EDA Resolution 2015-012CITY OF MONTICELLO
WRIGHT COUNTY, MINNESOTA
ECONOMIC DEVELOPMENT AUTHORITY
RESOLUTION NO. EDA- 2015 -012
APPROVING A THIRD AMENDMENT OF A CONTRACT
FOR PRIVATE DEVELOPMENT BY AND BETWEEN THE
CITY OF MONTICELLO ECONOMIC DEVELOPMENT
AUTHORITY AND MASTERS FIFTH AVENUE, INC.
BE IT RESOLVED BY the Board of Commissioners ('Board ") of the City of Monticello
Economic Development Authority, Monticello, Minnesota (the "Authority ") as follows:
Section 1. Recitals.
1.01. The Authority currently administers Redevelopment Project No. 1 (the "Project "),
pursuant to Minnesota Statutes, Sections 469.001 to 469.047 (the "HRA Act ") within an area
located in the City, and administers Tax Increment Financing District No. 1 -35 (the "TIF District ")
within the Project pursuant to Minnesota Statutes, Sections 469.174 to 469.1794:
1.02. The Authority and Masters Fifth Avenue, Inc. (the "Developer ") executed a certain
Contract for Private Development, dated as of September 7, 2005, as amended by a First
Amendment thereto dated as of June 7, 2006, and by a Second Amendment thereto dated as of
December 18, 2007 (as so amended, the "Agreement "), whereunder the Authority pledged
Available Tax Increment (as defined in the Contract) to pay or reimburse certain land acquisition
costs incurred by the Developer in connection with the development of an approximately 11,000
square foot retail center, with associated parking, known as Landmark Square II (the "Minimum
Improvements ") on certain property in the TIF District.
1.03. Due to delays in construction of the Minimum Improvements, the parties propose
to execute a Third Amendment to the Agreement (the "Third Amendment ") to modify the
construction commencement and completion dates for the Minimum Improvements.
Section 2. Third Amendment Approved.
2.01. The Third Amendment as presented to the Board is hereby in all respects
approved, 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 documents by
such officials shall be conclusive evidence of approval. The President and Executive Director
are hereby authorized to execute, on behalf of the Authority, the Third Amendment.
Approved by the Board of Commissioners of the City of Monticello Economic
Development Authority this 9th day of December, 2015.
President
ATTEST:
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Exec iv ector
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