City Council Resolution 1992-22Councilmember Brad Fyle introduced the following resolution, the
reading of which was dispensed with by unanimous consent, and moved its adoption:
CITY OF MONTICELLO
WRIGHT COUNTY
STATE OF MINNESOTA
RESOLUTION NO. 92-22
A RESOLUTION RELATING TO THE
MODIFICATION, BY THE HOUSING AND
REDEVELOPMENT AUTHORITY IN AND FOR THE
CITY OF MONTICELLO, OF THE REDEVELOPMENT
PLAN RELATING TO REDEVELOPMENT PROJECT
NO. 1, THE MODIFICATION OF THE TAX
INCREMENT FINANCING PLANS RELATING TO
TAX INCREMENT FINANCING DISTRICTS NOS. 1-1
THROUGH 1-13 AND THE ESTABLISHMENT OF TAX
INCREMENT FINANCING DISTRICT NO. 1-14, ALL
LOCATED WITHIN REDEVELOPMENT PROJECT NO.
12 AND THE APPROVAL AND ADOPTION OF THE
TAX INCREMENT FINANCING PLANS RELATING
THERETO.
BE IT RESOLVED, by the City Council (the "Council") of the City of
Monticello, Minnesota (the "City"), as follows:
Section 1. Recitals.
1.01. It has been proposed and adopted by the Housing and
Redevelopment Authority (the "Authority") in and for the City that the
Authority modify, by increased Project costs, Redevelopment Project No. 1,
pursuant to and in accordance with Minnesota Statutes, Sections 469.001 to
469.0471 inclusive, as amended. It has been further proposed and adopted
by the Authority that the Authority modify the Tax Increment Financing Plans
for Tax Increment Financing Districts Nos. 1-1 through 1-13 and establish
Tax Increment Financing District No. 1-14, located within Redevelopment
Project No. 1, and approve the Tax Increment Financing Plan relating
thereto, pursuant to and in accordance with Minnesota Statutes, Sections
469.174 to 469.179, inclusive, as amended.
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1.02. The Authority has caused to be prepared and this Council
has investigated the facts with respect thereto, a proposed Modified
Redevelopment Plan (The "Modified Redevelopment Plan") for
Redevelopment Project No. 1, defining more precisely the increased Project
costs to be made to Redevelopment Project No. 1, the proposed Modified
Tax Increment Financing Plans for Tax Increment Financing Districts Nos.
1-1 through 1-13 and the proposed Tax Increment Financing Plan (the "Tax
Increment Financing Plan") for Tax Increment Financing District No. 1-14
(collectively referred to as the "Plans").
1.03. The Authority and the City have performed all actions
required by law to be performed prior to the modification of Redevelopment
Project No. 1, the modification of Tax Increment Financing Districts Nos.
1-1 through 1-13 and the establishment of Tax Increment Financing District
No. 1-14 and the adoption of the Plans relating thereto, including, but not
limited to, notification to Wright County, Independent School District No.
882 and the Monticello -Big Lake Community Hospital, having jurisdiction
over the property to be included in Tax Increment Financing District No.
1-14 and the holding of a public hearing upon published and mailed notice as
required by law.
1.04. The Authority hereby determines that it is necessary and in
the best interest of the City at this time to modify Redevelopment Project No.
1, to modify Tax Increment Financing Districts Nos. 1-1 through 1-13 and
to establish Tax Increment Financing District No. 1-14 and approve the Plans
relating thereto, contingent upon execution of the Redevelopment and
Assessment Agreements by and between the Housing and Redevelopment
Authority of the City of Monticello and Brad and Mary Barger.
Section 2. Findings for the Modification of Redevelopment Project No.
1, Modification of Tax Increment Financing Districts Nos. 1-1 through 1-13
and the Establishment of Tax Increment Financing District No. 1-14.
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2.01. The Council hereby finds, determines and declares that the
modification of Tax Increment Financing Districts Nos. 1-1 through 1-13 and
the establishment of Tax Increment Financing District No. 1-14, all located
within Redevelopment Project No. 1, is intended and, in the judgement of the
Council, its effect will be, to further provide an impetus for commercial and
industrial development, increase employment and otherwise promote certain
public purposes and accomplish certain objectives as specified in the Modified
Tax Increment Financing Plans for Tax Increment Financing Districts Nos.
1-1 through 1-13.
2.02. The Council hereby finds that Tax Increment Financing
District No. 1-14 does meet the requirements of an Economic Development
District in that it consists of any project, or any portions of a project which
does not meet the requirements found in the definition of a redevelopment
district, mined underground space development district, housing district, or
soil corrections district, but which the Authority and City finds to be in the
public interest because:
1) It will discourage commerce, industry, or manufacturing from moving
their operations to another state; or
2) It will result in increased employment in the municipality; or
3) It will result in the preservation and enhancement of the tax base of the
municipality.
