City Council Resolution 2014-106CITY OF MONTICELLO
WRIGHT COUNTY, MINNESOTA
RESOLUTION NO. 2014-106
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 -35
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 -3 8 (the "District 1 -3 8 ") ;
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 1 -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, RE IT RESOLVED, by the City Council of the City of Monticello
as follows:
1. The City Council finds, determines and declares that with respect to the
Modifications:
a) The Modification 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 City Council 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. The Executive Director of the Authority is hereby authorized and directed
to transmit a certified copy of the Authority's resolution and a certified copy of this 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 BYthe City Council of the City of Monticello this 27th day of October, 2014.
ATTEST:
Jeff , City Administrator
K1
CITY OF MONTICELLO
7-Z,
Clint Herbst, Mayor
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.
IL 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
M
$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 Flo. 1 -37
Projected Tax Increment
Estimated Financing
Total amount of bonds to be issued
rol
$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
rol
$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.
II. TIF Plan Modifications to TIF District No. 1 -38 Use of Tax Increment
Shown in Table A.
0
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
.
$160,000 $160,000
EXTRACT OF MINUTES OF' A MEETING OF THE
CITY OF MONTICELLO
CITY COUNCIL
WRIGHT COUNTY, MINNESOTA
HELD: October 27th, 2014
Pursuant to due call and notice thereof, a regular meeting of the City of Monticello City
Council, Wright County, Minnesota, was duly held at the Monticello City Hall on Monday, the
27th day of October, 2014 at 7:00 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 Council Members were present: Mayor Clint Herbst and Councilmembers
Lloyd Hilgart, Tom Perrault, Glen Posusta, and Brian Stumpf
and the following were absent: None.
Motion for adoption of the resolution was moved by Council Member Posusta
and was duly seconded by Council Member Perrault.
Upon vote being taken thereon, the following voted in favor: Herbst, Hilgart, Perrault,
Posusta, and Stumpf
and the following voted against the same: None.
Whereupon said resolution was declared duly passed and adopted.
0
CERTIFICATION
STATE OF MINNESOTA )
ss.
COUNTY OF WRIGHT )
I, the undersigned, being the Deputy Clerk of the City of Monticello, DO HEREBY
CERTIFY that the attached resolution is a true and correct copy of an extract of minutes of a
meeting of the City Council of the City of Monticello, duly called and held, as such minutes relate
to the adoption of 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 -3 8.
WITNESS my hand as such Deputy Clerk of the City of Monticello this 3 D th day of
October, 2014.
Cather M. Shuman, eputy Clerk