--- ## author: Russ Wille date: D:20260529095632-05'00' --- ## CIT ## Y OF SAINT PETER ## AGENDA & NOTICE OF REGULAR MEETING ## ECONOMIC DEVELOPMENT AUTHORITY ## THURSDA ## Y, JUNE 4, 2026 - 12:00 PM ## GOVERNORS ROOM – ST PETER COMMUNITY CENTER ## I.CALL ## TO ORDER ## II.APPROVAL OF AGENDA ## III.AP ## PROVAL OF MINUTES A.March 26, 2026 ## IV.OLD ## / UNFINISHED BUSINESS A.Update - Potential Central Business District (CBD) Sidewalk & Pavement ## Improvement Program B.Update - Status of the 2025 Accessibility Improvement Grant Projects ## V.NEW BUSINESS ## A.Review and Consider Approval of the 2026 Accessibility Improvement ## Program Grant Awardees ## B.Review and Consider Approval of $25,000 CBD Renovation / Enhancement Loan for 224 S Minnesota Avenue (Erbert & Gerberts / Reflections Salon ## Property) C.Review and Consider Approval of a $129,000 Revolving Loan for 301 S ## Minnesota Avenue (River Rock Coffee & Tea) ## D.Review and Consider Approval of a $10,000 Unforeseen Circumstances ## Micro Loan for 814 N Minnesota Avenue (El Agave Restaurant) ## E.Review and Consider Approval of a $10,000 Unforeseen Circumstances Micro Loan for 219 Park Row (River Rock Kitchen & Baking Co) ## F.Review and Consider Approval of a $10,000 Unforeseen Circumstances ## Micro Loan for 108 S Minnesota Avenue (Paddlefish Brewing Co) ## VI.REP ## ORTS ## A.Revolving Loan Fund Report ## B.COVID-19 Hospitality Assistance Program Report ## C. City Updates & Projects ## VII.ADJ ## OURNMENT ## Ben Bak er ## Director of Community Development 1 ## CITY OF SAINT PETER, MINNESOTA ## ECONOMIC DEVELOPMENT AUTHORITY ## MEETING MINUTES – MARCH 26, 2026 ## SAINT PETER ROOM – SAINT PETER COMMUNITY CENTER The meeti ng of the Saint Peter Economic Development Authority (EDA) was called to order at approximately 12:00 pm by EDA President Julie Fredrickson. Roll call was taken with members Fredrickson, Keri Johnson, Ayan Omar, Bob Southworth, and Cory Abels present. Member Josh Weisenfeld was absent. Member Nate Newhouse arrived at 12:09 pm. City staff present was ## Community Development Director Ben Baker, Community Development Specialist Hayden Lacher, Community Development Specialist Laura Sunnarborg, and Finance Director Perry Solheim. ## Approval of Agenda A mot ion was made by Johnson, seconded by Abels to approve the agenda as presented. All members voting aye, the agenda was approved. ## Approval of Minutes A mot ion was made by Omar, seconded by Johnson to approve the minutes from the February 26, 2026 meeting. All members voting aye, the minutes were approved. ## Status of CBD Renovation/ Accessibility Enhancement Loans for: ## •301 S. Minnesota Avenue (River Rock Coffee Building), and ## •401 S. Minnesota Avenue (Saint Peter Thrift Store) ## Baker reported that loan checks for both properties were ready for pickup at City Hall. Update on t ## he 2026 Accessibility Improvement Grant Program Baker no ted that staff sent over 300 letters to local businesses inviting applications for the grant program. Review and Discuss the Creation of an “Unforeseen Circumstances Micro Loan” ## Program and Guidelines Baker ex plained the current status of the proposed Unforeseen Circumstances Micro Loan Program and requested feedback from the EDA. Johnson noted that January and February are typically slow months for businesses. Southworth expressed concerns about the wording of the loan guidelines. Omar stated the loan could be useful for a variety of situations. Johnson suggested the loan could help businesses during the upcoming Highway 169 project or other unexpected events. Southworth asked who would qualify for the loan. 2 Abels noted that the City would effectively be acting as a bank and expressed concern about potential criticism regarding funding decisions. Baker clarified that applicants would be required to demonstrate financial loss and that loan applications would be reviewed by a subcommittee before moving to the EDA and City Council. Johnson asked what the underwriting in the loan would say. Abels said he would consider net revenue and emphasized protecting City interests. Johnson emphasized that the EDA should think about this program for the long term. Southworth questioned some of the wording in the loan. Fredrickson added she doesn’t want to put a target on the City and doesn’t want the City to take a stance that way. Omar emphasized the importance of transparency and does not see any concern over the language. Abels emphasized that he wants to ensure the loan is underwritten correctly. Omar asked what Abels would want added. Abels stated he would like to see three years of financial statements and evidence of a bank denial. Omar asked if bank denials were required for other programs. Baker confirmed that bank denials are required for other City loan programs. Southworth emphasized that he wants to help businesses, but he had concerns over the wording. Baker noted that City Administrator Prafke does not want the loan to cover payroll. Johnson agreed, suggesting funds should be limited to rent, lease payments, utilities, and property taxes. Newhouse said there is a need to simply get money out to businesses. Abels added that he wanted to ensure that the City does its due diligence. Baker noted that $100,000 is available for the program, with a maximum of $10,000 per business. Baker asked whether the EDA wished to change the maximum loan amount; Johnson supported keeping it at $10,000. Baker asked whether payroll should be excluded. 3 Newhouse favored including payroll; Abels was unsure. Finance Director Solheim noted that it is difficult to verify how funds are ultimately spent. Southworth added the program is meant to help with loss of revenue. He added that he thought the City should set the dollar amount. Abels stated that if the apply for the loan and are approved, they should just be given the money and the City should not focus on how they spend the money. Fredrickson clarified that if the applicant can prove that they have a loss, they can be awarded the loan. Baker asked if the EDA was comfortable using the existing loan review subcommittee; Abels noted the subcommittee only makes recommendations to the EDA. Johnson asked if any language changes were needed; Abels said he was satisfied with the wording. Baker outlined the process: applications are submitted to the Community Development office, reviewed by the subcommittee, forwarded to the EDA for review, and then sent to the City Council for approval or denial. Baker noted that some businesses may need funds sooner than others. A motion was made by Abels, seconded by Omar, to introduce Resolution 2026-04 entitled ## “Unforeseen Circumstances Micro Loan Program.” Update on a “Potential Loan/ Grant Program for Sidewalk and Pavement Improvements for Businesses located within the Central Business District Baker provided an update on the potential loan/ grant program for sidewalk and pavement improvements for businesses located within the Central Business District. ## Reports ## Revolving Loan Fund Report Baker provided an update on the revolving loans. ## COVID-19 Hospitality Assistance Program Report Baker provided an update on the COVID-19 loans. ## City Updates & Projects Baker provided an update on new developments in the City. Abels asked whether the new SouthPoint Financial Credit Union would be a new building or a reuse of the existing structure. Baker clarified that the former Jake’s Pizza building is being remodeled for the new SouthPoint location. 