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City Council Resolution 1989-02Councilmember Fran Fair 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 N0. 89-2 A RESOLUTION RELATING TO THE MODIFICATION BY THE HOUSING AND REDEVELOMENT AUTHORITY IN AND FOR THE CITY OF MONTICELLO OF THE REDEVELOPMENT PLAN RELATING TO REDEVELOPMENT PROJECT N0. 1, THE MODIFICATION OF THE TAX INCREMENT FINANCING PLANS RELATING TO TAX INCREMENT FINANCING DISTRICTS NOS. 1-1 THROUGH 1-7 AND THE ESTABLISHMENT OF TAX INCREMENT FINANCING DISTRICT N0. 1-8 LOCATED WITHIN REDEVELOPMENT PROJECT N0. 1 AND THE APPROVAL AND ADOPTION OF THE TAX INCREMENT FINANCING PLAN 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 in and for the City (the "Authority") that the Authority modify, by enlargement of the geographic pro- ject area and increased project costs, Redevelopment Project No. 1, pursuant to and in accordance with Minnesota Statutes, Sections 469.001 to 469.047, inclusive, as amended. It has been further proposed and adopted by the Authority that the Authority odify the Tax Increment Financing Plans for Tax Increment Financing Districts Nos. 1-1 through 1-7 and establish Tax Increment Financing District No. 1-8 located within Redevelopment Project No. 1, and approve and adopt the Tax Increment Financing Plan relating thereto, pursuant to and in accordance with Minnesota Statutes, Sections 469.174 to 469.179, inclusive, as amended. 1.02. The Authority has caused to be prepared and this Council has investigated the facts with respect thereto, a pro- posed Modified Redevelopment Plan (the "Modified Redevelopment Plan") for Redevelopment Project No. 1, defining more precisely the additional geographic project area and 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 1-7 and the proposed Tax Increment Financing Plan (the "Tax Increment Financing Plans") for Tax Increment Financing District No. 1-S (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 1-7 and the establishment of Tax Increment Financing District No. 1-8 and the adoption of the Plans relating thereto, including, but not limited to, notifica- tion to Wright County and Independent School District No. 882, having jurisdication over the property to be included in Tax Increment Financing District No. 1-8, a review by the City Planning Commission of the proposed Modified Redevelopment Plan for Redevelopment Project No, 1, the proposed Modified Tax Increment Financing Plans for Tax Increment Financing Districts Nos. 1-1 through 1-7, and the proposed Tax Increment Financing Plan for Tax Increment Financing District No. 1-8, 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 1-7 and to establish Tax Increment Financing District No. 1-8 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 the Monticello Development Corporation. Section 2. Findings for the Modification of Project No. 1, Modification of Tax Increment Flnancin Nos. 1-1 thru h 1-7, and the Establishment of Tax Financing District No. 1-8. Redevelopment Increment 2.01. The Council hereby finds, determines and declares that the modification of Tax Increment Financing Districts Nos. 1-1 through 1-7 and the establishment of Tax Increment Financing District No. 1-8, all located within Redevelopment Project No. 1, is intended and, in the judgment of the Council, its effect will be, to further provide an impetus for housing, commercial and industrial development, increase employment and otherwise pro- mote certain public purposes and accomplish certain objectives as specified in the Modified Tax Increment Financing Plans and Tax Increment Financing Plans for Tax Increment Financing Districts Nos. 1-1 through 1-8. 2.03. The Council hereby finds that Tax Increment Financing District No. 1-8 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 Districts -2- 2. It will result in increased employment in the municipa- lity; or 3. It will result in preservation and enhancement of the tax base of the municipality. 2.04. The Council finds, determines and declares that the proposed development, housing and redevelopment, 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. 2.05. The Council finds, determines, and declares that the proposed Tax Increment Financing Plan for Tax Increment Financing District No. 1-8 will afford maximum opportunity, be consistent with the sound needs of the City as a whole, for the development or redevelopment of Redeveloment Project No. 1 by private enterprise. 2.06. The Council further finds, declares and determines 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. 2.07. The Council determines and declares that Redevelopment Project No. 1 is hereby modified, that Tax Increment Financing Districts Nos. 1-1 through 1-7 are hereby modified and that Tax Increment Financing District No. 1-8 is hereby established, con- tingent upon execution of the Redevelopment and Assessment Agreements by and between the Housing and Redeveloment Authority of the City of Monticello and the Monticello Development Corporation. Section 3. Adoption of Respective Plans. 3.01. The respective Plans presented to the Council on this date are hereby approved and adopted, contingent upon execution of the Redevelopment and Assessment Agreements by and between the Housing and Redevelopment Authority of the City of Monticello and the Monticello Development Corporation, and shall be placed on file in the office of the City Administrator. Section 4. Implementation of the Modified Redevelopment Plan, Modified Tax Increment Financing Plans and Tax Increment Financing Plan. 4.01. The officers of the City, the City's financial advi- sor, 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. -3- • The motion for the adoption of the foregoing resolution was duly seconded by Councilmember Warren smith , and upon vote being taken thereon, the following voted in favor thereof: Ken Maus, Fran Fair, Warren Smith, Shirley Anderson, 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 January 23, 1989 Mayo tes City ministrator (SEAL) -4- EXHIBIT A TO RESOLUTION N0. 89'2 The reasons and facts supporting the findings for the establishment of the Tax Increment Financing Plan for Tax Increment Financing District No. 1-8 as required, pursuant to Minnesota Statutes, Section 469.175, Subd. 3, are as follows: 1. Find that Tax Increment Financing District No. 1-8 "economic development district" as defined in Minnesota Section 469.174, Subd. 12. Tax Increment Financing District No. 1-8 consists of one parcels which does not meet the requirements of a redevelopment district, mined underground space development district, housing district or soils correction district. The Authority and City find Tax Increment Financing District No. 1-8 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 municipa- lity; or 3. It will result in 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 this 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 the public improvements, the project would not be financially feasible without the City's assistance. 3. Finding that the Tax Increment Financing Plan conforms to the general plan for the development or redevelopment of the munici- pality as a whole. The Monticello Planning Commission reviewed the Tax Increment Financing Plan for Tax Increment Financing District No. 1-8 on January 3, 1989, and determined that the Tax Increment Financing Plan for Tax Increment Financing District No. 1-8 con- forms to the Comprehensive Plan of the City. 4. Find that the Tax Increment Financing Plan for Tax Increment Financing District No. 1-8 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. is a Statutes, -5- • The project to be developed (a facility for NSP), which will be located within Tax Increment Financing District No. 1-8, con- sists of the construction of: the construction of a facility for Northern States Power. 5. 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 com- putation set forth in Minnesota Statutes, Section 469.177, Subd. 3, Clause (b). 6. Finding regarding duration of Tax Increment Financing District No. 1-8. The duration of Tax Increment Financing District No. 1-8 will be eight (8) years from the date of receipt of the first tax increment or ten (10) from the 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 repayment of debt and current expenditures. -6- T • STATE OF MINNESOTA ) ss. CITY OF MONTICELLO ) I, the undersigned, being the duly qualified and acting Administrator of the City of Monticello, Minnesota, DO HEREBY CERTIFY that I have carefully compared the attached and foregoing extract of minutes of a meeting of the Council held on the date indicated with the original minutes thereof on file in my office and that the same is a full, true and correct tra89c2ipt thereof insofar as said minutes relate to Resolution No. WITNESS my hand officially and the offical19891 of the Council this 17th day of February , /, ~ Cit Administrator (SEAL)