EDA Resolution 2018-01EDA RESOLUTION NO. 2018-1
RESOLUTION APPROVING PURCHASE AGREEMENT
FOR THE ACQUISITION OF 224 EAST 4TH STREET BY
THE CITY OF MONTICELLO ECONOMIC
DEVELOPMENT A1JTHORITY
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 Raymond Fuller, as Personal Representative of the Estate of
Marie Jamison (the "Seller") desire to enter into a purchase agreement (the "Purchase Agreement")
pursuant to which the Authority will acquire certain property located at 224 East 4th Street (the
"Property") in the downtown area of the City of Monticello (the "City") from the Seller for
economic redevelopment purposes related to the revitalization of the downtown area. The Property
is described in Exhibit A attached hereto.
1.02. Pursuant to the Purchase Agreement, the Authority will purchase the Property from
the Seller for a total purchase price of $71,950.00 plus related closing costs.
1.03. The Authority finds that acquisition of the Property conforms to the City of
Monticello Redevelopment Priorities and Policies, as approved by the City and Authority, and will
facilitate the economic redevelopment and revitalization of the downtown area of the City.
1.04. Pursuant to Minnesota Statutes, Section 462.356, subd. 2, the Planning Commission
of the City will meet on February 6, 2018, to review the proposed acquisition and its conformity to
the City's Comprehensive Plan.
Section 2. Purchase Agreement Approved.
2.01. The Authority hereby approves the Purchase Agreement in substantially the form
presented to the Authority, subject to the Planning Commission's finding that the acquisition of
the Property conforms to the Comprehensive Plan and 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 Purchase Agreement 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 Purchase Agreement as a whole, including without
limitation execution of any documents to which the Authority is a party referenced in or attached
to the Purchase Agreement, and any deed or other documents necessary to acquire the Property
from the Seller, all as described in the Purchase Agreement.
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Approved this 10th day of January, 2018, by the Board of Commissioners of the City of
Monticello Economic Development Authority.
President
ATTEST:
xec tive Director
EXHIBIT A
PROPERTY
Lots 5 and 6 in Block "G" in A.C. Riggs Addition to the Townsite of Lower Monticello, Wright
County, Minnesota.
PID:155019007050
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