EDA Resolution #2022-08 Approving PA with Subruban ManufacturingCITY OF MONTICELLO ECONOMIC DEVELOPMENT AUTHORITY
RESOLUTION NO.2022-08
RESOLUTION APPROVING A PURCHASE AGREEMENT
BETWEEN THE CITY OF MONTICELLO ECONOMIC DEVELOPMENT
AUTHORITY AND M & B ON CHELSEA, LLC
BE IT RESOLVED by the Board of Commissioners of the City of Monticello Economic
Development Authority ("Authority") as follows:
1. Background.
1.01. M & B on Chelsea, 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 on the Property of the
Developer's expansion of its existing business, new parking areas, and a loading area (the
"Development"). The Property is described as:
That part of Outlot B, OTTER CREEK CROSSING 4TH ADDITION, according
to the recorded plat thereof, Wright County, Minnesota, which lies easterly of the
following described line:
Beginning at the most northerly corner of Lot 1, Block 1, said OTTER CREEK
CROSSING 4TH ADDITION; thence South 37 degrees 52 minutes 15 seconds
West, assumed bearing along the common lot line between said Lot 1 and said
Outlot B, a distance of 73.65 feet; thence South 47 degrees 51 minutes 30 seconds
West, along said common lot line, a distance of 66.41 feet; thence North 87 degrees
18 minutes 42 seconds West, along said common lot line, a distance of 75.26 feet;
thence North 70 degrees 24 minutes 21 seconds West, along said common lot line
and its extension, a distance of 150.26 feet; thence South 34 degrees 00 minutes 00
seconds West, a distance of 415.70 feet to the southwesterly line of said Lot 1, and
said line there terminating.
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That part of Outlot A, said OTTER CREEK CROSSING 4TH ADDITION, which
lies easterly of the following described line:
Beginning at the hereinbefore point of termination; thence South 34 degrees 00
minutes 00 seconds West, a distance of 35.23 feet to a line parallel with and 35.00
feet southwesterly of the northeasterly line of said Outlot A, thence South 49
degrees 29 minutes 27 seconds East, along said parallel line, a distance of 223.19
feet to the southeasterly line of said Outlot A, and said line there terminating.
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1.02. The Authority and the Developer desire to enter into a purchase agreement (the
"Purchase Agreement') pursuant to which the Developer will acquire the Property from the
Authority.
1.03. Pursuant to the Purchase Agreement, the Developer will purchase the Property from
the Authority for a total purchase price of 7,669.95 plus related costs. By separate agreement, the
Developer has also agreed to convey 5,919 square feet of its property to the City at no cost.
1.04. The Authority fmds that the sale of the Property conforms to the City's comprehensive
plan and will facilitate the economic development and revitalization of this portion of the City, in that
the Authority will convey the Property to a third party for economic development purposes.
1.05. Pursuant to Minnesota Statutes, Section 462.356, subd. 2, the Planning Commission
of the City met on March 1, 2022 to review the proposed acquisition and found that such acquisition
conforms to the City's Comprehensive Plan.
Purchase Agreement Approved.
2.01. The Authority hereby approves the Purchase Agreement, and authorizes and directs
the President and Executive Director to execute same in substantially the form presented to the
Authority, 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 Purchase Agreement by such
officials will be conclusive evidence of their approval.
2.02. Authority staff, officials, and consultants are authorized to take any other actions
necessary to carry out the Authority's obligations under the Purchase Agreement, 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 convey the Property to the Developer,
all as described in the Purchase Agreement.
Approved this /��'day ofA)211.1 , 20221, by the Board of Commissioners of the City of
Monticello Economic Development Authority.
President
T-
Executive Director
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