EDA Resolution 2015-002CITY OF MONTICELLO
ECONOMIC DEVELOPMENT AUTHORITY
WRIGHT COUNTY, MINNESOTA
RESOLUTION NO. EDA- 2015 -002
DESIGNATING A BUILDING AS STRUCTURALLY SUBSTANDARD WITHIN
REDEVELOPMENT PROJECT NO.1
BE IT RESOLVED By the Board of Commissioners ( "Board ") of the City of Monticello
Economic Development Authority ( "Authority ") as follows:
Section 1. Recitals.
1.01. Under Minnesota Statutes, Section 469.174, subd. 10(d), the Authority is authorized
to deem parcels as occupied by structurally substandard buildings for the purposes of creating a
redevelopment or renewal and renovation tax increment financing district, despite prior demolition
or removal of the buildings, subject to certain terms and conditions as described in this resolution.
1.02. The Authority intends to cause demolition of the building located on the property
described in Exhibit A hereto (the "Designated Property"), and may in the future include the
Designated Property in a redevelopment or renewal and renovation tax increment financing district
as defined in Minnesota Statutes, Sections 469.174, subd. 10.
Section 2. Building Designated Substandard, Other Proceedings.
2.01. The Authority finds that the building on the Designated Property as described in
Exhibit A is structurally substandard to a degree requiring substantial renovation or clearance,
based upon the analysis of such building by LHB, Inc. entitled "TIF Analysis Findings for 100
Broadway Street East, Monticello, Minnesota," dated December 2, 2014, on file in City Hall.
2.02. After the date of approval of this resolution, the building on the Designated Property
may be demolished or removed by the Authority, or such demolition or removal may be financed
by the Authority, or may be undertaken by a developer under a development agreement with the
Authority.
2.03. The Authority intends to include the Designated Property in a redevelopment or
renewal and renovation tax increment financing district, and to file the request for certification of
such district with the Wright County auditor within three years after the date of building demolition
on the Designated Property.
2,04. Upon filing the request for certification of the new tax increment financing district,
the Authority will notify the Wright County auditor that the original tax capacity of the Designated
Property must be adjusted to reflect the greater of (a) the current net tax capacity of the parcel, or
(b) the estimated market value of the parcel for the year in which the building was demolished or
removed, but applying class rates for the current year, all in accordance with Minnesota Statutes,
Section 469.174, subd. 10(d).
455957v1 NM190 -147
CITY OF MONTICELLO
ECONOMIC DEVELOPMENT AUTHORITY
WRIGHT COUNTY, MINNESOTA
RESOLUTION NO. EDA- 2015 -002
EXHIBIT A
Description of Designated Property
Lots 14 and 15, Block 34, Original Plat of Monticello, Wright County, Minnesota
Property address: 100 Broadway Avenue East, Monticello, MN
PID: 155010034150 and 155010034140
455957v1 MN190 -147
CITY OF MONTICELLO
ECONOMIC DEVELOPMENT AUTHORITY
WRIGHT COUNTY, MINNESOTA
RESOLUTION NO. EDA- 2015 -002
2.05. Authority staff and consultants are authorized to take any actions necessary to carry
out the intent of this resolution.
Approved by the Board of Commissioners of the City of Monticello Economic
Development Authority this 11th day of February, 2015.
President
ATTEST:
Execute erector
455957v1 MN190 -147 2