HRA Resolution 2001-06HOUSING AND REDEVELOPMENT AUTHORITY
IN AND FOR THE CITY OF MONTICELLO
RESOLUTION NO. 01 -06
RESOLUTION APPROVING PURCHASE OF CERTAIN PROPERTY AND
A LOAN AGREEMENT BETWEEN THE HOUSING AND REDEVELOPMENT
AUTHORITY IN AND FOR THE CITY OF MONTICELLO AND THE CITY OF
MONTICELLO
WHEREAS, the Housing and Redevelopment Authority in and for the City of Monticello
( "Authority ") is administering its Redevelopment Project No. I (``Project "); and
WHEREAS, within the Project the Authority has created Tax Increment Financing District No. 1 -22
(the "TIF District ") in order to facilitate the redevelopment of the downtown area; and
WHEREAS, to carry out the Project, and specifically to eliminate blighting factors created by an
existing structure, Authority has determined to acquire the property described as
LOTS a & 1-0, BLOCK 5 4 EXCEPT TIRE N� O T4 8-0 Fi E T � C ITY . , (the "Property "); and
OF MONTICELLO; WRIGHT COUNTY
WHEREAS, to finance the cost of acquisition of the Property, the Authority has determined to enter
into a loan agreement with the city (the "Loan Agreement ") in the form substantially on file in City Hall;
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 Authority approves acquisition of the Property for a purchase price of $ 109,400
pursuant to a purchase agreement on file in City Hall, and also approves the Loan Agreement.
2. The proper Authority officials are authorized and directed to execute the purchase
agreement and the Loan Agreement 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 purchase agreement
and the loan described in the Loan Agreement.
Approved by the Board of Commissioners of the Housing and Redevelopment Authority in and for
the City of Monticello this 4th day of APRIL , 2001.
w f 1
Chair
ATTEST:
(D � \Zi ci � ��z P t., _�
Executive Director