4 ## Adjournment With no further business before the EDA, a motion was made by Omar, seconded by Southworth to adjourn. All members voting aye, the meeting adjourned at approximately 1: 02 pm. 5 ## Memorandum ## TO: Economic Development Authority (EDA) Members DATE: 5/28/2026 ## FROM: Benjamin Baker ## Community Development Director ## RE: Funding Program for Downtown Sidewalk & Pavement Improvements ## ACTION / RECOMMENDATION None. Update only. ## BACKGROUND The Central Business District (CBD) has been identified as a historic downtown, gathering place, shopping center, entertainment hub, and significant community asset (similar to a park). Therefore, City Staff will be working on the following items over the next half-year to determine if a funding program needs to be established to help pay for sidewalks and other pavement areas located in withing the CBD: ## Inventory & Improvement Plan • Sidewalk - conditions inventory and correlating map • Sidewalk - improvement plan (priority ranking) o Incorporate existing improvement plans and upcoming projects • Other pavement areas - conditions inventory and correlating map • Other pavement areas - improvement plan (priority ranking) o Incorporate existing improvement plans and upcoming projects ## Funding Sources • Development Incentives (TIF) • Taxes / Fees / Assessments • Loans & Grants (Local/State/Federal) ## Previously Identified Downtown Pavement Projects • Park Row (Timeless) Sidewalk – Funded by ’26 Accessibility Improvement Grant? • Walnut Street (Hulsebus Chiropractic) On-Street Parking – Funded by ’26 Acc Imp Grant? • Block 178 (FNB/Contents) Alley/Parking Lot – Funding Unknown? ## Program Timing Moving forward, it is likely that the annual “ Accessibility Improvement Grant Program” will be changed to run every-other-year and coincide with a potential “Downtown Sidewalk Program”. Please feel free to contact me if you have any questions or concerns about this agenda item. ## BB 6 ## Memorandum ## TO: EDA Commission Members DATE: 5/28/26 ## FROM: Benjamin Baker ## Community Development Director ## RE: Status of 2025 Accessibility Improvement Grant Program Projects ## ACTION/RECOMMENDATION None. Update only. ## BACKGROUND In June 2025, the EDA and City Council awarded eight (8) Accessibility Improvement Grant Program projects to seven (7) local businesses and community organizations. Below is the status update for each of the projects: ## Status of the 2025 Accessibility Improvement Grant Program Awardees/Projects ## Business Loan ## Status ## Sunrise Church $7,884 Complete (Paid) ## Dairy Queen $7,525 $4,583 Complete (Paid) ## KAVO $6,300 Complete (Paid) ## Third Street Tavern $4,200 Complete (Paid) ## Flame Bar $9,495 Complete (Paid) ## Patrick's on Third $4,170 $3,600 Complete (Paid) Timeless – Ramp $7,970 On Hold (waiting for new sidewalk) Timeless - Door $8,895 ## Door Complete / Auto Opener - On Hold ## TOTAL $56,439 $52,927 ## ($3,512 UNDER BUDGET) Please feel free to contact me if you have any comments or questions about this agenda item. ## BB 7 ## Memorandum ## TO: EDA Members DATE: 5/29/2026 ## FROM: Benjamin Baker ## Community Development Director ## RE: 2026 Accessibility Improvement Grant Program – Project Awards ## ACTION/RECOMMENDATION Review and Consider approval of a Resolution, recommending approval of a list of grant awards for the 2026 Accessibility Improvement Grants Program. ## BACKGROUND In 2019, the EDA recommended, and the City Council adopted guidelines for the ADA Accessibility Improvement Grant Program. The program was developed to encourage commercial properties/businesses to enhance accessibility for those with mobility impairments. Previously, under the terms of the loan program, the City financed improvements in the form of a forgivable loan (forgiven at a rate of 1/15 th per year) at 0% interest. However, in 2025, the Program switched to a “grant” from a “forgivable loan”. Grant payment is provided to grant awardees once all the improvements are complete and inspected by the City. The building owner is responsible for maintaining and repairing the improvements over time to preserve accessibility. A budget of $50,000 was established by the City Council for the 2026 ADA Accessibility Improvement Program. The budgeted funds are mostly generated by annual interest from the City’s Revolving Loan Programs and fluctuate annually. Commercial businesses and property owners were notified of the program by direct mailing and the City’s website. Businesses were given a few months to prepare their applications, which were due April 30, 2026, at 4:30 pm. Seven (7) applications, totaling $50,910 in funding requests, were submitted by the deadline and reviewed by the Application Review Committee. The 2026 Application Review Committee was comprised of the following members: ## 2026 Application Review Committee: ## Julie Fredrickson, EDA President Dr Steven Moore, Cornerstone Wellness Ben Baker, Community Development Director Bob Southworth, EDA & Hometown Bank Corree Johnson, Previous EDA Vice President Scott Zarn, Planning Commission Chair 8 The Review Committee used the following criteria to help determine project rank: • Application completeness and accuracy • Current customer traffic in/out of the building • Exterior access into building • Use (restaurant, retail, community/social services, finance) • Businesses frequented by users that are disabled, elderly, or mobility impaired • Existing improvements and equipment already installed on-site • Existing site and building hardship • Cost of the improvement project • Project type and location • Approval by Public Works/Engineering (for sidewalk ramps) On May 14, 2026, the Application Review Committee met at the Community Center, discussed each application, provided comments, and they recommended the following options be considered by the EDA: ## No. Business Address ## RECOMMENDED ## OPTION #1 ## TIMELESS ## OPTION #2 ## TIMELESS ## OPTION #3 ## 1 Red Men Club 412 S 3rd St $2,000 $2,000 $2,000 ## 2 El Agave 814 N Minn Ave $8,000 $7,400 $7,400 ## 3 Reflections 222 S Minn Ave $10,000 $6,000 $10,510 ## 4 Hair Thairhappy 212 S Minn Ave $4,000 $4,500 $0 ## 4A Four Seasons 208 S Minn Ave $4,000 $0 $0 ## 5 Sweet Alice 214 S Minn Ave $7,000 $6,000 $6,000 ## 6 Hulsebus Chiro 206 W Walnut St $8,000 $8,040 $8,040 ## 7 Shady Ridge 101 W Pine St $7,000 $6,000 $6,000 ## 2025 Timeless 125 S Minn Ave $0 $10,000 $10,000 ## TOTAL $50,000 $49,940 $49,950 (Even) ($60 Under) ($50 Under) • Before the approved 2025 Timeless accessibility grant projects (auto door opener and ramp) may be installed, a portion of the Park Row sidewalk, under the proposed ramp, must be repaved to meet ADA sidewalk standards • Since the Red Men Club already has 2 auto doors, they agreed to fund the remaining $2.2k • Reflections Salon would be required to install a ramp and auto door opener • The Hair Thairhappy sidewalk ramp was not approved by Public Works/Engineering o At-grade access can be provided through the Four Seasons Mall o 3 auto doors are needed to provide such access through the Four Seasons Mall • Sweet Alice would be required to install a ramp and auto door opener o The proposed sidewalk and rear parking lot paving work would be funded privately • Grant funds would only cover the handicap parking portion of the on-street parking project • Shady Ridge would be required to install a ramp and auto door opener 9 ## Grant Award History Applications 2020 ## (CBD ## Only) 2021 ## (CBD ## Only) 2022 2023 2024 2025 Received 3 9 12 18 9 11 Funded 3 5 5 6 5 7 ## Commercial ## Buildings/ ## Business ## Kind Vet ## Clinic ## Swedish ## Kontur ## Riley- Tanis & ## Associates ## Nutter’s Cooks & Co. ## Arrow Hardware & ## Paint ## Red Man ## Club ## Nicollet Hotel (withdrawn) ## St. Peter ## Foot & Ankle ## Jakes Pizza ## American ## Legion Post #37 ## Subway ## Nicollet ## County ## Ag Society (Fairgrounds) ## St. Peter ## Eyecare ## Center ## River Rock ## Coffee & Tea ## First Lutheran ## Church ## Saint Peter ## Family Dental ## Cornerstone ## Wellness ## The Capitol Room ## St Peter ## Chiropractic & Acupuncture ## Personal ## Hearing ## Care ## Hulsebus ## Chiropractic ## Counseling Services of ## Southern ## MN ## Nelson ## Printing ## Estate ## Apartments ## Sunrise ## Church ## Dairy ## Queen ## Flame Bar ## KAVO ## Third Street ## Tavern ## Patrick’s ## On Third ## Timeless ## Budget vs. Approved vs. Actual 2020 (CBD Only) 2021 (CBD Only) 2022 2023 2024 2025 Budget $28,750 $25,400 $55,000 $45,000 $55,000 Approved $12,225 $35,765 $34,195 $53,132 $35,150 $56,439 Actual $11,863 $35,599 $33,663 $51,591 $35,150 $52,927 The approved Budget is a guide only. The actual 2026 total grant award amount may be lower or slightly higher than the budget target. ## Remaining Funds (Approved vs. Actual) There is approximately $6,000 in unused funds from previous years. ## FISCAL IMPACT: Project funding comes from the interest income generated by the Revolving Loan Fund (RLF) and RLF fund balance. Sufficient funding is available for the proposed projects. • The proposed 7-9 accessibility improvement projects total around $5 0,000. • Approximately $50,000.00 is available for the program. • There is around $6,000 in unused funds from previous years. Please feel free to contact me if you have any questions or concerns about this agenda item. ## BB 10 Page 1 of 2 ## CITY OF SAINT PETER, MINNESOTA ## ECONOMIC DEVELOPMENT AUTHORITY ## RESOLUTION NO. 2026 – ## STATE OF MINNESOTA) ## COUNTY OF NICOLLET) ## CITY OF SAINT PETER) ## RESOLUTION RECOMMENDING APPROVAL OF ACCESSIBILITY IMPROVEMENT ## GRANTS FOR COMMERCIAL PROPERTIES/BUSINESSES WHEREAS, the Economic Development Authority (EDA) administers the City’s Revolving Loan Funds; and WHEREAS, the City has established the Americans with Disabilities Act (ADA) Accessibility Improvement Grant Program to make interest free forgivable loans and improve accessibility for commercial properties/businesses; and WHEREAS, guidelines have been established which govern and determine the criteria of the ## Revolving Loan Program; and WHEREAS, a 2026 approximate budget of $50,000 was established by the City Council; and WHEREAS, a total of seven (7) applications were received; and WHEREAS, an Application Review Committee was formed to review the applications, including ## representatives from the Community Development Department, Economic Development ## Authority (EDA), Historic Preservation Commission (HPC), Planning Commission, and Downtown businesses; and WHEREAS, the Application Review Committee met on May 14, 2026, and they recommended funding seven (7) eligible projects totaling $50,000.00. ## NOW, THEREFORE, BE IT RESOLVED BY THE ECONOMIC DEVELOPMENT AUTHORITY ## OF THE CITY OF SAINT PETER, NICOLLET COUNTY, MINNESOTA, THAT: The EDA recommends approval of the following commercial properties/businesses for the 2026 ## Accessibility Improvement Grant Program: 1. Red Men Club Auto Door Opener $2,000 2. El Agave (2) Auto Door Openers $8,000 3. Reflections Salon Auto (New) Door Opener and Ramp $10,000 4. Hair Thairhappy Auto Door Opener $4,000 Four Seasons Mall Auto Door Opener $4,000 5. Sweet Alice Floral & Art Auto Door Opener and Ramp $7,000 6. Hulsebus Chiropractic Handicap Parking Pavement $8,000 7. Shady Ridge Cabinetry Auto Door Opener and Ramp $7,000 11 Page 2 of 2 Adopted by the Saint Peter Economic Development Authority on this 4 th day of June, 2026. ______________________________ ## Julie Fredrickson ## President ## ATTEST: _______________________________ ## Ben Baker ## Community Development Director 12 Page 1 of 3 ## Memorandum ## TO: EDA Members DATE: 5/29/2026 ## FROM: Ben Baker ## Community Development Director RE: CBD Renovation / Accessibility Enhancement Loan – 222/224 South Minnesota Ave ## ACTION/RECOMMENDATION Review and consider approval of a Resolution approving a Central Business District (CBD) Renovation / Accessibility Enhancement Loan request in the amount of $25,000 for exterior improvements to the building(s)/property at 222/224 South Minnesota Avenue. ## BACKGROUND Maria O’Connell, Cornerstone LLC, purchased the property at 224 South Minnesota Avenue (Parcel 19.412.3810) in December 2025 (6 months ago). The subject property contains two buildings: 1. 222 S Minnesota Ave (Reflections Salon) – 1,260 sf (2-story building) 2. 224 S Minnesota Ave (Erbert & Gerberts) – 2,200 sf (2-story b uilding) In an effort to help restore the historic building(s), O’Connell plans to make the following exterior improvements, including pressuring washing, acid washing, painting, and tuck-pointing work. The landmark structure was originally constructed in 1856. ## Loan Request The applicant is planning to inject up to $60,010 into this historic building located within the Central Business District. To help fund the significant financial investment, O’Connell has requested that the City/EDA consider approval of the following loan request: A Resolution approving a Central Business District (CBD) Renovation / Accessibility Enhancement Loan request in the amount of $25,000 for improvements to the building/property at 222/224 South Minnesota Avenue. ## Improvements PHASE I - Masonry restoration, brick work, washing, painting, equip rental $42,500 PHASE II - Tiling work and entrance restoration $7,000 PHASE III – Ramp, New Door, and Automatic Opener – Reflections Salon $10,510 ## TOTAL $60,010 13 Page 2 of 3 ## Funding Sources Personal 41% $24,500 City - CBD Reno Enhance (up to 90% / max $25,000/building) 42% $25,000 ## City – ADA Accessibility Improvement Grant 1 17% $10,510 ## TOTAL 100% $60,010 ## 1 – Separate Application Submitted by Applicant ## CBD Renovation / Accessibility Enhancement Loan ## Loan Program Purpose The purpose of the CBD Renovation / Accessibility Enhancement Loan Program is to promote reinvestment in the properties within the Downtown area. Specifically, the program is designed to fund exterior historical enhancements and/or handicapped accessibility improvements to commercial structures within the historic downtown. Furthermore, the loan program helps to provide a financial incentive for reinvestment in the Downtown / Central Business District buildings and create a visually appealing place to shop and conduct business. ## Current CBD Renovation / Accessibility Enhancement Loan Recipients ## 1. Brandt Law Office ($20,593) 2. Flame Bar ($25,000) ## 3. River Rock Bakery & Kitchen ($21,960) 4. Four Seasons Mall ($25,000 x 2) 5. Tremendous Brewery ($10,000) ## 6. River Rock Coffee & Tea ($25,000) ## 7. K & C ($25,000) ## 8. Red Men Club ($25,000) 9. Nicollet Hotel ($10,000) 10. Sota Scoops ($4,815) 11. Timeless ($19,416) ## 12. Saint Peter Thrift Store ($25,000) ## Eligible Project Expenses The proposed exterior improvements at the subject property are listed as eligible expenses for the loan funds. ## Loan Terms Based on the loan guidelines, the proposed loan would receive the following terms: ## Loan Amount Interest Amortization Monthly Payment Loan Funds Released $25,000.00 0% 10 Years $208.33 Upon Completion of Work The loan guidelines suggest a 10-year amortization for loan amounts ranging from $10,000- $25,000. ## Partial Loan Forgiveness According to the loan guidelines, at such time that the outstanding principal of the loan is reduced to $5,0000 or less, the balance of the principal may be forgiven and the note considered repaid in full ($0). To qualify for partial loan forgiveness, the applicants must have an acceptable repayment history, where every payment is made on time, and the loan does not fall into default. ## Loan Security A personal guarantee and mortgage (filed against the subject property) will be required. ## Fees According to the program guidelines, no loan origination fees are required. However, the applicant is responsible for paying any fees associated with recording the mortgage. 