2023-01-18 MIF Annual Report - AVAOP LLC (signed)mil EMPLOYMENT AND
ECONOMIC DEVELOPMENT
Annual Progress Report -State Funds
Minnesota Investment Fund
Office of Business Finance
Economic Development Division
Please use this form to report annual progress on your Minnesota Investment Fund (MIF) project. If you have questions, contact
your loan officer. Completed reports must be submitted to your loan officer in a timely fashion.
Loan Officer: Muhubo Malin
Direct: (651)259-7 426
Email: muhubo.malin@state.mn.us
INSTRUCTIONS:
The Grantee should work with the business representative to obtain information included in this report. Both parties must
certify the report as true and correct. All information reported should be from the earliest date allowed under the Grant
Contract through the end of the reporting period.
SECTION 1: PROJECT INFORMATION
Grantee: I Grant Number:
Albertville CDAP-21-0002-H-FY2021
Business Name:
AVAOP, LLC.
Local Government Contact Name & Title:
Adam Nafstad, City Administrator
Local Go vernment Contact Phone: I Local Government Contact Email:
(763)497-3384 anafstad@ci.albertville.mn.us
Contract Effective Date: Compliance Date: Contract Expiration Date:
4/28/21 3/1 /24 6/30/24
Reporting Period: MIF Funds Disbursed to Date: Final Report (Y /N):
12/01 /2022-12/31 /2022 $ 450,000.00 No
SECTION 2: NARRATIVE
Current status of the project:
Disbursed/Monitoring
Are loan repayments current? If not, describe actions taken to bring loan payments up to date:
1
Updated 8/21/19
Currently there are no repayments due
SECTION 3: APPROVED BUDGET
Original Budget -Corresponds with Exhibit B of Grant Contract
Use of Funds MIF Bank Equity Local Other: Other: Total Gov't
Property Acquisition $ 7,272,640 $7,272,640
Site Improvement $0
New Construction $16,217,819 $16,217,819
Renovation of Existing
Building $0
Machinery & Equipment $450,000 $3,500,000 $3,950,000
Infrastructure $0
Other: $4,792,731 $4,792,731
Other: $0
Other: $0
Total Project Cost $450,000 $24,510,550 $7,272,640 $0 $0 $0 $32,233,190
SECTION 4: ACTUAL PROJECT EXPENDITURES
Expenditures to Date -Include all expenditures from the Effective Date to the end of the reporting period. If
exp enditures have been made that the business intends to use MIF funds for, please include them in the MIF column
regardless of whether disbursement has been made.
Use of Funds MIF Bank Equity Local Other: Other: Total Gov't PACE
Property Acquisition $5,671,512 $5,671,512
Site Improvement $0
New Construction $11,908,811 $930,716 $4,642,451 $17,481,978
Renovation of Existing
Building $0
Machinery & Equipment $450,000 $13,655 $2,654,691 $357,549 $3,475,895
Infrastructure $301,312 S301,312
Other: Financing Cost $3,194,350.65 $250,000 S 182,886 S 3,627,237
Other: Architecture & Engineering $68,532 $1,113,702 $1,182,234
Other: $0
Total Project Cost $450,000 $ 15,185,348 S 10,921,934 $0 $5,182.886 $0 $31,740,168
2
SECTION 5: Joe CREATION INFORMATION
JOB CREATION DETAIL:
Please list new positions created on or after the Effective Date on the table below. Reported positions should be permanent,
non-contract, and non-seasonal. MIF defines full-time equivalent (FTE) positions as those that work at least 2,080 hours per
year. Part-time positions may be combined for FTE positions based on hours worked. If job information is supplied in an
alternate format attachment, the documentation must include the data fields below.
POSITION TITLE DATE OF ANNUAL HOURLY HOURLY TOTAL HOURLY
(LIST EACH NEW JOB SEPARATELY) HIRE HOURS CASH VALUE OF COMPENSATION
WAGE BENEFITS
$0.00
$0.00
$ 0.00
$0.00
$0.00
$ 0.00
$0 .00
$0.00
$0.00
$ 0.00
$0.00
$0.00
$0 00
$0 00
$ 0.00
$ 0.00
$ 0.00
$0.00
$0 00
$0 00
AVERAGE 0 0 0
DOCUMENTATION REQUIRED: If this is the final re port, attach a Payroll or HR system report that lists all Minnesota
employees and includes, at a minimum: a unique employee identifier, date of hire, location, hours worked, employment
status (e.g. active, leave, etc.). The report must include the date of the information provided.
EMPLOYMENT SUMMARY:
Reported employment numbers should follow FTE guidelines listed above.
Base Employment: Projected Job Creation: Jobs Created through Total Business Employment:
Reporting Period:
0 135 61 61
BENEFITS SUMMARY:
Indicate which of the following benefits are offered to employees and paid for by the employer:
D Health Insurance D Dental Insurance D Life Insurance D Disability Insurance D Retirement Plan
3
SECTION 6: CERTIFICATIONS
I certify that any statement or representation in this report, or information provided herein, is true and complete to the best of
my knowledge.
Local Government Signature Date
Representative's Name & Title
1 /13/23
Date
Business Representative's Name & Title
Updated 8/21/19
Adam Nafstad, City Administrator
01/18/23