City Council Resolution 2012-91CITY OF MONTICELLO
WRIGHT COUNTY, MINNESOTA
RESOLUTION NO. 2012-091
APPROVING MODIFICATION TO THE TAX INCREMENT FINANCING PLAN
FOR TAX INCREMENT FINANCING DISTRICT NO. 1 -5
WHEREAS, the City of Monticello, Minnesota (the "City ") and the Housing and
Redevelopment Authority in and for the City of Monticello (the "HRA ") previously established
Central Monticello Redevelopment Project Area No. 1 (the "Redevelopment Project") pursuant to
Minnesota Statutes, Sections 469.001 through 469.047, as amended (the "HRA Act "); and
WHEREAS, on March 15, 1985, the City and the HRA approved a Tax Increment
Financing Plan (the "TIF Plan ") for Tax Increment Financing District No. 1 -5 (the "TIF District")
located within the Redevelopment Project, pursuant to the HRA Act and Minnesota Statutes,
Sections 469.174 to 469.1799, as amended (collectively, the "TIF Act "); and
WHEREAS, administration of the TIF District was subsequently transferred to the City of
Monticello Economic Development Authority (the "Authority "); and
WHEREAS, the City and Authority have determined a need to modify the TIF Plan in order
to amend the budget contained therein and such amendment is consistent with the redevelopment
program for the Redevelopment Project; and
WHEREAS, pursuant to Section 469.175, subd. 4(b) of the TIF 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 modification does not include (i) any reduction or
enlargement of the geographic area of the project or tax increment financing district; (ii) an increase
in the amount of bonded indebtedness; (iii) a determination to capitalize interest on debt if that
determination was not a part of the original plan; (iv) an increase in the portion of the captured net
tax capacity to be retained by the City; (v) an increase in the estimated cost of the project, including
administrative expenses, to be paid or financed with tax increment from the district; or (vi) the
designation of additional property to be acquired by the authority; and
WHEREAS, on October 10, 2012, the Authority adopted a resolution (the "EDA
Resolution ") modifying the public costs and uses of funds table located within the TIF Plan in order
to reallocate tax increment expenditures from "Other" and "Site Improvements/Preparation Costs"
to "Streets and Sidewalks," as set forth in Exhibit A, attached hereto and made a part hereof, in
order to use such tax increment to finance a portion of City Project Z7STEX, the 70' Street
Extension.
NOW, THEREFORE, BE IT RESOLVED, by the City Council of the City of Monticello as
follows:
1. The TIF Plan for the TIF District, as amended by the EDA Resolution, conforms to
the general plan of redevelopment of the City as a whole.
2. The approval of the TIF Plan, as amended by the EDA Resolution, is intended, and
in the City's judgment its effect will be, to promote the public purposes and accomplish the
objectives specified in the TIF Plan.
3. The proposed modification to the TIF Plan may be made without public hearing or
the findings required for the original TIF Plan since the modification does not include (i) any
reduction or enlargement of geographic area of the Redevelopment Project or the TIF District;
(ii) an increase in the amount of bonded indebtedness; (iii) a determination to capitalize interest on
debt; (iv) an increase in the portion of the captured net tax capacity to be retained by the City; (v) an
increase in the estimated cost of the project to be paid or financed with tax increment from the TIF
District; or (vi) the designation of additional property to be acquired by the Authority.
4. The City hereby ratifies and approves the amended TIF Plan, as approved by the
Authority pursuant to the EDA Resolution.
5. The Community Development Director is authorized and directed to file a copy of
this resolution with the Minnesota Commissioner of Revenue and the Wright County Auditor as
required by the TIF Act.
APPROVED BYthe City Council of the City of Monticello this 22nd day of October, 2012.
CITY OF MONTICELLO
Clint Herbst, Mayor
ATTEST:
JeW,30V, City Administrator
EXHIBIT A
MODIFIED TABLE OF EXPENDITURES AND OTHER FINANCING USES
USES OF TAX INCREMENT FUNDS TOTAL
Land/Building Acquisition $1,100,000
Site Improvements/Preparation $1,201,300
Utilities $900,000
Bond Principal Payments $390,000
Bond Interest Payments $433,500
Streets and Sidewalks $500,000
Administrative Costs (u-P to 10 %) $370,200
PROJECT COST TOTAL $4,895,000