14 Page 3 of 3 ## Review & Recommendations ## EDA Loan Review Committee The EDA Loan Review Committee, comprised of local bankers, a financial consultant, the City Administrator, and the Community Development Director, reviewed the proposed loan request along with the applicants’ project estimates, resumes, business plan, and profit/loss statements. The Review Committee did not have any concerns with the applicants’ ability to pay off the loans, and they recommended approval of the proposed loan amount and loan terms. ## Heritage Preservation Commission At their meeting on March 31, 2026, the HPC approved the proposed exterior improvements. Please feel free to contact me if you have any questions or concerns about this agenda item. ## BB 15 ## Subject Property Map 222 / 224 S Minn Ave ## Parcel ID194123810 ## Sec/Twp/Rngn/a ## Property Address 224 S MINNESOTA AVE ## ST PETER ## Alternate ID 1421206020 ## Classn/a ## Acreagen/a ## Owner Address MARIA OCONNELL ## 1444 RIVIERA AVE S ## LAKELAND MN 55043 ## District0508 ST PETER CITY ## Brief Tax Descriptionn/a (Note: Not to be used on legal documents) 61 ft 16 17 CORNERSTONE LLC I Exterior Restoration Business Plan | 224 S. Minnesota Ave, St. Peter, MN ## CORNERSTONE LLC 224 S. Minnesota Avenue | St. Peter, MN 56001Exterior Restoration & Paint Revival — Business Plan ## Property Address ## Entity NameDate of Acquisition ## Year Built ## ClassificationContractorContractor License ## Total Contract Amount ## Financing RequestedPlan Prepared ## 224 S. Minnesota Avenue, St. Peter, MN 56001 ## Cornerstone LLC December 29, 2025 ## 1856lconic Historical Landmark ## Painting & Masonry LLC — North Mankato, MNBC737741 $49,500.00$25,000.00 April 2026 ## 1. Executive Summary Cornerstone LLC, owner of the historic property at 224 S. Minnesota Avenue, St. Peter, MN56001, is seeking financing in the amount of $25,000 to fund a portion of a contracted exterior restoration project for this landmark structure, originally constructed in 1856. A formal proposal has been obtained from Painting & Masonry LLC (License No. BC737741), headquartered at 12 Rolling Green Ct, North Mankato, MN 56003, for a total contract value of$49,500. The contractor's proposal requires $25,000 to be paid prior to commencement of work, with the remaining balance paid in full upon project completion. The financed funds will beapplied directly toward the required upfront payment, while the property owner wit! personallycover the remaining balance.Confidential — Aprii 2026 Page 1 18 CORNERSTONE LLC | Exterior Restoration Business Plan | 224 S. Minnesota Ave, St, Peter, MN The scope of work encompasses full exterior masonry restoration including tuck pointing, acidwashing, brick replacement, and comprehensive painting of all wood and metal accents using period-appropriate enamel and exterior paints that will be color-matched to the original 1856 scheme. This project preserves the structural integrity and historical authenticity of a buildingthat represents nearly 170 years of local heritage.2. Property & Ownership Overview ## Property Name Cornerstone LLC Street Address 224 S. Minnesota AvenueCity / State / ZIP St. Peter, MN 56001Year of Construction 1856 ## Historical Designation lconic Historical Landmark Ownership Acquired December 29, 2025Owner Contact 763-464-8531 | wes.payroll@gmail.com Cornerstone LLC acquired the property in late December 2025 with a clear commitment toresponsible historical stewardship. Built in 1856, the building is one of the oldest standingcommercial structures in the region and holds significant cultural and architectural value to theSt. Peter community. Natural weathering, mortar deterioration, and paint degradation overnearly 170 years necessitate a professional restoration effort to prevent further structural decline. ## 3. Contractor & Proposal Information ## Contractor Name Painting & Masonry LLC ## Address 12 Rolling Green Ct, North Mankato, MN 56003 ## Phone (507)382-1727License Number BC737741 ## Contractor Representative Blake JohnsonClient Name Maria ## Project Location 224 S. Minnesota Ave, St. Peter, MN 56001 ## Total Proposal Amount $49,500.00 Painting & Masonry LLC is a licensed Minnesota contractor specializing in exterior restoration, masonry repair, and historical building paint work. The proposal submitted by Blake JohnsonConfidential — April 2026 Page 2 19 CORNERSTONE LLC | Exterior Restoration Business Plan i 224 S. Minnesota Ave, St. Peter, MNguarantees all materials will be as specified and that all labor will be performed in a substantial workmanlike manner. The contractor will procure all paints and materials, and will color-match or allow the owner to select colors consistent with the original 1856 scheme. 4. Scope of Work4.1 Core Restoration Work — $40,000The primary scope of work contracted with Painting & Masonry LLC covers all of the following: • Pressure wash and sand ALL metal and wood accent surfaces in preparation for finishing • Apply enamel paint to all metal surfaces for durable, weather-resistant protection • Apply exterior paint to all wood surfaces, color-matched to original 1856 scheme or owner-selected period color • Contractor to purchase all paints and materials — no out-of-pocket materials cost to owner Repair mortar via tuck pointing in all areas where mortar is recessed or deterioratedReplace missing bricks near the top of the building • Acid wash entire brick exterior to clean and restore appearance across all facades• Touch up all deteriorated areas near the foundation and entryways 4.2 Optional Enhancement — $7,000The proposal includes an optional scope item at an additional cost of $7,000: Redo the lower tiling and entrance to the neighboring storefront using masonry, wood, and new tiling This optional scope item is included in the total proposal value and the financing request, providing a complete exterior refresh of the ground-level entry and storefront frontage.4.3 Equipment — $2,500 Scissor lift and scaffolding rentals required for upper-story access and brick work near the roofline ## 4.4 Historical Preservation Approach All paint selection will be guided by historical color documentation of the 1856 original scheme.The contractor will take physical paint samples from the building's existing layers to color-matchthe authentic original palette, or the owner may select colors in consultation with historical reference materials. No alterations to the building's original architectural character or structural features will be made. Confidential — April 20^6 Page 3 20 CORNERSTONE LLC j Exterior Restoration Business Plan | 224 S. Minnesota Ave, St. Peter, MN5. Project Budget & Financing Plan ## 5.1 Contractor Proposal — Detailed Budget ## Line Item Masonry restoration, brick work, acid wash, painting (all surfaces)Optional: Lower tiling & entrance restoration (masonry, wood,new tile)Scissor lift and scaffolding rentals ## TOTAL CONTRACT AMOUNT (Painting & Masonry LLC) ## Amount $40,000.00 $7,000.00$2,500.00 $49,500.00 ## 5.2 Payment Schedule per Contractor Agreement ## Payment Milestone Payment #1 — Due before work commences (upfront deposit)Payment #2 — Due upon completion of all work ## TOTAL ## Amount $25,000.00$24,500.00$49,500.00 ## 5.3 Funding Structure Funding SourceFinancing Requested (applied to upfront deposit — Payment #1) Owner Equity — Completion Payment (#2, paid out-of-pocket) ## TOTAL PROJECT FUNDING ## Amount $25,000.00 $24,500.00$49,500.00 Cornerstone LLC is requesting a loan of $25,000, which will be applied directly and in full to thecontracfor-required upfront deposit before work commences. The owner will personally fund the remaining $24,500 balance, payable upon project completion. The owner-equity contributionrepresents approximately 49.5% of total project cost, demonstrating strong personal investment and reducing lender risk. ## 6. Project Timeline ## Phase ## Timeframe ## Activities Confidential—April 2026 Page 4 21 CORNERSTONE LLC | Exterior Restoration Business Plan | 224 S. Minnesota Ave, St. Peter, MN Phase 1 Phase 2Phase 3Phase 4Phase 5Phase 6 Week 1-2 Financing secured: $25,000 deposit paid to Painting & Masonry LLC; project kickoff; color documentation andpaint sampling Week 2-4 Equipment mobilization (scissor lift, scaffolding); pressure washing and sanding of all metal and wood surfaces Week 4-7 Masonry repairs: tuck pointing, brick replacement near roofline, foundation and entryway touch-ups; add wash of full brick exterior Week 7-10 Paint application: enamel on all metal surfaces, exterior paint on all wood surfaces using matched orowner-selected original color scheme Week 10-12 Optional lower tiling and entrance restoration (masonry, wood, new tile); punch-list and finalinspection Week 12 Final walkthrough; completion payment of $24,500 issued to contractor; project close-out ## 