EDA Resolution 2012-036CITY OF MONTICELLO
WRIGHT COUNTY, MINNESOTA
EDA RESOLUTION NO. 2012-036
APPROVING TWO PURCHASE AGREEMENTS BETWEEN THE CITY OF
MONTICELLO ECONOMIC DEVELOPMENT AUTHORITY AND MONTGOMERY
FARMS, LLC
BE IT RESOLVED BY the Board of Commissioners ('Board ") of the City of Monticello
Economic Development Authority, Monticello, Minnesota (the "Authority ") as follows:
Section 1. Recitals.
1.01. The Authority and Montgomery Farms, LLC (the "Seller ") desire to enter into two
purchase agreements (the "Purchase Agreements ") pursuant to which the Authority will acquire
certain property in the downtown area of the City (the "Property ") from the Seller for economic
redevelopment purposes related to the revitalization of the downtown area. The Property is
described in Exhibit A attached hereto.
1.02. Pursuant to the Purchase Agreements, the Authority will purchase the Property from
the Seller for a total purchase price of $847,000 plus related closing costs.
1.03. The Authority finds that acquisition of the Property conforms to the City of
Monticello Redevelopment Priorities and Policies, as approved by the City and Authority, and will
facilitate the economic redevelopment and revitalization of the downtown area of the City.
Section 2. Purchase Agreements Approved.
2.01. The Authority hereby approves the Purchase Agreements in substantially the form
presented to the Authority, subject to modifications that do not alter the substance of the
transaction and that are approved by the President and Executive Director, provided that
execution of the Purchase Agreements by those officials shall be conclusive evidence of their
approval.
2.02. Authority staff and officials are authorized to take all actions necessary to perform
the Authority's obligations under the Purchase Agreements as a whole, including without
limitation execution of any documents to which the Authority is a party referenced in or attached
to the Purchase Agreements, and any deed or other documents necessary to acquire the Property
from the Seller, all as described in the Purchase Agreements.
APPROVED BY the Board of Commissioners of the City of Monticello Economic Development
Authority, this 11th day of April, 2012.
William Demeules, EDA President
"EXHIBIT A"
Property Description
One Purchase Agreement includes Subject Property located at 100 Broadway East, Monticello,
Minnesota, and legally described as follows:
Lot 14, Block 34, Original Plat of Monticello, Wright County, Minnesota
AND
Lot 15, Block 34, Original Plat of Monticello, Wright County, Minnesota
One Purchase Agreement includes Subject Property located at 112 Broadway East, Monticello,
Minnesota, and legally described as follows:
Lot 13, Block 34, Original Plat of Monticello, Wright County, Minnesota
CERTIFICATION
STATE OF MINNESOTA
COUNTY OF WRIGHT
I hereby certify that the foregoing is a true and correct copy of Resolution #2012 -036
duly passed, adopted and approved by the Monticello Economic Development Authority at their
regularly scheduled meeting on April 11, 2012, and recorded in minutes of said meeting.
Notary Public: �
Date:
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