EDA Resolution 2018-03EDA RESOLUTION NO. 2018-3
RESOLUTION APPROVING PURCHASE AGREEMENT
FOR THE ACQUISITION OF 103 PINE STREET BY THE
CITY OF MONTICELLO ECONOMIC DEVELOPMENT
AUTHORITY
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 Kathleen A. Froslie and Michael W. Froslie (together, the
"Seller") desire to enter into a purchase agreement (the "Purchase Agreement") pursuant to which
the Authority will acquire certain property located at 103 Pine Street (the "Property") in the City of
Monticello (the "City") 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 $517,200.00 plus related closing costs.
1.03. The Authority finds that acquisition of the Property conforms to the City of
Monticello's Block 52 Small Area Study, as approved by the City and Authority, and will facilitate
the economic redevelopment and revitalization of this portion of the downtown area of the City.
1.04. Pursuant to Minnesota Statutes, Section 462.356, subd. 2, the Planning Commission
of the City will meet on March 6, 2018, to review the proposed acquisition and its conformity to the
City's Comprehensive Plan.
Section 2. _Purchase Agreement Approved.
2.01. The Authority hereby approves the Purchase Agreement in substantially the form
presented to the Authority, subject to the Planning Commission's finding that the acquisition of
the Property conforms to the Comprehensive Plan and 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.
Approved this 14th day of February, 2018, by the Board of Commissioners of the City of
Monticello Economic Development Authority.
ATTEST:
Director
President
EXHIBIT A
PROPERTY
Lots 11 and 12, Block 52, City or Townsite of Monticello, Wright County, Minnesota; and that
part of Lot 10, Block 52, City or Townsite of Monticello, Wright County, Minnesota described
as follows: beginning at the northeasterly corner of said Lot 10; thence southerly along the
southeasterly line of said Lot 10, a distance of 26.00 feet; thence westerly to a point on the
northwesterly line of said Lot 10 distant 26.00 feet southerly of the northwesterly comer of said
Lot 10; thence northerly along said northwesterly line to said northwesterly corner; thence
easterly along the northeasterly line of said Lot 10 to the point of beginning. Subject to and
together with an ingress and egress easement across the southwesterly 10.00 feet of the
northeasterly 36.00 feet of said Lot 10, as measured at a right angle to and parallel with the
northeasterly line thereof.
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