HRA Resolution 2000-08HOUSING AND REDEVELOPMENT AUTHORITY
IN AND FOR THE CITY OF MONTICELLO
RESOLUTION NO. 00-08
RESOLUTION APPROVING A MODIFIED REDEVELOPMENT PLAN
FOR CENTRAL MONTICELLO REDEVELOPMENT PROJECT NO. 1
AND A MODIFIED TAX INCREMENT PLAN
FOR THE TAX INCREMENT FINANCING DISTRICTS THEREIN
WHEREAS, the Housing and Redevelopment Authority in and for the City of Monticello
( "Authority ") currently administers its Central Monticello Redevelopment Project No. 1 ( "Project ")
and Redevelopment Plan ( "Project Plan ") therefor and Tax Increment Financing Districts Nos. 1 -1
through 1 -25 (collectively, the "TIF Districts ") within the Project and Tax Increment Financing
Plans ( "TIF Plans ") 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, 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, 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 restate the budgets of the TIF Plans for
the purpose of clarifying the TIF Plans and the budgets therefor; and
WHEREAS, the Authority has reviewed certain documents, attached hereto as Exhibit A,
describing and clarifying the budgets previously established for the TIF Districts (such documents
are collectively referred to herein as the "Plan Modification "); and
WHEREAS, the Plan Modification is intended to and do clarify the TIF Plans but does not
increase the budgets therefore.
NOW, THEREFORE, BE IT RESOLVED by the Board of Commissioners of the Housing
and Redevelopment Authority in and for the City of Monticello as follows:
1. The Plan Modification is approved.
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.
3. All actions taken by Authority staff and consultants with respect to this modification
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are hereby approved and ratified.
4. Authority staff is authorized and directed to include a copy of the Plan Modification
in the Authority's official records of the TIF Plans for the TIF Districts, and to forward a copy of the
document to the County Auditor and the Minnesota Department of Revenue for their records of the
TIF District.
Approved by the Board of Commissioners of the Housing and Redevelopment Authori ty in
and for the City of Monticello this day of \IT\ c, , 2000.
Chair
ATTEST:
Executive Director
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MN190 -61
JUL, 31. 2000 12:48PM EHLERS & ASSOCIATES +6122379316
07 -26 °99 17 :03 From-KENNEDY 4 GRAVED
Attachment A
CITY of 1ViONTICEl.LO
t -yea N0. 1246,P, 2 %0WO WW
Total from Total fiM all Des. ;=
sources
S a6.975,a53 S
45.975,453
rc
ac increment revenue 5 9
i
Interest an invested Funs$ 2,624,000 1j 16,70
Bong proceeds 'b 1.116,750 5 220.1 0
Low proceeds $ 220,150 s -
Re91 Baum s91ee S - $
Special assessmsnts S W 3
493,5a0
Rentnease revenue 5 493,500 5 980.000
Grants S 980.000 S
-
Otter S - 5
Trarafers in 5 yh411.853 S 54.411,953
TOM 36U nzes
Taal from ToW fiom au Distracts
BOG 0.595,013 $ 7'9® ®'015
1,400,000 S 6 �,g0,791
�andIBi,�14-1n9 qoQ� On S 900,000 S 5.520.798 S 5,
6ne improvements $ 4,965.160 S
PuD1•i0 u01tL� $ $OQ,000 4,323,657
$ q,210,607 210,600
parking faaliues 5 210,600 S
Sao= and sidewalks $ - $
Public Park UoQigs 3 _ $
6
Social, rezreatior►al 113,600 S 113,500
Interest reovction payment$ 8 2,624,000 $ 2.624.000
Bond prirw ipal PaYment3 ' 6 2,,51,169 5 2.451,169
Bond interest paymonts $ 1,069,218 $ 1.039.219
23,036.293
LAW Principal Payments $ 23,036,293 $
L,oaNnote interest payment' 2,516,473 S 2,859.473
340,000 S 1,549,615
Mminisndve expen3ee $ 200.000 $ 1,3d9,B15 5 AN
Other $
Transfers cwt 740 54.790.488 S 68.530,488
Total Uses of rungs
Chj Cf
S 3, ,010
S