EDA Resolution No. 2025-11 (Approve First Amdt for TIF 1-43)CITY OF MONTICELLO ECONOMIC DEVELOPMENT AUTHORITY
RESOLUTION NO.2025-11
RESOLUTION APPROVING A FIRST AMENDMENT TO
PURCHASE AND DEVELOPMENT CONTRACT
(TIF 1-43)
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. 1-43 (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, the Authority and Headwaters Development LLC, a Minnesota limited
liability company ("Headwaters"), entered into that certain Purchase and Development Contract,
dated as of November 30, 20221 which was assigned by Headwaters to the Developer, pursuant to
that certain Assignment and Assumption of Development Contracts dated as of November 30,
2022, by and among Headwaters, the Authority, the City, and CHC Monticello Townhomes LLC,
a Minnesota limited liability company (the "Developer") (collectively, the "Original
Agreement"); and
WHEREAS, pursuant to the Original Agreement, the Developer agreed to construct
approximately 60 rental housing units with attached two -car garages on property within the City,
a portion of which are affordable (the "Minimum Improvements"); and
WHEREAS, Wright County (the "County"), as a result of an error or mistake, incorrectly
certified the TIF District resulting in a delay in the full receipt of tax increment from the TIF
District; and
WHEREAS, pursuant to Minnesota Statutes, Section 469.133, as amended, the County
has agreed to extend the duration of the TIF District for one year to correct the error; and
WHEREAS, the parties desire to execute and deliver this First Amendment Purchase and
Development Contract (the "Amendment") to amend the Original Agreement to reflect the
extension of the TIF District and to provide more flexibility for the Developer with additional
flexibility in renting units; and
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 Authority is hereby authorized to enter into the Amendment, together with
any related documents necessary in connection therewith, and all other documents, exhibits,
certifications, or consents referenced in or attached to the Amendment or necessary to effectuate
the transaction described therein including but not limited to the TIF Note and all documents
required by the Developer's lender (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
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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.
(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.
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