HRA Resolution 1989-03HRA RESOLUTION 89- 3
A RESOLUTION BY THE MONTICELLO HOUSING AND
REDEVELOPMENT AUTHORITY APPROVING THE
DISPOSITION OF LANDS TO
BROADWAY SQUARE LIMITED PARTNERS
WHEREAS, both the Monticello Housing and Redevelopment Authority (the "HRA")
and Broadway Square Limited Partners (the "Developer ") shall agree to the terms
of the Tax Increment Finance Development Agreement and all covenants therein;
and
WHEREAS, the HRA, the Planning Commission, and the City of Monticello have
adopted Modification #3 of the Tax Increment Finance Plan for Redevelopment
District No. 1 -2; and
WHEREAS, the Monticello Housing and Redevelopment Authority (the "Seller ")
shall enter into a purchase agreement with Broadway Square Limited Partners
(the "Buyer "); and
WHEREAS, both the seller and the buyer shall agree to the terms of the purchase
agreement and all contingencies therein; and
WHEREAS, the buyer agrees to pay Fifty -six Thousand Dollars ($56,000.00) for
the raw lands described as:
Lot 1 exc Nly 30 ft, Block 51, City of Monticello, Wright County.
Lot 2 exc Nly 30 ft & Lot 3 exc Nly 30 ft of W 24 ft & W 7 -1/2 ft of
Lot 4, Block 51, City of Monticello, Wright County.
Nly 30 ft of Lots 1 & 2 & Nly 30 ft of W 24 ft of Lot 3. Also S 15 ft of
Lot 15, Block 51, City of Monticello, Wright County.
E 25 -1/2 ft of Lot 4 & W 5 -1/2 ft Lot 5, Block 51, City of Monticello,
Wright County.
Lot 5, Block 51, exc W 5 -1/2 ft (50Mis -92) Original Plat, City of
Monticello, Wright County.
NOW, THEREFORE, BE IT RESOLVED by the governing body of the Housing and
Redevelopment Authority in and for the City of Monticello:
1. That the proposed disposition of said raw lands lies within Tax
Increment Financing District #2.
2. That the proposed original redevelopment district contributed to the
elimination of blight or deterioration within the area.
3. That the proposed development of a 28 -unit subsidized elderly home
will satisfy the community low and moderate income elderly housing
needs.
HRA Resolution 89- 3
Page 2
4. That the proposed development creates a use for currently
under - utilized lands.
5. That the proposed development provides opportunities for growth of
the local tax base.
The Housing and Redevelopment Authority of Monticello, Minnesota does hereby
approve the disposition of the said described raw lands to Broadway Square
Limited Partners.
Adopted by the Monticello Housing and Redevelopment Authority this 1�rt day of
February, 1989.
ATTEST:
011ie Koropchak Al La(r§bn
HRA Executive Director HRA Cbairperson