EDA Resolution #2022-33 Approving Restated OptionAgrmt-Fallon AveEDA RESOLUTION NO.2022-33
RESOLUTION APPROVING AN OPTION AGREEMENT
GRANTING THE WASHBURN COMPUTER GROUP, INC.
THE OPTION TO PURCHASE THE PROPERTY LOCATED
AT 9699 FALLON AVENUE
BE IT RESOLVED BY the Board of Commissioners (the "Board") of the City of Monticello
Economic Development Authority (the "Authority") as follows:
Section 1. Recitals.
1.01. On October 12, 2022, the Authority and The Washburn Computer Group, Inc. (the
"Buyer") adopted a resolution approving an option agreement (the "Original Option Agreement"),
pursuant to which the Buyer would 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
process of acquiring from Platinum Technologies, LLC/Powersports Services LLC for economic
development purposes. The Property is described in Exhibit A attached hereto.
1.02. The Authority and the Buyer now wish to revise the Original Option Agreement
and present a new option agreement to the Board for consideration (the "Option Agreement").
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 snaking an additional option payment to the Authority for
each tenn.
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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Approved this day of , 2022 by the Board of Commissioners of the
City of Monticello Economic Development Authority.
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President E��-
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EXHIBIT A
Legal Description of the Property
Lot 1, Block 1, Oakwood Industrial Park 3 rd Addition, County of Wright, State of Minnesota
Parcel ID: 155249001010
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