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Home My WebLink About12.15.20 www.cityofstjoseph.com St. Joseph Economic Development Authority th December 15 , 2020 12:00 PM **The EDA will meet via Zoom** Join Zoom Meeting https://zoom.us/j/95416910020?pwd=aDgycDdtbU1INWRuUEd5T1Q5WEpXQT09 Meeting ID: 954 1691 0020 Passcode: 700447 Dial by your location +1 929 205 6099 US (New York) +1 301 715 8592 US (Washington D.C) +1 312 626 6799 US (Chicago) +1 669 900 6833 US (San Jose) +1 253 215 8782 US (Tacoma) +1 346 248 7799 US (Houston) 1. Call to order 2. Public Comments 3. Approve Agenda 4. Consent Agenda a. Minutes – Requested Action: Approve the minutes of November 17th, 2020. b. Financial Report – Requested Action: Accept the November 2020 Financial Reports as presented. 5. New business a. Façade Architectural Design Grant request – College & Minnesota, LLC b. Emergency Loan request – Romie Hospitality, LLC (Rodeway Inn) c. 2021 BR&E schedule 6. Business/Development Updates 7. Board Member Announcements 8. Adjourn 75 Callaway Street East | Saint Joseph, Minnesota 56374 Email: cityoffices@cityofstjoseph.com | Phone: 320.363.7201 | Fax 320.363.0342 November 17, 2020 Page 1 of 1 Pursuant to due call and notice thereof, the St. Joseph Economic Development Authority met on Tuesday, November 17, 2020 at 12:00 PM via Zoom Meeting. Members Present: Board Members Rick Schultz, Doug Danielson Troy Goracke, Larry Hosch Members Absent: None City Representatives Present: City Administrator Therese Haffner Others Present: None Schultz called the St. Joseph Economic Development Authority meeting to order at 12:00 PM Agenda Approval: Wick made a motion to approve the agenda as presented; seconded by Goracke and passed unanimously by those present. Consent Agenda: Goracke made a motion to approve the consent agenda as follows; seconded by Hosch and passed unanimously by those present. a. Minutes - Approved the minutes of October 20, 2020. b. Oct. Financial Report - Accepted the Oct. 2020 Financial Report as presented. Waiving of Lodging Tax: Haffner recapped the discussion from the October meeting on the lodging tax and the impact to the hospitality industry due to COVID 19. Schultz said the purpose of the discussion was to consider relief from the lodging tax. Danielson discussed how the closures have been severe for the hospitality industry. Wick clarified that the lodging tax rate was at 3%. Hosch discussed the work of the Convention and Visitor’s Bureau (CVB) and the importance of continuing that work. Hosch suggested suspending the lodging tax temporarily. Schultz agreed and discussed the liquor license relief provided earlier in the year to those businesses who have liquor licenses. There was discussion on a timeline and consensus was to provide a six month waiver on the lodging tax. Hosch made a motion to suspend the lodging tax for six months from December 1, 2020 to May 31, 2020, seconded by Schulz and passed unanimously by those present. Board Member Announcements: Schultz discussed the Governor’s most recent Executive Order. Adjourn: Schultz adjourned the meeting at 12:18 PM. Therese Haffner City Administrator EDAAgenda Item 4b ________________________ MEETING DATE: December 15, 2020 AGENDA ITEM: November Finance Reports SUBMITTED BY: Finance BOARD/COMMISSION/COMMITTEE/COUNCIL RECOMMENDATION: N/A PREVIOUS EDA