HRA Resolution 1995-7HRA RESOLUTION NO. 95 -7
A RESOLUTION BY THE HOUSING AND REDEVELOPMENT AUTHORITY
IN AND FOR THE CITY OF MONTICELLO, MINNESOTA,
AUTHORIZING THE ACQUISITION AND DISPOSITION OF RAW LANDS
DESCRIBED AS
LOT 5, BLOCK 3, OIP
WHEREAS, both the Housing and Redevelopment Authority in and for
the City of Monticello (the "Authority ") and Vector Tool &
Manufacturing, Inc., a Minnesota general partnership, (the
"Redevelopers ") agree to the terms, conditions, and convenants of
the Purchase and Development Contract between the Housing and
Redevelopment Authority in and for the City of Monticello and
Vector Tool & Manufacturing, Inc.; and
WHEREAS, the Housing and Redevelopment Authority in and for the
City of Monticello declares the said raw lands for acquisition and
disposition lies within the Modified Central Monticello
Redevelopment Plan of Redevelopment Project No. 1; and
WHEREAS, the Housing and Redevelopment Authority in and for the
City of Monticello owns the said raw lands and the parties agree to
an estimated market value of $96,000 for the said raw lands; and
WHEREAS, the Housing and Redevelopment Authority in and for the
City of Monticello declares proper notice appeared in the
Monticello Times relating to the public hearing held September 6,
1995, for the acquisition and disposition of the said raw lands;
and
WHEREAS, the Housing and Redevelopment Authority in and for the
City of Monticello continued the public hearing of September 6 to
September 14, 1995, for the acquisition and disposition of the said
raw lands; and
WHEREAS, the Housing and Redevelopment Authority in and for the
City of Monticello and James C. Harwood and Bradley D. Barger agree
to construct upon the said raw lands a 15,000 sq ft office and
manufacturing facility for Vector Tool & Manufacturing, Inc.
creating 30 full -time jobs within two years at an average weighted
wage /benefit of $12.00 per hour; and
WHEREAS, the Housing and Redevelopment Authority in and for the
City of Monticello and the Redeveloper agree to a purchase price of
Thirty -three Thousand Dollars and No Cents ($33,000) for the
acquisition and disposition of the raw lands described as:
Lot 5, Block 3, Oakwood Industrial Park,
City of Monticello, County of Wright, State of Minnesota
HRA RESOLUTION NO. 95 -7
Page 2
NOW, THEREFORE, BE IT RESOLVED by the governing body of the Housing
and Redevelopment Authority in and for the City of Monticello finds
the redevelopment to be in the public interest because:
1. It is consistent with the City of Monticello
Comprehensive Plan; and
2. It will discourage commerce, industry, or manufacturing
from moving their operations to another state; and
3. It will result in increased employment in the
municipality; and
4. It will result in preservation and enhancement of the tax
base of the municipality.
The Housing and Redevelopment Authority in and for the City of
Monticello, Minnesota, does hereby authorize the disposition of
described raw lands to Vector Tool & Manufacuting, Inc. subject to
compliance of the Purchase and Development Contract dated
September 14 1 19 95.
Adopted by the Monticello Housing and Redevelopment Authority this
14th day of September, 1995.
of
H C r rperson
H C
ATTEST:
HRA Executive Iii octor