EDA Resolution 2016-002CITY OF MONTICELLO
WRIGHT COUNTY, MINNNESOTA
ECONOMIC DEVELOPMENT AUTHORITY
RESOLUTION NO. EDA- 2016 -002
APPROVING AN ASSIGNMENT AND ASSUMPTION AGREEMENT BETWEEN
MASTER'S FIFTH AVENUE, INC. AND LAXMI HOTEL, INC.
BE IT RESOLVED by the Board of Commissioners ( "Board ") of the City of Monticello
Economic Development Authority ( "Authority ") as follows:
Section 1. Recitals.
1.01. The Housing and Redevelopment Authority in and for the City of Monticello (the
"HRA and Master's Fifth Avenue, Inc. (the "Assignor ") entered into a Contract for Private
Development dated as of September 18, 2001, as amended (the "Contract ").
1.02. Pursuant to the Contract, the HRA agreed to reimburse Assignor for a portion of
Assignor's costs of acquisition, demolition, and parking improvements on the Development
Property through Available Tax Increment.
1.03. In 2007, the HRA and the Authority consolidated operations, and the Contract was
assigned by the HRA to the Authority.
1.04. The Assignor completed construction of the required improvements on the
Development Property and received a Certificate of Completion on June 19, 2003.
1.05. Assignor now wishes to assign its rights and obligations under the Contract to
Laxmi Hotel, Inc. (the "Assignee "), and to assign the right to receive Available Tax Increment to
Assignee, and Assignee wishes to assume such rights and obligations under the Contract and
accept the assignment of the Available Tax Increment, and to that end the Assignor and Assignee
have proposed to enter into an Assignment and Assumption Agreement (the "Assignment ").
1.06. The Board has reviewed the Assignment and finds that the approval and execution of
the Authority's consent thereto are in the best interest of the City and its residents.
Section 2. Authority Approval; Other Proceedings.
2.01. The Assignment, including the attached Consent of the Authority related thereto, as
presented to the Board is hereby in all respects approved.
2.02. The President and Executive Director are hereby authorized to execute on behalf of
the Authority the Consent attached to the Assignment and any other documents requiring execution
by the Authority in order to carry out the transaction described in the Assignment.
2.03. Authority staff and consultants are authorized to take any actions necessary to carry
out the intent of this resolution.
477887v1 MN1 MN190 -95
C= OF MONT�CEILLO
WRIGET COUNT Y9 9 MINNNESOTA
ECONOMIC DEVEILOPFWENT AUTHORITY
RESOILUTtIGN NO. EDA- 2016 -002
Approved by the Board of Commissioners of the City of Monticello Economic
Development Authority this 13th day of April, 2016.
President
ATTEST:
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