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EDA Resolution 2015-004CITY OF MONTICELLO WRIGHT COUNTY, MINNNESOTA ECONOMIC DEVELOPMENT AUTHORITY RESOLUTION NO. EDA- 2015 -004 RESOLUTION APPROVING DECERTIFICATION OF TAX INCREMENT FINANCING DISTRICT NO. 1 -37 BE IT RESOLVED By the Board of Commissioners ( "Board ") of the City of Monticello Economic Development Authority (the "Authority ") 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. The TIF District is administered by the Authority. 1.02. Pursuant to the terms of the Purchase and Redevelopment Contract between the Authority, as assignee of the Housing and Redevelopment Authority in and for the City of Monticello, Minnesota, 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 Authority 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 Authority hereby approves decertification of the TIF District as of December 31, 2014. 2.02. Subject to formal decertification of the TIF District by the City, Authority staff is 459586A MNI MN 190-101 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 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. Adopte y the Board of Commissioners of the City of Monticello Economic Development Authority this _ day of April, 2015. P GJ I ATTEST: 459586v1 MNI MNI90 -101 2 EXTRACT OF MINUTES OF A MEETING OF THE CITY OF MONTICELLO ECONOMIC DVELOPMENT AUTHORITY WRIGHT COUNTY, MINNESOTA HELD: April 8, 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 8th day of April, 2015 at 6:00 p.m. for the purpose, in part, of decertifying Tax Increment Financing District No. 1-37. The following Commissioners were present: Demeules, Tapper, Hinz, Davidson, Johnson, Perrault and Hilgart and the following were absent: none. Commissioner Tapper 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: Demeules, Tapper, Hinz, Davidson, Johnson, Perrault and Hilgart and the following voted against the same: none. Whereupon said resolution was declared duly passed and adopted. 459586v1 MMNlN190 -101 3 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 Sec tary of the City of Development Authority this day of 2015. Se e Monticello Economic 459586v1 MNIMN190 -101 4