City Council Resolution 1985-23RESOLUTION 1985 # 23
A RESOLUTION ESTABLISHING A TAX INCREMENT
FINANCING REDEVELOPMENT DISTRICT #6
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 Dinnesota 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 a redevelopment
district pursuant to Minnesota Statutes, Section 273.73, Subdivision 10
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 October 28, 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 has been published once in the
official newspaper for the City, not less than ten, nor more than thirty
days prior to October 28, 1985; 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 a
redevelopment district pursuant to Minnesota Statutes, Section 273.73,
Subdivision 10 and will result in increased employment in the City
and in the preservation and enhancement of the tax base of the City.
ution 1985 #23
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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 redevelopment 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 12th day of November, 1985.
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Arve A. Grimsmo, Mayor
ATTEST:
Tho as A. Eidem ,
City Administrator