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EDA Resolution No. 2024-05 (Rescinding TIF District 1-44)CITY OF MONTICELLO ECONOMIC DEVELOPMENT AUTHORITY RESOLUTION NO.2024-05 RESCINDING APPROVAL OF CONTRACT FOR PRIVATE DEVELOPMENT AND RESCINDING APPROVAL OF TAX INCREMENT FINANCING DISTRICT NO. 1-44 BE IT RESOLVED BY the Board of Commissioners ("Board") of the City of Monticello Economic Development Authority, Monticello, Minnesota (the "Authority") as follows: Section 1. Recitals. 1.01. Pursuant to Resolution No. 2022-40 adopted by the City Council of the City of Monticello, Minnesota (the "City") on April 11, 2022, and Resolution No. 2022-10 adopted by the Board on April 13, 2022 (the "Authority Resolution"), the City and the Authority, respectively, have previously established Tax Increment Financing (Economic Development) District No. 1-44 (the "TIF District"), within the Central Monticello Redevelopment Project No. 1 (the "Redevelopment Project") within the City pursuant to Minnesota Statutes, Sections 469.174 through 469.1794, as amended (the "TIF Act"), Minnesota Statutes, Sections 469.001 to 469.047 and Sections 469.090 to 469.1081, all inclusive, as amended (collectively, and together with the TIF Act, the "Act"), and adopted a related Tax Increment Financing Plan (the "Plan"); all as reflected in that certain document entitled "Tax Increment Financing Plan for Tax Increment Financing (Economic Development) District No. 1-44 Within Central Monticello Redevelopment Project No. 1," dated March 11, 2022. 1.02. Pursuant to Resolution No. 2022-22 (the "Agreement Resolution"), adopted by the Board on July 13, 2022, the Authority approved the execution of a Contract for Private Development (the "Contract") with The Washburn Computer Group, Inc., a Minnesota corporation, or an affiliate thereof or entity related thereto (the "Developer"), pursuant to which the Authority offered certain assistance in the form of a taxable tax increment revenue note (the "Note") to reimburse the Developer for certain costs associated with the construction of an approximately 42,500 square foot expansion to an existing 33,000 square foot building to provide a facility for warehousing and distribution (the "Project") to be located on certain property within the TIF District. 1.03. Pursuant to Resolutions No. 2022-31 and No. 2022-33, dated October 12, 2022 and November 9, 2022, respectively, the Board approved an Option Agreement with the Developer (the "Option Agreement"), whereby the Authority granted the Developer the option to acquire certain real property located in the TIF District from the Authority. Neither the Authority nor the Developer executed the Option Agreement. Pursuant to Resolution No. 2023-02, dated February 8, 2023, the Board rescinded and revoked the Option Agreement. 1.04. The Project was never constructed as anticipated and the Contract was never executed by the Authority or the Developer. 1.05. The Authority never certified the TIF District. MN 190\172\938328.v2 1.06. The Authority proposes to rescind the Authority Resolution approving the TIF District and the TIF Plan, and (ii) rescind the Agreement Resolution approving the Contract and all related documents. Section 2. Approval of Contract Rescinded; Approval of TIF District Rescinded. 2.01. The Authority Resolution approving the TIF District and the TIF Plan is hereby rescinded as of the date hereof. 2.02. The Agreement Resolution approving the Contract, and all related documents, are hereby rescinded as of the date hereof. 2.03. The TIF Plan and the TIF District are hereby rescinded as of the date hereof. Approved by the Board of Commissioners of the City of Monticello Economic Development Authority on March 13, 2024. t� Presid nt ATTEST: tive Director 2 MN190\172\938328.v2