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Home My WebLink About4.B.1. Consideration of a Commercial Exterior Improvement Program Loan PJT Investments LLC. General Business 4. B. 1. SHAKOPEE TO: Economic Development Authority FROM: Samantha DiMaggio,Economic Development Coordinator DATE: 06/17/2014 SUBJECT: Consideration of a Commercial Exterior Improvement Program Loan for PJT Investments,LLC Background PJT Investments,LLC has requested assistance in the form of a deferred loan from the City's Commercial Exterior Improvement Program(previously the Facade Improvement Program). If the application is approved,the following work will be done to the exterior of the building: •Replacement of the Roof Two estimates were received:the first was for$34,344 and the second was for$22,500. The program covers 50% of the total costs,therefore PJT Investments,LLC would be eligible for$11,250 in the form of a deferred/forgivable loan. The Commercial Exterior Improvement Committee(EDAC Member,Former Historic Preservation Advisory Committee Member,Chamber and City Staff)met on Thursday,June 12,2014 and recommended this loan be approved in the amount of$11,250. Action Sought If the EDA concurs, it should,by motion approve a Commercial Exterior Improvement Loan in the amount of$11,250 and authorize the appropriate officials to enter into Repayment Agreement with PJT Investments,LLC, 100 Fuller Street, Suite 250, Shakopee, Attachments: Application Laurent Photo 1 CITY OF SHAKOPEE Commercial Exterior Improvement Program Application for Deferred Loan I. Applicant Information Business Name: PJT Investments, LLC. Primary Contact: Mathew Kunnasery Name of Co-Applicant/Property Owner PJT Investment, LLC. Tax ID # (if applicable) 46-1436807 Address 100 Fuller St, Suite 250 Shakopee MN 55379 Street City State Zip Telephone# (952) 239 4260 Email: pjttax @msn.com II. Property Information Address of Building to be Rehabbed 100 Fuller St (Laurent Building) Property Identification Number(PIN)_270011400 Age of Building 100 Yers Number of Stories Two Date of Last Exterior Renovation (if applicable) 1995 Gross area of building_12000 sq. ft. (exclude non-habitable space such as attics, basements, etc.) Gross area of non-residential space 12,000 (include commercial, office, etc.) Existing building use(s): Office Space Proposed building use(s):_Office Space C:\Users\winning\Documents\facade loan application_final_08222012.doc 2 III. Ownership Information Ownership Interest in property to be improved: ❑ Contract for Deed I I Title "Free and Clear" ® Mortgage I I Other: Specify: Please attach a copy of the most recent Property Tax Statement from the County Assessor's Office and Proof of Insurance on the building. IV. Estimated Rehabilitation Costs and Requested Loan Information Please describe proposed improvements: (please attach additional pages, including any photo of existing building prior to planned improvements; renderings and/or plan drawings showing proposed improvements; a minimum of two contractors' bids or proposals must obtained and submitted along with the application. Please itemize costs when possible.) _This is to replace the roof and cost will be $22,500 Describe the expected impact of the proposed improvements on adjacent or nearby businesses. (In other words, do you have reason to know or believe that other business owners are likely to improve their properties if the outcome of your improvements is positive.) Roof is badly needed to rent the space to various businesses. C:\Users\winning\Documents\facade loan application_final_08222012.doc 3 Estimated Total Cost of Proposed Rehabilitation Work: $ 22,500.00 Requested Loan Amount from the Façade Improvement Program $11,250.00 *Loan amount maybe up to 50% of the total construction costs, with a maximum of$15,000. Source of Remaining Funds Personal Savings n Private-Sector Loan (Institution: ) Building Permits & Inspections Applicant is responsible for obtaining appropriate building permits, per the Shakopee City Code. In the case of improvements that do not require a city-issued building permit, the applicant must submit the name and state license number of the contractor completing the work and agree to an inspection of the work by a city building official. Loan Disbursement Awarded loan funds will be dispersed to the applicant upon submittal of receipts or invoices for supplies purchased and work completed, and verification by the City that the receipts and invoices are bona fide. V. Certification City staff or other authorized representative of the City shall have the right to inspect the property to be improved at any time from the date of application upon giving notice to the owner and to occupants. I/We certify that all statements on this application are true and correct to the best of my/our knowledge. I/We understand that any intentional misstatements will be grounds for disqualification. I/We authorize program representatives the right to access the property to be improved for the purpose of the deferred loan program and to take photographs of the structure before and after rehabilitation. I/We further understand that I/we will make the final selection of the improvements to be made with the loan