City Council Resolution 1987-04RESOLUTION 87- 4
A RESOLUTION ADOPTING A MODIFICATION OF AN
EXISTING TAX INCREMENT FINANCING REDEVELOPMENT
DISTRICT PURSUANT TO THE PROVISIONS OF
SECTION 273.71 TO 273.78 INCLUSIVE OF THE
MINNESOTA STATUTES AND AMENDING THE FINANCING PLAN
FOR SAID TAX INCREMENT FINANCING DISTRICT
WHEREAS, the City Council of the City of Monticello, Minnesota,
has determined the need to modify the finance plan of an existing
tax increment financing district pursuant to Minnesota Statutes,
Section 273.71 to 273.78 inclusive, within the redevelopment project
modification area created pursuant to Minnesota Statutes, Chapter
462.411 et seq.; and
WHEREAS, the City Council of the City of Monticello,
found in 1982 that the tax increment financing district to
was an economic development district pursuant to Minnesota
Section 273.73, Subdivision 12; and
WHEREAS, the proposed modification to the finance plan will
result in the preservation and enhancement of the tax base of the
City; and
WHEREAS, the Planning Commission has reviewed the proposed modification
of the tax increment financing district; and
WHEREAS, the members of the School Board of Education of the
Local Independent School District #882 and the Board of Commissioners
of the County of Wright have been informed of the fiscal and economic
implications of the proposed tax increment financing redevelopment
district modification; and
WHEREAS, a public hearing was held on January 26, 19$7, at
7:30 o'clock p.m. before the City Council in the Council Chambers
in the City Hall, in Monticello, Minnesota, notice of which has been
published once in the official newspaper for the City, not less than
ten, nor more than thirty days prior to January 26, 1987; and
WHEREAS, at said public hearing all persons and parties were
given full opportunity to present written or oral testimony, comments,
objections, suggestions, and other matters, all of which were duly
considered by the Council;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF MONTICELLO that the City of Monticello does hereby modify the
existing tax increment financing redevelopment district, and amend
the financing plan for said modified tax increment financing economic
development district and finds:
Minnesota,
be modified
Statutes,
Lution 87- 4
2
1. That the tax increment financing district as modified herein
is a tax increment financing redevelopment district since
the construction of the 24 and 30 unit apartment structures
will increase the assessed value and thus preserve and enhance
the tax base of the City, and will allow the recovery and
rehabilitation of blighted and unsuitable lands.
2. That the proposed redevelopment within the tax increment
financing district as modified herein would not have reasonably
been expected to occur solely through private investment
because, in the opinion of the City, the cost associated
with land reclamation and public improvements would be prohibitive.
3. That the Planning Commission has reviewed the tax increment
financing plan as modified herein and it conforms to the
general plan for the development of the municipality as
a whole because it will result in an increase in the City~s
commercial and housing activity.
4. That the tax increment financing plan as modified herein
will afford maximum opportunity consistent with the sound
needs of the City as a whole, for the development by private
enterprise as it will enable the City to assist the developer
with the construction of two multiple housing structures
by providing a suitable site for development.
The City Council of the City of Monticello, Minnesota, does
hereby approve the modification #1 to the Tax Increment District #5
and financing plan.
Adopted by the City Council this 9th day of February, 1987.
~~'"
Arve A. Grimsmo, Mayor
Att
s=-" ..
Thomas A. Eidem
City Administrator