HRA Resolution 1985-2HRA RESOLUTION 1985 ##2
A RESOLUTION BY THE MONTICELLO HOUSING
AND REDEVELOPMENT AUTHORITY APPROVING A
TAX INCREMENT FINANCING REDEVELOPMENT
DISTRICT PURSUANT TO MINNESOTA STATUTES,
SECTIONS 273.71 TO 273.78 INCLUSIVE AND A
FINANCE PLAN FOR SAID TAX INCREMEN''P
FINANCING DISTRICT.
WHEREAS, The Housing and Redevelopment Authority in and for the City of
Monticello (the "Authority ") is carrying out the Monticello Redevelopment Project
Modification #1 (the "Project ") and Redevelopment Plan Modification #1 (the
"Plan "); and
WHEREAS, the Authority has determined that it is necessary to create a tax
increment financing district pursuant to Minnesota Statutes, Sections 273.71 to
273.78 inclusive, within the existing project, created and modified pursuant to
Minnesota Statutes, Section et cam„ the Minnesota Housing and
Redevelopment Act; and
WHEREAS, the Authority recommends that the 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 plan for the
project area described in said plan dated March, 1985 which plan is entitled The
Construction Five Development Proposal; and
WHEREAS, the Authority has submitted the tax increment financing plan 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. The proposed development or redevelopment, in the opinion of the
city, would not reasonably be expected to occur solely through
private investment within the reasonably foreseeable future and,
therefore, the use of tax increment financing is deemed necessary
since Construction Five could not economically construct the present
facility without the provision of the necessary public improvements
to the site and without the use of tax increments to assist with the
financing of these public improvements, the developer would not have
constructed the apartment building and manufacturing facility in the
City; and
2. 'The tax increment financing plan 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
provide the necessary public improvements for development; thereby
encouraging redevelopment in the area.
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3. The tax increment financing plan conforms to the general plan for
the development of the city as a whole as it will result in
construction of an apartment building and a manufacturing facility
which will provide needed housing, create new jobs and increase the
tax base of the City.
4. The tax increment district to be established is a redevelopment
district pursuant to Minnesota Statutes, Section 273.73, Subdivision
10(a)(3) in which the conditions described in Section E of this plan
exist.
The Housing and Redevelopment Authority of Monticello, Minnesota does
hereby approve the tax increment financing plan and the creation of a tax
increment financing district as described in said tax increment financing plan and
does hereby transmit to the City Council the plan for their adoption.
Adopted by the Housing and Redevelopment Authority this 11th day of
March, 1985.
ATTEST:
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Chairman