EDA Resolution No. 2023-14 (Approving TIF Policy)CITY OF MONTICELLO ECONOMIC DEVELOPMENT AUTHORITY
CITY OF MONTICELLO
WRIGHT COUNTY
STATE OF MINNESOTA
RESOLUTION NO.2023-14
RESOLUTION APPROVING TAX INCREMENT FINANCING POLICY
BE IT RESOLVED By the Board of Commissioners (the "Board") of the City of Monticello
Economic Development Authority (the "EDA") as follows:
Section 1. Recitals.
1.01. Minnesota Statutes, Sections 469.174 through 469.1794, as amended (the "TIF Act"),
provides the City of Monticello, Minnesota (the "City") and the EDA with the authority to establish tax
increment financing districts ("TIF Districts") within the City. The EDA administers TIF Districts within
the City.
1.02. The Board acknowledges that tax increment financing created through the establishment
of TIF Districts can be a valuable financing tool to further the development and redevelopment objectives
of the City and the EDA, and to that end, the EDA and the City have caused to be updated certain criteria
to guide the City and the EDA in awarding tax increment financing pursuant to the TIF Act (the "Tax
Increment Financing Policy").
Section 2. Tax increment Financing Policy Approved.
2.01. The Board hereby approves the Tax Increment Financing Policy on file in City Hall, which
criteria supersedes any other prior Tax Increment Financing policy or criteria adopted by the EDA.
2.02. EDA staff is hereby authorized to take all actions necessary to implement the Tax
Increment Financing Policy.
Approved by the Board of Commissioners of the City of Monticello Economic Development
Authority this 13th day of December, 2023.
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