050994 EDA Official File Copy
C~Y OF NEW HOPE
EDA AGENDA
EDA Regular Meeting//5 May 9, 1994
President Edward J. Erickson
Commissioner W. Peter Enck
Commissioner Gerald Otten
Commissioner Terri Wehling
Commissioner Marky Wiltiamson
1. Call to Order
2. Roll Call
3. Approval of Minutes of April 25, 1994
4. Discussion Regarding Request for Interest Rate Reduction on EDA. Loan by
Autohaus of Minneapolis, Inc. and Review of Addendum to Development Contract
(Improvement Project No. 467)
5. Adjournment
CITY OF NEW HOPE
4401 XYLON AVENUE NORTH
HENNEPIN COUNTY, MINNESOTA 55428
Approved EDA Minutes April 25, 1994
Meeting #4
CALL TO ORDER President Erickson called the meeting of the Economic Development
Authority to order at 8:51 p.m.
ROLL CALL Present: Erickson, Enck, Otten, Williamson, Wehling
Staff Present: Donahue, Sondrall, Hanson, McDonald, Bellefuil, French,
Schuster, Leone
APPROVE MINUTES Motion was made by Commissioner Enck, seconded by Commissioner
Wehling, to approve the EDA minutes of April 11, 1994. All present voted
in favor. Motion carried.
IMP. PROJECT 467 President Erickson introduced for discussion Item 4, Discussion Regarding
Item 4 Request for Interest Rate Reduction on EDA Loan by Autohaus of
Minneapolis, Inc. and Review of Addendum to Development Contract
(Improvement Project No. 467).
There was no representative of Autohaus to give an update on
improvements to their property; therefore, the EDA wished to postpone
action regarding the request for an interest rate reduction on the Autohaus
loan.
MOTION Motion was made by Commissioner Enck, seconded by Commissioner
Item 4 Wehling, to table discussion regarding Autohaus's request for interest rate
reduction on EDA Loan until May 9, 1994. All present voted in favor.
Motion carried.
IMP. PROJECT 519 President Erickson introduced for discussion Item 5, Resolution Authorizing
Item 5 Acquisition of 6073 Louisiana Avenue North and Directing Preparation of
Purchase Offer to Implement Same (Improvement Project No. 519).
The resolution authorizes staff to prepare a purchase agreement and
acquire property at 6073 Louisiana Avenue for the City's scattered site
housing program, which provides affordable housing ownership
opportunities for New Hope residents.
Last fall the City Council approved the preliminary plat of Carol James
Addition to allow the subdivision of the existing large single-familY R-1 lot
into two parcels, with the northerly lot retaining the existing single-family
home and the southerly lot providing a new vacant building site. The final
plat was put on hold due to the fact that the newly created lot does not
currently have a sewer/water service and said services would need to be
provided from existing utilities in Louisiana Avenue at an estimated cost
of $16,598 (estimates from City Engineer).
Subsequent to the plat submittal, the City has acquired the adjacent
property at 7109 62nd Avenue and is in the process of preparing
specifications for the rehabilitation of this property for eventual resale as
New Hope EDA April 25, 1994
Page 1
Request for Action
Autohaus of Minneapolis, Inc.
Page 2
$3,379.81 were to have been made to the City under the original loan schedule. Boettch~
exceeded the monthly payments and is almoSt $25,000 in advance of the agreed upon pa.~
schedule. Boettcher states that at the time of the loan the intent was to provide a better
market interest rate and 9 % was an excellent rate at that time. However, due to the d~
interest rates over the past 2-1/2 years, he states that the advantage to this rate no longer e
He is requesting that the interest rate be reduced to 6.5 % to give them back a propor
advantage.
The enclosed attachments show the "original payment schedule," "payments due per or
schedule," "payments made to date" and "interest rate assumptions. Payments made t(
equal $103,995.67 and payments due per date equal $78,691.35; or payments are $25,3.
ahead of schedule. Staff is generally agreeable with an interest rate reduction, but feel
6.5 % is too low in light of the fact that interest rates are now rising.
Another consideration should be the status of the development improvements on the prol
While most of the work agreed upon to be completed by October, 1993, has been accompll
several items have not: landscaping, striping and front retaining wall issues needs
resolved. Staff recommends that the Addendum to the Development Contract again be re
to reflect the improvements that were actually completed by October, 1993, and to state '
remaining improvements will be completed by October, 1994.
4401 Xylon Avenue North Telephone: 612-531-5100 City Hall Fax: #612-531-513~
New Hope, Minnesota 55428-4898 TDD Line: 612-531-5109 Police Fax: #612-531-517.
Public Works Fax: #612-533-765~
April 26, 1994
Mr. Thomas Boettcher, President
Autohaus of Minneapolis
7709 42nd Avenue North
New Hope, MN 55427
Subject: Request for Interest Rate Reduction on EDA Loan
Dear Mr. Boettcher:
I am writing to inform you that the EDA considered your request for an interest rate reduction
on the EDA lOan at their April 25th meeting. The EDA was generally favorable to some type
of reduction, but tabled the matter until their May 9th meeting. Before the EDA approves any
interest rate reductions, they want a representative frOm Autohaus to give an update on the
improvements to the property. Please plan on being present at the May 9th meeting. I will
assume you will be present if you do not contact me prior to that time.
Please contact me if you have any questions at 531-5119.
