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Housing and Redevelopment Authority Packet - December 1, 2025 Housing and Redevelopment Authority Regular Meeting Agenda Monday, December 1, 2025 5:30 PM Elk River City Hall ▪ Regular meeting in Council Chambers 1. CALL MEETING TO ORDER 2. PLEDGE OF ALLEGIANCE 3. CONSIDER AGENDA 4. CONSENT AGENDA Considered to be routine and noncontroversial and will be approved by one motion. There will be no separate discussion of these items unless there is a request to remove the item from the consent agenda to the regular agenda. 4.1 DRAFT Minutes - November 3, 2025 4.2 Check Register 4.3 Balance Sheet 4.4 Revenue/Expenditure Reports 4.5 Satisfaction of Mortgage - #23-028654 5. OPEN FORUM An opportunity to provide comments and feedback regarding items not on the agenda. Information provided in Open Forum will not be discussed at this meeting; rather, the information will be referred to staff and/or scheduled for discussion at a future meeting. 6. GENERAL BUSINESS Items in which the information is presented by city staff or consultants, then deliberation and action occur. General Business items are not opportunities to receive or provide public input. However, the presiding officer may, at its sole discretion, solicit public feedback. 6.1 Housing Rehabilitation Loan Program Agreement Renewal and Update 6.2 Broker Representation Agreement with Partners Real Estate MN 7. OPEN DISCUSSION This section is reserved for the board and staff to discuss relevant topics, updates, and other non-action items of the board. 8. MOTION TO ADJOURN Page 1 of 40 Meeting of the Housing and Redevelopment Authority Held at the Elk River City Hall Monday, November 3, 2025 Members Present: Chair Dennis Chuba, Commissioner John Dietz, Commissioner Lynn Caswell, Commissioner Mel Beaudry, Commissioner Nate Ovall Members Absent: None. Staff Present: Economic Development Director Brent O'Neil, Economic Development Specialist Joshua Mollan, and Recording Secretary Katie Porath 1. CALL MEETING TO ORDER Pursuant to due call and notice thereof, the meeting was called to order at 5:30 p.m. 2. PLEDGE OF ALLEGIANCE The Pledge of Allegiance was recited. 3. CONSIDER AGENDA Mr. O'Neil commented that there should have been no work session listed on the agenda. He also added that an "Open Discussion" section was added to the agenda for staff or commission discussion. Moved by Commissioner Dietz and seconded by Commissioner Beaudry to approve the agenda, as amended. Motion carried 5-0. 4. CONSENT AGENDA Moved by Commissioner Caswell and seconded by Commissioner Dietz to approve the following consent items as outlined in their respective staff reports. Motion carried 5-0. 4.1 DRAFT Minutes - October 6, 2025 4.2 Check Register 4.3 Balance Sheet 4.4 Revenue/Expenditure Reports 5. OPEN FORUM Page 2 of 40 Housing and Redevelopment Authority Minutes November 3, 2025 --------- Page 2 of 3 No one appeared for open forum. 6. GENERAL BUSINESS 6.1 Housing Rehabilitation Loan Program Update Mr. Mollan stated that the packet listed $150,000 available but, with the loan in June 2025, the amount is reduced to roughly $140,000. Mr. Mollan stated he had received some inquiries from the Center for Energy and Environment (CEE) which may result in new loans by the new year. Mr. Mollan also mentioned that the contract with the CEE expires at the end of 2025. The CEE origination fee is proposed to increase $75 per loan. The Commission was in favor of continuing the agreement and an agreement will come to a future HRA meeting for approval. Chair Chuba asked if the agreement should be longer than one year. Mr. O'Neil stated that having the agreement annually gives more flexibility. 7. OPEN DISCUSSION Mr. O'Neil stated that Associated Oral and Maxillofacial Surgeons (AOMS) have moved into their building. Mr. Mollan has worked to complete an agreement with Main Street Family Services to distribute $50,000 of Statewide Affordable Housing Aid (SAHA) funds to the group over 18 months. Mr. O'Neil stated that he has continued a conversation with Habitat for Humanity on a list of potential sites. Habitat for Humanity would want a decision on a site by spring 2026 in order to work with the school district on their timeline. Commissioner Beaudry clarified that Habitat for Humanity was looking for a lot, not a building to remodel. Mr. O'Neil confirmed that the lot in question would require demo and cleanup. 8. MOTION TO ADJOURN REGULAR MEETING Moved by Commissioner Beaudry and seconded by Commissioner Dietz to adjourn the meeting. Motion carried 5-0. The regular meeting adjourned at 5:38 p.m. Chair Chuba called the work session to order at 5:40 p.m. 9. CLOSED MEETING Commissioners Present: Chair Dennis Chuba, Commissioner Nate Ovall, Commissioner Mel Beaudry, Commissioner Lynn Caswell, Commissioner John Dietz Staff Present: Economic Development Director Brent O'Neil, Economic Development Specialist Josh Mollan, and Recording Secretary Katie Porath Chair Chuba read the following statement: 9.1 Statement to be read by the Chair: Page 3 of 40 Housing and Redevelopment Authority Minutes November 3, 2025 --------- Page 3 of 3 "The Housing and Redevelopment Authority will be holding a closed meeting per MN Statute 13D.05, subd. 3(c)(3) to develop or consider offers or counteroffers for the purchase or sale of real property. The properties being discussed are within The Village of Elk River plat: ▪ PID 75-00405-1110, 365 Jackson Ave NW ▪ PID 75-00405-1115, unaddressed ▪ PID 75-00405-1155, 618 Railroad Dr NW ▪ PID 75-00405-1120, 616 Railroad Dr NW ▪ PID 75-00405-1135, 612 Railroad Dr NW ▪ PID 75-00405-1150, 600 Railroad Dr NW 9.2 Motion Calling Closed Meeting Moved by Commissioner Ovall and seconded by Commissioner Caswell to call the closed meeting to order. Motion carried 5-0. 