City Council Resolution 1995-33CITY OF MONTICELLO
RESOLUTION NO. 95-33
RESOLUTION MODIFYING RESOLUTION NO. 1995-16 REGARDING APPROVAL
OF THE TAX INCREMENT FINANCING PLAN FOR TAX INCREMENT
FINANCING DISTRICT NO. 1-19
BE IT RESOLVED by the City Council (the "Council") of the City of
Monticello, Minnesota ( the "City") as follows:
WHEREAS, .by Resolution No. 1995-16, the Council approved a Tax Increment
Financing Plan ( the "TIF Plan") for Tax Increment Financing District No . 1-19 ( the
"TIF District") on March 13, 1995, after a duly noticed public hearing in accordance
with Minnesota Statutes, Sections 469.174 to 469.179; and
WHEREAS, under Resolution No. 1995-16, approval of the TIF Plan was subject
to execution of a redevelopment contract between the Housing and Redevelopment
Authority in and for the City of Monticello (the "HRA") and Monticello Senior
Housing Alliance, Inc. ("Senior Alliance") ; and
WHEREAS, the HRA, the City and Senior Alliance are continuing efforts to
structure financing for the senior housing facility (the "Senior Alliance Project") to
be developed in the TIF District, including issuance of housing revenue bonds by
the City and tax increment assistance from the HRA, but the HRA and Senior
Alliance are not yet prepared to execute a redevelopment contract; and
WHEREAS, in view of potential legislation that could affect the status of the
TIF District, and in order to preserve the HRA's ability to provide tax increment
assistance to the Senior Alliance Project, the City has determined that it is in the
best interest of the City to authorize certification of the TIF District before any
legislative changes become effective;
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of
Monticello as follows:
1. Resolution No. 1995-16 is hereby modified to provide that the TIF Plan
for TIF District No. 1-19 is approved whether or not a redevelopment contract has
been entered between the HRA and Senior Alliance or any other party.
2. The HRA is authorized to file the TIF Plan together with certified copies
of Resolution No. 1995-16 and this resolution with the Wright County Auditor with
a request to certify the TIF District in accordance with Minnesota Statutes, Section
469.177, and to file a copy of the TIF Plan with the State Department of Revenue in
accordance with Minnesota Statutes, Section 469.175, Subd . 2.
SJB87382
MN190-48
Resolution 95-33
Approved by the City Council of the City of Monticello this 24th day of April,
1995.
r
,mayor
ATTEST:
S') z a, �
City Administ for
SJB87382
MN190-48 2
STEPHEN J. BUBUL
Attorney at Law
Direct Ilial (612) 337-9228
April 20, 1995
Rick Wolfsteller
City Administrator
P.O. Box 1147
Monticello, MN 55362-9245
Re: Senior Housing TIF District
Dear Rick:
HOLMES & GRAVEN
CHARTERED
470 Pillsbury Center, Minneapolis, Minnesota 55402
Telephone (612) 337-9300
Facsimile (612) 337-9310
Enclosed is a hard copy of the City Council resolution modifying approval of the TIF Plan. As
we discussed, this resolution will allow us to certify the TIF District to the county immediately,
before any tax increment legislation is effective.
Let me know if you have any further questions about this.
Very truly yours,
Step n J. Bubul
cc: 011ie Koropchak
Lennie Kirscht
Dan Lindh
SJB87383
MN190-48