EDA Resolution 2011-73CITY OF MONTICELLO
ECONOMIC DEVELOPMENT AUTHORITY
WRIGHT COUNTY, MINNESOTA
RESOLUTION NO. 2011-73
APPROVING THE PURCHASE AND REDEVELOPMENT CONTRACT BETWEEN
THE CITY OF MONTICELLO ECONOMIC DEVELOPMENT AUTHORITY
AND SUBURBAN MANUFACTURING INC.
AND APPROVING THE BUSINESS SUBSIDY AGREEMENT AND
CONVEYANCE OF LAND PROVISIONS CONTAINED THEREIN
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 Authority currently administers Central Monticello Redevelopment Project
No. 1 (the "Project "); and on the date hereof recommends approval by the City of the creation of
Tax Increment Financing District No. 1 -39 (the "TIF District ") within the Project, all pursuant to
Minnesota Statutes, Sections 469.090 to 469.1082 and Sections 469.174 to 469.1799, as
amended.
1.02. To facilitate redevelopment of certain property in the TIF District, the Authority
proposes to enter into a Purchase and Redevelopment Contract (the "Contract ") between the
Authority and Suburban Manufacturing Inc. or a related entity (the "Redeveloper "), under which
among other things the City will convey to the Authority, and the Authority will reconvey to
Redeveloper, certain property described as Lot 1, Block 1, Otter Creek Crossing 4th Addition
(the "Redevelopment Property ") at a cost below market value.
1.03. The assistance under the Contract constitutes a "business subsidy" exceeding
$150,000 within the meaning of Minnesota Statutes, Section 1161993 to 116J.995 (the
"Business Subsidy Act").
1.04. The "business subsidy agreement" as required under the Business Subsidy Act is
included as one section of the Contract, and the Authority has on this date conducted a duly
noticed public hearing regarding both the sale of the Redevelopment Property to Redeveloper
and the business subsidy agreement, at which all interested persons were given an opportunity to
be heard.
1.05. On August 2, 2011, the planning commission of the City determined by resolution
that conveyance of the Redevelopment Property by the City to the Authority for reconveyance to
the Redeveloper complies with the City's comprehensive plan.
1.06. The Authority finds and determines that conveyance by the Authority of the
Redevelopment Property to the Redeveloper is for a public purpose and is in the public interest
because it will further the objectives of the Project.
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Section 2. Contract Approved; Further Proceedings.
2.01. The Board approves the Contract as presented to the Board, including the
business subsidy agreement and provisions for the conveyance of the Redevelopment Property
therein, subject to approval by the City Council of the establishment of the TIE District 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 documents 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 Contract as a whole, including without limitation execution
of any deed or other documents necessary to convey the Redevelopment Property to
Redeveloper.
APPROVED BY the Board of Commissioners of the City of Monticello Economic
Development Authority this 14th day of September, 2011.
EDA President
ATTEST:
) I om � ii� d
390272W2 MNI MN190 -139 2
CERTIFICATION
STATE OF MINNESOTA
COUNTY OF WRIGHT
I hereby certify that the foregoing is a true and correct copy of Resolution 42011 -73,
which was presented at the scheduled meeting on August 15, 2011, and duly passed, adopted and
approved by the Monticello Economic Development Authority at their scheduled meeting on
September 14, 2011, and recorded in minutes of said meetings.
1�
Y, I � HAWIA
eg are gard,
Econ rri c Development Dire or
Notary Public:
Date:
(STAMP)
KERRY T. BUM
WWMYPUBU0- MINNM=
My ComMselon E�kas Jm. 31, 2818
390272v2 MN1 MN 190 -139