HRA Resolution 1994-10% "' T
A RESOLUTION BY THE HOUSING AND REDEVELOPMENT AUTHORITY
IN AND FOR THE CITY OF MONTICELLO, WRIGHT COUNTY
RESOLUTION NO. 94-1()
RESOLUTION AUTHORIZING PREPARATION FOR THE
MODIFICATION OF THE REDEVELOPMENT PROJECT PLAN, TIF DISTRICTS,
AND ESTABLISHMENT OF TIF DISTRICT NO. 1-19 AND ITS PLAN.
WHEREAS, the Housing and Redevelopment 'Authority (the "HRA "!, If-I
and for the City of Monticello, Minnesota, has been requested by
Monticello-Big Lake Housing, Inc. a Minnesota non-profit
organization, (the "Redeveloper") to establish a Tax Increment
Finance (TIF) District; and
WHEREAS, the HRA agrees to waive the receipt of the Preliminary
Agreement from the Redeveloper; and
WHEREAS, the HRA agrees to waive the receipt of a $5,0DUOU0 cashier's
check from the Redeveloper; and
WHEREAS, the HRA agrees to allocate the estimated $71,0600 PRG and
Holmes & Graven fees and the previous $5,600D Health Planning 05C
Management Resources, Inc. fee as Administrative Costs within the
Plan relating to the proposed TIF District; and
WHEREAS, the Monticello-Big Lake Community Hospital District (the
"Seller"') is considering to propose the sale of the following two
parcels to the Redeveloper 'the "Buyer"') for redevelopment, the
parcels identified as:
PID#
PID#
WHEREAS, the Redeveloper requests the HRA or City consider issuing
Revenue Bonds for the 501 'c' non-profit organization; and
WHEREAS, the Redeveloper proposes to construct a 48-unit
independent senior housing facility; and
WHEREAS, on November 9, 19*94, the HRA approved the preliminary
concept for use of TIF to assist with financing the proposed senior
housing project; and
WHEREAS, on November 14, _1994, the City Council received an
informational update relating to the HRA'; preliminary concept
approval for use of TIF on the senior housing project; and
NOW, THEREFORE, BE IT RESOLVED by the Monticello Housing and
Redevelopment Authority, in and for the City of Monticello,
Minnesota:
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1. Authorizes Public Resource Group, Inc. to prepare a
modification of the Plan for Redevelopment Project No. I and
the Plans for TIF District Nos. 1-1 through 1-18 and for
establishment of TIF District No. 1-19, a Housing District,
and Plan relating to District No. 1-19.
2. Authorizes Holmes & Graven to prepare the Private
Redevelopment Contract between the HRA and Mont i cello-Big Lake
Housing, Inc.
Adopted this — 7 tai day of December, 1J94.
ATTEST:
HRA Executive Director
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HRA Ct5 ' rperson