Madras Redevelopment Commission - Madras, … the city would save approximately $165,000by...

December 6, 2017 Madras Redevelopment Commission Meeting

An Equal Opportunity Provider of 3

Madras Redevelopment Commission

125 SW “E” Street Madras, OR 97741 Phone: 541-475-2344 Fax: 541-475-7061

Agenda

City Hall December 6, 2017 Council Chambers 5:30 P.M. Public Meeting

1. Call Regular Meeting to Order 2. Consent Agenda

A. Adoption of Agenda B. Approval of November 1, 2017 Meeting Minutes C. December Vouchers

3. Visitors Comments 4. Approval of Revisions to Provide Clarification on September 6, 2017 Meeting Minutes 5. Signet Realty Façade Improvement Project:

A. Approval of Façade Improvement Loan Amendments to Extend the Project Completion Date.

B. Confirmation of the ability to use funding to install siding on the south and east

building elevations.

Nicholas Snead, Community Development Director



6. Supplemental Budget Hearing

A. Proposed Changes to the MRC General Fund for FY 2017-18.

1. Call Supplemental Budget Hearing to Order 2. Staff Report 3. Comments from the Public 4. Commission Deliberations, Questions, and/or Comments 5. Close Supplemental Budget Hearing 6. No Action at this time – Formal Action will be take on the Resolution

Kristal Hughes, Finance Director Nicholas Snead, Community Development Director

7. Resolution No. MRC 2017-07

A Resolution authorizing an increase in appropriation to recognize unanticipated revenues, and expenses, and the transfer appropriations within Funds for Fiscal Year 2017-2018.

Kristal Hughes, Finance Director

8. Review and Approval of Brewery and or Brew Pub Request for Proposal (RFP).


9. Report on Retail Coach 1st Quarter Coordination Meeting.


10. Additional Discussion 11. Adjourn



Pursuant to ORS 192.640, this agenda includes a list of the principal subjects anticipated to be considered at the above referenced meeting; however, the agenda does not limit the ability of the Madras Redevelopment Commission to consider additional subjects. Meetings are subject to cancellation without notice. This meeting is open to the public and interested citizens are invited to attend. This is an open meeting under Oregon Revised Statutes, not a community forum; audience participation is at the discretion of the Madras Redevelopment Commission. Anyone wishing to address the Commission will need to register prior to the meeting. The meeting will be audio taped; minutes of this and all public meetings are available for review at the Madras City Hall. The meeting place is handicapped accessible; those needing assistance please contact the City of Madras Community Development two (2) days in advance of the meeting.

September 6, 2017 Madras Redevelopment Commission Meeting

An Equal Opportunity Provider Page 1 of 12


125 SW “E” Street Madras, OR 97741 Phone: 541-475-2344 Fax: 541-475-7061

Official Meeting Minutes

City Hall September 6, 2017 Council Chambers 5:30 P.M. WORK SESSION (5:30 PM) 1. Call to Work Session Order

Chair Tom Brown called the meeting to order at 5:31. Members in Attendance Chuck Schmidt, Tom Brown, Denise Piza, Don Reeder, Bartt Brick Members Absent Doug Lofting

2. Solar Eclipse Report & Discussion

Note: Materials to be provide at meeting.

The commissioners, City Administrator Burril, and Community Development Director Snead discussed the outcome of the recent solar eclipse events. Subjects discussed included the successful removal of a derelict structure, first responder feedback, and the downtown flower pots and baskets. City Administrator Burril showed an aerial video taken during the weekend of the eclipse via drone by Michael Leslie. The video captured several projects that the MRC has been involved with in recent years. 3. Adjourn

Commissioner Brown adjourns the work session at 6:18.

REGULAR MEETING (Immediately Proceeding Work Session) 1. Call Regular Meeting to Order

Commissioner Brown, Called meeting to order at 6:20 and asked Director Snead for additions to consent agenda. Director Snead, Replied that staff sent out revised vouchers, including costs paid to Lee Baggett for abatement of the O’Meara property, and to Ryan Simmons Construction for the Wild Bleu remodel. Suggested



that the commission speak with Matt Donahue, the city’s bond counsel, before discussing additional agenda items.

2. Consent Agenda Commissioner Piza, Moves to accept, Commissioner Brick seconds; the motion carries unanimously.

2. Visitors Comments

None 3. D.A. Davidson (Bond Counsel) Presentation – 2012B Bond Refunding Proposal

Note: Bond Counsel will Participate by Phone (i.e. Teleconference).

Kristal Hughes, Finance Director Matt Donahue, Underwriter

Director Hughes, Reported that the city has begun the process of review the two bonds for refinancing. The Madras City Council has approved refinancing.Requesting authorization for the resolution to refinance portions of two series of outstanding bonds that were issued by the city. Kevin Donahue, Reports that both bonds are related to the MRC. One was directly for MRC projects and has an intergovernmental agreement between the city and the MRC and the other one was for construction of the new city hall, for which there is an agreement with the MRC to help with the debt service. Stated that the previous resolution that was passed by the city authorizes refinancing and delegates the responsibility to staff. However, the resolution does not require staff to take action, and the refinancing will take place if market conditions continue to be favorable. Currently, there are significant savings associated with executing the transaction. The resolution brought before the MRC at this time is to amend certain intergovernmental agreements that the MRC has with the city, in order to make the MRC the obligor for the debt service in a new intergovernmental agreement for the 2017 bonds (the MRC is currently the obligor for the bonds issued in 2012). Said that the total amount to be refinanced is estimated to be around $2 million, approximately $1.4million of which comes from the bond issued for construction of the new City Hall, and between $500,000 and $600,000 coming from the bond issued in 2012. Estimated the city would save approximately $165,000 by refinancing, based upon net present value. Commissioner Brick, Asked Donahue to describe any financial risks associated with this resolution.



Kevin Donahue, Replied that he does not see any risks from the perspective of the MRC. The MRC would only amend intergovernmental agreements if a refinancing results in lower debt service, and therefore lower payments from the MRC. The city may end up paying approximately $12,000 in non-refundable fees. Additionally, the MRC could postpone refinancing and lose potential savings if market conditions change. Councilor Brick, Noted that was an opportunity cost risk, rather than a hard risk. Kevin Donahue, Concurred. Chair Brown, Asked for an estimate for the refinancing to begin. Kevin Donahue, Replied that the bond sale is scheduled for September 28th.

