EDA Resolution 2020-01CITY OF MONTICELLO ECONOMIC DEVELOPMENT AUTHORITY
RESOLUTION NO. 2020-01
RESOLUTION APPROVING THE ESTABLISHMENT OF TAX INCREMENT
FINANCING (ECONOMIC DEVELOPMENT) DISTRICT NO. 1-41 AND
ADOPTING A TAX INCREMENT FINANCING PLAN THEREFOR.
BE IT RESOLVED By the Board of Commissioners (the "Board") of the City of Monticello Economic
Development Authority (the "Authority") as follows:
Section 1. Recitals.
1.01. The City of Monticello, Minnesota (the "City") and the Authority have previously
established the Central Monticello Redevelopment Project No. 1 (the "Redevelopment Project") within the
City, pursuant to Minnesota Statutes, Sections 469.001 through 469.047, as amended, and Minnesota
Statutes, Sections 469.090 through 469.1081, as amended.
1.02. The City and the Authority have proposed to approve a tax increment financing plan (the
"TIF Plan") for Tax Increment Financing (Economic Development) District No. 1-41 (the "TIF District"),
an economic development district, within the Redevelopment Project, pursuant to Minnesota Statutes,
Sections 469.174 through 469.1794, as amended (the "TIF Act"), all as described in a plan document
presented to the Board on the date hereof.
1.03. Pursuant to Section 469.174, subdivision 2 of the TIF Act, the proposed TIF Plan and the
estimates of the fiscal and economic implications of the TIF Plan were presented to the Board of Education
of Independent School District No. 882 (Monticello Public Schools) and to the Board of Commissioners of
Wright County, Minnesota (the "County") at least thirty (30) days prior to the public hearing conducted by
the City Council of the City (the "City Council") on September 23, 2019.
1.04. The City Council held a duly noticed public hearing on September 23, 2019, and approved
the creation of the TIF District and the associated TIF Plan following such public hearing.
Section 2. Approval of TIF District and TIF Plan; Further Actions.
2.01. The creation of the TIF District and the TIF Plan therefor are hereby approved.
2.02. Authority staff is hereby authorized and directed to file a request for certification of the
TIF District with the County Auditor/Treasurer of the County and to file a copy of the TIF Plan with the
Minnesota Commissioner of Revenue and the Office of the State Auditor as required by the TIF Act.
2.04. The County Auditor/Treasurer of the County is requested to certify the original net tax
capacity of the TIF District, as described in the TIF Plan, and to certify in each year thereafter the amount
by which the original net tax capacity has increased or decreased.
2.0.5 Authority staff, consultants, and legal counsel are authorized to take all actions necessary
to implement the TIF Plan and to negotiate, draft, prepare and present to the Board for its consideration all
further plans, resolutions, documents, and contracts necessary for this purpose. Approval of the TIF Plan
does not constitute approval of any project or a development agreement with any developer.
610061 v2MN 190-160
Adopted by the Board of Commissioners of the City of Monticello Economic Development
Authority this 26th day of February, 2020.
resident
610061 v2MN 190-160