EDA Resolution #2022-30 PA for Vacant Land South of WashburnEDA RESOLUTION NO.2022-30
RESOLUTION APPROVING A PURCHASE AGREEMENT
FOR THE ACQUISITION OF A VACANT LAND PARCEL
LOCATED AT 9699 FALLON AVENUE 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 Powersports Services, LLC and Platinum Technologies, LLC
(the "Seller"), desire to enter into a purchase agreement (the "Purchase Agreement") pursuant to
which the Authority will acquire certain property located at 9699 Fallon Avenue (the "Property") in
the City of Monticello (the "City") from the Seller for economic development 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 $300,000 plus the Authority's share of the closing costs.
1.03. Pursuant to Minnesota Statutes, Section 462.356, subd. 2, the Planning Commission
of the City will meet on November 1, 2022, 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 formal finding, the Authority finds that
acquisition of the Property conforms to the Comprehensive Plan and further finds that it will
facilitate the economic development of the business park area in the City by allowing the Authority
to convey the Property to a private developer for the construction of a warehouse development
project.
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.
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Approved this 1) day of (964(7 6 r , 2022 by the Board of Commissioners of the
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City of Monticello Economic Development Authority.
President
ATTEST:
MN325-48-828364.v1
EXHIBIT A
Legal Description of the Property
Lot I. Block 1, Oakwood Industrial Park 3'd Addition, County of Wright, State of Minnesota
Parcel ID: 155249001010
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