EDA Resolution 2017-004EDA RESOLUTION NO. 2017-004
RESOLUTION APPROVING FIRST AMENDMENT TO
PURCHASE AGREEMENT BETWEEN THE CITY OF
MONTICELLO ECONOMIC DEVELOPMENT AUTHORITY
AND RED ROOSTER, 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 and Red Rooster, Inc. (the "Seller") executed a certain Purchase
Agreement, dated as of July 12, 2017 (the "Agreement"), in connection with the conveyance by the
Seller of certain property described in the Agreement (the "Property") to the Authority.
1.02. Due to delays in clarifying certain title -related questions concerning the Property,
the parties have agreed to amend the Agreement to extend the date for closing on the transfer of the
Property from the Seller to the Authority and to clarify certain costs associated with closing on
the conveyance of the Property.
Section 2. First Amendment Approved.
2.01. The First Amendment to Purchase Agreement (the "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 Amendment 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 Amendment.
Adopted by the City of Monticello Economic Development Authority on September 13, 2017.
President
Attest:
Ex cuti e Director
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