EDA Resolution No. 2024-10 (Approve PA for 118 E. Broadway St.)CITY OF MONTICELLO
ECONOMIC DEVELOPMENT AUTHORITY
RESOLUTION NO.2024-10
RESOLUTION APPROVING A PURCHASE AGREEMENT
FOR THE ACQUISITION OF 118 BROADWAY STREET
EAST BY THE CITY OF MONTICELLO ECONOMIC
DEVELOPMENT AUTHORITY
BE IT RESOLVED BY the Board of Commissioners (the "Board") of the City of
Monticello Economic Development Authority (the "Authority") as follows:
Section 1. Recitals.
1.01. The Authority and Civil Engineering Site Design, LLC, a Minnesota limited
liability company, or an entity related thereto or affiliated therewith (the "Seller"), desire to enter
into a Purchase Agreement (the "Purchase Agreement") pursuant to which the Authority will acquire
certain property located at 118 Broadway Street East (the "Property") in the City of Monticello,
Minnesota (the "City") from the Seller for economic development purposes. The Property is
described in Exhibit A attached hereto.
1.02. Pursuant to the Purchase Agreement, the Authority will purchase the Property from
the Seller for a total purchase price of $665,000, plus the Authority's share of the closing costs as
defined in the Purchase Agreement.
1.03. Pursuant to Minnesota Statutes, Section 462.356, subd. 2, the Planning Commission
of the City met on February 6, 2024, and reviewed the proposed acquisition of the Property and found
that the acquisition is in conformity to the City's 2040 Comprehensive Plan (the "Comprehensive
Plan") because the Property is located on Block 34, a key redevelopment site in the Central
Community District which makes up the City's downtown, and the Comprehensive Plan supports
the Authority assisting in site and land assembly at key redevelopment sites to foster
redevelopment and reinvestment in the City's downtown.
1.04. The Authority finds that acquisition of the Property conforms to the Comprehensive
Plan and further finds that it will facilitate economic development in the City by allowing the
Authority to convey the Property to a private developer.
1.05. The Purchase Agreement provides that the Seller may continue to occupy the Property
following the Closing Date (as defined in the Purchase Agreement) pursuant to a certain Property
Management and Lease Agreement to be entered into and made by and between the Authority and
the Seller (the "Lease"), a form of which is presented to the Board.
Section 2. Documents Approved.
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1. The Board approves the Purchase Agreement and the Lease in substantially the
forms presented to the Board, together with any related documents or certifications necessary in
connection therewith, including without limitation the Escrow Agreement and all documents and
certifications referenced in or attached to the Purchase Agreement and the Lease, and any other
documents necessary to acquire the Property and to lease the Property to the Seller, all as described
in the Purchase Agreement and the Lease (collectively, the "Documents") and the President and
the Executive Director are hereby authorized and directed to execute the Documents on behalf of
the Authority and to carry out, on behalf of the Authority, the Authority's obligations thereunder
when all conditions precedent thereto have been satisfied.
2. Authority staff and officials are authorized to take all actions necessary to perform
the Authority's obligations under the Documents as a whole, including without limitation
execution of any documents or certifications to which the Authority is a party referenced in or
attached to the Purchase Agreement or the Lease, and any other documents necessary to acquire
the Property from the Seller and lease the Property to the Seller.
3. The approval hereby given to the Documents includes approval of such additional
details therein as may be necessary and appropriate and such modifications thereof, deletions
therefrom and additions thereto as may be necessary and appropriate and approved by legal counsel
to the Authority and by the officers authorized herein to execute said documents prior to their
execution; and said officers are hereby authorized to approve said changes on behalf of the
Authority subject to the following conditions: (a) such modifications do not materially adversely
affect the interests of the Authority; and (b) such modifications do not contravene or violate any
policy of the Authority or applicable provision of law. The execution of any instrument by the
appropriate officers of the Authority herein authorized shall be conclusive evidence of the approval
of such document in accordance with the terms hereof. In the event of absence or disability of the
officers, any of the documents authorized by this resolution to be executed may be executed
without further act or authorization of the Board by any duly designated acting official, or by such
other officer or officers of the Board as, in the opinion of the City Attorney, may act in their behalf.
This resolution shall not constitute an offer and the purchase agreement shall not be effective until
the date of execution thereof.
4. Upon execution and delivery of the Documents, the officers and employees of the
Authority are hereby authorized and directed to take or cause to be taken such actions as may be
necessary on behalf of the Authority to implement the Documents.
Approved this 22nd day of May, 2024, by the Board of Commissioners of the City of
Monticello Economic Development Authority.
ice President
ATTEST:
UZ:1 "MP -/ - ,
-4a- � :% �X
E Ive Director
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EXHIBIT A
Legal Description of the Property
The West 24 feet of Lot 12, Block 34, City of Monticello, according to the plat thereof on file or
of record in the County Recorder, Wright County, Minnesota.
PID 155-010-034120
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