Midtown Global Market Lease Application

The Midtown Global Market (MGM) is an internationally themed public market located within the Midtown Exchange Building (the former Sears building) on Lake and Chicago, in South Minneapolis. It features an outstanding assortment of products from around the world and around the neighborhood. We draw customers from three main sectors: the immediate neighborhood (including the 350 housing units inside the historic building), the employees and guests of nearby corporations (Abbott Northwestern Hospital and Allina corporate headquarters), and a regional draw of customers interested in high quality cultural experiences. The Midtown Global Market opened in mid-2006 and draws in excess of 1,200,000 visitors per year.

We are always seeking outstanding businesses to rent spaces within this public market. We are asking applicants that best fit our market concept (guidelines below) to submit the following application, to allow our team to better understand your business. Applications will not be reviewed until application all required materials are submitted. Applicants may need to supply more detail if requested (financial information, business plan, etc.).

Requirements

The following materials are required from all applicants to be considered for full review:

Completed Potential Tenant Application (this form).
A Business Plan that covers all requested information.
Past 3 years of business tax returns.
Current balance sheet and income statement for your business.
Other materials you believe will explain your current business and your proposed business to our NDC Development Team.

All information will be kept confidential. Please submit these materials to the contact below, who is also available to answer questions and assist you to the best of their ability with completing the questionnaire. All information will be treated confidentially and reviewed only by the NDC Team.

The Leasing Process

All applications must initially fit within the Concept Guidelines stage of the leasing process and will be reviewed by the owner's representatives and if approved, will move on to the second stage of the process.
Second stage of the leasing process---Due Diligence. NDC staff does an in depth business plan review of the five required items above.
The final stage of the leasing process is the approval or denial of the application. If an application is accepted, a lease will be negotiated.

Section to be hidden after testing:

PE Record Type ID for Real Estate (update ID w/Prod ID)

PE Type

PE Enrollment Status

NDC Incubator Location ? default to MGM ID Account ID for now. In the future could be other NDC locations

PE Name - created automatically in SF after save

The Leasing Process

Midtown Global Market is owned by two non-profits:

Neighborhood Development Center: 663 University Ave., Suite 200 St Paul, MN 55104
Cultural Wellness Center: 2025 Portland Ave. S., Minneapolis, MN 55407

All applications must initially fit within the Concept Guidelines stage of the leasing process and will be reviewed by the owner's representatives and if approved, will move on to the second stage of the process.
Second stage of the leasing process---Due Diligence. The more information an applicant can supply initially, the quicker the due diligence can proceed. This most definitely applies to the more complex of applications - such as a restaurant.
The final stage of the leasing process is the approval or denial of the application. If an application is accepted a lease will be negotiated. All applicants (approved or not) will abide by the Rules, Regulations and Code of Conduct of the market.
The following will be required from all applicants:

Non-refundable $50 fee (payable to Midtown Global Market LLC)
Completed Tenant Application Questionnaire
Past three (3) years of business tax returns (if applicable)
Balance sheet and income statement is needed (if applicable)
Two (2) year cash flow projection for your location in Midtown Global Market
Authorization to review credit history
References
Other materials you believe will explain your current business and your proposed business in the Midtown Global Market

Please fill out the following questions as completely as possible. The following questions are intended to give us information on your operation at the Midtown Global Market. If you prefer to write a business plan for this new location, please attach as part of your application.

Personal Contact Information

First Name:

Middle Initial:

Last Name:

Home Street Address:

Home Street Address 2:

Home City:

Home State:

Home Zip/Postal Code:

Mobile Phone Number:

Personal Email Address:

Work Phone Number:

Work Email Address:

What role do you play with the applying business?

Gender

Race/Ethnicity

For more than one race/ethnicity, select "Other".

Are you a Veteran?

Business Information

What is the name of business?

What is the doing business as (DBA) name? (if applicable)

Please provide a brief description of the business.

Maximum characters= 500.

What is your current relationship with Neighborhood Development Center (NDC)?

Use Ctrl+ to select more than one category if needed.

Type of Entity:

Other:

Please specify above.

What type of business is this?

Federal ID/EIN # (if applicable):

Business Street Address:

Business Street Address 2:

Business City:

Business State:

Zip/Postal Code:

Business Phone Number:

Business Website

Business Email Address:

Only enter info@ or contactus@ for general/generic business email address.

Bank Reference:

(E.g., name, account number, phone number)

Do you have a current/prior business looking to expand or move to Midtown Global Market?

Information About Your Current or Past Business

General Questions

Why is the Midtown Global Market a good site for your business?

What stage is your business in?

How long have you been in business?

How many locations do you currently operate in?

If more than one, list addresses:

Do you own or rent your space?

OwnRent

If renting, what is the name and contact information of your landlord?

What are your plans for your existing location(s) and how will this location at the Midtown Global Market support your existing business format?

If the business is now closed, please provide a brief explanation why:

How many employees did you or do you currently have?

Any other information to best describe why your business fits within the Midtown Global Market guidelines?

Products

Please list the product(s) and/or service(s) you intend to provide. What is unique about them and what region of the world are they from?

What are your best selling items?

Please describe how the product(s) and/or service(s) will be presented to the customer.

What is the pricing structure for your product(s) and/or service(s)? (low, medium, high)

What were last years business sales? $

Enter amount, no comma or dollar sign needed.

If available, what size stall are you interested in at the Global Market?

Your Plans for The Midtown Global Market

Customers

How do you advertise your business now? How do you intend to attract customers to this new location?

(E.g., marketing plan)

What will be your busiest days of the week and what will be the busiest hours? How many customers do you think you will draw during these times?

How much do you think your average customer will spend per visit?

Do you see an opportunity to make deliveries of your product(s)?

Operation and Management

On your cash flow projection for this site, how many months do you think it will take to reach break even?

Please upload cash flow projection for this specific site.

Who would manage this location? What is their management experience? **Note: this person would potentially be able to make maintenance submissions, answer questions by the landlord in regards to the location, etc.

How many employees will you need to be able to operate this business seven days a week?

How often are product deliveries made, and at what time of the day would they arrive? Who will receive/sign for these deliveries?

Equipment and Improvement

(Specifically grocery and restaurant use)

What will you need in your space? Select all that apply:

To select more than one item, hold down the "Ctrl" button on your keyboard.

How many burners will you need? What size?

Please describe all of the construction/build out you will require in your space. This includes any plumbing, electrical or any other specialized equipment requirements to operate your business successfully:

How much storage (dry, cooling, freezer) will you need?

(E.g., for what type of items, dry storage or cool storage)

Start-Up Cost

How much do you anticipate it will cost to open your business in the market:

If purchasing from existing MGM business:

What do you purpose to spend?

Stall Build Out (counters, etc.):

Equipment (display cases, stoves, etc.):

Inventory:

Working Capital:

Other:

Total:

Financial Resources

Please list all sources from where you will acquire this money:

Your own funds:

Friend(s)/Investor(s)

Credit Cards:

Bank:

Other:

Total:

By signing, I agree to the following terms:

That completing the application form does not guarantee or imply acceptance of the application.
Permission is granted to Neighborhood Development Center on behalf of the Midtown Global Market to review your credit history.

The next screen will allow you to review your entries. At the bottom, you'll have the opportunity to sign your form. Once you have "signed and submitted" your e-signature, you will receive an email with a verification link. You will need to click on the link (or copy and paste the link into their browser's URL) to finish the verification process. After you click the link, you will receive a final email confirmation. This email will contain a link which allows you to view a record of the e-signature.

Note: Check your spam folder to ensure you received the email with the verification link.

E-Signature