ACTION: None BACKGROUND INFORMATION: Enclosed you will find the reconciled financial reports through November 30, 2020. The ending undesignated balance shows a surplus of $40,838. The designated project balance is $22,044. The capital designated balance includes 2020 capital budget balance of $44,100. The EDA is mainly funded by tax proceeds. The first half tax proceeds were received in June and July. The final settlement is due in December. The other funds reported include the TIF funds, Lodging Tax, DEED CDAP Grant reimbursement and the Revolving Loan fund. There are three revolving loans to Krewe and Flour to Flower Bakery; St. Joseph Food Co-Op; and Jupiter Moon Ice Cream. The current revolving loan fund balance is $197,108 at th November 30, including $189,554 reserved balance from the EDA fund to be used for future economic development; $7,554 is available from the State’s RLF fund for future loan requests. The City Council allowed Krewe to delay their RLF loan payments for three months due to the COVID-19 emergency declaration. TIF 3-1 for the Central MN Credit Union received the full TIF funding and was decertified. Excess TIF proceeds were submitted to Stearns County for redistribution to all taxing jurisdictions. The City of St. Joseph will receive roughly $12,000 from the redistribution. The funds will be placed in the EDA fund to pay the final TIF reporting. Any remaining balances can be used by the EDA for any purpose. th The Lodging Tax fund has a balance of $23,551 on November 30. A summary of their activity is enclosed in this report. Lodging tax collections have been down significantly in 2020. Council agreed to discontinue lodging tax from 12/1/20 through 4/30/2021 resulting in lower lodging taxes next year also. The plan is to buy down the reserved balance to help businesses increase sales. The 2018 Housing Rehab grant administered by Central MN Housing Partnership has a balance of $78,378. CMHP remitted a reimbursement request in Dec for $13,242.25. CMHP stated they have another application pending. They are reaching out to the area for the remaining grant funding. BUDGET/FISCAL IMPACT: For Information Only ATTACHMENTS: Request for EDA Action – Finance Reports EDA Financial Summary EDA Balance Sheet EDA Check Register EDA Revenue Report EDA Expenditure Report EDA Summary CIP CVB Financial Summary REQUESTED BOARD ACTION: Consider acceptance of the November financial reports. St. Joseph Economic Development Authority Summary Treasurer's Report - Fund 150 November 2020 Fund 150, EDA Balance as of December 31, 2019(Audited) 40,700.12 Year to Date Revenue: Interest Earnings925.79 TIF/MIF Deposit- DEED Housing Federal Grant Proceeds- Abatement Reimbursement (School District)4,691.00 Ad Valorem Taxes64,330.33 Surplus Property (Sale of Outlot C)24,500.00 Total Revenue94,447.12 Year to Date Expenditures by Object: Board Stipends(1,120.00) Staff Salaries/Training(23,555.06) Workers Comp Premium(162.37) Software Support/Office Supplies(637.96) Professional Services- Legal/Engineering Fees(1,120.12) Telephone(1,240.81) Greater St. Cloud Development Investment(5,000.00) Business Round Table Outreach- Advertising(99.26) Abatement Payments (Country Manor)(15,040.24) CM Housing Grant Reimbursement- Computers(670.17) EDA Programs(23,618.88) Transfer to Other Funds- Total Expenses(72,264.87) Fund Summaries