Sincerely,
Daniel J. Donahue
City Manager
Kirk McDonald
Management Assistant/
Community Development Coordinator
KM/prs
Larry Watts, Director of Finance
Valerie Leone, City Clerk
Improvement .Project No. 467,
Family Styled City For Family Livin~
COLLISION & P.~NT CENTER
!
Audi
Dan Donahue
City of New Hope
FORD 4401Xylon Avenue North
New Hope, MN 55428
NISSAN
Dear Mr. Donahue:
HONDA Enclosed please find a copy of the present balance d
on the Autohaus property. As you can see, we. ha~ aid
almost $25,000 in advance of the agreed upon
CHRYSLER schedule, and all payments were made well before the
monthly due date.
~ Originally, back in 1989-90, when the finance packi wa~
set up for Autohaus on the purchase of the two 9i of
property, we were to have a better-than market il est
BMW rate of 9%. At the time, this was an excellent rate
However, due to the drop in interest rates over tl ast
two and a half years, the advantage to this rate no .get
MERCEDES exists. Therefore, I am requesting at this time t] the
interest rate be brought in line with the gener~ ate
today, which would be 6.5%. This rate would be prop .on-
VOLVO ate in order to give us back an advantage.
Enclosed is the tentative schedule for final settlem of
ACURA the loan for Autohaus. I look forward to hearing fr ou
soon. Thank you.
TOYOTA
?OR$CHE~
JAGUAR ~u~'~omae W. Boettcher
President
770~ 42nd Avenue North * Minneapolis, MN 55427 * (612) 535.5707 --
CITY OF NEW HOPE
MEMORANDUM
DATE: April 18, 1994
TO: City Manager
FROM: Larry Watts, Director of Finance/Administration
SUBJECT: INTEREST RATE ON THOMAS BOETTCHER'S EDA LOAN.
At the time Mr. Boettcher originally entered into a loan
agreement with the City in 1991, the 9% interest rate was a low
rate in comparison to commercial loans offered by banks. I
appreciate that rates have decreased since 1991, and that a
comparable rate to the original loan rate would be lower.
Banks Use bench marks such as Prime Rate and US Government
Treasury rates in determining commercial rates. I believe a good
approach would be to use 125 basis points over the Prime Rate as
listed in the Wall Street Journal. This could be done on a semi-
annual, or annual basis. I was told by one banker that they
normally use 200 to 250 basis points over prime. Based on 200
basis points, a commercial loan at the bank would be 8.25%,
while the City would only be charging 7.50%.
If the City does make a change in the loan agreement, we should
make sure that any legal costs incurred will be passed on to Mr.
Boetcher. The City has already absorbed staff time in respect
to cash flows, research, and agendas.
cc: Kirk McDonald
opportunity for the Denver bonds as prices passengers.
- bottom. . ...... : .... d confidence of The carriers' business, meantime, also y calendar sun
But mucnoftne conm,,~,- stands to suifer more directly than the the nent-grade a~d
airport's image if the baggage system is '.et participants'
~ d when the airport opens, analysts
bond investors binges upon how Denver Ret
flawe .... :-- lu,-,a~e there is we s $200 million
handles the _enormous financing costs of ioday, will give
said. A t?v. elE_lu_~'~o ~{{~e than the ex'
re f the state o; tt
_--. another delay, more likely to m~-,~ ..... G~ .hwest, a unit o-
cern GTE Corp.
:: .,; ews conference late yesterday,
~: At a n ..... e" would' need
: ' Denver officials sam u~ ~ airport, they contend.
million a day to cover the costs of Unlike other airports, where each air- ti(
· ' about .$1 'the debt and maintaining the ~[~H '~[I~I,,D dt )ughsuit, competitba syndical
servicing ...... ~,,, .~tanleton airport: p] ~d utility compa
new airport ann tl=a,,,~ - ,* . - ~-
ill close after DIA opens About BONDS
~on~v ~av2, ~ge & Asset~
tted Some which· w would
half of that money, or $500,000 a day, Total Average
~j,~Nr~S oailv In~x price :S O! mortgage
~I.S- :. .~- Return. ValUe Clmnge VoL ] rely lower, witt
recen, v flied Flab Index + e.O~% - ~{3.~' - e.0~ ~A ssues outpedor
ers.collect cella
Deferred Iht 0.0~ . 1&]34 + i).04 M tare' mortgage
. ~- 0 ~0 143." + 0.:' ~a'..t. e~ra{ Home Lot
.......... ~aoder ideral' ~ationai
: ~ :. Volume KeY: tq =
s INC., a ~.~3sed shelf offering of Tl~e FlaSl~ Index cerises more fftan 650 Issues.- ~ isSueS for
] s~ccess, jutv~,~wo=~oo 3~,~- ~' ~ ~t 99 25/32 and 9:
Losers, :* '
e~urities Data
· ~, ental risks con~
5urgeW Centers. Inc. ~aiE~- ans~,. ~om mm ~ _ . ~ 8inApril.~sua]
'"'
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F~e~ ~e ~ ~n ~s~g intent foflo~g~en~ ~ ~ r~"'--', .) ~w~ s
sudden d~..
men~ l~k ~e ~e ~nomy ~ ~t out ~ ~te~t ~ ~ at 1~ ~t 8~u- ~ ~f~ Fo~
~n~l ~ ~ ~n't out of ~n~... late ~c ~. and s~d ~e ~mp~:
but ~e m~et ~ ~n by ~1~,"
.'.. ~ut ~.~ ~ ~ ~ s~ble. Fo~'s, se~or (
" ' ' renu m~et m ~le*~ ~nm~ n~i~ ~':A.
