HRA Resolution 1985-3HRA RESOLUTION 1985 #3
A RESOLUTION APPROVING A TAX INCREMENT
FINANCE DISTRICT AND FINANCE PLAN AND
REQUESTING THE CITY COUNCIL OF THE CITY
OF MONTICELLO TO SET A PUBLIC HEARING
WHEREAS, The Housing and Redevelopment Authority
in and for the ri fy of mnnti r•al i n ! -F 11 in 11 T „ +1- , ^-r-; +� >►► 1 ;
and for _ e � •J L y I .L '7
carrying out the Monticello Redevelopment Project (the
and Redevelopment Plan (the "Plan "), pursuant to the
approval of the City Council of the City of Monticello
"Project ")
(the "City "); and
WHEREAS, Raindance Partnership has proposed development
of a 33,000 square foot commercial building on Lots 1 -10
of Block 15, Original plat, and
WHEREAS, said parcel is situated in the Redevelopment
Project Area, and
WHEREAS, said parcel is found to have substandard
soils such that the cost of corrections of the soil when
added to the Fair Market Value will exceed the Fair Market
Value of the improved lands, and
WHEREAS, the Authority recommends that the Raindance
Project be undertaken as rapidly as possible and be financed
with local funds including tax increment financing as
authorized by Minnesota Statutes, Sections 273.71 through
273.78; 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 finance entitled
Tax Increment Redevelopment District #6; and
NOW, THEREFORE, BE IT RESOLVED by the governing body
of the Housing and Redevelopment Authority in and for
the City of Monticello:
10 That the project described in said Tax Increment
Finance Redevelopment Plan Non 6 contains blighted
and deteriorated or deteriorating areas as defined
in the Minnesota Municipal Housing and Redevelopment
Act, Minnesota Statutes, Section 462.421, Subdivision 13,
and requires public assistance in order to eliminate
said blighted, deteriorating and economically obsolete
areas.
Resolution 1985 # 3
Page Two
20 The said Plan and Project will carry out the purpose
and policy of the Municipal Housing and Redevelopment
Act of the State of Minnesota, Minnesota Statutes,
Section 462.415 to 4620711 as set forth in Section 462.415.
3. The said Tax Increment Redevelopment District and
Tax Increment Finance Plan hereby in all respects
--A -n tq +In n Qnr-Y-es+ -- r— ; c- 1 r .htr A4 -- ,,.+.,..a 4- -
I A- \r J- V-- -LJV %.A -L A. 1C.- k- I- %-,%A 1-U
file said Redevelopment Plan with the Minutes of
this meeting.
46 Application is hereby made to the City Council of
the City of Monticello, the governing body of the
City in which said project is located, for the approval
of said Plan and project area, and the staff of this
Authority is authorized to transmit said Plan to
said City Council, together with a copy of this Resolution,
a plan for financing the project including the adoption
of the tax increment financing plan and to take such
other action as the said staff may deem necessary
and advisable in order to secure from said City Council
its approval of said Plan and project. Said City
Council is hereby requested to hold a public hearing
on said Tax Increment Finance Redevelopment Plan
No. 6 after giving published notice of the date.,
time place and purpose of such hearing in a newspaper
of general circulation in the City of Monticello,
such notice to be published at least ten days and
no more than 30 days prior to the date of the hearing.
Said City Council is hereby requested to approve
said Plan and to find by Resolution that: (1) the
land in the project area would not be abailable for
redevelopment without the financial aid to be sought;
(2) the plan for the redevelopment district in the
locality will afford maximum opportunity, consistent
with the sound needs of the locality as a whole,
for the redevelopment of such areas by private enterprise;
and (3) the tax increment redevelopment district
and tax increment financing plan conforms to a general
plan for the development of the locality as a whole,
and (4) that the project will result in increased
employment in the municipality and will result in
the preservation and enhancement of the tax base of
the municipality.
Resolution 1985 ##3
Page Three
Said staff is hereby authorized and directed
to transmit to the State Department of Energy
and Economic Development, Office of Local Government,
certified copies of this Resolution, of said
Plan, and other papers and documents described
or referred to in Minnesota Statutes, Section
462.445, Subdivision 8 of said Municipal Housing
and Redevelopment Act.
Adopted this 10th day of October, 1985.
ar Wieb r, Chair HRA
ATTEST:
Olive M. Koropchak
Director of Economic Development