HRA Resolution 1985-6HRA RESOLUTION 1985 #6
A RESOLUTION BY THE MONTICELLO HOUSING
AND REDEVELOPMENT AUTHORITY MODIFYING
THE EXISTING TAX INCREMENT FINANCING
REDEVELOPMENT DISTRICT #2 PURSUANT TO
MINNESOTA STATUTES, SECTION 273.71 TO
273.78 INCLUSIVE, THE TAX INCREMENT
FINANCE ACT.
WHEREAS, the Housing and Redevelopment Authority in and for the City of
Monticello (the "Authority ") is carrying out the Monticello Redevelopment
Project (the "Project ") and Redevelopment Plan (the "Plan "); and
WHEREAS, the Authority determined in 1983 that is was necessary to
create a tax increment financing redevelopment district pursuant to the
Minnesota Tax Increment Financing Act, Minnesota Statutes, Section 273.71
to 273.78 inclusive (the "Act ") within the redevelopment project created
pursuant to Minnesota Statutes, Section 462.411 et seq., the Municipal
Housing and Redevelopment Act; and
WHEREAS, in connection with the undertaking to modify the existing
tax increment district by the Authority pursuant to the Act, the approval
by the Board of Commissioners (the "governing body ") of the Authority of
the modification to the existing tax increment plan is required by the
local governing body before it will consider for approval said modification
to the plan; and
WHEREAS, there was presented to this meeting of the governing body
of the Authority for its consideration and approval, a copy of a tax
increment plan modification for said redevelopment district dated November,
1985 which plan is entitled Modification #1 to Tax Increment District #2
( "Modification No.l "); and
WHEREAS, the Authority has prepared Modification #1 and submitted
Modification #1 to the City Planning Commission of the City of Monticello
(the "Planning Commission ") for its review and opinion; and
NOW, THEREFORE, BE IT RESOLVED by the governing body of the Housing,
and Redevelopment Authority in and for the City of Monticello:
1. That the tax increment financing district as modified herein
is a tax increment financing redevelopment district since the construction
of the Metcalf /Larson facilities has resulted in and enhanced the tax
base of the City, and the elimination of blight.
2. That the proposed redevelopment within the tax increment
financing district as modified herein, would not have reasonably been
expected to occur solely through private investment because, in the
opinion of the City, Metcalf /Larson would not have located its business
within the City without the use of tax increments to finance the acquisition
of a suitable site for development; and
3. That the Planning Commission has reviewed, the tax increment
financing plan as modified herein and it conforms to the general plan for
the development of the municipality because a whole as it will result in
an increase in the City's commercial economic activity.
4. That the tax increment financing plan as modified herein will
afford maximum opportunity consistent with the sound needs of the City as a
whole, for the development by private enterprise as it will enable the
City to assist the developer with the construction of a commerical facility
by providing a suitable site for development.
The Housing and Redevelopment Authority of Monticello, Minnesota does hereby
approve the tax increment financing plan modification and modification #1
to tax increment district #2 as described in said tax increment financing
plan, and does hereby transmit to the City Council said plan for their
adoption.
Adopted by the Monticello Housing and Redevelopment Authority this
7th day of November, 1985.
ATTEST:
Cha. rperson