EDA Resolution 2020-11EDA RESOLUTION NO. 2020-11
RESOLUTION APPROVING PURCHASE AGREEMENT
FOR THE ACQUISITION OF 1019 1079 AND 121 WEST
BROADWAY STREET 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 Steven C. Johnson and Candace P. Johnson (together, the
"Seller") desire to enter into a purchase agreement (the "Purchase Agreement") pursuant to which
the Authority will acquire certain property located at 101, 107, and 121 West Broadway Street (the
"Property") in the City of Monticello (the "City") from the Seller for economic redevelopment
purposes related to the revitalization of the downtown area. The Property is described in Exhibit A
attached hereto.
1.02. Pursuant to the Purchase Agreement, the Authority will purchase the Property from
the Seller for a total purchase price of $829,000 plus related closing costs, as described in the
Purchase Agreement.
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 redevelopment and revitalization of this portion of the downtown area of the
City.
1.04. Pursuant to Minnesota Statutes, Section 462.356, subd. 2, the Planning Commission
of the City will meet on October 6, 2020, to review the proposed acquisition and make findings as
to its conformity 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 a finding by the Planning Commission that the acquisition
conforms to the City's Comprehensive Plan and further 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
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to the Purchase Agreement, and any other documents necessary to acquire the Property from the
Seller, all as described in the Purchase Agreement.
Approved this 9th day of September, 2020, by the Board of Commissioners of the City of
Monticello Economic Development Authority.
President
ATTEST: