City Council Resolution 2011-68CITY OF MONTICELLO ECONOMIC DEVELOPMENT AUTHORITY
CITY OF MONTICELLO
WRIGHT COUNTY
STATE OF MINNESOTA
RESOLUTION NO.2011-68
RESOLUTION CALLING FOR A PUBLIC HEARING ON THE PROPOSED
AWARDING OF A BUSINESS SUBSIDY, AND CONVEYANCE OF CERTAIN EDA
PROPERTY, TO SUBURBAN MANUFACTURING, INC.
BE IT RESOLVED, by the Board of Commissioners (the "Board") of the City of Monticello
Economic Development Authority (the "EDA") as follows:
WHEREAS, Minnesota Statutes, Sections 116J.993 to 116J.995 (the "Business Subsidy Act" or
"Act") governs the granting of business subsidies by units of government; and
WHEREAS, the EDA is a grantor within the meaning of the Act; and
WHEREAS, the EDA proposes to provide certain financial assistance to Suburban Manufacturing,
Inc., or a related entity (the "Developer"); and
WHEREAS, the assistance will include conveyance to Developer of certain property owned by the
EDA within the Monticello Business Center (the "Property"), all pursuant to Minnesota Statues, Sections
469.090 to 469.1081 (the "EDA Act"); and
WHEREAS, EDA is required under the EDA Act to hold a public hearing sale of the Property, and is
also required to hold a public hearing before awarding a subsidy that will exceed $150,000; and
WHEREAS, the EDA estimates that the value of the subsidy (in the form of land write down and any
other assistance provided) will exceed $150,000 and therefore will constitute a subsidy within the
meaning of the Business Subsidy Act.
NOW, THEREFORE BE IT RESOLVED by the Board as follows:
1. The EDA shall meet on August 10, 2011, at approximately 6:00 P.M., to hold a public hearing to
consider (a) awarding a business subsidy to Developer, and (b) the sale of the Property to Developer.
2. Staff and consultants are authorized and directed to take all steps necessary to prepare a purchase and
development contract, including the business subsidy agreement and provisions related to
conveyance of the Property.
3. Staff and consultants are authorized and directed to cause notice of the hearing to be published at
least once in the official newspaper of the City not later than 10 days, and no sooner than 20 days,
prior to August 10, 2011, and to place a copy of the proposed business subsidy agreement on file and
to make such copy available for inspection by the public.
Approved by the Board on July 13, 2011.
President
ATTEST:
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CERTIFICATION
STATE OF MINNESOTA
COUNTY OF WRIGHT
I hereby certify that the foregoing is a true and correct copy of Resolution #2011-68,
which was duly passed, adopted and approved by the Monticello Economic Development
Authority at their scheduled meeting on July 13, 2011, and recordeo# minutes of said meetings.
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egan' eft-Livgard,
;ono c evelopment Director
Notary Public:
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Date:
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KERRY T. BURR]
NOTARY PUBLIC - MINNESOTA
�► My ComcMWO E*= Jan. 31, 2015
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