EDA Resolution 2021-08CITY OF MONTICELLO ECONOMIC DEVELOPMENT AUTHORITY
RESOLUTION NO.2021-08
APPROVING PRELIMINARY DEVELOPMENT AGREEMENT
BETWEEN THE CITY OF MONTICELLO ECONOMIC DEVELOPMENT
AUTHORITY AND DEEPHAVEN DEVELOPMENT LLC
BE IT RESOLVED by the Board of Commissioners of the City of Monticello Economic
Development Authority ("Authority") as follows:
1. Back ound.
1.01. Deephaven Development LLC (the "Developer") desires to acquire certain property
(the "Property") in the City of Monticello (the "City"), which Property has been the subject of
certain preliminary negotiations with the Authority in connection with the construction of a multi-
use development on the Property (the "Development").
1.02. The Authority and the Developer have determined to enter into a preliminary
development agreement (the "PDA"), providing for negotiation of a definitive purchase and
development contract that will address (among other things) terms under which the Developer will
acquire the Property from the Authority and construct the Development on the Property, and the
Authority may provide certain financial assistance if warranted to make development by the
Developer financially feasible.
1.03. The Board has reviewed the PDA, and has determined that it is in the best interests
of the Authority to approve and execute the PDA.
2. Approval of PDA.
2.01. The Authority hereby approves the PDA, and authorizes and directs the President and
Executive Director to execute same in substantially the form on file, subject to modifications that do
not alter the substance of the transaction and are approved by the President and Executive Director,
provided that execution of the PDA by such officials will be conclusive evidence of their approval.
2.02. Authority officials and consultants are authorized to take any other actions necessary
to carry out the Authority's obligations under the PDA, and to bring a proposed definitive purchase
and development contract before the Authority.
Approved this 12th day of June, 2021, by the Board of Commissioners of the City of Monticello
Economic Development Authority.
sident
ATTEST:
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