,
~~' ~ .... ~ ..... ~ ~-' s~ olne~ w~k's ~y~ ~ fl~y~ ~ ~'~
.~; ~,~ : ' ' pl~g~ Mon~, ~d ~ Tow, ~:
~;41~%,31~~4~-4~ ~ A~ 1~:3~:~ ..
~'4~1I~ "'" * sed, ' .... P/4 A~ 101:1{ ~01:16 --
~~v~~,~,, ~,,~: ~7~% ~gin ~e ~ ~e~ wu
PIDI~~ImICORP.(FI ex~mely il~t d~ ~e s~ion ~ 4,/4 J.~ -., -=, ....
~iIgI~~:~JIT~e~I~ lg~ F~ '~ ~ ~ '1 ....
e.~,~~~r,~;~,~ issues
~ ~ make~, ~ade~ said. S~n~ &
tnt d ._roluc_-
· Bat Fee
' ~ ~ ~ m e ~ .,.
"ASSUMPTION INTEREST RATE BASED ON 125 B/ ;
POINTS (1.25) AND TIED TO CURRENT PRIME RA
(6.75) ... INTEREST RATE REDUCED TO 8% ON
MAY 1, 1994"
~O~TGAGE #OTE
THOMAS ~. BOETTCNER
PROPERTY AT-7675 &2#D AV~#UE NO., #Eg NOPE, N#
HAIL TO: 77'09 &2ND AVENUE NORTH, #EU NOPE, N# 55&27
(ASSUNPTION INTEREST RATE RENAI#$ AT 8.0~)
# DAYS SINCE 911&-3601 9215-360&
LAST PAYNENT INTEREST PRINCIPAL
REMAINING BALANCE 83,50~.33
APR ~, 9~ 15 3,379.81 27&.53 3,070.96 80,~33.37
HAY 4, 94 30 3,379.81 528.88 2,850.93 77,582.44
Ju~ ~, 9~ 31 3,379.81 527.14 2,852.67 74,729.76
dUL ~, 9~ 30 3,379.81 ~91.37 2,888.&~ 71,841.33
AUG &, 9~ 31 3,37~.81 &88.13 2,89~.68 68,9&9.64
SEPT G,9~ ~1 3,379.81 ~68.&8 2,911.33 66,038.31
OCT ~, 9~ 30 3,379.81 ~3~.22 2,9~5.S9 63,092.73
NOV G, 9a 31 3,379.81 ~28.68 2,951.13 60,]~.60
DEC G, 9~ 30 3,379.81 395.~5 2,984.36 57,~$7.2&
dAN G, 95 31 3,379.81 388.36 2,991.&5 5~,~65.79
FEB ~, 95 31 3,37'9.81 368.03 3,011.78 51,15~.01
NAR &, 95 28 3,379.81 313.93 3,065.88 ~8,088.13
~ ~, 95 31 3,379.81 3~6.?& 3,053.0? ~5,035.06
~AY &, 95 30 3,379.81 296.1~ 3,083.69 91,951.37
~U# ~, 95 31 3,3~9.81 285.0~, 3,09a.77 38,856.60
dUL 4, 95 30 3,379.81 255.50 3,12~.31 35,732.28
AUG ~, 95 31 3,379.81 242.78 3,137.03 32,595.26
SEPT G,95 31 3,379.81 221.&7 3,158.3~ 29,436.92
OCT ~, 95 30 3,379.81 193.56 3,186.25 26,~50.66
NOV ~, 95 31 3,379.81 178.36 3,201.~5 23,0~9.22
DEC ~, 95 30 3,379.81 - 151.56 3,228.25 19,820.96
~AN ~, 96 31 3,379.81 136.67 3,2&5.1~ 16,575.83
FEB ~, 96 31 3,379.81 11~.6~ 3,267.19 13,308.6~
~AR 4, 96 28 3,379.81 81.67 3,298.1& 10,010.51
APR ~, 96 31 3,379.81 68.0~ 3,311.79 6,698.71
MAY ~, 96 30 3,379.81 &a.05 3,335.76 3,36~.95
dUN ~, 96 31 3,379.81 22.85 3,356.96 5.99
JUL ~, 96 30 6.03 0.04 5.99 (0.00)
INTEREST EARNED TO FINAL PAYNE#T
?/~/96
"ASSUMPTION INTEREST RATE REDUCED
TO 6.5% ON MAY 1, 1994"
NOItTGAE~ MOTE
THONAS ti. BO~TTC:#ER
PROPERTY
~I~ TO: ~ 4~ A~ ~TN, N~ ~t, ~ 55427
187,500 AT ~, BEGINNING 4/4/91, ~50AYS KR Y~
CAS~TZ~ INTEREST ~TE R~ TO 6.5X ~ ~Y 1, ~)
~ DAYS SIN~ 911~-~1 921S-3~
~ST PAY~NT INTEREST PRINCIPAL
RE~INZNG ~ ~,5~.33
A- ~, ~ ~5 3,3~.0~ 2~.~ 3,0~.96 80,~33.3~
~Y ~, ~ . 30 3,3~.s~ ~.7~ 2,~0.~0 ~,~.27
~uL ~, ~ 30 3,3~.8~ 3~.18 2,981.~ 71,5~9.58
AUG ~,
SEPT ~,~ 31 3,3~.8~ 3~.52 3,001.~ 65,5~.~
~T ~, 9~ 30 3,3~.81 350.27 3,0~.5G 62,533.93
~ G, ~ 3~ 3,3~.8~ ~5.~ 3,o~.59 59,~.~
