EDA Resolution 2016-011CITY OF MONTICELLO ECONOMIC DEVELOPMENT AUTHORITY
EDA RESOLUTION NO. 2016 -011
RESOLUTION APPROVING A FIRST AMENDMENT OF A
PURCHASE AND REDEVELOPMENT AGREEMENT
BETWEEN THE CITY OF MONTICELLO ECONOMIC
DEVELOPMENT AUTHORITY AND TAYLOR
HOLDINGS, INC.
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 Taylor Holdings, Inc. (the "Developer ") executed a Purchase and
Redevelopment Agreement, dated as of August 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 "Property"), with closing to take place by September
16, 2016.
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 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 14th day of September, 2016.
President
ATTEST:
'
Ex tive Director
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