4. Resolution No. MRC 2017-05

Kristal Hughes, Finance Director Nicholas Snead, Community Development Director

Commissioner Brick, Moved to approve MRC resolution, number MRC 2017-05, which gives staff permission to amend the IGA between the city of Madras and Madras Redevelopment Commission, as required as part of the due diligence that the refunding process has presented. Mayor Embanks, Seconded the motion. The motion carried unanimously. .

5. Approval of Specific Urban Renewal Recruitment Services:

A. Retail Recruitment Strategy Proposal, Retail Coach Director Snead, Stated that the MRC entered into a one-year, $12,000 contract with retail coach Aaron Farmer during fiscal year 2016-2017, and the MRC discussed renewing the contract during the March 2017 MRC meeting. At that time, the commission decided not to take formal action on contract renewal. The commission expressed a need to establish an advisory committee that would meet quarterly with Mr. Farmer.



Reported that staff recommended that the commission approve the proposal as presented. The proposal does identify the requirement to have quarterly meetings between the advisory committee and the retail coach. Mayor Embanks, Noted that in light of the solar eclipse activity, the city of Madras is equipped to deal with large events, and should capitalize on the city’s ability to accommodate and serve 100,000 people and large events. Commissioner Piza, Asked if the advisory committee has been established. Requested that the commission identify who would serve on the committee. Commissioner Brick, Noted that the contract is based on work done by the retail coach, rather than the success of that work. Wondered whether incentives could be structured into the contract to encourage results. Director Snead, Replied that the contract would be paying the retail coach to conduct the research that may yield results. The contract before the MRC is the smallest that the retail coach offers; their average contract is for $80,000. Commissioner Brick, Agreed that the city has an opportunity to leverage its success with eclipse events, and should take the opportunity to capitalize Madras’ increased name-recognition with national retail chains. Director Snead, Notes that the contract is not paying for marketing; rather, it is paying for the city to have access to representatives from every national chain. Commissioner Brick, Moves to accept the motion. Commissioner Schmidt, Seconds; the motion carries unanimously.

B. Brewery Recruitment Marketing Proposal, Every Idea Marketing

Nicholas Snead, Community Development Director Director Snead,

nsnead

Highlight



Reported that since April, a work group has been working with two industry specialists, Pratt Rather and Doug Ellenberger, to develop a marketing package to bring to the MRC for use in recruiting a brewery to downtown Madras. Rick Allen identified Every Idea Marketing as a potential partner to use in developing marketing materials. Every Idea Marketing has developed a proposal, including a social media outreach strategy. Acknowledged that there are several questions and concerns regarding retaining Every Idea Marketing, but given the success of solar eclipse events and the connections and resources that were developed as a result, the timing is right to actively pursue a marketing strategy for a brewery. Suggested convening an advisory committee before the October MRC meeting. After staff has opportunity to meet with Every Idea Marketing, Rick Allen, Pratt Rather and Doug Ellenberger, Every Idea Marketing could revise their proposal and bring it to the October MRC meeting. The MRC could potentially fund up to $10,000 for a marketing contract and still meeting all budget requirements for programmatic objectives for the 2017-2018 fiscal year. Commissioner Piza, Said that it would make sense for the MRC to hear a presentation and to have the opportunity to ask questions of Every Idea Marketing. Commissioner Brick, Wondered whether Every Idea Marketing would interface with the retail coach. Rick Allen, Said that because the retail coach works with national recruiters and Every Idea Marketing’s work is specific to a local brewery, not a lot of collaboration between the two would necessary.

Chair Brown, Said that he would like to meet with Every Idea Marketing, and ensure that they understand the Madras community, as distinct from other central Oregon communities. Commissioner Brick, Requested that Every Idea Marketing come to both the advisory committee meeting and to the October MRC meeting, where a decision regarding their contract may be made. The commissioners identified committee members are Tom Brown, Bartt Brick, Denise Piza and Chuck Schmidt as the four members of the brewery recruitment advisory committee.

7. Downtown Flower Basket Contract



Commissioner Reeder, Moved to give notice to Madras Garden Depot as soon as possible to terminate the existing contract, and then to finalize the decision regarding a new nursery contract after receiving flower pricing information from Rick Rohach at the MRC meeting in October.

Commissioner Brick, Seconds the motion; the motion carries unanimously.

6. Approval of Wild Bleu Mercantile Façade Improvement Loan Project Deadline Extension

Note: Materials to be provide at meeting.

Nicholas Snead, Community Development Director Director Snead, Reported that when the loan was initially granted in May 2017, the applicant’s project was supposed to be completed by August 31st. However, the applicants still have funding that they have not used, and request more time to complete their project. The proposal before the MRC is to allow staff to execute the master amendment that allows the project deadline to be extended to October 31st, 2017. Commissioner Reeder, Declared a conflict a conflict of interest because he has represented Wild Bleu. Commissioner Piza, Moved to accept the proposal. Mayor Embanks seconds the motion. Commissioner Reeder abstains; the motion carries.

7. Signet Realty/Ali Alire Façade Improvement Project Update

Nicholas Snead, Community Development Director Director Snead, Reported that the city is waiting for the city attorney, Ali Alire’s attorney and Bosch Properties attorney to sign the loan documents. The intention is that the project be completed on a reasonable, but unspecified, timeline.

8. O’Meara Derelict Building Removal Project Update

Nicholas Snead, Community Development Director Director Snead,



Reported that the O’Meara building has been removed. Police Chief Stanfill extends his gratitude for removing a safety hazard and public nuisance. The city is waiting for an additional invoice for asbestos abatement to arrive. Noted that though the O’Meara property was outside of the urban renewal district, it was important that the MRC fund the project because it facilitates goodwill between the city and property owners and will make future abatement projects easier. Rick Allen, Expressed concern at setting the precedent that taxpayers effectively bail out property owners for not maintaining their building. Stated that the property owner took a financial risk when they purchased the property, and they assume the liability and cost of property and building maintenance. However, the cost and risk of a derelict building to the community may be greater than the cost the city takes on to abate it. Suggested implementing an incentive-based abatement program in the future, one wherein the city may be able to recapture some of the costs spent on abatement.

