City Council Resolution 1987-23RESOLUTION 87-23
A RESOLUTION ADOPTING MODIFICATION #2 OF THE
EXISTING TAX INCREMENT FINANCE PLAN FOR
REDEVELOPMENT DISTRICT #2 PURSUANT TO THE PROVISIONS OF
SECTION 273.71 TO 273.78 INCLUSIVE OF THE MINNESOTA STATUTE
WHEREAS, the City Council of the City of Monticello, Minnesota,
has determined the need to modify the finance plan of an existing
tax increment finance redevelopment district pursuant to Minnesota
Statute, Section 273.74, Subdivision 4, within the redevelopment
project created pursuant to Minnesota Statutes, Chapter 462.411 et seq;
and
WHEREAS, the City Council of the City of Monticello, Minnesota,
found in 1983 that it was necessary to create a tax increment finance
redevelopment district pursuant to Minnesota Statutes, Section 273.71
to 273.78 inclusive; and
WHEREAS, the Planning Commission has reviewed the proposed modification
of the tax increment finance plan; 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 modification of the existing Tax Increment
Finance Plan for Redevelopment District #2; and
WHEREAS, a public hearing was held on August 24, 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 twice in the official newspaper for the City, not less
than ten, nor more than thirty days prior to August 24, 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 finance plan and finds:
1. That the proposed acquisition of commercial property lies
as modified within the finance plan of the Tax Increment
Redevelopment District #2 and that the intended demolition
will contribute to the elimination of blight or deterioration
within the area.
2. That the Tax Increment Finance Plan as modified will increase
the amount of bonded indebtedness.
Resolution 87- 23
Page 2
3. That the Tax Increment Finance Plan as modified will increase
the portion of the captured assessed value to be retained
by the Authority.
4. That the Tax Increment Finance Plan as modified will increase
in total the estimated tax increment expenditures.
5. That the Planning Commission has reviewed the tax increment
finance plan as modified herein and it conforms to the general
plan for development of the municipality as a whole because
its final result will increase the City's commercial or
housing activity.
6. That the tax increment finance 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 a future developer
by providing a suitable site for development.
The City Council of the City of Monticello, Minnesota, does
hereby approve Modification #2 to the Tax Increment Finance Plan
for Redevelopment District #2.
Adopted by the City Council this 24th day of August, 1987.
Arve A. Grimsmo, Mayor
ATTEST:
Rick Wolfstelyer
City Administrator