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EDA Resolution 2014-096 (2)CITY OF MONTICELLO ECONOMIC DEVELOPMENT AUTHORITY WRIGHT COUNTY, MINNESOTA RESOLUTION NO. 2014-096 ADOPTING A MODIFICATION OF THE TAX INCREMENT FINANCING PLAN FOR TAX INCREMENT FINANCING DISTRICT NO. 1 -36, TAX INCREMENT FINANCING DISTRICT NO. 1 -37, AND TAX INCREMENT FINANCING DISTRICT NO. 1-38 WHEREAS, it has been proposed by the City of Monticello Economic Development Authority (the "Authority ") that the City of Monticello (the "City ") adopt a modification of the Tax Increment Financing Plans (the "TIF Plans ") for Tax Increment Financing District No. 1 -36 (the "District 1 -36 "), Tax Increment Financing District No. 1 -37 (the "District 1 -37 "), and Tax Increment Financing District No. 1 -38 (the "District 1 -38 ") ; WHEREAS, the City originally established the District 1 -36 and approved the TIF Plan therefor on August 22, 2005, all pursuant to and in conformity with applicable law, including Minnesota Statutes, Sections 469.001 to 469.047, Sections 469.090 to 469.1082 and Sections 469.174 to 469.1794, all inclusive, as amended, (the "Act "); WHEREAS, the City originally established the District i -37 and approved the TIF Plan therefor on April 24, 2006, all pursuant to and in conformity with applicable law, including the Act; WHEREAS, the City originally established the District 1 -38 and approved the TIF Plan therefor on April 23, 2007, all pursuant to and in conformity with applicable law, including the Act; WHEREAS, the Authority proposes modification to the original TIF Plans for District 1- 36, District 1 -37, and District 1 -38 (the "Modifications ") to amend the line item project costs within the total original adopted project costs to be paid or financed with tax increment; WHEREAS, the Authority has investigated the facts and has caused to be prepared a modification to the TIF Plans for the Districts; and NOW, THEREFORE, BE IT RESOLVED, by the Board of Commissioners of the City of Monticello Economic Development Authority as follows: 1. The Authority finds, determines and declares that with respect to the Modifications: a) The Authority is not modifying the boundaries of District 1 -36, District 1 -37, and District 1 -38 nor increasing the budget in the Modifications therefor, but is, however, making modification thereto. b) The Authority affirms the findings previously made with respect to District 1 -36, District 1 -37, and District 1 -38. c) The Modifications conform to the general plan for the development of the City as a whole. d) The Act does not require a public hearing on the Modifications. 2. The Modifications to District 1 -36 as set forth in Attachment 1 to this resolution are hereby approved and adopted. 3. The Modifications to District 1 -37 as set forth in Attachment 2 to this resolution are hereby approved and adopted. 4. The Modifications to District 1 -38 as set forth in Attachment 3 to this resolution are hereby approved and adopted. 5. Subject to approval of the Modifications by the City Council, the Executive Director of the Authority is hereby authorized and directed to transmit a certified copy of this resolution and a certified copy of the City Council resolution approving and adopting the Modifications, together with Attachments 1, 2, and 3 to the Office of the State Auditor, the Minnesota Department of Revenue, and Wright County. Approved this 8th day of October, 2014, by the Board of Commissioners of the City of Monticello Economic Development Authority. ATTEST: Execifive Director 2 ATTACHMENT 1 MODIFICATION OF THE TAX INCREMENT FINANCING PLAN FOR TAX INCREMENT FINANCING DISTRICT NO. 1 -36 WITHIN THE CENTRAL MONTICELLO REDEVELOPMENT PROJECT NO.1 I. Background The City of Monticello (the "City ") originally established Tax Increment Financing District No. 1 -36 (the "District ") within Central Monticello Redevelopment Project No. 1 (the "Redevelopment Project ") and adopted the Tax Increment Financing Plan (the "TIF Plan") therefor on August 22, 2005; The City and the Authority have now determined a need to modify the TIF Plan in order to amend the estimated use of tax increment; Nothing in this modification is intended to modify or supersede or alter the activities described in the original Redevelopment Program for Central Monticello Redevelopment Project No. 1. The TIF Plan remains in full force and effect and is not modified except as described in this modification document. II. TIF Plan Modifications to TIF District No. 1-36 Use of Tax Increment Shown in Table A. 3 TABLE A Tax Increment Financing District No. 1 -36 Projected Tax Increment Original, Adopted Modification 8/22/2005 No.1 Estimated Tax Increment Revenues (from tax increment generated by the district) Tax increment revenues distributed from the county $680,000 $650,000 Interest and investment earnings $20,000 $50,000 Sales /lease proceeds $0 $0 Market value homestead credit $0 $0 Total Estimated Tax Increment Revenues $700,000 $700,000 Estimated Project /Financing Costs (to be paid or financed with tax increment) Project costs Land /building acquisition $50,000 $439,224 Site improvements /preparation costs $50,000 $135,776 Utilities $200,000 $0 Other qualifying improvements $200,000 $0 Construction of affordable housing $0 $0 Small city authorized costs, if not already included above $0 $0 Administrative costs $68,000 $20,456 Estimated Tax Increment Project Costs $568,000 $595,456 Estimated financing costs Interest expense $132,000 $104,544 Total Estimated Project /Financing Costs to be Paid from Tax Increment $700,000 $700,000 Estimated Financing Total amount of bonds to be issued 4 $600,000 $600,000 ATTACHMENT 2 MODIFICATION OF THE TAX INCREMENT