7. Expected Outcomes & Benefits7.1 Structural Preservation • Tuck pointing and brick replacement arrest active masonry deterioration, preventing costly structural damage • Acid washing removes 170 years of buildup, exposing clean, stable masonry surfaces Enamel and exterior paint application seals wood and metal from moisture intrusion and weathering ## 7.2 Historical Authenticity • Original 1856 color scheme restored through paint sampling and historical documentation • All materials and techniques consistent with historical preservation best practices* No alterations to the building's character-defining architectural features ## 7.3 Property & Community Value Enhanced curb appeal and visual prominence in downtown St. Peter Increased assessed and market value of the property following professional restoration Demonstrates responsible stewardship of a nearly 170-year-old community landmark • Contributes to heritage tourism and local pride in the St. Peter historic district Confidenfia! — April ?026 Page 5 22 CORNERSTONE LLC [ Exterior Restoration Business Plan | 224 S, Minnesota Ave, St. Peter, MN8. Risk Considerations Weather delays duringpainting or masonry work Additional masonry damage discovered during work Color match not achievable via paint samplingScissor lift or scaffolding access limitationsOptional tiling scope creates schedule overlap ## Likelihood ## Low-ModerateLowLowLowLow Mitigation12-week schedule provides buffer; contractor experienced in MN seasonal conditionsContractor proposal includes material costs; scope covers touch-ups throughout Owner retains right to select alternativeperiod-appropriate colorEquipment rental and logistics planned in Phase 2 before major work begins Optional Phase 5 work sequenced after all primary work is complete 9. ConclusionCornerstone LLC is committed to the responsible preservation and restoration of 224 S. Minnesota Avenue — a treasured piece of St. Peter's architectural history dating to 1856. With a formal, licensed contractor proposal in hand from Painting & Masonry LLC for $49,500, this project is fully scoped, professionally planned, and ready to proceed upon financing approval. The requested financing of $25,000 covers the contractor-required upfront payment to mobilize the project. The property owner will personally fund the $24,500 completion payment,contributing nearly half the total project cost out-of-pocket. This structure minimizes lender exposure while ensuring the project proceeds to full completion.The restoration will deliver a fully preserved, authentically painted, and structurally soundexterior that honors the building's 1856 heritage for generations to come. Cornerstone LLC respectfully requests the support of lending partners in making this historicallysignificant restoration a reality. ## Submitted by: Cornerstone LLC ## Property Owner: Maria ## Property: 224 S. Minnesota Avenue, St. Peter, MN 56001 Contact: 763-464-8531 [ wes.payroll@gmail.comDate of Submission: April 2026 Confidential — April 2026 Page 6 23 CORNERSTONE LLC | Exterior Restoration Business Plan | 224 S. Minnesota Ave, St. Peter, MN Contractor Proposal Reference: Painting & Masonry LLC — Blake Johnson — BC737741 — $49,500.00 Confidential — April 2026 Page 7 24 1 | Page ## Memorandum ## TO: Economic Development Authority (EDA) DATE: 5/28/2026 ## FROM: Benjamin Baker ## Community Development Director RE: Revolving Loan Request – River Rock Coffee & Tea - 301 / 303 S Minn Ave ## ACTION/RECOMMENDATION Review and consider a Resolution approving a $129,000 revolving loan to Azure Skye, LLC for improvements to the historic building at 301 South Minnesota Avenue (River Rock Coffee & Tea). ## BACKGROUND ## Subject Property The subject property is located at and described as follows: ## • Address: 301 South Minnesota Avenue • Parcel: 19.412.56030 • Legal: Northwest Part of Lot 1, Block 202, Saint Peter Amended Plat • Size: 0.05 Acres ( 2,340 sf) ## Applicant/Property Owner Azure Skye LLC is the property owner and applicant. Azure Skye, LLC (Co-Owners: Tamika Bertram, Katie Aho, Helena Shanks/Juffer), purchased the property at 301 South Minnesota Avenue in January 2017 (9 years ago). However, River Rock Coffee was founded in 2002 (24 years ago) in Saint Peter by Tamika Bertram. The subject property contains one two-story building (2,080 sf x 2 floors). Azure Skye also owns the 303 S Minnesota Ave property/building directly to the south. The property owners have been working with Goodrich Construction to stabilize the building (foundation, framing, and steel beam work) and fixing/replacing the corner façade (windows and brick work). Goodrich Construction specializes in restoring historic buildings, such as the 1890s building, which is a contributing structure in the Historic District. ## Loan Request The applicants plan to inject over a half-million dollars into the historic building located within the Central Business District. To help fund the significant financial investment, Azure Skye has requested that the City/EDA consider approval of the following loan request: A Resolution approving a Revolving Loan request in the amount of $129,000 for exterior and interior improvements to the building/property at 301 South Minnesota Avenue. 25 2 | Page ## Funding Sources Loan – Pioneer Bank 52% $341,500 ## Loan – Southern Minnesota Initiative Foundation 24% $159,000 Loan – City of Saint Peter 20% $129,000 Loan / Grant – City of Saint Peter CBD Reno / Enhancement 4% $25,000 ## TOTAL $654,500 ## Property Value Based on a December-2 025 Appraisal, the Azure Skye properties are valued as f ollows: ## Last Sale As-Is As Proposed 301 S Minn Ave $493,000 (Jan ’17) $380,000 $565,000 1 303 S Minn Ave $493,000 (Jan ’17) $190,000 $190,000 ## TOTAL $755,000 1 – additional improvements (project scope and value) completed since appraisal date ## Revolving Loan ## Loan Program Purpose One of the main purposes of the Revolving Loan Program is to stimulate private sector investment in facilities and provide affordable loans for the rehabilitation of commercial buildings to help maintain historic buildings and commercial viability. Investment in Downtown buildings helps to create a visually appealing place to gather, eat/drink, shop, and conduct business. ## Eligible Project Expenses The proposed improvements at the River Rock building are listed as eligible expenses for the loan funds. ## Loan Terms Based on the loan guidelines, the proposed loan would receive the following terms: ## Loan Amount Interest Amortization Monthly ## Payment ## Balloon Extension $129,000.00 4.75% 20 Years $833.63 5 Years 5 Years • The loan guidelines suggest a 20-year amortization for remodeling/construction loans. • Total Interest (over 20 years): $71,071 ## Loan Security If approved, and as required by policy, the loan would continue to be secured with a mortgage (recorded against the property). The City/EDA would be in a position behind Pioneer Bank and SMIF. A singed personal guarantee will be required by all three owners. ## Recommendation The EDA Loan Review Committee reviewed the loan request submitted by the applicant, along with associated financial documents and information. The EDA Loan Review C ommittee ran the numbers to make sure the applicant would have the ability to honor the note. The group recommend approving the loan request based on the loan terms ( stated above). The Review Committee recommended setting the interest rate at the 4.75% (2% Under Prime) per the City’s guideless for secured loans. Please feel free to contact me if you have any questions or concerns about this agenda item. ## BB 26 ## Subject Property ## 301 S Minn Ave ## Parcel ID194125630 ## Sec/Twp/Rngn/a ## Property Address 301 S MINNESOTA AVE ## ST PETER ## Alternate ID 1421211001 ## Classn/a ## Acreagen/a ## Owner Address AZURE SKYE LLC ## 301 S MINNESOTA AVE ## SAINT PETER MN 56082 ## District0508 ST PETER CITY ## Brief Tax Descriptionn/a (Note: Not to be used on legal documents) 61 ft 27 28 29 1700 3 rd ## Avenue ## Mankato, MN 56001 507-388-1004 January 22, 