HRA Resolution 1999-2MONTICELLO HOUSING AND REDEVELOPMENT AUTHORITY
RESOLUTION NO. 99 -2
RESOLUTION APPROVING TAX INCREMENT PLEDGE AGREEMENT
BY AND BETWEEN THE CITY OF MONTICELLO, MINNESOTA AND THE
MONTICELLO HOUSING AND REDEVELOPMENT AUTHORITY
WHEREAS, the Monticello Housing and Redevelopment Authority ( "Authority ") is
administering its Central Monticello Redevelopment Project No. 1 ( "Project "); and
WHEREAS, within the Project the Authority has created Tax Increment Financing District
No. 1 -22 (the "TIF District "); and
WHEREAS, the Authority has reviewed a Tax Increment Pledge Agreement (the
"Agreement ") between the Authority and the City of Monticello (the "City ") specifying the
respective obligations of the parties; and
WHEREAS, the Board of Commissioners of the Authority has determined that it is in the
best interests of the Authority to enter into the Contract;
NOW, THEREFORE, BE IT RESOLVED by the Board of Commissioners of the
Monticello Housing and Redevelopment Authority as follows:
1. The Agreement is hereby approved in substantially the form presented to the
Authority on this date, subject to modifications that do not materially alter the nature of the
transaction, which are approved by the Chair and Executive Director; provided that execution of the
documents by such officials shall be conclusive evidence of such approval.
2. The proper Authority officials are authorized and directed to execute the Agreement
on behalf of the Authority and to carry out on behalf of the Authority the Authority's obligations
thereunder.
3. The proper Authority officials are authorized to execute any related certificates or
documents necessary to carry out the contemplated under the Agreement, all subject to the terms
and conditions of the Agreement.
Approved by the Board of Commissioners of the Monticello Uff si and Redevelopment
Authority this 9 th day of June , 1999.
Chair
ATTEST:
(" -1) U� c' C) _
Executive Director
DJG- 163928
MN190 -78