EDA Resolution 2020-10EDA RESOLUTION NO. 2020-10
RESOLUTION APPROVING A FIRST AMENDMENT TO
PURCHASE AND DEVELOPMENT CONTRACT
BETWEEN THE CITY OF MONTICELLO ECONOMIC
DEVELOPMENT AUTHORITY AND UMC REAL ESTATE,
LLC
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 development and redevelopment of certain
substandard property within the Project.
1.02. The Authority and the City of Monticello (the "City") have established Tax
Increment Financing District No. 1-41 comprising certain property within the Project (the
"Property"), with the goal of fostering economic development activities by private enterprise on the
Property.
1.03. The Authority and UMC Real Estate, LLC (the "Developer") executed a Purchase
and Development Contract, dated as of February 26, 2020, recorded in the office of the Wright
County Recorder on April 2, 2020, as Document No. A1422590 (the "Agreement"), providing for
the sale of the Property by the Authority to the Developer, and the construction of certain
improvements (the "Improvements") on the Property by the Developer.
1.04. On April 1, 2020, the Authority conveyed the Property to the Developer pursuant to
the Agreement, and the Developer gave the Authority a promissory note for the purchase price (the
"Note"), secured by a mortgage on the Property, to be paid on or prior to February 28, 2021.
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 the
Improvements and payment in full of the Note, and have negotiated an amended promissory note
(the "Amended Note") and mortgage (the "Amended Mortgage") to be executed by the
Developer to memorialize the extension of such payment deadline.
Section 2. First Amendment Approved.
2.01. The First Amendment, the Amended Note, and the Amended Mortgage as
presented to the Board are 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 9th day of September, 2020.
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President
ATTEST: