City Council Resolution 2022-62CITY OF MONTICELLO
WRIGHT COUNTY
STATE OF MINNESOTA
RESOLUTION NO. 2022-62
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 City 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 City Council of the City that:
1. Subject to approval by the Board of Commissioners of the Authority, the
Modification is hereby approved.
2. City 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.
MN190\101\731730.v2
Approved by the City Council of the City of Monticello, Minnesota on May 23, 2022.
Mayor
ATTEST:
ty clerl
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