HRA Resolution 2001-04HOUSING AND REDEVELOPMENT AUTHORITY
IN AND FOR THE CITY OF MONTICELLO
RESOLUTION NO. 01 -04
RESOLUTION APPROVING PURCHASE OF CERTAIN PROPERTY AND
A LOAN AGREEMENT BETWEEN THE HOUSING AND
REDEVELOPMENT AUTHORITY IN AND FOR THE CITY OF
MONTICELLO AND THE CITY OF MONTICELLO
WHEREAS, the Housing and Redevelopment Authority in and for the City of Monticello
( "Authority ") is administering its Redevelopment Project No. 1 ( "Project "); and
WHEREAS, within the Project the Authority has created Tax Increment Financing
District No. 1 -22 (the "TIF District ") in order to facilitate the redevelopment of the downtown area
; and
WHEREAS, to carry out the Project, and specifically to eliminate blighting factors created
by an existing structure, Authority has determined to acquire the property described as Lots 1, 2,
3, 4, and 5, Block 64 Townsite of Monticello, Wright County, (the "Property "); and
WHEREAS, to finance the cost of acquisition of the Property, the Authority has
determined to enter into a loan agreement with the City (the "Loan Agreement ") in the form
substantially on file in City Hall;
NOW, THEREFORE, BE IT RESOLVED by the Board of Commissioners of the Housing
and Redevelopment Authority in and for the City of Monticello as follows:
1. The Authority approves acquisition of the Property for a purchase price of
$275,000 pursuant to a purchase agreement on file in City Hall, and also approves the Loan
Agreement.
2. The proper Authority officials are authorized and directed to execute the purchase
agreement and the Loan Agreement on behalf of the Authority and to carry out on behalf of the
Authority the Authority's obligations thereunder.
3. The proper Authority officials are authorized to execute any deeds any related
certificates or documents necessary to carry out the real estate transaction contemplated under
the purchase agreement and the loan described in the Loan Agreement.
Approved by the Board of Commissioners of the Housing and Redevelopment A ority in
and for the City of Monticello this 7th day of March, 2001.
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ATTEST:
Executive Director
SJB- 194104v1
MN 190 -90