CR 2000-030 Skate Park Agreement
CITY OF
-
.
March 1, 2000
HOPKINS
Council Report 2000-30
Skate Park Agreement
Proposed Action
Staff recommends adoption of the following motion: Move to approve an aoreement
between TrueRide, Inc. , the Hopkins Jaycees and the City of Hopkins for financino of
the purchase, delivery and installation of skatepark equipment.
.
Overview
The skate park facility was previously discussed by the council on March 10, 1999
(council report 99-52). This report dealt with the Park Board recommendations for the
facility, which included siting, funding, time frame and additional actions necessary.
Staff has been working on these concerns with the Park Board, the skatepark task force
and the Hopkins Jaycees. We are now at the stage where equipment purchase is
necessary to allow a timeframe of a June 15, 2000 opening. The Hopkins Jaycees are
prepared for a total dollar commitment on this facility of $135,000. This large
commitment will place a damper on other projects that the Hopkins Jaycees have
already verbally committed to for this summer. Rather than have to delay or eliminate
these projects, the Hopkins Jaycees have requested that a portion of this project be
financed through TrueRide, Inc. and a portion of the project be funded by the City of
Hopkins. TrueRide, Inc. has agreed to this arrangement, asking only that the City of
Hopkins agree to guarantee the Hopkins Jaycees $48,873.00 loan for one haff of the
equipment purchase. The Hopkins Jaycees have also requested that the $35,000
required to pave, fence and prepare the site for use be paid initially by the City of
Hopkins and reimbursed to the City later.
Primary Issues to Consider
· How will the $35,000 be funded?
· Will the project require additional funding from the city?
. What is the time frame for this project?
· Will any additional actions be forthcoming?
SUPDortina Information
· Anaylsis of Issues
· TrueRide, Inc. Agreement
r )ioRkins Jaycees Letter 2/25/00
~ 11~i14-.^-.-/
V man
Supt., Parks and Forestry
.
Financial Impact: $35.000 Budgeted:
Related Documents (CIP, ERP, etc.):
Notes:
u
Y/N /
Source: aRk !i/)/{I!7/CJI1./ PlAlb
.
e
.
Counci I Report 2000-30
Page 2
Analvsis of Issues
· How will the $35,000 be funded? Finance Director Lori Yager has recommended
that the Park Dedication fund be used to complete the necessary improvements.
\^Jhen the Hopkins Jaycees pay the City later in 2000, the fund v'fil! be reimbursed.
· Will the project require additional funding from the City? Operational costs for the
skate park wiii be presented at the April 18, 2000 City Council meeting. Although
staff expects this faciiity to be seif supporting, upfront costs will be associated with
opening the sIte. These costs should be short term in nature until revenues come in
to offset costs.
· What IS the time frame for this project? Staff will be authorizing the purchase of the
equipment after council approval of this agreement. The Hopkins Jaycees will be
placing the order and paying for the equipment expected for delivery in iate May.
I nstai lation of the equipment will allow for a projected opening of June 15, 2000.
City staff will be ordering site improvements and developing operational plans at
this time as well. Once Installation is completed the Hopkins Jaycees WIll tum the
equipment over to the City.
· Wiii any additional actions be forthcoming? Yes, staff will be presenting a council
report at the April 18, 2000 City CouncIl meeting. This report will be presenting
plans for operational rules and regulations, staffing, facility jurisdiction, and
approvais for fees, waiver forms and agreements.
Leaaers/tip rrraining rrfirougli Community Service
PHONE (612) 931-0132
FAX (612) 931-0168
2/25/00
To: City of Hopkins
From: Hopkins Jaycees
Subject: Skateboard Park
The Hopkins Jaycees and True Ride Inc. have agreed to the following payment schedule
to build a skateboard park in Hopkins. On 3/28/00 the Jaycees will pay True Ride
S25,000.00,on 7/28/00 another $25,000.00. The balance of $48,873.00 will be paid over a
two year period. The intent ofthe Hopkins Jaycees is to use funds mostly raised though
charitable gambling. We have several ideas to raise additional funds, such as a
skate-a-thon. The Hopkins Jaycees and True Ride Inc. respectfully request that the City
of Hopkins guarantee the $48,873.00 loan. The Hopkins Jaycees also agree to pay the
City of Hopkins the approximate amount of $35,000.00 to cover the costs of installing
the skateboa~~}jark
. $%JJZ~
Mike Glum
President
.