9. Additional Discussion

None 10. Adjourn

Chair Brown adjourned the meeting at 7:18 _________________________________ ________________________________

Tom Brown Nicholas S. Snead Chair Community Development Director

1 – AMENDED AND RESTATED PROMISSORY NOTE {13297018-00886790;1}

This Note (as defined below) has not been registered under the Securities Act of 1933 or any state securities laws. This Note may not be sold, assigned, and/or otherwise negotiated to any person unless pursuant to an effective registration statement filed under the Securities Act of 1933 and applicable state securities laws, or unless Maker (as defined below) receives an opinion of counsel, in form and from counsel acceptable to Maker, that the sale, assignment, and/or other negotiation is exempt from the registration requirements of the Securities Act of 1933 and applicable state securities laws.

AMENDED AND RESTATED PROMISSORY NOTE

$20,000.00 Effective Date: ______ __, 2017

This Amended and Restated Promissory Note (this “Note”) is made by Travis M. Alire and Allis K. Stensgar-Alire (individually and collectively, “Alire”) and Bosh Properties, LTD. (“Corporation”), an Oregon corporation, in favor of Madras Redevelopment Commission (“Holder”), whose address is 125 SW “E” Street, Madras, Oregon 97741. For purposes of this Note, Alire and Corporation will be individually and collectively referred to herein as “Maker.” Maker’s address is PO Box 1265, Albany, Oregon 97321.

RECITALS:

A. Holder holds a certain Promissory Note (the “Original Note”) concerning a loan which Holder made to Maker on or about September 1, 2017 in the original principal amount of Twenty Thousand Dollars ($20,000.00) (the “Loan”). Holder made the Loan to enable Alire to complete certain façade improvement work in and to the real property (and all improvements located thereon) located at 546 and 554 SW Fourth Street, Madras, Oregon 97741.

B. The Loan is evidenced or secured by (a) a Madras Redevelopment Commission – Urban Renewal Loan Agreement dated September 1, 2017 (the “Agreement”), (b) the Original Note, and (c) the Trust Deed (as defined below).

C. Pursuant to the terms and conditions contained in that certain Master Amendment dated effective _____ __, 2017 (the “Amendment”), Maker is making this Note in order to, among other things, modify the payment terms provided under the Original Note.

PROMISSORY NOTE:

1. Payment. Maker promises to pay to the order of Holder in immediately available funds the principal amount of Twenty Thousand Dollars ($20,000.00), together with interest on the unpaid principal amount in accordance with Section 2, below, in 120 monthly payments of principal and accrued interest. The first payment is due on June 1, 2018 and subsequent payments are due on the same day of each following month until May 1, 2028, at which time the unpaid principal amount, together with accrued interest, is due in its entirety. All payments under this Note will be made to Holder at Holder’s address first set forth above or any other address that Holder may designate by written notice to Maker. The due date and amount of each payment are set forth on the payment schedule attached hereto as Schedule 1.

2. Interest; Late Charges. Subject to the terms and conditions contained in this Note,

Maker will not pay interest under this Note for the period commencing on the Effective Date and ending on May 31, 2020. Commencing on June 1, 2020, interest on the unpaid principal amount will accrue at the annual rate of two and one-half percent (2.5%); commencing on June 1, 2023, interest on the unpaid


principal amount will accrue at the annual rate of five and one-half percent (5.5%). On and after an Event of Default (as defined below), Maker will pay interest on the unpaid principal amount at the annual rate of eight percent (8.0%). Interest will be computed on the basis of a 365-day year. If Maker fails to make any payment required under this Note within ten (10) days after the payment is due, a late charge equal to $25.00 will be immediately due and payable.

3. Application of Payments; Prepayment. All payments under this Note will apply first to

any costs and expenses due to Holder, then to accrued interest to date of payment, and then to the unpaid principal amount. Maker may prepay all or any part of the unpaid principal amount at any time. Excess payments or prepayments will not be credited as future scheduled payments required under this Note.

4. Loan Agreement; Security. Maker’s obligations under this Note are subject to the terms and conditions of the Agreement as amended by the Amendment (collectively, the “Loan Agreement”). Maker’s obligations under this Note are guaranteed or secured by that certain Trust Deed, Assignment of Leases and Rents, and Fixture Filing dated effective September 1, 2017 made by Maker in favor of Holder and recorded in Jefferson County Official Records on September 26, 2017 as Instrument No. 2017-3710, as amended by a certain Modification of Trust Deed, Assignment of Leases and Rents, and Fixture Filing dated _______ __, 2017 made by Company in favor of MRC (collectively, the “Trust Deed”).

5. Event of Default. The occurrence of any one or more of the following events constitutes

a default by Maker under this Note (each an “Event of Default”): (a) Maker fails to make any payment required under this Note when due; (b) the occurrence of any event that has or may reasonably be expected to have an adverse effect on Maker’s financial condition and/or Maker’s ability to make any payment required under this Note; (c) Maker fails to pay, becomes insolvent or unable to pay, or admits in writing an inability to pay Maker’s debts as and when they become due, or Maker makes a general assignment for the benefit of creditors; (d) a proceeding with respect to Maker and/or the Property (as defined in the Loan Agreement) is commenced under any applicable law for the benefit of creditors, including, without limitation, any bankruptcy or insolvency law, or an order for the appointment of a receiver, liquidator, trustee, custodian, or other officer having similar powers over Maker is entered; (e) Maker voluntarily or involuntarily dissolves or ceases to exist, or any final nonappealable order or judgment is entered against Maker decreeing its dissolution; (f) any change in the ownership of Maker in one or more transactions, other than (1) transfers receiving Holder’s prior written consent, and/or (2) a change and/or modification in Corporation’s ownership arising from the death of either or both John P. Curnutt and/or Brenda N. Curnutt (individually and collectively, “Curnutt(s)”), or Curnutts’ transfer or assignment of their ownership interest in Corporation from one of them to the other, to their descendants (including adopted children), and/or to a trust established for estate planning purposes for the benefit of their descendants; (g) Holder determines that there has been an adverse change in the operations, business, management, prospects, and/or condition (financial or otherwise) of Maker and/or Holder deems itself insecure with respect to the payment or performance of any obligations of Maker to Holder; and/or (h) an event of default occurs under (1) any Loan Document, and/or (2) any agreement securing the performance of any of the obligations of any guarantor of this Note. For purposes of this Note, the term “Loan Document(s)” means (w) the Loan Agreement, (x) the Trust Deed, (y) this Note, and (z) all other agreements and/or instruments evidencing, guaranteeing, and/or securing the performance of any Maker obligations under this Note.

