EDA Resolution No. 2023-09 (Approving PA for Acquiring 216 Pine Street by the EDA)REVISED EDA RESOLUTION NO. 2023-09
RESOLUTION APPROVING A PURCHASE AGREEMENT
FOR THE ACQUISITION OF 216 PINE STREET BY THE
CITY OF MONTICELLO ECONOMIC DEVELOPMENT
AUTHORITY
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 James B. Wolff and Cheryl A. Wolff, married to each other, or
an entity/entities related thereto or affiliated therewith (the "Sellers"), desire to enter into a
purchase agreement (the "Purchase Agreement") pursuant to which the Authority will acquire
certain property located at 216 Pine Street (the "Property") in the City of Monticello (the "City")
from the Sellers for economic development purposes. The Property is described in Exhibit A
attached hereto.
1.02. Pursuant to the Purchase Agreement, the Authority will purchase the Property from
the Sellers for a total purchase price of $465,000, plus the Authority's share of the closing costs as
defined in the Purchase Agreement.
1.03. Pursuant to Minnesota Statutes, Section 462.356, subd. 2, the Planning Commission
of the City met on October 3, 2023, and reviewed the proposed acquisition of the Property and
found that the acquisition is in conformity to the City's Comprehensive Plan (the "Comprehensive
Plan").
1.04. The Authority finds that acquisition of the Property conforms to the Comprehensive
Plan and further finds that it will facilitate the economic development of the City by allowing the
Authority to convey the Property to a private developer.
Section 2. Purchase Agreement Approved.
2.01. The Authority hereby approves the Purchase Agreement in substantially the form
presented to the Authority, and 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 Purchase Agreement by those officials shall be conclusive evidence of their
approval.
2.02. Authority staff and officials are authorized to take all actions necessary to perform
the Authority's obligations under the Purchase Agreement as a whole, including without
limitation execution of any documents to which the Authority is a party referenced in or attached
to the Purchase Agreement, and any other documents necessary to acquire the Property from the
Sellers, all as described in the Purchase Agreement.
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Approved this 11 t1i of October, 2023, by the Board of Commissioners of the City of Monticello
Economic Development Authority.
Presid t
ATTEST:
(iwL/A '
ecutive Director
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EXHIBIT A
Legal Description of the Property
Lot 1, Block 34, Original Plat of Monticello, County of Wright, State of Minnesota.
PID 155-010-034010
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