City Council Resolution 2024-74CITY OF MONTICELLO
COUNTY OF WRIGHT
STATE OF MINNESOTA
RESOLUTION 2024-74
RESOLUTION APPROVING A FORGIVABLE FACADE LOAN BY THE CITY OF MONTICELLO
ECONOMIC DEVELOPMENT AUTHORITY TO J & L MURRAY PROPERTIES, LLC
WHEREAS, the City Council (the "Council") of the City of Monticello (the "City") has
received a proposal from J & L Murray Properties, LLC, a Minnesota limited liability company (the
"Borrower"), that the City of Monticello Economic Development Authority (the "EDA") enter
into a 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 $100,000 (the
"Loan"), pursuant to the EDA's forgivable facade loan program (the "Program"), created to
maintain the economic viability of the City and its Downtown/Central Community District by
providing forgivable loans to improve the facades of existing commercial and retail buildings in
the City's downtown 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 Gudelines and the Loan Documents, the
Borrower intends to use the Loan to pay a portion of the costs to replace the windows and doors,
paint and stain the existing exterior brickwork and renovate three exterior sides of the building
located on that certain real property at 155 West Broadway Street in the City; and
WHEREAS, on August 14, 2024, the Board of Commissioners of the EDA (the "Board")
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 August 14, 2024, the Board approved the Loan and the Loan Documents 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 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 26th day of August, 2024.
Mayor
ATTEST:
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