City Council Resolution 1987-11RESOLUTION 87-11
A RESOLUTION ESTABLISHING A TAX INCREMENT
FINANCING ECONOMIC DEVELOPMENT DISTRICT #7
PURSUANT TO MINNESOTA STATUTES, SECTIONS
273.71 TO 273.78 INCLUSIVE, AND ADOPTING A
FINANCE PLAN FOR SAID TAX INCREMENT FINANCING DISTRICT.
WHEREAS, the City Council of the City of Monticello, Minnesota,
has determined that it is necessary to create a tax increment financing
district pursuant to Minnesota Statutes, Sections 273.71 to 273.78
inclusive, within the existing redevelopment project created pursuant
to Minnesota Statutes, Section 462.411 et seq., the Municipal Housing
and Redevelopment Act; and
WHEREAS, the City Council of the City of Monticello, Minnesota
finds that the tax increment district to be established is an economic
development district pursuant to Minnesota Statutes, Section 273.73,
Subdivision 12, and that the project will provide additional jobs,
increase the tax base, and prevent commerce and industry from leaving
the State; and
WHEREAS, the City Planning Commission has received a copy of
the proposed tax increment financing plan and has been given the
opportunity to review and comment upon said tax increment financing
plan and the tax increment financing district; and
WHEREAS, the City of Monticello has informed the members of
the Local School Board of the Independent School District and the
Board of Commissioners of Wright County of the fiscal and economic
implications of the proposed tax increment financing district and
invited said School Board members and County Commissioners to the
public hearing.
WHEREAS, a public hearing was held on April 27, 1987, 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 April 27, 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.
(1) That the tax increment district to be established is an
economic development district pursuant to Minnesota Statutes,
Section 273.73, Subdivision 12, and will result in increased
employment in the City and in the preservation and enhancement
of the tax base of the City.
solution 87-11
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(2) That the proposed development would not occur solely through
private investment within the reasonable foreseeable future
and, therefore, the use of tax increment financing is deemed
necessary.
(3) That the Planning Commission has reviewed the tax increment
financing plan and it conforms to the general plan for
the development of the municipality as a whole.
(4) That the proposed economic development involves a substantial
commitment of private investment and in conjunction with
tax increments as identified in the tax increment financing
plan will afford maximum opportunity, consistent with sound
needs of the City for the economic development of the project
by private enterprise.
The City Council of the City of Monticello, Minnesota, does
hereby approve the tax increment financing plan and the creation
of a tax increment financing district as described in said tax increment
financing plan.
Adopted by the City Council this 27th day of April, 1987.
i
Thomas A. Eidem
City Administrator
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Arve A. Grimsmo, Mayor