EDA Resolution 2015-003CITY OF MONTICELLO
WRIGHT COUNTY, MINNESOTA
ECONOMIC DEVELOPMENT AUTHORITY
RESOLUTION NO. EDA- 2015 -003
ACTION NO.2
PARTIALLY RESCINDING RESOLUTION NO. 2014-096 AND
APPROVING A REVISED MODIFICATION OF THE TAX INCREMENT
FINANCING PLANS FOR TAX INCREMENT DISTRICT NO. 1 -36 AND
TAX INCREMENT FINANCING DISTRICT NO. 1-37
WHEREAS, the City of Monticello Economic Development Authority (the "Authority")
previously established its Tax Increment Financing District No. 1 -36 and Tax Increment
Financing District No. 1 -37 (the "TIF Districts ") and approved Tax Increment Financing Plans
(the "TIF Plans ") for the TIF Districts, pursuant to Minnesota Statutes, Sections 469.174 to
469.1794, as amended (the "TIF Act "); and
WHEREAS, the Authority approved Resolution No, 2014 -096 on October 8, 2014 (the "Prior
Resolution "), which among other things authorized budgetary modifications to the TIF Plans resulting
in an overall increase in budgeted project costs (the "Prior Modifications "), but has subsequently
determined that consideration and approval of the Prior Modifications required publication of a notice
of public hearing and the holding of a public hearing on such Prior Modifications; and
WHEREAS, the Authority proposes a revised budgetary modification to the TIF Plans for
the TIF Districts to reallocate budgetary authority among the project costs authorized in the
original budget for the TIF Plans, not including financing (interest) costs to be paid or financed
with tax increment (together, the "Modifications "); and
WHEREAS, the Authority has investigated the facts and has caused to be prepared the
Modifications; and
WHEREAS, the Authority proposes rescinding its approval of the Prior Modifications in the
Prior Resolution, and approving the Modifications, as such Modifications are authorized to be
approved without notice and public hearing under Section 469.175, subd. 4 of the TIF Act.
NOW, THEREFORE, BE IT RESOLVED, BY THE CITY OFMONTICELLO
ECONOMIC DEVELOPMENT A UTHORITY:
1. The Authority hereby rescinds its approval of the Prior Modifications in the
Prior Resolution, but ratifies and confirms all other approvals made in the Prior Resolution,
including without limitation approval of budgetary modifications to its Tax Increment Financing
District No. 1 -38.
2. The Authority finds, determines and declares that with respect to the
Modifications:
CITY OF MONTICELLO
WRIGHT COUNTY, MINNESOTA
ECONOMIC DEVELOPMENT AUTHORITY
RESOLUTION NO. FDA- 2015 -003
a) The Authority is not modifying the boundaries of the TIF Districts, nor
increasing the budget in the Modifications therefor, but is reallocating
expenditures among the project costs previously authorized.
b) The Authority affirms the findings previously made with respect to the
TIF Districts.
c) The Modifications conform to the general plan for the development of
the City as a whole.
d) The Modifications do not require a public hearing, pursuant to Section
469.175, Subd. 4 of the Act.
3. The Modifications to the TIF Plan for Tax Increment Financing District No.
1 -36 as set forth in Attachment 1 to this resolution are hereby approved and adopted.
4. The Modifications to the TIF Plan for Tax Increment Financing District No.
1 -37 as set forth in Attachment 2 to this resolution are hereby approved and adopted.
5. Subject to approval of the Modifications by the City Council, the Executive
Director of the Authority is hereby authorized and directed to transmit a certified copy of this
resolution and a certified copy of the City Council resolution approving and adopting the
Modifications, together with Attachments 1 and 2, to the Office of the State Auditor, the Minnesota
Department of Revenue, and Wright County.
Approved this 11 h day of March, 2015, by the City of Monticello Economic Development Authority.
ATTEST:
Execut' irector
2
President
ATTACHMENT 1
MODIFICATION OF THE TAX INCREMENT FINANCING PLAN FOR TAX
INCREMENT FINANCING DISTRICT NO. 1-36 WITHIN THE CENTRAL
MONTICELLO REDEVELOPMENT PROJECT NO.1
I. Background
The City of Monticello (the "City ") originally established Tax Increment Financing District No. 1 -36
(the "District ") within Central Monticello Redevelopment Project No. 1 (the "Redevelopment
Project ") and adopted the Tax Increment Financing Plan (the "TIF Plan") therefor on August 22,
2005;
The City and the Authority have now determined a need to modify the TIF Plan in order to amend
the estimated use of tax increment;
Nothing in this modification is intended to modify or supersede or alter the activities described in the
original Redevelopment Program for Central Monticello Redevelopment Project No. 1. The TIF Plan
remains in full force and effect and is not modified except as described in this modification document.
II. TIF Plan Modification to TIF District No. 1 -36 Use of Tax Increment
Shown in Table A.
