EDA Resolution 2020-06EDA RESOLUTION NO.2020-06
RESOLUTION APPROVING A GRANT AGREEMENT
BETWEEN THE CITY OF MONTICELLO ECONOMIC
DEVELOPMENT AUTHORITY AND AGOSTO LAW
OFFICE
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 is a grantor as defined in Minnesota Statutes, Sections 116J.993 to
116J.995, as amended (the "Business Subsidy Act"), and is authorized to grant financial
assistance for private development, including grants.
1.02. The Authority and Agosto Law Office (the "Grantee") desire to enter into a grant
agreement (the "Grant Agreement") for a Downtown Fagade Improvement Grant (the "Grant") to
be used to pay a portion of the costs of certain facade improvements, including transom windows,
signage, and entry door (the "Improvement Costs") on certain real property located at 142 W.
Broadway Street in the City of Monticello (the "Property"), in conformity to the Grant guidelines.
1.03. Pursuant to the Grant Agreement, the Authority will grant to the Grantee the sum of
Z(10 (-Vthe "Grant") to reimburse a portion of the Improvement Costs.
1.04. The Authority has held a public hearing on the date hereof concerning the Grant,
and hereby finds that the purpose of the Grant is not the creation or retention of jobs. Therefore,
notwithstanding the requirements of Section 116J.994, Subd. 2 of the Business Subsidy Act, the
Authority determines that the terms of the Grant may deviate from the Authority's written
business subsidy criteria, and hereby sets the job and wage goals of the Grant at zero.
Section 2. Grant Agreement Approved.
2.01. The Authority hereby approves the Grant Agreement in substantially the form
presented to the Board. The Authority further authorizes execution of the Grant Agreement and
all documents prepared in connection therewith, 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 Grant Agreement by such officials shall be conclusive evidence of
approval.
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585528v1MN325-40
Approved this 24th day of June, 2020, by the Board of Commissioners of the City of Monticello
Economic Development Authority.
Presiden(��
ATTEST:
585528v 1 MN325-40