EDA Resolution No. 2024-18 (Approving 2025 HRA Levy)CITY OF MONTICELLO
ECONOMIC DEVELOPMENT AUTHORITY
RESOLUTION NO.2024-18
AUTHORIZING THE LEVY OF
A SPECIAL BENEFIT TAX PURSUANT TO MINNESOTA STATUTES,
SECTION 469.033, SUBDIVISION 6 AND
APPROVING A BUDGET FOR FISCAL YEAR 2025
WHEREAS, pursuant to Minnesota Statutes, Sections 469.090 through 469.1081, as
amended, the City Council (the "City Council") of the City of Monticello, Minnesota (the "City")
previously created the City of Monticello Economic Development Authority (the "Authority"); and
WHEREAS, the Authority is authorized to exercise all powers and duties of a housing and
redevelopment authority under the provisions of Minnesota Statutes, Sections 469.001 to 469.047
(the "HRA Act"); and
WHEREAS, Section 469.033, subd. 6, of the HRA Act permits the Authority to levy and
collect a special benefit tax of up to 0.0185 percent of taxable market value in the City, levied upon
all taxable real property within the City, to finance the Authority's economic development and
redevelopment activities; and
WHEREAS, the special benefit tax levy authorized by Section 469.033, subd. 6 of the HRA
Act is separate and distinct from the City's levy and is not subject to the City's levy limits; and
WHEREAS, the Authority desires to levy a special benefit tax in the amount of 0.0185 percent
of taxable market value in the City; and
WHEREAS, the Authority has determined to adopt a budget for fiscal year 2025 that provides
for the levy of the special benefit tax in the amount of 0.0185 percent of taxable market value of
property in the City, to be used for the Authority's economic development and redevelopment
activities.
NOW, THEREFORE, Be It Resolved by the Board of Commissioners ("Board") of the City
of Monticello Economic Development Authority as follows:
The Board hereby approves a budget of $532,000 excluding TIF district and loan
activity) for fiscal year 2025, including the levy of a special benefit tax in an amount
not to exceed $499,000, subject to approval of such budget by the City Council prior
to September 30, 2024.
2. Staff of the Authority is hereby authorized and directed to file the budget with the City
in accordance with Minnesota Statutes, Section 469.033, Subdivision 6, and request
that the City Council consider approval of the special benefits tax levy.
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3. There is hereby levied a special benefit tax pursuant to Minnesota Statutes, Section
469.033, Subdivision 6, in an amount not to exceed $499,000 with respect to taxes
payable in calendar year 2025, contingent upon the approval of the City Council.
4. Staff of the Authority are hereby authorized and directed to take such other actions
as are necessary to levy and certify such levy upon approval by the City Council.
Approved by the Board of Commissioners of the City of Monticello Economic
Development Authority this 14th day of August, 2024.
Attest:
Director
President
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