City Council Resolution 2011-93CITY OF MONTICELLO
WRIGHT COUNTY, MINNESOTA
RESOLUTION NO. 2011-93
APPROVING CONVEYANCE OF LAND AND BUSINESS SUBSIDY AGREEMENT
BETWEEN THE CITY OF MONTICELLO ECONOMIC DEVELOPMENT AUTHORITY
AND M & B ON CHELSEA, LLC
BE IT RESOL VED by the City Council ("Council") of the City of Monticello ("City") as follows:
Section 1. Recitals.
1.01. The City of Monticello Economic Development Authority ("Authority") currently
administers Central Monticello Redevelopment Project No. 1 (the "Project"); and the Authority and
City have created Tax Increment Financing District No. 1-39 (the "TIF District") within the Project,
all pursuant to Minnesota Statutes, Sections 469.001 to 469.047 and Sections 469.174 to 469.179.
1.02. To facilitate redevelopment of certain property in the TIF District, the Authority has
negotiated a Purchase and Redevelopment Contract (the "Contract") between the Authority and M
& B on Chelsea, LLC (the "Redeveloper"), under which among other things the Authority will
convey certain property described as Lot 1, Block 1, Otter Creek Crossing 4th Addition (the
"Redevelopment Property") to Redeveloper.
1.03. The City currently owns the Redevelopment Property, and the Authority has requested that
the City convey such property to the Authority for reconveyance to the Redeveloper, in order to
promote the development of the Otter Creek Crossing industrial park.
1.04. The assistance under the Contract constitutes a "business subsidy" exceeding $150,000
within the meaning of Minnesota Statutes, Section 116J.993 to 116J.995 (the "Business Subsidy
Act").
1.05. The "business subsidy agreement" as required under the Business Subsidy Act is included
as one section of the Contract, and the Authority has duly held a public hearing regarding the
business subsidy agreement on September 14, 2011.
1.06. Under the Business Subsidy Act this Council is required to approve any business subsidy
agreement.
1.07. The Council finds that the conveyance of the Redevelopment Property and the execution of
the Contract, including the business subsidy agreement, by the Authority and performance of the
Authority's obligations thereunder, are in the best interest of the City and its residents.
Section 2. CityApproval; Further Proceedings.
2.01. The City approves the conveyance of the Redevelopment Property to the Authority in order
to promote the development of the Otter Creek Crossing industrial park.
2.02. The Council approves the business subsidy agreement within the Contract as approved by
the Authority after public hearing.
2.02. City staff and officials are authorized to take all actions necessary to assist the Authority in
performing its obligations under the business subsidy agreement and the Contract as a whole,
including without limitation execution of any deed or other documents necessary to convey the
Redevelopment Property from the City to Authority and from Authority to Redeveloper.
APPROVED BYthe City Council of the City of Monticello this 26th day of September, 2011.
CITY OF MONTICELLO
oe
Clint Herbst, Mayor
ATTEST:
Jeff O' i ty Administrator
CERTIFICATION
STATE OF MINNESOTA
COUNTY OF WRIGHT
I hereby certify that the foregoing is a true and correct copy of Resolution #2011-93 duly
passed, adopted and approved by the Monticello City Council at their scheduled meeting on
September 26, 2011, and recorded in minutes of said meeting.
Notar,
Date:
Je z- ' eill, City Administrator
N�6A1V EllSE BAANETTdIYGAAD
Gbmn�eio,ion � 5