DEC ~,
J~ ~, fl 3~ 3,3~.8~ 311.57 3,~.24 s3,~9.16
FEB 4, ~ 31 3,3~.81 ~.~ 3,MS.18 50,2~.~
W 4, fl 28 3,3~.81 ~0.~ 3,1~.M 4T,154.~
APR ~, fl 31 3,3~.81 Z~.32 3,119.49 44,035.~1
~Y 4, fl 30 3,3~.81 ~5.~ 3,1~.55 40,~.M
~ ~, ~ 31 3,3~.81 Z~.T4 3,1S4.0T 3T,~.~
dUL 4, ~ 30 3,3~.81 201.61 3,1~.20 34,558.59
AUG 4, ~ 31 3,3~.81 1~.~ 3,189.03 31,~9.56
SEPT 4,~ 31 3,3~.81 1~.18 3,Z~.~ 28,162.~
~T 4, ~ 30 3,3~.81 150.M 3,2~.35 24,933.57
NOV ~, 95 31 3,3~.81 137.65 3,242.16 21,691.41
OEC ~, ~ 30 3,3~.81 115.~ 3,2~.9Z 18,42T.49
d~ 4, ~ 31 3,3~.81 101.~ 3,Z~.M 15,149.41
FEB ~, 96 31 3,3~.81 ~.~ 3,~.18 11,853.~
~ 4, 96 28 3,3~.81 59.10 3,3z0.~I 8,532.52
APR 4, 96
~Y 4, 96 30 3,3~.81
dUN 4, 96 31 1,85T.~ 10.~ ~,~.~ (0.00)
INTEREST WN~ TO F~ PAINT ............
?/4/~ 6,142.~ '
"ASSUMPTION INTEREST RATE REDUCED
TO 7.5% ON MAY 1, 1994"
HORTGAGE NOTE
THQ4AS g. 84~TTCHER
PROPERTY AT-7673 ~2NO AVENUE NO., NE',/ NOPE, HN
MAIL TO: ~ &ZqD AVENU~ I~tTg, NEg g(~l~, ~M 5S&27
(ASSUNPTIO# INTEREST RATE REI4AINS AT
# OAYS SINC~ 911&-3601 9215-36O4
LAST PAYHENT INTEREST PRINCIPAL
REHAINING BALANCE 83,5o4.33
APR 4, 9/, 15 3,379.81 257.38 3,070.(;6 80,433,3?
MAY 4, 94 3O 3,379.81 491.U 2,883,99 ~,549.38
dUN 4, 94 31 3,379.81 493.98 Z,n5.O3 r4,663.55
.JUL 4, 94 3O 3,379.81 460.25 2,919.56 71,744.00
*Ua 4, 94 31 3,379.81 457.00 2,922.81 ~8,821.19
SEPT 4,94 31 3,379.81 438.38 2,941./.3 65,07'9.76
OCT 4, 94 3O 3,379.8~ 406.11 2,973.~ 62,9O6.05
N~V 4, 94 31 3,379.81 /*O0.TO 2,979.11 59,926.91
OSC 4, 94 3O 3,379.8~ 369./.1 3,010,/*0 s6,916.55
JAN 4, 9t 31 3,379.81 362.55 3,017.26 53,899.29
FEB 4, 91 31 3,379.81 343.33 3,036.48 50,862.81
~q 4, 91 28 3,379.81 292.64 3,087.17
APR 4, 91 31 3,379.81 304.32 3,075./*9 44,7'00.15
MAY 4, 91 30 3,379.81 273.55 3,1o4.26 41,591.89
.ju# 4, 91 31 3,379.81 264.96 3,114..85 38,481.04
.JUL 4, 91 3O 3,379.81 237.21 3,1/.2.60 35,338.u,
^UG 4, 91 31 3,379.81 29.10 3,15/*.71 32,183.73
SEPT 4,91 31 3,379.81 Z05.01 3,17/*.80 29,oo8.93
OCT 4, 91 30 3,379.81 178.82 3,200.99 ZS,80T.94
NOV 4, 95 31 3,379.8'i 164.39 3,215.42 22,592.53
DEC 4, 91 3O 3,379.8~ · 139.27 3,240.54 19,351.98
.JAN 4, 96 31 3,379.8~ 123.z? 3,256.5/* 16,095.u,
FEB 4, 96 31 3,379.81 102.53 3,2?7.28 12,818.16
MAR 4, 96 28 3,379.81 ?3.73 3,3o6.o6 9,512.10
APR 4, 96 31 3,379.8'1 60.59 3,319.22 6,192.88
MAY 4, 96 30 3,379.81 38.18 3,341.63 2,851.24
.JUN 4, 96 31 1,857.99 18.16 1,839.83 1,011.42
',)Ut. 4, 96 30 1,01T.65 6.23 1,011.42 0.00
INTEREST EARNED TO FINAL PAYNFJT
7//*/96 ?, 194.90
"ASSUMPTION INTEREST REMAINS AT 9%"
14OIt TGAGE NOTE
THOI4A$ kl. ~TTCNER
PROPERTY AT-~6~ &2MD &V~MU~ 14Oo, MEbl N42PE, 14~
14AI~ TO: 7709 &2~ AVENUE I~J~TN, #E~ ~OPE, ~ 55&27
CASSLI4PTZOM INTEREST I~ATE REI4AINS AT
# OAYS SINCE 011&-3601 921S-36O4
LAST P&YNE#T ZNTEREST PR I#ClPAi.
