EDA Resolution 2012-088CITY OF MONTICELLO
ECONOMIC DEVELOPMENT AUTHORITY
RESOLUTION NO. 2012-088
RESOLUTION APPROVING MODIFICATION TO THE TAX INCREMENT
FINANCING PLAN FOR TAX INCREMENT FINANCING DISTRICT NO. 1 -5
WHEREAS, the Housing and Redevelopment Authority in and for the City of Monticello
(the "HRA ") and the City of Monticello, Minnesota (the "City") previously established Central
Monticello Redevelopment Project Area No. 1 (the "Redevelopment Project ") pursuant to
Minnesota Statutes, Sections 469.001 through 469.047, as amended (the "HRA Act "); and
WHEREAS, on March 15, 1985, the City and the HRA approved a Tax Increment
Financing Plan (the "TIF Plan ") for Tax Increment Financing District No. 1 -5 (the "TIF District ")
located within the Redevelopment Project, pursuant to the HRA Act and Minnesota Statutes,
Sections 469.174 to 469.1799, as amended (collectively, the "TIF Act"); and
WHEREAS, administration of the TIF District was subsequently transferred to the City of
Monticello Economic Development Authority (the "Authority "); and
WHEREAS, the City and Authority have detennined a need to modify the TIF Plan in order
to amend the budget contained therein and such amendment is consistent with the redevelopment
program for the Redevelopment Project; and
WHEREAS, pursuant to Section 469.175, subd. 4(b) of the TIF Act, a tax increment
financing plan may be modified without public hearing or the findings required to be made for the
original tax increment financing plan if the modification does not include (i) any reduction or
enlargement of the geographic area of the project or tax increment financing district; (ii) an increase
in the amount of bonded indebtedness; (iii) a determination to capitalize interest on debt if that
determination was not a part of the original plan; (iv) an increase in the portion of the captured net
tax capacity to be retained by the City; (v) an increase in the estimated cost of the project, including
administrative expenses, to be paid or financed with tax increment from the district; or (vi) the
designation of additional property to be acquired by the authority; and
WHEREAS, by this resolution, the Authority proposes to modify the public costs and uses
of funds table located within the TIF Plan in order to reallocate tax increment expenditures from
"Other" and "Site Improvements/Preparation Costs" to "Streets and Sidewalks," as set forth in
Exhibit A, attached hereto and made a part hereof, in order to use such tax increment to finance a
portion of City Project Z7STEX, the 7th Street Extension.
NOW, THEREFORE, BE IT RESOLVED, by the City of Monticello Economic
Development Authority as follows:
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1. The TIF Plan for the TIE District, as amended by this resolution, confonns to the
general plan of redevelopment of the City as a whole.
2. The approval of the TIF Plan, as amended by this resolution, is intended, and in the
Authority's judgment its effect will be, to promote the public purposes and accomplish the
objectives specified in the TIF Plan.
3. The proposed modification to the TIF Plan may be made without public hearing or
the findings required for the original TIF Plan since the modification does not include (i) any
reduction or enlargement of geographic area of the Redevelopment Project or the TIE District;
(ii) an increase in the amount of bonded indebtedness; (iii) a determination to capitalize interest on
debt; (iv) an increase in the portion of the captured net tax capacity to be retained by the City; (v) an
increase in the estimated cost of the project to be paid or financed with tax increment from the TIF
District; or (vi) the designation of additional property to be acquired by the Authority.
4. The amended TIF Plan is hereby approved and adopted.
5. The Community Development Director is authorized and directed to file a copy of
this resolution with the Minnesota Commissioner of Revenue and the Wright County Auditor as
required by the TIF Act.
Approved by the City of Monticello Economic Development Authority this 10th day of
October, 2012.
President
ATTEST:
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Secret y
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EXHIBIT A
MODIFIED TABLE OF EXPENDITURES AND OTHER FINANCING USES
USES OF TAX INCREMENT FUNDS TOTAL
Land /Building Acquisition $1,100,000
Site Improvements /Preparation $1,201,300
Utilities $900,000
Bond Principal Payments $390,000
Bond Interest Payments $433,500
Streets and Sidewalks $500,000
Administrative Costs Lup to 10 % $370,200
PROJECT COST TOTAL $4,895,000
A -1
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