EDA Resolution 2018-02EDA RESOLUTION NO. 2018-2
RESOLUTION APPROVING PURCHASE AGREEMENT
FOR THE ACQUISITION OF 255 EAST BROADWAY
STREET BY THE CITY OF MONTICELLO ECONOMIC
DEVELOPMENT AUTHORITY
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 Owen Gossett and Erika K. Gossett (together, the "Seller") desire
to enter into a purchase agreement (the "Purchase Agreement") pursuant to which the Authority will
acquire certain property located at 255 East Broadway 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 $106,000 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.
1
Error! Unknown document property name.
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
Lot Ten (10), in Block B of the Townsite (now known as City) of Monticello and that part adjoining
said Lot Ten (10) described as follows: Beginning at the Southeast corner of said Lot Ten (10);
thence Easterly along the Northerly line of Broadway Street to a point distant 57.00 feet Westerly of
the Southwest corner of Lot One (1), in Block B of the Townsite of Lower Monticello; thence
Northerly, parallel with the Westerly line of said Lot One (1), a distance of 165.00 feet to the
Southerly line of Lot Eleven (11) of said Block B of the Townsite of Monticello; thence Westerly
along said Southerly line to the Northeast corner of said Lot Ten (10); thence Southerly along the
Easterly line of said Lot Ten (10) to the point of beginning, according to the plat and survey thereof on
file and of record in the office of the County Recorder in and for Wright County, Minnesota.
AND
Lot Ten (10) in Block B of Monticello and those parts of Lot Two (2), Block B, Lower Monticello
and Palm Street of Monticello according to the recorded plat thereof lying Northwesterly of a line
drawn southwesterly from a point on the northeasterly line of said Lot Two (2) distant 57.00 feet
northwesterly from the most easterly corner of said Lot Two (2) to a point on the Northeasterly line of
Broadway Street of said Monticello distant 57.00 feet northwesterly from the most southerly corner
of said Lot Two (2).
Subject Property Address: 255 E. Broadway Street Monticello, MN 55362
Error! Unknown document property name.