:Esta6{isfw{ 1951
.
.
.
;~l j f~ _ '~J, I i-I 1 ~: 5 '3
~l t7::~7,Wt:
l-r~H~i 1 r ~IJr='[1 L..~I,ITi
r -41.J.c. ,_I....
~'i::CHAol F C'RIc'IAN
....-rL~~ K': r,...~ r.~OfE>
;":',T;:;iC/. ,\1 :;~OlT
Orman & Nom
ATTORNEYS-AT-LAW
1301 MILLER TRUNK HIGHWA Y, SUITF. 400 . DULUTH, rvlN 55;3 11
21Sn22-IOGO. FAX 218/722-7408
1-800-956.10DS
IA\,1,:~ rlilRP[P
~j':"'iJ:'r' C \'-,n .3E'::':::[~r~
FA'ih':'lJ HA~~Ah,!
March 2, 2000
'.\~~r"1.H:"ln',-.:t ].\lll::;::-:"'\,i:
....... F.E~I.,)\~' -"',~f;:ll;'C.\I~ .,:,;r:r-"",,,,
"l r" ,\ ~^ T?!:iC~;1 t L L......~ 'fT-;:'...!:
Mr. Ray Vogtman
City of Hopkins
11100 Excelsior Boulevard
Hopkins, tvfN 55343
VIA F'AX/EXPRESS MAIL
612-939-1381
RE: True Ride Skate Park Contract, Purchase Order No. DBHJC13
Dear Mr. V ogtman:
In accord with instructions from David Benson of True Ride, Inc., I am faxing to you the follovving
documents:
L
Skate Park Construction Contract with the following attacbed exhibits:
a. Plans and specifications;
b_ Promissory Note;
c. Guaranty of the City of Hopkins
Please note that these documents have been signed by David Benson on behalf of True Ride, Inc. I
have also transmitted by courier three originally signed copies of the documents_ I
It is my understanding that you mIl bring this matter before the Hopkins City COWldl for approY~
and that subsequent to its approval, you will collect signatures from the authorized member ofl
Hopkins Area Jaycees, as well as the authorized party on behalf of the City of Hopkins. I
Jfyou have any Questions pleuse do not hesitate to contact me.
Very truly yours,
ORL~ AJ'ID NORD \)~
1/'--./( ~ltG~~
Nlichael E. Orman
MEOIhn
Enclosures
cc:
David Benson
2480-2
J: __ 2808 12:53
'':lS~::''-::/~[\b
DFi1,.:"t, [ IIJRL' L.-i\'.
F,...\I:jE r]~
.
SKATE PARK
CONSTRUCTION CONTRACT
Agreement made on this of , 2000, bet\veen True Ride, Inc., a
Minnesota corporation of 5791 Berquist Road, Duluth, .MN" 55804, referred to as contractor, and the
Hopkins Area Jaycees, Inc. of6 Six1h Avenue North, Hopkins, :M]\1S5343, referred to as ovo/ner, and
the City of Hopkins, a City of the first class in the State of Minnesota, referred to as guarantors. :
WHEREAS, the O\Vl1er bas requested the contractor to construct a "skate park" within the
City of Hopkins pursuant to specification provided by contractor; and
I
WHEREAS, the contractor has indicated its v.illingness to erect said skate park in accordanc~
v"ith the drawings and specifications attach~d to this contract as Exhibit" A" and in accordance ~ith.
the conditions and for the consideration set forth below; and
W1-:IEREAS, the guarantors have agreed to guarantee the payments on a Promissory Note:
from the owner to the contractor for the balance of construction costs remaining due ;)t the
completion of the project
I
NOW, THEREFORE, IT IS AGREED between the parties, in consideration of their mutual!
agreements as follows: .,
-
1.
