EDA Resolution 2021-13EDA RESOLUTION NO.2021-13
RESOLUTION APPROVING PURCHASE AGREEMENT
FOR THE ACQUISITION OF 113 WEST BROADWAY
STREET BY THE CITY OF MONTICELLO ECONOMIC
DEVELOPMENT AUTHORITY
BE IT RESOLVED BY the Board of Commissioners of the City of Monticello Economic
Development Authority (the "Authority") as follows:
Section 1. Recitals.
1.01. The Authority and KC & the Boys, LLC (the "Seller"), desire to enter into a
purchase agreement (the "Purchase Agreement") pursuant to which the Authority will acquire
certain property located at 113 West Broadway Street (the "Property") in the City of Monticello (the
"City") from the Seller for economic development 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 $528,000 plus related closing costs.
1.03. Pursuant to Minnesota Statutes, Section 462.356, subd. 2, the Planning Commission
of the City will meet on December 7, 2021, to review the proposed acquisition and its conformity to
the City's Comprehensive Plan (the "Comprehensive Plan").
1.04. Subject to the Planning Commission's fonnal finding, the Authority finds that
acquisition of the Property conforms to the Comprehensive Plan and further finds that such
acquisition conforms to the City's downtown small area plan, as approved by the City and
Authority, and will facilitate the economic development and revitalization of this portion of the
downtown area of the City by allowing the Authority to convey the Property to a private developer
for the construction of a mixed -use rental housing and retail facility.
Section 2. Purchase Agreement Approved.
2.01. The Authority hereby approves the Purchase Agreement in substantially the form
presented to the Authority, subject to the required finding by the Planning Commission that the
acquisition conforms to the 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 10"' day of November, 2021 by the Board of Commissioners of the City of
Monticello Economic Development Authority.
,d
President
ATTEST:
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EXHIBIT A
Legal Description of Property
Lot 6 and the East 18 feet and 10 inches of Lot 5 in Block 52 in the Town or Townsite of
Monticello, according to the plat by John 0. Haven of record.
(That part of Lot 5 being more particularly described as follows: Begin at the Southerly point of
said Lot S; thence Northwesterly along the Southwesterly side of said Lot 5, 18 feet, 10 inches;
thence Northeasterly and parallel to the Southeasterly side of said Lot 5 to the Northeasterly line
of said Lot 5; thence Southeasterly 18 feet, 10 inches to the most Easterly point of said Lot 5;
thence Southwesterly to the point of beginning.
Excepting therefrom:
Those parts of Lots 5 and 6, Block 52, Monticello, according to the recorded plat thereof, Wright
County, Minnesota described as follows:
Commencing at the most easterly corner of said Lot 6; thence on an assumed bearing of North 64
degrees 58 minutes 26 seconds West along the northeasterly line of said Lot 6 a distance of 3.06
feet to an outside building line being the point of beginning of the land to be described; thence
South 24 degrees 18 minutes 51 seconds West along said outside building line, a distance of 0.27
feet to a building corner; thence North 65 degrees 40 minutes 10 seconds West along said outside
building line, a distance of 44.00 feet to a building corner; thence North 24 degrees 18 minutes
51 seconds East along said outside building line, a distance of 0.81 feet to the northeasterly line
of said Lot 5; thence South 64 degrees 58 minutes 26 seconds East along said northeasterly line
of said Lots 5 and 6, a distance of 44.00 feet to the point of beginning.
113 West Broadway, Monticello, MN 55362
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