City Council Resolution 1999-28CITY OF MONTICELLO
RESOLUTION NO. -.,99-28
RESOLUTION APPROVING TAX INCREMENT PLEDGE AGREEMENT
BY AND BETWEEN THE CITY OF MONTICELLO, MINNESOTA AND THE
MONTICELLO HOUSING AND REDEVELOPMENT AUTHORITY
WHEREAS, the Monticello Housing and Redevelopment Authority ("Authority") is
administering its Central Monticello Redevelopment Project No. 1 ("Project"); and
WHEREAS, within the Project the Authority has created Tax Increment Financing District
No. 1-22 (the "TIF District"); and
WHEREAS, the City of Monticello (the "City") has reviewed a Tax Increment Pledge
Agreement (the "Agreement") between the Authority and the City specifying the respective
obligations of the parties; and
WHEREAS, the City Council of the City has determined that it is in the best interests of the
City to enter into the Contract;
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Monticello as
follows:
1. The Agreement is hereby approved in substantially the form presented to the City on
this date, subject to modifications that do not materially alter the nature of the transaction, which
are approved by the Mayor and City Administrator; provided that execution of the documents by
such officials shall be conclusive evidence of such approval.
2. The proper City officials are authorized and directed to execute the Agreement on
behalf of the City and to carry out on behalf of the Authority the Authority's obligations thereunder.
3. The proper City officials are authorized to execute any related certificates or
documents necessary to carry out the contemplated under the Agreement, all subject to the terms
and conditions of the Agreement.
Approved by the City Council of the City of Monticello this 14th day June , 1999.
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DJG-163953
MN190-78