City Council Resolution 1987-30RESOLUTION 87-30
A RESOLUTION ADOPTING MODIFICATION ##1 OF THE
EXISTING TAX INCREMENT FINANCE PLAN FOR
REDEVELOPMENT DISTRICT #6 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 #6; and
WHEREAS, a public hearing was held on September 28, 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 September 28, 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 additional project expenditures lie as modified
within the finance plan of the Tax Increment Redevelopment
District #6.
2. That the Tax Increment Finance Plan as modified will extend the
original retirement date but not to exceed the duration of the said
redevelopment district to accommodate retirement of the additional
project cost.
Resolution 87-30
Page 2
3. That the Tax Increment Finance Plan as modified will increase in
total estimated tax increment expenditures or designation of
additional property to be acquired by the Authority shall be for
approval of the original plan.
4. 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
did increase the City's commercial or housing activity.
The City Council of the City of Monticello, Minnesota, does hereby
approve Modification #1 to the Tax Increment Finance Plan for Redevelopment
District #6.
Adopted by the City Council this 28th day of September, 1987.
Arve A. Grimsmo, Mayor
ATTEST:
A 1-ck Wo1fsit e er
City Administrator