2026 ## St Peter Heritage Preservation ## 227 South Front Street ## St. Peter, MN 56082 RE: 301 South Minnesota Avenue Narrative and Proposed Scope of Work ## To Whom It May Concern, Work was started at 301 South Minnesota Avenue due to the cast iron signage lintel separating from the building; along with noticeable vertical and horizontal cracks through the brick, mortar, and windowsills. The brick showed substantial signs of spalling, delamination, pitting and cracks with many eroded and disintegrated mortar joints. The building also showed a noticeable settling in the NW corner of the building by approximately 2”. Upon demolition of the interior of the structure, it was determined that cracks were protruding through the 3-layer brick façade on the MN Avenue (West) side of the structure and that the brick wall was bowed in the middle up to 5”. There was noticeable settling on the North wall through the NW window where the building had settled approximately 2”. Determination was made in conjunction with Goodrich Construction and GP Engineering that even if the foundation of the wall could be stabilized, that the wall itself would not be structurally sound and could present a potential danger in the future. The general revised scope of work is as follows: -remove and reinstall the existing glass storefront windows -set up temporary enclosures around the front and side of the exterior of the building to restrict pedestrian traffic and minimize dust 30 -set up temporary enclosures on the interior of the building to maintain business operations and minimize dust -remove and reinstall electrical fixtures and outlets inside the building as needed -install temporary structural supports to facilitate demolition -remove the 3-layers of brick on the West side above the glass façade and approximately 8’ around the North side above the glass façade -Remove and salvage all cast iron decorative pieces -Replace the footing at the NW corner per engineer specifications -frame a 2x8 wall in lieu of the 3-layer brick from the glass façade to the roofline and sheet with ¾” plywood (currently in process to develop a plan per engineer specifications) -lay a “Rose Red Range” brick siding from the glass façade to the roofline in the same configuration as the existing utilizing Antique White pigment in the mortar -install three salvaged limestone windowsills on the West elevation and one new limestone sill on the North elevation -reinstall all cast iron decorative pieces -install a metal parapet cap around the perimeter of the roofline -install appropriate counter flashings and metal cap over the top of the signage lintel -repair the second level floor structure per engineer specifications -remodel the west apartment per owner specifications Pictures of the building are shown below. Point of contact for Goodrich Construction is Jeremy Flitter at 507-420-8109 or jeremy@goodrichconstruction.com. ## Sincerely, ## Jeremy Flitter ## Project Coordinator/President Goodrich Construction Inc. 31 ## WEST ELEVATION ON SOUTH MINNESOTA AVENUE 32 ## NORTH ELEVATION ON WEST NASSAU STREET 33 ## SEPARATION AT NW CORNER OF SIGNAGE LINTEL 34 ## BRICK VENEER AT ROOFLINE OF NORTH WALL (STANDING AT NW CORNER) ## NW CORNER OF BUILDING OVER LINTEL 35 ## WEST ELEVATION OF BUILDING OVER LINTEL 36 ## EXISING FOOTING AT NW CORNER 37 ## Azure Skye, LLC ## 301 S Minnesota Ave ## Saint Peter, MN May 8, 2026 ## To: ## Economic Development Administration ## City of Saint Peter ## Subject: Letter of Commitment for Project Completion ## Dear EDA Committee, This letter serves as a formal commitment from Azure Skye, LLC to complete the planned property improvement project located at 301 S Minnesota Ave, Saint Peter, MN. The scope of this project includes: ● Repairing and restoring the building façade; ● Strengthening the structural integrity of the building; and ● Completing interior apartment remodels to enhance livability and generate sustainable cash flow. We are firmly committed to seeing this project through to completion in a timely and professional manner, ensuring that all work complies with applicable city standards, safety codes, and loan conditions. Our objective is to improve the property’s long-term value while contributing positively to the community’s housing stock and economic vitality. We appreciate your consideration of our loan application and look forward to working collaboratively with the City throughout the project’s duration. ## Sincerely, ## Helena Juffer ## Co-Owner ## Azure Skye, LLC 701-388-4196 helena@riverrockcoffee.com 38 ## CITY OF SAINT PETER, MINNESOTA ## ECONOMIC DEVELOPMENT AUTHORITY ## RESOLUTION NO. 2026 - ## STATE OF MINNESOTA) ## COUNTY OF NICOLLET) ## CITY OF SAINT PETER) ## RESOLUTION APPROVING A REVOLVING LOAN IN THE AMOUNT OF $129,000 ## FOR IMPROVEMENTS TO THE BUILDING AT 301 SOUTH MINNESOTA AVENUE ## RIVER ROCK COFFEE & TEA BUILDING WHEREAS, the Economic Development Authority (EDA) administers the City’s Revolving Loan Programs; and WHEREAS, the EDA was granted the power to administer the Revolving Loan Programs and to make recommendations to the City Council for disbursement of new loans and extension of existing loans; and WHEREAS, guidelines have been established which govern and determine the criteria of the ## Loan Program; and WHEREAS, Azure Skye submitted a revolving loan request, in the amount of $129,000, for improvements to the River Rock Coffee & Tea building, located at 301 South Minnesota Avenue; and WHEREAS, the EDA Loan Review Subcommittee reviewed the Azure Skye’s f inancial documents and information, and they recommended approval of the loan based on the established City’s ## Revolving Loan Program Guidelines; and WHEREAS, on June 4, 2026, the EDA reviewed the loan application, and they recommended approval of the loan request to the City Council. ## NOW, THEREFORE, BE IT RESOLVED BY THE ECONOMIC DEVELOPMENT AUTHORITY ## OF THE CITY OF SAINT PETER, NICOLLET COUNTY, MINNESOTA, THAT: 1. A revolving loan in the amount of $129,000 is hereby approved for building improvements. 2. The loan shall have an interest rate of 4.75% (2% under the Prime Rate). 3. The loan shall continue to be secured with a mortgage. 39 Adopted by the Economic Development Authority of the City of Saint Peter, Nicollet County, Minnesota this 4 th day of June 2026. ___________________________________ ## Julie Fredrickson ## EDA President ## ATTEST: __________________________________ ## Benjamin Baker ## Community Development Director 40 ## Memorandum ## TO: Economic Development Authority (EDA) Members DATE: 5/29/2026 ## FROM: Benjamin Baker ## Community Development Director ## RE: Unforeseen Circumstances Micro Loan Program Applications ## ACTION / RECOMMENDATION Review and Consider Approval of up to three (3) Unforeseen Circumstances Micro Loan Program Applications from El Agave Restaurant, River Rock Kitchen & Baking Co., and Paddlefish Brewing Company. ## BACKGROUND On April 13, 2026, the City Council approved the “Unforeseen Circumstances Loan Program”, and they allocated $100,000 to support the newly created program. The new program was advertised and talked about with local businesses. To date, the City has received three (3) applications from the following businesses: ## Loan Request Financials Provided Loan Review Committee ## El Agave $10,000 Yes Approved ## River Rock Baking Co $10,000 Yes Approved ## Paddlefish Brewing Co $10,000 Yes No Consensus Taqueria El Rey submitted an “unofficial” application prior to the program being approved. However, Taqueria El Rey has not resubmitted an “official” application with the appropriate financials. ## Application Information Application and financial information will be emailed to the EDA Members and provided at the June 4 th EDA meeting. ## Financial Impact If all three (3) applications are approved, there will be $70,000 remaining in the program budget. Please feel free to contact me if you have any questions or concerns about this agenda item. ## BB 41 ## CITY OF SAINT PETER, MINNESOTA ## ECONOMIC DEVELOPMENT