City Council Resolution 1982-63RESOLUTION ADOPTING OAKWOOD DISTRICT #1
TAX INCREMENT FINANCE PLAN
RESOLUTION 1982 #63
WHEREAS, the Monticello Housing and Redevelopment Authority pur-
suant to a resolution passed the 29th day of November 1982, has
adopted the Oakwood District #1 Tax Increment 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
Authority and IXI Laboratories, Inc., the developer; and,
WHEREAS, pursuant to Minnesota Statute 273, a public hearing was
duly held on December 13, 1982, at which hearing all persons in-
terested in making comment were allowed to comment; and,
WHEREAS, the City Administrator has submitted to the Superinten-
dent of 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 of Monticello that:
1. The tax increment economic development finance plan known
as Oakwood Tax Increment District #1 Finance Plan be, 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.
Adopted this 13th day of December, 1982.
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Arve A. Grimsmo, Mayor
ATT L
Thomas A. Eidem
City Administrator