K 60 r TIP REDEVELOPMENT DISTRICT 12 BOUNDARIES TY OP BROADWAY SQUARE LIMITED PARTUEI-i F w DISTRICT DURATION 2010 I 051020 . 7 0101 ON 1689,7Do `V i S2 3 7L $ 5$ 05106q Em 6)27.600 n _ T 12,2)6.66 iso G 17 G 99 /0 N IA S\ { TAUER TEMV $51,04D V CquSt7l�ScaarpStili 050130 E. 14b,4q � � CNV 141.ioo � T 1411.10 I ' RIVER, PARR VIEW 051130 T $361.t6 ENV 1760:400' I 1 T 516,435.92 1 ' untie„ k OSD{11 n ON 134,4 T $905.90 j.1 14. 13 ILEUSURE 11 05 4i51 �/B �©IV1.600 " y , T 11.455.40 METC6Lr t LARSON t I I BROA*0 PART5IERS U. P6sr OKi I 0s�I2r0 1 I 1+ EN1 Bw31400 I I r I66.eee{ to I I I 4 wL 6�4�K 60 r TY OP BROADWAY SQUARE LIMITED PARTUEI-i F w o I 051020 . 7 0101 ON 1689,7Do gg pcu�Y w a" 6104 T }l3.496.ia 3 7L $ 5$ 05106q Em 6)27.600 n _ T 12,2)6.66 iso G 17 G 99 /0 Broadway S\ _•:.,..".1''t7`;';..•:.,•�",:-..•..;;.,. �<'': ::•..ate .::-... ?s:.�_ ••. >*. y.'.•:` • Yrr•: . Be it resolved by the City Council of Monticello*, Minnesota, as follows: 1. Monticello Ford, Inc. is the owner of the following: Parcel #19865 - Lot 10 and E 6ft. of Lot 9 except N 50 ft. of Lots 10 and 9 and has granted to the City uf Monticello an aLlev easement on north side of said property for $1.00. -. Che City of Monticello hereby agrees to pay $1.00 and accepts value over and above $1.00 as gift from Monticello Ford, Inc. Perpetual easement for use of alleyway is granted to Monticello Ford, Inc. and sub- sequent owners of above described property. S. Granting of easement by Monticello Ford, Inc. will not limit land use of'above described property or limit building ;;rmit requirements in any more stringent manner than would such property be limited; were it%;aot. for the alleyway easement. Meyor City A nistrator. ;Date n n se m / ^ r� I a e ' .. I� ► u Agenda Item 3. Review and recommendations from engineer on maintenance building bids. At the last council meeting the council's decision was to refer plans and specifications back to the engineer for review and coat revision. Thursday, August 8, 1975, (subsequent- to this supplement), John Badalich will be meeting with maintenance building commission and review his findings. Agenda Item 4. Consideration of adoption of resolution for alley easement granted by Larry Flake for Poat Office. Larry Flake has agreed to granting the post office an easement for an alleyway on the back of his property. He would like the following stipulations put in the easement and on re- cord at City Halls 1. Easement will not restrict future building permit requests. Basically Mr. Flake was concerned about setback requirements in that easement would not make it more difficult to situate future structures. 2. City would accept easement as a gift above the amount of $1.00. 3• A perpetual easement would always be granted Larry Flake on alleyway and he could transfer this to future owners. Agenda Item S. Set public hearing Por final Communitv Develop- ment Block Grant application. Due to additional funds being appropriated for the Community Development Block Grant program, HUD is now accepting final applications. Ap- plications must be complete by August 30, 197S• The City of Monticello is in the Twin Citiars region and currently ranks 9th out of 43 cities'" with a possible appropriation up to $100,000.;, ;SAP 4:�...^.«"j. tll�±kF.�^,d,ift�w7b%1.�: ":�v: "• ;:,�ir'f, ,r • .sem . ai.wA-'-S���Crai�A gljig 3hibenturt, Jlade [6:. _ rez4... bd:amn __..Mon.tieello_ Pord,_Sr^ a eerporation under the Iarw of W State of----.