The contractor agrees as follows:
a. To furnish all the materials and perform all of the work for the erection of the I
'3kate park on the premises of owner at 11100 Excelsior Boulevard, Hopkins, N1N 55343, or ;1$
othemise designated by the Q'Wl1er, in accordance with the plans and specifications prepared by True
Ride, Inc. and attached hereto as Exhibit "A" and made a part of this contract. Purchase Order No.
DBHJC 13.
b. To commence work on execution of this contract by all parties, and to finish
the whole of the skate park and deliver up the skate park complete in every respect according to the i
dra\\<ings and specifications, on or before June 9, 2000, unless that day or time shall be extended as I
provided below or by agreement endorsed on this contract and signed by the parties. '
c. To maintain such insurance as v,ill protect the contractor from claims under I
worker's compensation acts and from any other claims for damages for personal injury, including I
deam, which may arise from operations under this contract, whether such operations be by the i
contractor Or by any subcontractor or anyone directly or indirectly employed by either of them.
Certificates of insurance shall be filed with owner, if requested) <\nd sh;;ul b~ ~ubjp.c.t to Qv,ner's
approval for adequacy of protection.
. w:\....p\2~80-2I.sk,"e \lID<: contmctl00-D3-02
.
.
.
J~ 0: ~uoo 12:~~
~187'~: / ..HJr',
IJFH;:.,t, ~ tIQF[' L,j,I,c,1
t-'~l:.c. U'''+
;
I
d. To indemnify and save harmless O\\iTIer against all loss, costs or damage on
account of injury to persons or property occurring in the performance of the contract. l
I
I
,
e. 1bat owner may make any alterations. deviations, additions or omissions from,
th~ plans and specifications, or either of them, whic;h ovmer may reasonably request. However, in
the event such changes are made, they shall be recorded on a change order signed by contractor and
ovmer and the value of such change shall either be ::ldded or deducted from the amount agreed to be:
paid contractor, except that the contract amount shall not be in any less amount than as originallyl
agreed. In case any alterations or deviations are made, such further time will b~ f\llowed fori
completion of the work caused by the alterations or deviations as the contractor deems reasonable. i
If contractor should be adjudged a bankrupt, or if contractor should make a general
assignment for benefit of its creditors, or if a receiver should be appointed on account of its
insolvency, or if it should persistently or repeatedly refuse or should fail, except in cases for which,
extension of time is provided, to supply enough properly skilled wo[k~s or proper materials, or if;
it should fail to make prompt payment to subcontractors or for material or labor, or persistently'
disregard laws, ordinances, or otherwise be guilty of a substantial violation of any provision of the
conuact O\Vller, may, with good cause and notice to contractor, terminate the employment of
contractor and take possession of th~ premises and of all materials thereon. !
I
2. The owner agrees 3S 1'ol1ows:
a. To provide the site ready for installation of the skate park by contractor. I,
Contractor has no obligation to complete any ground work prior to installation. The owner has the
obligation to provide the pad as set forth in the specification and original bid docwnents.
b. To pay the contractor for the performance of the contract, subj eet to additions ,
and deductions provided i.n the contract, in cunent funds as follows:
The total purchase price of the skate park construction JIld installation, including
materials, is $98,873.00. Th~ p;3.yments to contractor by owner shall be made as
follows:
On or before March 30, 2000 .. $25,000.00;
On or before July 28, 2000 - $25,000,00;
The balance of S48,873. 00 will be paid according to the terms of a Promissory Note
attached hereto as Exhibit liB".
Payment of the Note wil! be guaranteed by the City of Hopkins. The Note shall be in accord
with the terms set forth on the attached Exhibit "B ".
.....;\wpI1480.2\skatc park contl"act\OO-DJ..02
2
O~'O:':OOO 1~:5g
=187==7c1DS
I]Fl";.\I,; _ ~ ~[IF:[I L~l',1
PAI;E us
e
3.
