City Council Resolution 1983-87RESOLUTION NO. 1983 #87
RESOLUTION APPROVING A TAX INCREMENT
FINANCING PLAN FOR TAX INCREMENT
FINANCING DISTRICT NO. ~
WHEREAS, The Housing and Redevelopment Authority in and for the City of
Monticello (the "Authority's is authorized pursuant to Minn. Stat §§ 462.411 et seg•
to undertake redevelopment projects as defined in Minn. Stat. §§ 462.421, Subd.
13; and
WHEREAS, pursuant to Minn. Stat., §§ 462.545 and 273.75, Subd. 4, the
Authority is authorized to use tax increment to defray the costs of a project,
including a redevelopment project; and
WHEREAS, the Authority and the City of Monticello (the "City's have
approved and established a redevelopment plan designated the Central Monticello
Redevelopment Plan, and a redevelopment project designated the Central
Monticello Redevelopment Project (the "Project's in accordance with Minn. Stat.
462.515 and 462.521; and
WHEREAS, the Authority has approved and adopted a Tax Increment
Financng Plan (the "Plan's for Tax Increment Financing District No. 3 (the
"District's by which tax increment will be captured to fund public redevelopment
costs of the Project, and has submitted the Plan to the school board of Independent
School District No. 882 and to the county board of Wright County for its approval
in accordance with Minn. Stat. § 273.74.
NOW, THEREFORE, BE IT RESOLVED BY the City Council (the "Council'
of the City of Monticello as follow:
That the Council hereby finds and determines on the basis of facts (including
the results of a physical inspection of property in the District showing such
property to be substandard), presented to the Council on the date hereof, and on
file with the City Administrator:
1. That the District is a redevelopment district, as that term is
described in Minn. Stat. § 273.73, Subd. 10.
2. That the development proposed in the Plan would not be expected to
occur within the reasonably foreseeable future through private investment without
y public assistance;
3. That the Plan will provide maximum opportunity, consistent with the
sound needs of the City of Monticello, for commercial development by private
enterprise.
4. That the Plan conforms to the general plan of the City of Monticello.
5. That the Plan is hereby approved and adopted in the form presented
to the Council and file with the City Administrator.
Adopted by the. City Council of the City of Monticello this 14th day of
November, 1983.
Arve A. Grimsmo,
Mayor
Attest:
_ ~~Jl.--
Thomas A. Eidem
City Administrator