City Council Resolution 1985-05RESOLUTION 1985 #5
A RESOL-UTION ESTABLISHING A TAX INCREMENT
FINANCING REDEVELOPMENT DISTRICT 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, The Tax
Increment Financing Act, within the redevelopment project created pursuant to
Minnesota Statutes, Section 462.411 et. sec ., inclusive; The Minnesota Housing and
Re evelopment Authority Act, and
WHEREAS, the City Council of the City of Monticello has determined,
pursuant to Section 273.73, Subd. 10(a)(3), that less than 70 percent of the parcels in the
proposed tax increment financing district are occupied by buildings, streets,
utilities or other improvements, but due to unusual soil deficiencies requiring
substantial filling, grading and other physical preparation for use at least 80
percent of the total acreage of the land in the redevelopment district has a fair
market value which when added to the estimated cost of preparing that land for
development, exceeds its anticipated fair market value after completion of said
preparation; provided that no parcel shall be included within a redevelopment
district pursuant to this paragraph unless a development agreement has been
concluded for the development of at least 50 percent of the acreage having the
unusual soil or terrain deficiencies providing recourse for the authority should the
development not be completed; 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 #8$2 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.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF MONTICELLO that 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 and
finds as per Section Z of the tax increment plan:
1. The proposed development or redevelopment, in the opinion of the
city, would not reasonably be expected to occur solely through
private investment within the reasonably foreseeable future and,
therefore, the use of tax increment financing is deemed necessary
since Construction Five could not economically construct the present
~n 1985 #5
facility without the provision of the necessary public improvements
to the site and without the use of tax increments to assist with the
financing of these public improvements, the developer would not have
constructed the apartment building and manufacturing facility in the
City; and
2. The tax increment financing plan 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
provide the necessary public improvements for development; thereby
encouraging redevelopment in the area.
3. The tax increment financing plan conforms to the general plan for
the development of the city as a whole as it will result in
construction of an apartment building and a manufacturing facility
which will provide needed housing, create new jobs and increase the
tax base of the City.
4. The tax increment district to be established is a redevelopment
district pursuant to Minnesota Statutes, Section 273.73, Subdivision
10(a)(3) in which the conditions described in Section E of this plan
exist.
Adopted by the City Council this 25tH day of March, 1985.
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Mayor
ATTEST:
Ci y Clerk