HRA Agenda 01-03-2001
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AGE DA
MONTICELLO HOUSING AND DEVELOPMENT AUTHORITY
Wednesday, January 3, 2001 - 7:00 p.m.
505 Walnut Stree - Bridge Room
MEMBERS: Chair Damn Lahr, Vice Chair Dan rie, Brad Barger, Steve Andrews, and Bob
Murray.
COUNCIL LIAISON: Brian Stumpf
OFFICERS: Treasurer Rick Wolfsteller, Execufve Director Ollie Koropchak, and Recorder
Lori Kraemer.
GUESTS: Brad Johnson, Lotus Realty Servic s
Barry Fluth, BBF Properties
Mark Ruff, EWers & Associates, I c.
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Call to Order.
Consideration to approve the HRA minute of December 6,2000.
Consent Agenda.
A. Consideration to approve the Certi cate of Completion and adopt a resolution
decertifying TIF District No. 1-18 River Mills).
Consideration of adding or removing cons nt agenda items.
Consideration of items added or removed om the consent agenda for discussion.
Consideration to hear updated and additio al information relative to project concept for
redevelopment of the Amoco site.
7. Consideration of update and action relativ to TIF District 1-22 North Anchor.
8. Continued - Consideration to hear progre s relative to research of purpose/objective and
funding for a scattered housing program a d a motion of action/direction.
9. Consideration to authorize payment of the montWy HRA bills.
10. Consideration of Executive Director's Re ort.
11. Committee Reports: Marketing - Brad B ger; Community Center Annual Report - Bob
Murray; and MCP - Steve Andrews.
12.
Other Business.
13. Adjournment.
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HRA Minutes - 12/06/00
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MIN TES
MONTICELLO HOUSING AND R' DEVELOPMENT AUTHORITY
Wednesday, Decemb r 6, 2000 - 7:00 p.m.
505 Walnut Street - Bridge Room
Members Present:
Chair Darrin Lahr, Vice C air Dan Frie, Brad Barger, Bob Murray
and Council Liaison Brian Stumpf.
Absent:
Steve Andrews
Officers Present:
Treasurer Rick Wolfstelle . Executive Director Ollie Koropchak. Deputy
City Administrator Jeff 0' eill and Recorder Lori Kraemer.
Guests: Barry Fluth. Masters Fifth A venu , Inc. and Brad Johnson, Lotus Realty Services
Ken Helvey, Conworth, Inc.
Corrine Thomson, Kennedy & Gr ven
1 . Call to Order.
Dan'in Lahr called the meeting to order a 7 PM.
2. Consideration to a rove the HRA minu es of November I. 2000.
^ MOTION WAS MADE BY DAN FR E AND SECONDED BY BRAD BARGER TO
APPROVE THE MINUTES OF THE N VEMBER 1,2000 HRA MEETING. Motion
carried unanimously.
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Consent A!.!enda.
3A. Consideration to recommend to eit Co mcil a commissioner for annual a ointment.
Ollie Koropchak, Executive Director, ad ised the members that HRA commissioners are
appointed each year by the Mayor and C'ty Council at the first Council meeting held in
January. The five~year term seat held b Commissioner Darrin Lahr expires December
3 L 2000.
Darrin has agreed to serve another five- ear term. the HRA may \V'ant to endorse Mr.
Lahr's appointment. On January 8, the ayor and Council will consider appointing
commission members including Dan'in ahr. After Council appointment in January, the
following is a list of the l-IRA commissimers' terms.
Bob Murray
Steve Andrews
Dan Frie
Brad Barger
Darrin Lahr
December 2001
December 2002
December 2003
December 2004
December 2005
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HRA Minutes - 12/06/00
A MOTION WAS MADE BY DAN FRI AND SECONDED BY BRAD BARGER
RECOMMENDING THE CITY COUNCIL APPOINT DARRIN LAHR FOR A FIVE
YEAR HRA TERM, EXPIRATION DAlE OF DECEMBER 2005. Motion carried
unanimously.
4.
Consideration of addinll or removin con ent a!!enda items. None
5.
Consideration of items added or removed rom the consent allenda for discussion. None
6.
Consideration to hear u date and to consi er cxtendino the effective date of the
Preliminarv Develo ment Anreemcnt bet 'een Masters Fifth Avenue. Inc. and the HRA.
Ollie Koropchak, Executive Director, pro ided the staff report noting that at the I-IRA
meeting of August 2, 2000, the HRA and arry FIuth entered into a 120~day exclusive
right agreement which is effective througl December 2, 2000. Koropchak stated that
based on the update by Fluth and Johnson, the HRA will need to consider whether to
extend the effective date or to seck other il terested developers.
At this point. the lIRA financial consultan s have not been asked to run TIF cashtlow
numbers. Pending on the TIF cashtlow mmbers, the level ofTIF assistance will be
determined and the financial method deter 11ined (pay-as-you-go or up front). A target
date for demolition of the Amoco site. no later than June 30, 2001. The effective date of
the preliminary agreement means concept " plans. and level of TIP assistance arc in place
for execution of the Contract tor Private R'development.
Brad Johnson. Lotus Realty, advised the n embers of the status of the Amoco Site. and
Barry FIuth, Masters Fifth Ave. updated tl e status of his new site on Locust Street noting
there are two suites still open. He advise of some of the delays in getting the building
finished. The members discussed with sta t: Johnson and Fluth the difference between
the fees \vith having a site with a restauran regarding parking and SAC/WAC fees. .lefT
O'Neill advised from the City's standpoint regarding the parking in the CCD district. He
noted that in the future they may ask Coun il to look at SAC/WAC regarding
commercial. The formula used by the City is a standard formula based on the different
types of uscs of \vater. etc. Brian Stump, ouncil Liaison, encouraged staff to get this
issue to City Council as soon as possible a. there may be major changes that could be
made and possibly a refund to the develop 1'.
Parking policy is relatively severe per Bra Johnson which he states is t\vice \vhat he sees
in other cities. Johnson also reminded the ommissioners that the downtown area is
suppose to be walkable and cross parking I as to be considered as part of the package. He
also noted that if a developer has to pay f()r the parking it could become an issue.
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HRA Minutes - 12/06/00
Johnson advised regarding the downtow area where they are looking at tenants and uses,
and have met with four people up to this point. He provided a handout regarding the
Amoco site and town home site and state he will meet with two more land OWners as
well as "vith O'Neill regarding City ordi ances. Johnson advised there are three types of
family style restaurant tenants who are in crested in the Amoco site. Johnson states he
would like the HRA to extend the contra t for a maximum of two more months (the HRA
meeting in February 2001), talk to two of the Owners, then come back to staff. He added
that there was a possible issue with a rent I home and an Owner who may need to relocate
(good opportunity to sell this owner a ne property dOwntown). Also wondering who
would cany loan for Amoco site, the City or the developer. He stated a time frame for
the project once financing is figured out i possibly by next summer.
A MOTION WAS MADE BY DAN FRI AND SECONDED BY BOB MURRA Y TO
EXTEND THE EFFECTIVE DATE OF THE CONTRACT TO 2/7/00, WITHIN THE
PRELlMINAR Y DEVELOPMENT AGR . EMENT BETWEEN MASTERS FIFTH
A VENUE. INC'. AND TI1"E HRA. Motio carried unanimously.
7.
Consideration of u datcs and action relativ to TI F District 1-2) North Anchor.
Ken Helvey of Conworth. Inc.. the relocati n advisor. provided an update to the HRA on
his process with two of the home mvners. Sandy Bostic and Mike O'Connor. relative to
relocation benefits and the HRA purchase a'reement. Additionally. he was attempting to
haw conversation with the Carlson's attorn y to no avail. Both he and Corrine Thomson
were t~lxed copies of the letter to the BRA t 'om the Carlson's. Helvey states the
Carlson's and/or their representati ve are not willing to speak with him regarding any
relocation benefits.
Helvey met with Bostic and O'Connor. offe s were made. and the Owners are considering
them at this time. He advised that the tcn da IS are up 12/7/00. In the interim he has
started the process of relocation benefits. H provided a summary of how the benefits are
calculated.
Darrin Lahr updated the HRA of a meeting ith a couple of council members. planning
commission members. parks commission me 11bers and others regarding the North
Anchor area and what is happening at this po nt. It was noted that they would prefer to
stay away hom condemnation process. They also discussed possibilities ohvhat the
City is going to spend to acquire these targete homes. While these peoplc felt the
Carlson's COunter olTer was excessive they fe 1 this is still a viable project. Dan Frie
stated that Roger Belsaas and Clint Herbst we e not in favor of condcmnation and noted
no assistance from the City.
The commissioners discllssed the need to com up with a creative way to use tax
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HRA Minutes - 12/06/00
increment for acquiring the Carlson prop rty. They also advised that Hans Hagen was
still interested in a development even ift le Carlson home was still in place for another 1
Y2 years. as long as he know it will be go e after that time.
Corrine Thomson advised the HRA of th process and involvement of a "90-day quick
take" condemnation. Comparative costs etween costs to acquire parcels via
condemnation, HRA otler and relocation, and seller's oiler were discussed.
Thomson stated that if the City decided 0 the condemnation process and then abandoned
the action at any point the City is respon ible for all costs incurred by the property owner
during the condemnation process. City is still responsible for relocation costs whether
acquisition is through purchase or conden nation. She also went through costs that are
typically incurred in condemnation proce dings noting appraisal fees from approximately
$2,000 to $5.000: reimbursement up to $5 )0: commissioner fees approximately $2.000;
attorney fees $5.000 unless there is ajury rial at which the amount could be as high as
$15J)00: as \vell as mvard money.
Brian Stumpf stated that on a City Counci level. if something like this were to come
before them as far as condemnations and quick takes. it would not go over well and he
would be totally opposed to this.
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The commissioners concurred that they do not feel a condemnation process is an option at
this point. It was also stated that if the Cit is going to offer $300,000 to the Carlson's.
this would include everything as t~tr as relocation costs. etc. It was talked about counter
offering and it was the feeling that Carlson s \vere set on their asking price. They also
encouraged Helvey' to get written cOllnter offers from the owners and then sit down and
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look at the numbers. The commissioners a vised to hold off on condemnation and to
accelerate negotiations with O'Conner first then Bostic.
A MOTION WAS MADE BY BRAD BA GER AUTHORIZING A COUNTER-
OFFER OF $250.000 AS A PACKAGE D At FOR PURCHASE OF THE PROPERTY
LOCATED AT 225 FRONT STREET WI H A CLOSING DATE AS SOON AS
POSSIBLE AND A LEASE BACK TO TE CARLSON"S FOR $1.00 PER YEAR
AND A SPECIFIC DATE FOR THE CAR SON'S TO VACATE THE PREMISES.
DAN FRIE SECONDED TIlE MOTION.
There was further discussion by the commis "ioners stating their feeling that the Carlson's
would reject the BRA' s counter-offer althOL gh thcy \vould be allowed to occllPY the
property for $1.00 a year with purchase pric for investment. It was also discussed to
perhaps offer the Carlson's their asking pric of $300.000.
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HRA Minutes - 12/06/00
BRAD BARGER WITHDREW HIS M TION.
A MOTION WAS MADE BY BRAD B - RGER AUTHORIZING A COUNTER-
OFFER OF $275,000 AS A PACKAGE EAL, LEASING BACK TO THE
CARLSON"S FOR $1.00 PER YEAR, NO A VACATION DATE BY THE
CARLSON'S OF AUGUST 1,2002. D RRIN LAHR SECONDED THE MOTION.
Motion carried unanimously.
A MOTION WAS MADE BY BRAD B RGER TO AUTHORIZE KEN HEL VEY TO
EXTEND THE EXPIRATION DATE 0 . THE PURCHASE AGREEMENTS OF TI--IE
BOSTIC'S AND O'CONNOR'S TO JA UARY 4. 2001. DARRIN LAIIR
SECONDED THE MOTION. Motion caried unanimously.
The HRA commissioners also authorized Koropchak to work with consultants regarding
cash tlows. Authorization for environme 1tal testing and entering into a preliminary
agreement was tabled to the January mee ing.
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Continued - Consideration to hear roQre s relative to research of ur ose/ob'ective and
fundina for a scattered housin!l ro!lram 'nd a motion of action/direction.
Commissioner Frie !lave a brief Qive und te statin!! the applications for the Qrants come
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out next vveek and Cheri will handle then. Frie stated that 20 targeted houses will be
provided to her. she will fill out applicati< ns prior to the January meeting. and the
deadline for the applications is 2/1 /0 I. .Ie T O'Neill stated he would e-mail this
information to Cheri as soon as possible.
9.
Consideration to discuss the Preliminarv
proposed TI F HousinQ District proiect.
Koropchak noted initially this discussion ppeared on the agenda via the request of Ed
Kauffmann regarding his concept for rede elopment and construction of 20
condominiums with single garages in the rea of Seventh Street and Minnesota Street.
After some discussion. it appeared further research as to the size of the lots vvas needed
and the preference was for double garagesl The developer \vas advised that the I IRA
would need to review this concept further las to what would fit the property and the kind
of financing the HRA could do.
The IIRA"s established TIF process inclu es a deposit of$5.000 with the execution of the
Preliminary Development Agreement whi h is outlined in the HRA Business Subsidy
Criteria adopted by the f-iRA and Council. Historically. a developer comes before the
HRA because he "wants" to do a project ay.1 "demonstrates the need" for the TI F
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HRA Minutes - 12/06/00
assistance. He has preliminary costs for c nstruction and acquisition and projected
selling prices. A developer normally 100 s at the $5,000 deposit and execution of the
agreement as a normal cost and process f, r doing business (redevelopment).
Koropchak stated that Mr. Kauffmann inf rmed her that he will pay the $5,000 deposit
once he knows the project is a "go", notin ' that to Mr. Kauffmann "go" means Planning
Commission, City CounciL and TIF assistance approvals. He sees this as a City initiated
project and doesn't want to put more time or money into preliminary concepts or to
approach potential sellers before he's aSSl red the project is a "go".
Although Mr. Kauffmann docs not have c ncept approval, the question for the HRA is
one of policy: Whether to proceed with (; nalysis of TIF without the authorization of the
HRA to enter into a Preliminary Oevelopl1ent Agreement with Mr. Kauffmann.
O'Neill gave an update regarding Kauffm nn's revised plans noting that he was asked to
target toward seniors, changed to 12 units 'lith parking in the back and porches in front.
and selling price at approximately $125.0 0 per unit and that Kaut1i11ann is moving on
getting purchase agreements. O'Neill advised that the OAT, Planning Commission and
City Planner have reviewed the revised pI n and that it was important to all groups that
the design be modified through a PUO pI' cess. feeling it could be a good project.
Kauffmann will provide the $5.000 at suc time he ties up the land. O'Neill added that
this project \viIl need some TIF assistance and feels that this project will not be a go
without TIF assistance.
Oarrin Lahr requested a letter be drafted t Kauffmann telling him the processes and
w'here the HRA stands. Koropchak also sated she still needs the uses and sources form
filled out so that she can run numbers and see where the gap is, then the lIRA could go
back and advise him of the TI F amount. also noting that this needs to meet the "but for"
test. O'Neill stated that he will contact K'uf1inann and advise.
ill Consideration to authorize avment of the month Iv HRA bills.