9.3 Hold Closed Meeting 9.4 Motion to Adjourn Closed Meeting Moved by Commissioner Caswell and seconded by Commissioner Dietz to adjourn the closed meeting. Motion carried 5-0. The meeting adjourned at 6:16 p.m. Minutes prepared by Katie Porath. _________________ Denny Chuba, Chair ___________________ Tina Allard, City Clerk Page 4 of 40 Page 5 of 40 CITY OF ELK RIVER Balance Sheet November 30, 2025 Fund 910 - HRA Assets 910-1000 Cash - HRA 1,527,051.33 910-1190 Loans Receivable 185,738.92 910-1193 Forgivable Loan 75,000.00 910-1194 Allow for Forgivable Loan (75,000.00) 910-1195 Note Receivable 400,000.00 910-1310 Due From Other Funds 148,310.75 Total Assets 2,261,101.00 Fund Equity 910-2400 Fund Balance 2,176,896.63 Revenues over Expenditures - YTD 84,204.37 Total Fund Equity 2,261,101.00 Total Liabilities & Equity 2,261,101.00 Page 6 of 40 CITY OF ELK RIVER Revenues with Comparison to Budget For the Month Ending November 30, 2025 Fund 910 - HRA Period Actual YTD Actual Budget Unearned PCNT 910-3-0000-3111 Property Taxes - 227,486.37 439,950.00 (212,463.63) 52% 910-3-0000-3621 Interest Income - 33,049.98 5,000.00 28,049.98 661% Total Fund Revenue - 260,651.40 444,950.00 (184,298.60) 59% Page 7 of 40 CITY OF ELK RIVER Expenditures with Comparison to Budget For the Month Ending November 30, 2025 Fund 910 - HRA Period Actual YTD Actual Budget Unearned PCNT 910-4-6100-4101 Regular Pay 6,751.38 69,607.72 87,200.00 (17,592.28) 80% 910-4-6100-4103 Part-time Pay 300.00 2,175.00 - 2,175.00 0% 910-4-6100-4104 PERA 506.35 5,224.02 6,550.00 (1,325.98) 80% 910-4-6100-4105 FICA 418.59 4,334.42 5,400.00 (1,065.58) 80% 910-4-6100-4107 Medicare 97.90 1,015.86 1,250.00 (234.14) 81% 910-4-6100-4108 Insurance 963.60 10,356.00 17,000.00 (6,644.00) 61% 910-4-6100-4109 Workers Comp - 348.00 450.00 (102.00) 77% 910-4-6100-4201 Office Supplies - 154.64 50.00 104.64 309% 910-4-6100-4219 Operating Supplies - - 500.00 (500.00) 0% 910-4-6100-4304 Legal Fees - 907.50 6,500.00 (5,592.50) 14% 910-4-6100-4319 Professional Services - - 27,000.00 (27,000.00) 0% 910-4-6100-4322 Postage - 2.86 50.00 (47.14) 6% 910-4-6100-4331 Travel, Conferences & Schools - 30.35 200.00 (169.65) 15% 910-4-6100-4349 Advertising/Marketing 11.10 7,277.96 9,500.00 (2,222.04) 77% 910-4-6100-4359 Publishing - 86.00 300.00 (214.00) 29% 910-4-6100-4401 Bldg Repair/Maint Services - 3,001.14 4,000.00 (998.86) 75% 910-4-6100-4404 Software Services - 5,211.00 6,500.00 (1,289.00) 80% 910-4-6100-4409 Contractual Services - 23,714.56 27,000.00 (3,285.44) 88% 910-4-6100-4433 Dues & Subscriptions - - 2,500.00 (2,500.00) 0% 910-4-6100-4440 Miscellaneous - - 200,000.00 (200,000.00) 0% 910-4-6100-4721 Transfer-General Fund - 39,000.00 39,000.00 - 100% 910-4-6100-4735 Transfer-EDA - 4,000.00 4,000.00 - 100% Total Fund Expenditures 9,048.92 176,447.03 444,950.00 (268,502.97) 40% Net Revenue Over Expenditures (9,048.92) 84,204.37 - 84,204.37 0% Page 8 of 40 The Elk River Vision A welcoming community with revolutionary and spirited resourcefulness, exceptional service, and community engagement that encourages and inspires prosperity Request for Action To Housing and Redevelopment Authority Item Number 4.5 Meeting Date December 1, 2025 Prepared By Joshua Mollan, Economic Development Specialist Item Description Satisfaction of Mortgage - #23-028654 Reviewed by Brent O'Neil Cal Portner Action Requested Approve, by motion, the Satisfaction of Mortgage for Loan #23-028654. Background/Discussion On June 16th, 2023, Loan #23-028654 was issued from the HRA through the Rehabilitation Loan Program for $33,925.67 for a window project at PID 75-00546-0236. As of November 24th, the Mortgage and Repayment Agreement has been fully paid and satisfied. Financial Impact N/A Mission/Policy/Goal Improve housing stock by offering incentives or programs to repair or maintain residential properties. Attachments 1. Satisfaction of Mortgage - #23-028654 Page 9 of 40 Form No. 2051-51M—SATISFACTION OF MORTGAGE By Corporation or Partnership Satisfaction of Mortgage Date: 12/1/2025 THAT CERTAIN MORTGAGE owned by the undersigned, a corporation under the laws of Minnesota, dated 6/16/2023 executed by Amir Gill, An Unmarried Person, Mortgagor(s), to the Housing and Redevelopment Authority in and for the City of Elk River, Minnesota, as Mortgagee to, and filed for record on 7/18/2023 as Document Number 959176 (or in Book ________ of ________ Page ______), in the Office of the ☒ County Recorder of Sherburne County, Minnesota, is with the indebtedness thereby secured, fully paid and satisfied. City of Elk River, Minnesota STATE OF MINNESOTA } } ss. COUNTY OF SHERBURNE } The foregoing instrument was acknowledged before me on _________________, by ________________________, the ____________________ of _______________, a corporation under the laws of Minnesota, on behalf of the corporation. _________________________________ Signature of Notarial Officer taking acknowledgement (Reserved for recording data) NOTARIAL STAMP OR SEAL (OR OTHER TITLE OR RANK) THIS INSTRUMENT WAS DRAFTED BY (NAME AND ADDRESS) Center for Energy and Environment 212 Third Avenue North, Suite 560 Minneapolis, MN 55401 ____________________________ (Signature) By:_________________________________ (Name of authorized signor) __________________________________ (Title of authority) Page 10 of 40 The Elk River Vision A welcoming community with revolutionary and spirited resourcefulness, exceptional service, and community engagement that encourages and inspires prosperity Request for Action To Housing and Redevelopment Authority Item Number 6.1 Meeting Date December 1, 2025 Prepared By Joshua Mollan, Economic Development Specialist Item Description Housing Rehabilitation Loan Program Agreement Renewal and Update Reviewed by Brent O'Neil Cal Portner Action Requested Approve, by motion, the 2026 loan origination amendment with the Minnesota Center for Energy and Environment (CEE). Receive updates on the Housing Rehabilitation Loan Program. Background/Discussion The loan origination contract with CEE expires on December 31. An amendment for another one-year extension has been drafted. The annual administration fee to CEE will remain the same at $5,000. The loan origination fee will increase from $750 to $775. Additionally, the remodeling advisor visit fee will also increase from $250 to $275. The administration fee is paid by the HRA; the other fees are paid by clients using the program. CEE facilitates additional loans that support the goal of the HRA's program to improve the housing stock in Elk River. Year-to-date, CEE has closed two Elk River Housing Rehabilitation Loans and two other loans provided by CEE and the Minnesota Housing Finance Agency, totaling $59,326. Staff recommends amending the loan origination contract with CEE, extending the agreement through 2026. Regarding existing loans, CEE reports that all accounts are current, and the HRA’s portfolio is performing as expected with no delinquencies or late payments. One loan closed in October for $35,000 for a four-season porch project. $106,849 remains available for new loan disbursements for the remainder of 2025. Financial Impact $5,000 drawn from budgeted contractual services account. Mission/Policy/Goal Improve existing housing stock by offering incentives or programs to repair and maintain residential properties. Attachments 1. 