EDA Resolution 2017-002EDA RESOLUTION NO. 2017-02
RESOLUTION APPROVING PURCHASE AGREEMENT
BETWEEN THE CITY OF MONTICELLO ECONOMIC
DEVELOPMENT AUTHORITY AND RED ROOSTER
PROPERTIES, INC.
BE IT RESOLVED BY the Board of Commissioners ("Board") of the City of Monticello
Economic Development Authority (the "Authority") as follows:
Section 1. Recitals.
1.01. The Authority and Red Rooster Properties, Inc. (the "Seller") desire to enter into a
purchase agreement (the "Purchase Agreement") pursuant to which the Authority will acquire
certain property located at 220 West Broadway in the downtown area of the City (the "Property")
from the Seller for economic redevelopment purposes related to the revitalization of the downtown
area. The Property is described in Exhibit A attached hereto.
1.02. Pursuant to the Purchase Agreement, the Authority will purchase the Property from
the Seller for a total purchase price of $34,400 plus related closing costs.
1.03. The Authority finds that acquisition of the Property conforms to the City of
Monticello Redevelopment Priorities and Policies, as approved by the City and Authority, and will
facilitate the economic redevelopment and revitalization of the downtown area of the City.
Section 2. Purchase Agreement Approved.
2.01. The Authority hereby approves the Purchase Agreement in substantially the form
presented to the Authority, subject to modifications that do not alter the substance of the
transaction and that are approved by the President and Executive Director, provided that
execution of the Purchase Agreement by 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 Purchase Agreement as a whole, including without
limitation execution of any documents to which the Authority is a party referenced in or attached
to the Purchase Agreement, and any deed or other documents necessary to acquire the Property
from the Seller, all as described in the Purchase Agreement.
1
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Approved this 12th day of July, 2017, by the Board of Commissioners of the City of Monticello
Economic Development Authority.
President
ATTEST:
AA
Exe�� utiv Director
P.
EXHIBIT A
PROPERTY
That part of Lot 9, Block 36, Town of Monticello, according to the recorded plat thereof, Wright
County, Minnesota, lying Northwesterly of a line drawn parallel with and distant 5.70 feet
Northwesterly from, measured at right angles to, the common lot line between Lot 8 and 9, said
Block 36.
1
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