City Council Resolution 1987-18RESOLUTION #87-18
RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF MONTICELLO AUTHORIZING EXECUTION OF
A TAX INCREMENT PLEDGE AGREEMENT
WHEREAS, the Housing and Redevelopment Authority in and for
the City of Monticello (the "Authority") created the Central Monticello
Redevelopment Project (the "project"), prepared a redevelopment plan
(the "plan") for the project, which was approved by the City Council
of the City of Monticello (the "City") in November, 1982; and
WHEREAS, the Authority and the City have adopted a tax increment
financing plan pursuant to Minnesota Statutes, Section 273.74 and the
Authority has requested that the County Auditor of Wright County certify
the original assessed value of Monticello Tax Increment Economic
District #7 describing such plan; and
WHEREAS, in order to finance the project, it is necessary that
the Authority and the City enter into a tax iacrement pledge agreement
in accordance with Minnesota Statutes, Section 73.77, pursuant to which
tax increment pledge agreement the Authority will pledge tax increment
enerated by Monticello Tax Increment Ecomonic District #7 to secure
the principal of and interest on the General Obligation Tax Increment
Note of 1987 of the City, issued to finance the project, and any additional
bonds that may be issued to finance the project.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF MONTICELLO, MINNEOSTA:
That the Mayor is hereby authorized and directed to execute
the tax increment pledge agreement (the "agreement"), on behalf of the
City is substantially the form attached hereto as Exhibit A and incorporated
herein by reference, and to deliver the signed agreement to the Authority
for execution and filing with the Wright County Assessor,
Adopted this 22 day of June, 1987.
Mayor
ATTEST:
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City Administrator