EDA Resolution No. 2025-10 (Approve First Amdt Restated Purchase for TIF 1-42)CITY OF MONTICELLO ECONOMIC DEVELOPMENT AUTHORITY
RESOLUTION NO.2025-10
RESOLUTION APPROVING A FIRST AMENDMENT TO
AMENDED AND RESTATED PURCHASE AND DEVELOPMENT CONTRACT
(TIF 1-42)
WHEREAS, the City of Monticello Economic Development Authority (the "Authority")
Authority and the City of Monticello, Minnesota (the "City") have previously approved a Tax Increment
Financing Plan (the "TIF Plan") for Tax Increment Financing District No. 1-42 (the "TIF District") located
within the Central Monticello Redevelopment Project Area No. 1 (the "Redevelopment Project"), pursuant to
Minnesota Statutes, Sections 469.001 to 469.047, Sections 469.090 to 469.1081, and Sections 469.174 to
469.1794, all inclusive and as amended (collectively, the "Act"); and
WHEREAS, on September 19, 2024, the Authority and CHC Monticello Townhomes II LLC, a
Minnesota limited liability company (the "Developer") entered into an Amended and Restated Purchase
and Development Contract (the "Original Agreement") whereby the Developer agreed to provide certain
tax increment financing assistance to the Developer for the construction of 22 townhome units on
property within the City, a portion of which are affordable (the "Minimum Improvements"); and
WHEREAS, the Developer has requested that the Original Agreement be amended by the First
Amendment to Amended and Restated Purchase and Development Contract (the "Amendment") to
provide the Developer with additional flexibility in renting units at the Minimum Improvements and in a
neighboring rental housing development owned by an affiliate of the Developer.
NOW THEREFORE, BE IT RESOLVED BY the Board of Commissioners ("Board") of the City
of Monticello Economic Development Authority (the "Authority") as follows:
(a) The Board approves the Amendment in substantially the form presented to the Board,
together with any related documents necessary in connection therewith, including without limitation, and
all other documents, exhibits, certifications, or consents referenced in or attached to the Amendment and
any amendments to documents previously executed by the Authority or any other documents required to
effectuate the transaction contemplated therein (the "Amendment Documents").
(b) The Board hereby authorizes the President and Executive Director, in their discretion and
at such time, if any, as they may deem appropriate, to execute the Amendment 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. The Amendment Documents shall be in substantially
the form on file with the Authority and 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 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 herein authorized
shall be conclusive evidence of the approval of such document in accordance with the terms hereof. This
resolution shall not constitute an offer and the Amendment Documents shall not be effective until the date
of execution thereof as provided herein.
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(c) 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. Upon execution and delivery of the Amendment Documents, the
officers and employees of the Board are hereby authorized and directed to take or cause to be taken such
actions as may be necessary on behalf of the Board to implement the Amendment Documents.
Approved by the Board of Commissioners of the City of Monticello Economic Development
Authority on November 12, 2025.
reside
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