City Council Resolution 2012-38CITY OF MONTICELLO
WRIGHT COUNTY, MINNESOTA
RESOLUTION NO. 2012-038
ENDORSING A MULTI - FAMILY HOUSING DEVELOPMENT
IN THE CITY WITH PRELIMINARY SUPPORT FOR USE OF TAX
INCREMENT FINANCING
BEITRESOLVED BYthe City Council ( "Council ") of the City of Monticello,
Minnesota (the "City ") as follows:
Section 1. Recitals.
1.01. Podawiltz Development of Monticello Limited Partnership (the "Developer ") has
proposed to build a multi - family housing development consisting of approximately 36 townhome
units in the City (the "Development ").
1.02. The Developer has presented a proposal for the Development to the Council,
which includes a request for financial assistance from the Monticello EDA in the form of tax
increment financing.
1.03. The Developer further intends to submit an application to the Minnesota Housing
Finance Authority (the "MHFA ") for an allocation of tax credits for the Development, the
success of which is predicated on support of the Development by the City, including the
commitment of tax increment financing for the project.
1.04. The Council has reviewed the proposal for the Development, and hereby finds
and determines that the Development fulfills a need for high - quality affordable housing in the
City which is currently in short supply.
Section 2. Endorsement of Development; Preliminary Support of Tax Increment
Financing.
2.01. The City hereby endorses utilizing tax increment financing for the proposed
development and supports the Developer's application to MHFA for tax credits for the
Development.
2.02. The City hereby recommends the Monticello EDA proceed with the process for
establishment of a Tax Increment Financing District (Housing) for the Development, subject to
the allocation of tax credits for the Development from MHFA and submission of a formal
application and payment of fees. If the Developer has not secured an allocation of tax credits for
the Development by December 31, 2012, this authorization shall expire and be of no further
effect. As outlined in Minnesota Statutes, Section 469.175, final approval of any level of tax
increment financing assistance is subject to a public hearing and City Council consideration after
such a hearing.
2.03. The City authorizes the Executive Director to execute a letter to MHFA in support
of the Development and giving preliminary support for the use of TIF using the estimate of TIF
as proposed by the Developer with a maximum limit of 20 years. Final estimated TIF and terms
of the Development Agreement will not be determined until a Formal application is made and
proposal is reviewed by the City. Such letter will also include verification that all infrastructure
is in place and Review of the preliminary site plan for compliance with zoning,
ADOPTED BY the City Council of the City of Monticello, Minnesota, this 23rd day of
April, 2012.
CITY OF MONTICELLO
Z41
Clint Herbst, Mayor
I:VITIYIfto
Jeff,OW, City Administrator
CERTIFICATION
STATE OF MINNESOTA
COUNTY OF WRIGHT
I hereby certify that the foregoing is a true and correct copy of Resolution #2012 -038
duly passed, adopted and approved by the Monticello City Council at their scheduled meeting on
April 23, 2012, and recorded in minutes of said meeting.
oyw;�
JeffWll, City Administrator
Notary Public:
Date: 6q5^
(S'a AV—u ')
4)VICKI JAN LEERHOFF
Notary PublicMinnesofe
My CommleNon F.epiree Jan 31, 2018