EDA Resolution 2026-09 (Approve Preliminary Agreement_Ironbridge Holdings LLC)CITY OF MONTICELLO ECONOMIC DEVELOPMENT AUTHORITY
RESOLUTION NO.2026-09
RESOLUTION APPROVING A PRELIMINARY DEVELOPMENT AGREEMENT
BETWEEN THE CITY OF MONTICELLO ECONOMIC DEVELOPMENT AUTHORITY AND
IRONBRIDGE HOLDINGS LLC
WHEREAS, pursuant to its authority under Minnesota Statutes, Sections 469.090 to 469.1081 and
Sections 469.001 through 469.047, both as amended, the City of Monticello Economic Development
Authority (the "Authority") administers its Central Monticello Redevelopment Project No. 1 (the
"Project"), for the purpose of facilitating the development and redevelopment of certain property within the
Project; and
WHEREAS, the Authority owns or intends to acquire certain property from the City of Monticello,
Minnesota (the "City") located within the Project (the "Development Property"); and
WHEREAS, the Development Property has been the subject of certain preliminary negotiations
between the Authority and Ironbridge Holdings LLC, a Minnesota limited liability company, or an affiliate
thereof or entity related thereto (the "Developer"), for purposes of constructing a 55,000 square foot
warehouse and distribution facility (the "Development"); and
WHEREAS, the Authority and the Developer have negotiated a Preliminary Development
Agreement (the "Agreement"), providing for the performance of certain activities on the part of the parties
in preparation for the negotiation of one or more agreements in connection with the Development, as
presented for the Authority's consideration; and
WHEREAS, the Board of Commissioners of the Authority ("Board") has reviewed the Agreement
and finds that the approval and execution of the agreement are in the best interest of the City and its
residents. and will spur redevelopment of underutilized and blighted property, encourage commerce, create
jobs in the City and the State, and enhance the City's tax base.
NOW, THEREFORE, BE IT RESOLVED by the Board of Commissioners of the City of Monticello
Economic Development Authority as follows:
1.01. The Authority hereby approves the Agreement substantially in accordance with the terms set
forth in the form presented to the Board, together with any related documents necessary in connection
therewith, and without limitation all documents, exhibits, certifications or consents referenced in or attached to
the Agreement (collectively, the "Development Documents") and hereby authorizes the President and the
Executive Director to negotiate the final terms thereof and, in their discretion and at such time as they may
deem appropriate, to execute the Development 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.
1.02. The approval hereby given to the Development 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
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and the Development Documents shall not be effective until the date of execution thereof as provided herein.
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 Authority Attorney, may act
in their behalf.
1.03. Upon execution and delivery of the Development 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 Development Documents.
Adopted by City of Monticello Economic Development
Authority on 19-,7 13 +L' , 2026:
ATTEST:
ec tive Director
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