Loading...
HomeMy WebLinkAboutVIII-12 (a,b) Assessment Appeal Waivers - 214 2nd Street E. City Council Memorandum To: Mayor Fasbender & City Councilmembers From: Alex Menke, Economic Development Coordinator Date: October 7, 2024 Item: Authorize Signature: Agreement for MCES SAC & City WAC\SAC Deferral Property Tax Assessment – 214 2nd St E Council Action Requested: 1) Authorize signature of the attached agreement between the City and Marathon Properties of Hastings, LLC to defer payment, by means of property tax assessment, of the City’s portion of water access charges and sewer access charges (WAC\SAC) over a ten-year period. Approval requires a simple majority of the City Council. 2) Authorize signature of the attached agreement between the City and Marathon Properties of Hastings, LLC to defer payment, by means of property tax assessment, of the Metropolitan Council’s portion of sewer access charges (SAC) over a ten-year periods. Approval requires a simple majority of the City Council. Background Information: At the August 19th City Council meeting, Council authorized the signature of a SAC/WAC deferral agreement between the City and Marathon Properties of Hastings, LLC. An additional two agreements are needed for the two deferred costs to be assessed to the property. Marathon Properties of Hastings, LLC owns the property located at 214 2nd Street East. Their newest tenant, Collateral Coffee dba Awful Gato, is in the process of building out a coffee shop and café at the site. The construction results in the payment of Metropolitan Council SAC fees totaling $9,940, and City WAC\SAC fees totaling $15,608 prior to receipt of a building permit. Upfront payment of WAC\SAC fees prior to operation of the facility has created a burden for the business owner. The City of Hastings has established a policy to defer City WAC\SAC fees in order to minimize the impact of these fees. Please see the attached policy document for further information. The VIII-12 (a,b) Hastings program requires a 20% down payment ($3,121.60) due at the time of building permit issuance, which has been paid. Additionally, Marathon Properties of Hastings, LLC plans to enter into the Metropolitan Council’s SAC Deferral Program. The Metropolitan Council’s program requires a 20% down payment ($1988) due at time of building permit issuance, which has been paid. This program is regulated by a Master SAC Deferral Agreement executed by the City of Hastings and Metropolitan Council (attached). Both deferred amounts will be assessed to the property and collected through semi-annual property tax payments for a period of up to ten years. Financial Impact: The City and Metropolitan Council would not receive full payment of the deferred amounts for up to ten years. Repayment would include an interest charge of 2.06% annually on the unpaid balance and a $50 administrative fee. The deferment would allow Collateral Coffee dba Awful Gato to begin construction to add further value to the property and increase the tax base. Advisory Commission Discussion: N\A Council Committee Discussion: N\A Attachments: • City Assessment Appeal Waiver Agreement • MCES Assessment Appeal Waiver Agreement • SAC/WAC Deferral Agreement • City SAC/WAC Policy • MetCouncil Master SAC Deferral Agreement VIII-12 (a,b) 1 CITY OF HASTINGS ASSESSMENT APPEAL WAIVER AGREEMENT FOR 214 2ND STREET EAST, HASTINGS, MN 55033 FOR WATER AREA CHARGES THIS AGREEMENT FOR AN ASSESSMENT APPEAL WAIVER (“Agreement”) is entered into and effective as of the _____ day of , 2024 (“Agreement Date”), by and between the City of Hastings, a Minnesota municipal corporation (“City”), and Marathon Properties of Hastings, LLC, a Minnesota limited liability company (“Owners”). WITNESSETH: WHEREAS, the Owners are the fee simple owners of property legally described as Mid 1/3 of Lot 2, Block 14, TOWN OF HASTINGS, Dakota County, Minnesota (“Property”) that will be benefited by certain WAC; and WHEREAS, the City has a program (“Program”) to assess Hastings Water Area Charges (“WAC”) for qualifying applicants; and WHEREAS, the Owners have qualified for the Program and have agreed to the repayment terms and conditions therein; and WHEREAS, the City is authorized to assess WAC charges against the Property. NOW, THEREFORE, in consideration of the mutual promises and covenants of each to the other contained in this Agreement and other good and valuable consideration, receipt of which is hereby acknowledged, the parties hereto do covenant and agree as follows: VIII-12 (a,b) 2 ARTICLE I THE AGREEMENT Section 1.01 Purpose. The purpose of this Agreement is to memorialize the covenants and agreements between the Owners and the City with regard to the Property and the assessment of WAC including the Owners’ waiver of assessment appeal rights up to the Assessment Waiver Amount which constitutes an estimated benefit pursuant to Minnesota Statutes, Chapter 429 in the manner authorized by Minnesota Statutes § 462.3531 in return for the City’s efforts to facilitate the funding for the WAC. Section 1.02 Term. The term of this Agreement shall commence on the Agreement Date and shall terminate upon the expiration of the Assessment Term (or upon prepayment of the levied assessment). ARTICLE II DEFINITIONS Section 2.01 Definitions. The following are terms used in this Agreement. Their meanings as used in this Agreement shall be expressly indicated below, unless the context of this Agreement requires otherwise: (a) Agreement: This agreement to memorialize the covenants and agreements between the Owners and the City with regard to the Property and the WAC including the assessment appeal waiver provided herein pursuant to Minnesota Statutes, Chapter 429 in the manner authorized by Minnesota Statutes § 462.3531. (b) Agreement Date: The date written in the first paragraph of the Agreement. (c) Assessment Interest Rate: The special assessment levied against the Property shall accrue interest at a rate of 2.06% per year for the Assessment Term. Interest accrual shall begin on November 15, 2024. (d) Assessment Term: The term of the special assessment levied against the Property shall be 10 years. (e) WAC Assessment Waiver Amount: The charge imposed by the City for the WAC in the amount of Twelve Thousand Four Hundred Eighty-six dollars and 40/100ths ($12,486.40) is to be assessed by the City against the Property. The Assessment Amount is commensurate with the estimated special benefit of the WAC to the Property. (f) City: The City of Hastings, a Minnesota municipal corporation. (g) Owners: Marathon Properties of Hastings, LLC, a Minnesota limited liability company. VIII-12 (a,b) 3 (h) Property: Mid 1/3 of Lot 2, Block 14, TOWN OF HASTINGS, Dakota County, Minnesota. ARTICLE III COVENANTS AND AGREEMENTS Section 3.01 Covenants and Agreements of the Owner. The Owners covenant and agree with the City that: (a) Assessment Appeal Waiver: Owner hereby authorizes the City to certify to the Dakota County Auditor/Property Tax Assessor a special assessment against the Property up to the Assessment Waiver Amount for the WAC. The Owners hereby waive all rights to assessment notices, hearings and appeals, and all other rights pursuant to Minn. Stat. § 429.061, § 429.071 and § 429.081 for the special assessment against the Property up to the Assessment Waiver Amount. The Owners hereby waive any and all procedural and substantive objections to the special assessment up to the Assessment Waiver Amount against the Property, including, but not limited to, notice and hearing requirements and any claim that any or all of the Assessment Waiver Amount against the Property exceeds the benefit to the Property for the WAC. The Owners acknowledge and agree that the benefit of the WAC to the Property does in fact equal or exceed the Assessment Waiver Amount. The Owners also acknowledge and agree that the Property receives a special benefit equal to or exceeding the Assessment Waiver Amount. The City and the Owners acknowledge and agree that the Owners’ waiver of assessment appeal rights pursuant to Minnesota Statutes, Chapter 429, is capped at the Assessment Waiver Amount by operation of Minn. Stat. § 462.3531. The City and the Owners acknowledge and agree that the Owners may appeal any special assessment above the Assessment Waiver Amount. (b) Owners’ Covenant Not to Sue the City: Owners hereby covenant with the City not to appeal or sue the City for a court to set aside, reduce, repeal, or invalidate the levied assessment, or for other relief from the payment of the City’s levy of a special assessment up to the Assessment Waiver Amount against the Property. (c) Owners’ Covenant that Owners are the Property Fee Owners: Owners hereby covenant and warrant with the City that Owners are seized in fee of the Property and have good right to enter into this Agreement with the City. Section 3.02 Covenants and Agreements of the City. The City covenants and agrees with the Owners that: (a) Assessment Waiver Amount: The City agrees that the City will certify/levy a