HRA Resolution 2005-11MONTICELLO BLOUSING AND REDEVELOPMENT AUTHORITY
CITY OF MONTICELLO
COUNTY OF WRIGHT
STATE OF MINNESOTA
RESOLUTION NO. 2005 -11
RESOLUTION APPROVING THE ELIMINATION OF PARCELS FROM TAX
INCREMENT FINANCING DISTRICT NO. 1 -22 LOCATED WITHIN CENTRAL
MONTICELLO REDEVELOPMENT PROJECT NO. 1 IN THE CITY OF
MONTICELLO.
WHEREAS, on March 10, 1997, the City of Monticello City Council (the "City) established Tax
Increment Financing District No. 1 -22 (the "TIF District ") within its Central Monticello Redevelopment
Project No. 1; and
WHEREAS, the Monticello Housing and Redevelopment Authority (the "HRA ") is the
administrative authority for the TIF District; and
WHEREAS, the TIF District, in part, included the following parcel numbers, which were
previously certified in the TIF District (the "Parcels "):
155- 010- 036010
155- 010- 036011
155- 010 - 036030
WHEREAS, the HRA desires by this resolution to cause the elimination of the Parcels from the
TIF District thereby reducing the size of the TIF District; and
WHEREAS the Parcels have been excluded from the original tax capacity of the TIF District
pursuant to Minnesota Statues, Section 469.176, Subd. 6 (the so- called "knock -down rule "); and
WHEREAS, because the total current net tax capacity of the parcels to be eliminated from the
TIF District equals or exceeds the net tax capacity of the parcels in the TIF District's original net tax
capacity, the holding of a public hearing is not required pursuant to Minnesota Statutes, Section 469.175,
Subd. 4:
NOW THEREFORE, BE IT RESOLVED BY THE BOARD OF COMMISSIONERS OF THE
HRA as follows:
1. The tax increment financing plan ( "TIF Plan ") for the TIF District is hereby modified to
remove the Parcels from the TIF District, effective for taxes payable in 2006.
2. Upon approval of a similar resolution by the City, staff are authorized and directed to
attach a copy of this resolution to the TIF Plan for the TIF District in City files, file a copy of this
resolution with Wright County along with instructions to adjust the records for the TIF District
accordingly, and file a copy of the resolution with the Minnesota Commissioner of Revenue and Office of
the State Auditor.
Approved by the Board of Commissioners of the Monticello Housing and Re, evelopment
Authority this 7t" day of September, 2005.
it
ATTEST:
Secretary