EDA Resolution 2018-10CITY OF MONTICELLO ECONOMIC DEVELOPMENT AUTHORITY
RESOLUTION NO. 2018-10
RESOLUTION APPROVING A TERMINATION OF CONTRACT
,BETWEEN THE CITY OF MONTICELLO ECONOMIC DEVELOPMENT
AUTHORITY AND MASTER'S FIFTH AVENUE, INC.
BE IT RESOLVED By the Board of Commissioners ('Board") of the City of Monticello
Economic Development Authority ("Authority") as follows:
Section 1. Recitals.
1.01. The Housing and Redevelopment Authority in and for the City of Monticello (the
"HRA") and Master's Fifth Avenue, Inc. (the "Developer") entered into a Contract for Private
Development dated as of September 7, 2005, as amended (the "Contract").
1.02. Pursuant to the Contract, the HRA agreed to reimburse Developer for a portion of
Developer's costs of acquisition of the Development Property through Available Tax Increment
(as such terms are defined in the Contract).
1.03. In 2007, the HRA and the Authority consolidated operations, and the Contract was
assigned by the HRA to the Authority.
1.04. The Developer and the Authority have negotiated five amendments to the Contract
extending the required dates for commencement and completion of construction of the required
Minimum Improvements on the Development Property. The Minimum Improvements have not yet
been constructed.
1.05. The Developer now wishes to terminate the Contract and to sell the Development
Property to a third party, and Authority staff and consultants have caused to be prepared a
Termination of Contract (the "Termination") in the form presented to the Board.
1.06. The Board has reviewed the Termination and finds that the approval and execution
thereof are in the best interest of the City and its residents.
Section 2. Authority Approval; Other Proceedings.
2.01. The Termination as presented to the Board is hereby in all respects approved.
2.02. The President and Executive Director are hereby authorized to execute on behalf of
the Authority the Termination and any other documents requiring execution by the Authority in
order to give effect to the Termination.
2.03. Authority staff and consultants are authorized to take any actions necessary to carry
out the intent of this resolution.
518106v MNIMN190-115
Approved by the Board of Commissioners of the City of Monticello Economic
Development Authority this 13th day of June, 2018.
President
ATTEST:
e etary
518106v1 MN1 MN 190-115