EDA Resolution 2020-05EDA RESOLUTION NO. 2020-05
RESOLUTION APPROVING A FIRST AMENDMENT TO
THE PRELIMINARY DEVELOPMENT AGREEMENT
BETWEEN THE CITY OF MONTICELLO ECONOMIC
DEVELOPMENT AUTHORITY AND THE BEARD GROUP,
INC.
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,
as amended, the Authority administers 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 the City of Monticello (the "City") own certain property (the
"Property") within the Project, which Property has been the subject of certain preliminary
negotiations with The Beard Group, Inc. (the "Developer") for purposes of constructing a mixed-
use (multi -family residential and commercial) development and related parking on the Property
(the "Development").
1.03. The Authority and the Developer executed a Preliminary Development Agreement,
dated as of July 10, 2019 (the "Agreement"), providing for the performance of certain activities on
the part of the parties in preparation for the negotiation of a definitive Purchase and Redevelopment
Contract in connection with the Property.
1.04. The parties have negotiated and propose to execute a First Amendment to the
Agreement (the "First Amendment") to extend the deadline for the completion of these
preliminary activities for a period of eleven months.
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.
Approved by the Board of Commissioners of the City of Monticello Economic
Development Authority this 11 th day of March, 2020.
ATTEST:
S
�! President