2.03. The Council finds, determines and declares that the
proposed development, in the opinion of the Council, would not occur solely
through private investment within the reasonably foreseeable future and,
therefore, the use of Tax Increment Financing is deemed necessary.
2.04. The Council finds, determines, and declares that the
proposed Tax Increment Financing Plan for Tax Increment Financing District
No. 1-14 will afford maximum opportunity and be consistent with the sound
needs of the City as a whole for the development or redevelopment of
Redevelopment Project No. 1 by private enterprise.
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2.05. The Council further finds, determines and declares that the
City made the above findings stated in Section 2 and has set forth the reasons
and supporting facts for each determination in writing, attached hereto as
Exhibit A.
2.06. The Council determines and declares that Redevelopment
Project No. 1 is hereby modified, that Tax Increment Financing Districts No.
1-1 through 1-13 are hereby modified and that Tax Increment Financing
District No. 1-14 is hereby adopted, contingent upon the execution of the
Redevelopment and Assessment Agreements by and between the Housing and
Redevelopment Authority of the City of Monticello and Brad and Mary
Barger.
Section 3. Adoption of Respective Plans.
3.01. The respective Plans presented to the Council on this date
are hereby approved, contingent upon execution of the Redevelopment and
Assessment Agreements by and between the Housing and Redevelopment
Authority of the City of Monticello and Brad and Mary Barger and shall be
placed on file in the office of the City Administrator.
Section 4. Implementation of the Modified Redevelopment Plan and
Modified Tax Increment Financing Plans.
4.01. The officers of the City, the City's financial advisor,
underwriter and the City's legal counsel and bond counsel are authorized and
directed to proceed with the implementation of the respective Plans and for
this purpose to negotiate, draft, prepare and present to this Council for its
consideration all further plans, resolutions, documents and contracts necessary
to accomplish this purpose.
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The motion for the adoption of the foregoing resolution was duly
seconded by Councilmember Dan Blonigen , and upon vote being taken
thereon, the following voted in favor thereof:
Ken Maus, Shirley Anderson, Clint Herbst, Brad Fyle, and Dan Blonigen
And the following voted against the same:
None
Whereupon said resolution was declared duly passed and adopted, and
was signed by the Mayor and attested to by the City Administrator.
Dated:Au usg t 10, 1992
Attest: c
City Admini - rator
(SEAL)
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ayor
EXHIBIT A TO RESOLUTION NO. 92-22
The reasons and facts supporting the findings for the establishment of
the Tax Increment Financing Plan for Tax Increment Financing District No.
1-14 as required, pursuant to Minnesota Statutes, Section 469.175, Subd. 3,
are as follows:
1) Finding that Tax Increment Financing District No. 1-14 is an
"Economic Development District" as defined in Minnesota Statutes,
Section 469.174, Subd. 12.
Tax Increment Financing District No. 1-14 consists of one parcel which
does not meet the requirements of a redevelopment district, mined
underground space development district, housing district or soils
correction district. The Authority and the City find Tax Increment
Financing District No. 1-14 to be in the public interest because:
1) It will discourage commerce, industry, or manufacturing from
moving their operations to another state; and
2) It will result in increased employment in the municipality; and
3) It will result in the preservation and enhancement of the tax base
of the municipality.
2) Finding that the proposed development, in the opinion of the Council,
would not occur solely through private investment within the reasonable
foreseeable future, and therefore, the use of Tax Increment Financing
is deemed necessary.
City staff has reviewed the available financing costs for the
development. Due to the high costs of site development, the project
would not be financially feasible without the City's assistance.
3) Finding that the Tax Increment Financing Plan for Tax Increment
Financing District No. 1-14 will afford maximum opportunity,
consistent with the sound needs of the City as a whole, for the
development of Redevelopment Project No. 1 by private enterprise.
M
.nibit A.to Resolution No. 92-22
The project to be developed, which will be located within Tax
Increment Financing District No. 1-14, consists of an 11,000 square
foot office/manufacturing facility. This facility is to be constructed in
the summer of 1992 and completed by January 2, 1993. The company
currently employs 15 people. It is anticipated that 8 additional full-time
positions will be created as a result of this project.
4) Finding regarding the method of tax increment computation set forth in
Minnesota Statutes, Section 469.177, Subd. 3, Clause (b), if applicable.
The Council does not elect the method of tax increment computation set
forth in Minnesota Statutes, Section 469.177, Subd. 3, Clause (b).
5) Finding regarding duration of Tax Increment Financing District No.
1-14.
The duration of Tax Increment Financing District No. 1-14 will be
eight (8) years from the date of receipt of the first tax increment or ten
(10) years from the original approval of the Tax Increment Financing
Plan, whichever is less. Pursuant to Minnesota Statutes, Section
469.177, Subd. 3, the City requests 100 percent of the available
increase in assessed value for current expenditures.
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