HomeMy WebLinkAbout3.c. Reimbursement approval for Scott County Historical Society FLIP
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CITY OF SHAKOPEE
Memorandum
CASE NO.: 08057
TO: Economic Development Authority
Mark McNeill, Executive Director
FROM: R. Michael Leek, Community Development Director
SUBJECT: Request for Reimbursement of Facade Improvement Loan for Scott County
Historical Society
MEETING DATE: June 16, 2009
INTRODUCTION:
On March 17,2009, the EDA approved a fa9ade improvement loan request by Scott County
Historical Society (235 Fuller Street South) for renovation of the Stans Museum building, located at
128 2nd Avenue West. Since that approval, the applicant has completed the proposed improvements
consistent with the request; therefore, they are requesting reimbursement for the improvements to
the Stans Museum building, consistent with the Repayment Agreement for the Shakopee Downtown
Fayade Improvement Program.
DISCUSSION:
The improvements approved by the EDA as part of this project included scraping, sanding and
painting of windows, doorways, siding and the porch area of the Stans Museum building These
improvements totaled $2,540.00, with the amount ofthe approved loan not to exceed $1,270.00.
AL TERNA TIVES:
1. Offer and pass a motion directing staff to reimburse Scott County Historical Society, 235 Fuller
Street South, an amount of $1,270.00, consistent with the loan agreement for this fayade
improvement.
2. Table the request for additional information.
ACTION REQUESTED:
Offer and pass a motion directing staff to reimburse Scott County Historical Society, 235 Fuller
Street South, an amount of $1 ,270.00, consistent with the loan agreement for this fayade
improvement.
R. Michael Leek
Community Development Director
H:\CC\2009\06-16\EDA SCHS reimbursement.docx I
Repayment Agreement
Shakopee Downtown Facade Improvement Program
THIS AGREEMENT, made and entered into this \'1""'" day of I~ , 2009 by and
between Scott County Historical Society/Stans Museum Inc., a 501 (C) 3 Non-Profit Organization
(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 17'h day of March, 2009, hereinafter referred to as the "effective date", the
Lender agreed to grant to Owner a Deferred Payment Loan, hereinafter referred as "Deferred
Loan," relating to the real estate hereinafter described, in the amount of $1,270.00.
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
scraping, sanding and painting the windows, doorways, siding, doorways and porch area
for the building (Stans House) located at 128 Second 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 (9,) years from the effective date of the Deferred Loan (to wit, March
17,2014), 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 March 17,
2014 that the sale occurs. For example, if Owner sells the real estate hereinafter
described in September, 2011, Owner must pay Lender fifty percent (50%) 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 128 Second Avenue West, Shakopee, MN and is legally
described as:
1
Lot 9, Block 31. City of Shakopee, Scott County, Minnesota. accordino to the plat on file
and of record in the Office of the Reoister of Deeds in and for said county and state.
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/her 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 March 17, 2014, 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 W'ITNESS WHEREOF, the parties have executed this Agreement as of the day and year first
written above.
Scott County Historical Society Economic Development Authority for the City of
Shakopee
BY~~~ By
ItS*~ /h~ President
By
Executive Director
STATE OF MINNESOTA )
) ss
COUNTY OF SCOTT )
The foregoing instrument was acknowledged before me this 1ST day of IJ1 CUI
2009, by Kathleen Klehr, Exeputive Director of Scott County Historical Society/Sta~ Museum
Inc., a 501 (C) 3 Non-Profit O~ehalf of the Company.
- ---~..m. ~/}u>.J
, My Commission Expires: / - ~ / - (':20 10
I_~"'~ JEANElTE M. SHANER
~';' , r :otary Public-Minnesota 2
-'}'.",;,t9 My Commission Expires Jan 31. 2010
STATE OF MINNESOTA )
) ss
COUNTY OF SCOTT )
The foregoing instrument was acknowledged before me this day of
2009,by , President of the Economic Development Authority of the
City of Shakopee, Minnesota, on behalf of the Economic Development Authority.
Notary Public
My Commission Expires:
STATE OF MINNESOTA )
) ss
COUNTY OF SCOTT )
The foregoing instrument was acknowledged before me this day of ,
2009, by , Executive Director of the Economic Development Authority
of the City of Shakopee, Minnesota, on behalf of the Economic Development Authority.
Notary Public
My Commission Expires:
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
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235 Fuller Street South www.scottcountyhistory.org
Shakopee, MN 55379 info@scottcountyhistory.org
(952) 445-0378 Fax (952) 445-4154
Date: May 22, 2009
To: Honorable Mayor and Shakopee City Council Members
RE: Scott County Historical Society - Fac;ade Improvement Program
The Shakopee City Council approved the Scott County Historical Society's application for
Shakopee's Fac;ade Improvement Program on March 17,2009 for up to $1,270 to complete the
following work to preserve the historic Stans House.
. Scrape, sand, and prime areas of the Stans House exterior
. Paint windows, doors, trim, siding, and porch area and floor
. Sand, stain and varnish front door
Painting contractor, Rick Fox, completed the work on May 20,2009, please see attached invoice.
Attached are photos of the project.
The Scott County Historical Society respectfully requests the $1,270 approved Fac;ade
Improvement funds.
Sincerely,
Kathleen Klehr
Executive Director
!
STATEMENT
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