special assessment against the Property only up to the Assessment Waiver Amount for the WAC pursuant to this Agreement. VIII-12 (a,b) 4 (b) City Recording of this Agreement: The City will record this Agreement against the Property. Owners will pay for the cost of recording. (c) Prepayment of Assessment: The City agrees that the Owners may prepay some or all of the City’s assessment levy against the Property for the WAC with no penalty and only with interest accrual pursuant to Minn. Stat. § 429.061. ARTICLE IV DEFAULT Section 4.01 Default. If a party to this Agreement materially defaults in the due and timely performance of any of its covenants, or agreements hereunder, the other party(s) may give notice of default of this Agreement. The notice shall specify with particularity the default or defaults on which the notice is based. The notice shall specify a ten (10) day cure period within which the specified default or defaults must be cured. If the specified defaults are not cured within the cure period, the other party(s) may pursue all remedies and sanctions available at law and in equity, including specific performance. Section 4.02 Attorneys’ Fees, Costs and Expenses. The Owners agree to pay the City the amount of the City’s assessment levy up to the Assessment Waiver Amount with accrued interest together with the City’s attorneys’ fees, costs and expenses to defend the special assessment levy by the City pursuant to this Agreement. The Owners acknowledge and agree that the Owners would be unjustly enriched if the City’s assessment levy pursuant to this Agreement was set aside, reduced, repealed or invalidated by a court with jurisdiction over the Property since the Owners requested the WAC and this assessment financing for the WAC. The Owners agree that the court with jurisdiction over the Property shall award the City the assessment levy up to the Assessment Waiver Amount with accrued interest together with the City’s attorneys’ fees, costs and expenses for breach of the Owners’ covenant not to appeal or sue the City pursuant to Article III, Section 3.01(b). ARTICLE V GENERAL PROVISIONS Section 5.01 Notices. All notices, requests, demands or other communications required or permitted by this Agreement shall be in writing and delivery shall be deemed to be sufficient if delivered personally or by registered or certified mail, return receipt accepted, postage prepaid, addressed as follows: If to the City: City of Hastings ATTN: City Administrator 101 4th Street East Hastings, MN 55033 VIII-12 (a,b) 5 If to the Owners: Marathon Properties of Hastings, LLC ATTN: Vicki Jung 1241 West 15th Street Hastings, MN 55033 Section 5.02 Non-Assignability. Neither the City nor the Owners shall assign any interest in this Agreement nor shall either party transfer any interest in the same without the prior written consent of the other party. Section 5.03 Binding Effect. This Agreement and the terms, conditions and covenants contained herein and the transaction contemplated hereunder shall be binding upon and inure to the benefit of the parties hereto and their respective successors, heirs, personal representatives, and permitted assigns. This Agreement shall further be binding on subsequent purchasers of the Property and shall run with the Property herein described. Section 5.04 Severability. In the event any provision of this Agreement shall be held invalid or unenforceable by any court of competent jurisdiction, such holding shall not invalidate or render unenforceable any other provision hereof. Section 5.05 Amendments, Changes and Modifications. This Agreement may be amended or any of its terms modified or changed only by a written amendment authorized and executed by the City and the Owners. Section 5.06 Counterparts. This Agreement may be simultaneously executed in several counterparts, each of which shall be an original and all of which shall constitute but one and the same instrument. Section 5.07 Entire Agreement. This Agreement shall constitute the entire agreement between the parties and shall supersede all prior oral or written negotiations. Section 5.08 Notice To Buyers. The Owners agree to notify and provide any buyer of the Property with an executed copy of this Agreement if the Owners sell any interest in the Property following the execution of this Agreement by both the Owners and the City, but before the recording of this Agreement with Dakota County Recorder and/or Registrar of Titles. IN WITNESS WHEREOF, the City and the Owners have caused