A MOTION \VAS I'vlADF BY DAN FRlb AND SECONDED BY DARRIN LAI IR TO
AUTIIORIZE PA YMENT OF THE MO THL Y HRA BfLLS. Motion carried
unanimously.
lL Consideration of Executive Director's re
.
Ollie Koropchak provided the report brietly updating the HRA on the following:
I'vIidvvest Graphics has been sold w jch affects payment of taxes and job and wage
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HRA Minutes- 12/06/00
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levels; Via voice mail from Chuc VanVeel the facility has been sold to Right
Choice Services and forth coming in the mail are documents assigning the
Contract for Private Redevelopme t.
H- Window Company - It is my Ut derstanding that this building and land (two
lots) are for sale. TIF was used to assist with land write-down of the two lots
(developers cost $15,000).
Red Wing Foods. Inc - A Monticello delegation visited this business in
November. Thcy are currently w rking with a local realtor for site location and
local lender for financing.
HRA/Schlief house - The tenants ere ach'ised of the HRA' s intent for
redevelopment so as to be alert fo new rental options.
Marketing Committee scheduled to meet December 15.
City/Chadwick Swap - Third part negotiator on board. City looking to gain
control of entire 180 acres and Iea'e back rights to harvest gravel.
Prospects - No new update on pro'pects reported last month. In additional to Red
Wing, a Fridley machine shop. ho cfully, is next company to visit or host.
100,000 sq ft building, 150 good aying jobs. Plan to construct ncxt year.
Copy of letter to Skippers.
Faymar has sold to a company in - hio. neVi general manager. Will call Ron
Musik.
TCDC contract was that building 0 be completed 12/1/00 - oHlce is not complete.
no occupancy permit. Does HRA want to extend or notice of default. HRA will
not receive the full amount of inc ement because the project took longer. May not
get the $228.000 NPV. Koropch<: k will advise TCDC and explain how this
affects their TIF so they fully understand.
Sunny Fresh - Due to product div rsity. discharge to the waste water treatment
plant has increased causing incre sed BOD and sludge thickening. The cost to
improve the thickening process is $660.000. The HRA can use 10% of the TI
from the Sunny Fresh expansion 0 help pay for public improvements outside the
district. Is the lIRA interested'? he lIRA was not interested.
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A MOTION WAS MADE BY DARRIN LAHR TO EXTEND TWIN CITY DIE
CASTINGS COMPANY'S CONTRAC COMPLETION DATE FROM DECEMBER
1.2000 TO APRIL 2001. SECONDED BY DAN FRIE. Motion carried unanimously.
A MOTION WAS MADE BY DA~ fR E TO ASSIGN THE CONTRACT FOR
PRIV ATE REDEVELOPMENT AGRE :.MENT FROM MIDWEST GRAPHICS TO
RIGHT CHOICE SERVICES. DARRI LAHR SECONDED THE MUrION. Motion
carried unanimously.
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Committee Reports: None
13. Other Business. None
.l.1, Adjournment.
HRA Minutes - 12/06/00
A MOTION WAS MADE BY DARRIN AHR AND SECONDED BY DAN FRIE TO
ADJOURN THE MEETING AT 10: 15 P . Motion carried unanimously.
HRA. Chair
Recorder
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BRA Agenda - 1/3/01
letion and to ado t resolution
A.
Reference and Backeround:
TIF District No. 1-18 was certified as a So Is District in 1995 to assist with the restoration
of a mined gravel area for construction of ousing development. Required decertification
date is year 2006. The HRA agreed to ass'st the developer (Residential Development.
Inc.) with $102,000 oftax increment (inte st free) according to the payment schedule as
outlined within the Contract for Private R evelopment. With the BRA having received
the November 2000 tax increment paymen from the County, the district's tax increment
received was $70,798.97.
The tax increment revenue paid to the for payable 1999 and 2000 totaled
$236,020.81. Payments to the developer s of February 2000 totaled $81,600. Other
expenses in the district were administrativ expenses. The remaining balance due the
developer upon completion ofthe project in simplest terms) or per the Contract is
$20,400. An assessment ofthe project wa made in October 2000 and reported to the
HRA in the November Director's report a follows:
Contract: Construction of 67 single famil homes @ a value of at least $95,000 each and
96 units (48 twins) @ a value of at least $ 0,000 each. Estimated market value ofland
and building as of January 2, 2002, to tot at least $16,275,000.
Assessment October 2000 - Phase I - com leted. Phase II, III Addition - three single lots
remain at $25,000 each and IV Addition - two single lots remain at $25,000 each.
Completed 82 single family homes and 86 units (43 twins). Total estimated market value
of land and building was $18,590,500 as fOctober 17,2000.
Due to the early construction completion f the development, satisfying the total estimated
market value, and since the excess tax inc ement cannot be spend elsewhere, the HRA is
asked to approve the certificate of compl ion and to adopt a resolution decertifying the
district for taxes payable 2001. As ofFeb ary 1,2001, the Developer will be paid the
remaining balance of $20,400 and any ex ss tax increment should be returned to the
County per the recommendation of Mark uff, Ehlers & Associates. Inc. This was good
project for the city and RDI should be co . gratulated.
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B. Alternative Action:
1. A motion to approve the certificate of completion and to adopt the resolution
decertifying TIP District No. 1-18 'ver Mills).
2. A motion to deny approval ofthe c rtificate of completion and adoption ofthe
resolution decertifYing TIP District o. 1-18 (River Mills).
3. A motion to table any action.
C. Recommendation:
Alternative No.1. Contract satisfied. Ho sekeeping items.
D. Supportine Data.
Copy of certificate of completion and resol tion for adoption.
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CERTIFICATE OF COMPLETION
Phases 1 a , d 2
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WHEREAS, the lIousing and RedevelopmCl1t Authority in and for the City of Monticello,
Minnesota, a public body, corporate and politic (the "ALlthority") entered that certain Contract for
Private R_edevelopment \\lith Residential Devclopllent, I nc. (the "Redeveloper") dated as of
February 6, 1995, as amended by a First Amendnlelt thereto dated July 14, 1999 (the "Contract");
and
WHEREAS, the Contract contained certain 'ovenants and restrictions set forth in Articles
III and IV thereof; and
WIIERFAS, the Redeveloper has perfonne I all covenants and conditions insobr as it is
able in a nHlllner deemed sufficient by the Authority 0 permit the execution of this certilication;
NOW, rHU\.EH)RL~, this is to certify tha all building construction and other physical
improvements specified to be done and rnade by the Redeveloper with respect to Phases I ~~nd 2 of
the lV'finimum Improvements (as defined in the C :mtract) have been completcd and the above
covenants and conditions in Artic les III and 1 V of tl e Contract \vi th respect to Phases 1 and 2 have
been perfornlcd by the Redeveloper.
Dated:
,2001
STATE or MINNLSUIA )
) ss.
COUNTY OF WRIGlll )
HOUSING AND REDEVELOPMENT
AlJl1IORITY IN AND FOR n-lF
CITY OF MONTICELLO, J'vJlNNESOTi\
By ______
Its Chair
By ______
Its E'\Ccutive Director
On this__ day of _ ________" 2001, )cfore Ine, a Notary Public within and 1(..1r said
County, personally appeared _ _m_m____-- and Ollie Koropchak, to me personally
known. \\ ho, being by me duly sworn, did say tUlt they are the Chair and C:xecutive Directo!".
respectively of the Authority named in the ron:g(ing instrulnenL that said instrument was signed
and sealed in behalf or said Authority by autho'ity of its governing body; and said Chair and
Executive Director acknowledged said instrument to be the free act and deed of said Authority.
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SJll-1 C)()C)\)7\ I
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Notary Public
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HOUSING AND REDEVEL PMENT AUTHORITY
IN AND FOR THE CITY OF MONTICELLO
STATE OF M NESOTA
Resolution No.
E DECERTIFICATION OF TAX
OF THE CITY OF MONTICELLO.
BEING A RESOLUTION APPROVING
INCREMENT FINANCING DISTRICT NO.
WHEREAS, on , ] 9 ~ the Housing a d Redevelopment Authority (the
"Authority") in and for the City of Monticello (the "C"ty") created Tax Increment Finance District
No. -- (the "District") within the Central Montic 110 Redevelopment Project No. I (the
"Project")~ and
WHEREAS, as of the date hereof all bonds and 0 ligations to which tax increment from the
District have been pledged have been paid in full or de eased and all other costs of the Project
have been paid~ and
WHEREAS, the Authority by this resolution to ca so the decertification of the District after
which all property taxes generated by property within t e District will be distributed in the same
manner as all other property taxes.
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NOW THEREFORE, BE IS RESOL YED by the C mmissioners of the Housing and
Redevelopment Authority in and for the City ofMontic 110, Minoesota, that staff shall take such
action as is necessary to cause the County Auditor ofW ight County to decertifY the District as a
tax increment district and to no longer remit tax increm t payable _ from the District to the
City.
DATED:
(Seal)
HOUSING AND DEVELOPMENT AUTHORITY
IN AND FOR THE CITY OF MONTICELLO
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Chair
ATTEST:
Executive Director
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BRA Agenda - 1/3/01
6.
Consideration to hear u dated and add tional information relative to ro' ect
co nee t for redevelo ment of the Amoc site.
Brad Johnson called on the 27th of Decem er and requested to be on the January 3, 2001
HRA agenda to report an update on the pogress for redevelopment the Amoco plus site
area. Bany Fluth will also be present. Ifi formation (concept and numbers) is received
prior to noon, Friday, the 29, it will be inc uded in this agenda packet otherwise you will
receive it at the meeting. At this time, I' unaware of any action necessary. The
Preliminary Agreement termination date i February 7, 2001 .
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7 . Consideration of u dates relative to T District 1-22 North Anchor.
HRA Agenda - 1/3/01
7 A. Consideration to review TIF Cashflow Pr
This is an information item and follow-up rom the November HRA meeting. Rick
Wolfsteller and myself met with Mark Ru on December 19. He was updated on
proposed and committed expenditures wit . n the TIF District and given parcels to include
in the TlF Cashflow projections. We disc ssed funding options to acquire the O'Connor,
Bostic, and Carlson properties and payoff he Schlief contract for deed. Mark will
contact the County for latest market value d tax capacity values.
The information Mark presents will assist t e BRA with plans for the North Anchor and
the next agenda items.
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DEC. 28. 2000
6:22PM
EHLERS & ASSOCIATES
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~A~O~I~E~I~
TO;
Ollie Koropchak. City of Monticello
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Mark Ruff - Ehlers & Associates
FROM:
DATE:
December 28, 2000
NO. 6949 P. 2
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EMORANDUM
RE: Options for Financing Redevelopmen in TIF District No. 1-22
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It is our understanding that the lIRA is considering ptions for financing redevelopment efforts in TIF
DistrictNo. 1-22 and risks associated with each option. In many ways, this project is similar to the housing
development assisted in the Prairie West development in District No. 20.
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Blo~k 54 HOUliD& Redevelopment
The HRA has acquired two parcels, has entered into a purchase agreement for a third property, and is
contemplating the purchase of two more properties. stimates at this time for the acquisition, demolition
and relocation COSts of the five parcels arc $740,000.
The potential revenues to offset these costs include:
a $35,000 of the sale of one parcel to the City fI r park land
o Land sales to the potential developer of new ner-occupied townhomes in the area. The amount
of land sales is not know, but we have assume $165,000 for purposes ofthese analysis. The actual
revenues could be much hi&her or lower, depe ding up~n negotiations and site preparation costs for
the development.
o Tax. increment revenues over time from the de elopment of the 10 new townhomes to be developed;
d currently estimated at $150,000, in present v ue dollars.
Total revenues are estimated, therefore at $450,000.
~
Based upon the current estimates, the project will requi e an additional $390,000 of assistance to write down.
This amount is broken down between the costs of ae uiring substandard buildings on the future park of
approximately S245,000 ofthe total plus $145,000 of irect assistance to the town homes. These totals have
not subtracted the $50.000 that the HRA has already aid toward property acquisition.
The remainder of the District No. 1-22 contains six ew commercial developments which were partially
assisted or not assisted which are producing tax in rements which could be utilized for this housing
development and other redevelopment in the district. he commercial developments are expected to produce
a conservative estimate of $132.000 per year. On a p escnt value basis over 15 years, this increment could
support $1,125,000 in project costs. Please note that hese projections are based upon the following:
./' The two planned retail projects in the district are fully completed in the next few years.
./' No changes in the property tax system occur.
./ The I-IRA is diligent in monitoring the tax. in rement district to exclude any parcels which are not
producing tax. increment and in checking the county's calculation methods.
.
.
.
DEC. 28. 2000
6:23PM
EHLERS & ASSOCIATES
NO. 6949
P. 3
As the HRA is aware, the district is approaching the fiv year limitation for tax increment. This means that
any new expenditures and/or obligations will be treated as pooled increment, subject to a maximum of25%
of increment being utilized for new expenditures. Thi means that if the district assisted with $750~000 in
tax increment eligible costs prior to the five years, it c uld only spend $250,000 in new project costs after
the five years.
Financing Options
It appears that there is an immediate need for approxi ately $740,000 of project costs within the next six
months (again, not including the $50,000 ofHRA pay ents to date). The project costs would be offset by
the payment from the City of$35,OOO for the park land nd a potential land sale to a developer of$165,000,
which could reduce the long term obligations to $540,0 O. As mentioned above~ the potential tax increment
from the town homes could amountto $150,000 and the ommercial properties could amountto $1,125,000.
It is further our understanding that the HRA is contempl ting additional acquisitions of commercial property
on the northern ponion of the tax increment district ill. e next six months.
The HRA has three financing options for this project ith some combination of each option also possible.
1. G.O. Tax Increment Bond. The HRA could req est the City Council to issue an tax increment bond,
which would not require a referendum due to t; e expectation of tax increment income. The bond
would likely require taxable interest rates (curr ntly 7.5% to 7.75%), due to the private nature of the
use of proceeds. The risks inherent with a G. . Bond include changes in property tax system and
the cumulative effea upon the City~s bond rat ng. In addition, the bonds usually include a fairly
long lockout period on prepayment of eight to en years.
2. Loan from the City. The City could loan t e HRA the funds at its current investment rate
(potentially 6.75% to 7%) which would all w for flexibility in repayment without penalty.
However, the City does have a practical limit n the amount of funds it can lend on a long term
basis. The same risks as to property tax. refo also exist for this option.
3. PaY-As-You-Go Notes. The HRA could reque t that the housing developcr take all or a portion of
the costs through a pay-as-you-go note. It is 0 experience, however. that owner-occupied home
developers are extremely reluctant to finance t increment because there is no long term financing
I ~ associated with the project as a whole. The fore, it would not be likely that much more than
$50,000 to $100,000 of the costs would be carried by developer of the housing. A future
commercial developer may be different.
Recommendation
Iffthe HRA makes the policy decision to proceed with the acquisitions, we do recommend one course of
action. Based upon what we know today, we would su est that the City be requested to loan funds to the
HRA for the acquisitions~ due to the flexibility in repay ent. If the amount oflong term obligations remains
at less than $600,000, the City may be persuaded to fin ce the costs. We would not recommend that the
owner-occupied developer be requested to support a pay-as-you-go note because it may impede the
negotiations over land price.
lfadditional commercial property is acquired in the late pring, the HRA and City could contemplate a G.O.