•1Si.nnen _ ply of flu )lest part, and _The_City_of._Monticelln. bmuniciAaL._...____ a arporadon ander era lana of W State o/ Nlnneaot•n _ party of the woad part, Whltafitib. That Ow raid party of fhs ftM part, in m.Aderetlon of the cum n/ -Dne. Dollar -and ...othe r_sood._v.t+d �ta�.�akl� Qn id�r�tign._ - noLfarrts. to U us hand paid by tho said party of w second part, OW rowtpt whereof Is hereby arknonledged. dm hereby Oram. Bargain, Oulfotalrn, and Conosy unto the said party of Me emend part, is sueewore and aeaigne, lorowr, au the boat_._. Ar porpi_of land tying and being in the County of XXiZbt ind Stage o/ .Utnautafa, deeeribed as fatioq. Jo-adtr The Northeauterly Twelve (12) feet of the parcel described as: 1110 :.,,sib'rr''i-•,i (` ,! 1-1Lot Ten (10) and the East Si: (6) feet of Lot Nine (9) sww*b. do Alock 50, Town of Monticello, according to the blhb*eW record. iiOrW sl rem ftUarimce is subject to and contingent upon the building of a United States Post Office adjacent to the grantor's property and should that not occur within three (l) years from date hereof, then the property herein conveyed will revert to grantor. if said Post Office is built, this conveyance is subject to a perpetual easement for ingress and egress over the above described property reserved unto the Grantor, its successors and assigns. go Maw nib to RPM IN 8snu. Together eta au the haroduane w ass appar4waam thor- unM brlmling or in asysoio appotaWng, go the said party of the wound part, Us moons sad tudgeu Iww. is W"Umtq W[ WL The sold $W peavey hes marl S." ` •� prossnte to be &erste" Ls W eerpeeatr eases by as ._._ I prddent and U. -Ad Ift a.porak sed to • 60 horunto !pias W day Dad year pee about wrwess. JIWICELLO FORD#INC _ 'etate of ,flinne5ota, County o(.....!N.lZ. �4tf,.T........................ The foregoing irutrument was acknowledged be/on me thu...7!:'.'S day a( ... ............a'`.'�%'.`.^.`."........ 19. G......., Lne..re .e FIAKe pre�.Jt i by. ............... 'N... N' N............. �....................._..................................................................... ... .I orn > .. ...i. nm •. orn..... +u.0 and by...................rr43 A#1.tl•......L�?.:..f.�!_Kt....p...,rQ.G.t............................................................. IN ... rom...«{u.e, ao..r orri...«euml Of................................................ ............... .... ...... ......... ............... ............ o ....... Jo 7.:�.................... corporation, on behalf of the corporation. +•-4 t2i� .� Ol _. ....._.... ......._..... — ._...._._...._.._..__- ......._.._... ___..._.............._......... Isles.....r t..e. r.w....Y«.La.n...a! N..... t..l « tw..: r....��_-__....._..._.... ... ...... ..._...........—.-.w.-,�.«._................... .. .w IT 1, e. A...! •. TtICNA.a Wal10Tt.4.CtR - n.lG..T co..- 'G�.:, NOTAnT ... J...C.nl.•. vlttaT._.... ................._.__..._..._.,......... ._........... TNIS iNSTRUMEYT WAt STATE DEED TAX DUE DRAFTED cy, S-- ---------- a-�enAran�— po�ibv�t7's�isr— ■ R w <e F ii. W 4V 6 ~ d 4 oe N i UJ lit i .Q ' •. O i.0. 