6. Remedies. On and after an Event of Default, Holder may exercise the following remedies, which remedies are cumulative and which may be exercised singularly or concurrently: (a) upon notice to Maker, the right to accelerate the due dates under this Note so that the unpaid principal amount, together with accrued interest, is immediately due and payable in its entirety; (b) any remedy


available to Holder under any Loan Document; (c) any remedy available to Holder under any agreement securing the performance of any of the obligations of any guarantor of this Note; and/or (d) any other remedy available to Holder at law or in equity. 7. Time of Essence; Amendment; Waiver; Severability. Time is of the essence with respect to all dates and time periods in this Note. This Note may be amended only by a written document signed by the party against whom enforcement is sought. Maker waives demand, presentment for payment, notice of dishonor or nonpayment, protest, notice of protest, and lack of diligence in collection, and agrees that Holder may extend or postpone the due date of any payment required by this Note without affecting Maker’s liability. No waiver will be binding on Holder unless it is in writing and signed by Holder. Holder’s waiver of a breach of a provision of this Note will not be a waiver of any other provision or a waiver of a subsequent breach of the same provision. If a provision of this Note is determined to be unenforceable in any respect, the enforceability of the provision in any other respect and of the remaining provisions of this Note will not be impaired. This Note amends, restates, replaces, and supersedes the Original Note in its entirety.

8. Governing Law; Venue. This Note is governed by the laws of the State of Oregon, without giving effect to any conflict-of-law principle that would result in the laws of any other jurisdiction governing this Note. Any action, suit, and/or proceeding arising out of the subject matter of this Note will be litigated in courts located in Jefferson County, Oregon. Maker consents and submits to the jurisdiction of any local, state, or federal court located in Jefferson County, Oregon. 9. Attorney’s Fees. If any arbitration, action, suit, and/or proceeding is instituted to interpret, enforce, and/or rescind this Note, or otherwise in connection with the subject matter of this Note, including, without limitation, any proceeding brought under the United States Bankruptcy Code, the prevailing party on a claim will be entitled to recover with respect to the claim, in addition to any other relief awarded, the prevailing party’s attorney fees and other fees, costs, and expenses of every kind, including, without limitation, the costs and disbursements specified in ORCP 68 A(2), incurred in connection with the arbitration, action, suit, or proceeding, any appeal or petition for review, the collection of any award, or the enforcement of any order, as determined by the arbitrator or court. 10. Costs and Expenses. If an Event of Default occurs and Holder does not institute any arbitration, action, suit, and/or proceeding, Maker will pay Holder, immediately upon Holder’s demand, all costs and expenses, including, without limitation, attorney fees and collection fees, incurred by Holder in attempting to enforce this Note and/or collect the indebtedness evidenced by this Note. 11. Notices; Joint and Several. Any notice required under this Note must be in writing. Any notice will be deemed given when personally delivered or delivered by facsimile or email transmission (with electronic confirmation of delivery), or will be deemed given three business days following delivery of the notice by U.S. mail, postage prepaid, certified, return receipt requested, by the applicable party to the address of the other party first shown above (or any other address that a party may designate by notice to the other party), unless that day is a Saturday, Sunday, or legal holiday, in which event it will be deemed given on the next following business day. Notwithstanding the foregoing, any notice required under this Note to be delivered to Maker will be delivered to the address first shown above with a copy to Alire at 212 SW 4th Street, Suite 305, Madras, Oregon 97741; provided, however, such notice will be deemed properly delivered when given to Corporation. All representations, warranties, covenants, and obligations made by Maker under this Note are made by Corporation and Alire on a joint and several basis; all representations, warranties, covenants, and obligations made by Alire are made by each person constituting Alire on a joint and several basis.


12. Disclosure. Under Oregon law, most agreements, promises and commitments made by Holder concerning loans and other credit extensions which are not for personal, family, or household purposes or secured solely by the borrower’s residence must be in writing, express consideration, and be signed by Holder to be enforceable.

MAKER: Bosh Properties, LTD., an Oregon corporation

____________________________________ By: J.P. Curnutt, President Alire: Travis M. Alire and Allis K. Stensgar-Alire ____________________________________ Travis M. Alire ____________________________________ Allis K. Stensgar-Alire

1 – SCHEDULE 1 – PAYMENT SCHEDULE {13297018-00886790;1}

Schedule 1 Payment Schedule

[to be inserted]

1 – MASTER AMENDMENT {13297018-00883781;1}

MASTER AMENDMENT This Master Amendment (this “Amendment”) is made and entered into effective on __________ __, 2017 (the “Effective Date”) between Madras Redevelopment Commission (“MRC”), whose address is 125 SW “E” Street, Madras, Oregon 97741, Travis M. Alire and Allis K. Stensgar-Alire (individually and collectively, “Alire”), and Bosh Properties, LTD. (“Corporation”), an Oregon corporation. For purposes of this Amendment, Alire and Corporation are individually and collectively referred to herein as “Company.” Company’s address is PO Box 1265, Albany, Oregon 97321.

RECITALS:

A. MRC and Company are parties to a certain Madras Redevelopment Commission – Urban Renewal Loan Agreement dated September 1, 2017 (the “Loan Agreement”). Pursuant to the terms of the Loan Agreement, MRC extended to Company a loan in the principal amount of $20,000.00 (the “Loan”) to enable Alire to complete certain façade improvement work in and to the real property (and all improvements located thereon) located at 546 and 554 SW Fourth Street, Madras, Oregon 97741 (the “Property”). The Loan is evidenced or secured by a promissory note in the principal amount of $20,000.00 dated September 1, 2017 made by Company in favor of MRC (the “Note”) and that certain Trust Deed, Assignment of Leases and Rents, and Fixture Filing dated September 1, 2017 made by Company in favor of MRC (the “Trust Deed”).

B. MRC and Company are parties to a certain Madras Redevelopment Commission – Urban Renewal Grant Program Agreement dated September 1, 2017 (the “Grant Agreement”). Pursuant to the Grant Agreement, MRC made a $20,000.00 grant to Company to facilitate certain façade improvement work in and to the Property.

C. The Loan Agreement and Grant Agreement provide that Company must complete the façade improvement work on or before November 30, 2017. Alire has commenced work on the façade improvements. However, weather and contractor unavailability have delayed work and, therefore, Alire has requested additional time to complete the improvements.