Tax Increment Bond, because the principal amount wouli be high enough to justify a bond issue and because
more will be known about property tax reform at th t time. It may also be possible to work with a
commercial developer on a future pay-as-you-go note r that portion of the project.
Please contact us with any funher questions or comme ts.
-. ,...,~
.
.
.
Block 54 Northel1 y One-Half
Subtotal
Parcel
Appraisal
BRA Offer
Replacement Movin
Payment A ra sal
Schlief
$ 86,000
Reed
Bostic
$ 78,000
$11,900
O'Connor
$ 92,200
$14,700
Carlson
$165,000 (97AP)
Subtotal
Demolition
Closing/professionals
TOTAL EXPENDITURES
Carlson land sale to city
Carlson lane HRAGefteral Fund-
Land sale to developer
TIF Revenues
TOTAL REVENUES
GAP
TIF PROJECTIONS
EMV per parcel = $135,000
$1,350
$1,350
$ 35,000
$ 20,000
$165,000
$150,000
$370,000
$91,250
$108,250
$360,000
Counter-
offer
$148,000
$175,000
$300,000
Acquisition
Package
$ 83,000
$ 30,000
$132,000
$160,000
$275,000
$680,000
$ 35,000
$ 15,000
$730,000
$760 + $973 = $1,733 X 10 = $17,330 - $2,256 = $15,074
X 1.12 = $1 ,881 X 20 years = $337,657 TI
.
.
.
7b) Consideration to authorize enterin
and HRA.
A. Reference and Backe:round:
HRA Agenda ~ 1/3/01
reement between the Carlsons
At the November HRA meeting, the HRA r viewed the purchase offer of $300,000
presented by the Carlsons. The liRA made motion to counter-offer at $275,000
package deal and as outlined within Helvey' letter of December 7, 2000. Also, attached
is the letter from the Carlson's accepting the lIRA counter-offer of $275,000. Upon
acceptance, the HRA requested a purchase reement be forwarded immediately for
signatures of the sellers. This was submitted December 22,2000. Attached is a copy of
the Lease Agreement as drafted by Kennedy Graven. It is drafted as a rental lease for
$1 annually, tenant responsible for utilities a d property taxes, and possession date August
1, 2002. The leased property will not be a t exempt parcel. The Executive Director
suggested the Attorney to draft the Lease A reement with the tenant responsible for
utilities and taxes. If the HRA disagrees or t e Carlsons disagree, please so advice.
B. Alternative Action:
1.
A motion to enter into a Lease Agree ent between the Carlson and HRA for the
property located at 225 Front Street ith terms and conditions as drafted.
2. A motion to deny entering in a Lease greement between the Carlsons and the
HRA.
3. A motion to table any action.
C. Recommendation:
Recommendation is Alternative No. 1 with te ant responsible for utilities and taxes.
D. Suoportine: Data:
Copy ofIetter to Carl sons, acceptance letter, urchase agreement and lease agreement.
.
. Relocation
Conworth, Inc.
4725 Excelsior Boulevard
Suite #200
Minneapolis, MN 55416
Phone (952) 929-0044
Fax (952) 929-0568
Toll Free 1-877-805-1575
December 7, 2000
John T. Peterson
Johnson, Larson & Peterson, P.A.
908 Commercial Drive
Buffalo, MN 55313
Subject: 225 Front Street, Monticello, MN
Richard and Marion Carlson
Dear Mr. Peterson:
.
On December 6,2000, the Housing -& Redevelop ent Authority of Monticello authorized a
counter offer to your letter dated November 7, 2 00. The authorized counter offer is as follows:
1) $275,000.00 (Includes acquisition, reIoca ion, moving costs, and so forth - all inclusive
package. )
2) Occupancy until August 1, 2002.
3) Closing as soon as possible.
4) Rent of$1.00 per year from closing until he vacate date.
5) All closing costs associated with closing 0 225 Walnut (per paragraph 3 of your letter)
paid by the I-lousing & Redevelopment A thority of Monticello.
6) The Carlsons can remove any fixtures, bui, t-ins, and so forth, from the property, as their
expense (per your letter. paragraph 3).
.
ACQUISITION A 0 RELOCATION
.
.
.
John T. Peterson
December 7, 2000
Page 2
Please give me or Ollie Koropchak a call with y questions. I can be reached at 952-929-0044.
Thank you.
;Y~fI'
~.'!J
Relocation Consultant/Owner
sl
cc: Ollie Koropchak
Corrine Thomson
CONW RTH, INC.
DEC-12~00 TUE 14:48
CONWORTH, INC
FAX NO, 6129290568
.
~
.I
e
e.
JOHNSON, LARSO , '" PETERSON, P.A.
ATTO YSATLAW
IAN C. URSON+
JOHN T. PETEBSON+
CINDI S. MATI
~
,
+RMlProp~ r-.r"..,..,..
c.tiIW.~...Aus- fI."d";,,,
Dee 11. 2000
Ken Helvey
Relocation Consultant/Owner
4725 Exce.lsior Blvd., Suite 200
Minneapolis, MN 55416
Re: Richard and Marion Carlson Pro erty
Dear:Mr. Helvey:
Thank you for your leuer of December
The Carlsons accept your offer as outlined in
bringing their abstract up to date. Please con:
p, 02
JOB COMMEaCIAL DRIVJt
BtJIT.u.o. MIMCESOTA UJU
(763)682....55O
FAX: (163)682 4465
Wl:B: www.jlpIaW.COID
WALTER. S. JOHNSON
SENIOlCPdRTNERIRE7'rRED
> 2000 concerning the above-referenced matter.
t letter. The Carlsons are in the process of
I'e to discuss arranging a. tentative closing date.
/ i ·
May I remain,
JTP: mar
I
f
\
cc: Richard and Marion Carlson
12-26-00 10:39am From-KENNEDY' GRAVEN
+3379310
T-5BS P.02/1S F-T25
.
PURCHASE AGREEMENT
1. PARTIES. This Purchase Agree em is made this _ day of 200___, by
and beLWt:en Richard Carlson and Marion Ci4flso ,husband and wife (hereinafter, collectively,
"'Seller") and tile Hou:sing and Redevelopment uthority In and for the City of Monticello,
Minnesma, a public body cOl'Poration and politic ( ereinaftcr "'Buyer").
2. SALE OF PROPERTY. Sell r is the owner of that certalD real estate
(hereinafter the "propeny") locatcQ at 225 Froor treeT. in the City of Monucella. Wright County,
Minnesota ilIld legally descnbed as follows:
LOTS 1. 2, 3. 4. i:LJld 5, Block 64 Tllwnslle
P.l.D. 155010-064010
3. OFFER/ACCEPTANCE. In C nsideraI100 of the mutUal agreementS herein.
Buyer offer~ and agrees to purchase an" Seller agrees to sell and hereby grants to Buyer the
exclusive light LO purchase the Propeny i:lJld w] improvements Lhereon. together with all
I1ppunenances, including, buT. not limit~d to, plilIl , shrubs, trees. I10d grilSs.
4. ACCEPT A~CE DEADLINE. . s purchase Agreement becllmes null and void
if not acccpLed by Seller within ten (lO) days of ~ fallowing dale: Del,;ember 26, 20UO.
.
5. PERSONAL PROPERTY 1 eLUDED IN SALE. An)' personal property
locared on the Propeny. including bllt not limite 10 fixtures. appliances. and similar items, shall
reffi4in the property of Seller provided th4t such ersonal propeny is removed from the property
prior to or upon the Closing Date in accordance with this Agreement. If not removed from the
Propeny 1U accorclance wiLh this Agreement. s -h personal properry shitll become the property
of Buyer in exchange for Buyer'S dispos.u at" or acceptance ot" such personal property. provided
that Buyer may dechne IlJ accept ownership o' i:i.ny or all such person4l property in its sole
Qiscretion.
6. PURCHASE PRICE AND TE MS:
A. PURCHASE PRICE: e total Purchase Price for the real eState included
in this sale is Two H dr~Q Sevenly.Flve ThOUSl1IlQ ami No/looths
Dollars ($275.000.00).
B. TERM.S:
1. EARNEST MO EY: Earnest money of $1.00 shall be p . d by
Buyer to Seller, e receipt of which is hereby acknowleage
\
DJGrI!>ll063~1
MNl90-90
2.1
I
t
I
BALANCE DU SELLER: Buyer agrees La pay by check on me
ClOSing Date any remaining Balance Due according to the LS of
this Purchase Ag eIDem.
.
I
12-26-00 10:39am From-KENNEDY & GRAVEN
+3379310
T-586 P.03/16 F-725
.
3.
ASSUMPTION 0 EXISTING INDEBTEDNESS: Buyer, in its
discreLion and in p' . 'al payment of the Purchct.Se Pnce, may. 10 the
extent i4Ssumable. . sume or Wee title subjeCt to any exisung
inl.lebtec1ness ene bering the Propeny, in which case the cash to
he paid at the time of dosing shall be reduced by such rem~ining
indebtedness.
4. DEEDIMARKET BLE TITLE: Subject to perfonnanct: by
Buyer, Sell~r llgr eS to eJC.ecuIe and deliver a WllIramy Deed
conve)'ing markela Ie title to the Propeny [0 Buyer. subject only to
the following cxce rions:
~. Building . d zoning laws, ordinances. sta.le i:tIlc1 federal
rcgulauons.
h. Reser\'~tio of mineral or mineral riglus to the St~le of
Minnesota, if any.
c. Public utir y and dram age easements of recorl.! whit.:h will
nOt interfe, with Buyer's mtcnded u~e l)f the Propeny.
s.
POCllMENTS 0 BE DELiVERED AT CLOSING BY
SELLER. In' ddirion to the: warranty Deed required by
subparagraph 4 io\b \'c, Seller shall deliver lO Buyer at c:losing:
.
a.
b. title. if available.
1.:. Cenit"i..:at certifying mi:l.t all of the warranties made by
Seller m . s purchase Agreemenl remain uue as of the da.l~
of dosing
d. Certifica thal Seller is not a foreign national.
e. If an envt onmental invesugation by or on behalf of Buyer
discloses the existence of p~troleum product Or omer
polluwu, contaminant or other hazardous subs lance oq the
propeny, either (i) a closure letter fr0111 the Minnesota.
Pollution Control Agency (MPCA) or other appropriate
regulato authority that remedi~tion hca.s been completed to
the satis "action of the MPCA or other a.uthority; or
(ii)agree enl for remcdJ.ationlindemnificio\liOn and security
~ Buyer ay require.
.
OJO.191063,,1
MN 100-90
2
.
.
.
12-26-00 10:39am From-KENNEDY i GRAVEN
+3379310
T-586 P.04/16 F-725
Well discIos e Cenificate. if requireu. or. if there is no
well on the ropeny, the Warranty Deed given pursuam to
paragraph (4 a.bove must inclLldc the following starement:
es that Scller does not know of any wells on
real propeny."
f.
g. Such other ocuments as may be reasonably required by
Buyer's title, xaminer or title insurance company.
6.
CONTlNGENCIE : Buyer.s obligation to buy is COnlingert upon
the: following:
i1. Buyer.s lJet nnination of markc;table title pursuant to
paragraph 11 of lhis Agreement; i:Uld
b.
8uyer's deLe mination, in its sole "hscretion, that the resullS
of a.ny env. nmenta! investiga.tion under paragraph 8 of
this Agreeme t are satisfactory to Buyer.
I
I
I Buyer shall have unul the Closmg Dale 10 r~move the foregoing contingencies. The
contingencies w-e solely Cor the benefit of Bu}'er and mOl)' be wiUvedby Buyer. If the
contingencies are dUly Si:l.Listieu Or wi:Liv~d, then Buyer and Sellcr shall proceed 10 close the
transaction .~ contemplated herein. If. however. 0 e or more comingendes IS not satistied. or i:s
not sausxled on time. and is not wi:Uved, this Pure ase AgreemeOl shall thereupon be vOid, at the
option of Buyer. If this Agreement is voidecJ by Llyer, Seller shall return the EarneSt Money to
Buyer, and Buyer anu Seller shall execute and eliver to each ather the tennmation of thiS
pun.;hase agreement. As a contingent purchase a reement, the rcrmination of this agreement is
not requireu pursuant tu Minn~sota Statutes. Seetio 559.2], Ct seq.
7. CLOSING DATE. Thc Closing of the sale of the Propeny shall take place on or
bcfore . 2001 (the '.Closing Oat "). The clo~ing :shall take place at a location
as mutually agrced upon by (he panies.
8. ENVIRONMENTAL INSPECTI N. Buyer and its agents shall have rhc niht
to eOler upon me Property after the date of this pu 'hase agreement for the purpose of inspecting
the property a.nd (;onducting such c;ovironment exammation and teSts as Buyer u~ems
necessary. Buyer agrees to indemnify Seller a ainst any liens, claims, lo:sses, ur di:UIlag~
ol.:(;asioncd by Buyer's exercise of its right to eOler and work lIpon the Propen)'. Buyer agrees to
providc Seller with a copy of any repon prepared. a result of such ex.amination and tests.
9. REAL ESTATE TAXES.
A.
Seller will pay at or plior to losing all real estate rax~s due aou payable in
2000 and prior years on the ropeny.
DJlJ..l !ll1063v 1
MN!llO;\lO
3
12-26-00 10:40am From-KENNEDY & GRAVEN
+3379310
T-586 P.05/16 F-725
.
B~yer and Seller snail prar le to the Cla.ing Date thC real eStale taXeS due
and payable in me year of C osing on me Properly.
8.
10. SVEClAL ASSESSMB-NTS.
A. Seller shilll pay at or pnor closmg the balance uf ill special assessmems
levied priur to clOSing, in luding assessments ccrLificd for payment with
real est.a.te t~S payable i 2001.
B. Seller shiUl provide ol.t closing for the paymem of all spe~lal assessments
pending against the Prope y as of the date of this P~n:hase Agteement by
escrowing an amounL ual 10 onc and one-half times the eSIimated
amount of s~d spedal iCi ssmems.
C. Sellel s!ulll pay .t clo mg ilIlY deferred lell! estate taXes 01 spccill!
asses;smentS, payment of hieD in req\.lited as a result of me c10smg of IbiS
sale.
D.
AS of mc da.te of this P\1 hOlS~ Agreement. Seller hOLS not received a notice
U1 hearing for a new pu lic improvemem project from any go'/crnm.::ntal
~sessmg authority. me osts of wluch project milY be assessed against the
Propeny. If a notiCe of ending spc:cial assessment 1S issued after the date
or this pun::hase Agree em and on or before the Closmg Date. Buyer shall
assume piiymem of ~l of iiny su,h spedal assessmc:nts and Seller shall
provide for payment 0 the Closiog Dale of none of any s~ch spocill!
assessments.
.
.
