HRA Resolution 2003-02HOUSING AND REDEVELOPMENT AUTHORITY
IN AND FOR THE CITY OF MONTICELLO
STATE OF MINNESOTA
Commissioner Steve Andrews
introduced the following resolution and moved its adoption:
RESOLUTION NO. 03 -02
APPROVING SPECIAL LEGISLATION HffLL
WHEREAS, on April 11, 1996, the Housing and Redevelopment Authority in and for the City
of Monticello, entered into a Contract with the Hoisington Koelger Group, Inc. for the purpose to
spearhead community workshops to provide and evaluate the potential for the downtown and
riverfront area. Through the efforts of the Monticello Community Partners and the Hoisington
Koelger Group, Inc., the New Bridge - Revitalizing Monticello's Downtown and Riverfront Plan
developed; and
WHEREAS, on March 10, 1997, the City Council adopted a resolution modifying the
Redevelopment Plan of Central Monticello Redevelopment Project No. 1 and establishing Tax
Increment Finance District No. 1 -22; and
WHEREAS, on June 301 1997, Tax Increment Finance District No. 1 -22 was certified by the
County of Wright; and
WHEREAS, on September 22, 1997, the City Council amended the Monticello
Comprehensive Plan to include the New Bridge - Revitalizing Monticello's Downtown and
Riverfront Plan; and
WHEREAS, on July 30, 2001, the City Council issued Taxable G. O. Temporary Tax
Increment Bonds and under the rule the Housing and Redevelopment Authority in and for the
City of Monticello could expend those bond proceeds until July 30, 2004; and
WHEREAS, on March 24, 2003, the City Council adopted a resolution endorsing a Special
Legislation Bill to extend the five -year activity rule for TIF District No. 1 -22; and
WHEREAS, the Housing and Redevelopment Authority in and for the City of Monticello,
Minnesota, finds the extension to be in the public interest because:
1. The extension of the five -year rule to ten years from June 30, 1997, to June 30, 2007,
allows the Authority additional time to complete pending and other redevelopment
projects (activities) within the Downtown TIF District carrying out the goals and
objectives of the Central Monticello Redevelopment Project No. l Plan and the
Revitalizing Monticello's Downtown and Riverfront Plan (Comprehensive Plan).
HRA Resolution No. 03 -02
2. The extension allows the Authority the flexibility to use the pay -as- you -go finance
method as well as the up -front finance method.
3. The extension allows the Authority the flexibility to increase the amount of the temporary
bonds when refinanced if determined necessary.
4. The extension does not request extending the 25 -year life of the district.
5. Without the extension and as a result of the class rate compression, the future pending
projects must be completed by July 30, 2004, in order to repay the temporary bonds.
NOW, THEREFORE, BE IT RESOLVED by the Housing and Redevelopment Authority in
and for the City of Monticello, Minnesota, approves the Special Legislation Bill to extend the
five -year rule to ten years for TIF District No. 1 -22, City of Monticello, and authorizes the
Authority's staff to take such action as is necessary to cause enactment of such Bill. The effect
to permit additional financing (whether issuance of bonds or pay -as- you -go) through June 30,
2007.
The motion for the adoption of the foregoing resolution was duly seconded by Commissioner
Darrin Lahr , and upon a vote being taken thereon, the following voted in favor
thereof:
Brad Barger and Bill Fair, Steve Andrews and Darrin Lahr
Commissioner Dan Frie was absent
and the following voted against the same:
Dated: 2nd day of April, 2003.
P•
Brad Barger, HRA Chair
ATTEST:
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011ie Koropchak, Executive Director
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