2026 Proposed Amendment to Origination Agreement 2. CEE Monthly Loan Activity Summary 3. CEE Loan Activity Report Q3 2025 Page 11 of 40 4. CEE Monthly Loan Servicing Report Page 12 of 40 Amendment 5 Elk River HRA AMENDMENT 5 to the LOAN ORIGINATION AGREEMENT Between HOUSING AND REDEVELOPMENT AUTHORITY IN AND FOR THE CITY OF ELK RIVER And CENTER FOR ENERGY AND ENVIRONMENT The Agreement made the 4th day of February, 2019 by and between the HOUSING AND REDEVELOPMENT AUTHORITY IN AND FOR THE CITY OF ELK RIVER, with offices at 13065 Orono Parkway, Elk River, MN 55430, (the “Authority”), and the CENTER FOR ENERGY AND ENVIRONMENT, with its offices at 212 3rd Avenue North, Suite 560, Minneapolis, Minnesota 55401 (“CEE”) is hereby amended. 1. Section 2 and 5 of the Agreement are hereby revised as follows: Section 2. Compensation of the agreement shall be amended to read: 2.1 The Authority shall compensate CEE for services provided under this agreement according to the following schedule and more fully described in Exhibit B4 attached hereto: Loan Origination Fee $775 The Authority shall pay CEE an Origination Fee for each loan closed using the Authority Funded Program. Annual Administrative Fee $5,000 This shall be due January 1st of each calendar year the contract is in effect. Remodeling Advisor Visit (RAV) $275 Section 5. Term and Termination of the agreement shall be amended to read: 5.1 Unless earlier terminated as provided in the following paragraphs, this Agreement shall become effective on January 1, 2026 and continue through December 31, 2026. Page 13 of 40 Amendment 5 Elk River HRA IN WITNESS WHEREOF, the parties hereunder set their hands as of the date written below: HOUSING AND REDEVELOPMENT AUTHORITY IN AND FOR THE CITY OF ELK RIVER CENTER FOR ENERGY AND ENVIRONMENT By ___________________________ By ___________________________ Denny Chuba, Chair Person Stephanie Haddad, COO Date __________________________ Date __________________________ #5287 By ___________________________ TAX ID 41-1647799 Date __________________________ Page 14 of 40 CEE Monthly Loan Activity Summary 12/1/25 Page 15 of 40 Elk River Loan Summary Report Activity for Period 7/1/2025 - 9/30/2025 Application packets requested/mailed:Year-to-Date: This period:0 0 Residential Advisor Visits:This period:Year-to-Date: 0 0 Applications received and processed in your City/Neighborhood this period:1 Closed Loans This period:Year-to-Date: Elk River UnitsUnits 0 0 Closed End 0.00 0 18,151.00 0.00 0Total 8,151.00 1 Units UnitsYear-to-Date:This period:Leveraged Funds CEE 112,025.000.00 0 MHFA FUF 14,150.004,150.00 1 Total 16,175.00 24,150.00 1 % of Total#Types of Properties Financed YTD Single Family Residence 100.003 Types of Improvements Financed YTD # of Projects % of Total Air Conditioning 40.002 Heating System 40.002 Thermostat 20.001 Page 16 of 40 Data Set: November 1st, 2025 CITY OF ELK RIVER LOAN SERVICING REPORT October 2025 Page 17 of 40 CONTENTS 1 Invoice Report 2 Trial Balance Report (Loan Detail) 3 New Loan Count 4 Total Loan Count (Monthly Detail) 5 Trial Balance Report (Monthly Detail in USD) 6 Monthly Payment Collection Per Loan 7 Total Payment Collection in USD (Monthly Detail) 8 Total Principal Collection in USD (Monthly Detail) 9 Total Interest Collection in USD (Monthly Detail) Page 18 of 40 POOL TOTAL COUNT OFACTIVE LOANSCOUNT OF NEWLOANSCOUNT OF ACTIVEAMORTIZING LOANSCOUNT OF ACTIVEDEFERRED LOANSCOUNT OF ACTIVEDELINQUENT LOANSCOUNT OF PAYOFFSRECEIVEDTOTAL AMOUNTRECEIVEDPRINCIPALRECEIVEDINTEREST RECEIVEDLATE FEES ANDOTHER FEESRECEIVED3RD PARTY FEESCOLLECTEDNEW LOAN FEESDELINQUENCYMANAGEMENTFEESSATISFACTIONDRAFTING FEESSERVICING FEESTOTAL FEES TOSERVICERFUNDS TO THE CITYOF ELK RIVERHRA REHAB Grand Total 12 1 12 0 0 0 $2,882.04 $2,114.31 $765.73 $0.00 $2.00 $20.00 $0.00 $0.00 $72.00 $94.00 $2,788.04 12 1 12 0 0 0 $2,882.04 $2,114.31 $765.73 $0.00 $2.00 $20.00 $0.00 $0.00 $72.00 $94.00 $2,788.04 CITY OF ELK RIVER INVOICE SUMMARY Detail for October 2025 Page 19 of 40 Source Company Loan #Address TOTAL AMOUNT RECEIVED PRINCIPAL RECEIVED INTEREST RECEIVED LATE FEES AND OTHER FEES RECEIVED 3RD PARTY FEES COLLECTED ELK RIVER 19-015204 1420 5TH ST NW 19-015209 609 GATES AVE NW 19-015217 1811 MAIN ST 19-016564 403 3RD ST NW 23-028654 13222 179 1/2 AVE NW 23-029012 18990 TWIN LAKES RD NW 23-029085 17931 GARY ST NW 23-029618 13366 181ST LN NW 24-032189 14270 191ST AVE NW 24-033299 17812 CONCORD CT NW 25-039214 18471 TROTT BROOK PKWY NW 25-040378 11137 167TH AVE NW Grand Total $208.04 $201.44 $6.60 $0.00 $0.00 $187.63 $177.98 $9.65 $0.00 $0.00 $162.79 $118.09 $44.70 $0.00 $0.00 $154.43 $132.80 $21.63 $0.00 $0.00 $300.00 $205.55 $94.45 $0.00 $0.00 $260.00 $160.16 $99.84 $0.00 $0.00 $306.00 $225.65 $80.35 $0.00 $0.00 $402.00 $285.99 $114.01 $0.00 $2.00 $142.69 $83.81 $58.88 $0.00 $0.00 $258.90 $152.07 $106.83 $0.00 $0.00 $240.66 $219.27 $21.39 $0.00 $0.00 $258.90 $151.50 $107.40 $0.00 $0.00 $2,882.04 $2,114.31 $765.73 $0.00 $2.00 CITY OF ELK RIVER PAYMENT BREAKDOWN PER LOAN Detail for October 2025 Page 20 of 40 Loan #Address 2024 Q4 November December 2025 Q1 January February March Q2 April May June Q3 July August September Q4 October 19-015215 606 JEFFERSON LN NW 19-015204 1420 5TH ST NW 19-015209 609 GATES AVE NW 19-015217 1811 MAIN ST 19-016564 403 3RD ST NW 23-029012 18990 TWIN LAKES RD NW 23-028654 13222 179 1/2 AVE NW 23-029085 17931 GARY ST NW 23-029618 13366 181ST LN NW 24-032189 14270 191ST AVE NW 24-033299 17812 CONCORD CT NW 25-039214 18471 TROTT BROOK PKWY NW 25-040378 11137 167TH AVE NW Grand Total $1,317.74$1,507.46 $747.03$937.75$1,127.92 $173.14$364.75$556.12 $0.00 $5,005.92$5,203.27 $4,411.49$4,610.69$4,808.51 $3,813.92$4,013.44$4,212.82 $3,212.56$3,413.35$3,613.72 $3,011.12 $5,850.92$6,024.92 $5,326.56$5,502.58$5,676.95 $4,799.37$4,975.38$5,151.37 $4,268.51$4,445.76$4,622.59 $4,090.53 $13,833.94$13,948.00 $13,489.39$13,607.82$13,721.08 $13,144.29$13,259.23$13,375.30 $12,795.48$12,911.66$13,027.42 $12,677.39 $7,752.35$7,880.87 $7,364.30$7,495.73$7,624.26 $6,973.95$7,104.25$7,234.89 $6,579.64$6,711.27$6,842.45 $6,446.84 $31,773.99$31,929.03 $31,305.94$31,469.37$31,621.94 $30,840.01$30,994.71$31,152.29 $30,369.34$30,525.64$30,681.40 $30,209.18 $30,536.15$30,735.11 $29,935.46$30,142.97$30,339.90 $29,335.27$29,534.93$29,737.16 $28,728.96$28,930.68$29,131.71 $28,523.41 $26,426.68$26,645.08 $25,767.26$25,993.50$26,210.46 $25,106.84$25,326.80$25,548.80 $24,439.70$24,661.92$24,883.38 $24,214.05 $19,938.52$19,938.52 $19,142.21$19,573.56$19,573.56 $18,126.46$18,262.42$18,700.94 $17,405.25$17,555.23$18,003.93 $17,119.26 $18,641.58$18,722.72 $18,396.61$18,482.59$18,562.22 $18,153.21$18,233.95$18,316.42 $17,907.32$17,988.90$18,070.20 $17,823.51 $33,825.79$33,973.00 $33,381.35$33,537.34$33,681.81 $32,939.72$33,086.22$33,235.85 $32,493.60$32,641.61$32,789.12 $32,341.53 $8,151.00 $7,509.76$7,721.65$7,935.35 $7,290.49 $35,000.00 $194,903.58$196,507.98 $189,267.60$191,353.90$192,948.61 $191,557.18$185,156.08$187,221.96 $185,710.12$187,507.67$189,601.27 $218,747.31 CITY OF ELK RIVER TRIAL BALANCE REPORT