'y ^� g, C \ .a> a 0-2 @t, et 65 a o �y v HRA AGENDA JANUARY 11, 1995 v 11. Consideration to aoorove issuance of the Certificate of, Completion for Rov and Todd Schulz dba Polvcast Soecialties,, Inc. (TIF District No. 1-16) A. Reference and Backqround: The HRA is asked to approve issuance of the Certificate of Completion for the Private Redevelopmunt Contract between the HRA and the Schulz Properties. On December 5, 1994, Building Official Anderson made a final inspection of the Polycast Specialties, Inc. facility located at 112 Dundas Road and Issued the occupancy permit. Upon issuance of an occupancy permit, the Certificate of Completion is approved by the HRA stating completion of the minimum improvements. To comply with the Private Redevelopment Contract, the minimum Improvements of the approximate 16,640 eq ft manufacturing facility including 2,400 sq ft of office were to be completed by December 31, 1994. Thereafter will the Certficate of Completion be recorded at the County. The Building Official has not issued full occupancy permito to the H -Window Company or Custom Canopy, Inc. as of January 10, 1995; therefore, no need to consider those certificates. B. Alternative Actions: 1. A motion to approve issuarnce of the Certificate of Completion for Schulz Properties. 2. A motion to deny approval to issue the Curtificate of completion. 3. A motion to table any action. C. Rocommendution: As the occupancy permit had been iuouud. the recommendation is for Alternative 01. D. Sunnortina Data: Copy of the occupancy permit and Curtlficate of Complution. �Pago 1 fit wertif iratr of (Orruvonrg Tifg of MONTICELLO OP,portwilf of luilding linapPttiAit Li This Ctrti f icatt issued ptaJuant to At reguirementl of Section 306 of the Uniform Building k Code certifying that at the time of issuance this structure was in compliance with $be various ordinances o f tht City regulating building construction or use. For the f ollouing: e"= Use CLuifIruim MANUFACTURING WITH OFFICES BUILDING Bj4, ps,=ij j*, 94-2337 Group B'2 TypeComtrortm in zow hezow-k? CNnwr of Building ROY SCHULTUPOLY CAST Address 112 DUNDAS ROAD p' Building Add. 112 DUNDAS ROAD ml1ry MONTICELLO, MN 55'162 I �• GARY ANDERSON �i dingOfli�l DKe•DECEMBER S. 1994 POST IM A CONSPICUOUS PLACE SCHEDULE C CERTIFICATE OF COMPLETION WHEREAS. the Housing and Redevelopment Authority in and for the City of Monticello, Minnesota, a public body, corporate and politic (the "Grantor"), by a Deed recorded in the Office of the County Recorder or the Registrar of Titles in and for the County of Wright and State of Minnesota. as Deed Document Number(s) and , respectively, has conveyed to Schuss properties, a Minnesota general partnership (the "Grantee"), the following described land in County of Wright and State of Minnesota, to -wit: Lot 3, Block 3, Oakwood Industrial park, according to the recorded plat thereof in Wright County, Minnesota. and WHEREAS, said Deed contained certain covenants and restrictions set forth In Sections 1 and Z of said Deed; and WHEREAS, said Grantee has performed said covenants and conditions insofar as it Is able in a meaner deemed sufficient by the Grantor to permit the execution and recording of this certification; NOW, THEREFORE, this is to certify that all building construction and other physical improvements specified to be done and made by the Grantee have been completed and the above covenants and conditions in Bald Deed and the agreements and covenants in Article IV of the Agreement (as described in acid Deed) have been performed by the Grantee therein, and the County Recorder or the Registrar of Titles in and for the County of Wright and State of Mhraeaota is hereby authorised to accept for recording and to record, the filing of this instrument, to be a conclusive