this Agreement to be executed by their duly authorized representatives. [remainder of page intentionally blank] VIII-12 (a,b) 6 CITY: CITY OF HASTINGS By: Mary Fasbender Its Mayor By: Kelly Murtaugh Its City Clerk STATE OF MINNESOTA ) ) ss. COUNTY OF DAKOTA ) On this ___ day of ______________________, 2024, before me a Notary Public within and for said County, personally appeared Mary Fasbender and Kelly Murtaugh, to me personally known, who being each by me duly sworn, each did say that they are respectively the Mayor and City Clerk of the City of Hastings, the municipality named in the foregoing instrument, and that the seal affixed to said instrument was signed and sealed on behalf of said municipality by authority of its City Council and said Mayor and City Clerk acknowledged said instrument to be the free act and deed of said municipality. Notary Public VIII-12 (a,b) 7 OWNERS: MARATHON PROPERTIES OF HASTINGS, LLC By: Its: STATE OF MINNESOTA ) ) ss. COUNTY OF __________________ ) Personally came before me this ___ day of ________, 2024, the above named ____________________, ____________ of Marathon Properties of Hastings, LLC, a Minnesota limited liability company, to me known to be the person who executed the foregoing instrument and acknowledged the same on behalf of the limited liability company. Notary Public This instrument drafted by and after recording, please return to: Korine L. Land (#262432) LeVander, Gillen & Miller, P.A. 1305 Corporate Center Dr Suite 300 Eagan, MN 55121 VIII-12 (a,b) 1 CITY OF HASTINGS ASSESSMENT APPEAL WAIVER AGREEMENT FOR 214 2ND STREET EAST, HASTINGS, MN 55033 FOR SEWER ACCESSIBILITY CHARGES THIS AGREEMENT FOR AN ASSESSMENT APPEAL WAIVER (“Agreement”) is entered into and effective as of the _____ day of , 2024 (“Agreement Date”), by and between the City of Hastings, a Minnesota municipal corporation (“City”), and Marathon Properties of Hastings, LLC, a Minnesota limited liability company (“Owners”). WITNESSETH: WHEREAS, the Owners are the fee simple owners of property legally described as Mid 1/3 of Lot 2, Block 14, TOWN OF HASTINGS, Dakota County, Minnesota (“Property”) that will be benefited by certain SAC; and WHEREAS, the City has a program (“Program”) to assess Metropolitan Council Sewer Accessibility Charges (“SAC”) for qualifying applicants; and WHEREAS, the Owners have qualified for the Program and have agreed to the repayment terms and conditions therein; and WHEREAS, the City is authorized to assess SAC charges against the Property. NOW, THEREFORE, in consideration of the mutual promises and covenants of each to the other contained in this Agreement and other good and valuable consideration, receipt of which is hereby acknowledged, the parties hereto do covenant and agree as follows: VIII-12 (a,b) 2 ARTICLE I THE AGREEMENT Section 1.01 Purpose. The purpose of this Agreement is to memorialize the covenants and agreements between the Owners and the City with regard to the Property and the assessment of SAC including the Owners’ waiver of assessment appeal rights up to the Assessment Waiver Amount which constitutes an estimated benefit pursuant to Minnesota Statutes, Chapter 429 in the manner authorized by Minnesota Statutes § 462.3531 in return for the City’s efforts to facilitate the funding for the SAC. Section 1.02 Term. The term of this Agreement shall commence on the Agreement Date and shall terminate upon the expiration of the Assessment Term (or upon prepayment of the levied assessment). ARTICLE II DEFINITIONS Section 2.01 Definitions. The following are terms used in this Agreement. Their meanings as used in this Agreement shall be expressly indicated below, unless the context of this Agreement requires otherwise: (a) Agreement: This agreement to memorialize the covenants and agreements between the Owners and the City with regard to the Property and the SAC including the assessment appeal waiver provided herein pursuant to Minnesota Statutes, Chapter 429 in the manner authorized by Minnesota Statutes § 462.3531. (b) Agreement Date: The date written in the first paragraph of the Agreement. (c) Assessment Interest Rate: The special assessment levied against the Property shall accrue interest at a rate of 2.06% per year for the Assessment Term. Interest accrual shall begin on November 15, 2024. (d) Assessment Term: The term of the special assessment levied against the Property shall be 10 years. (e) SAC Assessment Waiver Amount: The charge imposed by the City for the SAC in the amount of Seven