HRA Resolution 2005-12MONTICELLO HOUSING AND REDEVELOPMENT AUTHORITY
CITY OF MONTICELLO
WRIGHT COUNTY
STATE OF MINNESOTA
RESOLUTION NO. 2005 -12
RESOLUTION ADOPTING A MODIFICATION TO THE REDEVELOPMENT
PLAN FOR CENTRAL MONTICELLO REDEVELOPMENT PROJECT NO. 1
AND ESTABLISHING TAX INCREMENT FINANCING DISTRICT NO. 1 -35
THEREIN AND ADOPTING A TAX INCREMENT FINANCING PLAN
THEREFOR.
WHEREAS, it has been proposed by the Board of Commissioners (the "Board ") of the
Monticello Housing and Redevelopment Authority (the "Authority ") and the City of Monticello (the
"City ") that the Authority adopt a Modification to the Redevelopment Plan ( "Redevelopment Plan
Modification ") for Central Monticello Redevelopment Project No. 1 (the "Project ") and establish Tax
Increment Financing District No. 1 -35 and adopt a Tax Increment Financing Plan (the "TIF Plan ")
therefor (the Redevelopment Plan Modification and the TIF Plan are referred to collectively herein as the
"Plans "), all pursuant to and in conformity with applicable law, including Minnesota Statutes, Sections
469.001 to 469.047, and Sections 469.174 to 469.1799, inclusive, as amended (the "Act "), all as reflected
in the Plans and presented for the Board's consideration; and
WHEREAS, the Authority has investigated the facts relating to the Plans and has caused the
Plans to be prepared; and
WHEREAS, the Authority has performed all actions required by law to be performed prior to the
adoption of the Plans. The Authority has also requested the City Planning Commission to provide for
review of and written comment on the Plans and that the Council schedule a public hearing on the Plans
upon published notice as required by law.
NOW, THEREFORE, BE IT RESOLVED by the Board as follows:
1. The Authority approves the Redevelopment Plan Modification, and specifically finds
that: (a) the land within the Project area as expanded would not be available for redevelopment without
the financial aid to be sought under this Redevelopment Plan; (b) the Redevelopment Plan, as modified,
will afford maximum opportunity, consistent with the needs of the City as a whole, for the development
of the Project by private enterprise; and (c) that the Redevelopment Plan, as modified, conforms to the
general plan for the development of the City as a whole.
2. The Authority approves the TIF Plan for Tax Increment Financing District No. 1 -35, and
specifically finds that such district is a "redevelopment district" under Minnesota Statutes, Section
469.174, Subd. 10, and finds that the Plans conform in all respects to the requirements of the Act and will
help fulfill a need to redevelop an area of the State of Minnesota which is underutilized, and that the
adoption of the proposed TIF Plan will preserve and enhance the tax base of the City and the State. The
Plan will redevelop substandard areas, provide an impetus for commercial development by providing for
an 11,000 square foot commercial space consisting of a restaurant, office, other uses and associated
parking which will have an estimated value of $1,000,000 and will enhance and compliment existing
adjacent commercial development in downtown Monticello, and thereby serves a public purpose.
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3. The Authority further finds that the Plans will afford maximum opportunity, consistent
with the sound needs for the City as a whole, for the development or redevelopment of the project area by
private enterprise in that the intent is to provide only that public assistance necessary to make the private
developments financially feasible.
4. The reasons and facts supporting the findings in this resolution are described in the Plans.
The Authority further finds that there are three parcels in the District, each of approximately 11,000
square feet in area. All three parcels are necessary to support the development proposed for the District,
since the three parcels will contain new commercial development and associated parking necessary and
convenient for the commercial development. Pursuant to the analysis provided to the Authority, parcels
in the District consisting of 70 percent of the area of TIF District No. 1 -35 are occupied by buildings,
streets, utilities, paved or gravel parking lots or other similar structures, and more than 50 percent of the
buildings are structurally substandard to a degree requiring substantial renovation or clearance. The
Authority further funds that the above conditions are reasonably distributed throughout the District
because the substandard conditions exist over at least two thirds of the area of the District.
5. Upon approval of the Plans by the City Council, the staff, the Authority's advisors and
legal counsel are authorized and directed to proceed with the implementation of the Plans and for this
purpose to negotiate, draft, prepare and present to this Board for its consideration all further plans,
resolutions, documents and contracts necessary for this purpose. Approval of the Plans does not
constitute approval of any project or agreement with any developer.
6. Upon approval of the Plans by the City Council, the Executive Director of the Authority
is authorized and directed to forward a copy of the Plans to the Minnesota Department of Revenue and the
Office of the State Auditor pursuant to Minnesota Statutes 469.175, Subd. 4a.
7. The Executive Director of the Authority is authorized and directed to forward a copy of
the Plans to the Wright County Auditor and request that the Wright County Auditor certify the original
tax capacity of the District as described in the Plans, all in accordance with Minnesota Statutes 469.177.
Approved by the Board of Commissioners of the Monticello Housing and Redeve
Authority this q4` day of September, 2005.
ATTEST:
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Secretary
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