RENAl#lNG BAL~LMC~ 83, $O4.33
APR &, 94 15 3,379.81 308.85 3,0?0.96 80,433.37
HAY 4, 94 30 3,379.81 594.99 2,78~.82 ~,648.55
~U# &, 94 31 3,379.81 593.53 2,786.28 ?4,862.2?
dui. 4, 94 30 3,379.81 553.?8 2,826.O3 ?2,036.23
AUG 4, 94 31 3,379.81 550.63 2,829.18 69,20?.06
SEPT 4,94 31 3,379.81 529.01 2,850.80 ~6,356.26
OCT 4,..94 3O 3,379.81 490.85 2,8~a.96 63,46?.30
HOV 4, 94 31 3,379.81 485.13 2,894.68 60,5?2.62
OEC 4, 94 30 3,379.81 448.0? 2,931.74 5?,640.89
dAN 4, 95 31 3,379.81 4~0.60 2,939.21 54,701.67
FEB 4,, 95 31 3,379.81 418.13 2,961.68 51,739.99
PUdl 4, 95 28 3,379.81 35?.22 3,022.59 48,717.40
APR 4, 95 31 3,379.81 372.39 3,00?.42 45,709.98
HAY 4, 95 30 3,379.81 338.13 3,041.68 42,668.30
dUN 4, 95 31 3,379.81 326.15 3,053.~6 39,614.64
JUL 4, 95 30 3,379.81 293.04 3,086.~' 36,527.8?
AUG 4, 95 31 3,379.81 279.21 3,100.60 33,42?.2?
SEPT 4,95 31 3,379.81 255.51 3,124.30 30,3O2.9?
OCT 4, 95 30 3,379.81 224.16 3,155.65 27,147.32
~ov &, 95 31 3,379.81 207.51 3,172.30 23,9~5.02
OEC 4, 95 30 3,379.81 177.33 3,202.46 20,~r72.56
JJ~# 4 96 31 3,379.81 158.78 3,221.03 17,551.53
FEB 4 96 31 3,379.81 134.16 3,245.65 ~4,305.88
HAR 4 96 28 3,379.81 98.?7 3,281.04 11,024.84
APR 4 96 31 3,379.81 8~.27 3,295.54 ?,729.31
HAY 4 96 30 3,379.81 57.18 3,322.63
JU, 4 96 31 1,857.99 33.68 1,824.31
JUL 4 96 30 2,601.47 19.10 2,582.3? (0.00)
THTEREST EAJ~#ED TO FINAl. PAYNEMT ............
6/4/96 8,830.19
"PAYMENTS MADE TO DATE"
HOIITGAGE NOTE
TXG#AS W. BC~TTC#ER
PROPERTY AT-?67~ &2NO AVEIII~ ~., ~ ~, ~
187,500 AT ~, BEGINNING 4/4/91, ~5 DAYS ~ Y~
~ DAYS SXN~ 911&-~1 9~15-3~
LAST PAINT ZNTEREST PRINCIPAL
APR ~ 91 187500.00
~Y 3 91 29 ~,000.~ 1,~0.~ 2,659.25 1~.~0.~
~Y 31 gl 28 ~,000.~ 1,276.16 2,~.~ ~82.116.91
JUL 15 91 ~5 ~,000.00 Z,020.~ ~,9~.~5 180137.M
AUG 12 91 28 4,000.00 1,243.69 ~,~6.31 ~ 381.35
SEP 11 91 30 4,000.~ 1,31~.14 ~,~7.~ 174 693.49
~T 8, 91 ~7 5,000.00 1,1~.~ 3,836.97 170 856.5~
O~C 10,91 ~ 5 000.~ 1,4~.71 3,5~.g9 ~63 4~.97
JAN T, 9~ 2e 5 000.~ 1,1~.M 3,871.3~ 159 ~7.65
FEB 6, g2 30 ~ ~.~ 1,1~.M 3,819.34 155 ~.31
~R 4, 9~ Z7 5 ~.~ 1,037.17 3,~.~ 151
~ 30,9~ ~6 4 5~.~ 9~.35 3,5~6.65 1~,~98.~
~Y 6, gZ 37 4.~.~ 1,35~.97 ~,~7.03 145.651.80
JUN ~, 9~ Z7 4.0~.~ ~.~ 3,030.3~ 14Z,6~1.~
JUL 1, g~ 29 4.000.~ 1,019.M , ~,~.16 13g,~l.3Z
AUG ~, g~ 34 3,~0.00 1,167.49 ~,~32.51 137, oo8.81
SPT Z, g~ ~9 3,~00.~ 9~.71 Z,~O.Z9 134
OCT ~, g~ 30 3,600.00 ~.11 Z,~05.89 131 78~.t3
Nov Z, 92 31 3,600.~ 1,007.3~ Z,59~.~ 1~9 189.95
Nov 30-9~ ~8 3,600.00 891.~ ~,708.06 1~6 481.89
JAN 5, 93 36 3,~.~ 1,1~.7~ ~,~.26 124 004.63
~EB 1, 93 ~7 3,~.~ ~.57 ~,~4.43 1~1 ~0.~0
~EB ~6, 3 2~ 3,~.~ 747.31 ~,852.69 118,3~.51
~R ~9 93 31 3,~.~ ~.~ 2,695.14 115
APR ~7 93 ~9 3,~.~ ~7.21 ~,~.79 11~ 909.58
JUN 2, 93 36 3,4~.~ 1,016.19 2,5~3.~1 110
JUN ~1,93 19 3,4~.~ 517.81 ~,~8~.19 107 ~3.58
JUL ~7,93 36 3,400.~ ~5.5~ ~,~44.~8 ~05 1~.10
AUG 25,93 ~9 3,4~.~ ~.~5 ~,~7.~ 102 55~.35
