EDA Resolution No. 2025-05 (Approv Amdt and Authorize 2026 HRA Levy-Gen Housing Fund)CITY OF MONTICELLO ECONOMIC DEVELOPMENT AUTHORITY
RESOLUTION NO.2025-05
RESOLUTION APPROVING AN ORDINANCE AMENDING THE
MONTICELLO CITY CODE TITLE III AND AUTHORIZING THE
ADMINISTRATION OF THE AFFORDABLE HOUSING TRUST FUND FOR
THE CITY OF MONTICELLO
BE IT RESOLVED by the Board of Commissioners of the City of Monticello Economic
Development Authority (the "Authority") as follows:
WHEREAS, pursuant to Ordinance No. 854 adopted by the City Council of the City of Monticello,
Minnesota (the "City') on July 14, 2025 (the "Ordinance"), the City established a local housing trust fund
(the "Housing Trust Fund") under Minnesota Statues, Section 462C.16, as amended, to support the
development, rehabilitation, and financing of affordable housing.
WHEREAS, the Ordinance requires the Housing Trust Fund to be funded, in part, by allocation of
funds received from the local affordable housing aid received from the Statewide Local Housing Aid fund
established pursuant to Minnesota Statues, Section 477A.36, as amended, and permits the Housing Trust
Fund to be funded by other sources, including but not limited to: donations, bond proceeds; grants and loans
from a state or federal source; appropriations by a local government; eligible pooled tax increment; land
sale proceeds; investment earnings of the Housing Trust Fund; and housing and redevelopment authority
levies.
WHEREAS, the Ordinance designated the Authority as the administrator of the Housing Trust
Fund.
WHEREAS, the Board of Commissioners of the Authority ("Board") has reviewed the Ordinance
adopted by the City and has determined that it is in the best interests of the Authority to approve the
Ordinance and accept the Authority's appointment as administrator of the Housing Trust Fund.
NOW, THEREFORE, BE IT RESOLVED by the Board of Commissioners of the City of Monticello
Economic Development Authority as follows:
1.01. The Authority hereby approves the Ordinance adopted by the City on July 14, 2025,
substantially in accordance with the terms set forth in the form presented to the Board.
1.02. Pursuant to the Ordinance, the Authority hereby accepts its appointment as administrator of
the Housing Trust Fund.
1.03. The officers, employees and other agents of the Authority are hereby authorized to do all acts
and things required of them by or in connection with this resolution for the full, punctual, and complete
performance of all the terms, covenants, and agreements contained in this resolution.
4934-5176-5079.1
Adopted by City of Monticello Economic Development
Authority on August 13, 2025:
Director
4934-5176-5079.1