as of November 30, 2020: EDA Fund Balance - Fund 150 - unaudited, cash balance 62,882.37 Designated for Capital Programs 22,044.41 Undesignated 40,837.96 TIF 3-1 Central MN Credit Union Fund Balance - Fund 152 16,433.76 TIF 4-1 Fortitude Senior Apts Fund Balance - Fund 153 8,320.81 TIF 2-1 Millstream Shops and Lofts Fund Balance - Fund 15731,218.63 TIF 2-2 St. Joseph Meat Market Fund Balance - Fund 158330.50 TIF 2-3 Bayou Blues & Alley Flats Fund Balance - Fund 159(9,837.86) Lodging Tax Fund Balance - Fund 22023,550.77 DEED CDAP Grant Fund Balance - Fund 22550,317.22 Revolving Loan Fund Balance - Fund 250197,108.19 Designated for Revolving Loan Program 7,554.28 Designated for Economic Development 189,553.91 12/09/20 4:12 PM City of St. Joseph Page 1 EDA Balance Sheet Current Period: November 2020 YTDYTDCurrent FUND DescrAccount DescrBegin YrDebitCreditBalance FUND 150 Economic Development Economic DevelopmentG 150-10100 Cash$29,584.19$100,238.25$77,240.07$52,582.37 Economic DevelopmentG 150-10450 Interest Receivable$159.80$0.00$159.80$0.00 Economic DevelopmentG 150-10500 Accounts Receivable$0.00$0.00$0.00$0.00 Economic DevelopmentG 150-10700 Taxes Receivable - Delinquen$2,089.77$0.00$2,089.77$0.00 Economic DevelopmentG 150-13113 Due From other Gov t Units$5,589.13$0.00$5,589.13$0.00 Economic DevelopmentG 150-15500 Due From Other Fund$10,300.00$0.00$0.00$10,300.00 Economic DevelopmentG 150-20200 Accounts Payable-$4,727.88$4,727.88$0.00$0.00 Economic DevelopmentG 150-20201 Salaries Payable-$205.12$205.12$0.00$0.00 Economic DevelopmentG 150-22204 Deferred Inflow of Resources-$2,089.77$2,089.77$0.00$0.00 Economic DevelopmentG 150-24415 Design. Fd Bal - Operations$0.00$0.00$0.00$0.00 Economic DevelopmentG 150-25310 Unassigned Fund Balance-$40,700.12$82,989.00$105,171.25-$62,882.37 FUND 150 Economic Development$0.00$190,250.02$190,250.02$0.00 FUND 152 TIF 3-1 CMCU TIF 3-1 CMCUG 152-10100 Cash$3,130.97$22,627.61$9,324.82$16,433.76 TIF 3-1 CMCUG 152-10450 Interest Receivable$7.45$0.00$7.45$0.00 TIF 3-1 CMCUG 152-10500 Accounts Receivable$0.00$0.00$0.00$0.00 TIF 3-1 CMCUG 152-20200 Accounts Payable$0.00$0.00$0.00$0.00 TIF 3-1 CMCUG 152-20500 Due To Other Fund$0.00$0.00$0.00$0.00 TIF 3-1 CMCUG 152-25310 Unassigned Fund Balance-$3,138.42$9,332.27$22,627.61-$16,433.76 FUND 152 TIF 3-1 CMCU$0.00$31,959.88$31,959.88$0.00 FUND 153 TIF 4-1 Fortitude Senior Apts TIF 4-1 Fortitude SeniorG 153-10100 Cash$6,229.11$28,539.24$26,447.54$8,320.81 TIF 4-1 Fortitude SeniorG 153-10450 Interest Receivable$19.71$0.00$19.71$0.00 TIF 4-1 Fortitude SeniorG 153-10500 Accounts Receivable$0.00$0.00$0.00$0.00 TIF 4-1 Fortitude SeniorG 153-20200 Accounts Payable$0.00$0.00$0.00$0.00 TIF 4-1 Fortitude SeniorG 153-20500 Due To Other Fund$0.00$0.00$0.00$0.00 TIF 4-1 Fortitude SeniorG 153-25310 Unassigned Fund Balance-$6,248.82$26,467.25$28,539.24-$8,320.81 FUND 153 TIF 4-1 Fortitude Senior Apts$0.00$55,006.49$55,006.49$0.00 FUND 157 TIF 2-1 Millstream TIF 2-1 MillstreamG 157-10100 Cash$30,039.91$23,874.21$22,695.49$31,218.63 TIF 2-1 MillstreamG 157-10450 Interest Receivable$101.98$0.00$101.98$0.00 TIF 2-1 MillstreamG 157-10500 Accounts Receivable$0.00$0.00$0.00$0.00 TIF 2-1 MillstreamG 157-13113 Due From other Gov t Units$0.00$0.00$0.00$0.00 TIF 2-1 MillstreamG 157-20200 Accounts Payable$0.00$0.00$0.00$0.00 TIF 2-1 MillstreamG 157-25310 Unassigned