City Council Resolution 2020-04CITY OF MONTICELLO
RESOLUTION NO. 2020-04
RESOLUTION APPROVING ADDENDUM TO PURCHASE
AGREEMENT BETWEEN THE CITY OF MONTICELLO AND LSW
INVESTMENTS, LLC
BE IT RESOLVED BY the City Council ("Council") of the City of Monticello, Minnesota (the
"City") as follows:
Section 1. Recitals.
1.01. The City and LSW Investments, LLC (the "Buyer") previously entered into a
purchase agreement dated as of October 14, 2019 (the "Purchase Agreement") pursuant to which
the City will convey certain property owned by the City (the "Property") to the Buyer for the
eventual development of a residential housing subdivision. The Property is described in Exhibit A
attached hereto.
1.02. After execution of the Purchase Agreement, the parties discovered certain conditions
on the Property requiring correction by the City.
1.03. The City and Buyer have negotiated an Addendum to Purchase Agreement (the
"Addendum") to address certain conditions on the Property, which Addendum has been presented
to the Council for review.
1.04. The City finds that execution of the Addendum is desirable and in the best interest of
the City because it will enable the City and Buyer to proceed to closing on conveyance of the
Property.
Section 2. Addendum Approved.
2.01. The City hereby approves the Addendum in substantially the form presented to
the City, subject to modifications that do not alter the substance of the transaction and that are
approved by the Mayor and City Clerk, provided that execution of the Addendum by those
officials shall be conclusive evidence of their approval.
2.02. City staff and officials are authorized to take all actions necessary to perform the
City's obligations under the Addendum and under the Purchase Agreement as a whole, including
without limitation execution of any documents to which the City is a party referenced in or
attached to the Addendum, and any deed or other documents necessary to convey the Property to
the Buyer, all as described in the Addendum and Purchase Agreement.
Approved this 13th day of January, 2020, by the City Council of the City of Monticello,
Minnesota.
A -TEST: Mayor
N
y Clerk
EXHIBIT A
PROPERTY
The South 933 feet of the East 933 feet of the Northwest Quarter, both measured at right angles,
thereof, in Section 23, Township 121, Range 25, Wright County, Minnesota.
Located on land having a street address of -
8617
£
8617 Edmonson Avenue NE, Monticello, MN
A-1