City Council Resolution 2005-125RESOLUTION NO. 2005-125
RESOLUTION OF CITY OF MONTICELLO
REQUESTING DESIGNATION OF THE MONTICELLO ECONOMIC
DEVELOPMENT AUTHORITY AS A LOCAL DEVELOPMENT ORGANIZATION
WHEREAS, The City of Monticello (the" ") would like to better utilize the Small Cities
federal funds; and,
WHEREAS, if the City of Monticello retains these funds and their repayment, the funds retain the
federal designation and guidelines forever; and,
WHEREAS, the City of Monticello by resolution, can request from the Minnesota Department of
Employment and Economic Development (MNDEED), authorization to transfer Small Cities
Development Program Economic Development Set -Aside funds to a Local Development
Organization (LDO); and
WHEREAS, The Monticello Economic Development Authority is interested in being designated as
an LDO and is a non-profit organization serving the community and economic development needs of
a non -entitlement area; and
WHEREAS, The Monticello Economic Development Authority has adopted procedures and
guidelines for the use of the federal funds, the repayment of the federal funds plus any interest
accrued, earned or paid thereon.
NOW THEREFORE, BE IT RESOLVED by the City of Monticello that the City hereby requests
approval from MNDEED to designate the Monticello Economic Development Authority as a Local
Development Organization (LDO), serving the community and economic development needs of the
City and, therefore authorize them to receive the repayments from the SCDP Set -Aside Loan to
, and/or (a portion of the federal SCDP funds in the existing
Revolving Loan Fund).
I CERTIFY THAT the above Resolution was adopted by the City Council of the City of Monticello
on this 12th day of December 2005.
SIGNED:
WITNESSED:
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