EDA Resolution 2015-006CITY OF MONTICELLO
WRIGHT COUNTY, MINNNESOTA
ECONOMIC DEVELOPMENT AUTHORITY
RESOLUTION NO. EDA -2015 -006
APPROVING AN ASSIGNMENT AND ASSUMPTION AGREEMENT BETWEEN
FRONT PORCH ASSOCIATES, LTD AND MICHAEL CYR
BE IT RESOLVED By the Board of Commissioners ('Board ") of the City of Monticello
Economic Development Authority ( "Authority ") as follows:
Section 1. Recitals.
1.01. The Housing and Redevelopment Authority in and for the City of Monticello (the
"HRA "), the City of Monticello (the "City ") and Front Porch Associates, Ltd. (the "Assignor ")
entered into a Contract for Private Development dated as of May 2002, as amended (the
"Contract ").
1.02. Pursuant to the Contract, the HRA agreed to reimburse Assignor for a portion of
Assignor's costs of acquisition of and site improvements on the Development Property through
Available Tax Increment.
1.03. In 2007, the HRA and the Authority consolidated operations, and the Contract was
assigned by the HRA to the Authority.
1.04. Assignor now wishes to assign its rights and obligations under the Contract to
Michael L. Cyr (the "Assignee "), and to assign the right to receive Available Tax Increment to
Assignee, and Assignee wishes to assume such rights and obligations under the Contract and
accept the assignment of the Available Tax Increment, and to that end the Assignor and Assignee
have proposed to enter into an Assignment and Assumption Agreement (the "Assignment ").
1.05. The Board has reviewed the Assignment and finds that the approval and execution of
the Authority's consent thereto are in the best interest of the City and its residents.
Section 2. AuthorityApproval; Other Proceedings.
2.01. The Assignment, including the attached Consent of the Authority related thereto, as
presented to the Board is hereby in all respects approved, 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 consent to the Assignment by such officials shall be conclusive
evidence of approval.
2.02. The President and Executive Director are hereby authorized to execute on behalf of
the Authority the Consent attached to the Assignment and any other documents requiring execution
by the Authority in order to carry out the transaction described in the Assignment.
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CITY OF MONTICELLO
WRIGHT COUNTY, MINNNESOTA
ECONOMIC DEVELOPMENT AUTHORITY
RESOLUTION NO. EDA- 2015 -006
2.03. Authority staff and consultants are authorized to take any actions necessary to carry
out the intent of this resolution.
Approved by the Board of Coglmissioners of the City of ;.Monticello Economic
Development Authority this ay of , 2015.
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F
President
ATTEST:
Secretary,'/_
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