determination of the satisfactory termination -of the covenants and conditions of Article IV of the Agreement referred to in said Deed, but the covenants created by Sections 3 and d of said Deed shall remain in full force and effect. Dated: 188_. HOUSING AND REDEVELOPMENT AUTHORITY IN AND FOR THE CITY OF MONTICELLO, MINNESOTA By Its Chair By Its Executive Director 17 anssu0 anao-w C-1 STATE OF MINNESOTA ) ) as. COUNTY OF WEIGHT ) On this_day of 199_, before me, a Notary Public within and for said Coun, personally appeared , to me Personally known, who, being by the duly sworn, did say that (a)he is the Chair of the Authority named in the foregoing instrument; that the seal affixed to said instrument Is the seal of said Authority; that said instrument was signed and sealed in behalf of said Authority by authority of its governing body; and said acknowledged said instrument to be the free act and deed of said Authority. Notary Public STATE OF MINNESOTA ) ) as. COUNTY OF WEIGHT ) On this day of ,199_, before me, a Notary Public within and for said County, personally appeared to me personally: known, who, being by me duly sworn, did say that (s)he to the Executive Director of the Authority named in the foregoing instrument; that the seal affixed to said instrument is the seal of said Authority; that said instrument was signed and sealed in behalf of said Authority by authority of its governing body; and said acknowledged said instrument to be the free act and deed of said Authority. Notary Public Lion" MO." C-7 PUBLIC RESOURCE GROUP, INC. 1994 PAYMENTS DUE Standard Iron 6 Wire Works. Inc. (District No. 1-13) 1-11-94 Closing documents $ 18.75 4-14-94 2-14-94 Closing documents $ 75.00 Options on existing SBA 3-31-94 Meeting at Standard Iron $ 112.50 1.25 HRS 5-10-94 SCERG Closing $ 22.50 9-13-94 011ie/Bill $ 135.00 9-14-94 $ 228.75 H -Window Comoav (District No. 1-7) 9-30-94 Follow-up 1-11-94 Closing documents $ 18.75 6 67.50 2-18-94 SCERG $ 37.50 4-14-94 SCERG $ 93.50 6-29-94 SCERG(Reviae to CDBG) $ 596.25 ($3,550.50) 6-1 to 6-17 SCRG Follow-up 4 HRS NOT BILLED 6-27-94 CDBG Environmental Rev $ 292.50 7-7-94 $ 157.50 7-8-94 $ 90.00 7-15-94 $ 135.00 (nut -to -exceed $675) 7-19-94 1.25 HRS 9-26-94 0.75 HRS 10-19-94 Closing Documents $ 45.00 - 10-21-94 Memo S 67.50 11-23-94 Closing Documents $ 90.00 12-5-94 $ 67.50 12-6-94 $ 112.50 12-12-94 S 135.00 12-15-94 $ 112.50 ($630) $ 2,051.00 Polvcast Mfo. Inc, (District No. 1-16) 2-24-94 Follow-up $ 56.25 3-31-94 TIF District No. 1-16 $3,650.00 3-31-94 SBA 504 $ 168.75 4-10-94 SBA 504 $ 37.50 $ 4,112.50 Tavper's (District No. 1-9) 4-13-94 Structure, SBA 1.75 HRS NOT BILLED 4-14-94 Structuring Options 1.50 HRS 4-15-94 Options on existing SBA 1.25 HRS 4-18-94 Finanrc structure 1.25 HRS 4-27-94 Follow-up 0.50 HRS (6.25) 9-13-94 011ie/Bill $ 135.00 9-14-94 Structure 8 90.00 9-30-94 Follow-up S 22.50 10-3-94 Project 6 67.50 10-4-94 Meeting Bill, 011ie, Deb S 135.00 10-5-94 HRA authorized PRO 11-29-94 Modification Diet 1-9 $2,000.00 S 2,450.00 HRA General 4-29-94 Revise HRA Contract $ 202.50 5-4-94 HRA meeting S 112.50 5-12-94 150,000 sg ft 1.00 HRS 5-27-94 Royal Engineering 3.00 HRS 9-20-94 Mtg w Micro Tech 1.75 HRS (5.75) 9-22-94 Micro Tech Options S 135.00 9-23-94 Micro Tech Follow-up $ 90.00 10-5-94 HRA authorized PRO $ 540.00 Fav -Mar (District No. 1-17) $3,850.00 5-10-94 Follow-up 0.50 HRS 5-10-94 Preparation 2.25 HRS 5-26-94 Project structure $ 157.50 6-21-94 HRA