AUTHORITY ## RESOLUTION NO. 2026 – ## STATE OF MINNESOTA) ## COUNTY OF NICOLLET) ## CITY OF SAINT PETER) ## RESOLUTION APPROVING APPLICATIONS FOR THE ## UNFORESEEN CIRCUMSTANCES MICRO LOAN PROGRAM WHEREAS, the Economic Development Authority (EDA) administers the City’s Revolving Loan Programs; and WHEREAS, the City of Saint Peter recognized the need to assist Saint Peter businesses with immediate cash flow needs resulting from the loss of business revenues due to unforeseen circumstances, such as natural disasters, infrastructure failures, public health crises, sudden regulatory or legal changes, localized emergencies, and other similar events directly impacting businesses within the community; and WHEREAS, the EDA and City Council agreed that it is advantageous to create a new loan program titled: “Unforeseen Circumstances Micro Loan Program”, to help provide prompt relief to local businesses experiencing an unexpected financial hardship related to the aforementioned unforeseen circumstances; and WHEREAS, program guidelines have been established to clarify loan eligibility, loan terms, loan security, and ensure fairness and avoid discrimination in the application of loan procedures; and WHEREAS, the EDA and City Council seeded the new loan program with an initial $100,000 budget from the Revolving Loan Fund, and they plan to monitor the utilization and demand for the program; and WHEREAS, on March 26, 2026, the EDA reviewed and recommended approval of a Resolution, establishing a new loan program titled: “Unforeseen Circumstances Micro Loan Program”, and WHEREAS, on April 13, 2026, the City Council reviewed and approved a Resolution, establishing a new loan program titled: “Unforeseen Circumstances Micro Loan Program”; and WHEREAS, the City advertised and talked with local businesses about the new program; and WHEREAS, the City received three (3) complete official applications; and WHEREAS, the EDA Loan Review Committee reviewed all three (3) applications and associated financial documents. 42 ## NOW, THEREFORE, BE IT RESOLVED BY THE ECONOMIC DEVELOPMENT AUTHORITY ## OF THE CITY OF SAINT PETER, NICOLLET COUNTY, MINNESOTA, THAT: The following businesses shall be awarded an Unforeseen Circumstances Micro Loan: 1. El Agave $10,000 2. River Rock Kitchen & Baking Company $10,000 3. Paddlefish Brewing Company $10,000 ??? Adopted by the Economic Development Authority of the City of Saint Peter, Nicollet County, Minnesota this 4 th day of June 2026. ___________________________________ ## Julie Fredrickson ## EDA President ## ATTEST: _________________________________ ## Benjamin Baker ## Community Development Director 43 Page 1 of 2 ## UNFORESEEN CIRCUMSTANCES ## MICRO LOAN PROGRAM GUIDELINES ## 1. PURPOSE: The purpose of this document is to establish guidelines for application and administration of the City of Saint Peter Unforeseen Circumstances Micro Loan Program. These guidelines are intended to ensure fairness and to avoid discrimination in the application of loan procedures. ## 2. POLICY STATEMENT: Recognition of need: The City of Saint Peter recognizes the need to assist Saint Peter businesses with their immediate cash flow needs resulting from the loss of business revenues due to unforeseen circumstances, such as natural disasters, infrastructure failures, public health crises, sudden regulatory or legal changes, localized emergencies, and other similar events directly impacting businesses within the community. ## 3. PROJECT ELIGIBILITY: 3.1 All commercial businesses shall be eligible to participate in the Unforeseen Circumstances Micro Loan program. However, hospitality/retail type businesses and similar uses shall take precedence when comparing which applications should receive funding based on a programed budget. 3.2 Loan recipients shall utilize the funds to make the following priority payments: rent/lease, mortgage, utility, property taxes, and payroll. 3.3 Subject to the limitations contained in Section 4.1, the maximum loan amount shall be determined by adding the following monthly payments: mortgage, rent/lease, utility, property taxes, and payroll. The monthly aggregate shall be multiplied by however many months the business was affected, up to four (4) months, to determine the maximum amount of each loan made under this program. At its discretion, and in an effort to get crucial funds out to business applicants in a timely manner, the EDA and EDA Loan Review Subcommittee may decide to recommend awarding the maximum loan amount regardless of indexing and calculated monthly expenses. 3.4 Businesses must establish that they are indeed being affected by an atypical unforeseen circumstance by: 1) fully describing the financial hardship within the City authorized application form, and 2) providing an income/expense report that can be indexed against a comparable timeframe (primary source for determining eligibility). Loan eligibility shall be determined by the Economic Development Authority (EDA) based on a recommendation from the EDA L oan Review Subcommittee. 3.5 To further demonstrate the case for eligibility, applicants may provide additional information, such as: payroll/employment numbers, customer/traffic counts, and rent roll data. Furthermore, applicants should note impact related costs associated with property/building damage and repair work, construction disruptions, transportation issues, road/sidewalk closures and detours, supply chain delays/shortages, environmental factors, or other similar events. 44 Page 2 of 2 3.6 The majority of time, the impact from unforeseen circumstances shall be attributed to a community-wide event/issue affecting more than just a single business/property. 3.7 Only one loan will be given per business / property until the loan is fully paid off. ## 4. LOAN TERMS 4.1 The maximum loan available to an individual business shall not exceed $10,000. 4.2 Loans shall be offered at a 0% rate of interest. 4.3 Repayment of the note shall be deferred to begin a maximum of six months after the loan was granted. 4.4 Repayment shall be established at a rate of $100 per month. ## 5. LOAN SECURITY 5.1 The loans shall be secured by a promissory note executed by the borrower. 5.2 When applicable, the note shall be further secured via a personal guarantee. ## 6. LOAN APPLICATION AND APPROVAL Micro loan applications shall be reviewed and approved as follows: 6.1 Community Development Staff reviews the completed loan application based on the established criteria. 6.2 The EDA Loan Review Committee, or City Staff, reviews the loan application request and makes a recommendation to the EDA. 6.3 The EDA reviews the loan application request and makes a recommendation to the City Council. 6.4 The City Council reviews the loan application request, along with the recommendation from the EDA, and makes a final decision. 6.5 The City Administrator, or his/her designee, shall be authorized to execute the applicable loan document on behalf of the City. 45 ## REVOLVING LOAN REPORT4/1/2026 ## CBDORIGINALORIGINATIONCURRENT12/31/2025BALLOON DUE ## BORROWERRENO/ACCBORROWERDATEBALANCEBALANCEor REVIEW DUE BrandtX20,593.00$ 3/1/20215,171.00$ 6,171.00$ May-26 Flame Bar/Mike HobdayX25,000.00$ 11/1/20198,750.26$ 9,583.58$ Oct-27230 Fund Forever Plaid LLC/Autumn Rettig50,000.00$ 3/1/202447,415.80$ 47,844.38$ Jul-44 Forever Plaid - 208 S Minn/Autumn RettigX25,000.00$ 4/1/202419,791.75$ 20,625.07$ Mar-32 Forever Plaid - 212 S Minn/Autumn RettigX25,000.00$ 4/1/202419,791.75$ 20,625.07$ Mar-32 River Rock Bakery & Kitchen40,000.00$ 4/1/2016696.61$ 2,276.72$ Feb-26 River Rock Bakery X21,960.00$ 11/1/202418,849.00$ 19,581.00$ Jul-32 Sota Scoops4,815.00$ 9/1/20254,173.00$ 4,494.00$ Aug-30 The Haven at Hallet's/G. Dotson & A. Pipal30,000.00$ 12/1/202324,361.77$ 25,192.15$ Nov-28 Timeless/ Brycorpx19,416.00$ 9/1/202518,121.60$ 18,768.80$ Jan-33 Tremendous Brewery/ 227 Mulberry100,000.00$ 6/1/202494,980.02$ 95,934.19$ Jul-29 Tremendous BreweryX10,000.00$ 9/1/20248,416.73$ 8,750.05$ Oct-29 River Rock Bakery Building21,500.00$ 9/1/202018,092.16$ 