Monthly Detail Page 21 of 40 POOL Loan #Address Contract Date HRA REHAB 25-040378 11137 167TH AVE NW 10/3/2025 Grand Total $35,000.00 $35,000.00 CITY OF ELK RIVER NEW LOAN REPORT Detail for October 2025 Page 22 of 40 2024 Q4 2025 Q1 Q2 Q3 Q4 NovemberDecemberJanuaryFebruaryMarchAprilMayJuneJulyAugustSeptemberOctober0 6 12 Number of Active Loans11 11 11 11 11 11 11 12 12 11 11 12 CITY OF ELK RIVER TOTAL LOAN COUNT Monthly Detail Page 23 of 40 2024 Q4 2025 Q1 Q2 Q3 NovemberDecemberJanuaryFebruaryMarchAprilMayJuneJulyAugustSeptember0 1 2 COUNT OF NEW LOANS ADDED00000001000CITY OF ELK RIVER NEW LOAN COUNT Monthly Detail Page 24 of 40 2024 Q4 2025 Q1 Q2 Q3 Q4 NovemberDecemberJanuaryFebruaryMarchAprilMayJuneJulyAugustSeptemberOctober$0.00 $100,000.00 $200,000.00 Unpaid Principal Balance$196,507.98$194,903.58$192,948.61$191,353.90$189,267.60$187,221.96$185,156.08$191,557.18$189,601.27$187,507.67$185,710.12$218,747.31CITY OF ELK RIVER TRIAL BALANCE Monthly Detail in USD Page 25 of 40 2024 Q4 November December 2025 Q1 January February March Q2 April May June Q3 July August September Q4 October ELK RIVER 19-015204 1420 5TH ST NW 19-015209 609 GATES AVE NW 19-015215 606 JEFFERSON LN NW 19-015217 1811 MAIN ST 19-016564 403 3RD ST NW 23-028654 13222 179 1/2 AVE NW 23-029012 18990 TWIN LAKES RD NW 23-029085 17931 GARY ST NW 23-029618 13366 181ST LN NW 24-032189 14270 191ST AVE NW 24-033299 17812 CONCORD CT NW 25-039214 18471 TROTT BROOK PKWY NW 25-040378 11137 167TH AVE NW Grand Total $208.04$208.04 $208.04$208.04$208.04 $208.04$208.04$208.04 $208.04$208.04$208.04 $208.04 $187.63$187.63 $187.63$187.63$187.63 $187.63$187.63$187.63 $187.63$187.63$187.63 $187.63 $192.33$192.33 $192.33$192.33$192.33 $192.33$192.33$192.33 $173.42 $162.79$162.79 $162.79$162.79$162.79 $162.79$162.79$162.79 $162.79$162.79$162.79 $162.79 $154.43$154.43 $154.43$154.43$154.43 $154.43$154.43$154.43 $154.43$154.43$154.43 $154.43 $300.00$300.00 $300.00$300.00$300.00 $300.00$300.00$300.00 $300.00$300.00$300.00 $300.00 $260.00$260.00 $260.00$260.00$260.00 $260.00$260.00$260.00 $260.00$260.00$260.00 $260.00 $306.00$306.00 $306.00$306.00$306.00 $306.00$306.00$306.00 $306.00$306.00$306.00 $306.00 $0.00$802.00 $501.00$0.00$502.00 $201.00$501.00$501.00 $201.00$501.00$201.00 $402.00 $142.69$142.69 $142.69$142.69$142.69 $142.69$142.69$142.69 $142.69$142.69$142.69 $142.69 $258.90$258.90 $258.90$258.90$258.90 $258.90$258.90$258.90 $258.90$258.90$258.90 $258.90 $0.00 $240.66$240.66$240.66 $240.66 $258.90 $2,172.81$2,974.81 $2,673.81$2,172.81$2,674.81 $2,373.81$2,673.81$2,673.81 $2,422.14$2,722.14$2,595.56 $2,882.04 CITY OF ELK RIVER PAYMENT COLLECTION PER LOAN Monthly Detail Page 26 of 40 2024 Q4 2025 Q1 Q2 Q3 Q4 NovemberDecemberJanuaryFebruaryMarchAprilMayJuneJulyAugustSeptemberOctober$0.00 $1,500.00 $3,000.00 TOTAL PAYMENTS COLLECTED$2,974.81$2,172.81$2,674.81$2,172.81$2,673.81$2,673.81$2,673.81$2,373.81$2,595.56$2,722.14$2,422.14$2,882.04CITY OF ELK RIVER TOTAL PAYMENT COLLECTION (USD) Monthly Detail Page 27 of 40 2024 Q4 2025 Q1 Q2 Q3 Q4 NovemberDecemberJanuaryFebruaryMarchAprilMayJuneJulyAugustSeptemberOctober$1,250.00 $2,500.00 PRINCIPAL RECEIVED$2,241.86$1,604.40$1,954.97$1,594.71$2,086.30$2,045.64$2,065.88$1,749.90$1,955.91$2,093.60$1,797.55$2,114.31CITY OF ELK RIVER TOTAL PRINCIPAL COLLECTION (USD) Monthly Detail Page 28 of 40 2024 Q4 2025 Q1 Q2 Q3 Q4 NovemberDecemberJanuaryFebruaryMarchAprilMayJuneJulyAugustSeptemberOctober$0.00 $400.00 $800.00 INTEREST RECEIVED$730.95$568.41$717.84$578.10$586.51$627.17$606.93$622.91$638.65$627.54$623.59$765.73CITY OF ELK RIVER TOTAL INTEREST COLLECTION(USD) Monthly Detail Page 29 of 40 Source Company Loan #Address DAYS PAST DUE AMOUNT DUE 30+ DAYS TOTAL AMOUNT DUE ELK RIVER 19-015204 1420 5TH ST NW 19-015209 609 GATES AVE NW 19-015217 1811 MAIN ST 19-016564 403 3RD ST NW 23-028654 13222 179 1/2 AVE NW 23-029012 18990 TWIN LAKES RD NW 23-029085 17931 GARY ST NW 23-029618 13366 181ST LN NW 24-032189 14270 191ST AVE NW 24-033299 17812 CONCORD CT NW 25-039214 18471 TROTT BROOK PKWY NW 25-040378 11137 167TH AVE NW Grand Total 0 $0.00 $0.00 0 $0.00 $0.00 0 $0.00 $0.00 0 $0.00 $0.00 0 $0.00 $0.00 0 $0.00 $0.00 0 $0.00 $0.00 0 $0.00 $0.00 0 $0.00 $0.00 0 $0.00 $0.00 0 $0.00 $0.00 0 $0.00 $0.00 0 $0.00 $0.00 CITY OF ELK RIVER AGING DELINQUENCY Detail for October 2025 Page 30 of 40 The Elk River Vision A welcoming community with revolutionary and spirited resourcefulness, exceptional service, and community engagement that encourages and inspires prosperity Request for Action To Housing and Redevelopment Authority Item Number 6.2 Meeting Date December 1, 2025 Prepared By Brent O'Neil, Economic Development Director Item Description Broker Representation Agreement with Partners Real Estate MN Reviewed by Cal Portner Action Requested Approve, by motion, a broker representation agreement with Partners Real Estate MN, as attached. Background/Discussion The HRA has determined it wants to pursue the acquisition of property in the Uppertown area and recommended the use of a licensed broker to facilitate the potential transaction(s). Ryan Hardin of Partners Real Estate MN has submitted a brokerage agreement for the board's consideration. This agreement covers seven potential properties, and the length of the representation is 12 months. Financial Impact The brokerage agreement is for 2.5% of the transaction price. Mission/Policy/Goal Support development opportunities in Downtown/Uppertown as identified in the Downtown Small Area Plan. Attachments 1. Buyer Representation Agreement Page 31 of 40 COMMERCIAL BUYER AND/OR TENANT REPRESENTATION CONTRACT: EXCLUSIVE This form is approved by the Minnesota Association of REALTORS® and the Minnesota Commercial Association of REALTORS®, which disclaims any liability arising out of use or misuse of this form. © 2025 Minnesota Association of REALTORS® 1. Date 2. Page 1 3. DEFINITIONS: Buyer and/or Tenant is (“Buyer and/or (e.g., trust, power of attorney, conservator, etc.) 4. Tenant”). Broker is (Real Estate Company Name) 5. (“Broker”). Buyer and/or Tenant gives Broker the exclusive right to locate and/or to assist in negotiations for the 6. PURCHASE, exchange or option to purchase (“Purchase”) LEASE, or option to lease (“Lease”) ----------------------------------------------------------------------------(Check all that apply.)---------------------------------------------------------------------------------------- 7. commercial, industrial, or investment property at a price and with terms acceptable to Buyer and/or Tenant. (If only 8. PURCHASE is checked, all references to Tenant, lessor, or Lease do not apply. If only LEASE is checked, all references 9. to Buyer, seller, or Purchase do not apply.) This Contract starts on , and ends 10. at 11:59 P.M. on . This Contract terminates upon successful closing and/or 11. Lease of a property or expiration or cancellation of this Contract, whichever occurs ﬁrst. This Contract may only be 12. canceled by written mutual agreement of the parties. 