,n. MARKETABILITY OF T TLE. B~yel shall, aI ilS expel1SC and within a
le,"",nable time afIel $elle"s acceptaJlce of this .gIOomenl. obtain commiunenl fOI tide
inSur.nce ccommiunen~') fOI the Propeny. lluyel shall be allowed ICn llU) bUSIness d.ys ailel
leceipl of the commiuoel't to examine title d mal<<: objectioas, wluch shall be made in wnting
01 deemed waived. B~lf' shall hi"e teIlll ) business daYs ailel receipl of the commiUOl'nt to
e~amine the """e llIld ~ vel written objec . ons to title. if any, to Sellel. Sellel shall have until
the Closing D.le lOI sUGh lalCl date ilS the anies may .glee upon) 10 mal<<: title marketable, "'
Seller's coSt. In the ev~nt thaI tille w the ,openy eilllDOt be made miU1<eUlble 01 is nnt made
maIket.ble by Sellel by tbe Cosing Date, then, at the option of Buyel, Buyel may proceed to
acquire tide of the Propeny by eminelll ao ain proceeding. SeUeI aglees to stipulale to cnllY of
an aWaId of coun-.ppOiIlled commissiOlleI' in the amo~nt of the purchase Price .. thC value of
tlte Propeny ilIll1 Sellel agIees to defen~, i ~emnify and hold Buyel hannleSS from the dULY to
1:- NotwllhStall<ling ilIlY 0 eI p,o"ision of this J'uIChase Ag'oemem. Sellol
shall at all times be r spons1ble tll pay specliU assessments, if any. for
delinquent sewer or w er bills. removal of diseased trees prior to the di:l.te
at" uus purchase Agr emem. snOW removal. or other current services
proVltled 10 the Pro ny by the assessing authOnIY while Seller is in
poss~ssion of the Prop ny.
4
~u.l!l1063"1
'1N 1 \lO-9Q
lZ-Z6-00 10:40am From-KENNEDY I GRAVEN
+3379310
T-5B6 P.06/16 F-7Z5
.
pay addiuolUll iIlIlouuts to any other pany in cons deratioo of lbe laking of lbe PrOpcny in said
eminent domain proceedings.
U. CLOSING COSTS ANll RELA ED ITEMS. Buyer win pay: (a) !he closing
i~s charged by the tille insurance Or other cl""" ageo\' if any, utilized to do,", the IDUlSacUon
comelOpl...d by lbis AgreCll1enl; (b) lbe premlu {or tille insuranc-e policy. if any. obuined by
Buyer; (c) any nansfer \iilI.es and recording fees r quired 10 enable Buyer 10 record its deed from
Seller under thiS Agreement; and ld). all other feC rding f~~.
13. LEASE OF PROPERTY. Buy r and Seller agree lblll prior 10 or upon the
Closing D.... Buyer and Seller will enler inlO al ase of the Propeny in substantially the ionn al
Exbibil C. Buyer and Seller funber ..knowled e and .gree lhal Seller's obligalion 10 remove
debris and pelSon,) propeny from the ProperlY P or to or upon the Closing Dale shall. if . lease
is entered imo pw-suant to \his paragrOl.ph 13, be felTe4.1 oou1 the termmation of such leC1Se.
14. POSS"ESSION/UMOVAL OF I ROPERTYIUTlL.lTlES/ESCROW.
A. possession. Seller shall ransier possesslon of the Property ~o Buyer at
closing.
8.
Removal of Property. Seller agrees to remove from the Propeny all
debris and hems of Selle'S personal properlY no~ included in this sale by
no later than 4: 00 p. m- n me Closing D.ne. l~ms not removed by that
date and ume may be diS osed of by Bu}'er without lia.bllity on th~ part of
Buyer.
.
c. Utilities. Seller agrees 0 pay all charges fur sewer. wa.~r. electcil.:. gas.
itnd ci::l.ble television dun g the time th:lt Seller i:s in possessiun.
D. No Encumbrances. Se ler agrees not to place: wy liens or encumbranl.:eS
on the Propeny after theda.le of this Purch~ Agreement.
16. DISCLOSURE; INDIVlDll SEW AGE TREATMENT SYSTEM. Seller
discloses lbal there (is) (is not) an indivi ual sewage rreaunenl sYS"1O 00 Dr serving the
PrOpeny. Ii mere is an individual sew.ge rr iWllenl syslelO on or se<Vmg the PrOpeny. Seller
discloses !hal the syslOlO (is) (is not) in use, nd. if such' sYSlOlO exists, Seller f.nber disCloses
lbal the Iype of sys..m is a SYSIOIO and lbe location is shown on lbe map
. alrached as Exbibil B 10 \his Purchase Agree em.
IS. REMOV AL OF HAZARDO S MA TElUAL. Seller, prior to va.cation of the
Propeny. shall remove aIlsubsranees which, der stalC Dr federoll law mUSI be disposed of al an
.pproved diSposal facilil}'. This ioclulleS. ' ut is nOl limiled 10. used oil. p.iOls, solvenrs.
fenilizers. pOlsons. and the like.
E. Survival. The provisio s oftlus paragraph shall survive c1osmg.
U1G-19 1063"1
MIs 1 yo.90
12-26-00 10:40am From-KENNEDY & GRAVEN
+3379310
1-586 P.07/16 F-7Z5
. 17. CONDITION OF s\lllSOlL ANP GROUND W A TEa. Seller berebY warrams
ro Buyer lba< during lbe lime seIlt:r bas nwne !be ProP"f'Y !bere bave been no aas nr
occurrences upon !be PtOpeny !hat bave caused or could cause iInpuril1CS in !be subsoil o[
ground water of Ibe Property or olber adjacent pro erties. This wamulty shall survive lbe closing
of this transa'\.lon.
Seller agrees 10 indenmify and hold ba eSS Buyer from any and all c\aiIU>, causes of
action, damages. losses, or co.sts (including reaso able anorne)" fees) ",Ianng 10 impurities in !be
subsoil or groundwa..r of Ihe Propeny or o!be adjacent properties wbich llfise from or are
caused by acts or occurrences upon the Property prior to Buyer tal<ing possesSion of lbe same.
Seller's agreement 10 indemmf Y Buyer shall nOt erge into lbe deed and shall survive !be closing
of thiS uansa,tion.
18. WELL PlSCLOSURE. Seller discloses Ihat lbere (is) (is not) a well on or
semng !he ProP"f'y. If a welllS present. a well . ",Iosure S1lltemenl accompanies Ibis agreemenl.
Ill. SELLEK'S WAllKANTIES. Seller w...-ants lbal bllildmgs. ,f any, are entiR;ly
wilbin Illc bounullJ)' hues of the PtOpeny. Sel er w...-ants that lbere is a righl of access to the
Real PtOpeny from a publiC ngllt-of.way. Slier w....<lllts lbat there bas been OIl labor or
ma..rials fumisbCU to the PropertY for wbich payment bas nol been made. Seller warrants lbal
there are nn prescnt violations of any resuic 'oos trlating 10 the use or improvemem of Ihe
Propeny. These wiUTamies shall sur\'lve the cl sing of this UaIlsa,tion.
20. NO MERGER OR REP sENTATlONS, WARRANTIES. The
rep.....ntations and watr"<lllties contained in . s PUlCbase Agreemen[ shall nol be merged in[o
any iOSUllments or conveyance delivered at losing, bUI insread sball survive closing. and !be
parties shall be bound a"ordingly.
21. RELOCATION BENEFITS. Seller will, on or beiore the Closing Dale. delivc[
to Buyer an ex<cute<! Walver of ",Jocanon be eftl> in subSt:llllially Illc form sel fonh at E<bibil
A.
22. NO BROKE-K INVOLVED. SelJer anu Buyer represent ami ",...-an' to each
other thar lbere is nO broJ<er 'nvolved in IbiS an.saction wilb whom it bas negOl~d or to wbom
il bas agreeu 10 pay a broker comnlission or lOder's fee in connection wilb negotiations for lbe
sale of the Propeny.
I I 23. ENTiRE AGREEMENT; AMJ;:NJ)MENTS. This PUlChase Agreemenl
COl"41UteS the entire agreemenl between e p<lflies. and no olber agreement prior 10 lbe.
P'l'"c~ Agreement or cuntemporaDeOoS he ewilb shaJI be eff...'live except as expresslY set fonh
or! inl;otJlOr.ted \u:telll. AnY purponed am ndment shall not be effective unless it shall be set
fonh in writing and executed by bolb parties or lbeit respecuve suCcc,,"" or assigIlS.
24. BJNPING EFFECT; ASS. GNMENT. This pun;baSC Agreemenl shall be
binding upon an" insUre 10 !he benefit f!he panies and Ibeir respective heirs, executors.
adminislrarors, or successors and .ssigns. uyer shall not assign its rights and in[ereSI bereunder
Wl!.hout nouce to Seller.
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zs. NOTICE.. AnY notice. demanu. re ueSl or omer communlCi:1ll0n which mayor
shil11 be given or served by the patties shall be de ed '0 have heen given or served on the dare
,he saDle is deposiled in <he Uniu:d Suues mail. registe1'ed or eerlified. pOSlllge pre-pai" an"
addressed as follows;
SEU-ER:
225 Front Screet
Monticello. MN 553 2
BUYER:
50S Walnut Street, uite 1
Monticello. MN 55 62
16. SPECIFIC PERFORMANCE. his PurchilSe Agreement may be speclfically
..:nt"orced by the parties. This pa.r4graph is not in nded to crecHe an e)"cluslve remedy for breACh
of mls Agreemem; tll~ parties reserve all oilier re edies available a.t law or in equny.
[REST OF PAGE IN
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. IN WITNESS WHEREOF. the panies have eX.ecu d this a.greemem as of the date wriucn above.
SELLER
By:
By:
BUYER:
HOUSING AND REDEVELOPMENT
AUTHORITY CITY OF MONTICELLO.
MINNESOTA
ay:
lI$:
. ay:
Its:
THIS DOCUMENT WAS DRAFl'EO BY
Kennedy & Graven, Chancred
470 PIllsbury Center
200 Somh Sixth Street
Minneapobs, MN 55402
(612) 337~9300
.
DJl.i- 191003. 1
Ml'l190-90
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WAIVER OF
OCA TION BENEFITS
I, the undersigned. c&cknowledge th.n I met with a representative at \.he HoJsmg and
Redevelopmem Aulhonty in and for the Ciry t MOnti~ello, Minnesota (the "'Aurhbrity") on
. 200 . The represema~i . . explained that in the
evem that the Authori1.y a~quires my prope y located at 225 Front SLreel. 'Monticello.
Minnesola, I may be cnlided to cenain relocClti n benetits. in addition ro the amoum of money
being paid 10 me lO ~quire my propeny. These enefiLS may indudc:
1. Mavin!! Exoenscs:
a. A paymenr tor actual reasonable
b. A fixed payment detemuned in aO or~ance with the apphcable scheaulc approvcl1
hy the Federal Highway Administ ation.
2.
Replacement Hausin~ Payment:
A 18u-day homeowner lS eligible to reccve a replacement housing payment to cover the
following COS15: .
a. If homeowner mUst p~y more 0 buy a ,,'ompar~hlc repllicernenr home Lhan
homeowner receives ior the prop ny, then homeowner may be compcnslited for
the dlfferenc~.
b. Homeowner may be entilled to c mpensCltion far incidental and closing expenses
rell:l.ted to th~ purchase of a decc t, safe, and sanitary replw:emcnt home, such a.S
recordmg fees, tide insuranc~, ap nusal ana inspection tees.
c. If homeowner must pl:l.Y a hlgh r interesL rate on a IUongage 10 fini:ll)ce the
purchase of a. replacement home miUl the rate on the mongi:l.ge at the property,
men homeowner ma.y be cntiUed compensa.tion far increased mongage imereSI
COSUi.
3.
Other Relocation Assislance:
This incluues referrals and other assisIan e 10 help the owner(s) relocate 10 a compa.ra.ble
del:enr, safe and sanitary dwelling. The e paymcnLS and services are required under the
regulations of the DepanmcnL of Housin and Urban Development (HUO). The owner(s)
cannor be required ~o move tram eir home unless they are given rea..sonable
OpporLuoities to relocate to a comparab e dec.:em, safe and saniLarY dwelling unit then
he/she can anord.
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. Finally, it was explained to me that the Vnif rm Relocation Assiswll.:e and Real Property
ACquisition policies Act of 1970 GS amencled, e utles ID!: to these relo~ation benefits; And if 1
sign this agreemem. I win be walving those reloe- tion benefits.
After ha.ving these benefits explained to me, 1 a ee (0 waive them. In signing this a.greement, 1
a4:knowledge that no threats have been made to e, either expressly or by implication; and milt
the property will nOt be taken from m.e through c ndemnation. It alLer signing this agreemem, I
a.ttempt to collect reloca.tion bene1its, 1 will have 0 prove that, contrary to wha.t I am agreeing to
1n this agreement, my waiver of relocation be efits was nOt entered into voluntarily. This
agreement is conditioned upon the Authority pur hasmg my propeny for the gross purchase price
of $275,000.00. If this l.:oromiunent to me is not ultilled, the ilgreement is null ~d void.
DiSU:
D't-le
WITNESS:
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010-19 Hl63 "1
\U'O 1 !lO-SlO
A-2
Seller: Richard Carlson
Seller: Mi&lion Carlson
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EXHlB B
MAP OF SEW AGE TREATMENT SYSTEM (.F APPLICABLE)
DJQ-l!ll Ob3.. 1
MN 1 \lO-YO
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ExmB' T C
ThIs is a Lease. It is a legal agreemem twec:n Tenant and Landlord to rem me House
des,ribed below. The word Landlord. as 1.1 d in this Lease rne~s the Housing and
Redevelopmem AuthOrity in and for the City ot" onncello, MinneSOta. a public body corpori1te
and politiC und.~r the laws of the St~te of Minneso a, ilnd Landlord's address is 505 Walnut Street,
Suite 1, Monticello, MN 55362. The won.l Ten- as used in Ibis Lease means RiChard Carlson
a.nd Marion Carbon, husband. and wife, except as lherwise provided herem.
Tlus J,..ci:l:ie is ~ legil.l contract that ClUl be nforced in coun against Lan\!lord or Tcnant if
either one of \.hem lJoes nm comply with this Leas -
1. Description of House. The address 0 Ibe House i.s 225 From Street, Monticello,
Minnesota..
2. Term of Lease. 11us Lei:LSe is for a term 'rom the _ day of , 200 . at
_ o'cluck, _.m. and ending on July 31, 2 2, at 11 :59 p.m. This lease may be rennini:l.ted
by Teni:Ult upon 30 days written no~iceJ or by andlord in accordance with the provisions of
Paragraph 9.
3.
Rent and Taxes.
&. AmounL The rem for the House. s One and no lODths Dollars ($1.00) per lull or
pamal calendar year, payable in a. vance.
b. Payment. The rent payment for 2001 and 2002 must be paid before Lhe 1st of
Janua!)I of each yc=i:U', a.t Lanillor Os addn:ss. Landlord does nOt need 10 give
notice to Tenant to pay the rem. nant understands that LiUldlon.t will not accept
a pamal payrnem of rent.
c. Taxes. In addition to the rem pa abl~ pursuant to this Parilgraph 3, Tenant will
rdmburse Landlord for all prope 'y taxes pa.1d by Landlord on the House and the
propellY on which the House is locateu during the reon of this Lease. Such
reimbursement shall be m~de wit in ten (10) days of request for reimbursement
by LanlJlora, and if not timely made, su,h payment shall be deeme\! addlLional
rent and Tenant':i failure tQ make 'uch payment shall cn~itle Landlora to bring a.n
aeIlon against TeniWt for paymen of such amount, treat Tenam's failure to make
such paymcnt as 01. failure to timel pay rent and exercise all rights it has pursuant
to this Lease in the evem of 01. non i:lymem. of rent, or bath.