D. MRC and Company desire to enter into this Amendment in order to provide Company additional time to complete the façade improvements.

AGREEMENT:

NOW, THEREFORE, in consideration of the mutual promises contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows:

1. Amendment; Amended Note; Modification of Trust Deed.

1.1 Amendment. MRC and Company hereby extend the deadline under Section 3.1 of the Loan Agreement and Section 2.1 of the Grant Agreement by which Company must complete the façade improvements on the Property from November 30, 2017 to May 31, 2018.

1.2 Amended Note. MRC and Company amend and restate the Note in its entirety by Company’s execution and delivery of the Amended Note on the Closing. The Amended Note provides, among other things, that the first payment is due on June 1, 2018, and subsequent payments


are due on the same day of each following month until May 1, 2028, at which time the unpaid principal amount, together with accrued interest, is due in its entirety. The Amended Note will replace and supersede the Note in its entirety. For purposes of this Amendment, “Amended Note” means that certain Amended and Restated Promissory Note made by Company in favor of MRC in the principal amount of $20,000.00 in the form attached hereto as Exhibit A; “Closing” means the closing of the loan modification transaction subject to this Amendment.

1.3 Trust Deed Modification. On the Closing, Company and MRC will execute and deliver the Trust Deed Modification. The Trust Deed Modification will be entered into by Company and MRC to reflect that the Note is due and payable in full on or before May 1, 2028. For purposes of this Amendment, “Trust Deed Modification” means that certain Modification of Trust Deed, Assignment of Leases and Rents, and Fixture Filing dated _______ __, 2017 made by Company in favor of MRC in the form attached hereto as Exhibit B.

2. Affirmation. As of the Effective Date, (a) Company has not borrowed under the Loan Agreement and the remaining balance of available funds under the Loan Agreement is $20,000.00, and (b) Company has not drawn under the Grant Agreement and the remaining balance of available funds under the Grant Agreement is $20,000.00. Company affirms and reaffirms to MRC each of the representations, warranties, covenants, and agreements set forth in the Loan Documents and Grant Agreement, except as specifically modified under Section 1 of this Amendment. This Amendment will not be construed as an actual or implied waiver or release of any Company obligation and/or liability arising out of or under the Loan Documents or Grant Agreement. MRC has performed all MRC obligations arising out of or under the Loan Documents and Grant Agreement and no event has occurred and no conditions exist which would constitute a default by MRC under the Loan Documents or Grant Agreement, either with or without notice or lapse of time or both. For purposes of this Amendment, “Loan Document(s)” means, individually and collectively, the Note, Amendment Note, Trust Deed, Trust Deed Modification, Loan Agreement, and this Amendment.

3. Miscellaneous. This Amendment is hereby expressly made part of the Loan Agreement and Grant Agreement, to the extent possible. The terms and conditions contained in this Amendment supersede and replace any conflicting terms contained in the Loan Agreement and/or Grant Agreement. The terms and conditions of the Loan Agreement and Grant Agreement that are not amended or otherwise modified by this Amendment remain unchanged and in full force and effect. All capitalized terms used in this Amendment and not otherwise defined herein have the respective meanings assigned to them in Loan Agreement and Grant Agreement, as applicable, except as modified by this Amendment. All prior and contemporaneous agreements, discussions, understandings, and negotiations, whether written or oral, express or implied, are merged herein, and to the extent inconsistent herewith, are of no further force and effect. No addition, modification, amendment, or alteration to this Amendment will be effective against the parties unless specifically agreed upon in writing and signed by the parties. This Amendment may be signed in one or more counterparts.

[signature page immediately follows]


IN WITNESS WHEREOF, the undersigned have caused this Amendment to be executed and effective for all purposes as of the Effective Date. MRC: Company: Madras Redevelopment Commission Bosh Properties, LTD., an Oregon corporation ________________________________ By: By: J.P. Curnutt, President Its:

Alire: Travis M. Alire and Allis K. Stensgar-Alire

_________________________________ Travis M. Alire _________________________________ Allis K. Stensgar-Alire

4 – MASTER AMENDMENT – EXHIBIT A {13297018-00883781;1}

Exhibit A Amended Note

(attached)

5 – MASTER AMENDMENT – EXHIBIT B {13297018-00883781;1}

Exhibit B Trust Deed Modification

(attached)

1 – MODIFICATION OF TRUST DEED, ASSIGNMENT OF LEASES AND RENTS, AND FIXTURE FILING {13297018-00886881;1}

After recording, return to:

Madras Redevelopment Commission 125 SW “E” Street Madras, Oregon 97741

Beneficiary’s name and address: Madras Redevelopment Commission 125 SW “E” Street Madras, Oregon 97741

MODIFICATION OF TRUST DEED, ASSIGNMENT OF LEASES AND RENTS, AND FIXTURE FILING

This Modification of Trust Deed, Assignment of Leases and Rents, and Fixture Filing (this “Modification”) is made and entered into effective on ______ __, 2017 (the “Effective Date”) by Travis M. Alire and Allis K. Stensgar-Alire (individually and collectively, “Alire”) and Bosh Properties, LTD., an Oregon corporation (“Corporation”), in favor of AmeriTitle (“Trustee”), whose address is 748 SW 5th Street, Madras, Oregon 97741, for the benefit of Madras Redevelopment Commission (“Beneficiary”), whose address is 125 SW “E” Street, Madras, Oregon 97741. For purposes of this Trust Deed, Alire and Corporation are individually and collectively referred to herein as “Grantor.” Grantor’s address is PO Box 1265, Albany, Oregon 97321.

RECITALS:

A. Beneficiary, as lender, extended a certain loan to Grantor as borrower, pursuant to the terms of a certain Promissory Note dated September 1, 2017 (the “Note”) in the principal amount of $20,000.00 (the “Loan”).

B. The Loan is evidenced or secured by certain loan and security documents, agreements, and/or instruments, including, without limitation, that certain Trust Deed, Assignment of Leases and Rents, and Fixture Filing dated effective September 1, 2017 made by Grantor in favor of Beneficiary (the “Trust Deed”), which Trust Deed was recorded in Jefferson County Official Records on September 26, 2017 as Instrument No. 2017-3710.

C. Grantor and Beneficiary have entered into a certain Master Amendment dated effective _____ __, 2017 (the “Amendment”) and Grantor has made a certain Amended and Restated Promissory Note dated effective _______ __, 2017 in favor of Beneficiary to, among other things, modify the payment terms under the Note.