$EP ~9,~ 35 3,4~.~ ~5.03 ~,51~.97 100 036'.38
~T ~5,93 ~6 3,4~.~ ~1.33 ~,~8.67 97 2~.71
~OV 24,93 30 3,4~.~ 719.59 2,~0.41 94 597.30
DEC ~0,93 ~6 3,400.~ ~.46 ~,~3.54 91 803.76
JAN ~5,94 36 3,400.~ 814.9~ ~,585.08
FEB ~3,94 ~9 3,~00.~ 637.97 ~,762.03 86,~56.65
~AR 16,94 21 3,400.~ ~7.~ ~,95~.32 83,50~.33
103,995.67
"PAYMENTS DUE, PER ORIGINAL SCHEDULE"
MOITGAGE MOTE
?HOI4AS g. BOETTCHER
PROPERTY AT-76~ &~dD AV~NU~ MO., #Eg HOPE, )Ed
HAll. TO: 7709 42N0 AVENtJ~ NC~TH, NEW H(3q, MN S5427
911&-3601 9116-115/)
DOE DATE TOTAL PAYNENT INTEREST PRINCIPAL BALANCE
APR & 91 187,500.00
~Y 4. 91 3379.81 1,386.99 1,~2.82 185 507.18
JUN & 91 3379.81 1,417.99 1,~61.82 18.3 5&S.36
JUL 4 91 3379.81 1,357.73 2,022.08 181 523.28
AUG 4.91 3379.81 1,387.53 1,992.28 179 531.00
SEP 4.91 3379.81 1,372.31 2,007.50 ~77 523.50
OCr ~,91 3379.81 1,313.19 2,066.62 173 456.88
NOV 4.91 3379.81 1,341.16 Z,038.65 173 418.23
DEC 4.91 3379.81 1,282.82 2,096.99 171 321~2&
JAN 4.92 3379.81 1,309.55 ~,070.:~6 169,250.98
FEB 4.92 3379.81 1,:;90.19 ~,089.6~ 167.161.36
K4R 4.9~ 3379.~1 1,19~.05 ~,187.76 164.973.60
APR 4.92 3379.81 1,257.59 2,122.22 162.851.38
HAY 4 92 3379.81 1,201.36 2,178.4.5 160.67`2.93
`JUN 4 92 3379.81 1 22&.80 2,155.01 158.517.9:2
JUL /,92 3379.81 1 ~169.39 2,210.4.2 156307.50
AUG 4.92 3379.81 1 .191.52 2,188.29 154 119.21
SEP 4.92 3379.81 1 ~17&.84 2,204..97 151
OCT 4 92 3379.81 I 120.68 2,259.13 14.9 655.11
HOV 4.92 3379.81 1 104.01 2,~.?~.80 14.7 379.31
OEC 4 92 3379.81 1 087.22 2,;:)92.59 14.5 086.7'2
,~AN 4.93 3379.81 1 105.99 ;),273.82 14.2 812.90
FE6 4 93 3379.81 1 C)91.64 2,288.17 1/(.052&.73
NAR 4.93 3379.81 970.20 Z,4.09.61 138 115.12
APR 4.03 :3379.81 1,053.73 2,32G.08 135
HAY 4.93 3379.81 1,00&.~8 2,3'~.33 133 &15.71
JUN 4.93 3:379.81 1o019.81 2,360.00 1:31 055.71
,JUL 4.93 3379.81 969.45 2,410.36 128 645.35
AUG 4.93 3379.81 983.34 Z,396.47 1:;6,248.80
SEP 4.93 3379.81 965.03 2,414.78 123,834.10
OCT 4.93 3379.81 916.03 2,46:3.?8 121,370.32
~OV 4 93 3379.81 927.73 2,452.08 118,918.24
DEC 4.93 3379.81 8?9.67 Z,500.14. 116,418.10
JAN & 9& :3:379.81 ~89.88 2,489.93 113,928.17
FEe ~,94 337'9.81 870.85 2,508.96 111,&19.21
MAR 4.94 3379.81 769.25 2,610.56 108,808.65
78,691
"ORIGINAL PAYMENT SCHEDULE"
r
PROPERTY AT-7'/1)g 42ND AVENUE NO., N~ HOPE. MN
INTEREST RATE: 9.00%
MONTHLY PAYMENT DUE DATE: 4TH DAY OF MONTH
DUE DATE TOTAL PAYMENT INTEREST PRINCIPAL BALANCE
JUN 4 91 3379.81 1,417. e9 1,961.82~ ~.... ~[[~
JUL4 91 3379.81 1,357.73 2,022.08 ~?~ii~iiii~!i!!!~i~i'"
AUG 4 ~1 3379.81 ~,387.53 1,~92.28'?~{~?:~:~~
SEP 4 91 3379.81 1,372.31 2,007.50 ?~:?~,~:~2~'~
OCT 4 91 3379.81 1,313.19 2,066.62
NOV 4 91 33~.81 1 ,~1.16 2,038.65
DEC 4 91 3379.81 1,282.82 2,0~.99
JAN 4 92 3379.81 1,309.55 2,070.26
FEB 4 92 3379.81 1,290.19 2,089.62
MAR 4 92 3379.81 1,192.05 2,187.76
APR 4 92 3379.81 1,257.59 2,122.22
MAY 4 92 3379.81 1,201.36 2,178.45
JUN 4 92 33~.81 1,224.80 2,155.01