4. Security Deposit. Tenant has givenLan ord no secumy deposit.
S. Quiet Enjoyment. If Tenant pays the em and complies with cUI other tenus of Ibis
Lca.se, Tenant may use the House for the term of his Lease.
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. 6. Use of House. The House must pe used 0 ly as a priVl1te house [0 !lve in and IlJr no other
purpose. Tenant may not use the House for any unlctwful ~L:'tiviry. In particular, Tenant agrees
tha.t: (a.) Tenant will not unla.wiullY allow CODi oUed substances in the House; and (b) the
propeny will not be used by Tenant or others "'<.:ti g under his or her conuol to manufacture, sell,
give a.Wi:lY, barrer, deliver. exchange. distribute, r possess a. comrolled substance in violat1on oi
any loc~, state, or federal law. mcludmg Minn. tat. Chapter 152. This agreemem by Tenant is
nor violated if a person other than Tenant posse' es Of allows controlled substi:tIlces in the House
or lJn the propeny unless Tenanl knows Or haS r ason 10 know of the activity. Tenanl may not
use the House for the purpose of carrying on any usiness, professilJn, or trade.
a. By Landlord. Landlord promi ::;: (1) 10 keep the House m re~onable repair
uuring the tenn of the l.ease. cx<.: pt when the dam<ige is caused by the intenuanal
or negligent ;.l.(;tion uf Ten",nt or · cnant's gucsLS; am! (2) to maintain the Hause in
compliance with the applicable ealth ana safely laws except if the violation IS
causeu by Tenant or Tenant's gue IS.
7. Maintenance and Repair.
b.
By Tenant. Ten&Ull promises, at Tenant's ex.pense, [0 make all repairs and
elimmaw iUly viola.tion of hci:ilL and safet)' laws that result from the negligent,
willful. malicious ur irresponsibl conduct of Tenant or Tenant's family, agenL or
guest Tenant shall comply wi all the sii-nitary laws affc~I1ng the cleanliness,
occupancy and preservation of Lh House. ex.cept if Lan4lord is required by la.w to
L:'omply with the sanilary. fe. anI muSI ubltlin WT;"en uUlhurizariun frum
Landlord prior ttl employinr un. rep"ir person It I make repairs on ,he Huute or
,he property un which iI is 10 aIed. Tenant agrees to perform the following
repcUrs and maintenam:e at Ten ['s ex.pense:
.
Muin"nance and, if upplicubl , replacemenr of kitchen appliances (including
but nO' Itm;,ed to di1hlt'llShen sroves, ovens, microwaves, garbuee di!Jposals,
refrigeralors, and freez.er!J'), ct ,hes waslurs and dryers, air condirioners, and
waler softeners (including lh pruvision of salr necessary flIT rhe;r proper
operariun).
Snow remQval;
Mowing, Ilardening, and oIher wn and garden servi,'es;
8. Alterations. Tenant mUSt obtain Lan ord's prior written consent to install any paneling.
flooring. or parti~ions. Or 10 make alterations. r to paint or wallpaper the House. Tena.nt mUSt
noL change the heaung. eleclrical, plumbing, venI11ation, Or au conditioning without the pnor
wriLten consent of Landlord.
.
9. Damage to the House. If the House is destroyed or damaged nOl due to the fault of
Tenant or Tenant's g....ests, and the House is ntit for use as a residence, i:tIld Tenant prompdy
noufies Landlurd in writing about the problem TenanL is not required to pay rent for Lhe time the
Hause Ciillnot be used. 1f part of the House l:UlI10t be used, Tenant must only pay rcnt far the
OJG-191U6J"!
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. us.ble pllll- If 1he Hoose or any inregral ele mcal. plumbing. or mechanical cmnponenl
(induding but not limited to water heater or fUT 'ace) is dami:lged or destroyed. Landlord may
termmare this Lt:ase immediately and may aecl. e not to rebuild or repair the House Or me
component in L!uestion. U'the damage was nOl ca. ed by Tenant or Tenant'S guest and Li:lndlord
cancels the L..ease, Landlord shall refund the entir n:nt payable in the year in which the damage
occurred.
1U. Utiliues. Tenam shall pay for all utiliti s, induding but not limited to, electric, gas.
telephone, and cable or satellite television servic provided to the House during the;: tcnn of this
Lease.
11. Right of EntrY. Landlord and La.o.dloT 's agents may enter the House i.l.t re~onable
hours (with notice to Tenant) tu repair or inspect. he House ami perform <lIlY work. that Landlord
decides is necessary. In al1dil1on. Landlord may show the House to possible or new Tenants or
purchasers at rCOlSonable hours durin& the teon of e Lease.
.
12. Assignment and Subletting. Tenant ay not i:lSsign \his Lease, lease the House to
anyone else (sublet), sell this Lease, Or permit yother person to use the Hause without the
prior written l,;onsent of Landlord. Ii Tena.nt does, Landlord ma.y terminla.le thIS Le~~t: as
4escribed 1n Paragraph 16 01 this Lease. Any signment or sublease made without La.ndlonJ'S
"Titten consem will nol be eCfecu\le. Tenant m it get Ll:U\dlord's wnl.um permissIon c;:u;h time
renant wants to as.sign or sublet. LancUord's pc . i~sion is good only for that specifil: assignment
or sublease. '
13. Surrender of Premises. Tenant shall ove out of the House upon termination of tlus
Le~ in accordance with Section 2 hereof. en Tenant moves out, Tenant shall leave the
Huuse in as good condition as it was when th Lease started. with the exception uf reasonable
wCi1f ~d tear. Tenant agrees and ""cknowledge mAt Tenant's agreement to surrender the House
on or before July 31. 2002 is an essential factor in Landlord's agreement. to enter into this Lease
i:lDd mat time lS of the essence WIth regard to Te ant'S surrender of the House
14. Abandonment. If Tenant moves OUt f the House before termination of Ibis Lease in
accordance wilh its terms. Landlord ffii:lY bring legal action to recover possession of the House.
Landlord may rent the House to someone else. AnY rent received by Landlord for the re-renting
shall be used firSt to pay Landlord's expenses for re-renting the House and second to pay any
amOUntS Tenant owes WIder \his Lease. If . dlord recovers pos~ession of the House aner
Tenant moves out. then Landlord IDa)' conside TcnCUlt's personal property in the House to i:llsO
have been abandoned. Ll:mdlord may then uis ose of the personal prop~ny lU any manner mat
Landlonl thinks is proper. LantUord shall nOt be liable to Tenant for disposing of the personal
propeny.
15. Pefault. If TenCUlt does not pay the re t or other amountS when due or if Tenant violates
any tenn of [hIS Lease. LiUldlord ro"y imme iately terminate this Lease. If Tenant does nOl
mo~e out, Landlora milY bring an evicuon n nce. If Tenant VIolates a tenn of this Lease ~nd
Landlorcl does not terminate this Lease or evi t Tenant, Landlord may still terminate this Lease
and evict Tenant for any other violation of t is Lei.A.Se. If comra.band or i:l controlled substa.nce
.
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12-26-00 10:43am From-KENNEDY & GRAVEN
+3379310
T-586 P,16/16 F-725
. manufactured, dlSUibuted. or acquired In violalio oi MlOnesma. law is selzed. in lhe House or on
the propeny on which the House is located incide t to i.L lawful search or arrest, and if Tenam has
no defense under Minnesora SUllU1eS SeCtion 6 9.5317. Tena.n1 shall have no further right [0
possession of the Hou~e, and Landlord may bring an eviction action againsl Tenam.
17. Insurance. Tenant a~knowled.ges mat t is sol~ly responsible for loss or damage to
personal propeny 10caLed an me Propeny, ana reby agrees to protect, defend, indemnify i:lI\d
hold harmless Landlord, Its oUicers, "gems, and employc:es from any chums for loss or damage
to such persona.l propeny. Tenant acknowled es th,:ll obtaining insurance coverage for such
p(:rsonal property shall be Tenant'S sole respan ibiliW. Tcnant ac'knawledges and understands
1hat any liabilny insurance obta.llled by Landla 11 with respect to tbe Propeny will 10 no wa.y
ensure or prOtCC1 Tenant from Liability daims w ich may be made against Landlord. Nothing in
this Lease shall be consuue4 as a waiver or limi inion of ;my immunity ~)r limitaIion on liabilitY
10 which Landlord i~ entitleo, under Minneso~a S lltuteS, Chapter 466 or otherwise.
18. Jurisdiction and Venue. This Lease s I be constrUed in accordiUlce with 1he la.ws of
the Sti:l.1e of Minncsota. Any disputc arising fro this Agrcement shall be hearo in the Stiile or
federal courtS of MinneSOli:l., and all p~nics : aive any objection to the jurisdiction thereof,
whether based on conveOlence or otherwisc.
16. Heirs and Assigns. The rerrns of this Le e Ol.pply to Tenant and Landlord. The terms of
tlus lease also apph' to any heirs, legal represmatives, successors and 4Ssigns of Tenant Or
L.andlord.
.
DATED:
, 200 1.
I-ANPLORD:
I
HOUSING AND REDEVELOPMENT AUT, ORlTH
IN AND FOR THE CITY OF MONTICELL
By:
Its: Chair
8y:
Us: Execll1he Director
TENANT:
Roger Carlson
.
Marion Carlsun
OJG-191063vl
~1!.lo.90
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/
. BRA Agenda - 1/3/01
7 c) Consideration to review counter-offer Ii m Mike O'Connor for a re I and to
extend the null and void date of the ur hase a reement.
A. Reference and Backeround:
As you recall, the HRA had an update to t e 1998 appraisal for the O'Connor property
and offered O'Connor the 2000 appraised alue of $92,200. At the last meeting, the
commissioners were provided with replace ent and other costs associated with relocation
costs and extended the null and void date t January 4, 2001. The HRA also elected not
to enter into condemnation process leaving Ken Helvey, relocation advisor, with no
leverage.
Attached is a letter from O'Connor making a counter-offer of$175,000 package deal, this
a counter to your $92,200. The HRA is re uested to consider the $175,000 counter-offer
and to extend the null and void date with th Purchase Agreement.
The following is a recap of numbers associa ed with this parcel:
HRA offer/appraisal Replacement costs Other
Subtotal
Counter-offer
package
.
$92,200
$14,700
$1,350
$108,250
$175,000
Under Item 6a) is a recap of total expenditu es for this area (housing) and Mark's total
district projected revenues and expenditures
B. Alternative Action:
1.
A motion to make a counter-offer in the amount of
deal to Mike O'Connor, possession ate not later than
the null and void date to January 17,2001.
package
, and to extend
2. A motion to not counter-offer.
3. A motion to table any action.
C. Recommendation:
.
Without Mark's cash flow numbers, Wolfste ler and Koropchak give no recommendation
except do not counter-offer at $175,000. Pe haps, the HRA needs to reconsider
authorizing condemnation.
1
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BRA Agenda - 1/3/01
D.
Supportin& Data:
Copy ofletter from O'Connor.
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DEC-12-00 TUE 14:48
CONWORTH, INC
FAX NO. 6128280568
I="ROf1 :
61 952024
Dec, 17 2000 1;2: 25PI'1 Pi
FR>~ NU.
.
To the monticello redevf'Joping cornmin;le-
~lIN"
/../
\ \.: Iv'
ff.
From mike o'CQpnot
~-ncerning tl:n;: purchasi~ ofIhe property at 218 front Sf eet Iltld relocatiog my $:()I1 and i int(') 1I c'olllparable
1Ul,j workable dwelling fot us to reside in iS1'lOt comiflg' to being 81 easy u vrc Grllt lU1ticip.1lted.
t~o or mOre problems: lJre becoming more and more rellI ! we prepare to $isn yo!,lr proposal: J, we nave
resided at OtlT Ioca.t:ion all of our lives r.>illy.. I moved into ;lIS in 1981 Mid before tltat my parents owned tllp.
hlluse right ntl'l{t dOOS'to U$ now OIl L<X:l.l:o.t 5t'reet. The}' moved into that hoo~~ in 19S7. I \VliS we> years
old. Consequ.mly all of onr fiicn<fs and family members e tied into that part of QIJr ~ Nut to mention
allIt of my custotner!'; in my vehicle rep~ bussl\e:<l'l "r~ vc.. IICU$t()m to me being readily ava.i1abl... :.'lod dol'''''
by. "I do mechanic work for many local PCOp.l1; WId bussi ~5'.. SUnl1)' fre'lh Foodi is just up th('t !!'Treet, .md it
l!< VeJ'Y handy f<)f' me attd thlll%) to b~ ,0 clO&1l for $CfVi~ 1s: II R truek _ads a repair. Also napa jj. lliee
snort. di stance for us to gl!t pl:lrts to th:- cars.
2 WI' have a very ok view of the rivet which we have et~Cl ed for a lon8 time ami it is hard to find a
replacemen1 home that offerll $Ud1 a sp<<:cao..l.ar feeling g~ upon the mighty Mis.sisippi River
Not to mcnt;o" tile Canlldill.n gel!$e, bald *ag'cs, Long De jeese trumperuin(J ltWllnt SlId Ute fi&~i.nS ~.n.d
C;;inn.oeing is utlbeBt.able.
:; the park lil,rea ill also a nice touch in our lives. as wcU as Ollr ~ttiftg ..ink iUld w~ hQ\Ut:.
.
Well to mllke a lane;j5'tOYY snort u.d to <<'let to the me&[ of's In.'ltter let me ju.<;! propo:;e tbat it is going UJ
take a. replacement hoUlf: that ill valued ulUCh higher,1hm t at of ours. to S<ltisfY ail QUr need... and ilt Uli
properly. FIlt1hermore, there doosm: ~J'Pear to 1,0: a comp """'Ie home av~jJable ttlar comes very dose to rhe
rcqui~ntl' neccesRI)' to fuUfill the pJ;tce~ that our horn d~s. 1111~refon; let me thfQW om a :figr.ll"e that
will persuade us to ~,cate ou, domain.,and bring this t~att . to a fiLvor.ilile and fair COJ1<:Ju.wn. )75,000.
This figure will be a grand total amount of money that will include all of the moYing. elos-inAt COSt.!: On fiJture
buyio~ of p!'aJWrty Tequired (0 bt: .,..id out by you, lInd Iltl and..11 interest and lor w.ck of pltymetl:tS, etc..
which 'Would normally be required by our rights to be met Y YO\I. in ot~r word$ you could b", relea.s.M by
thi$ :\wecment from all cfthose oblig.\\tions.
thank yOll:
Sincerely; Mike Q'Col1llor
'1llet qqt .ss .
~
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P. 05
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7d)
A.
Reference and Backeround:
BRA Agenda - 1/3/01
Bostic for a re I and to extend
As you recall, the HRA had an appraisal co pleted for the Bostic property and offered
Bostic the 2000 appraised value of $78,000 At the last meeting, the commissioners were
provided with replacement and other costs ssociated with relocation costs and extended
the null and void date to January 4,2001. he lIRA also elected not to enter into
condemnation process leaving Ken Helvey, relocation advisor, with no leverage.
