City Council Resolution 2020-05CITY OF MONTICELLO
WRIGHT COUNTY, MINNESOTA
RESOLUTION NO. 2020-05
AUTHORIZING THE TRANSFER OF FUNDS IN THE AMOUNT OF $293,000 FROM
8617 EDMONSON LAND SALE PROCEEDS TO ECONOMIC DEVELOPMENT
AUTHORITY (EDA) FOR FUTURE LAND CONSIDERATIONS IN OTTER CREEK
BUSINESS PARK FOR A POTENTIAL NEW PUBLIC WORKS FACILITY
WHEREAS, the City Council authorized a purchase agreement with LSW Investments,
LLC for a 20 -acre parcel located at 8617 Edmonson for $293,000 on October 14, 2019; and
WHEREAS, the City of Monticello and EDA have agreed to use the $293,000 of land
sale proceeds as a funding source for the EDA's acquisition of a 7.39 -acre parcel of land for the
UMC expansion proposal, and
WHEREAS, the EDA would offer the City equal monetary value in the form of future
land considerations for a potential new Public Works facility in Otter Creek Business Park with
exact acreage to be determined; and
WHEREAS, the City of Monticello has agreed to transfer said funds into the EDA's
General Fund shortly after the land closing transaction for 8617 Edmonson occurs on or before
January 31, 2020.
NOW THEREFORE, BE IT RESOL VED BY THE CITY COUNCIL OF MONTICELL0,
MINNESOTA: that a transfer of $293,000 from the General Fund to the EDA General Fund is
hereby approved.
ADOPTED BY the Monticello City Council this 13th day of January, 2020.
CITY OF MONTICELLO
Brian Stumpf, yor
ATTEST:
Jeff ' -1, C ty Administrator