3
TABLE A
Tax Increment Financing District No. 1 -36
Projected Tax Increment
Original,
Adopted Modification
8/22/2005 No.1
Estimated Tax Increment Revenues (from tax increment generated by the district)
Tax increment revenues distributed from the county $680,000 $650,000
Interest and investment earnings $20,000 $50,000
Sales /lease proceeds $0 $0
Market value homestead credit $0 $0
Total Estimated Tax Increment Revenues $700,000 $700,000
Estimated Project /Financing Costs (to be paid or financed with tax increment)
Project costs
Land /building acquisition
$50,000
$411,768
Site improvements /preparation costs
$50,000
$135,776
Utilities
$200,000
$0
Other qualifying improvements
$200,000
$0
Construction of affordable housing
$0
$0
Small city authorized costs, if not already included above
$0
$0
Administrative costs
$68,000
$20,456
Estimated Tax Increment Project Costs
$568,000
$568,000
Estimated financing costs
Interest expense
$132,000
$132,000
Total Estimated Project /Financing Costs to be Paid from Tax Increment
$700,000
$700,000
Estimated Financing
Total amount of bonds to be issued
$600,000 $600,000
ATTACHMENT 2
MODIFICATION OF THE TAX INCREMENT FINANCING PLAN FOR TAX
INCREMENT FINANCING DISTRICT NO. 1-37 WITHIN THE CENTRAL
MONTICELLO REDEVELOPMENT PROJECT NO. 1
I. Background
The City of Monticello (the "City ") originally established Tax Increment Financing District No. 1 -37
(the "District ") within Central Monticello Redevelopment Project No. 1 (the "Redevelopment
Project") and adopted the Tax Increment Financing Plan (the "TIF Plan") therefor on April 24, 2006;
The City and the Authority have now determined a need to modify the TIF Plan in order to amend
the estimated use of tax increment;
Nothing in this modification is intended to modify or supersede or alter the activities described in the
original Redevelopment Program for Central Monticello Redevelopment Project No. 1. The TIF Plan
remains in full force and effect and is not modified except as described in this modification document.
II. TIF Plan Modification to TIF District No. 1-37 Use of Tax Increment
Shown in Table A.
5
TABLE A
Tax Increment Financing District No. 1 -37
Projected Tax Increment
rol
Original,
Adopted
Modification
4124/2006
No.1
Estimated Tax Increment Revenues (from tax increment generated by the district)
Tax increment revenues distributed from the county
$175,000
$175,000
Interest and investment earnings
$0
$0
Sales /lease proceeds
$0
$0
Market value homestead credit
$0
$0
Total Estimated Tax Increment Revenues
$175,000
$175,000
Estimated Project /Financing Costs (to be paid or financed with tax increment)
Project costs
Land /building acquisition
$94,000
$122,113
Site improvements /preparation costs
$5,000
$0
Utilities
$5,000
$0
Other qualifying improvements
$5,000
$0
Construction of affordable housing
$0
$0
Small city authorized costs, if not already included above
$0
$0
Administrative costs
$16,000
$2,887
Estimated Tax Increment Project Costs
$125,000
$125,000
Estimated financing costs
Interest expense
$50,000
$50,000
Total Estimated Project/Financing Costs to be Paid from Tax Increment
$175,000
$175,000
Estimated Financing
Total amount of bonds to be issued
$150,000
$150,000
rol
EXTRACT OF MINUTES OF A MEETING OF THE
CITY OF MONTICELLO
ECONOMIC DEVELOPMENT AUTHORITY
WRIGHT COUNTY, MINNESOTA
HELD: March 11, 2015
Pursuant to due call and notice thereof, a regular meeting of the City of Monticello
Economic Development Authority, Wright County, Minnesota, was duly held at the Monticello
City Hall on Wednesday, the 11' day of March, 2015 at 6:00 p.m. for the purpose, in part, of
rescinding modification of the Tax Increment Financing Plans for Tax Increment Financing District
No. 1 -36 and Tax Increment Financing District No. 1 -37 and adopting a revised modification of the
Tax Increment Financing Plans for Tax Increment Financing District No. 1 -36 and Tax Increment
Financing District No. 1 -37.
The following Commissioners were present: Hinz, Hilgart, Tapper, Johnson, Davidson, Perrault
and the following were absent: Demeules
Commissioner Hinz introduced the following resolution and moved its adoption:
The motion for the adoption of the foregoing resolution was duly seconded by
Commissioner Hilgart and upon vote being taken thereon, the following
voted in favor: Hinz, Hilgart, Tapper, Johnson, Davidson, Perrault
and the following voted against the same: None
Whereupon said resolution was declared duly passed and adopted.
7
CERTIFICATION
STATE OF MINNESOTA )
ss.
COUNTY OF WRIGHT )
I, the undersigned, being the duly qualified and Executive Director 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 City of Monticello
Economic Development Authority, duly called and held, as such minutes relate to rescinding
modification of the Tax Increment Financing Plans for Tax Increment Financing District No. 1 -36
and Tax Increment Financing District No. 1 -37 and adopting a revised modification of the Tax
Increment Financing Plans for Tax Increment Financing District No. 1 -36 and Tax Increment
Financing District No. 1 -37.
WITNESS my hand as such Executive Director of the City of Monticello Economic
Development Authority this I Ph day of March, 2015.
,
:. l" Director