EDA Resolution 2009-44RESOLUTION NO 2009 -44
ECONOMIC DEVELOPMENT AUTHORITY
IN AND FOR THE CITY OF MONTICELLO, MINNESOTA
COUNTY OF WRHIGHT
STATE OF MINNESOTA
BEING A RESOLUTION APPROVING THE DECERTIFICATION OF TAX
INCREMENT FINANCING DISTRICT NO. 1 -28 (IRTI).
WHEREAS, on June 11, 2001 the Economic Development Authority (the "Authority ") in
and for the City of Monticello, Minnesota, created Tax Increment Financing District No.
1 -28, (the "District ") within the Central Monticello Redevelopment Project No. 1 (the
"Project ") and the Central Monticello Redevelopment Plan (the "Plan ").
WHEREAS, on December 8, 2009 the Tax Increment Revenue Note to which tax
increment from the District have been pledged was refunded, and
WHEREAS, all other costs of the Project have been paid, and
WHEREAS, there are no parcels located in the District which have delinquent taxes
when the District terminated.
WHEREAS, the Tax Increment Financing plan June 11, 2001, for Tax Increment
Financing District No. 1 -28 requires, pursuant to M.S. 469.176, Sub 1 (Economic
District), that the duration of the Tax Increment Financing District No. 1 -28 will be nine
years after the date of receipt by the Authority of the first tax increment or eleven years
from approval of the Tax Increment Financing Plan, whichever is less, and
WHEREAS, the receipt of first increment was July 2003, and
WHEREAS, December 31, 2011, is eleven years from the approval of the Tax Increment
Financing Plan, which is lesser, and
WHEREAS, the Authority desires by this resolution to cause early decertification of the
District after which all property taxes generated by the property within the District will be
distributed in the same manner as all other taxes beginning payable 2010.
NOW THEREFORE, BE IT RESOLVED by the Economic Development Authority in
and for the City of Monticello that the Authority's staff shall take such action as is
necessary to cause the County Auditor of Wright County to decertify the District as tax
increment district and to no longer remit tax increment from the district to the Authority.
DATED: I %�e 2009.
EDA President
ATTEST:
IF 11 Mize -presentative