EDA Resolution #2022-04 Approving TIF District 1-43 - Headwaters TwinhomesCITY OF MONTICELLO ECONOMIC DEVELOPMENT AUTHORITY
RESOLUTION NO.2022-04
RESOLUTION APPROVING THE ESTABLISHMENT OF TAX INCREMENT
FINANCING DISTRICT NO. 1-43 AND ADOPTING A TAX INCREMENT
FINANCING PLAN THEREFOR.
BE IT RESOLVED By the Board of Commissioners ("Board") of the City of Monticello Economic
Development Authority (the "Authority") as follows:
Section 1. Recitals.
1.01. The Board proposes to establish Tax Increment Financing District No. 1-43 (Headwaters
Villa Project) (the "TIF District") within Central Monticello Redevelopment Project No. 1 (the "Project")
and adopt a Tax Increment Financing Plan for the TIF District (the "TIF Plan"), pursuant to Minnesota
Statutes, Sections 469.090 to 469.1081, as amended, and Sections 469.174 to 469.1794, as amended
(collectively, the "Act").
1.02. Authority staff and consultants have prepared the TIF Plan for consideration by the Board
and by the City of Monticello (the "City").
1.03. Following approval of the TIF Plan by the City after a duly noticed public hearing, the
Authority and the City will have performed all actions required by law to be performed prior to the
establishment of the TIF District and the adoption and approval of the proposed TIF Plan, including, but
not limited to, notification of the commissioner of Wright County, Minnesota ("Wright County") representing
the area included in the TIF District, notification of Wright County and Independent School District No. 882,
and approval of the TIF Plan by the City's planning commission.
Section 2. Approval of TIF District No. 1-43 and TIF Plan; Further Actions.
2.01. The Board hereby finds that the TIF District is 2.a "housing district" within the meaning
of Minnesota Statutes, Section 469.174, Subdivision I I, because it consists of a project or portions of a
project intended for occupancy, in part, by persons or families of low and moderate income as defined in
Chapter 462A, Title II of the National Housing Act of 1934; the National Housing Act of 1959; the United
States Housing Act of 1937, as amended; Title V of the Housing Act of 1949, as amended; and any other
similar present or future federal, state or municipal legislation or the regulations promulgated under any of
those acts. No more than 20% of the square footage of buildings that receive assistance from tax increments
will consist of commercial, retail or other nonresidential uses.
2.02. The Authority hereby finds that the TIF District is in the public interest, and finds that the
TIF Plan conforms in all respects to the requirements of the Act and that the establishment of the TIF
District and adoption of the TIF Plan will help provide increased housing opportunities in the City, and
thereby serves a public purpose.
2.03. The Authority further finds that the TIF Plan will afford maximum opportunity, consistent
with the sound needs for the City as a whole, for the redevelopment or development of the Project by private
enterprise in that the intent is to provide only that public assistance necessary to make the private
development financially feasible.
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2-04. The Authority hereby approves the TIF Plan for the TIF District, subject to approval
thereof by the City Council following its public hearing thereon.
2.05. Subject to approval of the TIF Plan and establishment of the TIF District by the City
Council, Authority staff and consultants are authorized and directed to proceed with the implementation of
the TIF Plan and for this purpose to negotiate, draft, prepare and present to this 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.
Adopted by the Board of Commissioners of the City of Monticello Economic Development
Authority this 23d day of February, 2022.
- IJ
(Presi ent
ATTEST.
ve Exe uti I irector
2
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