EDA Resolution No. 2023-06 (TIF 1-22 Decertification)CITY OF MONTICELLO ECONOMIC DEVELOPMENT AUTHORITY
WRIGHT COUNTY
STATE OF MINNESOTA
RESOLUTION NO.2023-06
RESOLUTION APPROVING THE DECERTIFICATION OF TAX INCREMENT
FINANCING DISTRICT NO. 1-22
BE IT RESOLVED BY the Board of Commissioners of the City of Monticello Economic
Development Authority, Monticello, Minnesota (the "Authority") as follows:
Section 1. Recitals.
1.01. By a resolution adopted on March 10, 1997, the City of Monticello, Minnesota
(the "City") and the Housing and Redevelopment Authority in and for the City of Monticello
established Tax Increment Financing District No. 1-22 (the "TIF District"), a redevelopment
district located within Central Monticello Redevelopment Project No. 1, and approved a tax
increment financing plan for the TIF District, all pursuant to Minnesota Statutes, Sections 469.174
through 469.1794, as amended (the "TIF Act"). The administration of the TIF District was
subsequently transferred to the Authority.
1.02. It has been proposed that the City and the Authority decertify the TIF District.
1.03. As of the date hereof, the projects have been completed, all obligations to which
tax increment from the TIF District has been pledged have been paid in full or defeased, and the
Authority has determined that it is in the best interests of the Authority to tenninate and decertify
the TIF District.
Section 2. Findings for Decertification. The TIF District shall hereby be decertified as
of the date hereof. Any remaining increments not eligible for spending, as determined by
Authority and City staff, will be returned to Wright County (the "County") for redistribution in
accordance with the TIF Act.
Section 3. Direction to Authority Staff. The Executive Director shall provide a
certified copy of this resolution to the County Auditor/Treasurer of the County (the "County
Auditor") so that the TIF District may be decertified on the books and records of the County
Auditor with no further tax increment from the TIF District being remitted to the Authority or the
City. Authority and City Staff are authorized and directed to determine the amount of tax
increments to be returned to the County for redistribution, if any, and to transmit a copy of this
resolution to the County with a request to de -certify the TIF District, it being the intent of the
Authority that no further collection of tax increment from the TIF District will be distributed to
the Authority or the City after June 28, 2023.
Approved on this 28th day of June, 2023, by the Board of Commissioners of the City of
Monticello Economic Development Authority.
pomp,������r��q4t,
'�1�President low
ATTEST:
M N 190\ 101 \882447. v 1
STATE OF MINNESOTA
COUNTY OF WRIGHT ) SS.
CITY OF MONTICELLO
I, the undersigned, being the duly qualified and acting secretary of the City of Monticello
Economic Development Authority, do hereby certify that I have carefully compared the attached and
foregoing extract of minutes of a regular meeting of the Board held on June 28, 2023, with the original
thereof on file in my office and the same is a full, true and complete transcript therefrom insofar as
the same relates to the decertification of Tax Increment Financing District No. 1-22
WITNESS My hand as Executive Director and this c day o 2023.
Exdc' utiVe Director
City of Ponticello Economic Development Authority
MN 190\101 \882447.vl