HomeMy WebLinkAbout3.b. Reimbursement for Valley Sports FLIP
CITY OF SHAKOPEE 3b
Memorandum
CASE NO.: NA
TO: Economic Development Authority
Mark McNeill, Executive Director
FROM: R. Michael Leek, Community Development Director
SUBJECT: Request for Reimbursement of Facade Improvement Loan for Valley Sports
MEETING DATE: June 16, 2009
INTRODUCTION:
On September 18, 2007, the EDA approved a fayade improvement loan for Valley Sports, located at
102 First Avenue West. Since that approval, the owner has submitted and been approved for
improvements to the sign on the north side of the building; and most recently, installation of a new
window on the east side of the building. Therefore, the applicant is requesting reimbursement for
the window installation for Valley Sports, consistent with the Repayment Agreement for the
Shakopee Downtown Fa9ade Improvement Program.
DISCUSSION:
The improvements approved by the EDA as part ofthis project included installation of new
windows. The recent improvement totaled $866.00, with the amount of the approved loan for this
improvement not to exceed $433.00.
ALTERNATIVES:
1. Offer and pass a motion directing staff to reimburse Valley Sports, 1120 First Avenue, an
amount of $433.00, consistent with the loan agreement for this fa9ade improvement.
2. Table the request for additional information.
ACTION REQUESTED:
Offer and pass a motion directing staff to reimburse Valley Sports, 1120 First Avenue, an amount of
$433.00, consistent with the loan agreement for this fa9ade improvement.
R. Michael Leek
Community Development Director
H:\CC\2009\06-16\EDA Valley Sports reimbursement.docx 1
CITY OF SHAKOPEE
PAY TO: Voucher o<';'~~C9~~
r DATE
\( AU....~.;.'( "'5~t:>'C'-\s
\o~ ~l(2-~ A.'-.t~ut'C... \.,,~
~ /~ SS?::>f<=t
(
L
DESCRIPTION I ACCOUNT I ,AMOUNT
?A'fll~ q= ~~ ~ ~/J... 2\'H-It....L.\o ~I
:14~~. 00
"'THft:-~,,"~1U .p~l~tU~
~/A. - \\.( \'-'~,,\l ~t<<.I~
TOTAL ~~~~!.oU
I CERTIFY THAT THIS IS A JUST AND
CORRECT CLAIM AGAINST THE CITY OF
SHAKOPEE AN D THAT NO PART OF TH IS
CLAIM HAS HERETOFORE BEEN PAID.
CLAIMANT
I
AUTHORIZATION
VENDOR #
31M 2.22.82
-'lmarican , IIW. , I !
I 0023841 DATE 05/07/09
Glass& Mirror I # l !
I " !
P.O. Box 542 · Prior Lake, MN · 55372 ! CUST VALLEY2 SALE 2, i
~ # TYPE
Fed 10# 06-1257766 Inc. !
Phone: (952) 447-3151 Fax: (952) 447-6179 CUST SOLD I
P.O. BY I
FED I INST'L
- l TAX # BY
I I ,
I
,
VALLEY SPORTS
DAVE JANSEN
102 WEST 1ST. AVE.
L SHAKOPEE, MN 55379 J
952-445-3340 Fax - -
!
:1. TEMP 1/4 95-1/4 X 77-1/2 TEMPERED CLEAR 866.00 866.00
1/4 CLEAR TEMPERED GLASS
INSTALLED AT VALLEY SPORTS - SHAKOPEE
!
I
I
I
I
,
I
I
!
!
TOTAL LABOR (NON-TAXABLE) 0.001
SPECIAL INSTRUCTIONS ,
NOT....:TX I
I
All material sold on this invoice is guaranteed to be as specified, and is not safety glazed material unless
so marked. It is sold with the understanding that this material will not be glazed in a "hazardous location" I
as defined by the Consumer Product Safety Commission. Total !
All merchandise returned for credit, refund or exchange must be in resaleable condition, authorized for 866.001
return, accompanied by this receipt, and may be subject to resiiicking fee. No returns will be authorized for Payment -866.00i
specic(!)Qr()ers or cut flat gla€B. ~rms of payment are days from invoice date. A service charge B,alance 0.001
of % per month ( % annum) will be added to past due accounts.
RECEIVED BY: Replacement or repair of the glass in my automobiie has been done to my satisfaction and I hereby authorize and direct my I
insurance company to pay this bill directly to American Glass and Mirror, Inc. I assign any and all claims in connection with this
automobile glass work against my Insurance company and all pOlicy proceeds due tor this work to American Glass and Mirror, Inc.
1"
. .'.r_......'.h,.-,. ~,~.,..,...~,~..~._,.,.-,.'. ~-'-."^,~-', "'..~_,... . '\f t _'''-,
{iMERICAN HLAS~S ~
5418:taTTOr~~uQD
FRinH- LfiRE1 fiN (
f95;? } 447:.,'3 i-51 ;:'
.. I
I
\!'
fiERCHANT ~001~(401,6502-:\B01 "
i
n-~rq:.". ,~ #t_~~lJ:i'i /PiJ B:J it r:":t '{~f;:
;.n,;.. - '4""'" -!,,,,,",j'iq!
::f:". 9~8'
'1"V\,.""j .' . '.' -' .. i
INVDICE' ft~-4453J40
ACCOUNT #'; XXXf1*XXXXXX00BB
i) J [~A
REF +~
T1f
EFffCH ~.;
.HUTH, #: t! flV;:~f; \l
~~Al_;E $ B6~fal,:q
PLEASE I-MFlf{lr'4FT' e:;!~ Kt)
I '.H.6:HEI PHY THE,AHtQt~tt:\
TD7ML.:An-uuNT:HCCURDlJ!u.",. .'
m Ghtm~SUERiiG,RtF!Ellr.., . :
'cALqX{ J};ZJiJd ntI~ (P'1
x. . ~ , . .-. -- \'fiW~T!j~,,'- -, :__"'- (. U~I .
