HRA Resolution 1999-3MONTICELLO HOUSING AND REDEVELOPMENT AUTHORITY
RESOLUTION NO. 99 -3
RESOLUTION APPROVING A MODIFIED REDEVELOPMENT PLAN
FOR CENTRAL MONTICELLO REDEVELOPMENT PROJECT NO. 1
AND A MODIFIED TAX INCREMENT PLAN
FOR TAX INCREMENT FINANCING DISTRICT NO. 1-22
WHEREAS, the Monticello Housing and Redevelopment Authority ( "Authority ") currently
administers its Central Monticello Redevelopment Project No. 1 ( "Project ") and Redevelopment
Plan ( "Project Plan ") therefor and Tax Increment Financing District No. 1 -22 ( "TIF District ")
within the Project and a Tax Increment Financing Plan ( "TIF Plan ") therefor, all pursuant to
Minnesota Statutes, Sections 469.001 to 469.047 ( "HRA Act ") and Minnesota Statutes, Sections
469.174 through 469.179 ( "TIF Act "); and
WHEREAS, the Authority has determined a need to modify the Project Plan and the TIF
Plan for TIF District No. 1 -22 to designate the use of tax increment revenues from the TIF District
currently budgeted within the TIF Plan for the purposes set forth in a Tax Increment Pledge
Agreement (the "Agreement ") between the Authority and the City of Monticello (the "City "); and
WHEREAS, under Section 469.175, subd. 4 of the TIF Act, the Authority is authorized to
modify the TIF Plan without the notice and approval procedures required for approval of the initial
plan if the modification does not involve: reduction or enlargement of the geographic area of the
district, increase in the amount of bonded indebtedness to be incurred, including a determination to
capitalize interest on debt if that determination was not a part of the original plan, or to increase or
decrease the amount of interest on the debt to be capitalized, increase in the portion of the captured
tax capacity to be retained by the Authority, increase in total estimated tax increment expenditures
or designation of additional property to be acquired by the Authority; and
WHEREAS, the Authority has determined a need to modify the description of tax
increment expenditures without increasing the total estimated budget or total bonded indebtedness
in the TIF Plan, and a need to clarify and modify the plan objectives and specific development
activities.
NOW, THEREFORE, BE IT RESOLVED by the Board of Commissioners of the
Monticello Housing and Redevelopment Authority as follows:
1. The Project Plan, the TIF Plan, and the budgets contained therein are hereby
modified to incorporate the expenditure of up to $11,250 per year commencing August 1, 2000 and
ending no later than February 1, 2024, such expenditure to be made in the form of payments to the
City for the purpose of paying or reimbursing redevelopment costs associated with the construction
of a community center and all in accordance with the Agreement.
2. The Project Plan and the TIF Plan are in no other way modified and the budgets
contained therein are not increased by this modification.
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3. All actions taken by Authority staff and consultants with respect to this modification
are hereby approved and ratified.
4. The Authority's approval of this modification is contingent upon the adoption by the
City Council of a resolution indicating that body's approval of the modification.
Approved by the Board of Commissioners of the Monticell ing and Redevelopment
Authority this 9 th day of June , 1999.
Chair
ATTEST:
Executive Director
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