EDA Resolution 2019-02 Approving Amendment to LeaseEDA RESOLUTION NO. 2019-02
RESOLUTION APPROVING FIRST AMENDMENT TO
PROPERTY MANAGEMENT AND LEASE AGREEMENT
BETWEEN THE CITY OF MONTICELLO ECONOMIC
DEVELOPMENT AUTHORITY AND BIFF'S GARAGE LLC
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. Pursuant to its authority under Minnesota Statutes, Sections 469.090 to 469.1081,
the Authority established its Central Monticello Redevelopment Project No. 1 (the "Project"), for
the purpose of facilitating the redevelopment of certain substandard property within the Project.
1.02. The Authority and Biff s Garage, LLC dba Union Speed & Style (the "Tenant")
entered into a Property Management and Lease Agreement, dated as of April 16, 2018 (the
"Agreement"), providing the terms and conditions of the continued occupancy and management by
the Tenant of certain property located at 112 West River Street (the "Property") following the sale
of the Property by the Tenant to the Authority.
1.03. The Agreement provided for a termination date of April 1, 2019, with a possible
extension of the term of the Agreement to a date no later than June 30, 2019, subject to mutual
agreement to such extended term by the parties.
1.04. The Tenant has requested an extension to the term of the Agreement, and the
parties have negotiated and propose to execute a First Amendment to the Agreement (the "First
Amendment") in the form presented to the Board, to extend the termination date to June 30,
2019.
Section 2. First Amendment Approved.
2.01. The First 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 First
Amendment by such officials shall be conclusive evidence of approval.
2.02. The President and Executive Director are hereby authorized to execute on behalf
of the Authority the First Amendment and any documents referenced therein requiring execution
by the Authority, and to carry out, on behalf of the Authority, its obligations thereunder.
2.03. Authority staff and consultants are authorized to take any actions necessary to
carry out the intent of this resolution.
5576890 MNI MN325-38
Approved this 21 st day of March, 2019, by the Board of Commissioners of the City of
Monticello Economic Development Authorit;re6sident
ATTEST:
cutive Director
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