AGREEMENT:

NOW, THEREFORE, in consideration of the mutual covenants and obligations contained in this Modification, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows:


1. Amendment to Trust Deed. The reference to September 1, 2027 in the recitals is amended to identify May 1, 2028.

2. Continuing Validity. This Modification is hereby made part of the Trust Deed. The

provisions of the Trust Deed that are not amended by this Modification remain unchanged and in full force and effect. Except as specifically modified by this Modification, Grantor affirms and reaffirms all of its obligations under the Trust Deed. Nothing contained in this Modification is intended to change or adversely affect the perfection or priority of any lien or security interests previously granted by the Trust Deed, and all such liens and security interests will continue in effect according to their original priority and effective dates.

3. Non-Waiver. The parties’ execution of this Modification will not be construed as an actual or implied waiver of any condition or obligation contained in the Trust Deed. Consent by Beneficiary to this Modification does not waive Beneficiary’s right to require strict performance of the Trust Deed as modified above nor obligate Beneficiary to make any future modifications.

IN WITNESS WHEREOF, the undersigned have caused this Modification to be executed and effective as of the Effective Date.

GRANTOR: BENEFICIARY: Bosh Properties, LTD., Madras Redevelopment Commission an Oregon corporation ____________________________________ ____________________________________ By: J.P. Curnutt, President By: Thomas H. Brown, Chair Alire: Travis M. Alire and Allis K. Stensgar-Alire ____________________________________ Travis M. Alire ____________________________________ Allis K. Stensgar-Alire

[notary pages follow]


State of Oregon ) ) ss. County of Jefferson )

I certify that I know or have satisfactory evidence that _______________ signed this instrument on behalf of Bosh Properties, LTD., an Oregon corporation, that he is authorized to execute this instrument and acknowledge it to be his free and voluntary act for the uses and purposes contained in this instrument.

Before me:

______________________________________ Notary Public for Oregon Commission No.: ________________________ My Commission Expires: __________________


I certify that I know or have satisfactory evidence that _______________ signed this instrument, that he is authorized to execute this instrument and acknowledge it to be his free and voluntary act for the uses and purposes contained in this instrument.

Before me:

______________________________________ Notary Public for Oregon Commission No.: ________________________ My Commission Expires: __________________


I certify that I know or have satisfactory evidence that _______________ signed this instrument, that she is authorized to execute this instrument and acknowledge it to be her free and voluntary act for the uses and purposes contained in this instrument.

Before me:

______________________________________ Notary Public for Oregon Commission No.: ________________________

My Commission Expires: __________________



I certify that I know or have satisfactory evidence that Thomas H. Brown signed this instrument on behalf of Madras Redevelopment Commission, that he is authorized to execute this instrument and acknowledge it to be his free and voluntary act for the uses and purposes contained in this instrument.

Before me:

______________________________________ Notary Public for Oregon Commission No.: ________________________

My Commission Expires: __________________

MADRAS REDEVELOPMENT COMMISSION Request for Commission Action

Date Submitted: November 21, 2017 Agenda Date Requested: December 6, 2017 To: Madras Redevelopment Commission Through: Nicholas Snead, Community Development Director Gus Burril, City Administrator From: Kristal Hughes, Finance Director

Subject: Budget Resolution 2017 - 07: A Resolution Authorizing a

transfer of appropriations within a fund for FY 2017-2018. TYPE OF ACTION REQUESTED:

[ X ] Resolution [ ] Ordinance [ ] Report/No Action

DESCRIPTION: This supplemental budget resolution modifies the fiscal year 2017-2018 budget, and makes appropriations.

STAFF ANALYSIS:

One of the objectives for FY 2017-18 is to attract a Brew Pub for the Madras area. This budget resolution prioritizes resources towards Marketing Services for the Brew Pub recruitment.

SUMMARY: See attached budget resolution for full details and descriptions of the budget adjustment needed to be in compliance with Oregon Budget Law.

RECOMMENDATION: Staff recommends the Commission approve and adopt Resolution No. 2017-07, as proposed.

Page - 1 - Request for Action

of 3 RESOLUTION MRC NO. 2017-07

RESOLUTION NO. MRC 2017-07 A RESOLUTION AUTHORIZING AN INCREASE IN APPROPRIATION TO RECOGNIZE UNANTICIPATED REVENUES, AND EXPENSES, AND THE TRANSFER APPROPRIATIONS WITHIN FUNDS FOR FISCAL YEAR 2017-2018.

WHEREAS, in accordance with ORS 294.456 and 294.463, Madras Redevelopment Commission (MRC), the governing body of the Urban Renewal District of Madras, Oregon may transfer appropriations within funds for Fiscal Year 2017-2018 that were authorized by the MRC Board of Commissioners pursuant to Resolution No. 2017-04; and

WHEREAS, expenditures for the 2017-2018 Fiscal Year were not well known at the time of the budget; and WHEREAS, the MRC continues to prioritize resources for the revitalization of the downtown corridor; and WHEREAS, one adjustment includes a transfer of appropriation from contingency of greater than 15%; an increase of appropriation of greater than 10%; unanticipated revenues were received that were not anticipated during the initial budget process, a notice of a supplemental budget hearing was posted in the Madras Pioneer on November 29, 2017 to be in accordance with ORS 294.471 (3)(b);

NOW, THEREFORE, BE IT HEREBY RESOLVED by the Madras Redevelopment Commission of the City of Madras as follows:

SECTION 1: Because of the circumstances stated below by fund level, the MRC Board of Commissioners of the Urban Renewal District of Madras determines that it is necessary to recognize unanticipated revenues and transfer appropriations as follows for the 2017-2018 MRC Budget;

SECTION 2: The Finance Director is hereby authorized and directed to execute the following changes to appropriated budget amounts on behalf of the MRC:

701-701

Original Budget

Increase

Decrease

Revised Budget

MRC- General Fund Contingency 12,500 - 7,500 5,000

Materials and Services 86,950

11,000 - 97,950

Beginning Working Capital

417,882 3,500 - 421,382

REASON: To cover marketing expenses for brew pub recruitment during the 2017-2018 Season.

SECTION 3: This resolution shall become effective on December 6, 2017.

of 3 RESOLUTION MRC NO. 2017-07

APPROVED by the Madras Redevelopment Commission of the City of Madras and signed by the Chair this 6th day of December, 2017.