Thousand Nine Hundred Fifty-two dollars and 00/100s ($7,952.00) is to be assessed by the City against the Property. The Assessment Amount is commensurate with the estimated special benefit of the SAC to the Property. (f) City: The City of Hastings, a Minnesota municipal corporation. (g) Owners: Marathon Properties of Hastings, LLC, a Minnesota limited liability company. VIII-12 (a,b) 3 (h) Property: Mid 1/3 of Lot 2, Block 14, TOWN OF HASTINGS, Dakota County, Minnesota. ARTICLE III COVENANTS AND AGREEMENTS Section 3.01 Covenants and Agreements of the Owner. The Owners covenant and agree with the City that: (a) Assessment Appeal Waiver: Owner hereby authorizes the City to certify to the Dakota County Auditor/Property Tax Assessor a special assessment against the Property up to the Assessment Waiver Amount for the SAC. The Owners hereby waive all rights to assessment notices, hearings and appeals, and all other rights pursuant to Minn. Stat. § 429.061, § 429.071 and § 429.081 for the special assessment against the Property up to the Assessment Waiver Amount. The Owners hereby waive any and all procedural and substantive objections to the special assessment up to the Assessment Waiver Amount against the Property, including, but not limited to, notice and hearing requirements and any claim that any or all of the Assessment Waiver Amount against the Property exceeds the benefit to the Property for the SAC. The Owners acknowledge and agree that the benefit of the SAC to the Property does in fact equal or exceed the Assessment Waiver Amount. The Owners also acknowledge and agree that the Property receives a special benefit equal to or exceeding the Assessment Waiver Amount. The City and the Owners acknowledge and agree that the Owners’ waiver of assessment appeal rights pursuant to Minnesota Statutes, Chapter 429, is capped at the Assessment Waiver Amount by operation of Minn. Stat. § 462.3531. The City and the Owners acknowledge and agree that the Owners may appeal any special assessment above the Assessment Waiver Amount. (b) Owners’ Covenant Not to Sue the City: Owners hereby covenant with the City not to appeal or sue the City for a court to set aside, reduce, repeal, or invalidate the levied assessment, or for other relief from the payment of the City’s levy of a special assessment up to the Assessment Waiver Amount against the Property. (c) Owners’ Covenant that Owners are the Property Fee Owners: Owners hereby covenant and warrant with the City that Owners are seized in fee of the Property and have good right to enter into this Agreement with the City. Section 3.02 Covenants and Agreements of the City. The City covenants and agrees with the Owners that: (a) Assessment Waiver Amount: The City agrees that the City will certify/levy a special assessment against the Property only up to the Assessment Waiver Amount for the SAC pursuant to this Agreement. VIII-12 (a,b) 4 (b) City Recording of this Agreement: The City will record this Agreement against the Property. Owners will pay for the cost of recording. (c) Prepayment of Assessment: The City agrees that the Owners may prepay some or all of the City’s assessment levy against the Property for the SAC with no penalty and only with interest accrual pursuant to Minn. Stat. § 429.061. ARTICLE IV DEFAULT Section 4.01 Default. If a party to this Agreement materially defaults in the due and timely performance of any of its covenants, or agreements hereunder, the other party(s) may give notice of default of this Agreement. The notice shall specify with particularity the default or defaults on which the notice is based. The notice shall specify a ten (10) day cure period within which the specified default or defaults must be cured. If the specified defaults are not cured within the cure period, the other party(s) may pursue all remedies and sanctions available at law and in equity, including specific performance. Section 4.02 Attorneys’ Fees, Costs and Expenses. The Owners agree to pay the City the amount of the City’s assessment levy up to the Assessment Waiver Amount with accrued interest together with the City’s attorneys’ fees, costs and expenses to defend the special assessment levy by the City pursuant to this Agreement. The Owners acknowledge and agree that the Owners would be unjustly enriched if the City’s assessment levy pursuant to this Agreement was set aside, reduced, repealed or invalidated by a court with jurisdiction over the Property since the Owners requested the SAC and this assessment