EDA Resolution 2018-07CITY OF MONTICELLO ECONOMIC DEVELOPMENT AUTHORITY
RESOLUTION NO. 2018-07
APPROVING PRELIMINARY DEVELOPMENT AGREEMENT
BETWEEN THE CITY OF MONTICELLO ECONOMIC DEVELOPMENT
AUTHORITY AND BP-PINESI, LLC
BE IT RESOLVED by the Board of Commissioners of the City of Monticello Economic
Development Authority ("Authority") as follows:
1. Background.
1.01. BP-Pinesl, LLC (the "Developer") is in negotiations to acquire certain property in
the City, legally described as Lots 1, 21 3, 91 10, 11, 12, 13, 14, and 15 and the West 16.00 feet of
Lot 8, all in Block Thirty-six in the TOWNSITE OF MONTICELLO as of public record, Wright
County, Minnesota (the "Property"), which Property has been the subject of certain preliminary
negotiations with the Authority for purposes of constructing a multi -family residential development
on the Property and related parking (the "Development").
1.02. The Authority and the Developer have determined to enter into a preliminary
development agreement (the "PDA"), providing for negotiation of a definitive development contract
that will address (among other things) terms under which the Developer will construct the
Development on the Property, and the Authority may provide certain financial assistance if
warranted to make development by the Developer financially feasible.
1.03. The Board has reviewed the PDA, and has determined that it is in the best interests
of the Authority to approve and execute the PDA.
2. Approval of PDA.
2.01. The Authority approves the PDA, and authorizes and directs the President and
Executive Director to execute same in substantially the form on file, subject to modifications that do
not alter the substance of the transaction and are approved by the President and Executive Director,
provided that execution of the PDA by such officials will be conclusive evidence of their approval.
2.02. Authority officials and consultants are authorized to take any other actions necessary
to carry out the Authority's obligations under the PDA, and to bring a proposed definitive
development contract before the Authority.
Approved this 11 th day of April, 2018, by the Board of Commissioners of the City of Monticello
Economic Development Authority.
P- sident
ATTEST:
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