EDA Resolution No. 2023-12 (Approving PA for Acquisition of 7th Street West Parcel)EDA RESOLUTION NO.2023-12
RESOLUTION APPROVING A PURCHASE AGREEMENT
FOR THE ACQUISITION OF PARCELS ALONG 7TH
STREET WEST 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 RiverWood Bank, or an entity/entities related thereto or affiliated
therewith (the "Seller"), desire to enter into a purchase agreement (the "Purchase Agreement")
pursuant to which the Authority will acquire certain property located along 7"' Street West (the
"Property") in the City of Monticello (the "City") from the Seller 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 Seller for a total purchase price of $415,000, 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 November 6, 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 Seller,
all as described in the Purchase Agreement.
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Approved this V' day of November, 2023, by the Board of Commissioners of the City of
Monticello Economic Development Authority.
PresiaenO
ATTEST:
MN325-50-911931.v1
EXHIBIT A
Legal Description of the Property
Outlot B. Great River Addition, according to the recorded plat thereof, County of Wright, State of
Minnesota.
PID Number 155226000020
Outlot A, Great River Addition, according to the recorded plat thereof, County of Wright, State of
Minnesota.
PID Number 155226000010
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