EDA Resolution #2022-32 Preliminary Development Agreement with Moon MotorsCITY OF MONTICELLO ECONOMIC DEVELOPMENT AUTHORITY
RESOLUTION NO.2022-32
APPROVING PRELIMINARY DEVELOPMENT AGREEMENT
BETWEEN THE CITY OF MONTICELLO ECONOMIC DEVELOPMENT
AUTHORITY
AND MOON MOTOR SALES, INC.
BE IT RESOLVED by the Board of Commissioners (the "Board") of the City of Monticello
Economic Development Authority (the "Authority") as follows:
1. Background.
1.01. The Authority owns certain property (the "Property") in the City of Monticello,
Minnesota (the "City").
1.02. The Authority and Moon Motor Sales, Inc., a Minnesota corporation, or an entity
related thereto or affiliated therewith (the "Developer") have determined to enter into a preliminary
development agreement (the "PDA"), providing for the negotiation of a definitive purchase and
development agreement that will address (among other things) the sale of the Property by the
Authority to the Developer and the construction by the Developer of an approximately 40,000
square foot warehouse and light assembly on the Property.
1.03. The Board has reviewed the PDA, and has determined that it is in the best interests
of the Authority to approve and execute the PDA.
2. Approval of PDA.
2.01. The Authority approves the PDA, and authorizes and directs the President and
Executive Director to execute the PDA in substantially the form on file, 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 PDA by such officials will be conclusive evidence of their
approval.
2.02. Authority officials and consultants are authorized to take any other actions necessary
to carry out the Authority's obligations under the PDA, and to bring a proposed definitive
development contract before the Authority.
Approved this 12"' day of October, 2022, by the Board of Commissioners of the City of Monticello
Economic Development Authority.
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