City Council Resolution 2006-25CITY OF MONTICELLO
RESOLUTION NO. 2006 -25
RESOLUTION AUTHORIZING
CONVEYANCE OF CITY PROPERTY TO THE
HOUSING AND REDEVELOPMENT AUTHORITY
IN AND FOR THE CITY OF MONTICELLO
BE IT RESOLVED by the City Council ("Council") of the City of Monticello as follows:
Section 1. Recitals.
1.01. The City of Monticello (the "City ") has previously established the Central
Monticello Redevelopment Project No. 1 (the "Project "), which is currently administered by the
Housing and Redevelopment Authority in and for the City of Monticello (the "Authority ").
1.02. The Authority has approved, and the City is considering approval, of a tax increment
financing plan ( "TIF Plan ") and a proposed Tax Increment Financing District No.1 -37 (the 71F
District ") within the Project.
1.03. 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 SL Real Estate Holdings LLC (the "Redeveloper'D, under which among other things
the Authority will convey certain property described as Lot 1, Block 1, Otter Creek Crossing 2"a
Addition (the "Redevelopment Property ") to Redeveloper.
1.04. The City currently owns the Redevelopment Property.
1.05. The City is authorized to convey real property pursuant to Minnesota Statutes
Section 465.035 to any governmental subdivision for a nominal consideration, or pursuant to
Minnesota Statutes Section 471.64 to any other political subdivision of the State.
1.06. The Authority is a political subdivision of the State pursuant to Minnesota Statutes
Section 469.003, Subdivision 1.
1.07. The City finds and determines that conveyance of the Redevelopment Property to
the Authority is for a public purpose and is in the public interest because it will further the
objer-fi-'ves of the Project.
1.08. The City 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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