City Council Resolution 1988-39RESOLUTION 88- 39
A RESOLUTION ADOPTING MODIFICATION #3 OF THE
EXISTING TAX INCREMENT FINANCE PLAN FOR
REDEVELOPMENT DISTRICT #2 PURSUANT TO THE PROVISIONS OF
SECTION 273.71 TO 273.78 INCLUSIVE OF THE MINNESOTA STATUTE
WHEREAS, the City Council of the City of Monticello, Minnesota, has determined
the need to modify the finance plan of an existing tax increment finance
redevelopment district pursuant to Minnesota Statute, Section 273.74,
Subdivision 4, within the redevelopment project created pursuant to Minnesota
Statutes, Chapter 462.411 et seq.; and
WHEREAS, the City Council of the City of Monticello, Minnesota, found in 1983
that it was necessary to create a tax increment finance redevelopment district
pursuant to Minnesota Statutes, Section 273.71 to 273.78 inclusive; and
WHEREAS, the Planning Commission has reviewed the proposed modification of the
tax increment finance plan; and
WHEREAS, the members of the School Board of Education of the Local Independent
School District #882 and the Board of Commissioners of the County of Wright
have been informed of the fiscal and economic implications of the proposed
modification of the existing Tax Increment Finance Plan for Redevelopment
District #2; and
WHEREAS, a public hearing was held on September 26, 1988, at 7:30 o'clock p.m.
before the City Council in the Council Chambers in the City Hall, in
Monticello, Minnesota, notice of which has been published twice in the official
newspaper for the City, not less than ten, nor more than thirty days prior to
September 26, 1988; and
WHEREAS, at said public hearing all persons and parties were given full
opportunity to present written or oral testimony, comments, objections,
suggestions, and other matters, all of which were duly considered by the
Council.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF MONTICELLO
that the City of Monticello does hereby modify the existing tax increment
finance plan and finds:
1. That the proposed acquisition of commercial property lies as modified
within the finance plan of the Tax Increment Redevelopment District
#2 and that the intended demolition will contribute to the
elimination of blight or deterioration within the area.
2. That the Tax Increment Finance Plan as modified will increase the
amount of bonded indebtedness.
3. That the Tax Increment Finance Plan as modified will increase the
portion of the captured assessed value to be retained by the
Authority.
Resolution 88-39
Page 2
4. That the Tax Increment Finance Plan as modified will increase in
total the estimated tax increment expenditures.
5. That the Planning Commission has reviewed the tax increment finance
plan as modified herein and it conforms to the general plan for
development of the municipality as a whole because its final result
will increase the City's commercial or housing activity.
6. That the tax increment finance plan as modified herein will afford
maximum opportunity consistent with the sound needs of the City as a
whole, for the development by private enterprise as it will enable
the City to assist a future developer by providing a suitable site
for development.
The City Council of the City of Monticello, Minnesota, does hereby approve
Modification #3 to the Tax Increment Finance Plan for Redevelopment District
#2.
Adopted by the City Council this 26th day of September, 1988.
9
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City Administ ator
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Mayor