HRA Resolution 2006-11RESOLUTION NO. 2006-11
HOUSING AND REDEVELOPMENT AUTHORITY
IN AND FOR THE CITY OF MONTICELLO, MINNESOTA
COUNTY OF WRIGHT
STATE OF MINNESOTA
BEING A RESOLUTION APPROVING THE DECERTIFICATION OF TAX
INCREMENT FINANCING DISTRICT NO. 1 -23 (Allied Companies).
WHEREAS, on May 26, 1998, the Housing and Redevelopment Authority (the "Authority ") in and
for the City of Monticello, Minnesota, created Tax Increment Financing District No. 1 -23, (the
"District ") within the Central Monticello Redevelopment Project No. 1 (the "Project ") and the Central
Monticello Redevelopment Plan (the "Plan ").
WHEREAS, on August 1, 2006, the Tax Increment Revenue Note to which tax increment from the
District have been pledged was refunded, and
WHEREAS, all other costs of the Project have been paid, and
WHEREAS, there are no parcels located in the District which have delinquent taxes when the
District terminated.
WHEREAS, the Tax Increment Financing plan adopted on May 26, 1998, for Tax Increment
Financing District No. 1 -23 requires, pursuant to M.S. 469.176, Subd. 1 (Economic District), that the
duration of the Tax Increment Financing District No. 1 -23 will be nine years after the date of receipt by
the Authority of the first tax increment or eleven years from approval of the Tax Increment Financing
Plan, whichever is less, and
WHEREAS, the receipt of first tax increment was July 2000, and
WHEREAS, May 26, 2009, is eleven years from the approval of the Tax Increment Financing Plan,
which is the lesser, and
WHEREAS, the Authority desires by this resolution to cause the early decertification of the District
after which. all property taxes generated by the property within the District will be distributed in the
same manner as all other property taxes beginning payable 2007.
NOW THEREFORE, BE IT RESOLVED by the Housing and Redevelopment Authority in and for
the City of Monticello that the Authority's staff shall take such action as is necessary to cause the
County Auditor of Wright County to decertify the District as tax increment district and to no longer
remit tax increment from the district to the Authority.
DATED: ';�g , 20 6(0.
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AiKtho ty Chair
ATTEST:
-Ca" \\<, , ,&�
Authority Executive Director
(Seal)