City Council Resolution 2024-43CITY OF MONTICELLO
WRIGHT COUNTY
STATE OF MINNESOTA
RESOLUTION 2024-43
RESOLUTION CALLING PUBLIC HEARING ON THE PROPOSED MODIFICATION OF
TAX INCREMENT FINANCING DISTRICT NO. 1-42 WITHIN THE CENTRAL
MONTICELLO REDEVELOPMENT PROJECT NO. 1, AND THE PROPOSED
ADOPTION OF THE MODIFIED TAX INCREMENT FINANCING PLAN RELATING
THERETO
WHEREAS, on February 23, 2022, the City of Monticello Economic Development Authority
(the "Authority") approved a Tax Increment Financing Plan (the "Original TIF Plan") for Tax
Increment Financing District No. 1-42 (Headwaters Apartment Project) (the "TIF District") located
within the Central Monticello Redevelopment Project Area No. 1 (the "Redevelopment Project"),
pursuant to Minnesota Statutes, Sections 469.001 to 469.047, 469.090 to 469.1081, and 469.174
to 469.1794, all as amended (collectively, the "TIF Act"), and on February 14, 2022, the City of
Monticello, Minnesota (the "City") approved the establishment of the TIF District; and
WHEREAS, on May 23, 2022 and June 8, 2022, respectively, the City and the Authority
approved a modification to the Original TIF Plan (the "2022 Modification" and, together with the
Original TIF Plan, the "TIF Plan"), which amended the budget;
WHEREAS, the Authority wishes to further revise the TIF Plan to expand the geographic area
of the TIF District (the "2024 Modification"), a modification which requires the same notice,
discussion, public hearing and findings required for the approval of the Original TIF Plan, pursuant
to Section 469.175, subd. 4(b)(1) of the TIF Act;
WHEREAS, in addition, the TIF Plan is based on plans to construct an approximately 108 -unit
rental multi -family housing facility for seniors, and a new project has been proposed for the TIF
District which would require a modification of the TIF Plan to amend the project, the budget and
the estimated costs of the project, and the Authority wishing to include those amendments in the
2024 Modification; and
WHEREAS, on May 8, 2024, the Authority requested that the City Council of the City call a
public hearing on the 2024 Modification.
NOW, THEREFORE BE IT RESOLVED by the City Council (the "Council") of the City of
Monticello, Minnesota (the "City"), as follows:
1. Public Hearing. This Council shall meet on or after Monday, June 24, 2024, at
approximately 6:30 p.m., to hold a public hearing on the 2024 Modification and the TIF Plan, all
pursuant to and in accordance with the TIF Act.
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2. Notice of Hearing; Filing of TIF Plan. The City Clerk is hereby authorized to cause
a notice of the hearing, substantially in the form attached hereto as Exhibit A, to be published
as required by Section 469.175, Subdivision 3 of the TIF Act, to place a copy of the proposed TIF
Plan on file in the City Clerk's Office at City Hall, and to make such copies available for
inspection by the public.
3. Consultation with Other Taxing Jurisdictions. The City Clerk is hereby directed to
mail a notice of the public hearing and a copy of the proposed Tax increment Financing Plan for
the TIF District to Wright County and Independent School District No. 882, informing those
taxing jurisdictions of the estimated fiscal and economic impact of the TIF District.
Adopted by the City Council of the City of Monticello, Minnesota, this 28th day of May,
2024.
Mayor
ATTEST:
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MN 190\170\952851.v1
Exhibit A
CITY OF MONTICELLO
NOTICE OF PUBLIC HEARING
NOTICE IS HEREBY GIVEN that the City Council of the City of Monticello, Minnesota (the
"City"), will hold a public hearing on Monday, June 28, 2024, at approximately 6:30 p.m. in the
City Hall Council Chambers, 505 Walnut Street, Monticello, relating to the proposed modification
of Tax Increment Financing District No. 1-42 (the "TIF District") within the Central Monticello
Redevelopment Project No. 1 (the "Redevelopment Project"), and the proposed modification of
the Tax Increment Financing Plan (the "TIF Plan") relating to the TIF District, pursuant to
Minnesota Statutes, Sections 469.090 to 469.1081, and Sections 469.174 through 469.1794, all
as amended. Copies of the proposed modifications to the TIF Plan (the "Modifications") will be
on file and available for public inspection at the office of the City Clerk at City Hall.
The Modifications include an enlargement of the TIF District. The property included within the
TIF District, as modified (the "Modified TIF District"), is located within the Redevelopment Project
and the City. A map of the Redevelopment Project and the Modified TIF District therein is set
forth below. Subject to certain limitations, tax increment from the Modified TIF District may be
spent on eligible uses within the boundaries of the Redevelopment Project.
TIF Districts 1-42 and 1-43 Boundaries
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All interested persons may appear at the hearing and present their views orally or in writing prior
to the hearing to City Hall, 505 Walnut Street, Monticello, MN 55362.
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MN 190\170\952851.v1
BY ORDER OF TFIZ-\CITX-COUNCIL
ty Clerk
MN 190\ 170\952851.v1