JUL4 92 3379.81 1,169.39 2,210.42
AUG 4 92 33~.81 1,191.52 2,188.29
SEP 4 92 3379.81 1,174.84 2,2~.97
OCT 4 92 3379.81 1,120.68 2,259.13
NOV 4 92 33~.81 1,104.01 2,275.80
DEC 4 92 ~79.81 1,087,22 2,292.59
JAN 4 93 3379.81 1,105,99 2,273.82
FEB 4 93 3379.81 1,091,64 2,288.17
MAR 4 93 33~.81 970.20 2,409.61
APR 4 93 ~79.81 1,055.73 2,324.08
MAY 4 93 ~.81 1,004.48 2,375.33
JUN 4 93 3379.81 1,019.81 2,3~.00
JUL 4 93 ~.81 969.45 2,410.36
AUG 4 93 33~.81 983.34 2,396.47
~P 4 93 3379.81 965.03 2,414.78
OCT4 93 ~.81 916.03 2,463.78
NOV 4 93 ~79.81 927.73 2,452.08
OEC 4 93 33~.81 879.67 2,500.14
JAN 4 94 33~.81 889.88 2,489.93
FEB 4 94 3379.81 870.85 2,508.96
MAR 4 ~ 3379.81 769.25 2,610.56
APR 4 94 3379.81 831.72 2,548.09
MAY 4 94 3379.81 786.04 2,593.77
JUN 4 94 3379.81 792.41 2,587.40
MORTGAGE NOTE
THOMAS W. BOEI'i'CHER
PROPERTY AT-7709 42ND AVENUE NO., NEW HOPE, MN
INTEREST RATE: 9.00%
MONTHLY PAYMENT DUE DATE: 4TH DAY OF MONTH
DUE DATE TOTAL PAYMI~NT ~ PRIN(~IPAL
JUL 4 94 3379.81 747.71 2,632.10
AUG 4 94 3379.81 752.51 2,627.30
SEP 4 94 3379.81 732.43 2,647.38
OCT 4 94 3379.81 689.22 2,690.59
NOV 4 94 3379.81 691.63 2,688.18
DEC 4 94 3379.81 649.43 2,730.38
JAN 4 95 3379.81 650.21 2,729.60
FEB 4 95 3379.81 629.35 2,750.46
MAR 4 95 3379.81 649.45 2,830.36
APR 4 95 3379.81 586.69, 2,793.12
MAY 4 98 3379.81 547.10 2,832.71
JUN 4 95 3379.81 643.68 2,838.13
JUL 4 95 3379.81 505.17 2,874.64
AUG 4 95 3379.81 500.03 2,879.78
SEP 4 95 3379.81 478.02 2,901.79
OCT 4 98 3379.81 441.13 2,938.68
NOV 4 95 3379.81 ,433.38 2,948.43
DEC 4 95 3379.81 397.60 2,982.21
JAN 4 96 3379.81 388.06 2,991.75
FEB 4 98 3379.81 364.19 3,016.62
MAR 4 96 3379.81 319.19 3,060.62
APR 4 96 3379.81 317.87 3,061.94
MAY 4 96 3379.81 285.03 3,094.78
JUN 4 96 3379.81 270.94 3,108.87
JUL 4 96 3379.81 239.27 3,140.54
AUG 4 96 3379.81 223.30 3,156.51
SEP 4 96 3379.81 199.24 3,180.57
OCT 4 96 3379.81 169.35 3,210.46
NOV 4 96 3379.81 150.52 3,229.29
DEC 4 96 3379.81 121.84 3,257.97
JAN 4 97 3379.81 101.07 3,278.74
FEB 4 97 3379.81 76.28 3,303.53
MAR 4 97 3379.81 46.09 3,333.72
APR 4 97 3368.19 25.55 3,342.64
ADDENDUM TO CITY OF NEW HOPE
DEVELOPMENT CONTRACT
1. Parties. The parties to this Addendum are the City e ~w
Hope (hereafter City), Autohaus of Minneapolis, :.
(hereafter Autohaue) and Thomas W. aoettcher, indivic y
(hereafter Boettcher).
2. Prooerty. The real property (hereafter Property) to whi(
this Addendum applies is owned in fee by Boettcher a s
located in Hennepin County, Minnesota, legally describe
(See attached Exhibit A)
3. Puroose. This Addendum shall modify the that ce n
Develogment Contract dated April 4, 199i (hereafter Cont )
entered into by the partieS. Autohaus and Boat
acknowledge and agree that they are in breach of
performance conditions of the Contract and in consider
for the City's agreement not to immediately pursu~ s
remedies under the terms of the Contract Boettche!
