City Council Resolution 2024-52CITY OF MONTICELLO, MINNESOTA
RESOLUTION NO. 2024-52
RESOLUTION APPROVING A MODIFICATION OF THE TAX
INCREMENT FINANCING PLAN FOR TAX INCREMENT FINANCING
DISTRICT NO. 1-43
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. 1-43 (Headwaters Villa 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,
Sections 469.090 to 469.1081, and Sections 469.174 to 469.1794, all inclusive and as
amended (collectively, the "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"),
which amended the budget for the TIF District;
WHEREAS, the City and Authority have determined a need to further modify the
Original TIF Plan in order to reduce the geographic area of the TIF District due to replatting
of a portion of the property within the TIF District as further described in this resolution;
and
WHEREAS, pursuant to Section 469.175, subd. 4(b) of the Act, a tax increment
financing plan may be modified without public hearing or the findings required to be made
for the original tax increment financing plan if the only modification is elimination of
parcels from the project or district and the current net tax capacity of the parcels
eliminated from the district equals or exceeds the net tax capacity of those parcels in
the district's original net tax capacity; and
WHEREAS, the City desires by this resolution to approve a modification to the TIF
Plan (the "2024 Modification") the parcel previously identified as Outlot A, Country Club
Manor Third Addition, Wright County (the "Removed Parcel"), is hereby removed from
the TIF District. The new legal description of the TIF District will be as shown on Exhibit A
attached hereto; and
WHEREAS, the 2024 Modification is consistent with the redevelopment plan for the
Redevelopment Project; and
NOW THEREFORE, BE IT RESOLVED by the City Council of the City of Monticello,
Minnesota as follows:
1. Subject to approval by the Authority, the 2024 Modification as detailed in
this resolution is hereby approved.
2. City staff is authorized and directed to notify the Wright County auditor
of the reduction of the size of the TIF District pursuant to Section 469.175, subd. 4(e) of
the Act.
DATED: June 24, 2024
Mayor
ATTEST:
Ci y Clerk
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EXHIBIT A
LEGAL DESCRIPTION
The real property in the City of Monticello, Wright County, State of Minnesota, legally
described as follows:
Lots 1-21, Block 1, Country Club Manor Third Addition
Lot 1-11, Block 2, Country Club Manor Third Addition
Lot 1-11, Block 3, Country Club Manor Third Addition
Lots 1-21, Block 4, Country Club Manor Third Addition
Outlot B, Country Club Manor Third Addition
Outlot C, Country Club Manor Third Addition
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