City Council Resolution 2015-33CITY OF MONTICELLO
WRIGHT COUNTY, MINNNESOTA
RESOLUTION NO. 2015 -033
RESOLUTION DECERTIFYING TAX INCREMENT FINANCING DISTRICT NO. 1 -37
BE IT RESOLVED By the City Council of the City of Monticello, Minnesota (the "City")
as follows:
Section 1. Recitals.
1.01. The City previously established the Tax Increment Financing District No. 1 -37
(the "TIF District ") within Central Monticello Redevelopment Project No. 1 in the City and
approved a Tax Increment Financing Plan ( "TIF Plan ") for the TIF District.
1.02. Pursuant to the terms of the Purchase and Redevelopment Contract between the
City of Monticello Economic Development Authority, as assignee of the Housing and
Redevelopment Authority in and for the City of Monticello, Minnesota (the "Authority ") and SL
Real Estate Holdings, LLC (the "Redeveloper "), dated April 2, 2006 (the "Agreement "), the
Authority conveyed certain property (the "Property ") to the Redeveloper, granted tax increment
financing assistance to the Redeveloper in the form of a land write -down for the purchase price
of the Property, and adopted an interfund loan resolution whereby the Authority repaid the
difference between the price paid by the Redeveloper and the fair market value of the Property
through tax increments from the TIF District (the "Interfund Loan "). The Agreement provides
that payments of principal and interest on the Interfund Loan would terminate on (i) the date of
termination of the TIF District; or (ii) the date that all amounts payable under the Interfund Loan
have been paid in full, whichever occurs earliest.
1.03. The City has determined that the TIF Plan for the TIF District did not allow
budgetary authority to pay the entire principal and interest on the Interfund Loan, and that the tax
increment received from the County and applied to the Interfund Loan on August 1, 2014 was
the final authorized payment on the Interfund Loan under the TIF Plan.
1.04. The Interfund Loan is the only obligation payable from tax increments derived
from the TIF District; therefore, pursuant to Minnesota Statutes, Section 469.1763, subd. (b), the
TIF District must be decertified on or after the date of the final payment on the Interfund Loan,
as there are no additional obligations payable from tax increment derived from the TIF District.
Section 2. TIF District Decertified; Filing.
2.01. The TIF District is hereby deemed decertified as of December 31, 2014.
2.02. Authority staff is authorized and directed to transmit a copy of this Resolution to
Wright County with instructions to decertify the TIF District, it being the intent of the City and
Authority that any tax increment derived from the TIF District and collected after December 31,
2014 should be redistributed by the County Auditor to the taxing jurisdictions within the TIF
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District.
2.03. Authority staff is directed to return any tax increment remaining after December
31, 2014 in the accounts established for the TIF District to the County Auditor for distribution to
the taxing jurisdictions within the TIF District.
Adopted by the City Council of the City of Monticello, Minnesota this 27th day of April,
2015.
Mayor
ATTEST:
4
City A eiq-ogd2r
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CERTIFICATION
STATE OF MINNESOTA )
ss.
COUNTY OF WRIGHT )
I, the undersigned, being the duly qualified and Secretary of the City of
Monticello Economic Development Authority, DO HEREBY CERTIFY that the attached
resolution is a true and correct copy of an extract of minutes of a meeting of the Board
of Commissioners of the City of Monticello Economic Development Authority, duly
called and held, as such minutes relate to the decertification of Tax Increment Financing
District No. 1 -37.
WITNESS my hand as such Secret pry of the City of Monticello Economic
Development Authority this day of 2015.
Secre a
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