13. BROKER’S OBLIGATION: Broker shall make a reasonable effort to locate property acceptable to Buyer and/or 14. Tenant. Broker shall use professional knowledge and skills to assist in negotiations for the Purchase and/or Lease of 15. property. Broker shall assist Buyer and/or Tenant throughout the transaction. Broker shall act in Buyer’s and/or 16. Tenant’s best interest at all times. Broker shall comply with all applicable nondiscrimination regulations. 17. BUYER’S AND/OR TENANT’S OBLIGATION: Buyer and/or Tenant shall work exclusively with Broker for the 18. Purchase and/or Lease of property. Buyer and/or Tenant shall promptly furnish to Broker accurate and relevant personal 19. ﬁnancial information to ascertain Buyer’s and/or Tenant’s ability to Purchase and/or Lease property, if requested. 20. Buyer and/or Tenant shall cooperate with Broker in ﬁnding a property to Purchase and/or Lease. After a purchase and/ 21. or lease agreement has been accepted by seller and/or lessor, Buyer and/or Tenant is legally obligated to Purchase 22. and/or Lease the property. If Buyer refuses to close the Purchase and/or Tenant refuses to commence the Lease in 23. accordance with the terms of the executed lease agreement for any reason other than the failure of the seller and/or 24. lessor to perform, subject to relevant contingencies, Buyer and/or Tenant shall pay Broker all compensation due 25. under this Contract. 26. NOTICE: THE COMPENSATION FOR THE PURCHASE, LEASE, RENTAL OR MANAGEMENT OF REAL 27. PROPERTY SHALL BE DETERMINED BETWEEN EACH INDIVIDUAL BROKER AND THE BROKER’S 28. CLIENT. BROKER COMMISSIONS ARE NOT SET BY LAW AND ARE FULLY NEGOTIABLE. 29. BROKER’S COMPENSATION: (Fill in all blanks.) 30. COMPENSATION FOR PURCHASE: If Buyer, or any other person acting on Buyer’s behalf, agrees to Purchase 31. any property, subject to the COMPENSATION CONDITIONS identiﬁed in lines 59-72, the following compensation shall 32. apply. Buyer shall pay Broker a retainer fee of $ when Buyer signs this Contract. Broker 33. shall keep this fee even if Buyer does not Purchase property. The retainer paid shall apply toward satisfaction of 34. Buyer’s obligation to compensate Broker. Buyer shall pay Broker, as Broker’s compensation,: (Check any that apply.) 35. percent (%) of the selling price; 36. $ ; 37. $ per square foot; 38. OTHER: 39. 40. ; 41. when Buyer closes the Purchase, or upon the occurrence of any of the following conditions, identiﬁed in lines 59-72. MNC:BTRC:E-1 (8/25)D R A F TProduced with Lone Wolf Transact 717 N Harwood St, Suite 2200, Dallas, TX 75201 https://www.lwolf.com Elk River Housing and Redevelopment Authority Partners Real Estate Mn 8 December 1st 2025 December 1st 2026 0.00 8 2.5 Page 32 of 40 COMMERCIAL BUYER AND/OR TENANT REPRESENTATION CONTRACT: EXCLUSIVE 42. Page 2 43. COMPENSATION FOR LEASE: If Tenant, or any other person acting on Tenant’s behalf, agrees to Lease any 44. property, subject to the COMPENSATION CONDITIONS identiﬁed in lines 59-72, the following compensation shall 45. apply. Tenant shall pay Broker a retainer fee of $ when Tenant signs this Contract. 46. Broker shall keep this fee even if Tenant does not Lease property. The retainer paid shall apply toward satisfaction 47. of Tenant’s obligation to compensate Broker. Tenant shall pay Broker, as Broker’s compensation,: 48. (Check any that apply.) 49. percent (%) of the total gross obligation of the lease price; 50. percent (%) of the total net obligation of the lease price; 51. $ ; 52. $ per useable square foot; 53. $ per rentable square foot; 54. OTHER: 55. 56. ; 57. upon the occurrence of any of the following conditions, identiﬁed in lines 59-72 and paid in the following manner: 58. percent (%) upon lease execution and percent (%) upon lease occupancy. 59. COMPENSATION CONDITIONS: 60. 1. Buyer and/or Tenant Purchases and/or Leases or agrees to Purchase and/or Lease a property before the end of 61. this Contract; or 62. 2. Within days (not to exceed six (6) months, except for the purchase or sale of a business, in which case 63. it cannot exceed two (2) years) after the end of this Contract, Buyer and/or Tenant Purchases and/or Leases 64. property which either Broker or Broker’s salesperson has physically shown Buyer and/or Tenant or Broker or 65. Broker’s salesperson has provided speciﬁc substantive information before the end of this Contract, so long as 66. Broker has identiﬁed this property on a written list Broker gives to Buyer and/or Tenant within 72 hours after the 67. end of this Contract. 68. Broker is authorized to negotiate and receive compensation paid by seller and/or lessor, or broker representing or 69. assisting seller and/or lessor. Any compensation accepted by Broker from seller and/or lessor, or broker representing 70. or assisting seller and/or lessor, SHALL reduce any obligation of Buyer and/or Tenant to pay compensation by 71. the amount received by seller and/or lessor, or broker. Broker must inform Buyer and/or Tenant in writing before 72. Buyer and/or Tenant signs an offer to Purchase and/or Lease the property. 73. CAUTION: BUYER’S AND/OR TENANT’S ACTIONS IN LOCATING A PROPERTY MAY AFFECT PAYMENT OF 74. COMPENSATION BY SELLER(S) AND/OR LESSOR(S) AND MAY THEREFORE OBLIGATE BUYER 75. AND/OR TENANT TO PAY ALL OR PART OF THE COMPENSATION IN CASH AT CLOSING. FOR 76. EXAMPLE: SIGNING A PURCHASE AND/OR LEASE AGREEMENT THROUGH ANOTHER BROKER 77. OR WITH SELLER AND/OR LESSOR MAY REQUIRE BUYER’S AND/OR TENANT’S PAYMENT OF 78. THE FULL COMPENSATION TO BUYER’S AND/OR TENANT’S BROKER. 79. ADDITIONAL COSTS: Buyer and/or Tenant acknowledges that Buyer and/or Tenant may be required to pay certain 80. costs at closing and/or in Leasing; including but not limited to application fees, credit checks, and/or closing costs; 81. which may effectively increase the cash outlay at closing. 82. CLOSING SERVICES: 83. NOTICE: THE REAL ESTATE BROKER, LICENSEE REPRESENTING BUYE R, OR REAL ESTATE 84. CLOSING AGENT HAS NOT EXPRESSED AND, UNDER APPLICABLE STATE LAW, MAY NOT 85. EXPRESS OPINIONS REGARDING THE LEGAL EFFECT OF THE CLOSING DOCUMENTS OR OF 86. THE CLOSING ITSELF. 87. Buyer’s choice for closing services: (Check one.) 88. Buyer directs Broker to arrange for a qualiﬁed closing agent to conduct the closing. 89. Buyer shall arrange for a qualiﬁed closing agent or Buyer’s attorney to conduct the closing. 