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City Council Resolution 1985-23RESOLUTION 1985 # 23 A RESOLUTION ESTABLISHING A TAX INCREMENT FINANCING REDEVELOPMENT DISTRICT #6 PURSUANT TO MINNESOTA STATUTES, SECTIONS 273.71 to 273.78 INCLUSIVE, AND ADOPTING A FINANCE PLAN FOR SAID TAX INCREMENT FINANCING DISTRICT. WHEREAS, the City Council of the City of Monticello, Minnesota has determined that it is necessary to create a tax increment financing district pursuant to Dinnesota Statutes, Sections 273.71 to 273.78 inclusive, within the existing redevelopment project created pursuant to Minnesota Statutes, Section 462.411 et seq., the Municipal Housing and Redevelopment Act; and WHEREAS, the City Council of the City of Monticello, Minnesota finds that the tax increment district to be established is a redevelopment district pursuant to Minnesota Statutes, Section 273.73, Subdivision 10 and that the project will provide additional jobs, increase the tax base and prevent commerce and industry from leaving the State; and WHEREAS, the City Planning Commission has received a copy of the proposed tax increment financing plan and has been given the opportunity to review and comment upon said tax increment financing plan and the tax increment financing district; and WHEREAS, the City of Monticello has informed the members of the Local School Board of the Independent School District and the Board of Commissioners of Wright County of the fiscal and economic implications of the proposed tax increment financing district and invited said School Board members and County Commissioners to the public hearing. WHEREAS, a public hearing was held on October 28, 1985, 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 once in the official newspaper for the City, not less than ten, nor more than thirty days prior to October 28, 1985; 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. (1) That the tax increment district to be established is a redevelopment district pursuant to Minnesota Statutes, Section 273.73, Subdivision 10 and will result in increased employment in the City and in the preservation and enhancement of the tax base of the City. ution 1985 #23 2 (2) That the proposed development would not occur solely through private investment within the reasonable foreseeable future and, therefore, the use of tax increment financing is deemed necessary. (3) That the Planning Commission has reviewed the tax increment financing plan and it conforms to the general plan for the development of the municipality as a whole. (4) That the proposed redevelopment involves a substantial commitment of private investment and in conjunction with tax increments as identified in the tax increment financing plan will afford maximum opportunity, consistent with sound needs of the City for the economic development of the project by private enterprise. The City Council of the City of Monticello, Minnesota does hereby approve the tax increment financing plan and the creation of a tax increment financing district as described in said tax increment financing plan. Adopted by the City Council this 12th day of November, 1985. ---~. Arve A. Grimsmo, Mayor ATTEST: Tho as A. Eidem , City Administrator