Ayes: Nays: Abstentions: Absent: Vacancies:

Tom Brown, Board Chair ATTEST:


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BrewPub/Brewery Recruitment

Request for Proposals

Madras Redevelopment Commission 125 SW E Street

Madras, OR, 97741 www.ci.madras.or.us

http://www.ci.madras.or.us/

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Summary On the heels of the Total Solar Eclipse success, and on the verge of something great, the City of Madras is actively recruiting a BrewPub/Brewery to its growing and energized community to the City’s Urban Renewal District (URD), located in the downtown core around U.S. Highway 97. The Madras Redevelopment Commission (MRC) is seeking proposals from those with experience and qualifications in the brewing and restaurant industry to open a BrewPub/Brewery in City’s URD. The MRC is offering a package of incentives and assistance to help Madras’ first craft brewer turn its dream into reality and become a vital member of the community known for its livability, affordability, community spirit, and rich mix of cultures.

Introduction Whether you’re an established brewer looking to expand, a business guru looking for the next investment, or the passion-project type who’s driven by the love of beer, good food, and community, we want to talk to you! Central Oregon is one of the state’s hot spots for the craft brewing industry where revolutionary breweries started, are developing and attracting creative brewers that are creating successful spin-off breweries. Madras is the last community in Central Oregon that does not have a local brewery or BrewPub/Brewery. The community of Madras recently identified the need to recruit a BrewPub/Brewery as one of its top priorities in the next 10 years. The community wants a BrewPub/Brewery that is:

• Welcoming • Slightly up-scale • Family-friendly • A place where friends, family, and groups can meet and enjoy good beer, food, and service • Creates a memorable and distinguished experience that inspires customers to come back time

and time again.

The MRC ready and able to assist BrewPub/Brewery with these characteristics by offering a wide-range of incentives to a well-qualified and experienced partner top open and sustainably operate a BrewPub/Brewery in downtown Madras.

What Makes Madras a Brewer’s Dream? The City of Madras is located where Highways 97 and 26 meet. To the causal traveler, it may not seem as if there is an opportunity to start a BrewPub/Brewery in Madras. But there is an opportunity for someone to pursue their dream! There are several key factors that create a ripe opportunity to open a BrewPub/Brewery:

1. There is ultra-pure water from nearby Opal Springs that is naturally filtered by thick layers of volcanic basalt.

2. There are unique Farm-to-Table opportunities for a BrewPub/Brewery where there is locally grown and malted grain, regionally sourced hops, and locally grown and raised food.

3. Madras is located in the Heart of Oregon, Central Oregon. It’s the center of the Craft Beer culture and prime tourist destination welcoming.

4. There’s an opportunity to be the first brewery in Madras—the last place in Oregon without a brewery!

5. The City of Madras’ commitment to making this happen through a robust package of business incentives.

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Madras Profile Surrounded by snow-capped Cascade mountains, scenic lakes and waterways, and rich amber waves of some of the state’s finest farm and ranchland, Madras is a beautiful community and a gateway to popular Central Oregon. Located 120 miles southeast of Portland, 100 miles south of Hood River, and 45 miles north of Bend, the diverse population of Madras (6,275), Madras retail trade area (19,000+), and Jefferson County (23,000+) boasts a mix of agricultural, manufacturing, tourism, and small businesses.

People, culture, and history from the fabric and foundation of Madras, as does the proud, tight-knit, “we’ve got your back’ mentality among its local people. Very much a “can do” city, Madras became a world stage for the 2017 Total Solar Eclipse while hosting 100,000+ visitors from near and far for the most exciting natural phenomenon to sweep the nation in decades.

The City of Madras has a great deal of market research available to share with those interested in opening a BrewPub/Brewery in Madras. In a recent retail trade area assessment conducted with a third-party, the City found that over $18 million is spent annually on food service and drinking establishments in Madras. Additionally, more than $7 million is spent outside the Madras area (such as Bend and Redmond). Madras sees a prime opportunity to build a BrewPub/Brewery for the community to call its own, and keep those dollars at home.

Central Oregon is a tourist destination! Travel expenditures in 2016 reached almost $810 million in Central Oregon (2016 COVA Visitor Economic Impact Report), a number that’s climbed consistently in the last seven years.

Tourism Expenditures in Central Oregon:

• $713.4 million in Deschutes County • $44.2 million in Crook County • $50.5 million in Jefferson County (Madras is the County Seat)

Location The MRC is limited to funding projects that are located in the City’s Urban Renewal District. To confirm that a property is located in the Urban Renewal District, please click on the link below. Proposers are to include in their proposal to develop any vacant property or renovate any existing building located within in the Madras Urban Renewal District.

Madras Urban Renewal District Map

The MRC also owns two properties (see Table 1 below) that are available for development and the MRC will provide flexible terms to anyone with a bona fide intent to acquire and develop the property, with the intent to reduce development costs that may be a barrier to redevelopment of the properties.

Table 1. MRC Owned Properties Available for Development.

Jefferson Co. Assessor’s Map & Tax Lot Size Zoning 11-13-11AA-8300 .24 acres Downtown Commercial (C-2) 11-13-12BC-3500 .57 acres Downtown Commercial (C-2)

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Incentives and Investments The MRC will greatly aid in a developer, owner, or operator as an incentive to open a BrewPub/Brewery in Madras. Such assistance from the MRC may be used in any one of the following forms, provided the location chosen is inside the Madras Urban Renewal District (URD). Assistance is subject to approval by the MRC.

Examples of Available Assistance:

• Site Selection within URD • Architectural Cost • Permit Fees • Site Development Costs • Building Renovation Costs • Tenant Improvements • Expedited Permitting

• Technical Assistance with Waste Water Disposal Design

• Technical Assistance with Environmental Efforts

• Jefferson County Small Business Start-Up Loan Opportunity

• Market Research

RFP Submittal Requirements A. COVER LETTER: Provide a cover letter describing the interest in opening and operating a

BrewPub/Brewery and summarizing the major points contained in the BrewPub/Brewery proposal.

B. TEAM MEMBERS: Identify the team members and the proposed legal entity whom the MRC would negotiate and contract with. Include the contact person, firm name, address and telephone number of each of the members on the team. Identify the business owners, partners, or members that will own and or manager the BrewPub/Brewery, architectural or engineering firm, industry consultants, and any other key players or consultants, as applicable.

