EDA Resolution 2016-009EDA RESOLUTION NO. 2016-009
RESOLUTION APPROVING A FOURTH AMENDMENT
OF A CONTRACT FOR PRIVATE DEVELOPMENT BY
AND BETWEEN THE CITY OF MONTICELLO
ECONOMIC DEVELOPMENT AUTHORITY AND
MASTERS FIFTH AVENUE, INC.
BE IT RESOLVED BY the Board of Commissioners ('Board ") of the City of Monticello
Economic Development Authority, Monticello, Minnesota (the "Authority ") as follows:
Section 1. Recitals.
1.01. The Authority currently administers Redevelopment Project No. 1 (the "Project "),
pursuant to Minnesota Statutes, Sections 469.001 to 469.047 (the "HRA Act ") within an area
located in the City, and administers Tax Increment Financing District No. 1 -35 (the "TIF District ")
within the Project pursuant to Minnesota Statutes, Sections 469.174 to 469.1794.
1.02. The Authority and Masters Fifth Avenue, Inc. (the "Developer ") executed a certain
Contract for Private Development, dated as of September 7, 2005, as amended by a First
Amendment thereto dated as of June 7, 2006, by a Second Amendment thereto dated as of
December 18, 2007, and by a Third Amendment thereto dated as of December 9, 2015 (as so
amended, the "Agreement "), whereunder the Authority pledged Available Tax Increment (as
defined in the Contract) to pay or reimburse certain land acquisition costs incurred by the Developer
in connection with the development of an approximately 11,000 square foot retail center, with
associated parking, known as Landmark Square II (the "Minimum Improvements ") on certain
property in the TIF District.
1.03. The Developer has requested and the Authority has agreed to amend the definition
of the Minimum Improvements to allow for construction of multifamily residential housing, and
to that end, the parties propose to execute a Fourth Amendment to the Agreement (the "Fourth
Amendment ") in the form presented to the Authority.
Section 2. Fourth Amendment Approved.
2.01. The Fourth Amendment as presented to the Board is hereby in all respects
approved, subject to modifications that do not alter the substance of the transaction and that are
approved by the President and Executive Director, provided that execution of the documents by
such officials shall be conclusive evidence of approval. The President and Executive Director
are hereby authorized to execute, on behalf of the Authority, the Fourth Amendment.
484212v2 MNI MN190 -115
Approved by the Board of Commissioners of the City of Monticello Economic
Development Authority this 14th day of September, 2016.
President
ATTEST:
E ec tive Director
484212v2 MNI MN 190 -115