City Council Resolution 1988-13RESOLUTION 88- 1~
RESOLUTION APPROVING THE TERMINATION
THE ORIGINAL ASSESSOR'S AGREEMENT FOR
NOMIC TAX INCREMENT DISTRICTS #1 AND #4
PURSUANT TO THE MINNESOTA STATUTE, SECTION 273.71
TO 273.78 INCLUSIVE AND ESTABLISHING A MINIMUM
GUARANTEED ANNUAL INCREMENT AGREEMENT
WHEREAS, the City Council of the City of Monticello, Minnesota, is
carrying out the Central Monticello Redevelopment Plan ("the Plan") and the
Redevelopment Project ("the Project"); and
WHEREAS, the City Council of the City of Monticello, Minnesota,
determined in 1982 and 1984 that it was necessary to create an Economic Tax
Increment District pursuant to the Minnesota Tax Increment Act, Minnesota
Statutes, Section 273.71 to 273.78 inclusive ("the Act") within the
Redevelopment Project pursuant to Minnesota Statutes, Section 462.411 et seq.,
the Municipal Housing and Redevelopment Act; and
WHEREAS, there was presented to this meeting of the Croval~uaccopyfofhe
City of Monticello, Minnesota, for its consideration and app
the Termination Agreement of the Assessor's Agreements for said Economic
District #1 and #4 pursuant to Minnesota Statute, Section 273.76,
Subdivision 8, dated May 1988, and the Minimum Guaranteed Annual Increment
Agreement, and
WHEREAS, the Monticello Housing and Redevelopment Authority ("the
Authority") has prepared and submitted the Termination Agreement and the
p9inimum Guaranteed Annual Increment Agreement to the City Planning Commission
of the City of Monticello ("the Planning Commission") for its review and
opinion;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
MONTICELLO, MINNESOTA, does hereby adopt the Termination Agreement of the
original Assesssor's Agreement for Economic Tax Increment District #1 and #4
and does hereby adopt the Minimum Guaranteed Annual Increment Agreement for
said districts and finds:
1. That the proposed termination of the Assessor's Agreements and the
establishment of a Minimum Guaranteed Annual Increment Agreement are
within the properties of the Economic Tax Increment Districts #1 and
#4.
2. That the minimum market values within the original Assessor's
Agreements were deemed unreasonable.
3. That the proposed termination of the Assessor's Agreements and the
establishment of a Minimum Guaranteed Annual Increment Agreement
will enhance the possible resale of the vacant property described in
Tax Increment District #1 and #4: as the buildings were constructed
for a single purpose, the buildings are hidden by a berm, and the
location is undesirable.
ion 88-
4. That with the proposed acquisition, the continued deterioration
within the Districts will be reduced.
5. That with the proposed acquisition will be the creation of new jobs,
and will create overall improvements to the Industrial Park and the
community.
Adopted by the City Council of the City of Monticello, Minnesota, this 9th day
of May, 1988.
.f -'
Arve A. Grimsmo, Mayor
ATTEST:
~/
Rick Wolfstel r, City Administrator