City Council Resolution 1985-31RESOLUTION 1985 # 31
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, THE TAX INCREMENT FINANCING ACT
WHEREAS, the City Council of the City of Monticello,
Minnesota has determined the need to modify the boundaries of
an existing Tax Increment Financing District pursuant to Minnesota
Statutes, Section 273.71 to 273.78 inclusive, within the Redevelopment
Project area 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 the Tax Increment Financing District
which is to be modified was a Redevelopment District pursuant
to Minnesota Statutes, Section 273.73, Subdivision 10, and
WHEREAS, the proposed modification to the boundaries
will assist in increased housing, increased redevelopment, the
elimination of blight, and 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 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 December 9, 1985,
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 had
been published once in the official newspaper for the City, not
less than 10, nor more than 30 days prior to December 9, 1985,
and
WHEREAS, at said public hearing all persons and parties
were given full opportunity to present written and 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 #2,
and amends the boundaries for said modified Tax Increment Financing
Redevelopment District and finds:
Resolution 1985 #31
Page 2
1) That the Tax Increment Financing District as modified herein
is a Tax Increment Financing Redevelopment District since
the construction of the Metcalf & Larson commercial facility
has resulted in the elimination of blight and will increase
the assessed value and thus preserve and enhance the tax base
of the City.
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 lands available for redevelopment
would not have been available without the use of tax increment
to finance the acquisition of the site and the demolition
of blighted structures.
3) 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 elimination of blight and an increase
in the City's commercial redevelopment and economic 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 commercial facility and elderly multiple housing
facilities by providing suitable sites for development.
The City Council of the City of Monticello, Minnesota,
does hereby approve Modification #1 to the Tax Increment District #2.
Adopted by the City Council this 9th day of December, 1985.
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Arve A. Grimsmo, Mayor
Thomas A. Eidem
City Administrator