It is further agreed between the parties as follows:
a. The work shall be executed under the supen'ision and direction of employeesi
of contractor, and their decision as to all matters relating to the performance of this agreement shalli
be fInal and binding on the panies except as othemise provided in this agreement
Upon receipt of 'NI"itten notice that the work i3 ready for fInal inspection and acceptance, I
owner shall promptly make such inspection, and when O\VIler finds the work acceptable under the i
contract and the contract fully performed owner will order the balances due and payable according i
to the terms of Paragraph 2b above. Before payment of the $25,000.00 due on or before July 28, I
2000, contractor shall submit evidence satisfactory to O\VTler that all payrolls, material bills, and'
other indebtedness connected with the work have been paid.
b, Neither final payment nor any part of any retained amount shall become due
until contractor, if requested, shall deliver to owner il complete release of all liens arising out of this
concract, or lien waivers if requested for aU labor and materials for which a lien could be filed. I
Contractor may, if any subcontractor refuses to furnish a lien waiver, furnish a bond satisfactory to :
owner to indemnify owner against any lien.
.
c. If contractor is delayed at any time in the progress of the work by any act or
neglect of owner, or of any employee of owner, or by any other contractor employed by owner, or
by changes ordered in the work, or by strikes, lockouts, fIre, unusual delay in transportation,
unavoidable casualties or any causes beyond contractor's control, then the time of compktion shall
be extended for such reasonable time as owner and contractor may agree.
d. If any dispute or difference shall arise between O'WTler and contractor, with
respect to any matter or thing arising out of, or in any way relating to, the contract, such difference
or dispute shall, vvithin seven days, be referred for fInal determination and award by two competent
persons as arbitrators, one of whom shall b~ chosen by owner and the other by contractor, and of a
neutral third party to be named by the !:\v 0 arbitrators, The award of the majority of the arbitrators
shall be final and conclusive as to the matters referred to them. The :1rbitrators shall make their award :
in v.Titing delivered to owner and contractor, within two (2) weeks after such reference, or within I
such furthertirne, not exceeding one (l) week from the time of such reference. The costs and charges
attending such arbitration shall be paid by either the contractor or the owner, Of both, as the
arbitrators shall direct. The intent of this section is to resolve any disputes as irrunediately as possible
to allow timely completion of the contractor's work and both parties waive any right to bring
disputes before any state or federal court.
e. Neither party to the contract shall assign the contract or sublet it as a whole
v.ithout the vvritten consent of the other.
4. Controlling Law. This Agreement has been made under the laws of the State of
Minnesota, and such laws mIl control its interpretation,
.
w:\wp'1430.2\skatl: park conll1lctIOO-D3-QZ
3
.
.
.
u~C2.'2QOO 12:Sg
~187~':':7~08
OPr1AI, _ t10P'[1 L;::"l'.'
r';.e,I~t:. Us
5. Facsimiles and CoUtlterparts. This Agreement may be executed in co unlerparts , eact).
of which shall be deemed an original and all of which together shall constitute the binding ani
enforceable agreement of the parties hereto. This Agreement may be executed and delivered by a
I
party by facsimile transmission, which transmission copy shall be considered an original and shall
be binding and enforceable against such, party. I
The parties have hereunto set their hands the day and year first above written.
CONTRACTOR:
True Ride, Inc,. a Minnesota corporation
By:c..Z:> 0/ I~tro
David J Benson
Its: Chief Financial Officer
OWNER:
Hopkins Area Jaycees, Inc.
By:
Michael Glum
Its: President
i ~ ~ -=q
!
1TC",
The City of Hopkins hereby guarantees this contract as set forth on the attached Guaranty, Exhibit
CITY OF HOPKINS
By:
Its:
w:\wpI.24go-2\.~kElI;" plltK COntT:lCIIOD.03-02
4
.
.
.
J3 C:. :000 1::59
~li)7::i~08
IJF'~l;:-'fj ~, r 10P[1 L'::'~'!
P'::'I:;E oJ7
STATE OF MINNESOTA )
)ss
COUNTY OF ST. Lours )
BEFORE 1'vfE, personally appeared David 1. Benson to me well kno\VJJ. and known to be thel
Chief Financial Officer of True Ride, Inc. and who executed the foregoing instrument, and
a~knowledged to and before me that said instrument is the free act and deed of said corporation by
hIm executed as such officer for the purposes therein expressed, under authority in him fully vested
by the Board of Directors of said corporation.