Attached is a letter from Bostic making a c unter-offer of $148,000 package deal, this a
counter to your $78,000. The HRA is req ested to consider the $148,000 counter-offer
and to extend the null and void date with t e Purchase Agreement. Also attached is a
copy of documentation relative to the prep yment penalty associated with the home
improvement loan. It is my understanding elvey has a copy of the bank's appraisal.
Once a purchase price is agreed upon, the needs to authorize an environmental test
on the property for the underground fuel t
The following is a recap of numbers associ ted with this parcel:
HRA offer/appraisal Replacement costs Other
$78,000
$11,900
$1,350
Subtotal
Counter-offer
package
$91,250
$148,000
Under Item 6a) is a recap of total expendit res for this area (housing) and Mark's total
district projected revenues and expenditur s.
B. Alternative Action:
A motion to make a counter-offer n the amount of
deal to Bostic, possession date not later than
void date to January 17,2001.
package
, and to extend the null and
1.
2. A motion to not counter-offer.
3. A motion to table any action.
C. Recommendation:
Without Mark's cash flow numbers, Wol teller and Koropchak give no recommendation
. BRA Agenda - 1/3/01
except do not counter-offer at $148,000. erhaps, the HRA needs to reconsider
authorizing into condemnation.
D. SUDDortine Data:
Copy ofletter from Bostic and documenta ion relative to prepayment penalty.
.
.
DEC-15-00 FRI 12:03
CONWORTH. INC
.
.
.
December 12, 2000
Ken Helvey
Relocation Consultant J Owner
.1725 Bxoglaior Boul~v~d, #200
Minneapolis, :Minnesota 55416
Subject: l'roptrty at 8 LOCllst Street
MC>l\tic.ello. MN.
Dear lv.tr. Helv~y;
FAX NO. 6129290568
p, 02
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This is in reply to the letter I reoeiv.ad dated NOVi mber 27. 2000. I aminLtrCSlcd in ;
selling my p.r(lp~rty at 8 LOCUit StfClt\ MonuceU . Mill11cS()ta, 'to th~ Housing &: :
Redevelopment Authority. H~weve.r I am not epting the oift' (If $78,OOO.OO~ for my
property. i '
. Am a.iking 148,000.00 [01' my property as a to 1 package. This includes the exp,enses,pf
nl(wiug, loa.n, pay oft.' . pcmalties, a.nd relocation OS[$, ]'.j
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DEC-19-00 TUE 09:47
CONWORTH. INC
FAX NO. 6129290568
p, 02
.
OCCUPANCY AGREEMENT
DATE:
BORROWER:
07/12/00
VcRNES A. BOSTIC
LOAN #: 17422080-7339
PROPERTY ADDRESS: 8 LOCUST STREET
MONTICELLO. MN 55362
The undersigned Borrower(s) of the above captioned pr. perty understand that one of !he conditions of the loan is that
BOlTower(s) occupy the subject property and Bonower(s) do b y cenlfy as follows:
1. Borrower intends to QC;I,;upy \he properlY as Borrower's rimary rgidcncc.
2. Borrower intends lo occupy the ptopeny during the 2 month period immediately following the loan closing as the
primary residence of the Borrower (Le_, lhe propeny wi.\ be "owner occupied").
3. If Borrower's intention changes prior to the loan closing Borrower agrees [0 notify Lender immediately of tb.al fact.
4. Borrower understands thal Lender may not make lhe an in connection with subject propeny without this Occupancy
Agreement.
.
s. Borrower acknowledges Lender has relied upon the B rrower's representation of occupancy in securing said loan, the
interest rate or funding said loan.
THE UNDERSIGNED BORROWERCS) ACKNOWLEDGES
1. ANY MISREPRESENTATION OF OCCUPANCY B BORROWER(S);
I
2. BORROWER(S) FAILURE TO OCcupy TIlE P OPERTY AS THE PRIMARY RESIDENCE (i.e. OwNER-
OCCUPIED) DUlUNG THE 11 MONTH PERIOD F. LLOWING TIIE LOAN CLOSING;
SIULL CONSTlTUTE A OEFAID.T UNDER THE OTE AND SECVRITY INSTRUMENT EXECUTED IN
CONNECTION Wl'I1I SAID LOAN AND, UPON THE CURRENCE OF SAID DEFAULT, THE WHOLE SUM OF
PRINCIPAL AND lNTERE&I P~YABLE PURSUANT T SAID NOTE PLUS cosrs AND FEES SHALL BECOME
IMMEDIATELY DUE AT THE, OPI'ION' OF THE BO DER TllEREOF AND/OR LENDER MAY ADJUST TIlE
INTEREST RATE TO BE EQUIVALENT TO THAT OF A ON-QWNER OCCUPIED LOAN.
Borrower(s) understand that it is; a Federal Crime punisha Ie by fine or impriiOM1f;1lt or both to knowingly make any false
statement concerning any of the above facts. as applicable under' e provisions of Title 18 U.S.C.. Sec. 1014.
I
I dc:\,';lan: (hat tIle foregoing Agrccmcnt is tNC and concct . d agree to $tli.d terms of Asreement allowing Lender discretion to
callioan due and/or adjust the interest rate based upon any misre resemat1o!l ofot:l,;upaucy.
,;!~o.~::
orrow~r VERNES A. BOSTIC
I
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Date
Dw;
Borrower
Dlr.'"
Borro*er
Date
Borro~r
~59' (90Qal
(
1~99 (11D/9C)
I
\fMP MORTGAGE FORMS -j 13)293-8100 -1800IU1.72lU
8190
PEC-19-00 TUE 09:47
CONWORTH, INC
FAX NO. 6129290568
r. U;)
AMERIQUEST
- MORTGAGE COMpANY
.
, ADJUSTABLE RATe LOAN - PREPAY cNT PENALTY DISCLOSURE
Borrower(s): VERNES A. BOSTIC
Loan No.: 17412080 .7339
property Address: 8 LOCUST STREET
MONTICELLO. MN 5$3Q
Date:
07/12/00
I have been informed that my Mortgage Loan with MERlQUEST MORTGAGE COMPANY
has a prepayment penalty provision that provide for the assessment of fees iigalf1st my
principal payoff made within the first flve years of t e Mortgage Loan. I also understa~d that
Minnesota 1995. Ch. 202, Article 2. Section 3 req ires a written waiver of the legal right to
prepay a Mortgage Loan without penalty before a pr payment penalty can be made a part of the
Mortgage loan and that Minnesota state law re lrements related to prepayment penalty
provisions are preempted by the fact that my Mortg g8 Loan Is written pursuant to the lew$ of
the United States under the authority of 12 use 3801 and 3803 (the Alternative Mortgage
Transaction Parity Act of 1982).
In connection with this disclosure, as indicated Y my signature below. it has also been
disclosed to me that: .
1. The prepayment penalty shall not exceed 6 onths' interest on the unpaid principal
balance.
.!
2.
The prepayment panslty will not be enforced after 60 months from the date of this
mortgage loan.
3. The prepayment penalty will be Charged if I ayoff this mortgage (by sale. refinancing, or
otherwise) within 60 months from the date 0 this mortgage loan.
By signing below. I alsO acknowledge that my lend
a mortgage loan without a prepayment penalty
Mortgage Loan and that I fully understand that s
penalty provision assessable against any payoff .
Loan.
has offered me the opportunity to apply for
nd that I have chosen this variable rate
ch Mortgage Loan contains a prepayment
uring the first 60 months of my Mortgage
In executing this waiver. I have not relied upon any tatement.c; or promises that may contradict
any of the matters I have acknowledged in this Dis losure.
.~ q'. ~-'lLJ2<:.rJ
'YEltNES A. BoSIle
.
MINNUOTA
_hl" (_. 5/99)
DEC-19-00 TUE 09:47 CONWORTH, INC
AMERIQUEST MORTGAGE COMI'ANY
1100 TOWN &. COUNTR.Y RD., STE. 200
ORANGE. CA 92848
(714) S4HI>>960
.
BORROWER'S ACKNOWLEDG
VJiRNElS A. BOSTIC
8 J,.OCUST STREET
MONTICELLO, M:N 5536%
FAX NO, 6129290568
p, 04
ENT OF FINAL LOAN TERMS
Date:
07/12/00
Notice: D
Delivered
17422080
liJ Mailed
Loan Number:
Description of Credit ReQuest:
[!] 1 st T at OeedfMortgage 0 2nd Trust DcedlMortgege
o Other:
~
Property Address:
8 LOCUST S'I'B.KI:
MON"TICELLO. MN 55362
TYPE OF TRANSACTION:
I D Purcnase
l.iJ Refinance
ORIGINAL LOAN TERMS REQUESTED
D Fix~a Rate Loan
Ii] AdjUstable Rate Loan
Amount Financed: $
47.830.95
Settlement Charges: $ 5,114.45
(Includes ell Prepaid Finance Ch~rg..)
.n Amount: S ,1;1.000 on
Annual PercentiJgo Rete: 13.136
Tenn:
~fiO
Initial Interest Rate:
9.900
%
Margin:
IOcnn
%
Prepaymont Penlillty:
[Xl YES 0 NO
County of WRlGIIT
Ott'l r
FINAL LOAN TERMS:
D Fixed Rate Loan
[Xl Adjustable Rate Loan
aunt Financed: $
56.121.30
.
%
D NO
ettlement Cnarges: $ 5,214.30
( ncludes all Prepaid FinanCG Chargeo)
~4.~00 00
nual Percentage Rate:
13.090
%"
:''''0
9_52~
%
%
,.~nn
[!] YES
Borrower(s) and AMERIOUEST MORTGAGE COMPANY hereby acknowledge that "Final Loan Terms"
stated above are based eiilclusively on information, statements. nd representations (all material facts) Which have been
provided by tne borrower(s) which the Lender has relied upon to make this acknowledgment. These "Final Loan Terms"
may cnange prior to loan settlement if Lender subsequently dete mines or becomes aware of any changes in lhese
material facts. Borrower(s) also acknowledges tnat if the "Final oan Terms" change due to I!l cnange of material facts,
that Lender may require new loan documents to be executed by e borrower(s)
'~JA-1/L1 C(.. .8~~-J 7-f';'~
Et;rrower V~ A. BOSTIC Date
Borrower
Date
Date
Date
"These amounts may change due to eny final adjustments made:to the prepaid Interest amount collected on your loan at
funding.
Federal Eiqul!Il Credit Opportunity Act prohlbit1l creditors fro"., diac'".,inillting ageinst credit applicants on the basis of ra<;e, color.
..Ii"io.... naUonel Qrigin, _x, marital statu_, age (provldocl that the eppll nt hae the capacity to enter Into a binding contract): because
all or part of the appll....nt's Income derives fro," any public assistance program; or becau_ the applicant. ha. In good faith ax_eia.d
any rights under the Coneumer Credit Protection Act, The Fedel1!ll 8g ncy that administers compliance with this law conceming this
creditor Is the: FEDERAL TRADE COMMISSION, EQUAL CREDIT OP RTUNITV, ROOM 4037, WASHINGTON DC. 20580.
STMTeO llUlV 3199)
.
.
.
7e)
BRA Agenda - 1/03/01
Consideration to authorize an a
property .
f the raw land onl for the Carlson
A. Reference and backeround:
In conversation with Attorney Bubul relativ to the acquisition of the Carlson property
with tax increment monies for future use as. green space or park land, this is the plan. The
HRA will finance the purchase of the land d building with tax increment: the property
lies within the district, is blighted and was i entified within the plan for redevelopment.
The HRA will demolish or remove the hous in late August 2002 after which the HRA
will sell the raw land to the City because gr ater than 50% of the parcel lies within the
100-year flood plain and the City restricts i suance of building permits within the flood
plain. The City previously had budgeted $3 ,000 for North Anchor acquisition. The
HRA must sell the parcel for fair market val e, therefore, it was suggested to authorize an
appraisal of the land only.
The 1995 appraisal had the land at $65,000 d the building at $98,000.
The 1997 appraisal had the land at $75,000 d the building at $90,000.
For taxes payable 2000, the estimated mark t value ofthe land is $54,000 and the building
$95,100. It is the opinion of Attorney Bub I that an appraisal of the raw land without the
house will be less than the appraisals with t e house because ofthe restrictions.
The difference between the appraised raw I d and the $35,000 would be financed by non-
restrictive or HRA General Funds. Reme er when the HRA sells property, a public
hearing is necessary.
A supplement to the 1997 appraisal or an u . date for raw land only is about $200. The
Carlson's were unhappy with Mr. Nagorski" perhaps the lIRA may wish to have Mr.
Dragsten complete the appraisal. Or does t e lIRA see this as a conflict of interest?
B. Alternative Action:
1. A motion to authorize Appraiser to complete a supplement
or an update for raw land only for th property located at 225 Front Street.
2. A motion to deny authorization for appraisal of raw land only at 225 Front
Street.
3. A motion to table any action.
1
.
BRA Agenda - 1/03/01
c.
Recommendation.
Recommendation is Alternative No.1.
D. Supportine Data:
None.
.
.
2
.
.
.
71)
BRA Agenda - 1/03/01
Front Street
This is an informational update only. The, hree parcels along the south side of Front
Street will require a sub-division or re-plat ing into 10 lots of33 ft width if the Hans
Hagen concept is accepted. Each parcel ill require installation of a water/sanitary sewer
stub therefore this will add development c sts to the project. Because of the high water
table along Front Street, this installation '11 require de-watering which further increases
the cost of the installation. The Public W rks Directors has noted in the future (1-5
years), this the oldest water and sewer line within the city, will need replacing. It appears
the policy for replacement ofinfrastructur will not be through assessment. Doesn't it
make more from sense to replace the line . t the same time as installing the new stubs?
In talking with the Parks Director, it is up 0 the city to manage a wild and scenic area
such as the Mississippi River. Only if the . hore line is modified (elevation changed) is a
permit required. Some problems did occu when the city attempted to clear the brush
along the river across from the Battle Rap ds development. It is my assumption that the
dead or downed trees from the 1997 stor would be removed otherwise the Carlson
property would basically be seeded or sod ed. Maintenance and repair of the Carlson
property is a future budget item for the P ks Department.
No action required.
1
.
.
.
7g)
HRA Agenda -1/3/01
Consideration to authorize enterin
with Hans HaS!en Homes.
A. Reference and BackS!round.
The HRA is asked to consider authorizing tering into a Preliminary Development
Agreement with Hans Hagen Homes. Hans has been updated periodically on the HRA's
progress to acquire the parcels and continu d to be very interested in redevelopment of
the area. As you recall, some HR.A membe s and staff met with Hans a couple of times
and he presented the attached preliminary c ncept idea for the Front Street area. It was
Hans who suggested retaining the 8-plex a artment as the apartment creates density and
reduces HR.A redevelopment costs. Hans Iso was workable with the Carlson's residing
until August 2002 and Bostic til June 15,2 01. The Parks, Council, and Planning
Commission members have all seen the co ept. All were excited and liked the concept,
two people suggested perhaps the HR.A sh. uld offer the proposed redevelopment site to
other developers. This is an HRA decisio ! , the Minnesota Statute does not require the
HRA to go out for request for proposals. owever, the HRA by Law must hold a public
hearing upon the sale of property.
