EDA Resolution 2016-005CITY OF MONTICELLO ECONOMIC DEVELOPMENT AUTHORITY
EDA RESOLUTION NO. 2016-005
RESOLUTION APPROVING A FIRST AMENDMENT OF A
PURCHASE AND DEVELOPMENT CONTRACT
BETWEEN THE CITY OF MONTICELLO ECONOMIC
DEVELOPMENT AUTHORITY AND CLEAR CREEK
LAND COMPANY, LLC
BE IT RESOLVED BY the Board of Commissioners ( "Board ") of the City of Monticello
Economic Development Authority (the "Authority ") as follows:
Section 1. Recitals.
1.01. The Authority currently administers Central Monticello Development Project No.
1 (the "Project "), pursuant to Minnesota Statutes, Sections 469.090 to 469.1082, as amended.
1.02. The Authority and Clear Creek Land Company, LLC (the "Developer ") executed a
Purchase and Development Contract, dated as of May 11, 2016 (the "Contract "), providing, among
other things, for the conveyance by the Authority to the Developer of certain property within the
Project and legally described within the Contract (the "Development Property ").
1.03. The parties have negotiated and propose to execute a First Amendment to the
Contract (the "First Amendment ") to extend the deadline for the conveyance of the Development
Property.
Section 2. First Amendment Approved.
2.01. The First 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 First
Amendment by such officials shall be conclusive evidence of approval.
2.02. The President and Executive Director are hereby authorized to execute on behalf
of the Authority the First Amendment and any documents referenced therein requiring execution
by the Authority, and to carry out, on behalf of the Authority, its obligations thereunder.
2.03. Authority staff and consultants are authorized to take any actions necessary to
carry out the intent of this resolution.
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Approved by the Board of Commissioners of the City of Monticello Economic
Development Authority this 8th day of June, 2016.
President
ATTEST:
ve Director
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