EDA Resolution No. 2024-08 (TIF 42 Modification PH)CITY OF MONTICELLO ECONOMIC DEVELOPMENT AUTHORITY
RESOLUTION NO.2024-08
RESOLUTION REQUESTING A PUBLIC HEARING ON THE PROPOSED
MODIFICATION OF TAX INCREMENT FINANCING DISTRICT NO. 1-42 AND
THE 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, the Authority requests that the City Council of the City (the "City Council") call a
public hearing on the 2024 Modification.
NOW, THEREFORE BE IT RESOLVED by the Board of Commissioners of the Authority
(the "Board") as follows:
The Authority hereby requests that the City Council call for a public hearing to be held on
June 24, 2024 or a later date to be determined by the Executive Director of the Authority to
consider the 2024 Modification and cause notice of said public hearing to be given, all as required
by and pursuant to the TIF Act.
Adopted by the Board of Commissioners of the City of Monticello Economic Development
Authority this 8th day of May, 2024.
MN 190\163\950736.vl
Presi nt
Attest:
MN 190\163\950736.v1