EDA Resolution 2021-07EDA RESOLUTION NO.2021-07
RESOLUTION APPROVING EXTENSION OF LEASE
AGREEMENT BETWEEN THE CITY OF MONTICELLO
ECONOMIC DEVELOPMENT AUTHORITY AND
MONTICELLO PARKS DEPARTMENT
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,
the Authority established 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 Monticello Parks Department (the "Tenant") entered into that
certain Lease Agreement, dated as of December 10, 2018 (the "Agreement"), providing the terms
and conditions of the occupancy by the Tenant of certain property located at 349 West Broadway
(the "Property").
1.03. The Agreement provided for a termination date of August 31, 2020, with a possible
extension of the term of the Agreement to a date no later than August 31, 2022, subject to mutual
agreement to such extended term by the parties.
1.04. The Tenant has requested an extension to the term of the Agreement, and the
parties have negotiated and propose to execute an Extension of Lease Agreement (the
"Extension") in the form presented to the Board, to extend the termination date to August 31,
2022.
Section 2. Extension Approved.
2.01. The Extension 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 Extension 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 Extension 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.
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Approved this rday of June, 2021, by the Board of Commissioners of the City of Monticello
Economic Development Authority.
President
ATTEST:
Exec tive Director
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