EDA Resolution 2013-012CITY OF MONTICELLO
ECONOMIC DEVELOPMENT AUTHORITY
RESOLUTION NO. 2013-012
RESOLUTION APPROVING THE RETENTION OF ALL CURRENT PARCELS
WITHIN TAX INCREMENT FINANCING DISTRICT NO. 1-22
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 TIF District has existing outstanding obligations; and
WHEREAS, the Authority desires to act to maximize the use of tax increment derived from
property and available under "pooling" authority and to use all available tax increment revenue not
derived from property for eligible project costs.
NOW, THEREFORE, BE IT RESOLVED, by the City of Monticello Economic
Development Authority as follows:
1. All parcels included within the TIF District for taxes payable 2013 shall remain in the TIF
District.
2. The Executive Director is authorized and directed to prepare a spending plan for the use of
all available tax increment and to prepare any necessary modifications to the TIF District for
consideration by the Authority.
Approved by the City of Monticello Economic Development Authority this 13t' day of
March, 2013.
President
ATTEST:
Secret