EDA Resolution #2022-12 Approving Removing Parcels from TIF District No. 1-22CITY OF MONTICELLO ECONOMIC DEVELOPMENT AUTHORITY
RESOLUTION NO.2022-12
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 the 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 properties, by property identification number, were included in
the TIF District:
155-010-052010
155-010-052060
155-010-052110
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 the current net tax capacity of the Removed Parcels equals or exceeds
the net tax capacity of Removed Parcels in the TIF District's original net tax capacity, the
Modification does not require notice, discussion, a public hearing, or original plan approval
findings pursuant to Section 469.175, subd. 4(e)(2)(A) of the Act; and
NOW THEREFORE, BE IT RESOLVED by the Board of Commissioners of the Authority
that the Modification is hereby approved. Authority staff is authorized and directed to notify the
Wright County auditor of the reduction of the size of the TIF District pursuant to Section 469.175,
subd. 4(e) of the Act.
Approved by the Board of Commissioners of the City of Monticello Economic Development
Authority this 8' of June, 2022.
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President
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