Although the HRA does not have the prog rties tied-up and at what price, to authorize
entering into the Agreement with Hans Ha en Homes would allow our financial consultant
and HRA staff to begin working out detail . The Preliminary Development Agreement is
our standard agreement which includes th $5,000 deposit. If we get executed Purchase
Agreements prior to the February meeting we could begin working with Hans.
Two basic questions for the HRA: Is the t ming right or premature? And is the offer to
Hans Hagen Homes or to seek other deve opers/concepts?
B. Alternative Action:
1. A motion to authorize entering int a Preliminary Development Agreement
between the HRA and Hans Hage Homes relative to the redevelopment of the
area along 200 Front Street.
2. A motion to authorize contacting ther developers for redevelopment concepts.
3. A motion to withdraw redevelop ent of the area.
4. A motion to table action to the F ruary HRA meeting.
.
HRA Agenda - 1/3/01
c.
Recommendation:
Recommendation will be based on Mark's reliminary TIF Cashflow numbers and the
HRA's action to counter-offer O'Connor a d Bostic. If the HRA is moving ahead with
counter-offers, then it's important for the H to secure a committed redevelopment
project for the area. Staff does recommend offering the redevelopment project to Hans
Hagen Homes.
D. Supportine Data:
Copy of Hans Hagen Homes concept for are; .
.
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BRA Agenda -1/3/01
8.
Continued - Consideration to hear
and fundin for a scattered housin
An update will be provided by Commissio er Frie.
1
.
.
.
9.
Recommendation to authorize payment ofblts.
BRA Agenda - 1/3/01
BRA bills.
.
Kennedy & Grav n, Chartered
200 South Si th Street
Suite 4 0
Minneapolis, N 55402
December 1 . 2000
Invoice # 5788
City of Monticello
ACCOUNTS PAYABLE
505 Walnut Street, Suite 1
Monticello, MN 55362
M N 190-00041
Redevelopment - General
Through November 30, 2000 ~ ~ Hours
For All Legal Services As Follows: Amount
11/1/2000 SJB Review Hr re: hsg TIF dev lopment \~ Q ~ 0.20 29.80
11/9/2000 CHT Phone call with 0 KoropcHak re relocation benefit ~I)-ry 0.30 46.20
11/15/2000 CHT Phone call with 0 Koropc ak re purchase agreements 0.50 77.00
11/17/2000 CHT Review and revise purcha e agreements; fax to 0 1.70 261.80
. Koropchak; intraoffice con erence with D Greensweig;
draft escrow agreement
11/29/2000 SJB Telephone conference wit o Koropchak re: various TIF 0.50 74.50
questions l\ '0.. ~ 0....9- -
$ 489.30
Fax ~~- \~...,...
$
8.50
8.50
For All Disbursements As Follows:
T tal Disbursements:
otal Services and Disbursements: $
497.80
.
Monticell HRA
505 Walnut Ave ue, Suite 1
Monticello, N 55362
.
December 10, 2000
Invoice # 17901
MC100-01
GENERAL
Professional Services
Hours Amount
11/27/00 MTR Amortization _ blue chip eD'Px' '\{Y\ t;: ~ N (), 0 \ 0
11/30/00 MTR Discussions with Ollie - housing and redo amortization \+ R V\
~,...JL^,<lLQ...
~
0.75 93.75
1.00 125.00
1.75 $218.75
Total Due This Month:
Status of Account:
~urrent_.__~Q DaYL__.__.~~s
$218.75 $0.00 $0.00
.__~I&YL_._120+ Days
$0.00 $0.00
Total
" $218.75
/......
PLEASE KEEP WHITE COpy FOR YOUR FIL AND REMIT PINK COpy WITH PA YMENT TO:
.
EHL RS
& ASSOCI TES INC
Acquisition
Conworth, Inc.
4725 Excelsior Boulevard
Suite #200
Minneapolis, MN 55416
December 6, 2000
INVOICE
Phone (952) 929-0044
Fax (952) 929-0568
Toll Free 1-877-805-1575
Ollie Koropchak
Executive Director
Monticello Housing & Redevelopment Authority
Monticello City Hall
505 Walnut St., Suite 1
Monticello, MN 55326-8831
lr~ \- ?-.':L ~
~.~
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NOVEMBER SERVICES - MONTICELLO PROJE T
Bostic
Meet with Bostic to co duct initial relocation interview.
Research comparab1es.
Prepare offer letter.
Research comparables.
Review comparables d prepare Notice of Relocation Eligibility.
Write letter to Bostic r garding offer and relocation.
.
O'Connor
Meet with O'Connor t conduct initial relocation interview.
Prepare ofter letter.
Research comparables.
Review comparables d prepare Notice of Relocation Eligibility.
Write letter to O'Co or regarding offer and relocation.
General
Attend project meetin with HRA staff.
Grid properties and se t out for comparables.
Pick up purchase Agr ements and discuss project with HRA staff.
Talk with HRA regar ing status.
TOTAL HOURS E
AT $70.00 PER HO
.
20.25
O . . \~~' n \\17~ r-j\l
= ' 1_. U \!J L5 \ I 1 j
\D EC - 7 20:0- ~J\
ACQUISITION AN RELOCATION
.
.
.
10.
BRA Agenda - 1/3/01
Executive Director's Report.
a) Kauffmann Letter - Attached is the 1 tter drafted and mailed to Mr. Kauffmann per
the direction ofthe HRA Chair at th December HRA meeting. I have not heard
from Mr. Kauffmann nor received a . y completed TIF Housing District form.
b) Bondhus Letter - Attached is the let'er drafted and mailed to Mr. Bondhus relative
to tax increment deficiencies and no ice of payment due.
c) Semi-annual tax increment payment; - I'm in the process of issuing voucher for the
finance department to issue checks r the February 1, 2001 tax increment
payments due for TIF Districts fina ced by the pay-as-you-go method.
d)
Twin City Die Castings - In additio to contacting Doug Harmon, a resolution was
drafted extending the construction ompletion date to April 1, 2001 per the motion
passed by the BRA in December. he resolution also stated that the HRA and
Developer recognized that amendin the construction completion date to April 1,
2001, may alter the TIF Cash Flow, Because the City was a party to that
Contract, the Council adopted the r solution on December 11, 2000. The
resolution was forwarded to TCD for execution, it has not been returned at this
time.
e) Red Wing Foods, Inc. - They conti ue working with Tom Feaski on building
design and have approached one 10 allender about financing. Lender reviewing
project and financials.
f) 300,000 sq ft headquarterlmanufa uring building - Via voice mail from Chicago,
the search consultant informed me, Bankers Systems, Inc., has elected to remain in
the St. Cloud area.
g) Slow on industrial lead this month.!
December 14, 2000
--
MONTICELLO
Mr. Ed Kauffinann
Village Builders, Inc.
11617 88 Place North
Maple Grove, MN 55369
Dear Mr. Kauffinann:
.
At the Housing and Redevelopment Authority ( ) meeting of December 6,2000, Jeff O'Neill
presented to us, the commissioners, a concept plan onsisting of 12 units of single-family housing
for redevelopment in the area of Minnesota and Si h Street. All of the commissioners present
agreed the concept plan was an improvement from he original 10-unit and 16-unit plans
previously presented. While the new concept is an i provement, it is important to note that the
HRA has not made any decision regarding the use Qi public assistance. The HRA will only
consider the use of public assistance once the proje has been formally presented with all of the
necessary information provided. After this informat on is provided the HRA will weigh the merits
of using public assistance for this project and make decision,
The appropriate process for application and approv for the use of public assistance, specifically
Tax Increment Financing(TIF) is outlined below. lope this information will help clarify any
misunderstandings,
1. A developer submits a description of the roposed project and estimated development
costs to the HRA Executive Director in orde for the HRA and City to understand the
scope and the feasibility of the project.
2. The HRA Executive Director will complet a preliminary analysis of the project and
estimated development costs and present her ndings to the HRA. If those preliminary
findings are positive, the Executive Director 'll provide the City Council with the
information to affirm the findings of the HRA See Attachment A. TIF Housing District.
.
3. Assuming the preliminary findings are affi ed by both the HRA and Council, then a
Preliminary Development Agreement is execu. ed by the developer and the HRA. This
agreement is accompanied by a $5,000 check r certified check to cover out of pocket
costs incurred by the HRA for preparation of he TIF District and the Contract for Private
Redevelopment. See Attachment B. Prelimin Development Agreement.
Monticello City Hall, 505 Walnut Street, Suite I. Monticello, MN 5362-SX31. (763) 295-2711. Fax: (763) 295-4404
Office of Public Works, 909 Golf Course Rd., Monticello, MN 55362 . (763) 295-3170 . Fax: (763) 271-3272
.
.
.
Mr. Kauffinann
December 14,2000
Page 2
4. The TIF District establishes the ability r the HRA to collect tax increment and
establishes a district budget. The Contrac for Private Redevelopment defines the level of
TIF assistance to a developer and other te s and conditions.
!
5. Generally speaking, it takes about 6-8 . eeks after execution of the Preliminary
Development Agreement to complete the IF process. At that point, the TIF District has
been approved by the HRA and City Coun il and the Contract for Private Redevelopment
has been approved and executed by the de. eloper and the HRA. See Attachment C. TIF
Process.
The HRA and City have adopted policies and crit ria to assist with the analysis of each project
requesting the use of public assistance. The polic'es and criteria help to provide consistency in
approving projects and satisfies requirements oft e Minnesota Statutes. See Attachment D.
HRA Business Subsidy Criteria.
If you wish to apply for TIF assistance for you proposed project, please complete and
submit the TIF Housing District form - Attachment A, to the HRA Executive Director. She
will prepare and submit her findings to the commi sioners at the next regular scheduled meeting of
the HRA. Developers are encouraged to attend t e meeting to present their concept plan and
respond to questions of the commissioners.
I
I
Should you have further questions on the HRA's olicies or procedures, please do not hesitate to
call HRA Executive Director Ollie Koropchak at 63-271-3208 or myself at 763-493-1631.
Sincerely,
HOUSING AND REDEVELOPMENT AUTHO TY
IN AND FOR THE CITY OF MONTICELLO
~/9Ll~~
Darrin F. Lam "-
Chairman
DFL/ok
Attachments: 4
c:
Roger Belsaas, Mayor
Jeff O'Neill, Deputy Administrator
Decembe 27,2000
MONTICELLO
Eric G. Bondhus, Vice President
T. 1. Martin, Inc.
1347 Dundas Circle
Monticello, MN 55362
Re: Notice of tax increment deficiency relative t the Contract for Private Development by
and between T. 1. Martin, Inc. and the Hou ing and Redevelopment Authority in and for
the City of Monticello dated April 1, 1997.
Dear Eric:
.
The tax increment deficiency for the second half of 999 property taxes was $1,500 and was
remitted to the Monticello HRA on February 2,200 . In a letter dated January 12,2000 from the
HRA, it was noted and assumed the tax increment d ficiency for the first half of 1999 would be
about $1,500.
i
With the late payment of the first half of the 1999 pr perty taxes, the HRA received the first half
of the 1999 tax increment from the county along wit' the first half of the 2000 tax increment
payment. Please note a summary of the tax increme · t submitted to the HRA by the County
through November 2000 and the respective tax incre ent deficiencies. Available Tax Increment
means 90% of the Tax Increment recovered.
Recovered
Pavrnent Date
Table Recovered
Pavment Date Tax Incr.
July 6, 1999
Dec 1, 1999
July 4, 2000
Nov 30, 2000
Aug 1, 1999
Feb 1,2000
Aug 1, 2000
Feb 1,2001
Delinquent
$3,968
$7,836
$3,869
-
.....
$ ,071
$ ,071
$ ,071
$ ,071
Actual
Recovered
Available
Tax Incr.
Delinquent
$3,571
$7,052
$3,482
Deficiency
Amount
$1,500 pd.
$3,090
$1,589
Monticello City Hall, 505 Walnut Street, Suite I, Monticello, MN 55 62~8831 . (763) 295~271 I . Fax: (763) 295-4404
Office of Public Works, 909 Golf Course Rd., Monticello, MN 5 362. (763) 295-3170. Fax: (763) 271 ~3272
.'
.
.'
Mr. Bondhus
December 27,2000
Page 2
Please remit within 10 days of this notice as pe the Contract the tax increment deficiency
due in the amount of $3,090 to the Monticello RA, 505 Walnut Street, Suite 1, Monticello,
MN 55362.
Please remit within 10 days following Februa 1, 2001, the tax increment deficiency due in
the amount of $1,589 to the Monticello BRA, 5 5 Walnut Street, Suite 1, Monticello, MN
I
55362.
EXCERPT FROM THE CONTRACT
SECTION 6.3. Tax Increment Deficiencies. Ifo any Payment Date the amount of Available
Tax Increment is insufficient for the Authority to r cover the Retention it is due on that Payment
Date, the Developer shall pay to the Authority, wi hin 10 days of written demand by the
Authority, an amount equal to the difference betw en the amount ofthe Retention that the
Authority was entitled to recover out of Available ax Increment pursuant to the Payment Table
and the amount it actually recovered. The Develo er hereby acknowledges that the amount of
Available Tax Increment is subject to change in St te law and calculation by the State and County
and that any such variation shall not impair the Au hority's rights hereunder.
Eric, should you have any questions, please call m at 763-271-3208. Thank you for your
attention to this matter.
Sincerely,
HOUSING AND REDEVELOPMENT AUTHO TY
IN AND FOR THE CITY OF MONTICELLO, SOT A
OL \< v\ v r
Ollie Koropchak
Executive Director
c: Roger Belsaas, Mayor
Steve Bubul, HRA Attorney, Kennedy & aven
Rick Wolfsteller, City Administrator
TIF District No. 1-21 File
December 29 2000
MONTICELLO
.
.
.
Jonetta Williams
MN Department of Revenues
Property Tax Division
Mail Station 3340
St. Paul, MN 55146-3340
RE: City of Monticello Local Contribution - TIF Di . No. 1-17 FayMar.
Dear Jonetta:
The TIF Plan and establishment of District No. 1-17 Fa Mar was approved in August, 1994 and the
County certified the District in March, 1995. District o. 1-17 is an eleven-year Economic District. It
was the understanding of staff that the Housing and R velopment Authority (HRA) elected to make an
annual "qualified local contribution."
However, upon review of the TIF Plan for TlF District o. 1-17 by the attorney and financial consultant
for the liRA, staffwas informed there was no mention r reference of the elected "qualified local
contribution" within the Plan. Therefore, the local co 'bution reports to the Department of Revenue
beginning 1997 were reported in error. This a notice th City of Monticello TlF District No. 1-17 FayMar
is subject to the LGAJHACA Penalty. .
Sincerely,
As the district debt is scheduled to retire in 2002, it is e intent of the HRA to decertify TIF District No. 1-
17 early (August 2002.) The required decertification e is August 8, 2005.
Should you have any questions, please call me at 763-2 1-3208. My apology for reporting in error.