financing for the SAC. The Owners agree that the court with jurisdiction over the Property shall award the City the assessment levy up to the Assessment Waiver Amount with accrued interest together with the City’s attorneys’ fees, costs and expenses for breach of the Owners’ covenant not to appeal or sue the City pursuant to Article III, Section 3.01(b). ARTICLE V GENERAL PROVISIONS Section 5.01 Notices. All notices, requests, demands or other communications required or permitted by this Agreement shall be in writing and delivery shall be deemed to be sufficient if delivered personally or by registered or certified mail, return receipt accepted, postage prepaid, addressed as follows: If to the City: City of Hastings ATTN: City Administrator 101 4th Street East Hastings, MN 55033 If to the Owners: Marathon Properties of Hastings, LLC ATTN: Vicki Jung VIII-12 (a,b) 5 1241 West 15th Street Hastings, MN 55033 Section 5.02 Non-Assignability. Neither the City nor the Owners shall assign any interest in this Agreement nor shall either party transfer any interest in the same without the prior written consent of the other party. Section 5.03 Binding Effect. This Agreement and the terms, conditions and covenants contained herein and the transaction contemplated hereunder shall be binding upon and inure to the benefit of the parties hereto and their respective successors, heirs, personal representatives, and permitted assigns. This Agreement shall further be binding on subsequent purchasers of the Property and shall run with the Property herein described. Section 5.04 Severability. In the event any provision of this Agreement shall be held invalid or unenforceable by any court of competent jurisdiction, such holding shall not invalidate or render unenforceable any other provision hereof. Section 5.05 Amendments, Changes and Modifications. This Agreement may be amended or any of its terms modified or changed only by a written amendment authorized and executed by the City and the Owners. Section 5.06 Counterparts. This Agreement may be simultaneously executed in several counterparts, each of which shall be an original and all of which shall constitute but one and the same instrument. Section 5.07 Entire Agreement. This Agreement shall constitute the entire agreement between the parties and shall supersede all prior oral or written negotiations. Section 5.08 Notice To Buyers. The Owners agree to notify and provide any buyer of the Property with an executed copy of this Agreement if the Owners sell any interest in the Property following the execution of this Agreement by both the Owners and the City, but before the recording of this Agreement with Dakota County Recorder and/or Registrar of Titles. IN WITNESS WHEREOF, the City and the Owners have caused this Agreement to be executed by their duly authorized representatives. [remainder of page intentionally blank] VIII-12 (a,b) 6 CITY: CITY OF HASTINGS By: Mary Fasbender Its Mayor By: Kelly Murtaugh Its City Clerk STATE OF MINNESOTA ) ) ss. COUNTY OF DAKOTA ) On this ___ day of ______________________, 2024, before me a Notary Public within and for said County, personally appeared Mary Fasbender and Kelly Murtaugh, to me personally known, who being each by me duly sworn, each did say that they are respectively the Mayor and City Clerk of the City of Hastings, the municipality named in the foregoing instrument, and that the seal affixed to said instrument was signed and sealed on behalf of said municipality by authority of its City Council and said Mayor and City Clerk acknowledged said instrument to be the free act and deed of said municipality. Notary Public VIII-12 (a,b) 7 OWNERS: MARATHON PROPERTIES OF HASTINGS, LLC By: Its: STATE OF MINNESOTA ) ) ss. COUNTY OF __________________ ) Personally came before me this ___ day of ________, 2024, the above named ____________________, ____________ of Marathon Properties of Hastings, LLC, a Minnesota limited liability company, to me known to be the person who executed the foregoing instrument and acknowledged the same on behalf of the limited liability company. Notary Public This instrument drafted by and after recording, please return to: Korine L. Land (#262432) LeVander, Gillen & Miller, P.A. 1305 Corporate Center Dr Suite 300 Eagan, MN 55121 VIII-12 (a,b) VIII-12 (a,b) VIII-12 (a,b) VIII-12 (a,b) VIII-12 (a,b) VIII-12 (a,b) SAC & WAC Payment Deferral City of Hastings & Metropolitan Council PROGRAM INFORMATION, GUIDELINES AND APPLICATION INSTRUCTIONS City of Hastings 