HRA Resolution 2005-13MONTICELLO HOUSING AND REDEVELOPMENT AUTHORITY
CITY OF MONTICELLO
WRIGHT COUNTY
STATE OF MINNESOTA
RESOLUTION NO .2- 005 -13
RESOLUTION APPROVING CONTRACT FOR PRIVATE REDEVELOPMENT
BETWEEN THE HOUSING AND REDEVELOPMENT AUTHORITY IN AND
FORT HE CITY OF MONTICELLO AND MASTERS FIFTH AVENUE, INC.
BE IT RESOLVED by the Board of Commissioners ( "Board ") of the Housing and Redevelopment
Authority in and for the City of Monticello ( "Authority ") as follows:
Section 1. Recitals.
1.01. The Authority currently administers Central Monticello Redevelopment Project No. I (the
"Project "); and has on this date approved (and recommend approval by the City of) the creation of Tax
Increment Financing District No. 1 -35 (the "TIF District ") within the Project, all pursuant to Minnesota
Statutes, Sections 469.001 to 469.047 and Sections 469.174 to 469.179.
1.02. To facilitate redevelopment of certain property in the TIF District, the Authority proposes to
enter into a Contract for Private Development (the "Contract ") between the Authority and Masters Fifth
Avenue, Inc. (the "Redeveloper "), under which among other things the Authority will provide tax increment
financing funds ( "TIF Funds ") from the TIF District for the development of an 11,000 square foot
commercial facility with associated parking by the Redeveloper (the "Minimum Improvements ").
1.03. The Contract also contemplates that the Authority will provide funds (the "Parking
Improvement Costs ") to the Redeveloper as a grant to facilitate development of adjacent property ( "Adjacent
Property ") located in TIF District No. 1 -22 which will provide additional parking to serve and support
development known as Landmark I located in TIF District No. l -22, and serve the Minimum Improvements.
The Redeveloper has an agreement authorizing use of the Adjacent Property for such parking.
1.04 The assistance under the Contract does not constitute a "business subsidy" within the
meaning of Minnesota Statutes, Section 116J.993 to 116J.995 (the `Business Subsidy Act "), because the
Redeveloper's investment in the purchase of land and site preparation is 70% or more of the assessor's
current year's estimated market value.
Section 2. Authority Approval; Further Proceedings.
2.01. The Board approves the Contract as presented to the Board providing for assistance to the
Redeveloper from TIF District No. 1 -22 and TIF District No. 1 -35, subject to modifications that do not alter
the substance of the transaction and that are approved by the Chair and Executive Director, provided that
execution of the documents by the 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 Contract as a whole, including without limitation execution of any
documents necessary to implement the terms of the Contract.
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Approved by the Board of Commissioners of the Housing and Redevelopment Authority i nd for
the City of Monticello this day of � day of September, 2005.
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ATTEST:
Executive Director
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