EDA Resolution No. 2024-19 (Approving Blk 52 Dev Contract Amdmt)CITY OF MONTICELLO ECONOMIC DEVELOPMENT AUTHORITY
RESOLUTION NO.2024-19
RESOLUTION APPROVING A FIRST AMENDMENT TO
PURCHASE AND DEVELOPMENT CONTRACT FOR BLOCK 52
PROJECT
WHEREAS, the City of Monticello Economic Development Authority (the "Authority")
and the City of Monticello, Minnesota (the "City") have approved the establishment of its Tax
Increment Financing (Redevelopment) District No. 1-45 (the "TIF District"), within the Central
Monticello Redevelopment Project No. 1 ("Redevelopment Project") and have adopted a tax
increment financing plan therefore for the purpose of financing certain public improvements
within the Redevelopment Project; and
WHEREAS, the Authority and the City have previously established Tax Increment
Financing District Nos. 1-6, 1-20, 1-22 and 1-34 (the "Pooled TIF Districts") and adopted a tax
increment financing plan therefor; and
WHEREAS, on September 16, 2022, the Authority entered into a Purchase and
Development Contract (the "Contract") whereby the Authority agreed to provide certain tax
increment financing assistance and grant assistance to Block 52 Holdings LLC, a Minnesota
limited liability company, Buchholz Exchange LLC, a Minnesota limited liability company, and
Norgren Exchange LLC, a Minnesota limited liability company (together, the "Developer"), to
assist in financing the a portion of the cost to of a mixed -use five -story building that will include
approximately 87 rental housing units and 27,342 square feet of commercial retail and office
space, with approximately 83 lower -level parking spaces and 114 adjacent off-street parking
stalls in the City (the "Minimum Improvements"); and
WHEREAS, the Developer has requested additional financial assistance for the Minimum
Improvements; and
WHEREAS, the Authority has agreed to provide additional assistance by increasing the
amount of the grant from the Pooled TIF Districts to the amount of $417,400 (the "Authority
Grant"); and
WHEREAS, the Authority and the Developer desire to amend the Contract to reflect the
increase to the amount of the Authority Grant as described in a First Amendment to the Purchase
and Development Contract (the "Amendment"); and
WHEREAS, the Authority believes that approval of the Amendment is in the best interest
of the City and its residents.
Now, therefore, be it resolved by the Board of Commissioners (the `Board") of the City of
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Monticello Economic Development Authority as follows:
1. The Board hereby approves the Amendment in substantially the form presented to
the Board, together with any related documents necessary in connection therewith (collectively,
the "Amendment Documents"), and hereby authorizes the President and Executive Director to
execute any such Amendment Documents to which the Authority is a party, on behalf of the
Authority, and to carry out, on behalf of the Authority, the obligations of the Authority
thereunder when all conditions precedent thereto have been satisfied.
2. The approval hereby given to the Amendment 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 or by the
Authority to execute said documents prior to their execution; and said officers are hereby
authorized to approve said changes on behalf of the Authority. The execution of any instrument
by the appropriate officers of the Authority 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 to be executed by this resolution 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.
3. Upon execution and delivery of the Amendment 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 Amendment
Documents, when all conditions precedent thereto have been satisfied.
Approved by the Board of Commissioners of the City of Monticello Economic
Development Authority this & day of 2024.
President
ATTEST:
Director
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