EDA Resolution 2019-09 Approving Purchase Agrmt for 300 4th St. EastEDA RESOLUTION NO.2019-09
RESOLUTION APPROVING PURCHASE AGREEMENT
FOR THE ACQUISITION OF 300 EAST 4TH 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 George E. Larson and Maureen F. Larson (together, the "Seller")
desire to enter into a purchase agreement (the "Purchase Agreement") pursuant to which the
Authority will acquire certain property located at 300 East 4th Street (the "Property") in the City of
Monticello (the "City") from the Seller for redevelopment purposes. 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 $92,500 plus related closing costs.
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 City.
1.04. Pursuant to Minnesota Statutes, Section 462.356, subd. 2, the Planning Commission
of the City met on November 4, 2019, to review the proposed acquisition and found that such
acquisition conforms 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 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
to the Purchase Agreement, and any other documents necessary to acquire the Property from the
Seller, all as described in the Purchase Agreement.
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Approved this 13th day of November, 2019, by the Board of Commissioners of the City of
Monticello Economic Development Authority.
President
ATTEST:
tive Director
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EXHIBIT A
PROPERTY
Lots One and Ten of Block "H" in A. C. Riggs Addition to Town of Lower Monticello,
according to the plat on file and of record in the Office of the Registrar of Deeds in and for
Wright County, Minnesota.
A-1
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