funds and that the contract for improvements will be solely between me and the contractor(s). The administering agency will not be liable for the inadequate performance of the contractor(s). A: : ant Date ALI Al 311(A Co-Applicant Date C:\Users\winning\Documents\facade loan application final_08222012.doc 4 DATA PRACTICES ACT The following notice is provided for those applicants for the Shakopee Downtown Façade Improvement Program that are individuals. The following does not apply in cases where the applicant is a non-individual,such as a corporation. (TENNESSEN WARNING) In accordance with the Minnesota Government Practices Act,the City of Shakopee is required to inform you of your rights as they pertain to the private information collected from you. Private data is that information which is available to you, but not to the public.The personal information we collect about you is private; however,your name, address, and the amount or value of the approved loan funds are public. The information collected from you or from other agencies or individuals authorized by you is used to determine your eligibility for the Facade Improvement Program. The dissemination and use of the private data we collect is limited to that necessary for the administration and management of the Facade Improvement Program.Persons or agencies with whom this information may be shared include: 1.City of Shakopee personnel administering the Facade Improvement Program. 2. Individuals charged by the city with reviewing applications and making recommendations to the Shakopee EDA. 3.Members of the Shakopee Economic Development Authority(only that information needed to approve the application for loan funds and/or payments to contractors). 4.Federal,State,County,local and contracted auditors. 5.The contract for deed holder(only that you are a loan recipient and the amount of the loan). 6.Law enforcement personnel in the cases of suspected fraud. 7.Those individuals or agencies to which you give your express written permission. Unless otherwise authorized by State statute or Federal law,other government agencies utilizing the reported private data must also treat the information as private. You may wish to exercise your rights as contained in the Minnesota Government Data Practices ACT.The rights include: 1.The rights to see and obtain copies of the data maintained on you, 2.To be told the contents and meaning of the data and, 3.To contest the accuracy and completeness of the data. To exercise these rights contact the City of Shakopee, (952)233-9300. I have read and unde oo, the above i fo mation regarding my rights as a bject of gov- nment data. ate Applicant - Co-Applicant Ale C:\Users\winning\Documents\facade loan application final_08222012.doc May 16,2014 Matthew Kunnasery NIEMA N ROOFING CO•, INC. 100 S Fuller Street eo.Box 64 New P,ague,AIN 5667! (Lauret Building) (952)758-4791 Shakopee, MN 952-239-4260 PROPOSAL FOR Reroof of Lauret Building • Remove existing roofing down to existing insulation and dispose of in certified landfill • Remove existing sheet metal and dispose of • Repair or replace deteriorated decking as required. This work is not included in the contract price and shall be performed on a time and material basis • Replace any wet or deteriorated insulation at$1.50 per inch per board foot • Install 1" isocyanurate to meet or exceed value of R24 • Mechanically fasten insulation • Install sumps and crickets as needed to assist in water drainage. • Install wood blocking at roof perimeter as required to accommodate new insulation height • install 60 mil EPDM Adhered Rubber Roof System by Carlisle • Fabricate and install 24 gauge prefinished sheet metal flashing at roof edge,color to be determined by owner from manufacturer's standard colors. Counter flashing for penetrations as required. • All details and penetrations according to Carlisle specifications for walls,curbs, pitch pans, roof drains,pipes, stacks and roof penetrations • Box off 2 sleeper units and enclose the North overhang • Nieman Roofing 2 year Contractor's Warranty is included • 15 year Manufacturer's Labor and Material Warranty • Building permit is included in this proposal and is subject to approval by the authority having jurisdiction. • This proposal/contract includes all state,county,and city sales tax(if applicable) • Owner shall be responsible to verify the buildings structural capacity to bear the weight of this roof system, • Any mechanical or electrical work(if needed) by owner • Prices good for 60 days • Snow,ice,and water removal is not included in this proposal • Invoice due upon receipt • A finance charge of 1.5%(18 percent annually)will be added after 30 days of Invoice date • Coordinate work with the mechanical contractor FOR A PRICE OF: $21,000,00 ACCEPTED: iti) DATE: ,7 ALTERNATE BID:ROOF HATCH 30"x 36" • Cut and remove insulation • Cut decking • Build new curb box to proper height • Ceiling work responsibility of Owner FOR A PRICE OF:$1,500.00 ACCEPTED: ../ — DATE: //� i 1' 1 s ,,, ,'::):IirX, ;7' '0 IA ,, ,.,,q''.i.,' ' ',', .• ' i . ai/ ' \\\\ 3 3. x ifft S 4x ' , ,';','" ',i''''''114:;,7,7"A,. .4;"1'1;441;:20-.'"a ;€ ' T : €. 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