City Council Resolution 2022-91CITY OF MONTICELLO, MINNESOTA
RESOLUTION NO. 2022-91
RESOLUTION APPROVING BUSINESS SUBSIDY AGREEMENT CONTAINED WITHIN
A CONTRACT FOR PRIVATE DEVELOPMENT BETWEEN THE CITY OF MONTICELLO
ECONOMIC DEVELOPMENT AUTHORITY AND WILLI HAHN CORPORATION
BE IT RESOLVED by the City Council ("Council") of the City of Monticello, Minnesota
("City") as follows:
Section 1. Recitals.
1.01. The City has approved the creation of Tax Increment Financing District No. 1-46
(Wiha Tools) (the "TIF District") within the Central Monticello Redevelopment Project (the
"Project"), pursuant to Minnesota Statutes, Sections 469.174 to 469.1794, as amended.
1.02. To facilitate development of certain property in the TIF District (the "Development
Property"), the City of Monticello Economic Development Authority (the "Authority") has
approved a Contract for Private Development (the "Contract") between the Authority and Willi
Hahn Corporation, a Minnesota corporation, or an affiliate thereof or entity related thereto (the
"Developer"), under which among other things the Authority will issue to the Developer its Tax
Increment Financing Note (the "TIF Note") to assist in the payment of the cost of land acquisition
and site preparation on the Development Property necessary to complete construction of an
approximately 156,800 square foot building to provide a facility for manufacturing to be
constructed in two phases (the "Project").
1.03. The provision of the TIF Note to the Developer in accordance with the terms of the
Contract constitutes a "business subsidy" exceeding $150,000 within the meaning of Minnesota
Statutes, Section 116J.993 to 116J.995, as amended (the "Business Subsidy Act").
1.04. The "business subsidy agreement" as required under the Business Subsidy Act is
included as one section of the Contract, and on July 13, 2022, the Authority conducted a duly
noticed public hearing regarding the business subsidy agreement, at which all interested persons
were given an opportunity to be heard.
1.05. The City finds and determines that the business subsidy to the Developer is for a
public purpose and is in the public interest because it will further the objectives of the Project, will
facilitate the expansion of a successful business and the creation of new jobs in the City, and will
increase the tax base.
Section 2. Business Subsidy Approved; Further Proceedings.
2.01. The Council approves the business subsidy agreement contained within the
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Contract, subject to modifications that do not alter the substance of the transaction and that are
approved by the President and Executive Director of the Authority, provided that execution of the
documents by those officials shall be conclusive evidence of their approval.
Approved by the City Council of the City of Monticello, Minnesota this 22nd day of August,
2022.
Mayor
ATTEST:
City Clerk
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