authorized PRO S 135.00 6-16-94 TIS District No. 1-17 $3,850.00 $ 4,007.50 Residential Development, Inc. (TIF Surplus Fund) 7-11-94 Project review 1.00 HRS 7-14-94 Project 1.50 HRS 7-27-94 Develop & Scheduling $ 112.50 7-29-94 Meeting City/Developer $ 157.50 8-1-94 Attorney S 67.50 8-3-94 Follow-up $ 45.00 9-7-94 Soil, TIF Pre Inform S 225.00 10-5-94 HRA authorized PRO 12-21-94 TIF District No. 1-16 $3,850.00 Senior Houoina Proiect (District No. 1-19) 11-29-94 Alliance Review a Int 1.25 HRS 12-7-94 HRA authorized PRO 12-15-94 Prepare Infor, Meeting S 135.00 TOTAL $ 4,456.50 0 135.00 $17,982.25 TAPPERS 1-9 � Breakdown of Hours H+ - i?= HM ActiNrigl 4/13 LPK 1.0 Tappers project structure, TEF U , X6 T SC 4/18 LPK .75 Tappers TEF estimate, NPV k.99 4/27 LPK .50 Tappers project Nc, • We.l.4�.t�y, 9/15 LPK .75 T TEF, SETA finance Tappers program. follow-up 1 n • '', _g ti 9/19 LPK .50 TIF estimate from excess funds, NPV 10/11 LPK 1.00 TEF plan 1-9 10/14 LPK 1.25 Revise structure and NPV for Tappers, 1-9 10/20 LPK 1.00 TIF lA DLG .75 TEF plan 10/21 LPK 1.75 Tappers budget, 'bond nm', and revisions DLG 1.00 TEF 1-9 '41 10/24 LPK .75 1-9 Rens, budget DLG 1.25 TIF plan 1-9 10/25 DLG .50 TIF plan 1-9 10/28 DEA 2.00 TEF resolutions, distribution. follow-up with 011ie, Steve Bubu1, and letters to taxing jurwictions. lin LPK 1 AD Follow-up with 011ie, resolutions. project revisions DEA 1.50 TIF plan. Steve Bubul. resolutions 11/15 LPK .50 Follow-up with 011ie regarding solutions, revise 11/16 DEA .50 Separate 1-9 in resolutions for City Council, letter to 011ie I U28 LPK .50 Follow-up with 011ie regarding TIF plan, public hearing 12/4 LPK 50* Follow-up with 011ie regarding HRA resolutions 12/6 DLG .sQ Separate 1-9 HRA mol 1LkaQ to 011ie TOTAL HOURS 19.75 PUBLIC RESOURCE GROUP, INC. Dmmbu 21, 1994 Dft*",eru & Finaaa Spand w Ms. 011ie Koropdmalm City of Mondcello 250 East Broadway P.O. Box 1147 Monticello, MN 55362 STATEMENT Consulting Services—November 16, 1994 through December 15; 1994 11-23-94 LPK—H-Window closing documents, follow-up with Steve Lemma 1.00 12-5-94 � LPK—H-Window closing information, loan documents Vf). S o .75 V} 12-6r94 LPK—H-Window follow-up with Company, fax information to Paul Weingarden 1.25 \k '3.. S o 12-12.94 LPK—H-Window follow-up with Jeff Roars, 011ie, and Brad Simensmt 1.50 \-L& . 12-15-94 LPK—Senior Housing Alliance, prepare information, mating m 35 1.50 LPK—H-Window follow-up megarding loan documents \\ "i.S'o 1•�1 TOTAL CHARGEABLE HOURS 7.25 Net Chargeable Hours ® SWRour Z,�Q NON CHARGABLE HOURS 11-29-94 LPK—Senior Housing Alliance review and information 1.25 TOTAL AMOUNT DUE ' SLUM 020= OVER 30 OVER60 OVER 90 $652.50 4205 Lancurer Lane Nordin • Suite 1100 $ Minneapolis, Minnesom 55441 6 (612) SS47979 • (612) 550.9221 Fax t PUBLIC RESOURCE � t GROUP, INC. t Marks in& Devdoprnmr & Finance Spedalim December 21, 1994 Ms. 011ie Kaavpchak City of Monticello 250 East Broadway P.O. Box 1147 Monticello, MN 55362 STA1Fd1 M 6Bilurttia iii uevetovnt fiRl Initial project strucnuing with business: pcepuation of TIF . data; determination of project f m m values and preliminary TIF financial analysis; review and cmtf oration of TIF plan; distribution of documents to County and School Districts; and certification of district. TOTAL AMOUNT DUE �L7B8@a Q1�311 X60 �'8ffi 53,850.00 TERMS: NET DUE UPON RECEIPT, 1.33% PER MONTH SERVICE CRAROE ON f PAST DUE ACCOUNTS 4205 lancmmer lane North • Suite 