EDA Resolution 2015-010CITY OF MONTICELLO
WRIGHT COUNTY, MINNESOTA
ECONOMIC DEVELOPMENT AUTHORITY
RESOLUTION NO. EDA- 2015 -010
APPROVING MODIFICATION OF
TAX INCREMENT FINANCING PLAN FOR
TAX INCREMENT FINANCING DISTRICT NO. 1 -22
WHEREAS, the City of Monticello (the "City ") and the Housing and
Redevelopment Authority in and for the City of Monticello (the "HRA ") previously
established Central Monticello Redevelopment Project Area No. 1 (the "Redevelopment
Project ") pursuant to Minnesota Statutes, Sections 469.001 through 469.047, as amended
(the "HRA Act "); and
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, the City and Authority have determined a need to modify the TIF Plan
in order to amend the budget contained therein and such amendment is consistent with the
redevelopment program for the Redevelopment Project; and
WHEREAS, pursuant to Section 469.175, subd. 4(b) of the TIF Act, a tax increment
financing plan may be modified without public hearing or the findings required to be made
for the original tax increment financing plan if the modification does not include (i) any
reduction or enlargement of the geographic area of the project or tax increment financing
district; (ii) an increase in the amount of bonded indebtedness; (iii) a determination to
capitalize interest on debt if that determination was not a part of the original plan; (iv) an
increase in the portion of the captured net tax capacity to be retained by the City; (v) an
increase in the estimated cost of the project, including administrative expenses, to be paid or
financed with tax increment from the district; or (vi) the designation of additional property
to be acquired by the authority; and
WHEREAS, the proposed modifications to the TIF Plan include revised line
items of expenditures to finance additional affordable housing in the City, but do not
increase the total estimated cost of the project or the total amount of bonded
indebtedness.
469140v1 MNI MN190 -150
CITY OF MONTICELLO
WRIGHT COUNTY, MINNESOTA
ECONOMIC DEVELOPMENT AUTHORITY
RESOLUTION NO. EDA- 2015 -010
NOW THEREFORE, BE IT RESOLVED by the Board of Commissioners of the
City of Monticello Economic Development Authority as follows:
1. The administrative modification to the TIF Plan is hereby approved in
substantially the form on file in City hall.
2. Upon approval of the modification to the TIF Plan by the City Council of the
City, the Community Development Director is authorized to forward a copy of
the modified TIF Plan to the Department of Revenue and the State Auditor
pursuant to Minnesota Statutes 469.175, subd.4a.
3. The City Clerk is authorized and directed to forward a copy of the TIF Plan to
Wright County for information purposes.
DATED: October 14, 2015
President
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