Autohaus have agreed to enter into this Addendum.
4. Unoerformed Conditions. Specifically, Autohaus and Boat
acknowledge and agree that they have failed to perform al ~e
requirements of paragraphs 2.A) through I) and 3 o'
COntract. With respect to the work required by .e
provisions the parties hereto agree that Autohaus
Boettcher will perform the work as follows:
a.) The installation of concrete curb from the most sout y
wall of the building northward to County Road No. 9
be completed by October 31, 1993. The remainder c ~e
curbing as shown on the site plan shall be install
October 31, 1994, except that curbing aroun: ~e
perimeter of the unpaved body shop and repair st
area shall be installed if and when-said body she
repair storage area is paved as set forth below.
curbing shall be of a surmountable type as approv
the City. Autohaus and Boettcher,sha11 submit a ¢i
of said curbing for approval to the City pri¢ o
installation.
b.) All plantings shown on the site plan north o' ~e
building's most southerly wall shall be install
October 31, 1993. All other plantings shown on th~ e
plan shall be installed by October 31, 1994.
1
c.) The six-foot opaque security fence around the perimeter
of the body shop and collision repair storage area shall
be installed by October 31, 1994. The existing fencing
shall remain in place until the new security fence is
installed.
d.) The installation of lighting shown on the site plan shall
be completed by October 31, 1993. However, the parties
agree that the existing lighting for the collision repair
area as of the date of this Addendum is adequate and no
further ltghting is required notwithstanding the lighting
required by the site plan.
e.) All planted areas completed in 1993 will be sprinkled by
October 31, 1993. All planted areas completed in 1994
wi3l be sprinkled by October 31, 1994.
f.) The installation of the outdoor trash enc3osures wil~ be
completed by October 31, 1994.
g.) The front display area w~13 be completed by October 31,
1993. However, the parties agree that the front display
area can be paved with concrete and bituminous.
h.) The ~slands in the transport lane area will be installed
by October 31, 1994.
~.) Erosion control measures of grading and seeding in a form
and manner approved by the City Engineer shall be
completed by October 31, 1993. The erosion control
measures shall apply to all unpaved areas.
j.) The C~ty agrees to waive indefinitely the requirement in
the Contract that .Autohaus and Boettcher pave the body
shop and repair storage area. However, if Autoh&us and
Boettcher elect to pave the body shop and repair storage
area at some point in the future, then Autohaus and
Boettcher will be required to install, prior to said
paving, the public storm water drainage improvements
required by paragraph 3 of the Contract. And, prior to
installing said storm water drainage improvements,
Autohaus and the City must agree on the responsibility
" for payment of the cost of said storm water drainage
improvements.
NQnmer~r. The parties agree that the terms of the Co, ct
and this Addendum shall survive the satisfaction, rele or
termination of the April 4, 1991 Mortgage, Security Agr nt
and Fixture Financing Statement given by Boettcher nd
Autohaus and Boettcher shall be required to perform al rk
set forth above even if said Mortgage, Security Agreeme nd
Fixture Financing Statement is satisfied, release, or
terminated.
Security. The subdivision bond or other security requi of
Autohaus and Boettcher to ensure their Performance und~ ne
Contract shall be reduced to $1,000.00.
7. Effect of Addendum. The parties agree that this Ad,
shall not change the other provisions of the Contract,
shall remain in full force and effect. This Addendum sh ~e
construed as supplemental to and not inconsistent wit ne
Contract. The parties further agree that a breach ol is
Addendum shall also constitute a breach of the April 4.
· ' Mortgage, Security Agreement and Fixture Financing Stal ~t
given by Boettcher to secure the April 4, 1991Mortgag,
executed by Boettcher. Autohaus further agrees tha ~e
assignment of the Certificate of Deposit given as rim
security to insure performance of the Contract shall st
to reduction as set forth above, also extend to ~ re
performance under this Addendum.
! t s
Dated: /~'/~/'~'~ By Its Clt~anager --
Dated: ~/)" ~"/Y-~
Th, Boett
3
STATE OF MINNESOTA )
) SS.
COUNTY OF HENNEPIN )
T~;,s acknowledged before1993, by Edw. ~. ~ithis
day
of
ckson and Daniel J.
Oonah'U-~, the Mayor and City Manager, respectively, of the City of
New Hope, a Minnesota municipal corporation, on behalf of said
municipal corporation.
STATE OF MINNESOTA )
) ss.
COUNTY OF HENNEPIN )
..
_~oregoing was acknowledged ~__ day of
~'--7___J~____, 1993, by _ . , the
President of Autohaus' of Minneapolis, Inc., a Minnesota
corporation, on behalf of said corporation. / _ ~
Not aYy,~ub~l~i c --
!
~r
i~J --~EN~E~ COUNTY__ __ !
STATE OF MINNESOTA )
) ss.
COUNTY OF HENNEPIN )
The foregoing was acknowledged before me this ..~se day of
This Document drafted by:
CORRICK & SONDRALL, A PARTNERSHIP
OF PROFESSIONAL CORPORATIONS
8525 Edinbrook Crossing, #203
Brooklyn Park, MN 55443
(612) 425-5671
c:\wp51\autohaus.add