City Council Resolution 1983-75RESOLUTION 1983 #75
RESOLUTION ADOPTING MONTICELLO
TAX INCREMENT DISTRICT #2
WHEREAS, the Monticello Housing & Redevelopment Authority pursuant
to a resolution passed the 15th day of July, 198.3, has adopted the
Monticello Tax Increment District #2 and accompanying finance plan,
(A copy of which is attached hereto) and;
WHEREAS, the Central Monticello Redevelopment Plan in part, states
objectives for economic development, to wit, land acquisition as
an incentive to private enterprise, and;
WHEREAS, pursuant to Minnesota Statutes 273, the City of Monticello
is authorized to establish a tax increment economic development
finance plan, and;
WHEREAS, a development agreement for economic development has been
entered into between the Monticello Housing and Redevelopment Auth-
ority and Power's Strength and Health and Club, the developer, and;
WHEREAS, pursuant to Minnesota Statutes 273, a public hearing was
duly held on July 25th, 1983, at which hearing all persons interest-
ed in making comment were allowed to make said comment, and;
WHEREAS, the City Administrator has submitted to the Superintendent
School District #882 and the Auditor of Wright County, a copy of
such plan as required by law.
NOW THEREFORE, BE IT HEREBY RESOLVED by the City Council of the
City Council of the City of Monticello that:
1. The tax increment economic finance plan known as Monticello
Tax Increment District #2 Finance Plan B, and the same
hereby is adopted.
2. The City Administrator is directed to transmit a copy of
said plan to the Auditor of Wright County for certification.
3. The Monticello Housing and Redevelopment Authority is hereby
authorized to issue bonds in the amount of $167,000 for the
purpose of carrying out the tax increment finance plan.
Adopted this 25th day of July, 1983.
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Arve A. Grimsmo, Mayor
ATTE
Thomas A. Eid
City Administrator