HRA Resolution 1987-4HRA RESOLUTION 87-4
A RESOLUTION BY THE MONTICELLO HOUSING
AND REDEVELOPMENT AUTHORITY APPROVING THE
ENTRY OF A PURCHASE AGREEMENT WITH
MONTICELLO FORD, INC.
WHEREAS, the Monticello Housing and Redevelopment Authority (the
"Buyer ") shall enter into a purchase agreement with Monticello Ford, Inca
(the "Seller "), Lawrence Flake, President; and
WHEREAS, both the buyer and the seller shall agree to the terms of
the purchase agreement and all contingencies therein; and
WHEREAS, there was presented to this meeting of the governing body
of the Authority for its consideration and approval, a copy of the
purchase agreement with contingencies and a copy of the contract
for deed payment schedule; and
WHEREAS, the buyer agrees to pay $75,000 for property located at
249 West Broadway, Monticello, Minnesota; and
WHEREAS, the buyer agrees to earnest money of $500 and $24,500 cash,
paid at closing date, said monies obtainable through the Housing
and Redevelopment General Fund; and
WHEREAS, both the buyer and the seller agree that the remaining balance
of $50,000 shall be on a Contract for Deed at an interest rate of
10 percent for 405 years, said monies obtainable from tax increment
generated by River Park View Elderly Project; and
NOW, THEREFORE, BE IT RESOLVED by the governing body of the Housing
and Redevelopment Authority in and for the City of Monticello:
1. That the proposed acquisition of said property lies within
Tax Increment Financing Redevelopment District #20
2. That the proposed acquisition will contribute to the elimination
of blight or deterioration within the area.
3. That the proposed acquisition and intended demolition of
building located on said property shall enhance a developer;
thereby, increase the tax base of the City and stimulate
pedestrian traffic in the downtown area.
The Housing and Redevelopment Authority of Monticello, Minnesota
does hereby approve the entry of a purchase agreement with Monticello
Ford, Inc.
Adopted by the Monticello Housing and Redevelopment Authority this
day of August, 1987
ATTEST:
HRA Director HRA Chairperson