EDA Resolution 2014-067 (2)CITY OF MONTICELLO
ECONOMIC DEVELOPMENT AUTHORITY
WRIGHT COUNTY, MINNESOTA
RESOLUTION NO. 2014-067
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 469.1794, 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 for the TIF
District to confirm compliance with the TIF Act; and
WHEREAS, Authority has determined there to be excess tax increments in the account for
the TIF District, pursuant to Minnesota Statutes Section 469.1763, Subdivision 4.
NOW, THEREFORE, BE IT RESOLVED, by the City of Monticello Economic Development
Authority as follows:
The Community Development Director is authorized and directed to return $595,959 of
excess tax increments in the account for Tax Increment Financing District No. 1 -22 to
Wright County for redistribution to the City of Monticello, Wright County, and Independent
School District No. 882, pursuant to Minnesota Statutes 469.176, Subdivision 2.
Approved by the City of Monticello Economic Development Authority this 9th day of July,
2014.
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