EDA Resolution No. 2023-01 (Rescinding PA with Powersports Services and Platinum Technologies)CITY OF MONTICELLO ECONOMIC DEVELOPMENT AUTHORITY
RESOLUTION NO.2023-01
RESCINDING A PURCHASE AGREEMENT BY AND BETWEEN THE CITY OF
MONTICELLO ECONOMIC DEVELOPMENT AUTHORITY, POWERSPORTS
SERVICES LLC, AND PLATINUM TECHNOLOGIES, LLC
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. On October 12, 2022, the Board approved a Purchase Agreement (the "Purchase
Agreement") between the Authority and Powersports Services LLC, a Minnesota limited liability
company ("Powersports"), and Platinum Technologies, LLC, a Minnesota limited liability company
("Platinum" and, with Powersports, the "Landowners"), pursuant to which, the Authority would
acquire certain property (the "Property") located at 9699 Fallon Avenue in the city of Monticello,
Minnesota from the Landowners for economic development purposes.
1.02. Pursuant to paragraph 8 of the Purchase Agreement, the date of closing on the
Property shall be no later than November 30, 2022 ("Closing Date").
1.03. The Purchase Agreement has not been executed by Powersports, Platinum or the
Authority, the Closing Date has passed and the Purchase Agreement has expired. For the purposes
of clarity, the Board now desires to rescind and revoke the Purchase Agreement.
2. Recission of Purchase Agreement.
2.01. The Authority rescinds and revokes the Purchase Agreement and the Purchase
Agreement is hereby terminated and cancelled.
2.02. Authority officials and consultants are authorized to take any other actions necessary
to carry out the intent of this resolution.
Approved this 8th day of February, 2023, by the Board of Commissioners of the City of Monticello
Economic Development Authority.
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