18,307.61$ Sep-45 Halal Meat & Grocery3,834.98$ 9/21/2021363.55$ 363.55$ Nov-24 K&C/ StelterX25,000.00$ 1/1/20209,166.92$ 10,000.24$ Dec-27 MNO Real Estate, LLC74,500.00$ 6/1/202263,782.39$ 64,773.13$ Jun-27240 Fund Nicollet Hotel/Peter TannisFaçade 0%10,000.00$ 10/1/20222,999.86$ 3,666.54$ Oct-26 Paddlefish Brewery25,000.00$ 1/1/202319,174.24$ 19,845.23$ Jan-33 Red Men Club/Ed JohnsonX25,000.00$ 6/1/202317,708.45$ 18,541.77$ May-31 Kottke/Spring Touch Real Estate Holdings500,000.00$ 8/1/2025179,370.90$ 191,926.32$ Aug-30 St. Peter Food Coop350,000.00$ 4/1/2011107,890.89$ 114,643.59$ Dec-25 Tanis Brothers59,012.00$ 9/1/201424,708.21$ 26,674.94$ Oct-29 Timeless/ Brycorp26,650.00$ 9/1/202526,165.12$ 26,411.82$ Oct-45 Anytime Fitness/Chad Guentzel75,000.00$ 1/1/2021PAID IN FULL59,941.67$ Apr-26 Azure Skye/Bertram16,003.00$ 1/1/2019WRITE OFF5,000.00$ Oct-25 ## Traverse des Sioux Enterprises/ Check due Feb & Aug 1st 416,673.18$ 8/1/2009PAID IN FULL13,888.99$ Jan-24230 Fund David Bushaw20,000.00$ 12/1/2016WRITE OFF5,000.00$ Nov-26 Kaduce Properties16,831.00$ 9/1/2017WRITE OFF5,000.00$ Aug-27 Mayer - Chabeans25,000.00$ 7/1/2016WRITE OFF5,000.00$ Jun-26 JAEL Properties65,008.00$ 8/1/2014PAID IN FULL37,070.22$ Aug-25240 Fund PJ's Pizza5,629.47$ 2/1/20105,629.47$ 5,629.47$ JUDGEMENT 2,132,425.63$ 745,571.45$ 911,531.10$ Loan 230Loan 240Loan 250 ## LOAN FUND BALANCES (report from Joey) 2,651,949.74$ 651,563.52$ 1,836,403.03$ 163,983.19$ ## LOANS OUTSTANDING745,571.45$ $3,397,521.19 46 ## GRAND TOTAL 2026 ## 2025 COVID-19 HOSPITALITY ASSISTANCE PROGRAM PAYMENTS #1 ## 5D ## BUSINESS ## LOAN AMOUNT ## 2025 BALANCE CARRY ## OVER ## FUND DEPT ## JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DECBALANCE Date of Note 2021 ## Darlene's Daycare/Darlene Kopischke 5,795$ 1,095$ 240 36111100 100 100 100695$ ## Diamond Dust Bakery/Cheryl Brown 10,000$ 5,300$ 240 36111100 100 100 1004,900$ Dunkin Donuts/Oliver Schugel10,000$ 5,300$ 240 36111100 100 100 1004,900$ Frey Salon/Schoper & Mcgowan10,000$ 5,300$ 240 36111100 100 100 1004,900$ ## Halal Meat & Grocery Store/Karima Abdullahi 6,743$ 4,543$ 240 361114,543$ Johnson Hall/Brian Kuiper, Treas.10,000$ 5,200$ 240 36111100 100 100 1004,800$ ## La Mexicana Market/Douglas Johnson 7,636$ 2,936$ 240 36111100 100 100 1002,536$ Nicollet Café/Neslihan Sengul10,000$ 5,300$ 240 36111100 100 100 1004,900$ ## Poshinate Kiddos/Lynne Gross 9,955$ 6,255$ 24036111 100 ## 6,155$ NSF ## ON HOLD FOR 6 MONTHS ## Puddle Jumpers Early Learning/Jessica Rodning ## 6,944$ 3,744$ 240 361113,744$ RTN River Rock Coffee/Katie Aho 10,000$ 5,300$ 240 36111100 100 100 1004,900$ ## Saints Laundry Company, LLC/Megan Willette 10,000$ 5,300$ 240 36111100 100 100 1004,900$ ## St. Peter Comm. Childcare Center/Sadie Laidlaw 10,000$ 5,300$ 240 36111100 100 100 1004,900$ ## St. Peter Eyecare Center/Dr. Zach Dirks 10,000$ 5,300$ 240 36111100 100 100 1004,900$ Subway/Dave Gruenzner10,000$ 5,300$ 240 36111100 100 100 1004,900$ The Great Wall/Tin Thanh Huynh10,000$ 5,300$ 240 36111100 100 100 1004,900$ ## YV Services, LLC/Yakub Aden 2,879$ 2,779$ 240361112,779$ 149,952$ 79,552$ 999 101001400 1300 1300 1300 0 0 0 0 0 0 0 0 74,252.00$ 5,300.00$ ## Apr-26 15,900.00$ 47 ## 2025 COVID-19 HOSPITALITY ASSISTANCE PROGRAM PAYMENTS #2 ## 5E ## BUSINESS ## LOAN AMOUNT ## 2025 BALANCE CARRY ## OVER ## FUND DEPT ## JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DECBALANCE Date of Note 2021 ## American Legion Post 37/David S. Arpin 10,000$ 5,200$ 240 36111100 100 100 1004,800$ Best Western Plus/Brian Kern10,000$ 5,300$ 240 36111100 100 100 1004,900$ ## Cheese & Pie Monger/Liberty Warren 8,081$ 3,381$ 240 36111100 100 100 1002,981$ ## Chiropractic Holistic Health /Dr. Steven J. Moore 10,000$ 5,300$ 240 36111100 100 100 1004,900$ ## Cornerstone Wellness/Dr. Steven J. Moore 10,000$ 5,300$ 240 36111100 100 100 1004,900$ ## Don's Appliance/Jeff Orth 10,000$ 5,300$ 24036111 100 100 100 100 4,900$ El Agave/Eber Noe Juarez10,000$ 5,300$ 240 36111100 100 100 1004,900$ ## Embassy Bar & Grill/Terry Blaschko 10,000$ 5,300$ 240 36111100 100 100 1004,900$ ## Extra Innings Paninos/Michael Sweetman 10,000$ 5,300$ 240 36111100 100 100 1004,900$ Fantastic Sam's/David A. Schultz10,000$ 5,200$ 240 36111100 100 100 6004,300$ April 1st increased payments to $600. Last payment on December 1, 2026 $100. Her Happy Place/Lisa Eide10,000$ 5,300$ 240 36111100 100 100 1004,900$ ## Inspire Bridal Boutique/Brittany Jones 9,482$ 4,882$ 240 36111100 100 100 1004,482$ Jakes Pizza/Wallace Boyer10,000$ 5,300$ 240 36111100 100 100 1004,900$ ## Julee's Jewelry/Julee Johnson 10,000$ 5,300$ 24036111 100 100 100 100 4,900$ 137,563$ 71,663$ 999 101001400 1400 1400 1900 0 0 0 0 0 0 0 0 65,563.00$ 6,100.00$ ## Apr-26 48 ## 2025 COVID-19 HOSPITALITY ASSISTANCE PROGRAM PAYMENTS #3 ## 5F ## BUSINESS ## LOAN AMOUNT ## 2025 BALANCE CARRY ## OVER ## FUND DEPT ## JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DECBALANCE Date of Note 2021 ## Kid's Corner Child Care Center/Cassie Frey - Director 10,000$ 5,300$ 240 36111100 100 100 1004,900$ see note in cell A50-Kids Corner Knit & Sew World/Shawn Dolan7,778$ 3,078$ 240 36111100 100 100 1002,678$ Olita Gifts/Jill Hass5,330$ 1,030$ 240 36111100 100 100 100630$ Park Row Nutrition/Derrik Kraft8,694$ 4,594$ 240 36111100 100 100 1004,194$ Patrick's on 3rd /Bartelt / Mayer10,000$ 5,300$ 240 36111100 100 100 1004,900$ Red Men Club/Ed Johnson10,000$ 5,300$ 240 36111100 100 100 1004,900$ ## River Rock Kitchen & Bakery/Christine Rasmussen 10,000$ 5,300$ 240 36111100 100 100 1004,900$ ## Sweet Alice Floral/Sara Nett - Torgrimson 10,000$ 5,300$ 240 36111100 100 100 1004,900$ The Flame Bar/Mike Hobday10,000$ 5,300$ 240 36111100 100 100 1004,900$ ## The Pulse Fitness Studio/Rachel More 10,000$ 4,000$ 240 36111125 125 125 1253,500$ $125 per month ## The River Nutrition/Scott Spiess 9,347$ 4,647$ 24036111 100 100 100 100 4,247$ 101,149$ 49,149$ 999 101001125 1125 1125 1125 0 0 0 0 0 0 0 0 44,649.00$ 4,500.00$ ## 184,464.00$ OUTSTANDING BALANCE 200,364$ ## Apr-26 49 1 ## Old City Hall Proposal ## 227 South Front Street –Mixed Use Development BRM Holdings ## Church of Saint Peter Thrift Store ## 401 S. Minnesota Avenue – Bushaw Properties, LLC 5/13/2026 50 2 ## North ## Industrial (Business) ## Park ## Business Incubator / Commercial Office & Storage ## MNDOT Truck Station ## Mini Storage 5/13/2026 ## MNDOT Truck Station 5/13/2026 ## Klein Street 56 Unit Apartment ## 2006 Klein Street –St Peter Land / DDK Construction 5/13/2026 51 3 ## Presidents Corner ## 1225 South Washington Ave (Construction Spring 2026) ## ALH Land Co. –Twin Home Development 5/13/2026 ## Traverse Green Phase III 2025 & 2027 Clark Street –Twin Homes 1381 & 1363 Cullen Street –Single Family 5/13/2026 5/13/2026 52 ## 2050 COMPREHENSIVE PLRN c\TY o/- ## SRINTSPETER WHRT IS H COMPREHENSIVE PLRN?The City of Saint Peter is updating its Comprehensive Plan. This document will guide city council,committees, and staff's work for the next 20 years. The goal of this update is to: • Create a clear and unified vision • Prioritize implementable goals and strategies• Shape growth, development, and city investment ## GET INVOLVED! This plan can't be created without you! As people who live, work, and play in Saint Peter, we needyour insights. Help guide decisions for this plan around key topics like housing, transportation, recreation, and economic development. Your participation ensures that the Saint Peter 2050 Comprehensive Plan addresses the needs of our community and builds a future where we can thrive together. ## TIMELINE ## STAGE 1: SPRING 2026 The project team will gather input on existing conditions and identify issues and opportunities in the area.STAGE 2: SUMMER/FALL 2026 Informed by stage one, we will craft a vision, goals and draft plan for public feedback. ## STAGE 3: WINTER 2026 We will update the plan based on feedback heard in the second phase, preparing It for the approval process. Learn more about the project and stay informed by scanning the QR code or visiting: https://arcg.is/1qjem52 53