City Council Resolution 1984-09RESOLUTION 1984 #9
A RESOLUTION ESTABLLSHING A TAX INCREMENT
FINANCING ECONOMIC DEVELOPMENT DISTRICT #2
PURSUANT TO MINNESOTA STATUTES, SECTIONS
273.71 to 273.78 INCLUSNE, 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 Minnesota Statutes, Sections 273.71 to 273.78 inclusive, within the
existing redevelopment project created pursuant to Minnesota Statutes, Section
462.411 et sec., 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 an economic development district
pursuant to Minnesota Statutes, Section 273.73, Subdivision 12 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 April 9, 1984 at 7 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 April 9, 1984; 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 an economic
development district pursuant to Minnesota Statutes, Section 273.73, Subdivision 12
and will result in increased employment in the City and in the preservation and
enhancement of the tax base of the City.
(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.
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(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 economic development 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 9th day of April, 1984.
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Mayor
ATTEST:
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City Clerk