HRA Resolution 1999-5MONTICELLO HOUSING AND REDEVELOPMENT AUTHORITY
CITY OF MONTICELLO
WRIGHT COUNTY
STATE OF MINNESOTA
RESOLUTION NO. 99 -5
RESOLUTION ADOPTING THE MODIFIED REDEVELOPMENT PLAN FOR
CENTRAL MONTICELLO REDEVELOPMENT PROJECT NO. 1;
ESTABLISHING TAX INCREMENT FINANCING DISTRICT NO. 1-26 THEREIN;
ADOPTING THE RELATED TAX INCREMENT FINANCING PLAN THEREFOR;
AND APPROVING A CONTRACT FOR PRIVATE DEVELOPMENT WITH TWIN
CITY DIE CASTING COMPANY.
WHEREAS, it has been proposed that the Board of Commissioners (the "Board ") of the Housing
and Redevelopment Authority (the "HRA)" for the City of Monticello (the "City ") adopt the Modified
Redevelopment Plan for Central Monticello Redevelopment Project No. 1 and establish Tax Increment
Financing District No. 1 -26 and adopt the Tax Increment Financing Plan therefor, (collectively, the "Plans "),
all pursuant to and in conformity with existing law, including Minnesota Statutes, Sections 469.001 through
469.047, and Sections 469.174 to 469.179, inclusive, as amended, all as reflected in the Plans and presented
for the Board's consideration; and
WHEREAS, the HRA has investigated the facts relating to the Plans and has caused the Plans to be
prepared; and
WHEREAS, the proposed developments as described in the Plans, in the opinion of the HRA, would
not reasonably be expected to occur solely through private investment within the reasonably foreseeable
future and, therefore, the use of tax increment financing is deemed necessary; and
WHEREAS, the HRA has performed all actions required by law to be performed prior to the
adoption of the Plans, including but not limited to, notification of Wright County and School District No.
8 82 having taxing jurisdiction over the property to be included in Tax Increment Financing District No. 1-26,
a request for review of and written comment on the Plans by the City Planning Commission, and a request
that the Council schedule a public hearing on the Plans upon published notice as required by law.
NOW, THEREFORE, BE IT RESOLVED by the Board as follows:
1. The HRA hereby finds that Tax Increment Financing District No. 1 -26 is in the public
interest and is an "economic development district" under Minnesota Statutes, Section 469.174, subd. 12, and
finds that the adoption of the proposed Plans will advance the HRA's and City's objectives of encouraging
development within Central Monticello Redevelopment Project No. 1.
2. Conditioned upon the approval thereof by the City Council following its public hearing
thereon, the Plans, as presented to the HRA on this date, are hereby approved, established and adopted and
shall be placed on file in the office of the City Administrator.
3. The Authority approves, and authorizes its Chair and Executive Director to execute the
Contract for Private Development between to Authority and Twin City Die Casting Company in substantially
the form on file with the Authority, subject to (a) modifications that are approved by the Chair and Executive
Director, whose execution of the document will be conclusive evidence of their approval, and (b) approval
of the Plans and Contract by the City Council.
4. Upon approval of the Plans by the City Council, the Executive Director of the HRA is
authorized to forward a copy of the Plans to the Minnesota Department of Revenue pursuant to Minnesota
Statutes 469.175, subdivision 2.
5. Upon approval of the Plans by the City Council, the City Administrator is authorized and
directed to forward a copy of the Plans to the Wright County Auditor and request that the Auditor certify the
original tax capacity of District No. 1 -26 as described in the Plans, all in accordance with Minnesota Statutes
469.177.
Approved by the Board ofCommissioners ofthe Monticello Housing and Redevelopment Authority
this V"' day of u' , 1999.
Chair
ATTEST:
Executive Director of the \