City Council Resolution 1984-13RESOLUTION- 1984 #13
A RESOLUTION ADOPTING A MODIFICATION OF AN
EXISTING TAX INCREMENT FINANCING ECONOMIC
DEVELOPMENT DISTRICT PURSUANT TO THE
PROVLSIONS OF SECTION 273.71 TO 273.78
INCLUSIVE OF THE MINNESOTA STATUTES AND
AMENDING THE FINANCING PLAN FOR SAID TAX
INCREMENT FINANCING DISTRICT.
WHEREAS, the City Council of the City of Monticello, Minnesota has
determined the need to modify the finance plan of an existing tax increment
financing district pursuant to Minnesota Statutes, Section 273.71 to 273.78
inclusive, within the redevelopment project modification area created pursuant to
Minnesota Statutes, Chapter 462.411 et sew.; and
WHEREAS, the City Council of the City of Monticello, Minnesota, found in
1982 that the tax increment financing district to be modified was a economic
development district pursuant to Minnesota Statutes, Section 273.73, Subdivision
12; and
WHEREAS, the proposed modification to the finance plan will assist in
increased employment in the City 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 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
tax increment financing economic development district modification; and
WHEREAS, a public hearing was held on April 23, 1984 at 7:00 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 April 23, 1984; 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 financing economic development district, and amend the
financing plan for said modified tax increment financing economic development
district and finds:
1. That the tax increment financing district as modified herein is a tax
increment financing economic development district since the construction of the
IXI Assemblies facilities has resulted in and will result in approximately 15 new
jobs in the City 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, IXI
Assemblies would not have located its business within the City without the use of
tax increments to finance the acquisition of a suitable site for development; and
3. That 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 increase in
the City's commercial 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 two manufacturing facilities by providing a
suitable site for development.
The City Council of the City of Monticello, Minnesota does hereby approve
the modification #1 to the tax increment district #1 and financing plan.
Adopted by the City Council this 23rd day of April, 1984.
M a ~""~
'/-----.
Attest:
City Clerk
~~