Fund Balance-$30,141.89$22,797.47$23,874.21-$31,218.63 FUND 157 TIF 2-1 Millstream$0.00$46,671.68$46,671.68$0.00 FUND 158 TIF 2-2 Meat Market TIF 2-2 Meat MarketG 158-10100 Cash$701.75$4,366.69$4,237.94$830.50 TIF 2-2 Meat MarketG 158-10450 Interest Receivable$3.10$0.00$3.10$0.00 TIF 2-2 Meat MarketG 158-20201 Salaries Payable$0.00$0.00$0.00$0.00 TIF 2-2 Meat MarketG 158-20500 Due To Other Fund-$500.00$0.00$0.00-$500.00 TIF 2-2 Meat MarketG 158-25310 Unassigned Fund Balance-$204.85$4,241.04$4,366.69-$330.50 FUND 158 TIF 2-2 Meat Market$0.00$8,607.73$8,607.73$0.00 FUND 159 TIF 2-3 Bayou Blues/Alley Flat TIF 2-3 Bayou Blues/AllG 159-10100 Cash$362.69$7,188.47$7,589.02-$37.86 TIF 2-3 Bayou Blues/AllG 159-10450 Interest Receivable$2.37$0.00$2.37$0.00 TIF 2-3 Bayou Blues/AllG 159-13113 Due From other Gov t Units$41.27$0.00$41.27$0.00 12/09/20 4:12 PM City of St. Joseph Page 2 EDA Balance Sheet Current Period: November 2020 YTDYTDCurrent FUND DescrAccount DescrBegin YrDebitCreditBalance TIF 2-3 Bayou Blues/AllG 159-20200 Accounts Payable$0.00$0.00$0.00$0.00 TIF 2-3 Bayou Blues/AllG 159-20500 Due To Other Fund-$9,800.00$0.00$0.00-$9,800.00 TIF 2-3 Bayou Blues/AllG 159-25310 Unassigned Fund Balance$9,393.67$7,632.66$7,188.47$9,837.86 FUND 159 TIF 2-3 Bayou Blues/Alley Flat$0.00$14,821.13$14,821.13$0.00 FUND 220 Lodging Tax Lodging TaxG 220-10100 Cash$34,282.58$10,033.56$20,765.37$23,550.77 Lodging TaxG 220-10450 Interest Receivable$120.60$0.00$120.60$0.00 Lodging TaxG 220-10500 Accounts Receivable$381.93$0.00$381.93$0.00 Lodging TaxG 220-25310 Unassigned Fund Balance-$34,785.11$21,267.90$10,033.56-$23,550.77 FUND 220 Lodging Tax$0.00$31,301.46$31,301.46$0.00 FUND 225 DEED CDAP Grant DEED CDAP GrantG 225-10100 Cash$32,937.58$17,379.64$0.00$50,317.22 DEED CDAP GrantG 225-10450 Interest Receivable$122.24$0.00$122.24$0.00 DEED CDAP GrantG 225-25310 Unassigned Fund Balance-$33,059.82$122.24$17,379.64-$50,317.22 FUND 225 DEED CDAP Grant$0.00$17,501.88$17,501.88$0.00 FUND 250 Revolving Loan Fund Revolving Loan FundG 250-10100 Cash$219,625.50$15,992.78$38,249.00$197,369.28 Revolving Loan FundG 250-10450 Interest Receivable$1,002.95$0.00$1,264.04-$261.09 Revolving Loan FundG 250-11900 Notes Receivable$52,500.00$0.00$52,500.00$0.00 Revolving Loan FundG 250-22204 Deferred Inflow of Resources-$51,373.70$51,373.70$0.00$0.00 Revolving Loan FundG 250-24415 Design. Fd Bal - Operations-$33,571.12$0.00$0.00-$33,571.12 Revolving Loan FundG 250-25310 Unassigned Fund Balance-$188,183.63$40,639.34$15,992.78-$163,537.07 FUND 250 Revolving Loan Fund$0.00$108,005.82$108,005.82$0.00 $0.00$504,126.09$504,126.09$0.00 12/09/20 4:13 PM City of St. Joseph Page 1 EDA Check Register CHECK #Search NameCommentsFUNDDEPARTAmount 056983BRUNO PRESSNovember 2020 CVB Social Me22046500$750.00 057004MIDCONTINENT COMMUNICATIONSNovember 2020 Telephone/Fib15046500$114.81 057032Bruno, MaryReimburse Shop Small Crawl &22046500$204.98 057040KRILLAN, INC.CVB Shirts & Caps22046500$702.50 $1,772.29 12/09/20 4:14 PM City of St. Joseph Page 1 EDA Expenditure Report Current Period: November 2020 2020November2020 Account DescrYTD Budget2020 AmtYTD Amt FUND 150 Economic Development E 150-46500-101 Salaries$33,510.00$0.00$15,539.65 E 150-46500-103 Legislative Bodies$4,410.00$0.00$1,120.00 E 150-46500-121 PERA Contributions$2,515.00$0.00$1,165.49 E 150-46500-122 FICA Contributions$1,925.00$0.00$927.89 E 150-46500-123 Deferred Comp-Employer$455.00$0.00$1,251.89 E 150-46500-125 Medicare Contributions$450.00$0.00$216.99 E 150-46500-130 H S A- Employer Contribution$875.00$0.00$562.50 E 150-46500-131 Health Insurance$6,090.00$0.00$2,700.19 E 150-46500-132 Dental Insurance$415.00$0.00$203.99 E 150-46500-133 Life Insurance$25.00$0.00$13.83 E 150-46500-134 Disabilty Insurance$285.00$0.00$137.01 E 150-46500-151 Workers Comp. Insur. Prem.