HRA Resolution 2006-08HOUSING AND REDEVELOPMENT AUTHORITY
IN AND FOR THE CITY OF MONTICELLO
RESOLUTION NO. 2006 -08
RESOLUTION APPROVING PURCHASE AND REDEVELOPMENT
CONTRACT BETWEEN THE HOUSING AND REDEVELOPMENT
AUTHORITY IN AND FOR THE CITY OF MONTICELLO AND SL REAL
ESTATE HOLDINGS LLC.
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.
1 (the "Project "); and on April 5, 2006 approved (and recommends approval by the City of) the
creation of Tax Increment Financing District No. 1 -37 (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 Purchase and Redevelopment Contract (the "Contract ") between the
Authority and SL Real Estate Holdings LLC (the "Redeveloper "), under which among other things
the Authority will convey certain property described as Lot 1, Block 1, Otter Creek Crossing 2nd
Addition (the "Redevelopment Property ") to Redeveloper.
1.03. The City currently owns the Redevelopment Property and on April 10, 2006
authorized the conveyance of that property to the Authority in order to promote the development of
the Otter Creek Crossing industrial park.
1.04. The assistance under the Contract constitutes a "business subsidy" exceeding
$100,000 within the meaning of Minnesota Statutes, Section 116J.993 to 116J.995 (the "Business
Subsidy Act ").
1.05. The "business subsidy agreement" as required under the Business Subsidy Act is
included as one section of the Contract, and the Authority has on this date conducted a duly noticed
public hearing regarding both the sale of the Redevelopment Property to Redeveloper and the
business subsidy agreement, at which all interested persons were give an opportunity to be heard.
Section 2. Authority Approval; Further Proceedings.
2.01. The Board approves the Contract as presented to the Board, including the business
subsidy agreement therein, 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.
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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 deed or other documents necessary to acquire the Redevelopment Property from the City and to
convey such property to Redeveloper.
Approved by the Board of Commissioners of the Housing and Redevelopment Authority in
and for the City of Monticello this 12th day of April, 2006.
Chair
ATTEST:
W �.
Executive Director
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