HOUSING AND REDEVELOPMENT AUTHORI
IN AND FOR THE CITY OF MONTICELLO, M
o \Ll~ \?, ,'\ 0 ~~
Ollie Koropchak
Executive Director
c:
Roger Belsaas, Mayor
Rick Wolf steller, Administrator
District File
Monticello City Hall, 505 Walnut Street. Suite I, Monticell , MN 55362-8831 . (763) 295-2711 . Fax: (763) 295-4404
Oftlce of Public Works. 909 Golf Course Rd., Montice1o, MN 55362' (763) 295-3170' Fax: (763) 271-3272
DEC, 28. 2000 6:22PM EHLERS & ASSOCIATES NO, 6949 p, 2 ~
S \)-~ '<? 0 i'" ""-, d.J-b-
'\. 0- \ ~Q.~ Q~d..O-
. \- 0 -0\
..e ~A~O~I~E~I~ EMORANDUM
TO:
OUie Koropchak. City of Monticello
FROM:
Mark Ruff - Ehlers & Associates
DATE:
December 28, 2000
RE: Options for Financing Redevelopment n TIF District No. 1-22
j I
It is our understanding that the HRA is considering 0 tions for financing redevelopment efforts in TIF
District No. 1-22 and risks associated with each option. n many ways, this project is similar to the housing
development assisted in the Prairie West development i District No. 20.
lo J
.
Block 54 Housing Redevelopment
The HRA has acquired two parcels, has entered into purchase agreement for a third property, and is
contemplating the purchase of two more properties. Es imates at this time for the acquisition, demolition
and relocation COSts of the five parcels arc $740,000.
~
The potential revenues to offset these costs include:
o $35,000 of the sale of one parcel to the City fo park land
o Land sales to the potential developer of new 0 'ner-occupied townhomes in the area. The amount
of land sales is not know, but we have assumed 165,000 for purposes of these analysis. The actual
revenues could be much higher or lower, depcn ing upon negotiations and site preparation costs for
the development. '
Tax increment revenues overtime from the dev lopment of the 10 newtownhomes to be developed,
currently estimated at $150,000, in present val. e dollars.
Total revenues are estimated, therefore at $450 000;.. d\!:Pt> \?>
:_p..JI ~ \
'.\J Based upon the current estimates, the project will require an additional $390,000 ofassistance to write down.
St This amount is broken down between the costs of acq iring substandard buildings on the future park of
I~Y approximately $245,000 ofthe total plus $145,000 of di ct assistance to the town homes. These totals have
'1'1 not subtracted the $SO.ooo that the HRA has already pa d toward property acquisition.
~':f! The remainder of the District No. 1-22 contains six ne commercial developments which were partially
assisted or not assisted which are producing tax incI' ments which could be utilized for this housing
development and other redevelopment in the district. Th commercial developments are expected to produce
a conservative estimate of $132,000 per year. On a pre cnt value basis oVer 15 years. this increment could
support $1,125,000 in project costs. Please note that th se projections are based upon the following:
.' The two planned retail projects in the districts re fully completed in the next few years.
~ No changes in the property tax system occur.
./ The HRA is diligent in monitoring the tax incr: ment district to exclude any parcels which are not
producing tax. increment and in checking the c unty's calculation methods.
Q
d
.
DEC. 28. 2000
6:23PM
EHLERS & ASSOCIAT~S
NO. 6949
P. 3
As the HRA is aware, the district is approaching the five year limitation for tax increment. This means that .
any new expenditures and/or obligations will be treated as pooled increment. subject to a maximum of25%
of increment being utilized for new expenditures. This means that if the district assisted with $750,000 in
tax increment eligible costs prior to the five years, it could only spend $250,000 in new project costS after
the five years.
FiDaDeing Options
It appears that there is an immediate need for approximately $740,000 of project costs within the next six
months (again, not including the $50,000 ofHRA payments to date). The project costs would be offset by
the payment from the City of$35,000 for the park land and a potential land sale to a developer of$ I 65,000,
which could reduce the long term obligations to $540,000. As mentioned above, the potential tax increment
from the town homes could amountto S 150,000 and the commercial propenies could amount to $1,125,000.
It is further our understanding that the HRA is contemplating additional acquisitions of commercial propeny
on the northern portion of the tax increment district in the next six months.
The HRA has three financing options for this project with some combination of each option also possible.
1.
G.O. Tax Increment Bond. The HRA could request the City Council to issue an tax increment bond,
which would not require a referendum due to the expectation of tax increment income. The bond
would likely require taxable interest rates (currently 7.5% to 7.75%), due to the private nature of the
use of proceeds. The risks inherent with a G.O. Bond include changes in property tax system and
the cumulative effect upon the City's bond rating. In addition, the bonds usually include a fairly
long lockout period on prepayment of eight to ten years.
Loan from the City. The City could loan the HRA the funds at its current investment rate
(potentially 6.75% to 7%) which would allow for flexibility in repayment without penalty.
However. the City does have a practical limit on the amount of funds it can lend on a long tenn
basis. The same risks as to property tax refonn also exist for this option.
Pay-As-You-Go Notes. The HRA could request that the housing developer take all or a portion of
the costs through a pay-as-you-go note. It is our experience. however, that owner-occupied home
developers are exrrcmely reluctant to finance tax increment because there is no long tonn financing
I ~ associated with the project as a whole. Therefore, it would not be likely that much more than
$50,000 to $100,000 of the costs would be carried by developer of the housing. A future
commercial developer may be different.
.
2.
3.
-~,r'
), f:: ~
~(\ \lJ
-:F-J5' Recommendation
;~S-> Ifll:he HRA makes the policy decision to proceed with the acquisitions, we do recommend one course of
..~ t- action. Based upon what we know today, we would suggest that the City be requested to loan funds to the
~) HRA for the acquisitions, due to the flexibility in repayment. If the amount oflong term obligations remains
~ ~". at less than S600,000, the City may be persuaded to finance the costs. We would not recommend that the
owner-occupiCddCVCloper be requested to support a pay-as-you-go note because it may impede the
negotiations over land price.
Ifadditional commercial property is acquired in the late spring, the HRA and City could contemplate a G.O.
Tax Increment Bond, because the principal amount would be high enough tojustify a bond issue and because
more will be known about property tax refonn at that time. It may also be possible to work with a
commercial developer on a future pay-as-you-go note for that portion of the project.
.
Please contact us with an)' further questions or comments.
.
0.]2 01 12:48p Lotus Realt~ Servi ces.lnc (852)934-5472 p.2
AMOCO AWA" PROJECT 01/0212001
\ MONTICEL O,MN
DEVELOPMENT) L TERNA TIVE
.
I PROFORMA ! Alternate 1 I PROFORMA Alternate 2
INCOMj: - NET is
Retail/office 5700 s.f. @ $15/s.f. $ 85,500.00 R ~tailloffjce 8125 5.1. @ $15/s.f. 121,875.00
6 apt. units 5700 s.f. @ $7.20/5.1. $ 41,000.00 8 apt. units 8125 5.1. @ $7.20/s.1. $ 58.500.00
6 apt. units 5700 s.t. @ $7.20/s.f. $ 41,000.00 I
2 carriage units 1800 s.f. @ $7.20/5.f. $ 13.000.00 8 carriage units 1800 s.t. @$7.20/s.f. $ 21,600.00
TOTAL INCOME $ 180,500.00 $ 201,975.00
Less vacancy 5% $ (9,025.00) Ll ss vacancy 5% $ (10,098.75)
NET INCOME $ 171,475.00 'N :r INCOME $ 191.876.25
TIFlyear to yeild 11 % return $ 27,305.00 TI, Iyear to yeild 11 % return $ 26.693.00
TOTAL INCOME WITH TIF ,$ 198,780.00 T >TAL INCOME WITH TIF $ 218,569.25
Less TIF note - 9% 20 vears (27,305.00) . .. - (26,693.00)
. $ u 55 TIF note - 9% 20 years $
Less mortgage at 9% - 25 years $ (145,218.00) L~ ss mortgage at 9% - 25 years $ (159.917.00)
NET INCOME $ 26,257.00 N T INCOME $ 31,959.25
~,- .,-
I
SOURCES S< URCES ,--
Mortgage @ 80% of cost $ 1.458,040.00 M rtgage @_ 80% of cost $ 1.588.000.00
.
Equity $ 140.169.00 E< uity $ 148,000.00
TIF for Gap 1$ 224,341.00 TI for Gap :$ 249,000.00
TOTAL SOURCES $ 1.822.550.00 T( TAL SOURCES - $ 1,985,000.00
-------.-.- -
USES - U~ .. '"
ES
Acquisition/Demo/Site prep A $ 170,~00.OO lAc quisition/Demo/Site prep A.E,F,G $ 280,000.00
!
Construction costs: C( nstruction costs:
Retail/office 5700 s.f. @ $90/s.f. $ 513,000.00 F eta ii/office 8125 s.f. @ $90/s.f. $ 738,000.00
Apt. 13.200 s.f. @ $70/s.f. $ 924,000.00 ~ pt. 9925 s.f. @ $75/s.f. $ 745.000.00
Total Construction $ 1,437.000.00 liotal Construction $ 1,483,000.00
I
Soft Costs @ 15% $ 215,550.00 So fl Costs @ 15% 1$ 222.000.00
TOTAL USES - $ 1.822.550.00 TC TAL USES $ 1,985.000.00
~-- ---. .. --.---... -.
TIF ANAL YSIS TIF ANALYSIS
Retail taxes @ $2.50/5.1. $ 14,250.00 IRe ail taxes..@ $2.50/s.f. $ 20.312.00
-
Apt. taxes $50,000 x 14 x 2.4 x 1.12 $ 18,816.00 Ap . taxes $50.000 x 10 x 2_4 x 1.12 $ 13,440.00
Less current base - ,$ (3,406.00) Le os current base - $ (4,400.00)
TIF AVAILABLE 1$ 29,660.00 TIF AVAILABLE $ 29,352.00
Page 1 MONTlCEU.OAWA YPR-1.XLSProfonna
--- -- --- --
02 01 12:48p Lotus Realt~ Serv i c es,Inc (952)934-5472 p.3
AMOCO AWAY I"l- OUSING SITE" 01/0212001
MONTICEL O.MN
.
'ALTERNATE 1 ALTERNATE 2
INCOME I~ COME I
4 Townhome units tm $703/mth $ 33,744.00 1 Townhome units-/fb- $935/mth 1$ 168.300.00
4 Carriage houses @ $8281mth $ 39,744.00 6 ....arriaae houses <m $680/mth 1$ 48,960.00
4 Townhome units wlloft @ 8281mth $ 39.744.00 21 Garages @ $50/mth $ 12,600.00
12 Garages @ $50/mth ,$ 7,200.00 G ~OSS INCOME (Annual) $ 229.860.00
GROSS INCOME (Annual) I $ 120,432.00 LE ss vacancy 5% $ (11,493.00)
Less $3300/unit operatingltaxes $ (48,172.80) Ll ss $3300/unit operatingJtaxes $ (69,300.00)
NET INCOME BEFORE TIF - 72,259.20 T INCOME BEFORE TIF $ 149,067.00
, $ N
TIF $ 12,600.00 iTI $ 23,500.00
INCOME BEFORE DEBT SERVICE $ 84.859.20 i ItI COME BEFORE DEBT SERVICE $ ! 172.567.00
Less Mortgage payments - first $ (55,296.00) Ll ss Mortgage payments - first $ (129,623.00)
TIF note $ (12.600.00) TIF note $ (23.500.00>
CASH FLOW $ 16,963.20 C ,SH FLOW $ 19.444.00
I
,
SOURCES AND USES S )URCES AND uses
Mortgage 1.15 dsc - 30 years @ 8% $ 628,000.00 M rtgage 1.15 dsc - 30 years @ 8% $ 1,472,000.00
TIF note - 20 years@ 8% $ 125,532.00 TI note - 20 years@ 8% $ 234,000.00
Equity $ 344,468.00 E. uity $ 174,000.00
TOTALSQURCES . '".- 1,098.000.00 ITl ..
$ TALSQURCES $ 1,880,000.00
c----. i
'u -
USES ES I
Construction cost: - Cl nstruction cost:
Townhomes (cost @ 60,000) $ 480,000.00 -.. ownhomes (COsC@ 65,000) $ 975,000.00
Carriage Houses (cost@ 50,000) $ 200,000.00 C arTiage Houses (cost @ 55,000) $ 330,000.00
TOTAL CONSTRUCTION COST $ 680,000.00 ,TC TAL CONSTRUCTION COST $ 1,305.000.00
( ! I
AC4uisitionlDemo $ 210,000.00 'A( Quisition/Demo 1 $ 315,000.00
,~
Sol Costs @ 10% of hard cost $ 68,000.00 S( ft Costs @ 10% of hard cost $ 130,000.00
I
Builder/Developer 10% $ 68,000.00 Bl i1der/Developer 10% $ 130,000.00
TOTAL USES $ 1.026,000.00 T( TAL USES $ 1,8~Q,OOO.00
.-.. -- -
TiFf ANALYSIS TI ANALYSIS
Taxes 1200/unit x 12 -$- 14,400.00 Tc xes 1200/unit x 21 ~ 25,200.00
..
Less current tax base est. $ (1,800.00) Le ss current tax base est. $ (1.700.00)
Tiff AVAILABLE $ 12,600.00 ITI AVAILABLE $ 23,500.00
I
.
Page MONTlCEUOAWAYPR-1.XLSHousinll Site
i
f
!
- - ..n...'._ ...-.........-.-..--
f Lotus Realt~ Services.lnc (952)934-5472 p.4
r 01 12:48p
AMOCO -AW ,Y" PROJECT
/ MONTIC LLO, MN
. ESTIMATED
I ACQUISITION COSTS SQUA IE FEET COST COST/SQ. FT.
Site A 11335 $ 160.000.00 S 9.79
B I 11890 1$ 100,000.00 I $ 9.18
( C , 11890 i$ 100,000.00 $ 9.18
D 11890 $ 100,000.00 $ 9.18
E 5145 $ 80,000.00 $ 14.69
TOTAL ACQUISITION 501' 50 $ 540,000.00 $ 9.92
J , DEMOLITION $ 30,000.00 $ 0.55
, TOTAL $ 570,000.00 $ 10.47
ALTERNATE
\
Site F 2,22 $ 13,610.00 I $ 5.00
. . G 2 73 1$
13.610.00 $ 5.00
~ TOTAL 504 5 $ 27,220.00 $ 10.00
TOTAL WITH ALTERNATE 591~5 1$ 567,220.00 I $ 9.97
.
~
.1
Page 3
AWA VPR-1.XLSAcquisition Costs
.
..
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PAUL BJORKLAND
ZONA MOORES
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207 So. W: nut Street. Monticello. MN 55362,
607 Lake lvd.. Buffalo, MN 55313
213 W. 3r Street. PO Box 1287. Monticello. MN
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CATHERINE B. BERQUIST
212 Locus Ave.. Monticello. MN 55362
DAN OLSON
207 W. 3r Street. Monticello. MN 55362
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F AMI L Y 165 129
ADUL T 13 5
JR/SR 4 7
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F AMI L Y 13 16
ADUL T 3 2
JR/SR 1 0
COMBINED 1
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MAY TOTALS 17 20 1 1 390
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FAMIL Y 1 1 8
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