C. RELEVANT EXPERIENCE OF TEAM MEMBERS: In general, proposers are to identify their experience in both brewing and restaurant operations and management and their experience working with the members of the team. Please tell us about the role and experience of each team member related to the brewing and restaurant industry and how the team will ensure it works effectively together. Brewing: Provide the resumes and at least two references for each team member that will be involved with the brewing aspect of the business. Describe any successes and failures of team members in the brewing industry. Provide a discussion on how quality, unique, yet palatable beer to the average customer, will be brewed. Restaurant: Provide the resumes and at least two references for each team member that will be involved with the operation and management of the restaurant. Describe any successes and failures of team members in the restaurant industry. Describe how the team will ensure the food served in the brewery and or pub will have consistent quality and great customer service will be provided. Architecture/Engineering: If the team includes an architect or engineer, provide the following information. A list similar or relevant projects that have been designed within the past five years. Provide a summary of each project, detailing whether the project resulted in new or redevelopment of an existing building(s), design and functionality approach, current status of projects, photographs of projects, and clients’ contact information.

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Team History & Success: Describe how the team members have worked together effectively in the past in business management, brewery and or restaurant operations and management or similar industries. Describe how the team worked effectively in the past and how the team will ensure it will work effectively to develop, own, and operate a brewery and or pub.

D. MARKETING: Indicate the approach that the developer views as a viable marketing plan for the proposed BrewPub/Brewery and provide examples of how it will market itself to locals, tourism. Describe the extent to which the BrewPub/Brewery will participate in local, regional, and other events.

E. BUSINESS PLAN: Provide an estimate of development costs and an outline of the financing strategy. This should include a pro-forma with estimated costs and revenues, the total amount of capital required to develop and operate a brewery and or pub, and identify key assumptions in the financial analysis. Proposers shall also discuss short-and-long-term vision for the proposed BrewPub/Brewery and how that it is consistent with the brewing industry trends. Developer shall also provide and outline the incentives and assistance offered by the MRC for which the developer expects to apply for, if any. Provide any other relevant financial information, for the proposed BrewPub/Brewery that identifies the financial sustainability of the proposed BrewPub/Brewery.

F. FINANCIAL CAPACITY: The MRC is seeking evidence from proposers, in a form reasonably acceptable, that the developer has the ability to secure the funds required to meet the financial commitments to construct the proposed site and exterior and interior BrewPub/Brewery building improvements. Proposers can decide on the most appropriate evidence to provide.

G. CONCEPTUAL PROJECT PLAN AND DESIGN CONCEPT: The project plan and design concept should include a narrative that demonstrate how the BrewPub/Brewery will be welcoming, slightly-upscale family friendly where friends, family, and groups can meet and enjoy good beer, food, and service that creates a memorable and distinguished experience that inspires customers to come back time and time again.

H. COMMUNITY INVOLVEMENT: Describe how the BrewPub/Brewery will integrate and become part of the Madras community for which the community desires and expects. Discuss the importance of community involvement to the BrewPub/Brewery’s success.

I. SPECIFIC CONCERNS: Developers shall also include the identification of any MRC and or City objectives that the developer sees as problematic and reasons why. The response should address any specific concerns relative to City/MRC’s objectives, and whenever possible, include examples of how these concerns may be resolved.

NOTE: Any proposal submitted may be subject to Public Information requests as permitted by ORS 192.

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Proposals shall not exceed a total of fifty (50) pages, including any appendices and required forms, using a minimum type size of 11. Each respondent shall submit one unbound original copy, ten (10) hard copies and one “high quality” digital PDF file (on a flash drive or CD) delivered: March 2, 2017, 5:00 PM directly to: City of Madras Community Development Department, Attention: Nicholas Snead, Community Development Director, 125 SW E Street, Madras, Oregon 97741 Contact Questions: All questions and communications should be in writing and sent via e-mail directly to Nicholas Snead at [email protected]. Questions and requests for clarification related to definition or interpretation of this RFP shall be submitted in writing prior to 5 p.m. on February 16, 2018. An addendum will be issued in response to any questions and posted by 5:00pm by February 23, 2018 on the City’s website at: www.ci.madras.or.us.

BrewPub/Brewery Evaluation & Selection Criteria Proposals will be scored based on completion of the submission requirements and the criteria and points identified below.

Criteria Points The ability to develop and operate a quality project that will enhance the character of the downtown Madras through good site and building design that will catalyze economic activity and viability of downtown Madras.

30

The financial ability to perform and complete the project in a timely manner. 30 The ability to develop and operate a welcoming, slightly-upscale family friendly BrewPub/Brewery where friends, family, and groups can meet and enjoy good beer, food, and service that creates a memorable and distinguished experience that inspires customers to come back time and time again.

20

Marketing plan and market knowledge. 10 Demonstrated experience and or capability of the development team and its members in the successful site development, operation, and management of a brewery, restaurant, and or BrewPub/Brewery.

40

Demonstrated plan for the BrewPub/Brewery business and employees to become integrated and active in the community by, for example, business owner(s) and or managers living in the Madras/Culver community, participating on boards, committees, community groups like Rotary, Kiwanis, Lions, and Elks organizations, support existing business, support School District and local non-profit youth development activities and programs, hosting public events and activities at the BrewPub/Brewery such as Election Day parties, food drives, corporate events.

20

Total Points Possible 150

Post Selection Process

Questions for the MRC to answer at their 12/6/17 meeting to identify the process to select a proposer:

1. Does the entire MRC want to be involved with evaluating proposals? A. If not, is a sub-committee needed to work with City staff and MRC consultants to evaluate

proposals? B. Does sub-committee evaluate and select proposals that would go onto formal

presentations and interviews with the MRC?

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Request for Proposal Timeline The Madras Redevelopment Commission will solicit proposals for a BrewPub/Brewery based on the timeline identified below.

[SUBJECT TO CHANGE BASED ON MRC GUIDANCE AT THEIR 12/6/17 MEETING]

Actions Date Request for Proposal (RFP) Issued December 8, 2018 Proposals Submitted March 2, 2018, 5:00 PM MRC Sub-Committee Presentation and Interview March 2018 Finalist Presentations and Interviews to MRC April 2018 Proposer Selected for Exclusive Negotiations for Development Agreement May 2018 MRC Approval of Development Agreement As early as July 11, 2018

Note: The RFP Timeline is subject to change and in such case the MRC will notify all interested parties accordingly.

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