EDA Resolution 2018-05EDA RESOLUTION NO. 2018-05
RESOLUTION APPROVING PURCHASE AGREEMENT
FOR THE ACQUISITION OF 112 WEST 1E VER 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 Biffs Garage LLC (the "Seller") desire to enter into a purchase
agreement (the "Purchase Agreement") pursuant to which the Authority will acquire certain
property located at 112 West River Street (the "Property") in 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 $370,000 plus related closing costs.
1.03. The Authority finds that acquisition of the Property conforms to the City's
comprehensive plan and Small Area Study, as approved by the City and Authority, and will
facilitate the economic redevelopment and revitalization of this portion of the downtown area of the
City.
1.04. Pursuant to Minnesota Statutes, Section 462.356, subd. 2, the Planning Commission
of the City met on March 6, 2018, to review the proposed acquisition and its conformity to the
City's Comprehensive Plan, and found that the acquisition is consistent with 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 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 14th day of March, 2018, by the Board of Commissioners of the City of
Monticello Economic Development Authority.
ATTEST:
Director
504
EXH�MT A
PROPERTY
Those parts of Lots 13, 5 and 6, Block 52, Monticello, according to the recorded plat thereof,
Wright County, Minnesota described as follows: Beginning at the most easterly corner of said
Lot 13; thence on an assumed bearing of South 25 degrees 16 minutes 44 seconds West along the
southeasterly line of said Lot 13, a distance of 165.36 feet to the most southerly corner of said
Lot 13; thence North 64 degrees 58 minutes 26 seconds West along the southwesterly line of said
Lot 13, a distance of 3.06 feet to a outside building line; thence South 24 degrees 18 minutes 51
seconds West along said outside building line, a distance of 0.27 feet to a building corner; thence
North 65 degrees 40 minutes 10 seconds West along said outside building line, a distance of
44.00 feet to a building corner; thence North 24 degrees 18 minutes 51 seconds East along said
outside building line, a distance of 78.00 feet to a building corner; thence South 65 degrees 41
minutes 09 seconds East along said outside building line, a distance of 3.33 feet to the
northwesterly line of the Southeasterly 45.00 feet of said Lot 13; thence North 25 degrees 59
minutes 31 seconds East along said northwesterly line, a distance of 3.11 feet to the southwesterly
line of the Northeasterly 85.00 feet of said Lot 13; thence South 65 degrees East along said
southwesterly line, a distance of 30.00 feet to the northwesterly line of the Southeasterly 15.00
feet of said Lot 13; thence North 25 degrees 16 minutes 44 seconds East along said northwesterly
line, a distance of 85.00 feet to the northeasterly line of said Lot 13; thence South 65 degrees
East along said northeasterly line, a distance of 15.00 feet to the point of beginning.
Error! Unknown document property name.