90. (Buyer’s Initials) (Buyer’s Initials) MNC:BTRC:E-2 (8/25)D R A F TProduced with Lone Wolf Transact 717 N Harwood St, Suite 2200, Dallas, TX 75201 https://www.lwolf.com 180 8 Page 33 of 40 COMMERCIAL BUYER AND/OR TENANT REPRESENTATION CONTRACT: EXCLUSIVE 91. Page 3 92. FOREIGN INVESTMENT IN REAL PROPERTY TAX ACT (“FIRPTA”): Section 1445 of the Internal Revenue Code 93. provides that a transferee (“Buyer”) of a United States real property interest must withhold tax from the transferor 94. (“Seller”) if the Seller is a foreign person and no exceptions from FIRPTA withholding apply. A Buyer is personally 95. liable for the full amount of FIRPTA withholding tax required to be withheld unless the Seller furnishes Buyer with 96. speciﬁc documentation ensuring Buyer is exempt from the withholding requirements as prescribed under 26 USC 97. §1445. Due to the complexity and potential risks of failing to comply with FIRPTA, including the Buyer’s responsibility 98. for withholding the applicable tax, Buyer should seek appropriate legal and tax advice regarding FIRPTA compliance, 99. as Broker will be unable to assure Buyer that the transaction is exempt from the withholding requirements. 100. INSPECTION: Broker recommends that Buyer and/or Tenant obtain a physical inspection and conduct further 101. investigation and due diligence of the property, including but not limited to inspecting and reviewing the ﬁnancial 102. documents, environmental reports, surveys, and any additional methods of investigation of Buyer’s and/or Tenant’s 103. choice, to satisfy themself with the condition of the property. 104. AGENCY REPRESENTATION: 105. Buyer and/or Tenant will agree to a dual agency representation and will consider properties listed by Broker. 106. Buyer and/or Tenant will not agree to a dual agency representation and will not consider properties listed by 107. Broker. 108. Real Estate Company Name: 109. By: (Licensee) 110. Buyer and/or Tenant: Date: 111. Buyer and/or Tenant: Date: 112. OTHER POTENTIAL BUYERS AND/OR TENANTS: Broker may represent or work with other potential buyers and/ 113. or tenants for the same property before, during and after the expiration of this Contract. Other potential buyers and/or 114. tenants may consider, make offers or Purchase and/or Lease through Broker the same or similar properties as Buyer 115. and/or Tenant is seeking to acquire. 116. PREVIOUS AGENCY RELATIONSHIPS: Broker, or licensee representing Buyer and/or Tenant, may have had a 117. previous agency relationship with a seller and/or tenant of a property Buyer and/or Tenant is interested in Purchasing 118. and/or Leasing. Buyer and/or Tenant acknowledges that Buyer’s and/or Tenant’s Broker, or licensee representing 119. Buyer and/or Tenant, is legally required to keep information regarding the ultimate price and terms the seller and/or 120. lessor would accept and the motivation for selling and/or leasing conﬁdential, if known. 121. TERMINATION OF FIDUCIARY DUTIES: Broker’s ﬁduciary duties, except the duty of conﬁdentiality, terminate upon 122. Buyer’s and/or Tenant’s successful closing and/or Lease of a property or expiration or cancellation of this Contract, 123. whichever occurs ﬁrst. 124. NOTICE REGARDING PREDATORY OFFENDER INFORMATION: Information regarding the predatory offender 125. registry and persons registered with the predatory offender registry under MN Statutes 243.166 may be 126. obtained by contacting the local law enforcement ofﬁces in the community where the property is located, 127. or the Minnesota Department of Corrections at (651) 361-7200, or from the Department of Corrections Web 128. site at https://coms.doc.state.mn.us/publicregistrantsearch 129. ENTIRE AGREEMENT: This Contract and all addenda and amendments signed by the parties shall constitute the 130. entire agreement between Buyer and/or Tenant and Broker. Any other written or oral communication between Buyer 131. and/or Tenant and Broker, including, but not limited to, e-mails, text messages, or other electronic communications 132. are not part of this Contract. This Contract can be modiﬁed or canceled only in writing signed by Buyer and/or Tenant 133. and Broker or by operation of law. All monetary sums are deemed to be United States currency for purposes of this 134. Contract. 135. ELECTRONIC SIGNATURES: The parties agree the electronic signature of any party on any document related to 136. this transaction constitute valid, binding signatures. MNC:BTRC:E-3 (8/25)D R A F TProduced with Lone Wolf Transact 717 N Harwood St, Suite 2200, Dallas, TX 75201 https://www.lwolf.com 8 Partners Real Estate Mn Page 34 of 40 COMMERCIAL BUYER AND/OR TENANT REPRESENTATION CONTRACT: EXCLUSIVE 137. Page 4 138. CONSENT FOR COMMUNICATION: Buyer and/or Tenant authorizes Broker and its representatives to contact Buyer 139. and/or Tenant by mail, phone, fax, e-mail, text message or other means of communication during the term of this 140. Contract and anytime thereafter. 141. OTHER: 142. 143. BROKER BUYER AND/OR TENANT 144. ACCEPTED BY: ACCEPTED BY: (Real Estate Company Name) (Business Entity or Individual Name) 145. By: By: (Licensee’s Signature) (Buyer’s and/or Tenant’s Signature) 146. (Licensee’s Printed Name) (Buyer’s and/or Tenant’s Printed Name) 147. Its: (Date) (Title) 148. (Address) (Date) 149. (City/State/Zip) (Address) 150. (Phone) (City/State/Zip) 151. (E-Mail Address) (Phone) 152. (E-Mail Address) 153. BUYER AND/OR TENANT 154. ACCEPTED BY: (Business Entity or Individual Name) 155. By: (Buyer’s and/or Tenant’s Signature) 156. (Buyer’s and/or Tenant’s Printed Name) 157. Its: (Title) 158. (Date) 159. (Address) 160. (City/State/Zip) 161. (Phone) 162. (E-Mail Address) 163. THIS IS A LEGALLY BINDING CONTRACT BETWEEN BUYER AND/OR TENANT AND BROKER. 164. IF YOU DESIRE LEGAL OR TAX ADVICE, CONSULT AN APPROPRIATE PROFESSIONAL. MNC:BTRC:E-4 (8/25)D R A F TProduced with Lone Wolf Transact 717 N Harwood St, Suite 2200, Dallas, TX 75201 https://www.lwolf.com See Addendum. Partners Real Estate Mn ryanhardin@partnersrealestatemn.com Elk River Housing and Redevelopment Authority Page 35 of 40 ! WIRE FRAUD ALERT Internet fraud — the use of Internet services or software with Internet access to defraud victims — is on the rise in real estate transactions. THESE SOPHISTICATED CRIMINALS COULD: • HACK INTO YOUR E-MAIL ACCOUNT or the e-mail of others involved in your real estate transaction and may direct you to wire money to the hacker’s account. • SEND FRAUDULENT E-MAILS that appear to be from your real estate licensee, lender, or closing agent. • CALL YOU claiming they have revised wiring instructions. (Signature) (Date) (Signature) (Date) This form is approved by the Minnesota Association of REALTORS®, which disclaims any liability arising out of use or misuse of this form. © 2018-2023 Minnesota Association of REALTORS® MN MN-WFA (8/18) Buyers/Tenants and