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City Council Resolution 1996-30Council member Brian Stumpf introduced the following resolution, the reading of which was dispensed with by unanimous consent, and moved its adoption: CITY OF MONTICELLO COUNTY OF WRIGHT STATE OF MINNESOTA RESOLUTION NO. 96-30 RESOLUTION MODIFYING THE REDEVELOPMENT PLAN FOR CENTRAL MONTICELLO REDEVELOPMENT PROJECT NO. 1; MODIFYING THE BUDGETS OF TAX INCREMENT FINANCING DISTRICTS NOS. 1-1,1-2,1-3,1-4,1-5,1-6,1-7,1-8,1-9,1-10,1-11,1-12,1-13, 1-14, 1-15, 1-169 1-179 AND 1-18; ESTABLISHING TAX INCREMENT FINANCING DISTRICT NO. 1-20; AND APPROVING THE CENTRAL MONTICELLO REDEVELOPMENT PLAN AND TAX INCREMENT FINANCING PLANS RELATING THERETO, LOCATED WITHIN CENTRAL MONTICELLO REDEVELOPMENT PROJECT NO. 1. Be it resolved by the City Council (the "Council") of the City of Monticello, Minnesota (the "City"), as follows: Section 1. Recitals 1.01. It has been proposed that the City modify the Redevelopment Plan (the "Redevelopment Plan") for Central Monticello Redevelopment Project No. 1(the "Redevelopment Project No. 1 "), and modify the Tax Increment Financing Plans for Tax Increment Financing Districts Nos. 1-1, 1-2, 1-3, 1-4, 1-5, 1-6, 1-7, 1-8, 1-9, 1-10, 1-11, 1-12, 1-13, 1-14, 1-15, 1-16, 1-17, and 1-18 (the "Tax Increment Financing Districts") within Redevelopment Project No. 1, and establish Tax Increment Financing District No. 1-20 ("District No. 1-20"), within Redevelopment Project No. 1, pursuant to and in accordance with Minnesota Statutes, Sections 469.001 through 469.047, and Minnesota Statutes, Sections 469.174 through 469.179, inclusive, as amended. 1.02. The Council has investigated the facts and has caused to be prepared a modified Redevelopment Plan for Redevelopment Project No. 1, modified Tax Increment Financing Plans for Tax Increment Financing Districts Nos. 1-1, 1-2, 1-3, 1-4, 1-5, 1-6, 1-7, 1-8, 1-9, 1-10, 1-11, 1-12, 1-13, 1-14, 1-15, 1-16, 1-17, and 1-18 and a Tax Increment Financing Plan for Tax Increment Financing District No. 1-20 (the "Plans"). 1.03. The City has performed all actions required by law to be performed prior to the modification of the Plans, including, but not limited to, notification of Wright County and Independent School District No. 882 having taxing jurisdiction over the property to be included in the Tax Increment Financing Districts and District No. 1-20, submission of the Plans to the City Planning Commission for review and comments, and the holding of a public hearing upon published notice as required by law. Section 2. Findings for the Modification of Redevelopment Project No. 1, the Modification of Tax Increment Financing Districts Nos. 1-1, 1-2, 1-3, 1-4, 1-5, 1-6, 1-7, 1-8, 1-9, 1-10, 1-11, 1- 12, 1-13, 1-14, 1-15, 1-16, 1-17, and 1-18, the Establishment of Tax Increment Financing District No. 1-20, and the Approval of the Plans relating thereto. 2.01. The Council hereby finds that the modification of the Redevelopment Plan for Redevelopment Project No. 1, the modification of the Tax Increment Financing Plans for Tax Increment Financing Districts Nos. 1-1, 1-2, 1-3, 1-4, 1-5, 1-6, 1-7, 1-8, 1-9, 1-10, 1-11, 1-12, 1-13, 1-14, 1-15, 1-16, 1-17, and 1-18, and Lion 96-30 2 the Tax Increment Financing Plan for Tax Increment Financing District No. 1-20 are intended and, in the judgment of this Council, the effect of such actions will be, to provide an impetus to accomplish certain objectives as specified in the Plans. 2.02. The Council further finds that the proposed development, in the opinion of the Council, would not occur solely through private investment within the reasonably foreseeable future, and the increased market value of the site (Tax Increment Financing District No. 1-20) that could reasonably be expected to occur without the use of tax increment financing would be less than the increase in the market value estimated to result from the proposed development after subtracting the present value of the projected tax increments for the maximum duration of the district permitted by the Plan for Tax Increment Financing District No. 1-20; that the Plans conform to the general plan for the development or redevelopment of the City as a whole; and that the Plans will afford maximum opportunity consistent with the sound needs of the City as a whole, for the development of the Tax Increment Financing Districts and District No. 1-20 by private enterprise. 2.03. The City elects to make (or cause to be made) a qualifying local contribution under Minnesota Statutes, Section 273.1399, subd. 6 (d), and therefore anticipates that the Tax Increment Financing District will be exempt from state aid loss. Section 3. Approval of the Plans. 3.01. The modifications to the Redevelopment Plan for Redevelopment Project No. 1 and the Tax Increment Financing Plans for Tax Increment Districts Nos. 1-1, 1-2, 1-3, 1-4, 1-5, 1-6, 1-7, 1-8, 1-9, 1- 10, 1- 11, 1-12, 1-13, 1-14, 1-15, 1-16, 1-17, 1-18, and 1-20 are hereby approved and adopted, contingent upon receipt by the City Administrator of a written comment on the modified Plans from the City Planning Commission, and shall be placed on file in the office of the City Administrator. 3.02. The City staff of the City are authorized and to file the Plans with the State Department of Revenue and Wright County. 3.03. The City staff of the City, the City's advisors and legal counsel are authorized and directed to proceed with the implementation of the Plans and for this purpose to negotiate, draft, prepare and present to this Council for its consideration all further plans, resolutions, documents and contracts necessary for this purpose. The motion for the adoption of the foregoing resolution was duly seconded by Council member Shirley Anderson and upon a vote being taken thereon, the following voted in favor thereof: Brian Stumpf, Shirley Anderson, Tom Perrault, Brad Fyle and the following voted against the same: Clint Herbst Dated: June 24, 19 96 AT ST: 01 Clerk (SEAL)