HomeMy WebLinkAbout[02] Section 2 - Exhibit ASection Two
EXHIBITS
EXHIBIT A: FINAL APPLICATIQ,;,
City of St. Joseph
B USINPSS ASSISTANCIs PROGRAM
hORMAI. APPLICATION
GENERAL INFORMATION:
Business name COBORN'S, INC. Date: 612/09
Business Corporate Address: 1445 HIGHWAY 23 EAST, ST. CLOUD, MN 56302
Business Organization Type (partnership, etc.): CORPORATION
Name of Authorized Representative: MIKE WAHLIN Phone: 320-252-4222 Email: NIKE.WAHLIN~pCO80HNSINC.COM
Description of Business: GROCERY
Alternate Contact: CHRIS RICE
Phone: 320-252-0404
Address: 1011 SOUTH BENTON DRIVE, SAUK RAPIDS, MN Email: CHRIS@RICEBUILDINGSYSTEMS.COM
FINANCIAL INFORMATION:
Has the Company or its principal owners/officers filed for bankruptcy in the past? (If yes, explain)
NO
Has the Company or its principal ownerslofficers defaulted on any loan commitment in the past? (If yes, explain}
NO
Has the Company or its principal owners/officers applied for conventional financing for the project? (If so, where?)
NO
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S l 1 c~ s r (~ h R u s i n ~~ ~~ ~< ,: i s t n r c c I ~~ r m, I A p p l i C 8 t l o n
EXHIBIT A: FINAL APPLICATION
List three financial references:
1) N/A
2) NIA
3) N/A
Has the Company utilized a Business Assistance Program before? (If yes, where and when; if more than one instance list
the most recent three occurrences)
NO
PROJECT INFORMATION:
Location of proposed project (InGude narrative and map):
1500 ELM STREET (LOT 3, COBORN'S REALTY COMPANY PLAT)
Present zoning of the site and proposed use of the facility:
B-2 (PUD), PROPOSED USE IS A GROCERY! LIQUOR STORE (35,000 SF +/-)
Type, Amount, and Term of Business Assistance requested (e.g. tax increment financing or tax abatement):
TAX ABATEMENT REQUESTED. $300,000 TOTAL AMOUNT FOR UP TO TEN YEARS 8 DELAY IN WAC/SAC
PAYMENTS UNTIL 2 YEARS AFTER PROJECT IS COMPLETED AND PAYMENT SCHEDULE OF THREE (3) YEARS
Explain the need for Business Assistance and why this project will not move forward without TIF or Abatement:
SEE ATTACHED 5/20109 TAX ABATEMENT REQUEST LETTER DESCRIBING THE NEED FOR TAX ABATEMENT.
DEVELOPER HAS MET W! CITY STAFF AND SHARED INTERNAL PROFORMA'S ILLUSTRATING THE NEED.
Name/Address of present owner of the site: COBORN'S REALTY COMPANY (1445 HIGHWAY 23 EAST, ST. CLOUD,
MN)
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St. Joseph Business Assistance Formal Application
EXHIBIT A: FINAL APPLICATION
_ List the number, general job classification, and entry level wage of permanent jobs created as a result of the project. Part
time jobs will be converted to full-time equivalent jobs upon application review.
Number of Jobs to
be Created General Job
Classification or Job
Title Entry Level Wage
Proposed Number of Hours
per Week tf Receiving
Benefits, Value of
BenefitslHour
110 PART TIME STARTING @ 58.951 HR 10-30
25 FULL TIME UP TO $50,0001 YR 40+
Current property estimated market value by Stearns County Assessor's Office: $741,800
Projected market value of property AFTER project completion as estimated by Stearns Co. Assessor: IMPROVEMENTS
ESTIMATED TO BE $2,662,500 (TOTAL VALUE OF $3,404,200)
Describe what public benefits will result from this project (e.g. jobs created, spin-oN development, increase in trade area,
increase in tax base, diversification of tax base, redevelopment of aunder-utilized parcel, life-cycle housing, etc):
SEE ATTACHED 5!20109 TAX ABATEMENT REQUEST LETTER DESCRIBING DEVELOPER HISTORY, PROJECT
DESCRIPTION, AND PUBLIC BENEFITS
Name, phone, and email address of the project architect and/or engineer:
PROJECT ARCHITECT & BUILDER -RICE BUILDING SYSTEMS, INC. (320-252-0404)
Anticipated start date: Anticipated completion date:
7/1!09 12/31109
A-3
St. Joseph t3usiness Assistance Formal Application
EXHIBIT A: FINAL APPLICATION
SOURCESIUSES OF PROJECT FUNDS
USES OF FUNDS:
Land acquisition S,
Site development
Building cost
Equipment
Arch/engineering fees
Legal fees
$_500,000 +!-_
$_2,094,500 +l-
S
$_68,000 +/-
c
Off-site development cost $
TOTAL USES
SOURCES OF FUNDS:
$
Private (conventional) financing $_2,362,500
St. Joseph Business Assistance $_300,000 (REQUESTED TAX ABATEMENT)
Other public funds
(Local, State and Federal [SBA])
Developer equity
Other (please describe)
TOTAL SOURCES
c
S
PLEASE ATTACH THE FOLLOWING ITEMS TO THIS APPLICATION: {SEE ATTACHED SUMMARY FOR EACH
ITEM)
