EDA Resolution 2011-96CITY OF MONTICELLO
WRIGHT COUNTY, MINNESOTA
EDA RESOLUTION NO. 2011-96
APPROVING A LOAN AGREEMENT BETWEEN THE
CITY OF MONTICELLO ECONOMIC DEVELOPMENT
AUTHORITY AND JACOBSON VETERINARY
PROPERTIES LLC
BE IT RESOLVED, that the Board of Commissioners ( "Board ") of the City of Monticello
Economic Development Authority, Monticello, Minnesota (the "Authority" or "Holder ") as
follows:
Section 1. Recitals.
1.01. The Authority and Jacobson Veterinary Properties LLC (the `Borrower ") desire to
enter into a loan agreement (the "Loan Agreement") for a GMEF Loan to be used for the acquisition
of certain real property in the City of Monticello as described in Exhibit A hereto (the "Property ") in
order to construct a veterinary clinic thereon.
1.02. Pursuant to the Loan Agreement, the Authority will loan to the Borrower the sum of
$50,000 (the "Loan"), evidenced by a promissory note (the "Note ") and a mortgage (the
"Mortgage "), to be executed and delivered to the Authority by the Borrower.
1.03. The terms of the Loan Agreement and Note shall conform to the Amended GMEF
Guidelines approved by the Authority on 2009, including a term of the loan of three
years, and a fixed interest rate of 3.0 %.
Section 2. Loan Agreement and Note Authorized.
2.01. The Authority hereby authorizes and directs Authority staff and consultants to
negotiate and prepare the Loan Agreement and Note as provided herein, and authorizes
execution of the Loan Agreement and all documents prepared in connection therewith.
APPROVED BY the Board of Commissioners of the City of Monticello Economic Development
Authority this 14th day of September, 2011.
President
ATTEST:
EXHIBIT A
Property
A -1
CERTIFICATION
STATE OF MINNESOTA
COUNTY OF WRIGHT
I hereby certify that the foregoing is a true and correct copy of Resolution #2011 -96,
which was 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.
Notary Public: &l/14
Date: /() / /—S///
(S I'AW)
m KERRYT.BUR..
NOTARY PUBLIC - MINNESOTA
My COWNSI0n EgHres Jan. 31, 2015
391681v1 MNI NIN325 -23