City Council Resolution 2011-97CITY OF MONTICELLO
WRIGHT COUNTY, MINNESOTA
EDA RESOLUTION NO. 2011-97
APPROVING THE DECERTIFICATION OF TAX INCREMENT FINANCING
DISTRICT NO. 1-31, ULTRA MACHINING COMPANY
WHEREAS, on August 12, 2002, the Economic Development Authority (the "Authority") in and
for the City of Monticello, Minnesota, created Tax Increment Financing District No. 1-31, (the
"District") within the Central Monticello Redevelopment Project No. 1 (the "Project") and the
Central Monticello Redevelopment Plan (the "Plan"); and
WHEREAS, on December 14, 2011 the Tax Increment Revenue Note to which tax increment
from the District have been pledged was refunded; and
WHEREAS, all other costs of the Project have been paid; and
WHEREAS, there were no parcels located in the District with delinquent taxes as of the time
said District was terminated; and
WHEREAS, the Tax Increment Financing plan adopted August 12, 2002, for Tax Increment
Financing District No. 1-31 requires, pursuant to M.S. 469.176, Sub 1 (Economic District), that
the duration of the Tax Increment Financing District No. 1-31 will be nine years after the date of
receipt by the Authority of the first tax increment or eleven years from approval of the Tax
Increment Financing Plan, whichever is less; and
WHEREAS, the receipt of first increment was July, 2004; and
WHEREAS, December 31, 2012, is ten years from the approval of the Tax Increment Financing
Plan, which is lesser than the duration allowed in the Financing Plan; and
WHEREAS, the Authority desires, by this resolution, to cause early decertification of the
District after which all property taxes generated by the property within the District will be
distributed in the same manner as all other taxes beginning payable 2012.
NOW THEREFORE, BE IT RESOLVED by the Economic Development Authority in and for
the City of Monticello that the Authority's staff shall take such action as is necessary to cause the
County Auditor of Wright County to decertify the District as a tax increment district and to no
longer remit tax increment from the district to the Authority as of December 30, 2011.
APPROVED BY the Board of Commissioners of the Monticello Economic Development
Authority this 14th day of September, 2011.
EDA President
CERTIFICATION
STATE OF MINNESOTA
COUNTY OF WRIGHT
I hereby certify that the foregoing is a true and correct copy of Resolution 42011-97,
which was duly passed, adopted and approved by the Monticello Economic Development
Authority at their scheduled meeting on September 14, 2011, and recorded in minutes of said
meetings.
Notary Public: ,
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Date:
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KERRY T. BURRINOTARY PUBLIC - MINNESO 5 My Commission Expires Jan. 31,