I
\V1TNESS my hand and official seal thisdn!L day of ~ 2000.
STATE OF .MINNESOTA
COUNTY OF
)
)ss
)
HElDI A NORBY
NOTARY PUBLIC - MINNESOTA
"'y CQmm Exp. JIIIl. 31 200S
BEFORE iVlE, personally appeared Michael Glum to me we own to be the
President of Hopkins ..Area Jaycees, Inc., and who executeq the foregoing instrument, and
acknowledged to and before me that said instrument is the free act and deed of said corporation by
him executed as such officer for the purposes therein expressed, under authority in him fully vested
by the Board of Directors of said corporation.
\VIlNESS my hand and official seal this _ day of
,2000.
Notary Public
ST A IE OF MINNESOTA )
)ss
COL"NTY OF )
BEFORE ME, personally appeared to me well known and known to be
the of the City of Hopkins, and who executed the foregoing instrument, and
acknowledged to and before me that said instrument is the free act and deed of said municipality by
him executed as such officer for the purposes therein expressed, und~r ~uthority in him fully vested
by the City Council of said IDun.1cipality.
\VITNESS my hand and official seal this _ day of
,2000.
Notary Public
w'\wpI2480-2\sk.ue park conrract\OO-O).02
5
,~
Q
Q
I'J
, j
.
Layout
,
.
:Jl
Ll)
CJ
-<
Hokins
Skate Park,
1
View
1
TrueRide lnc.
5781 Berquist Road
Duluth, Minnesota 55804
Tel: (218) 525-2625
Fax: (218) 525-2850
\VWW.TrueRide.com
.
I.JJ
Q
":t
1-
CJ
CJ
i -~
Q)
rl
-J
~
'1
~
W
i..L
'~
....1
:or
0::::
1=1
1':'0
.::::l
W
-'1
::t
[L
Pad
Size
1
80'x90'
EXHIBIT
A'
.J'
U,
CJ
.-{
(S)
Q
c:J
C .l
( J
IS)
iT)
'.:J
:0
o
<':J"
r---
~~
" ~
,"".
W
c-i
CJ
1
.-J
W
[l:
';;;1
'-,J;:'
J
&
Ci
~
~
Pad SIze ~
180'x90'
~.loRkins MinneSl)ta
Skate Park~ Layout L Vievv 2
~ ~
.
TrueRide lnc.
5781 Berquist Road
Duluth. Minnesota 55804
Tel:. (218) 525-2625
Fa).'; (218) 525-2850'
wVNJ.T rue Ride. COfll
.
.
.
.
D3!O~/2000 12:53
218r:::27cl08
OF~I;':;rj w r jOPD LAl~
P;'::il~E ,,-j
Exhibit B
PROMISSORY NOTE
NAME: Hopkins Area Jaycees, Inc.
DA TE: July 28, 2000
Dollars: $48,873.00
Due Date: July 28, 200
I
Note Number: 1 I
F or value received, the undersigned (if more than one, jointly and severally) promisees) to pay to the:
order of True Ride, Inc. at:
5781 Berquist Road
Duluth, MN 55804
or at any other place designated at any time by the holder hereof, in lawful money of the United
States of America, the principal stun of Forty-eight Thousand Eight Hundred Seventy-three and
no/I Oaths Dollars ($48,873.00) together with interest (calculated on the basis of actual days elapsed
in a 365 day year) on the unpaid balance hereof beginning July 28, 2000 until this Note is fully paid,
at an annual rate of 9.75%.
The undersigned promises to pay the principal and interest hereof as follows:
Principal and interest shall be paid together in consecutive monthly installments of
$2,249.61 each beginning the 28th day of August, 2000, and on the same day of each
month thereafter until July 28, 2002, when the entire balance shall be due and
payable including any accrued but unpaid interest. Each such installment, when paid,
shall be applied first in payment of accrued interest and the balance thereof shall be
applied in reduction of principal.