1. A letter of financial commitment from the participating lenders.
2. Plans or drawings of the project.
3. Background material about the company sufficient to provide the City with a concise yet meaningful description of the
company and its principal owners/officers.
4. Pro Forma analysis illustrating need for business assistance (may request information disclosed be reviewed
internally by City Staff/Consultants).
5. If an existing business, financial statements income and balance sheets for the past two years (may request
information disclosed be reviewed internally by City Staff/Consultants).
6. Statement of property ownership or control.
A-4
St. Joseph Ausiness Assistance Formal Application
EXHIBIT A: FINAL APPLICATION
SIGNATURE:
The information provided in this application is true and correct to the best of my knowledge. If the information is deemed
to be misleading or untruthful, I will withdraw this application and/or allow the recipient to disregard the application in its
entirety. I understand that the acceptance of this application does not ensure business assistance requested from the City
of St. Joseph for the completion of the proje will be granted.
Applicant(s) Signature: /
~~
f fl
Date:
St. Joseph Business Assistance Formal Application
A-5
EXHIBIT A: FINAL APPLICATION
June 10, 2009
FINANCIAL RCFERE\ CES
U.S. Bank
1015 West St. Germain Street
St. Cloud, MN 5630]
(320) 259-8326
(320) 259-8337 -Fax #
Mike Markman
Wells Fargo Bank, N.A.
Minneapolis Regional Commercial Banking Office
6`h & Marquette, MAC N9305-187
Minneapolis, MN 55479
(612) 667-5099
(612) 667-4144 -Fax #
Jacob Johnson
SuperValu
11840 Valley View Road
Eden Prairie, MN 55344
(952)828-4189
(952) 828-4576 -Fax #
David Oliver
Vice President Supply Chain Services
~::
~~
CO_ IO~~'~ZS
INCORPORATED
ni
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EXHIBIT A: FINAL APPLICATION
Full time Staffing for St. Joseph Location
Position Title Estimated
Hourly Wage
1 Store Manager $26.00
2 Assistant Store Manager $18.00
3 Bookkeeper $14.00
4 Scanning Coordinator $14.00
5 Meat Manager $21.00
6 Meat Cutter $18.00
7 Meat Service Counter $16.00
8 Deli Manager $17.00
9 Deli Asst. Manager $13.50
10 Deli Clerk $11.50
11 Bakery Manager $16.00
12 Cake Decorator $12.00
13 Produce Manager $18.00
14 Produce Clerk $12.50
15 HBCIGM Dept. Manager $14.50
16 Liquor Manager $14.50
17 Evening Shift Manager $13.50
18 Swing Shift Manager $14.50
19 Overnight Shift Manager $14.50
20 Overnight Asst. Manager $13.50
21 Frozen Dept. Manager $14.50
22 Dairy Dept. Manager $14.50
23 Pharmacy Manager $59.00
24 Pharmacist $56.00
25 Pharmacy Technician $15.70
Estimate 50 part-time employees
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EXHIBIT A: FINAL APPLICATION
Jtuie 10, 2009
To Whom It May Concern:
Please be advised, it is the intent of Coborns Inc to subsidize the St. Joseph project
through the use of outside financing. However, as of this date, we have not identified a
specific lender.
Sincerely,
v
Michael Wahlin
Director Construction & Facilities Maintenance
Cobom's Incorporated
INCORPORATED
1445 East Highway 23, S't. Cloud, MN 56304-1134 • PO Box 6146, St. Cloud, MN 56302-6146