City Council Resolution 1996-26CITY OF MONTICELLO
RESOLUTION NO . 96-26
RESOLUTION APPROVING CONTRACT FOR PRIVATE
REDEVELOPMENT AMONG THE HOUSING AND REDEVELOPMENT
AUTHORITY IN AND FOR THE CITY OF MONTICELLO, THE CITY OF
MONTICELLO AND CEDRUS CREEK CRAFTSMAN, INC.
WHEREAS, the Housing and Redevelopment Authority in and for the City of
Monticello ( "Authority") is administering its Redevelopment Project No. 1
("Project"); and
WHEREAS, within the Project the Authority has proposed to create Tax
Increment Financing District No. 1-20 ( the "TIF District") in order to facilitate the
development of a housing development by Cedrus Creek Craftsman, Inc. ( the
"Redeveloper") , known as the "Prairie West Project;" and
WHEREAS, the City has reviewed a Contract for Private Redevelopment among
the Authority, the City and the Redeveloper ( the "Contract") specifying the
respective obligations of the parties regarding the TIF District and the Prairie West
Project; and
WHEREAS, the City Council has determined that it is in the best interests of
the City to enter into the Contract;
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of
Monticello as follows:
1. The Contract is hereby approved in substantially the form presented
to the City Council on this date, subject to modifications that do not materially alter
the nature of the transaction, which are approved by the Mayor and City
Administrator; provided that execution of the documents by such officials shall be
conclusive evidence of such approval.
2. The proper City officials are authorized and directed to execute the
Contract on behalf of the City, and to carry out on behalf of the City the City's
obligations thereunder.
3. The proper City officials are authorized to execute any deeds any
related certificates or documents necessary to carry out the real estate transaction
contemplated under the Contract, all subject to the terms and conditions of the
Contract.
Approved by the City Council of the
May 1996.
ATTEST:
zw /,//,, - zL1%
City Administror
SJB105024
MN190-54