Loading...
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 $500,000 a day, Total Average ~j,~Nr~S oailv In~x price :S O! mortgage ~I.S- :. .~- Return. ValUe Clmnge VoL ] rely lower, witt recen, v flied Flab Index + e.O~% - ~{3.~' - e.0~ ~A ssues outpedor ers.collect cella Deferred Iht 0.0~ . 1&]34 + i).04 M tare' mortgage . ~- 0 ~0 143." + 0.:' ~a'..t. e~ra{ Home Lot .......... ~aoder ideral' ~ationai : ~ :. Volume KeY: tq = s INC., a ~.~3sed shelf offering of Tl~e FlaSl~ Index cerises more fftan 650 Issues.- ~ isSueS for ] s~ccess, jutv~,~wo=~oo 3~,~- ~' ~ ~t 99 25/32 and 9: Losers, :* ' e~urities Data · ~, ental risks con~ 5urgeW Centers. Inc. ~aiE~- ans~,. ~om mm ~ _ . ~ 8inApril.~sua] '"' ~ce. ~e~ ~ ~n b~ ~ ~ · e ~l~-~ment ~ of ~ ' F~e~ ~e ~ ~n ~s~g intent foflo~g~en~ ~ ~ r~"'--', .) ~w~ s sudden d~.. men~ l~k ~e ~e ~nomy ~ ~t out ~ ~te~t ~ ~ at 1~ ~t 8~u- ~ ~f~ Fo~ ~n~l ~ ~ ~n't out of ~n~... late ~c ~. and s~d ~e ~mp~: but ~e m~et ~ ~n by ~1~," .'.. ~ut ~.~ ~ ~ ~ s~ble. Fo~'s, se~or ( " ' ' renu m~et m ~le*~ ~nm~ n~i~ ~':A. , ~~' ~ .... ~ ..... ~ ~-' s~ olne~ w~k's ~y~ ~ fl~y~ ~ ~'~ .~; ~,~ : ' ' pl~g~ Mon~, ~d ~ Tow, ~: ~;41~%,31~~4~-4~ ~ A~ 1~:3~:~ .. ~'4~1I~ "'" * sed, ' .... P/4 A~ 101:1{ ~01:16 -- ~~v~~,~,, ~,,~: ~7~% ~gin ~e ~ ~e~ wu PIDI~~ImICORP.(FI ex~mely il~t d~ ~e s~ion ~ 4,/4 J.~ -., -=, .... ~iIgI~~:~JIT~e~I~ lg~ F~ '~ ~ ~ '1 .... e.~,~~~r,~;~,~ issues ~ ~ make~, ~ade~ said. S~n~ & tnt d ._roluc_- · Bat Fee ' ~ ~ ~ m e ~ .,. "ASSUMPTION INTEREST RATE BASED ON 125 B/ ; POINTS (1.25) AND TIED TO CURRENT PRIME RA (6.75) ... INTEREST RATE REDUCED TO 8% ON MAY 1, 1994" ~O~TGAGE #OTE THOMAS ~. BOETTCNER PROPERTY AT-7675 &2#D AV~#UE NO., #Eg NOPE, N# HAIL TO: 77'09 &2ND AVENUE NORTH, #EU NOPE, N# 55&27 (ASSUNPTION INTEREST RATE RENAI#$ 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