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City Council Resolution 2012-37CITY OF MONTICELLO WRIGHT COUNTY, MINNESOTA RESOLUTION NO. 2012-037 AUTHORIZING TWO PURCHASE AGREEMENTS BETWEEN THE CITY OF MONTICELLO ECONOMIC DEVELOPMENT AUTHORITY AND MONTGOMERY FARMS, LLC BE IT RESOLVED BY the City Council ( "Council ") of the City of Monticello, Minnesota (the "City ") as follows: Section 1. Recitals. 1.01. The City of Monticello Economic Development Authority (the "Authority ") and Montgomery Farms, LLC (the "Seller ") desire to enter into two purchase agreements (the "Purchase Agreements ") pursuant to which the Authority will acquire certain property in the downtown area of the City (the "Property ") from the Seller for economic redevelopment purposes related to the revitalization of the downtown area. 1.02. The City hereby finds that acquisition of the Property conforms to the City of Monticello Redevelopment Priorities and Policies, as approved by the City and Authority, and will facilitate the economic redevelopment and revitalization of the downtown area of the City. Section 2. Purchase Agreements Authorized. 2.01. The City hereby authorizes execution of the Purchase Agreements in substantially the form presented to the Authority, 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 Purchase Agreements by those officials shall be conclusive evidence of their approval. APPROVED BY the City Council of the City of Monticello, Minnesota, this 23rd day of April, 2012. CITY OF MONTICELLO C (f / 7W- Clint Herbst, Mayor ATTEST: Jeff ' ' , City Administrator CERTIFICATION STATE OF MINNESOTA COUNTY OF WRIGHT I hereby certify that the foregoing is a true and correct copy of Resolution #2012 -037 duly passed, adopted and approved by the Monticello City Council at their scheduled meeting on April 23, 2012, and recorded in minutes of said meeting. Notary Public: ' r/´┐ŻlC Date: (STAY i'i VICKI JAN LEER OFF Notary Publlo-Mlnnesota MyCommleelon EvIr" im 91, 2016 JefflOZgM, City Administrator