$215.00$0.00$162.37 E 150-46500-171 Clothing Allowance$70.00$0.00$0.00 E 150-46500-200 Office Supplies$500.00$0.00$16.74 E 150-46500-215 Software Support$1,445.00$0.00$621.22 E 150-46500-300 Professional Services$0.00$0.00$0.00 E 150-46500-303 Engineering Fee$2,000.00$0.00$383.12 E 150-46500-304 Legal Fees$1,000.00$0.00$737.00 E 150-46500-308 Community Programs$0.00$0.00$0.00 E 150-46500-321 Telephone$1,400.00$114.81$1,240.81 E 150-46500-322 Postage$100.00$0.00$0.00 E 150-46500-328 Marketing$1,000.00$0.00$0.00 E 150-46500-331 Travel & Conference Expense$1,750.00$0.00$540.63 E 150-46500-340 Advertising$200.00$0.00$99.26 E 150-46500-433 Dues & Memberships$5,295.00$0.00$5,295.00 E 150-46500-582 Computer Software$500.00$0.00$670.17 E 150-46500-588 EDA Programs$44,100.00$0.00$23,618.88 E 150-46500-622 TIF/Abatement Payments$15,000.00$0.00$15,040.24 E 150-49300-720 Transfers to Other Funds$0.00$0.00$0.00 FUND 150 Economic Development$125,530.00$114.81$72,264.87 FUND 152 TIF 3-1 CMCU E 152-46500-101 Salaries$0.00$0.00$0.00 E 152-46500-121 PERA Contributions$0.00$0.00$0.00 E 152-46500-122 FICA Contributions$0.00$0.00$0.00 E 152-46500-123 Deferred Comp-Employer$0.00$0.00$0.00 E 152-46500-125 Medicare Contributions$0.00$0.00$0.00 E 152-46500-132 Dental Insurance$0.00$0.00$0.00 E 152-46500-133 Life Insurance$0.00$0.00$0.00 E 152-46500-134 Disabilty Insurance$0.00$0.00$0.00 E 152-46500-300 Professional Services$0.00$0.00$990.00 E 152-46500-301 Audit & Accounting Services$750.00$0.00$0.00 E 152-46500-340 Advertising$45.00$0.00$54.26 E 152-46500-622 TIF/Abatement Payments$0.00$0.00$8,280.56 E 152-49300-720 Transfers to Other Funds$0.00$0.00$0.00 FUND 152 TIF 3-1 CMCU$795.00$0.00$9,324.82 FUND 153 TIF 4-1 Fortitude Senior Apts E 153-46500-101 Salaries$0.00$0.00$0.00 E 153-46500-121 PERA Contributions$0.00$0.00$0.00 E 153-46500-122 FICA Contributions$0.00$0.00$0.00 E 153-46500-125 Medicare Contributions$0.00$0.00$0.00 12/09/20 4:14 PM City of St. Joseph Page 2 EDA Expenditure Report Current Period: November 2020 2020November2020 Account DescrYTD Budget2020 AmtYTD Amt E 153-46500-300 Professional Services$0.00$0.00$990.00 E 153-46500-340 Advertising$0.00$0.00$54.26 E 153-46500-588 EDA Programs$0.00$0.00$0.00 E 153-46500-622 TIF/Abatement Payments$0.00$0.00$25,403.28 E 153-49300-720 Transfers to Other Funds$0.00$0.00$0.00 FUND 153 TIF 4-1 Fortitude Senior Apts$0.00$0.00$26,447.54 FUND 157 TIF 2-1 Millstream E 157-46500-101 Salaries$0.00$0.00$0.00 E 157-46500-121 PERA Contributions$0.00$0.00$0.00 E 157-46500-122 FICA Contributions$0.00$0.00$0.00 E 157-46500-123 Deferred Comp-Employer$0.00$0.00$0.00 E 157-46500-125 Medicare Contributions$0.00$0.00$0.00 E 157-46500-132 Dental Insurance$0.00$0.00$0.00 E 157-46500-133 Life Insurance$0.00$0.00$0.00 E 157-46500-134 Disabilty Insurance$0.00$0.00$0.00 E 157-46500-300 Professional Services$0.00$0.00$1,940.00 E 157-46500-301 Audit & Accounting Services$500.00$0.00$0.00 E 157-46500-340 Advertising$45.00$0.00$54.26 E 157-46500-622 TIF/Abatement Payments$34,000.00$0.00$20,701.23 E 157-49300-720 Transfers to Other Funds$0.00$0.00$0.00 FUND 157 TIF 2-1 Millstream$34,545.00$0.00$22,695.49 FUND 158 TIF 2-2 Meat Market E 158-46500-101 Salaries$0.00$0.00$46.48 E 158-46500-121 PERA Contributions$0.00$0.00$3.48 E 158-46500-122 FICA Contributions$0.00$0.00$2.78 E 158-46500-123 Deferred Comp-Employer$0.00$0.00$0.63 E 158-46500-125 Medicare Contributions$0.00$0.00$0.65 E 158-46500-131 Health Insurance$0.00$0.00$6.58 E 158-46500-132 Dental Insurance$0.00$0.00$0.45 E 158-46500-133 Life Insurance$0.00$0.00$0.00 E 158-46500-134 Disabilty Insurance$0.00$0.00$0.00 E 158-46500-300 Professional Services$0.00$0.00$0.00 E 158-46500-301 Audit & Accounting Services$500.00$0.00$0.00 E 158-46500-340 Advertising$45.00$0.00$54.26 E 158-46500-622 TIF/Abatement Payments$4,000.00$0.00$4,122.63 FUND 158 TIF 2-2 Meat Market$4,545.00$0.00$4,237.94 FUND 159 TIF 2-3 Bayou Blues/Alley Flat E 159-46500-101 Salaries$0.00$0.00$0.00 E 159-46500-121 PERA Contributions$0.00$0.00$0.00 E 159-46500-122 FICA Contributions$0.00$0.00$0.00 E 159-46500-123 Deferred Comp-Employer$0.00$0.00$0.00 E 159-46500-125 Medicare Contributions$0.00$0.00$0.00 E 159-46500-132 Dental Insurance$0.00$0.00$0.00 E 159-46500-133 Life Insurance$0.00$0.00$0.00 E 159-46500-134 Disabilty Insurance$0.00$0.00$0.00 E 159-46500-300 Professional Services$0.00$0.00$990.00 E 159-46500-301 Audit & Accounting Services$750.00$0.00$0.00 E 159-46500-340 Advertising$45.00$0.00$54.26 E 159-46500-622 TIF/Abatement Payments$0.00$0.00$6,451.04 E 159-49300-720 Transfers to Other Funds$0.00$0.00$93.70 12/09/20 4:14 PM City of St. Joseph Page 3 EDA Expenditure Report Current Period: November 2020 2020November2020 Account DescrYTD Budget2020 AmtYTD Amt FUND 159 TIF 2-3 Bayou Blues/Alley Flat$795.00$0.00$7,589.00 FUND 220 Lodging Tax E 220-46500-300 Professional Services$3,000.00$750.00$8,250.00 E 220-46500-309 Visitors Bureau$9,200.00$702.50$8,180.38 E 220-46500-328 Marketing$2,000.00$0.00$3,528.35 E 220-46500-331 Travel & Conference Expense$0.00$0.00$561.66 E 220-46500-340 Advertising$500.00$204.98$244.98 FUND 220 Lodging Tax$14,700.00$1,657.48$20,765.37 FUND 225 DEED CDAP Grant E 225-46500-300 Professional Services$12,500.00$0.00$0.00 E 225-46500-340 Advertising$0.00$0.00$0.00 FUND 225 DEED CDAP Grant$12,500.00$0.00$0.00 FUND 250 Revolving Loan Fund E 250-46500-300 Professional Services$0.00$0.00$0.00 E 250-46500-304 Legal Fees$0.00$0.00$499.00 E 250-46500-317 Other fees$0.00$0.00$0.00 E 250-46500-434 Certification Fee$0.00$0.00$0.00 E 250-46500-455 Revolving Loan Proceeds$0.00$0.00$34,750.00 FUND 250 Revolving Loan Fund$0.00$0.00$35,249.00 $193,410.00$1,772.29$198,574.03 2,728.41 19,316.00 78,378.00 211,598.32 189,553.91208,869.91 11/30 670.17 25,454.17 24,784.0024,784.00 11/30through Reimbursed100,247.00 500.00 44,600.00 EDA 44,100.0044,100.00 Plan 2019 9 2019 18, 16, Award178,625.00 June 2,898.58 192,452.49 189,553.91189,553.91 Expenditures Availablethrough Improvement 12/31/201 December Capital Capital Recommended: Adopted 2020 Fund EDA General Housing Grant Draw Down Computer SoftwareBusiness DevelopmentBusiness Development EDA-1401EDA-1402EDA-1402 CodeNumberEquipmentBalance202020202020Balance P ProjectProjectReserveBudgetGrants/AidsSpent2020 