Sellers/Owners are advised to: (1) 1HYHUZLUHIXQGVZLWKRXWFRQƂUPLQJWKHZLULQJLQVWUXFWLRQVGLUHFWO\ZLWKWKHLQWHQGHGUHFLSLHQW (2) Verify that the contact information for the wire transfer recipient is legitimate by calling a known phone number for the broker or closing agent. Do not rely on the information given to you in an e-mail communication. (3) Never send personal information through unsecured/unencrypted e-mail. If you suspect wire fraud in your transaction: (1) Immediately notify your bank, closing agent, and real estate licensee. (2) File a complaint online at the Internet Crime Complaint Center (IC3) at http://www.ic3.gov. The undersigned acknowledge receipt of this wire fraud alert and understand the importance of taking proactive measures to avoid being a victim of wire fraud in a real estate transaction.D R A F TProduced with Lone Wolf Transact 717 N Harwood St, Suite 2200, Dallas, TX 75201 https://www.lwolf.com Page 36 of 40 ADDENDUM OR AMENDMENT TO LISTING CONTRACT / BUYER REPRESENTATION CONTRACT This form is approved by the Minnesota Association of REALTORS®, which disclaims any liability arising out of use or misuse of this form. © 2024 Minnesota Association of REALTORS® 1. Date 2. Page of pages 3. Addendum or Amendment to -------------------(Check one.)----------------- 4. Listing Contract Buyer Representation Contract between parties, 5. dated . In the event of a conﬂict between this Addendum or Amendment and 6. any other provision of the speciﬁed Contract or Agreement the language in this Addendum or Amendment shall govern. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. ACCEPTED BY: ACCEPTED BY: (Real Estate Company Name) (Client’s Signature) 20. BY: BY: (Licensee’s Signature) (Client’s Printed Name) 21. (Licensee’s Printed Name) (Date) 22. (Date) 23. CLIENT: 24. ACCEPTED BY: (Client’s Signature) 25. (Client’s Printed Name) 26. (Date) 27. THIS IS A LEGALLY BINDING CONTRACT BETWEEN BUYER(S) AND SELLER(S). 28. IF YOU DESIRE LEGAL OR TAX ADVICE, CONSULT AN APPROPRIATE PROFESSIONAL. MN:AALCBRC-1 (8/25) Produced with Lone Wolf Transact 717 N Harwood St, Suite 2200, Dallas, TX 75201 https://www.lwolf.com 8 8 This Contract terminates upon successful closing and/or Lease of Properties or expiration or cancellation of this Contract, whichever occurs first. This Contract may only be canceled by written mutual agreement of the parties. Property ID Numbers Subject to this agreement shall include Sherburne County PID: 75-00405-1110 75-00405-1115 75-00405-1155 75-00405-1120 75-00405-1135 75-00405-1150 75-00405-1145 Partners Real Estate MN Hardin Companies Elk River Housing and Redevelopment Authority Page 37 of 40 AGENCY RELATIONSHIPS IN REAL ESTATE TRANSACTIONS 1. Page 1 2. MINNESOTA LAW REQUIRES that early in any relationship, real estate brokers or salespersons discuss with 3. consumers what type of agency representation or relationship they desire.(1) The available options are listed below. This 4. is not a contract. This is an agency disclosure form only. If you desire representation you must enter into a 5. written contract, according to state law (a listing contract or a buyer/tenant representation contract). Until such time 6. as you choose to enter into a written contract for representation, you will be treated as a customer and will not receive 7. any representation from the broker or salesperson. The broker or salesperson will be acting as a Facilitator (see 8. paragraph IV on page two (2)), unless the broker or salesperson is representing another party, as described below. 9. ACKNOWLEDGMENT: I/We acknowledge that I/we have been presented with the below-described options. 10. I/We understand that until I/we have signed a representation contract, I/we am/are not represented by the 11. broker/salesperson. I/We understand that written consent is required for a dual agency relationship. 12. THIS IS A DISCLOSURE ONLY, NOT A CONTRACT FOR REPRESENTATION. 13. (Signature) (Date) (Signature) (Date) 14. I. Seller’s/Landlord’s Broker: A broker who lists a property, or a salesperson who is licensed to the listing broker, 15. represents the Seller/Landlord and acts on behalf of the Seller/Landlord. A Seller’s/Landlord’s broker owes to WKH6HOOHU/DQGORUGWKHƂGXFLDU\GXWLHVGHVFULEHGRQSDJHWZR (2) The broker must also disclose to the Buyer PDWHULDOIDFWVDVGHƂQHGLQ016WDWXWH6XEGRIZKLFKWKHEURNHULVDZDUHWKDWFRXOGDGYHUVHO\DQG VLJQLƂFDQWO\DIIHFWWKH%X\HUpVXVHRUHQMR\PHQWRIWKHSURSHUW\016WDWXWH6XEGGRHVQRWDSSO\WR 19. rental/lease transactions.) If a broker or salesperson working with a Buyer/Tenant as a customer is representing the 20. Seller/Landlord, they must act in the Seller’s/Landlord’s best interest and must tell the Seller/Landlord any information GLVFORVHGWRWKHPH[FHSWFRQƂGHQWLDOLQIRUPDWLRQDFTXLUHGLQDIDFLOLWDWRUUHODWLRQVKLSVHHSDUDJUDSK,9RQSDJH 22. two (2)). In that case, the Buyer/Tenant will not be represented and will not receive advice and counsel from the 23. broker or salesperson. 24. II. Buyer’s/Tenant’s Broker: A Buyer/Tenant may enter into an agreement for the broker or salesperson to represent 25. and act on behalf of the Buyer/Tenant. The broker may represent the Buyer/Tenant only, and not the Seller/Landlord, 26. even if they are being paid in whole or in part by the Seller/Landlord. A Buyer’s/Tenant’s broker owes to the %X\HU7HQDQWWKHƂGXFLDU\GXWLHVGHVFULEHGRQSDJHWZR (2) The broker must disclose to the Buyer material facts DVGHƂQHGLQ016WDWXWH6XEGRIZKLFKWKHEURNHULVDZDUHWKDWFRXOGDGYHUVHO\DQGVLJQLƂFDQWO\DIIHFW WKH%X\HUpVXVHRUHQMR\PHQWRIWKHSURSHUW\016WDWXWH6XEGGRHVQRWDSSO\WRUHQWDOOHDVHWUDQVDFWLRQV 30. If a broker or salesperson working with a Seller/Landlord as a customer is representing the Buyer/Tenant, they 31. must act in the Buyer’s/Tenant’s best interest and must tell the Buyer/Tenant any information disclosed to them, H[FHSWFRQƂGHQWLDOLQIRUPDWLRQDFTXLUHGLQDIDFLOLWDWRUUHODWLRQVKLSVHHSDUDJUDSK,9RQSDJHWZR,Q 33. that case, the Seller/Landlord will not be represented and will not receive advice and counsel from the broker or 34. salesperson. 35. III. Dual Agency - Broker Representing both Seller/Landlord and Buyer/Tenant: Dual agency occurs when one 36. broker or salesperson represents both parties to a transaction, or when two salespersons licensed to the same EURNHUHDFKUHSUHVHQWDSDUW\WRWKHWUDQVDFWLRQ'XDODJHQF\UHTXLUHVWKHLQIRUPHGFRQVHQWRIDOOSDUWLHVDQG 38. means that the broker and salesperson owe the same duties to the Seller/Landlord and the Buyer/Tenant. This 39. role limits the level of representation the broker and salesperson can provide, and prohibits them from acting H[FOXVLYHO\IRUHLWKHUSDUW\,QDGXDODJHQF\FRQƂGHQWLDOLQIRUPDWLRQDERXWSULFHWHUPVDQGPRWLYDWLRQIRUSXUVXLQJ DWUDQVDFWLRQZLOOEHNHSWFRQƂGHQWLDOXQOHVVRQHSDUW\LQVWUXFWVWKHEURNHURUVDOHVSHUVRQLQZULWLQJWRGLVFORVH VSHFLƂFLQIRUPDWLRQDERXWWKHP2WKHULQIRUPDWLRQZLOOEHVKDUHG'XDODJHQWVPD\QRWDGYRFDWHIRURQHSDUW\ 43. to the detriment of the other.