HRA Resolution 1994-11HOUSING AND REDEVELOPMENT AUTHORITY
IN AND FOR THE CITY OF MONTICELLO
RESOLUTION NO. 94-11
RESOLUTION APPROVING CONTRACT FOR PRIVATE REDEVELOPMENT
WITH RESIDENTIAL DEVELOPMENT, 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 approved creation of Tax Increment Financing
District No. 1 -18 in order to facilitate certain soil corrections and related residential and commercial
development; and
WHEREAS, the Authority has reviewed a Contract for Private Redevelopment between the Authority
and Residential Development, Inc. (the "Contract ") specifying the respective obligations of Residential
Development, Inc. and the Authority regarding development within the TIF District; and
WHEREAS, the Authority has determined that it is in the best interests of the Authority and the City
as a whole 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:
(a) final annexation by the City of Monticello of the property included within the TIF District; and
(b) modifications to the Contract that do not materially alter the nature of the transaction, which are
approved by the Chair and Executive Director; provided that execution of the Contract by such officials shall
be conclusive evidence of such approval.
2. Upon satisfaction of the conditions specified in Section 1, 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.
Approved by the Board of Commissioners of the Housing and Redevelopment Authority in and for
the City of Monticello this 7th day of DECEMBER 1994.
Chan""
ATTEST:
Secretary
SJB80245
MN190 -46