EDA Resolution 2017-005EDA RESOLUTION NO. 2017-05
RESOLUTION APPROVING A FIFTH AMENDMENT OF A
CONTRACT FOR PRIVATE DEVELOPMENT BY AND
BETWEEN THE CITY OF MONTICELLO ECONOMIC
DEVELOPMENT AUTHORITY AND MASTERS FIFTH
AVENUE, INC.
BE IT RESOLVED BY the Board of Commissioners ('Board") of the City of Monticello
Economic Development Authority, Monticello, Minnesota (the "Authority") as follows:
Section 1. Recitals.
1.01. The Authority currently administers Redevelopment Project No. 1 (the "Project"),
pursuant to Minnesota Statutes, Sections 469.001 to 469.047 (the "HRA Act") within an area
located in the City, and administers Tax Increment Financing District No. 1-35 (the "TIF District")
within the Project pursuant to Minnesota Statutes, Sections 469.174 to 469.1794.
1.02. The Authority and Masters Fifth Avenue, Inc. (the "Developer") executed a certain
Contract for Private Development, dated as of September 7, 2005, as amended by a First
Amendment thereto dated as of June 7, 2006, a Second Amendment thereto dated as of December
18, 2007, a Third Amendment thereto dated as of December 9, 2015, and a Fourth Amendment
thereto dated as of September 14, 2016 (as so amended, the "Agreement"), whereunder the
Authority pledged Available Tax Increment (as defined in the Contract) to pay or reimburse certain
land acquisition costs incurred by the Developer in connection with the development of an
approximately 11,000 square foot retail, housing, or mixed-use facility, with associated parking, to
be known as Landmark Square II (the "Minimum Improvements") on certain property in the TIF
District.
1.03. The Developer has requested and the Authority has agreed to extend the schedule
of construction of the Minimum Improvements, and to that end, the parties propose to execute a
Fifth Amendment to the Agreement (the "Fifth Amendment") in the form presented to the
Authority.
Section 2. Fifth Amendment Approved.
2.01. The Fifth Amendment as presented to the Board is hereby in all respects
approved, 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 documents by
such officials shall be conclusive evidence of approval. The President and Executive Director
are hereby authorized to execute, on behalf of the Authority, the Fifth Amendment.
509040v1 MNI MN 190-115
Approved by the Board of Commissioners of the City of Monticello Economic
Development Authority this 8th day of November, 2017.
President
ATTEST:
C -
tDirector
509040v MNI MN 190-115