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City Council Resolution 2015-33CITY OF MONTICELLO WRIGHT COUNTY, MINNNESOTA RESOLUTION NO. 2015 -033 RESOLUTION DECERTIFYING TAX INCREMENT FINANCING DISTRICT NO. 1 -37 BE IT RESOLVED By the City Council of the City of Monticello, Minnesota (the "City") as follows: Section 1. Recitals. 1.01. The City previously established the Tax Increment Financing District No. 1 -37 (the "TIF District ") within Central Monticello Redevelopment Project No. 1 in the City and approved a Tax Increment Financing Plan ( "TIF Plan ") for the TIF District. 1.02. Pursuant to the terms of the Purchase and Redevelopment Contract between the City of Monticello Economic Development Authority, as assignee of the Housing and Redevelopment Authority in and for the City of Monticello, Minnesota (the "Authority ") and SL Real Estate Holdings, LLC (the "Redeveloper "), dated April 2, 2006 (the "Agreement "), the Authority conveyed certain property (the "Property ") to the Redeveloper, granted tax increment financing assistance to the Redeveloper in the form of a land write -down for the purchase price of the Property, and adopted an interfund loan resolution whereby the Authority repaid the difference between the price paid by the Redeveloper and the fair market value of the Property through tax increments from the TIF District (the "Interfund Loan "). The Agreement provides that payments of principal and interest on the Interfund Loan would terminate on (i) the date of termination of the TIF District; or (ii) the date that all amounts payable under the Interfund Loan have been paid in full, whichever occurs earliest. 1.03. The City has determined that the TIF Plan for the TIF District did not allow budgetary authority to pay the entire principal and interest on the Interfund Loan, and that the tax increment received from the County and applied to the Interfund Loan on August 1, 2014 was the final authorized payment on the Interfund Loan under the TIF Plan. 1.04. The Interfund Loan is the only obligation payable from tax increments derived from the TIF District; therefore, pursuant to Minnesota Statutes, Section 469.1763, subd. (b), the TIF District must be decertified on or after the date of the final payment on the Interfund Loan, as there are no additional obligations payable from tax increment derived from the TIF District. Section 2. TIF District Decertified; Filing. 2.01. The TIF District is hereby deemed decertified as of December 31, 2014. 2.02. Authority staff is authorized and directed to transmit a copy of this Resolution to Wright County with instructions to decertify the TIF District, it being the intent of the City and Authority that any tax increment derived from the TIF District and collected after December 31, 2014 should be redistributed by the County Auditor to the taxing jurisdictions within the TIF 459029v1 NMNfN190 -101 District. 2.03. Authority staff is directed to return any tax increment remaining after December 31, 2014 in the accounts established for the TIF District to the County Auditor for distribution to the taxing jurisdictions within the TIF District. Adopted by the City Council of the City of Monticello, Minnesota this 27th day of April, 2015. Mayor ATTEST: 4 City A eiq-ogd2r 459029v1 MNI MN190 -101 2 CERTIFICATION STATE OF MINNESOTA ) ss. COUNTY OF WRIGHT ) I, the undersigned, being the duly qualified and Secretary of the City of Monticello Economic Development Authority, DO HEREBY CERTIFY that the attached resolution is a true and correct copy of an extract of minutes of a meeting of the Board of Commissioners of the City of Monticello Economic Development Authority, duly called and held, as such minutes relate to the decertification of Tax Increment Financing District No. 1 -37. WITNESS my hand as such Secret pry of the City of Monticello Economic Development Authority this day of 2015. Secre a 4590290 MNI MN190 -101