DepartmentAccount EDA150-46500-582EDA150-46500-588RLF250-46500-588 TOTAL EDA CI CVB2020FinancialSummary AsofNovember30,2020 BeginningFundBalance112034,785.11$ YTDRev Customer2020 InterestEarnings745.80$ TshirtSales$ BeanieHatSales$ FireworksDonations5,000.00$ RodewayInnLodgingTax3,254.16$ CSBLodgingTax$ EstatesB&BLodgingTax531.07$ $9,531.03 YTDExp Vendor2020 BrunoPresssocialmediacampaign8,250.00$ ExploreMinnesotaConference561.66$ RubinskiWorksVideos2,250.00$ WebsiteHosting3,528.35$ ResPyroFireworks5,267.88$ ThinkTourismUSAMagazineAd$ ShopSmall/WinterwalkPostcards204.98$ 87LumensEventPhotos$ Krillan,Inc.Tshirts/Caps702.50$ NewcomerServiceMagazineAd$ $20,765.37 EndingCashBalance11302023,550.77$ EDA Agenda Item 5a th MEETING DATE: Tuesday, December 15, 2020 AGENDA ITEM: Façade Architectural Design Grant Program – College & Minnesota, LLC SUBMITTED BY: Applicant – Shannon Wiger (College & Minnesota, LLC owner) STAFF RECOMMENDATION: Staff recommends approval of grant in the amount of $1,000 PREVIOUS BOARD ACTION: None BACKGROUND INFORMATION: Shannon Wiger applicant and owner of College & Minnesota, LLC has purchased the building addressed as 11 College Ave, N. Building is located at the NW corner of W Minnesota St and College Ave S. The building has sat vacant since August when Babygirlz Boutique closed. The brick on the building has been dated back to 1898. Ms. Wiger intends to restore the entire façade of the building while first focusing on the side fronting Minnesota St W. Her intentions are to “restore as many of the original historic elements as possible, while using historically appropriate finishes whenever possible.”. More information and specific depictions on the project are found in the attached application. The grant funds being requested are specifically intended to go towards removal and replacement of the existing door fronting Minnesota St W. Ms. Wiger intends to install a steel craftsman door to replace the existing door. The new door will more closely resemble one that is consistent with the historic time period and appearance of the building. Cost of the new door is quoted at $859.45 + tax. Any remaining funds after tax would go towards other aspects of the façade improvement that Ms. Wiger intends to undertake. Work on the building is expected to begin as soon as possible weather permitting. BUDGET/FISCAL IMPACT: $1,000 ATTACHMENTS: 1. Application and summary of work as provided by applicant REQUESTED BOARD ACTION: Staff requests action (approval) on the grant in the amount of $1,000. EDA Agenda Item 5b th MEETING DATE: Tuesday, December 15, 2020 AGENDA ITEM: Business Emergency Loan Program Application – Rodeway Inn (Romie Hospitality LLC) SUBMITTED BY: Applicant - Dhaval Shah (Romie Hospitality LLC) owner of Rodeway Inn. STAFF RECOMMENDATION: Staff is concerned with the full amount requested but would like input from EDA on appropriate loan amounts/terms. At minimum staff will need collateral or personal guarantee based on applicants outstanding loans versus assets. PREVIOUS BOARD ACTION: None BACKGROUND INFORMATION: Dhaval Shah loan applicant and owner of Romie Hospitality LLC (Rodeway Inn) is requesting an emergency loan due to impacts on their lodging business from the COVID-19 pandemic. The Rodeway Inn is located at 1825 E Minnesota St and depicted below. Hotel, and lodging