HomeMy WebLinkAbout10/27/2016 DMCC Board Meeting - Agenda and Meeting Packet
DMCC REQUEST FOR EXTENSION OF WORKING CAPITAL LOAN
FOR 2017
To: City of Rochester, Minnesota (the “City”)
1. The undersigned authorized representative (the “Representative”) of the Destination
Medical Center Corporation (“DMCC”) hereby authorizes and requests an extension of the
Term of the Working Capital Loan Agreement (DMCC-City), dated April 30, 2015, by and
between the City and the DMCC (the “Agreement”) and renewals of the DMCC Note and
the EDA Note, in the amount and on the date specified below, in order to pay certain
DMCC Eligible Expenses and to provide the EDA Tranche to pay certain EDA Eligible
Expenses, pursuant to the terms and conditions of the Agreement. Capitalized terms not
otherwise defined herein shall have the meanings given them in the Agreement.
2. The Representative certifies that (i) attached as Exhibit A is a true and correct annual
reconciliation of the DMCC Tranche Advances made through July 31, 2016 and the DMCC
Eligible Expenses paid from such Advances, as required by Section 2.6 of the Agreement;
(ii) each item for which the DMCC sought payment in Exhibit A was a DMCC Eligible
Expense; and (iii) the Advances received by the DMCC have not exceeded the limitations
set out in Section 2.4(a) of the Agreement.
3. The Representative further certifies that attached as Exhibit B is a true and correct copy of
the EDA Request for Extension of the Working Capital Loan for 2017.
4. The DMCC hereby requests an extension of the Agreement Term and renewals of the
DMCC Note and the EDA Note, in the amount of $500 as the DMCC Tranche Advance
and in the amount of $50,000 as the EDA Tranche Advance, as such amounts may be
adjusted by the City pursuant to Section 2.8(c) of the Agreement, for payment of DMCC
Eligible Expenses and, as to the EDA Tranche, for payment of EDA Eligible Expenses.
5. The Representative further certifies that no portion of the amount requested in paragraph 4
above constitutes a DMCC Excess Request under Section 2.3 of the Agreement.
6. The Representative further certifies that this statement and all exhibits and attachments hereto,
and documents furnished in connection herewith, shall be conclusive evidence of the facts
and statements set forth herein and shall constitute full warrant, protection, and authority to
the City for its actions taken pursuant hereto.
Dated: ________________, 2016
Authorized DMCC Representative
EXHIBIT A: RECONCILIATION OF DMCC TRANCHE ADVANCES
Through July 31, 2016
DMCC Bank Account
Beg Bal
DMCC Bank Charges
Adjustments ‐ bank fees returned
Adjustments ‐ change in amount
Interest Earnings
Funding Requested
Actual Funded
Difference
Ending Book Balance
Reconciling Items
Interest
Bank Fees
Adjustments
Net
Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul
1,000.00 1,000.00 1,000.00 1,000.00 1,000.00 1,000.00 1,000.00 1,000.00 1,000.00 1,000.01 1,000.01 1,000.00 1,000.00
835.30 124.42 111.81 104.56 216.45 126.35 101.81 166.75 115.82 92.87 96.57 160.67
64.60
0.05 0.01 0.24 0.03 0.04 0.01
978,303.02 527,281.67 179,103.26 319,562.43 330,108.05 465,380.89 129,241.17 94,862.93 24,918.62 185,416.55 94,231.53 181,440.09 145,802.26
979,244.06 527,396.09 179,103.26 319,778.74 330,219.64 465,485.51 131,074.47 94,964.74 25,085.35 185,532.37 94,324.39 181,536.65 145,962.93
941.04 114.42 ‐ 216.31 111.59 104.62 1,833.30 101.81 166.73 115.82 92.86 96.56 160.67
1,105.74 990.00 1,000.00 1,104.55 1,007.04 888.41 2,706.95 1,064.60 1,000.01 1,000.01 1,000.04 1,000.00 1,000.00
‐ ‐ ‐ (0.05) (0.01) (0.24) ‐ ‐ ‐ (0.04) ‐
835.30 124.42 111.81 104.56 216.45 126.35 ‐ 160.67
(941.04) (114.42) ‐ (216.31) (111.59) (104.62) (1,833.30) (64.60) ‐ ‐ ‐ ‐ ‐
1,000.00 1,000.00 1,000.00 1,000.00 1,000.00 1,000.00 1,000.00 1,000.00 1,000.01 1,000.01 1,000.00 1,000.00 1,160.67
2015 2016
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