EDA Resolution 2018-06CITY OF MONTICELLO ECONOMIC DEVELOPMENT AUTHORITY
RESOLUTION NO.2018-06
RESOLUTION REQUESTING A PUBLIC HEARING ON THE
ESTABLISHMENT OF TAX INCREMENT FINANCING DISTRICT NO.40.
BE IT RESOLVED, by the Board of Commissioners (the "Board") of the City of Monticello
Economic Development Authority (the "Authority") as follows:
WHEREAS, the City Council (the "Council") of the City of Monticello, Minnesota (the
"City") previously established its Central Monticello Redevelopment Project No. 1 (the
"Redevelopment Project") and has previously created multiple tax increment financing districts
within the Redevelopment Project, pursuant to Minnesota Statutes, Sections 469.174 to
469.1794, as amended (the "TIF Act"), in an effort to encourage the redevelopment of certain
designated areas within the City; and
WHEREAS, the City has transferred the administration and control of its tax increment
financing districts to the Authority; and
WHEREAS, the Authority recognizes an ongoing need to encourage the development of
housing opportunities within the Redevelopment Project; and
WHEREAS, the Authority is proposing the creation of Tax Increment Financing District No.
40 (the "TIF District"), a housing tax increment financing district, within the Redevelopment
Project, and the approval of a Tax Increment Financing Plan ("TIF Plan") for the TIF District,
pursuant to and in accordance with Section 469.175 of the TIF Act; and
WHEREAS, the creation of tax increment financing districts must be approved by the City
Council of the City after a duly noticed public hearing.
NOW, THEREFORE BE IT RESOLVED by the Board as follows:
1. The Authority hereby requests that the Council call for a public hearing on June 25, 2018 to
consider the proposed establishment of the TIF District and the adoption of a TIF Plan for
the TIF District, and to cause notice of said public hearing to be given as required by law.
2. The Authority directs the Executive Director to transmit copies of the TIF Plan to the
Planning Commission of the City and requests the Planning Commission's written opinion
indicating whether the proposed TIF Plan is in accordance with the Comprehensive Plan of
the City, prior to the date of the public hearing.
3. The Executive Director of the Authority is hereby directed to submit a copy of the TIF Plan
to the Council for its approval.