City Council Resolution 2005-20CITY OF MONTICELLO
RESOLUTION NO. 2005-20
RESOLUTION APPROVING LOAN PROPOSED TO BE MADE BY
THE ECONOMIC DEVEVELOPMENT AUTHORITY IN AND FOR
THE CITY OF MONTICELLO TO TAPPER'S HOLDINGS LLC
RELATING TO REAL PROPERTY REHABILITATION AND
APPROVING LOAN AGREEMENT THERETO
WHEREAS, Tapper's Holdings LLC (the "Developer") has requested the Economic
Development Authority in and for the City of Monticello (the "EDA") loan the Developer funds to
finance a portion of the cost of the 25,000 square foot expansion of a vacant 60,000 square foot
distribution facility ("Project") that is located at 1324 Edmonson Avenue Northeast ("Property") in
the City of Monticello, Minnesota (the "City");
WHEREAS, the City Council of the City has received and reviewed a Loan Agreement for
a the real property rehabilitation loan (the "Loan Agreement"), between the EDA and the
Developer, providing for a loan in the amount of $200,000 to the Developer (the "Loan"), which
agreement includes a "business subsidy agreement" as defined in Minnesota Statutes, Section
166J.993 to 116J.995; and
WHEREAS, on February 10, 2005, the EDA conducted a duly noticed public hearing as
required by Minnesota Statutes, Section I I6J.994, Subdivision 5 on the proposed Loan to be made
to the Developer pursuant to the Loan Agreement.
that:
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Monticello,
1. The Loan Agreement, and the business subsidy agreement contained therein, is
approved.
Approved by the City Council of the City of Monticello this 28th day of February, 2005.
Mayor
ATTE
City Clerk
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