HRA Resolution 1996-5HOUSING AND REDEVELOPMENT AUTHORITY
IN AND FOR THE CITY OF MONTICELLO
RESOLUTION NO . 96-5
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 Authority has reviewed a Contract for Private Redevelopment
among the Authority, the City of Monticello and the Redeveloper ( the "Contract")
specifying the respective obligations of the parties regarding the TIF District and
the Prairie West Project; and
WHEREAS, the Board of Commissioners of the Authority has determined that
it is in the best interests of the Authority to enter into the Contract;
NOW, THEREFORE, BE IT RESOLVED by the Board of Commissioners of the
Housing and Redevelopment Authority in and for the City of Monticello as follows:
1. The Contract is hereby approved in substantially the form presented
to the Authority on this date, subject to modifications that do not materially alter the
nature of the transaction, which are approved by the Chair and Executive Director;
provided that execution of the documents by such officials shall be conclusive
evidence of such approval.
2. The proper Authority officials are authorized and directed to execute
the Contract on behalf of the Authority and to carry out on behalf of the Authority
the Authority's obligations thereunder.
3. The proper Authority 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 Board of Commissioners of the Housing and Redevelopment
Authority in and for the City of Monticello this 29th day of MAY , 1996.
C hai
ATTEST
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Executive Director
SJB105028
MN190 -54