EDA Resolution 2019-10 Approving Purchase of 7.39-acre Chelsea Road ParcelEDA RESOLUTION NO. 2019-10
RESOLUTION APPROVING PURCHASE AGREEMENT
FOR THE ACQUISITION OF CHELSEA ROAD
PROPERTY 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 Monticello Industrial Park, Inc. (the "Seller") desire to enter into
a purchase agreement (the "Purchase Agreement") pursuant to which the Authority will acquire
certain property located on Chelsea Road (the "Property") in the City of Monticello (the "City")
from the Seller. The Property is described as Lot 2, Block 1, Monticello Commerce Center Sixth
Addition, Wright County, Minnesota.
1.02. Pursuant to the Purchase Agreement, the Authority will purchase the Property from
the Seller for a total purchase price of $1,031,000.00 plus related closing costs.
1.03. The Authority finds that acquisition of the Property conforms to the City's
comprehensive plan and Small Area Study, as approved by the City and Authority, and will
facilitate the economic development and revitalization of this portion of the City, in that the
Authority intends to convey the Property to a third party for economic development purposes.
1.04. Pursuant to Minnesota Statutes, Section 462.356, subd. 2, the Planning Commission
of the City met on August 6, 2019, to review the proposed acquisition and found that such
acquisition conforms 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 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 other documents necessary to acquire the Property from the
Seller, all as described in the Purchase Agreement.
620872v 1 MN 190-161
Approved this 13th day of November, 2019, by the Board of Commissioners of the City of
Monticello Economic Development Authority.
President
ATTEST:
Exe utiv Director
620872v1MN190-161