1100 • Mlnnetpo4 Mlnnaom 55441 • (612)530.7979 • (612)550.9221 Fax r PUBLIC RESOURCE u. GROUP, INC. Marketing, Development 9 Fmmice $pecialius November 29, 1994 Ma. 011ie Koropchak City of Monticello 250 Fast Broadway P.O. Box 1147 Monticello, MN 55362 +7ffMy",1yt1 paomtt�+arot<anr_r�t4ofct°No. ;i -5t tor`[appaa, tn� Initial project strsscturing with Nisinesr psepatadms of TEF data; determination of project flmm values and pueliminary TIF financial analysis; review and c mfim dm of TIF plan; distr0ution of documents to County and School Districts; and ardfiwdon of district. 'DOTAL AMOUNT DUE TRENT Ql�B.3Q IIYEB� �� S2.000A0 TEAMS: NET DUB UPON RECEIPT, 1.33% PER MONTH SERVICE CHARGE ON PAST DUB ACCOUNTS 4205 Lancurer Lane North-* Suim 1100 6 Minneamlb, Minnesota 55441 6 (612) 5547979 0 (612) 5549221 Fax HOLM= & GRAVEN CHART== M e'mr.s Crw lower, rr.we Ye _ Tiee.reWOla�le December 20, 1984 INVOICE d 479A11 HN00: 49 CITY OF MONTICELLO Fay - Mar -iF Pr•. tic t P O SOX 1.147 MONTICELLO MN 39362-9249 For A11 Legal Services From November 3, 1994 Thru November 30, 1994 As Follows: 11/17/94 SJB Phone call luith 0. KoroOchak re statvs 0. i0; 2IL r:C and closing Total Services: s>- .i0 (Nam• Hours Rate Amount `i1 tephen J Subul 0.20 120 00 24-00 For All Disbursements As Follows: Postege 2. 13 Total Disbursements. x2.13 Total Anu D:lol.r,aosncs. 120.:7 I d3cW0• undw PWWW N Im j em m6n at dwned is,—Md OIO�f10 �1 It • air John B Dean cessrrasa or PUN W IDN" wr � sa�sisiawsw December 20, 1454 INu010E M 47-42 MN190: 46 CITY OF MONTICEI-LO Soils TIF P C BOX 1147 MONTICELLO MN 39362-9.'4.9 For All Legal Services From November 1, 1994 Thru November 30, 1994 As Follow -v 11/01/94 8JB Phone call with 0. Koropchak re TIF v ZO 2G +:0 Plan 11/09/94 SJB Review developer proposal; draft 3.00 60v C�C- contract and TIF Note: letter to 0. Koropchak 11/07/94 SJB Phone call with P. Gartner re TIF 1 20 144 CC Plan: review TIF numbers: phone call with L: Kirscht re some 1/08/94 °JB Phone call with 0. Koropchak re 0.90 nC Contract 11/00/94 8JB Phone call with 0. Koropchak re 0 20 3c •:+i Contrac t i&/17/94 8JB Phone call with U. Koropchaw re Contracts phone tali with Casserly re tame 11/19/94 8JB Review Contract specs 0.20 24. CO 11/22/94 8%1B Phone call with 0 Koropchak ra TIF 10.25 :0 00 11/30/94 8JB Revtse contract 0.90 zC C.0 Total Servi:es. 411,01a :O Name Hours Rate Amount Stephen J Bubul 8.49 120.00 1.014.1.$0 For All Disbursements As Fol low*! Photocopies Messenger Services 4e.oO 1 dadre, unor pain y a1 kwr VIM aoctuc. lean or dsnuM b) acemctandVwnoPon Cuknsm 5tspnsn J Jveul 'ccai 01seursemonts 015t :0 Total gory&:+% And Discu►sements: 41,01C aC I HOLUM & CRAVEN CKUM m A lYets �� ta��. �fir�b YA �1 Tegr�O/Aee>• December 20, 1994 INVOICE w 47943 mN190: 48 CITY OF MONTICELLO Eenior e-lous.ang TIF P 0 BOX 1147 MONTICELLO MN 95262-9149 For All Legal Services From Novemoer 4, 1944 Thru No -:umber 30, 1994 As Follows. 11/04,194 SJB Phone call with 0. Koropchak re 0 :O 2a CO nousing pr-oject 11/18/94 SJB Revise TIF numbers; phone call with L. 0.25 Kirscht 11/21/94 SJB Phone call with L Kirscht re TIF O.'c0 30 3 analysis; review analysis 11/22/94 SJB Phone call with L Kirscht; r*;iew TIF C to 12. 0 numbers Total Sarvicas: it gid. 110 Name Hours Rate Amount Stephen J Bubu1 0.80 120.00 102.00 Total Services And Disbursements: el?2.00 1deWie WKW OOKW of;aw W=KIF amtdafm ar 11 wd b pr and Otet no pat MM. ad � ft t mm" Stephen J Oubul