industries have been severely impacted due to the pandemic. Reservations, events, and gatherings have been cancelled, or postponed. In turn this has directly reduced income generators for lodging and hospitality industries. Operation costs of course continue for these industries. The applicant is applying for the loan to offset the losses seen due to drastic reductions in lodging stays and event cancelations. Applicant proposes to utilize the funds from this loan to: bring part time employees back (5 total employees) purchase additional cleaning supplies. offset operational costs and on-going bills The funds are requested to help keep the operations afloat during these unprecedent times. Part of the intent of the emergency loans are to “replace working capital and cash flow used for operating costs”. These costs include payroll obligations, lease/mortgage payments, inventory, and other working capital expenditures. Loans provide 0% interest. Specific loan request is for $75,000. Staff has some concern on the full requested amount based on existing financials and outstanding loans. $75,000 loan would place the monthly payments at about $4,200 or so over 18 months. BUDGET/FISCAL IMPACT: To be determined. Final amount dependent on EDA input/recommendation. ATTACHMENTS: 1. Application 2. Copy of business emergency loan terms (reference) 3. Financial statements (from past two years) 4. Credit report (from each principal owner) REQUESTED BOARD ACTION: Request action on an appropriate loan amount. City of St. Joseph EDA BusinessEmergencyLoan Terms Loanamountswillstart at $5,000.00 andwillbebasedontheeconomic injuryandthefinancialneedofthebusinessas approved by the St. Joseph Economic Development Authority (EDA). Loanproceedswillberestrictedtoworkingcapitalonly. Recipientswillbechargeda1%loanoriginationfee,plusrecordingfees. Loanswillhavea0%interestrate. Loansaretobepaidbackmonthlyoveraperiod oftwo(2)years.Thefirst paymentwillbedeferredforsix(6)monthswith the option to extend with EDA approval. Loanswillbeprovidedtoonlybusinesses located in the city limits of St. Joseph, Minnesota. Loanswillrequiresufficientcollateralorapersonalguaranteetocoverthe balanceoftheloan. Ifthebusinessreceives fundingfromMNDEED, SBAorFederalfunding, the loanmustberepaid,infull,uponreceiptoffundsfromtheothersource. Inthecaseofdefaultoftheloanorthepermanentclosureorsaleofthebusiness, theloanimmediatelybecomesdueandpayableinfull. 2021 Business Retention Visits Business Type Date Astech Construction Jan. Bo-Diddley’sRestaurantJan Central Canvas Manufacturing Manufacturing Jan North Central Truck Accessories Wholesaler Jan Kay’s Kitchen Restaurant Feb Tamarack Materials Wholesaler Feb La Playette Bar Restaurant Feb. Floral Arts Retail March Daisy A Day Floral Retail March Scenic Specialties Landscaper April Auto Color and Industrial Supply Industrial April Coborns Retail May Arlington Place Assisted Living Senior Living Facility May Jupiter Moon Restaurant June St. Joseph Equine Clinic Veterinary June St. Joseph Vet Clinic Veterinary July St. Joseph Mutual Insurance Service July MN Assoc. of Farm Mutual Ins. Service Aug Chiropractic Connection Medical Sept Central MN Credit Union Finance Oct Sentry Bank Finance Oct Krewe + Flour & Flower Restaurant Oct. Sal’s Bar and Grill Restaurant Nov Midwest Supply & Distribution Wholesale Distributor Nov