The undersigned may, at any time and from time to time, prepay the principal amount outstanding
in whole or in part, without penalty or premium. Any partial prepayment shall be applied against
the principal portion of the installments due hereunder in inverse order of maturity.
If any installment of principal andlor interest hereunder is not paid when due, or if any other
indebtedness of the undersigned to True Ride, Inc., is not paid when due, or if any event of defauJt.
shall occur under any mortgage, security agreement, loan agreement, or other instrument securingj
this Note, or if the holder hereof shall at any time in good faith believe that the prospect of due and
punctual payment of this Note is impaired, then, in any such event, the holder hereof may, at its
option, declare this Note to be immediately due and payable and thereupon this Note shall be!
immediately due and payable, together with all unpaid interest accrued hereon, without notice ori
demand. This Note shall also become automatically due and payable (including unpaid interest
accrued thereon) without notice or demand should the undersigned die (an individual)) or should
a petition be filed by or ~gainst tb~ lJ.Odersign~c;l UDder ~h(: Uni~~d Sw.t~s B~nkrt1ptc;:y Cod~c
.
.
.
83'O~i2000 12:59
'2187:22,'408
[lP~,I;4rj 6.- rmp[1 LA(',I
PAI3E '24
Unless prohibited by law, the undersigned agree(s) to pay all costs of collection, including
reasonable attorney's fees and legal expenses, incurred by the holder hereof in the event this N otel
is not duly paid. The holder hereof may change any terms of payment of this Note, including!
extensions of time and renewals, and release any security for, or any party to, this Note without!
notifying orreleasing any accommodation maker, endorser or guarantor from liability on this Note.1
Presentment or other demand for payment, notice or dishonor and protest are hereby waived by thel
undersigned and each endorser or guarantor. The undersigned agree(s) that this Note may not be
changed orally, but only by an agreement in writing and signed by the party against whom
enforcement of any Waiv~r, ~h<mg~, modjfi~;3,tio!1 Or dis~harge is soughL This Not~ sball be
governed by the substantive laws of the State of Minnesota.
This Note is secured according to the terms and provisions of such security agreements, mortgages
or other instnunents that have been previously executed as part of this transaction.
HOPKINS AREA JAYCEES, INC.
By:
Its:
STATE OF MINNESOTA )
)ss
COUNTY OF )
BEFORE ME, personally appeared to me well kno\Vn and known to be
the President of the Hopkins Area Jaycees, Inc., and who executed the foregoing instrument, and
acknowledged to and before me that said instrwnent is the free act and deed of said corporation by
them executed as such officers for the purposes therein expressed, under authority in them fully
vested by the Board of Directors of said corporation,
\\fITNESS my h3nd and official seal this ~ day of
,2000.
Notary Public
This Note is hereby guaranteed by the City of Hopkins according to the terms of the guaranty
agreement attached hereto,
CITY OF HOPKINS
By:
Its:
2
.
.
.
03 O~I~OOO 1~:5~
':::187~27cl08
OP~1;J,f~ ~ fjORD L,',l\1
P,',I:JE ~_,
STATE OF MINNESOTA )
)ss
COUNTY OF )
BEFORE ME, personally appeared to me well known and known to be
the of the City of Hopkins, and who executed the foregoing instrument, and
aclmowledged to and before me that said instrument is the free act and deed of said municipality by
him executed as such officer for the purposes therein expressed, under authority in him fully vested'
by the City C01.U1cil of said municipality.
\VITNESS my hand and official seal this _ day of
,2000.
Notary Public
3
Uj' l'~ :.lO,' 1:: 5L3 .218~~~~,JC;3' CHI.:.I i " IIC;';:[' L':';.,j F;'l-ji:: Lr-,
Loan Schedule for Account "Hopkins Jaycees"
Page 1
Pm1 Date Principal Interest BalanC6
e:ar- 7/28/00 Opening 5al 4B,873.00
.
