EDA Resolution #2022-14 Modification to TIF District 1-43CITY OF MONTICELLO ECONOMIC DEVELOPMENT AUTHORITY
RESOLUTION NO.2022-14
RESOLUTION APPROVING A MODIFICATION OF THE TAX
INCREMENT FINANCING PLAN FOR TAX INCREMENT
FINANCING DISTRICT NO. 1-43
WHEREAS, on February 23, 2022, the City of Monticello Economic Development
Authority (the "Authority") approved a Tax Increment Financing Plan (the "TIF Plan") for Tax
Increment Financing District No. 1-43 (Headwaters Villa Project) (the "TIF District") located within
the Central Monticello Redevelopment Project Area No. 1 (the "Redevelopment Project"), pursuant
to Minnesota Statutes, Sections 469.001 to 469.047, Sections 469.090 to 469.1081, as amended, and
Sections 469.174 to 469.1794, as amended (collectively, the "Act"), and on February 14, 2022, the
City of Monticello, Minnesota (the "City") approved the establishment of the TIF District; and
WHEREAS, the City and Authority have determined a need to modify the TIF Plan in order
to amend the budget contained therein as reflected in that certain document provided in Exhibit A
attached hereto and labeled "Modification of the Tax Increment Financing Plan for Tax Increment
Financing District No. 1-43 within the Central Monticello Redevelopment Project No. 1" (the
"Amendment"); and
WHEREAS, the Amendment is consistent with the redevelopment plan for the
Redevelopment Project; and
WHEREAS, pursuant to Section 469.175, subd. 4(b) of the Act, a tax increment financing
plan may be modified without public hearing or the findings required to be made for the original tax
increment financing plan if the modification does not include (i) any reduction or enlargement of the
geographic area of the project or tax increment financing district; (ii) an increase in the amount of
bonded indebtedness; (iii) a determination to capitalize interest on debt if that determination was not
a part of the original plan; (iv) an increase in the portion of the captured net tax capacity to be
retained by the City; (v) an increase in the estimated cost of the project, including administrative
expenses, to be paid or financed with tax increment from the district; or (vi) the designation of
additional property to be acquired by the authority; and
WHEREAS, the Amendment revises the budget for the TIF District to increase the
amount budgeted for the construction of affordable housing and to decrease the amount budgeted
for land acquisition but does not increase the total estimated cost of the project or the total
amount of bonded indebtedness.
NOW THEREFORE, BE IT RESOLVED by the Board of Commissioners of the City of
Monticello Economic Development Authority as follows:
1. The Amendment is hereby approved in substantially the form on file in City Hall and
attached hereto as Exhibit A.
2. Upon approval of the Amendment by the City Council of the City, Authority staff is
authorized to forward a copy of the TIF Plan as modified by the Amendment (the
"Modified TIF Plan") to the Department of Revenue and the State Auditor pursuant
to Minnesota Statutes 469.175, subd.4(a).
3. The City Clerk is authorized and directed to forward a copy of the Modified TIF Plan
to Wright County.
DATED: June 8, 2022
resi ent
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