EDA Resolution #2022-31 Option Agreement w WashburnEDA RESOLUTION NO.2022-31
RESOLUTION APPROVING AN OPTION AGREEMENT
GRANTING WASHBURN COMPUTER THE OPTION TO
PURCHASE THE PROPERTY LOCATED AT 9699
FALLON AVENUE
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 Washburn Computer (the "Buyer"), desire to enter into an option
agreement (the "Option Agreement") pursuant to which the Buyer will have the option to purchase
certain property located at 9699 Fallon Avenue (the "Property") in the City of Monticello (the
"City") that the Authority is in the processing of acquiring from Platinum Technologies,
LLC/Powersports Services LLC for economic development purposes. The Property is described in
Exhibit A attached hereto.
1.02. Pursuant to the Option Agreement, should the Buyer exercise its option to purchase
the Property, it will purchase the Property from the Authority for a total purchase price of $300,000
plus the Buyer's share of the closing costs. The Buyer intends to construct a warehouse
development project on the Property. Should the Buyer purchase the Property, the Buyer will also
be required to enter into a purchase and development agreement with the Authority to ensure that
the Buyer constructs minimum improvements on the Property within one year of the closing of its
purchase of the Property. The initial option period is for one year. The Buyer may extend the
Option period for up to two subsequent 12-month terms by making an additional option payment to
the Authority for each term.
Section 2. Option Agreement Approved.
2.01. The Authority hereby approves the Option 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 Option Agreement by those officials shall be conclusive evidence of their
approval. Said Option Agreement shall not be executed by the Authority and its officials until
the Authority closes on its purchase of the Property.
2.02. Authority staff and officials are authorized to take all actions necessary to perform
the Authority's obligations under the Option Agreement as a whole, including without limitation
execution of any documents to which the Authority is a party referenced in or attached to the
Option Agreement, all as described in the Option Agreement.
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, 2022 B f m
Approved this day of �G / by the Board o Commissioners of the
City of Monticello Economic Development Authority.
President
ATTEST:
MN325-48-828508.v 1
EXHIBIT A
Legal Description of the Property
Lot 1, Block 1, Oakwood Industrial Park 3'd Addition, County of Wright, State of Minnesota
Parcel ID: 155249001010
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