101 4th Street East, Hastings, MN 55033-1955 T: 651-480-2350 F: 651-437-7082 www.hastingsmn.gov VIII-12 (a,b) CITY OF HASTINGS: SAC & WAC DEFERRAL//UPDATED 06.11.2018 1 CITY OF HASTINGS SAC & WAC PAYMENT DEFERRAL PROGRAM INFORMATION, GUIDELINES AND APPLICATION INSTRUCTIONS In order to minimize the impact of the Sewer Availability Charge (SAC) and Water Availability Charge (WAC) to businesses within the City of Hastings, the City can provide a deferral option to pay SAC and WAC fees over time, instead of an upfront payment due at the time of building permit issuance. This program is in addition to the Metropolitan Council’s SAC Deferral Program, adopted in April 2017. The MetCouncil SAC Deferral Program, which is targeted to small businesses (under 25 SAC units), is a means of assistance in paying Metropolitan Council SAC charges and allows a portion, up to 80%, of SAC to be paid over a period not to exceed ten years. Under the updated program, the City of Hastings will enter into an agreement with eligible businesses and/or property owners to spread SAC and/or WAC payments over a ten year term. Property owners will be billed annually, on their property tax statement, for a period of ten years. If eligible, businesses and/or property owners have the option to utilize the Metropolitan Council SAC Deferral Program, the City of Hastings SAC & WAC Deferral Program, or both. Metropolitan Council SAC Deferral Program: 10 year term; low interest rate*; 20% down, plus the first monthly payment; secured by the Deferred Payment Agreement; eligible to businesses with SAC unit determination of 25 units or less. This program is established and regulated by a Master SAC Deferral Agreement executed between the City of Hastings and Metropolitan Council. City of Hastings SAC & WAC Deferral Program: 10 year term; low interest rate**; secured by the Deferred Payment Agreement; eligible to businesses with a SAC & WAC unit determination of 25 units or less. This program is established by City Ordinance and is intended to parallel the Metropolitan Council Program guidelines. Participants in the program are allowed to defer a maximum of 25 SAC and/or 25 WAC units. Businesses with SAC and WAC determinations exceeding the program limits will be considered on a case by case basis. The business owner and/or property owner must agree to participate and fill out an application form with the requested information, in addition to executing the Deferred Payment Agreement. If you have any questions or would like to submit an application for the City of Hastings SAC & WAC Deferral Program and/or the Metropolitan Council SAC Deferral Program, please contact John Hinzman, Community Development Director, at jhinzman@hastingsmn.gov or 651-480-2378. *Metropolitan Council SAC Deferral Program: principal on the deferred amount will be amortized monthly at a fixed interest rate based on MCES’ average cost of debt (per statute). MCES’ average cost of debt, computed on December 31 each year, will be used as the interest rate for all new deferrals entered into the following calendar year. **City of Hastings SAC & WAC Deferral Program: principal on the deferred amount will be amortized monthly at a fixed interest rate based on the 10 year Treasury Rate, locked in after application approval, at time of closing/document signing. VIII-12 (a,b) CITY OF HASTINGS: SAC & WAC DEFERRAL//UPDATED 06.11.2018 2 CITY OF HASTINGS SAC & WAC PAYMENT DEFERRAL APPLICATION SECTION 1: BUSINESS INFORMATION Business Name:________________________________________________________________________ Business Address:______________________________________________________________________ Business Contact/Title:__________________________________________________________________ Telephone:____________________________________________________________________________ Email:_______________________________________________________________________________ SECTION 2: PROPERTY OWNER INFORMATION Property Owner Name:__________________________________________________________________ Address:_____________________________________________________________________________ Property ID Number:___________________________________________________________________ Telephone:____________________________________________________________________________ Email:_______________________________________________________________________________ SECTION 3: SAC UNIT DETERMINATION (Please attach SAC Determination Letter) Address on SAC Determination