HRA Resolution 2004-03HOUSING AND REDEVELOPMENT AUTHORITY
IN AND FOR THE CITY OF MONTIcCEILILO
STATE OF MINNESOTA
Resolution No. 2004 -03
BEING A RESOLUTION APPROVING THE DECERTIFICATION OF
TAX INCREMENT FINANCING DISTRICT NO. 1 -17
OF THE CITY OF MONTICELLO.
WHEREAS, on August 8, 1994 the Housing and Redevelopment Authority (the "Authority ") in
and for the City of Monticello (the "City ") created Tax Increment Finance District No. 1 -17 (the
"District ") within the Central Monticello Redevelopment Project No. 1 (the "Project "); and
WHEREAS, as of the date hereof all bonds and obligations to which tax increment from the District
have been pledged have been paid in full or defeased and all other costs of the Project have been paid;
and
WHEREAS, the Tax Increment Financing Plan adopt on August 8, 1994 for Tax Increment
Financing District No. 1 -17 requires, pursuant to M.S. 469.176, Subd. 1, that the duration of the Tax
Increment Financing District 1 -17 will be nine years after the date of receipt by the City of the first tax
increment or eleven years from approval of the tax increment financing plan, whichever is less, and
WHEREAS, the receipt of first tax increment was July of 1997, and
WHEREAS, August 8. 2005 is eleven years from the approval of the tax increment financing plan,
which is the lesser, and
WHEREAS, the Authority desires by this resolution to cause the decertification due to its early
termination of the District after which all property taxes generated by property within the District will be
distributed in the same manner as all other property taxes beginning the second half of 2004.
NOW THEREFORE, BE IT RESOLVED by the Housing and Redevelopment Authority in and for
the City of Monticello, Minnesota, that the Authority's staff shall take such action as is necessary to
cause the County Auditor of Wright County to decertify the District as a tax increment district and to no
longer remit tax increment from the District to the City.
DATED: �b �D , 2004
HRA Chair
ATTEST:
QO
Executive Director
(Seal)