EDA Resolution 2021-09CITY OF MONTICELLO ECONOMIC DEVELOPMENT AUTHORITY
RESOLUTION NO. 2021-09
RESOLUTION APPROVING A MODIFICATION TO THE TAX INCREMENT
FINANCING PLAN FOR TAX INCREMENT FINANCING DISTRICT NO. 1-22
WHEREAS, the City of Monticello (the "City") and the Housing and Redevelopment Authority
in and for the City of Monticello (the "HRA") previously established Central Monticello
Redevelopment Project Area No. 1 (the "Redevelopment Project") pursuant to Minnesota Statutes,
Sections 469.001 through 469.047, as amended (the "HRA Act"); and
WHEREAS, on March 10, 1997, the City and the HRA approved a Tax Increment Financing
Plan (the "TIF Plan") for Tax Increment Financing District No. 1-22 (the "TIF District") located within
the Redevelopment Project, pursuant to the HRA Act and Minnesota Statutes, Sections 469.174 to
469.1794, as amended (collectively, the "Act"); and
WHEREAS, administration of the TIF District was subsequently transferred to the City of
Monticello Economic Development Authority (the "Authority"); and
WHEREAS, the following property, by property identification number, was included in the
TIF District:
155-010-016070
155-010-016090
155-010-016100
155-010-069080
WHEREAS, the Authority desires by this resolution to approve a modification to the TIF
Plan (the "Modification") to remove the above -described parcels (the "Removed Parcels") from
the TIF District, thereby reducing the size of the TIF District; and
WHEREAS, because one of the Removed Parcels has a current market value below the
frozen value established at the time of certification of the TIF District, the City must hold a public
hearing on the Modification of the TIF Plan pursuant to Section 469.175, subd. 6 of the Act; and
WHEREAS, the City has scheduled a public hearing on the Modification, which will be held
on July 26, 2021.
NOW THEREFORE, BE IT RESOLVED by the Board of Commissioners of the Authority that
the Modification to the TIF Plan for the TIF District to remove the Removed Parcels from the TIF
District is hereby approved, subject to approval of such Modification by the City after holding a
public hearing and reaffirming the findings required for establishment of the TIF District, and
upon approval of the Modification by the City, the EDA Executive Director is authorized and
MN 190\101 \729362.v1
directed to notify the Wright County auditor of the reduction of the size of the TIF District
pursuant to Section 469.175, Subdivision 4, clause (e) of the Act.
Approved by the Board of Commissioners of the City of Monticello Economic Development
Authority this 14t" of July, 2021.
Attest:
IAIVI%
â–ºirector
N4N190\101\729362.v 1