EDA Resolution 2012-115CITY OF MONTICELLO
ECONOMIC DEVELOPMENT AUTHORITY
RESOLUTION NO. 2012-115
RESOLUTION ADOPTING THE TIF ANALYSIS AND MANAGEMENT PLAN FOR TIF
DISTRICT NO. 1-22 REPORT AND APPROVING RETURN OF TAX INCREMENTS
FROM TAX INCREMENT FINANCING DISTRICT NO. 1-22 TO WRIGHT COUNTY
WHEREAS, on March 10, 1997, the City and the HRA approved a Tax Increment
Financing Plan (the "TIF Plan") for Tax Increment Financing District No. 1 -22 (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, on June 30, 1997 the County of Wright (the "County ") certified the District;
and
WHEREAS, the Authority has completed an analysis of financial activity with the District
to confirm compliance with the TIF Act; and
WHEREAS, the Authority has determined the need to return to the County tax increments
in the account for the District that were collected in year 2002 on 186 parcels within the TIF District
that did not have development activity begin within four years from the date of certification of the
TIF District, pursuant to Minnesota Statutes, Section 469.176, subd.6.
NOW, THEREFORE, BE IT RESOLVED, by the City of Monticello Economic
Development Authority as follows:
1. The Authority accepts and adopts the "TIF Analysis and Management Plan Scenarios for
TIF District No. 1 -22 Report" prepared by Northland Securities dated December 12, 2012.
2. The Finance Director is authorized and directed to provide the County with documents
related to tax increments collected in year 2002 on 186 parcels within the TIF District that
did not have development activity begin within four years fi-om the date of certification of
the TIF District.
The Finance Director is authorized and directed to return $42,563.00 of tax increments in
the account for the District to the County for redistribution to other taxing jurisdictions.
Approved by the City of Monticello Economic Development Authority this 12'1' day of
December, 2012.
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resident
ATTEST:
Secretary