EDA Resolution 2016-006CRTY OF MONTICELLO
ECONOMIC DEVELOPMENT AUTHORITY
RESOLUTION NO. 2016-006
RESOLUTION APPROVING A PURCHASE AND REDEVELOPMENT AGREEMENT
BETWEEN THE CITY OF MONTICELIL,O ECONOMIC DEVELOPMENT
AUTHORITY AND TAYLOR HOLDINGS, INC., AND
THE CONVEYANCE OF LAND IN CONNECTION WITH THE AGREEMENT
BE IT RESOLVED by the Board of Commissioners ( "Board ") of the City of Monticello
Economic Development Authority ( "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. To facilitate development of certain property in the Project, the Authority
proposes to enter into a Purchase and Redevelopment Agreement (the "Contract ") between the
Authority and Taylor Holdings, Inc. (the "Developer "), pursuant to which among other things the
City will convey to the Authority, and the Authority will reconvey to Developer, certain property
within the Project located at 413 0' Street West and described as follows (the "Development
Property "):
Lot 3, Block 29, and Lot 2, Block 29, except the Northwesterly 33 feet thereof, said
Northwesterly 33 feet of Lot 2 being also described as that part of Lot 2 lying Northwesterly
of a line drawn parallel to the Northwesterly line of said Lot 2 and distant 33 feet
Southeasterly of said Northwesterly line, all in Townsite of Monticello, Wright County,
Minnesota.
1.03. The Authority has on this date conducted a duly noticed public hearing regarding
the sale of the Development Property to Developer, at which all interested persons were given an
opportunity to be heard.
1.04. The Authority finds and determines that conveyance by the Authority of the
Development Property to the Developer is for a public purpose and is in the public interest
because it will further the development objectives of the Project and increase the supply of
owner - occupied residential housing in the City, and further finds and determines that the
conveyance of the Development Property has no relationship with the City's comprehensive
plan.
Section 2. Contract Approved: Further Proceedings.
484194v1 MNI MN325 -32
2.01. The Board approves the Contract as presented to the Board, including the
provisions for the conveyance of the Development Property therein, 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 Contract by those officials shall be conclusive evidence
of their approval.
2.02. Authority staff and officials are authorized to take all actions necessary to perform
the Authority's obligations under the Contract as a whole, including without limitation execution
of any deed or other documents necessary to convey the Development Property to Developer.
Approved by the Board of Commissioners of the City of Monticello Economic
Development Authority this 10th day of August, 2016.
President
ATTEST:
E ecutive Director
484194v MNI MN325 -32 2