EDA Resolution No. 2024-03 (Bliss Salon Facade Improvement Loan Approval)EDA RESOLUTION NO.2024-03
RESOLUTION APPROVING A LOAN AND BUSINESS SUBSIDY
AGREEMENT BETWEEN THE CITY OF MONTICELLO
ECONOMIC DEVELOPMENT AUTHORITY AND BLISS SALON
LLC
BE IT RESOLVED BY the Board of Commissioners ("Board") of the City of Monticello
Economic Development Authority (the "Authority") as follows:
Section 1. Recitals.
1.01. The Authority recognizes the need to encourage investment in commercial and retail
buildings in the downtown area of the City of Monticello, Minnesota (the "City") in order to maintain the
economic viability of the City and its Downtown/Central Community District and as such, has established
a program to provide forgivable loans to eligible properties in the City's downtown to improve the
facades of existing commercial and retail buildings (the "Facade Program"). On November 9, 2022 and
January 10, 2024, the Authority adopted revised guidelines for the Fagade Program (the "Guidelines").
1.02. The Authority and Bliss Salon LLC, a Minnesota limited liability company (the
"Borrower"), desire to enter into a loan agreement which has been presented to the Board (the "Loan
Agreement") for a Fagade Program forgivable loan in the amount of $48,422 (the "Loan") to be used to pay a
portion of the costs to replace 9 windows, 1 door, and the stucco exterior of the building (the
"Improvements") located on that certain real property at 109 Walnut Street in the City (the "Property").
1.03. The Authority is a grantor as defined in Minnesota Statutes, Sections 116J.993 to
116J.995, as amended (the "Business Subsidy Act"), is authorized to grant financial assistance ("Business
Subsidy") for private development and has previously adopted criteria for awarding Business Subsidies
that complies with the Business Subsidy Act.
1.04. On the date hereof, the Authority held a duly noticed public hearing regarding the
provision of a Business Subsidy to the Borrower and a proposed business subsidy agreement (the
"Business Subsidy Agreement") and determined that the creation and/or retention of jobs is not a goal of
this Business Subsidy and instead the goal of the business subsidy is to help encourage investment in
commercial and retail buildings in the City's business district and prevent blight and blighting factors
therein. Therefore, notwithstanding the requirements of Section 116J.994, Subd. 2 of the Business
Subsidy Act, the Authority determines that the terms of the Loan may deviate from the Authority's
written business subsidy criteria, and hereby sets the job and wage goals of the Loan at zero.
Section 2. Loan Agreement Approved.
2.01. The Authority hereby approves the Loan Agreement in substantially the form presented
to the Board, including the Business Subsidy Agreement and the Escrow Agreement therein, together
with any related documents necessary in connection therewith, including without limitation the
Promissory Note, the Draw Request, and all documents, exhibits, certifications, or consents referenced in
or attached to the Loan Agreement (the "Loan Documents").
2.02. The Board hereby authorizes the President and Executive Director, in their discretion and
at such time, if any, as they may deem appropriate, to execute the Loan Documents on behalf of the
Authority, and to carry out, on behalf of the Authority, the Authority's obligations thereunder when all
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conditions precedent thereto have been satisfied. The Loan Documents shall be in substantially the form
on file with the Authority and the approval hereby given to the Loan Documents includes approval of
such additional details therein as may be necessary and appropriate and such modifications thereof,
deletions therefrom and additions thereto as may be necessary and appropriate and approved by legal
counsel to the Authority and by the officers authorized herein to execute said documents prior to their
execution; and said officers are hereby authorized to approve said changes on behalf of the Authority.
The execution of any instrument by the appropriate officers of the Authority herein authorized shall be
conclusive evidence of the approval of such document in accordance with the terms hereof This
resolution shall not constitute an offer and the Loan Documents shall not be effective until the date of
execution thereof as provided herein.
2.03. In the event of absence or disability of the officers, any of the documents authorized by
this resolution to be executed may be executed without further act or authorization of the Board by any
duly designated acting official, or by such other officer or officers of the Board as, in the opinion of the
City Attorney, may act in their behalf. Upon execution and delivery of the Loan Documents, the officers
and employees of the Board are hereby authorized and directed to take or cause to be taken such actions
as may be necessary on behalf of the Board to implement the Loan Documents.
Approved this l4th of February, 2024, by the Board of Commissioners of the City of Monticello
Economic Development Authority.
President
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