Letter:_____________________________________________________ Date on SAC Determination Letter:________________________________________________________ Reference # on SAC Determination Letter:__________________________________________________ SAC Units (must be less than 25 units):_____________________________________________________ SAC Credits:___________________________________________________________________ Net SAC Units:_________________________________________________________________ WAC Units (must be less than 25 units):____________________________________________________ WAC Credits:___________________________________________________________________ Net WAC Units:________________________________________________________________ VIII-12 (a,b) CITY OF HASTINGS: SAC & WAC DEFERRAL//UPDATED 06.11.2018 3 SECTION 4: ELIGIBILITY Please confirm by initialing the following to determine eligibility: _____ The property is located in the City of Hastings, MN. _____ The SAC Determination for the property is 25 units or less, prior to SAC credits. _____ The WAC Determination for the property is 25 units or less, prior to WAC credits. _____ I understand that the deferral term is not to exceed 10 years. _____ I understand that the maximum deferment amount is 80% and a down payment, equal to 20% of the total SAC and WAC fees is due at time of application approval. _____ I understand that the property owner will be billed monthly on their regular utility bill. _____ I understand that SAC and WAC credits are tied to the property and may not generally be transferred to another location. _____ I understand that in the event of a default, any outstanding payments will be assessed to the property and the property owners waives the right to contest the assessment. _____ I understand that, in the case of a business closure, the business or property owner must notify the City’s Economic Development Coordinator. They City will verify the closure and future payment obligations will be waived. The site will not be credited with the portion of SAC & WAC not paid, but will receive credit for actual SAC & WAC paid. I hereby certify that the above information and/or statements are true and correct to the best of my knowledge. I understand that any false statements may disqualify me, the property, or this business from the program. Business Signature:________________________________________________ Date:______________ Property Owner Signature:_________________________________________ Date:______________ Community Development Staff Approval:_____________________________ Date:_______________ VIII-12 (a,b) CITY OF HASTINGS: SAC & WAC DEFERRAL//UPDATED 06.11.2018 4 For Staff to Complete: Permit Number:________________________________________________________________________ Permit Issue Date:______________________________________________________________________ Deferral Start Date: ____________________________________________________________________ (1st day of month after MCES report due) Percentage to be financed: _______________________________________________________________ (maximum of 80%) SAC Deferral Amount: ___________X (% Financed) = ________ X __________ = ________________ (e.g. 5 SAC x 80% = 4) (# total SAC units) Deferred Units Current SAC Rate Deferral Amount in $ WAC Deferral Amount: ___________X (% Financed) =_________ X ___________= _____________ (e.g. 5 SAC x 80% = 4) (# of total WAC units) Deferred Units Current WAC Rate Deferral Amount in $ Total Down Payment: SAC______________ = __________________ Down payment in units Down Payment Amount in $ (+) WAC______________ = __________________ Down payment in units Down Payment Amount in $ (+) First Monthly Payment = _________________ _____________________________________________________________________________________ Total Down Payment: $_________________ Eligibility Conditions: _____ The fee owner’s property taxes are in good standing. _____ The business is in good standing with the State of Minnesota and is not in violation of Hastings City Code. _____ The property is located within the City of Hastings. _____ The business meets the definition of eligible commercial properties as stated in the City of Hastings SAC & WAC Deferral Program and/or the Metropolitan Council’s SAC Deferral Program. Community Development Staff:______________________________ Date:________________ VIII-12 (a,b) VIII-12 (a,b) VIII-12 (a,b) VIII-12 (a,b) VIII-12 (a,b) VIII-12 (a,b) VIII-12 (a,b) VIII-12 (a,b) VIII-12 (a,b) VIII-12 (a,b) VIII-12 (a,b)