City Council Resolution 2024-15CITY OF MONTICELLO
COUNTY OF WRIGHT
STATE OF MINNESOTA
RESOLUTION NO. — 2024-15
RESOLUTION APPROVING A GREATER MONTICELLO ENTERPRISE FUND LOAN BY THE
CITY OF MONTICELLO ECONOMIC DEVELOPMENT AUTHORITY TO BLOCK 52
HOLDINGS LLC, BUCHHOLZ EXCHANGE LLC AND NORGREN EXCHANGE LLC,
WHEREAS, the City Council (the "Council") of the City of Monticello (the "City") has received
a proposal from Block 52 Holdings LLC, Buchholz Exchange LLC, and Norgren Exchange LLC, each a
Minnesota limited liability company (together, the "Borrower"), that the City of Monticello Economic
Development Authority (the "EDA") enter into Loan Agreement (the "Loan Agreement" and together
with related documents, the "Loan Documents") in connection with a loan to the Borrower in the amount
of $300,000 (the "Loan"), pursuant to the EDA's Greater Monticello Enterprise Fund (the "Program"),
created to assist businesses in the City with financing certain economic development activities to meet the
goals set forth in the guidelines approved by the EDA for the Program (the "Guidelines"); and
WHEREAS, pursuant to the Program, the Guidelines and the Loan Documents, the Borrower
intends to use the Loan to build out approximately 13,303 square feet of commercial office space for use
by Simplicity Financial Marketing Holdings Inc, a Delaware corporation, at the real property owned by
the Borrower located at 101 West Broadway Street in the City; and
WHEREAS, after a duly noticed public hearing held on February 14, 2024, the EDA approved
the Loan and the Loan Documents, copies of which are on file with the City Clerk.
NOW THEREFORE, BE IT RESOLVED by the City Council of the City of Monticello as follows:
Section 1. Business Subsidy.
1.01. The Loan constitutes a business subsidy within the meaning of Minnesota Statutes, Section
116J.993 to 116J.995, as amended (the "Business Subsidy Act"), and the Loan Agreement includes a
"business subsidy agreement" as required under the Business Subsidy Act.
1.02. The City has adopted a Business Subsidy Policy (the "Subsidy Policy"), which sets the
general criteria for all types of subsidies granted by the EDA, all as required under the Business Subsidy Act.
1.03. On February 14, 2024, the EDA held a public hearing on the Loan in accordance with the
Business Subsidy Act.
Section 2. Consent.
2.01 In accordance with Section 116J.994, Subd. 3(d) of the Business Subsidy Act, the City
hereby approves the Loan Agreement including the business subsidy agreement provided therein and
consents to the EDA entering into the Loan Documents with the Borrower.
2.02 The City hereby approves the Loan in accordance with the Loan Documents in substantially
the forms on file with the City's Economic Development Director together such modifications thereof,
deletions therefrom and additions thereto as may be necessary and appropriate and approved by legal counsel
to the EDA and by the President and Executive Director of the EDA prior to executing said documents and
the City further; and said officers are hereby authorized to approve said changes on behalf of the EDA. The
execution of any instrument by the President and Executive Director shall be conclusive evidence of the
approval of such document in accordance with the terms hereof.
Approved by the City Council of the City of Monticello this ,tday of •, 2024.
Mayor
ATTEST:
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