(3) :LWKLQWKHOLPLWDWLRQVGHVFULEHGDERYHGXDODJHQWVRZHWRERWK6HOOHU/DQGORUGDQG%X\HU7HQDQWWKHƂGXFLDU\ 45. duties described below.(2)'XDODJHQWVPXVWGLVFORVHWR%X\HUVPDWHULDOIDFWVDVGHƂQHGLQ016WDWXWH6XEG RIZKLFKWKHEURNHULVDZDUHWKDWFRXOGDGYHUVHO\DQGVLJQLƂFDQWO\DIIHFWWKH%X\HUpVXVHRUHQMR\PHQWRIWKH SURSHUW\016WDWXWH6XEGGRHVQRWDSSO\WRUHQWDOOHDVHWUDQVDFWLRQV 01$*&<',&6 Produced with Lone Wolf Transact 717 N Harwood St, Suite 2200, Dallas, TX 75201 https://www.lwolf.com Page 38 of 40 AGENCY RELATIONSHIPS IN REAL ESTATE TRANSACTIONS 48. Page 2 49. IV. Facilitator: A broker or salesperson who performs services for a Buyer/Tenant, a Seller/Landlord or both but GRHVQRWUHSUHVHQWHLWKHULQDƂGXFLDU\FDSDFLW\DVD%X\HUpV7HQDQWpV%URNHU6HOOHUpV/DQGORUGpV%URNHURU'XDO 51. Agent. THE FACILITATOR BROKER OR SALESPERSON DOES NOT OWE ANY PARTY ANY OF THE FIDUCIARY 52. DUTIES LISTED BELOW, EXCEPT CONFIDENTIALITY, UNLESS THOSE DUTIES ARE INCLUDED IN A 53. WRITTEN FACILITATOR SERVICES AGREEMENT. The facilitator broker or salesperson owes the duty of FRQƂGHQWLDOLW\WRWKHSDUW\EXWRZHVQRRWKHUGXW\WRWKHSDUW\H[FHSWWKRVHGXWLHVUHTXLUHGE\ODZRUFRQWDLQHGLQ 55. a written facilitator services agreement, if any. In the event a facilitator broker or salesperson working with a Buyer/ 56. Tenant shows a property listed by the facilitator broker or salesperson, then the facilitator broker or salesperson 57. must act as a Seller’s/Landlord’s Broker (see paragraph I on page one (1)). In the event a facilitator broker or 58. salesperson, working with a Seller/Landlord, accepts a showing of the property by a Buyer/Tenant being represented 59. by the facilitator broker or salesperson, then the facilitator broker or salesperson must act as a Buyer’s/Tenant’s 60. Broker (see paragraph II on page one (1)). 61. (1) 7KLVGLVFORVXUHLVUHTXLUHGE\ODZLQDQ\WUDQVDFWLRQLQYROYLQJSURSHUW\RFFXSLHGRULQWHQGHGWREHRFFXSLHGE\ 62. one to four families as their residence. 63. (2) 7KHƂGXFLDU\GXWLHVPHQWLRQHGDERYHDUHOLVWHGEHORZDQGKDYHWKHIROORZLQJPHDQLQJV 64. LoyaltyEURNHUVDOHVSHUVRQZLOODFWRQO\LQFOLHQWVpEHVWLQWHUHVW 65. 2EHGLHQFHEURNHUVDOHVSHUVRQZLOOFDUU\RXWDOOFOLHQWVpODZIXOLQVWUXFWLRQV 66. DisclosureEURNHUVDOHVSHUVRQZLOOGLVFORVHWRFOLHQWVDOOPDWHULDOIDFWVRIZKLFKEURNHUVDOHVSHUVRQKDVNQRZOHGJH ZKLFKPLJKWUHDVRQDEO\DIIHFWWKHFOLHQWVpXVHDQGHQMR\PHQWRIWKHSURSHUW\ 68. &RQƂGHQWLDOLW\EURNHUVDOHVSHUVRQZLOONHHSFOLHQWVpFRQƂGHQFHVXQOHVVUHTXLUHGE\ODZWRGLVFORVHVSHFLƂF 69. information (such as disclosure of material facts to Buyers). 70. 5HDVRQDEOH&DUHEURNHUVDOHVSHUVRQZLOOXVHUHDVRQDEOHFDUHLQSHUIRUPLQJGXWLHVDVDQDJHQW 71. AccountingEURNHUVDOHVSHUVRQZLOODFFRXQWWRFOLHQWVIRUDOOFOLHQWVpPRQH\DQGSURSHUW\UHFHLYHGDVDJHQW 72. (3) If Seller(s)/Landlord(s) elect(s) not to agree to a dual agency relationship, Seller(s)/Landlord(s) may give up the 73. opportunity to sell/lease the property to Buyer(s)/Tenant(s) represented by the broker/salesperson. If Buyer(s)/ 74. Tenant(s) elect(s) not to agree to a dual agency relationship, Buyer(s)/Tenant(s) may give up the opportunity to 75. purchase/lease properties listed by the broker. 76. NOTICE REGARDING PREDATORY OFFENDER INFORMATION: Information regarding the predatory offender 77. registry and persons registered with the predatory offender registry under MN Statute 243.166 may be 78. obtained by contacting the local law enforcement ofﬁces in the community where the property is located, 79. or the Minnesota Department of Corrections at (651) 361-7200, or from the Department of Corrections Web site at 80. https://coms.doc.state.mn.us/publicregistrantsearch 01$*&<',6& Produced with Lone Wolf Transact 717 N Harwood St, Suite 2200, Dallas, TX 75201 https://www.lwolf.com Page 39 of 40 Page 1 of 1 HARDIN COMPANIES DISCLOSURE Multiple Offers As an OWNER/SELLER, you have the option of how you would like HARDIN COMPANIES to handle multiple offers. Please Initial One: ______ ______ Inform ALL buyers and/or party representing buyers of the existence of other offers. ______ ______ Inform all buyers or the party representing buyers of the existence of other offers, ONLY WHEN ASKED by buyer or party representing buyers. ______ ______ Inform NO ONE of the existence of other offers. As a BUYER, you acknowledge that while we may ask about the existence of other offers, the seller may have elected NOT to disclose the information. Disclosure Seller/Landlord Disclosure of Material Facts, Delivery of Reports, and Compliance with Laws. Sellers/landlords are hereby requested to disclose directly to buyers/tenants all facts known to sellers/landlords that materially affect the value or desirability of the Property and are not readily observable nor known to the buyer/tenant, including, but not limited to, facts regarding hazardous materials, zoning, construction, design, engineering, soils, title, survey, fire/life safety, proneness to natural hazards such as earthquakes, and other matters, and to provide buyers/tenants with copies of all reports in the possession of or accessible to sellers/landlords regarding the Property. Sellers/landlords and buyers/tenants must comply with all applicable federal, state and local laws, regulations, codes, ordinances and orders, including, but not limited to, the 1964 Civil Rights Act and all amendments thereto, the Foreign Investment in Real Property Tax Act, the Comprehensive Environmental Response Compensation and Liability Act, and The Americans With Disabilities Act. As a BUYER, you have the right to have a property inspection. Prior to closing you have an opportunity to complete a final walk through of the property to determine whether or not the property is in substantially the same condition as the date the purchase agreement was signed. HARDIN COMPANIES make no warranties or representations as to the property, personal property and/or any conditions that exist before or after closing. Brokerage may refer the client to inspectors, contractors, vendors, and other third-party professionals, such referrals do not constitute a warranty or endorsement of the services provided by third-parties and that the client is wholly responsible for choosing which professionals to employ. Brokerage Services HARDIN COMPANIES is a licensed real estate brokerage in the State of Minnesota engaging in real estate marketing. If you need advice including but not limited to: legal, tax, title, inspection, construction, surveying, zoning, environmental or other services, please consult the appropriate professional. Information deemed reliable but not guaranteed. _____________________________________ ______________________________________ Broker Signature Date Client Signature Date Page 40 of 40