EDA Resolution No. 2024-07 (Supporting Property Tax Abatement for Monticello Hospitality Group)CITY OF MONTICELLO ECONOMIC DEVELOPMENT AUTHORITY
WRIGHT COUNTY, MINNESOTA
RESOLUTION NO.2024-07
SUPPORTING A PROPERTY TAX ABATEMENT FOR CERTAIN
PROPERTY IN THE CITY AND A TAX ABATEMENT AND
BUSINESS SUBSIDY AGREEMENT WITH MONTICELLO
HOSPITALITY GROUP, LLC
WHEREAS, Monticello Hospitality Group, LLC, a Minnesota limited liability company, or an
affiliate thereof or an entity related thereto (the "Developer"), has submitted an application (the
"Application") to the City of Monticello, Minnesota (the "City") for a property tax abatement (the
"Abatement") for certain real property located at on the southwest quadrant of the intersection of Chelsea
Road and Edmonson Avenue in the City (the "Property") pursuant to Minnesota Statutes, Sections
469.1812 through 469.1815, as amended (the "Abatement Act"), to assist in financing a portion of the
cost of acquiring, constructing and equipping a four-story, 98-room hotel with an indoor pool, meeting
space, exercise area, attached restaurant and related amenities and facilities (the "Project"); and
WHEREAS, pursuant to the City's Tax Abatement Policy (the "Policy"), adopted by the City
Council of the City (the "City Council") on October 23, 2023, the Board of Commissioners (the "Board")
of the Monticello Economic Development Authority (the "Authority") shall consider all tax abatement
applications in the City and make a recommendation to the City Council on whether or not to grant such
abatements;
WHEREAS, the Application has been presented to the Board and the Board has reviewed the
Application and the Developer's proposal for the Project and information regarding the proposed
Abatement; and
NOW, THEREFORE, BE IT RESOLVED by the Board of Commissioners of the City of
Monticello Economic Development Authority as follows:
1. The Authority find that the Abatement complies with the Policy and supports the use of the
Abatement to assist the Developer with financing a portion of the extraordinary development costs of the
Project.
2. The Authority supports granting the Abatement to the Developer; provided, however, that
final authorization of abatement assistance for the Project shall be detailed in a future Tax Abatement and
Business Subsidy Agreement, by and between the City and the Developer (the "Agreement"), and the
approval of the Abatement and the Agreement is solely within the discretion of the City Council following
all proceedings required pursuant to the Abatement Act.
Approved this April 10, 2024 by the Board of Commissioners of the Monticello Economic
Development Authority.
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