FINANCING PLAN FOR TAX INCREMENT FINANCING DISTRICT NO. 1-37 WITHIN THE CENTRAL MONTICELLO REDEVELOPMENT PROJECT NO. 1 I. Background The City of Monticello (the "City ") originally established Tax Increment Financing District No. 1 -37 (the "District") within Central Monticello Redevelopment Project No. 1 (the "Redevelopment Project ") and adopted the Tax Increment Financing Plan (the "TIF Plan") therefor on April 24, 2006; The City and the Authority have now determined a need to modify the TIF Plan in order to amend the estimated use of tax increment; Nothing in this modification is intended to modify or supersede or alter the activities described in the original Redevelopment Program for Central Monticello Redevelopment Project No. 1. The TIF Plan remains in full force and effect and is not modified except as described in this modification document. II. TIF Plan Modifications to TIF District No. 1-37 Use of Tax Increment Shown in Table A. 5 TABLE A Tax Increment Financing District No. 1 -37 Projected Tax Increment Estimated Financing Total amount of bonds to be issued no $150,000 $150,000 Original, Adopted Modification 4/24/2006 No.1 Estimated Tax Increment Revenues (from tax increment generated by the district) Tax increment revenues distributed from the county $175,000 $175,000 Interest and investment earnings $0 $0 Sales /lease proceeds $0 $0 Market value homestead credit $0 $0 Total Estimated Tax Increment Revenues $175,000 $175,000 Estimated Project /Financing Costs (to be paid or financed with tax increment) Project costs Land /building acquisition $94,000 $142,113 Site improvements /preparation costs $5,000 $0 Utilities $5,000 $0 Other qualifying improvements $5,000 $0 Construction of affordable housing $0 $0 Small city authorized costs, if not already included above $0 $0 Administrative costs $16,000 $2,887 Estimated Tax Increment Project Costs $125,000 $145,000 Estimated financing costs Interest expense $50,000 $30,000 Total Estimated Project /Financing Costs to be Paid from Tax Increment $175,000 $175,000 Estimated Financing Total amount of bonds to be issued no $150,000 $150,000 ATTACHMENT 3 MODIFICATION OF THE TAX INCREMENT FINANCING PLAN FOR TAX INCREMENT FINANCING DISTRICT NO. 1-38 WITHIN THE CENTRAL MONTICELLO REDEVELOPMENT PROJECT NO. 1 I. Background The City of Monticello (the "City ") originally established Tax Increment Financing District No. 1 -3 8 (the "District ") within Central Monticello Redevelopment Project No. 1 (the "Redevelopment Project ") and adopted the Tax Increment Financing Plan (the "TIF Plan") therefor on April 23, 2007; The City and the Authority have now determined a need to modify the TIF Plan in order to amend the estimated use of tax increment; Nothing in this modification is intended to modify or supersede or alter the activities described in the original Redevelopment Program for Central Monticello Redevelopment Project No. 1. The TIF Plan remains in full force and effect and is not modified except as described in this modification document. H. TIF Plan Modifications to TIF District No. 1 -38 Use of Tax Increment Shown in T axle A. 7 TABLE A Tax Increment Financing District No. 1 -38 Projected Tax Increment Original, Adopted Modification 4/23/2007 No.1 Estimated Tax Increment Revenues (from tax increment generated by the district) Tax increment revenues distributed from the county $120,000 $120,000 Interest and investment earnings $0 $0 Sales /lease proceeds $0 $0 Market value homestead credit $0 $0 Total Estimated Tax Increment Revenues $120,000 $120,000 Estimated Project /Financing Costs (to be paid or financed with tax increment) Project costs Land /building acquisition $53,000 $73,500 Site improvements /preparation costs $5,000 $0 Utilities $5,000 $0 Other qualifying improvements $5,000 $0 Construction of affordable housing $0 $0 Small city authorized costs, if not already included above $0 $0 Administrative costs . $12,000 $1,500 Estimated Tax Increment Project Costs $80,000 $75,000 Estimated financing costs Interest expense $40,000 $45,000 Total Estimated Project /Financing Costs to be Paid from Tax Increment $120,000 $120,000 Estimated Financing Total amount of bonds to be issued M $160,000 $160,000 EXTRACT OF MINUTES OF A MEETING OF THE CITY OF MONTICELLO ECONOMIC DEVELOPMENT AUTHORITY WRIGHT COUNTY, MINNESOTA HELD: October 8, 2014 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 October, 2014 at 6:00 p.m. for the purpose, in part, of adopting a modification of the Tax Increment Financing Plan for Tax Increment Financing District No. 1 -36, Tax Increment Financing District No. 1 -37, and Tax Increment Financing District No. 1 -38. The following Commissioners were present: Demeules, Tapper, Hinz, Perrault, Stumpf and the following were absent: Frie and Dragsten. Commissioner Tapper introduced the resolution and moved its adoption. The motion for the adoption of the resolution was duly seconded by Commissioner Stumpf and upon vote being taken thereon, the following voted in favor: Tapper, Stumpf, Demeules, Hinz, Perrault and the following voted against the same: None Whereupon said resolution was declared duly passed and adopted. CERTIFICATION STATE OF MINNESOTA ) ss. COUNTY OF WRIGHT ) I, the undersigned, being the duly qualified Executive Director /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 adopting a modification of the Tax Increment Financing Plan for Tax Increment Financing District No. 1 -36, Tax Increment Financing District No. 1 -37, and Tax Increment Financing District No. 1 -38. WITNESS my hand as such Executive Director /Secretary of the City of Monticello Economic Development Authority this 8t' day of October, 2014. atsele 0'ua -.� Ex Director /Secretary 10