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HRA Resolution 2002-02#' MONTICELLO HOUSING AND REDEVELOPMENT AUTHORITY CITY OF MONTICELLO WRIGHT COUNTY STATE OF MINNESOTA RESOLUTION NO. 02 -02 RESOLUTION ADOPTING A MODIFICATION TO THE REDEVELOPMENT PLAN FOR CENTRAL MONTICELLO REDEVELOPMENT PROJECT NO. 1; AND ESTABLISHING TAX INCREMENT FINANCING DISTRICT NO. 1 -29 WITHIN CENTRAL MONTICELLO REDEVELOPMENT PROJECT NO. 1 AND ADOPTING A TAX INCREMENT FINANCING PLAN THEREFOR. WHEREAS, it has been proposed by the Board of Commissioners (the "Board ") of the Monticello Housing and Redevelopment Authority (the "HRA ") and the City of Monticello (the "City ") that the HRA adopt a Modification to the Redevelopment Plan for Central Monticello Redevelopment Project No. 1 and establish Tax Increment Financing District No. 1 -29 and adopt a Tax Increment Financing Plan therefor, (collectively, the "Plans "), all pursuant to and in conformity with applicable law, including Minnesota Statutes, Sections 469.001 through 469.047, and Sections 469.174 to 469.179, inclusive, as amended (the "Act "), 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 HRA has performed all actions required by law to be performed prior to the adoption of the Plans. The HRA has also requested the City Planning Commission to provide for review of and written comment on Plans and 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 -29 is in the public interest and is a "housing district" under Minnesota Statutes, Section 469.174, Subd. 11, and finds that the adoption of the proposed Plans conform in all respects to the requirements of the Act and will help fulfill a need to develop an area of the State of Minnesota which is already built up and that the adoption of the proposed Plans will help provide need for affordable housing and thereby serves a public purpose. 2. The HRA further finds that the Plans will afford maximum opportunity, consistent with the sound needs for the City as a whole, for the development or redevelopment of the project area by private enterprise in that the intent is to provide only that public assistance necessary to make the private developments financially feasible. 3. 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 Clerk. 4. Upon approval of the Plans by the City Council, the City Clerk is authorized and directed to forward a copy of the Plans to the Minnesota Department of Revenue pursuant to Minnesota Statutes 469.175, Subd. 4a. 5. The City Clerk 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 the District as described in the Plans, all in accordance with Minnesota Statutes 469.177. Approved by the Board of Commissioners of the Monticello Housing and Redevelopment Authority this 6th day of March, 2002. Chair ATTEST: Secretary