EDA Resolution No. 2023-02 (Rescinding Option Agreement with Washburn)CITY OF MONTICELLO ECONOMIC DEVELOPMENT AUTHORITY
RESOLUTION NO.2023-02
RESCINDING AN OPTION AGREEMENT BY AND BETWEEN THE CITY OF
MONTICELLO ECONOMIC DEVELOPMENT AUTHORITY AND THE WASHBURN
COMPUTER GROUP, 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. 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 was to 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 without the
Authority acquiring the Property.
1.04. The Authority and The Washburn Computer Group, Inc., a Minnesota corporation
(the "Developer"), previously determined to enter into an Option Agreement (as revised, the
"Option Agreement"), pursuant to which the Authority would grant the Developer the option
acquire the Property from the Authority for a warehouse expansion project.
1.05. On October 12, 2022, the Board approved the Option Agreement. Thereafter, and
prior to execution of the Option Agreement by either party, the Developer requested changed to the
terms of the Option Agreement, which were subsequently reviewed and approved by the Board on
November 9, 2022.
1.06. The Authority and the Developer no longer desire to proceed with the Option
Agreement. The Option Agreement has not been executed by the Developer or the Authority. For
the purposes of clarity, the Board now desires to rescind and revoke the Option Agreement.
2. Recission of Option Agreement.
2.01. The Authority rescinds and revokes the Option Agreement and the Option
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.
Presi ent
ATTEST:
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