,_~, "'''''b.JJi t.....,:.... "
\.
'i0'2. 5.537'9
ruF rOrY ~ M~HtHfi-NTEQT-rO!'f .CflF,t~HOL[jE.R
,.~ .", ,.,....."'" ".~~. '-'
.
Repayment Agreement
Shakopee Downtown Fa~ade Improvement Program
THIS AGREEMENT, made and entered into this 2~ day of ~007 by and
between David W. Jansen (hereinafter referred to as "Owner"), and the Economic Development
Authority for the City of Shakopee, having its principal office at 129 Holmes St. South, Shakopee,
Minnesota 55379 (hereinafter referred to as "Lender").
WHEREAS, on the 18th day of September, 2007, hereinafter referred to as the "effective date."
The Lender agreed to grant to Owner(s) a Deferred Payment Loan, hereinafter referred as
"Deferred Loan," relating to the real estate hereinafter described, in the amount of $10,882.00.
NOW THEREFORE, in consideration of the said Deferred Loan the parties do hereby agree as
follows:
1. That Owner promises to use the proceeds of the Deferred Loan for the purposes of
purchasing and installing seven (7) new storefront windows and new signage (and related
electrical work) for his building located at 102 First Avenue West in the City of Shakopee,
Minnesota.
2. That if Owner sells, transfers or otherwise conveys the real estate hereinafter described,
within a period of five (Q) years from the effective date of the Deferred Loan (to wit,
September 18, 2012), Owner will pay to Lender a pro rated share of the Deferred Loan
equal to twenty percent (20%) of the amount of the Deferred Loan for each year prior to
September 18, 2012 that the sale occurs. For example, if Owner sells the real estate
hereinafter described in September, 2009, Owner must pay Lender sixty percent (60%) of
the amount of the Deferred Loan.
That any such repayment shall be made to the Lender no later than the 30th day following
such sale, transfer or other conveyance, or on such later date or dates as the Lender, in
its sole discretion, may designate.
3. That as security for Owner's obligation of repayment, and subject to the terms and
conditions of this Agreement, Owner hereby grants and Lender shall and hereby does
have, a lien on the real estate hereinafter described as the full amount necessary to
satisfy said repayment obligation and the cost including reasonable attorney's fees, of
collecting the same. The real estate subject to said lien is situated in Scott County,
Minnesota, is located at 102 First Avenue West, Shakopee, MN and is legally described
as:
All that part of the North Half of Lots 6 and 7. Block 22. City of Shakopee. Scott County.
Minnesota. accordina to the plat of Shakopee City on file and of record in the Office of the
ReGister of Deeds in and for said county and state. described as follows: Startina at the Northeast
comer of said Lot 6: and runnina thence Southerly on the West line of Holmes Street. 27.5 feet to
the South line of a oarty wall: thence Westerly alona said party wall line 89.0 feet: thence
NortherlY 27.3 feet to the South line of First Street; and thence Easterly alona said Street line 89.0
feet to place of beainninG. OR APPROXIMA TEL Y the North 27.4 feet of the East 89.0 feet of the
North Half of said Lots 6 and 7
4. Promptly after the date of any sale, transfer or other conveyance of the above-described
real estate (or, in the event of a sale by contract for deed at least ten (10) days prior to
such date of sale), Owner or his/hers heirs, executors, or representatives, shall give the
Lender notice thereof.
5. In the event Owner or his/her heirs, executors or representatives shall fail or refuse to
make a required repayment within said limited period, the Lender may, with or without
notice of Owner, foreclose said lien in the same manner as an action for the foreclosure
of mortgages upon said real estate, as by statute provided.
6. Said lien shall terminate and shall be of no further force or effect in the event the Lender
has not, on or before September 18, 2012 commenced an action in the aforesaid manner
to foreclose the same.
7. This Agreement shall run with the aforesaid real estate and shall inure to the benefit of
and be binding upon the parties hereto and their respective heirs, executors,
representatives, successors and assigns.
8. If this agreement is executed by a contract for deed vendor or a mortgagee of the
property, as one of the Owners, such execution shall be deemed for the purpose of
establishing and continuing the existence of the indebtedness described herein and the
lien granted herein. However, in the event of default of the terms hereof, neither the
Lender nor its assignees shall take any action against such contract for deed vendor
except such as may be necessary in order to subject to the satisfaction of said
indebtedness the property described herein.
IN TESTIMONY WHEREOF, the parties have executed this Agreement as of the day and year
first written above.
~~tJ
Borrower: David W. Ja EDA President
Executive Director
EDA Secretary
State of Minnesota )
)
County of Scott )
On the :;F!fltday of ~ ' 2007, before me, a Notary Public with and for the said
County, personally appeare . David W. Jansen, an individual to me known to be the person
described in and who executed the foregoing instrument and acknowledging that he executed the
same as his free act and deed.
CZa/f1~/JJJ 4t?~.L~
/Notary Public
State of Minnesota )
)
County of Scott )
On the day of , 2007, before me, a Notary Public with and for the said
County, personally appeared
, to me known to be the person(s) described in and who executed the foregoing
instrument and acknowledging the he executed the same as his free act and deed.
Notary Public
This instrument is exempt from registration tax under Section 287.06 of Minnesota Statutes.
Drafted by:
City of Shakopee
129 South Holmes Street
Shakopee, MN 55379