EDA Resolution No. 2023-05 (Amending 2022 TIF Allocation Plan)CITY OF MONTICELLO ECONOMIC DEVELOPMENT AUTHORITY
RESOLUTION NO.2023-05
RESOLUTION AMENDING THE 2022 POOLED TIF
ALLOCATION PLAN
BE IT RESOLVED BY the Board of Commissioners ("Board") of the City of Monticello Economic
Development Authority, Monticello, Minnesota (the "Authority") as follows:
Section 1. Recitals.
1.01. The Authority and the City of Monticello, Minnesota (the "City") have previously
established Tax Increment Financing District Nos. 1-6, 1-19, 1-22, 1-24, 1-29 and 1-30 (the "Pooled TIF
Districts"), as well as Tax Increment Financing (Housing) District No. 1-42 (Headwaters Apartment
Project) ("TIF 42") and Tax Increment Financing (Housing) District No. 1-43 (Headwaters Villas Project)
("TIF 43") and adopted tax increment financing plans therefore.
1.02. On May 25, 2022, the Board approved the 2022 Pooled TIF Allocation Plan (the
"Allocation Plan"), which among other things, allocated certain pooled tax increment ("Pooled Increment")
in the amount of $800,000 from the Pooled TIF Districts to TIF 42 and TIF 43 to pay eligible developer
and public costs.
1.03. The Authority proposes to amend the Allocation Plan (the "Amendment") to increase the
amount of Pooled Increment to be allocated from the Pooled TIF Districts to TIF 42 and TIF 43 by $80,000
to pay certain eligible developer and public costs, including environmental investigation and remediation
costs as outlined in the purchase and development contracts related to TIF 42 and TIF 43.
Section 2. Amendment Approved. The Board hereby approves the Amendment and
authorizes and directs Authority staff to implement the Amendment and take all actions necessary in
connections therewith.
Section 3. Effective Date. This resolution shall be effective upon approval.
Approved by the Board of Commissioners of the City of Monticello Economic Development Authority
on May 10, 2023.
ATTEST:
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