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City Council Resolution 2019-77CITY RESOLUTION NO. 2019-77 RESOLUTION APPROVING PURCHASE AGREEMENT BETWEEN THE CITY OF MONTICELLO AND LSW INVESTMENTS, LLC BE IT RESOLVED BY the City Council ("Council") of the City of Monticello, Minnesota (the "City") as follows: Section 1. Recitals. 1.01. The City and LSW Investments, LLC (the "Buyer") desire to enter into a purchase agreement (the "Purchase Agreement") pursuant to which the City will convey certain property owned by the City (the "Property") to the Buyer for the eventual development of a residential housing subdivision. The Property is described in Exhibit A attached hereto. 1.02. Pursuant to the Purchase Agreement, the City will convey the Property to the Buyer for a purchase price of $300,000 less related closing costs. 1.03. The Planning Commission of the City reviewed the proposed conveyance of the Property on August 6, 2019, and found that it conforms to the City's comprehensive plan. 1.04. The City finds that conveyance of the Property is desirable and in the best interest of the City, and will facilitate the development of additional housing options for City residents. Section 2. Purchase Agreements Approved. 2.01. The City hereby approves the Purchase Agreement in substantially the form presented to the City, subject to modifications that do not alter the substance of the transaction and that are approved by the Mayor and City Clerk, provided that execution of the Purchase Agreements by those officials shall be conclusive evidence of their approval. 2.02. City staff and officials are authorized to take all actions necessary to perform the City's obligations under the Purchase Agreement as a whole, including without limitation execution of any documents to which the City is a party referenced in or attached to the Purchase Agreement, and any deed or other documents necessary to convey the Property to the Buyer, all as described in the Purchase Agreement. Approved this 14th day of October, 2019, by the City Council of the City of Monticello, Minnesota. ATTEST: r� C ty Clerk 1 May -or EXHIBIT A PROPERTY The South 933 feet of the East 933 feet of the Northwest Quarter, both measured at right angles, thereof, in Section 23, Township 121, Range 25, Wright County, Minnesota. Located on land having a street address of: 8617 Edmonson Avenue NE, Monticello, MN A-1