ProJec1ea Payments
8/28100 Rate - 9,750% Now Pmt - 2,249.61
1 812 Bl00 1,B52.52 397.09 47,020.48
2 9128/00 1.857.57 382.04 45.15291
3 10128/00 1,88274 366.87 4:3,270,17
4 11/28100 1,89B.04 351.57 4,1,372.13
5 12128100 1,91346 336.15 39,458.67
6 1128/01 1,929,01 320.60 3~.SZ9.66
7 2128/01 1,944 68 304.93 35.584.9B
8 3128/01 1,960.48 289.13 33.624.50
9 4/28/01 1.97641 27320 311.648.09
10 5128/01 1,992.47 257.14 29.655.62
11 8/28/01 2,00B.66 240.95 27,646.96
12 7128/01 2.024.9B 224.53 25,62198
13 8128/01 2,041.43 208.18 23, SBD 55
14 0128/01 2,058 02 19159 2.1,5.2.2,53
15 10/28/01 2.074.74 174.87 19.447.79
16 11/28/01 2.091 60 158.01 17,356.19
17 12128/01 2,108.59 141.02 15.24760
18 1128/02 2.125.72 123.89 13,121.88
19 2128/02 2.142.99 106.62 10,978.89
20 3128/02 2.160.41 89.20 8,81848
21 4/28/02 2,177.96 71.65 6,64052
22 5/26102 ;!.195.66 53.85 4,444,86
23 6126/02 2,213.50 36.11 2,231.36
24 7/28/02 2,231.36 18.13 0.00
Opening Dale: 7/28/00
Loan Amounl: 48,873.00
Payment Amount: 2,249.61
Curren1lntCfO&1 Rate: 9.750%
Onginallength: 24 Months
. Payment Frequency: Monthly
CompoundIng Perioa: Monthly
Payee:
Current Balance: 0,00
Remaining Pmls: 24
Flnel Pmt Date: 7/26102
.
~~,u_ _uuu l~:~~
:2187=::274[18
UF'~I~tJ ~ ,JI]?[! L':'l'!
F';4i:.iE r~t-
Exhibit C
.
GUARANTY
Dated:
, 2000
TO: True Ride, Inc.
5781 Berquist Road
Duluth,:MN 55804
For valuable consideration, the undersigned does hereby absolutely and unconditionally
I
guarantee to True Ride, Inc., a Minnesota corporation and its successors and assigns the prompi
payment of the Promissory Note made part of the building contract by and between True Ride, Inc!,
as contractor, Hopkins Area Jaycees, Inc., as owner, and the City of Hopkins, as guarantor, of even
date herewith, and any of the renewals, extensions, or changes in fOTIn thereof, together with ant
interest and reasonable collection costs, induding attorney's fees which may be incurred in COllectini
the debt or enforcing this guaranty. The undersigned waives protest of any such notice of the
. acceptance hereof, notice of defaults, and any other uotice or demand to which the Wlders;gnei
might be entitled, and agrees that renev.ws or extensions for changes in the form of sail:!
I
I
indebtedness, or any part thereof, may be made by contractor and owner from time to time witho-ut
notice to the undersigned without impairing or releasing the liability of the undersigned. Neither the
taking or the release of security, northe changing of the terms of the nccounts recei vnble billing, tr
the balance due at the he of completlOn of the contractor, nor the release of any liability thereto, nor
the lack. of diligence on the contractor's part in exercising any remedies against the undersigned sh~l
release the undersigned from the absolute and unconditional liability for payment of the abovb-
described debt I
CITY OF HOPKINS
.
By:
Its:
.
.
.
Uj!~~ ~ooo 1~:59
:2187~;:,40fj
[lP~I.c4r~ ~.~ fjCiP[J L.:.t'i
P;:',(iE ...:.s
STATE OF MINNESOTA )
)ss
COUNTY OF )
BEFORE ME, personally appeared to me welllmown and known to bei
the of the City of Hopkins, and who executed the foregoing instnunent, and I
acknowledged to and before me that said instrument is the free act and deed of said municipality by!
him executed as such officer for the purposes therein expressed, under authority in him fully vested
by the City Council of said municipality.
W1TNESS my hand and official seal this _ day of
,2000.
Notary Public
2