City Council Resolution 1983-91RESOLUTION 1983 # 91
RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF MONTICELLO AUTHORIZING EXECUTION OF
A TAX INCREMENT PLEDGE AGREEMENT
and
`~E~AS, the Housing and Redevelopment Authority in and for the
E Monticello (the "Authority") created the Central Monticello
Lopment Project (the "project"), prepared a redevelopment plan
>lan") for the project, which was approved by the City Council
City of Monticello (the "City") on September 26,
198 3 ;
WHEREAS, the Authority and the City have adopted a tax increment
financing plan pursuant to Minnesota Statutes, Section 27
Authority has requested that the County Auditor of Wright3Countnd the
the original assessed value of Monticello Tax Increment Redevelopmentify
District #2 describing such plan; and
WHEREAS, in order to finance the project
Authority and the City enter ~ it is necessary that the
accordance with Minnesota Statutesa tax increment pledge agreement in
tax increment pledge agreement the~Authorit 273.77' pursuant to which
generated by Monticello Tax Increment y will pledge tax increment
secure the principal of and Redevelopment District #2 to
interest on the General Obligation Tax
Increment Note of 1983 of the City, issued to finance the project, and
any additional bonds that may be issued to finance the project.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
MONTICELLO, MINNESOTA;
That the Mayor is hereby authorized and directed to execute the tax
increment pledge agreement (the "agreement")
substantially the form attached hereto as Exhibit Aeandfincorporated herein
by reference, and to deliver the signed agreement to the Authority for
execution and filing with the Wright County Assessor,
Adopted this 28th day of November, 1983.
ATTE TED;
U~'111. ~ '
City Administ ator
~~~---'-
May or `==-T