Loading...
HRA Resolution 1985-3HRA RESOLUTION 1985 #3 A RESOLUTION APPROVING A TAX INCREMENT FINANCE DISTRICT AND FINANCE PLAN AND REQUESTING THE CITY COUNCIL OF THE CITY OF MONTICELLO TO SET A PUBLIC HEARING WHEREAS, The Housing and Redevelopment Authority in and for the ri fy of mnnti r•al i n ! -F 11 in 11 T „ +1- , ^-r-; +� >►► 1 ; and for _ e � •J L y I .L '7 carrying out the Monticello Redevelopment Project (the and Redevelopment Plan (the "Plan "), pursuant to the approval of the City Council of the City of Monticello "Project ") (the "City "); and WHEREAS, Raindance Partnership has proposed development of a 33,000 square foot commercial building on Lots 1 -10 of Block 15, Original plat, and WHEREAS, said parcel is situated in the Redevelopment Project Area, and WHEREAS, said parcel is found to have substandard soils such that the cost of corrections of the soil when added to the Fair Market Value will exceed the Fair Market Value of the improved lands, and WHEREAS, the Authority recommends that the Raindance Project be undertaken as rapidly as possible and be financed with local funds including tax increment financing as authorized by Minnesota Statutes, Sections 273.71 through 273.78; and WHEREAS, there was presented to this meeting of the governing body of the Authority for its consideration and approval, a copy of a tax increment finance entitled Tax Increment Redevelopment District #6; and NOW, THEREFORE, BE IT RESOLVED by the governing body of the Housing and Redevelopment Authority in and for the City of Monticello: 10 That the project described in said Tax Increment Finance Redevelopment Plan Non 6 contains blighted and deteriorated or deteriorating areas as defined in the Minnesota Municipal Housing and Redevelopment Act, Minnesota Statutes, Section 462.421, Subdivision 13, and requires public assistance in order to eliminate said blighted, deteriorating and economically obsolete areas. Resolution 1985 # 3 Page Two 20 The said Plan and Project will carry out the purpose and policy of the Municipal Housing and Redevelopment Act of the State of Minnesota, Minnesota Statutes, Section 462.415 to 4620711 as set forth in Section 462.415. 3. The said Tax Increment Redevelopment District and Tax Increment Finance Plan hereby in all respects --A -n tq +In n Qnr-Y-es+ -- r— ; c- 1 r .htr A4 -- ,,.+.,..a 4- - I A- \r J- V-- -LJV %.A -L A. 1C.- k- I- %-,%A 1-U file said Redevelopment Plan with the Minutes of this meeting. 46 Application is hereby made to the City Council of the City of Monticello, the governing body of the City in which said project is located, for the approval of said Plan and project area, and the staff of this Authority is authorized to transmit said Plan to said City Council, together with a copy of this Resolution, a plan for financing the project including the adoption of the tax increment financing plan and to take such other action as the said staff may deem necessary and advisable in order to secure from said City Council its approval of said Plan and project. Said City Council is hereby requested to hold a public hearing on said Tax Increment Finance Redevelopment Plan No. 6 after giving published notice of the date., time place and purpose of such hearing in a newspaper of general circulation in the City of Monticello, such notice to be published at least ten days and no more than 30 days prior to the date of the hearing. Said City Council is hereby requested to approve said Plan and to find by Resolution that: (1) the land in the project area would not be abailable for redevelopment without the financial aid to be sought; (2) the plan for the redevelopment district in the locality will afford maximum opportunity, consistent with the sound needs of the locality as a whole, for the redevelopment of such areas by private enterprise; and (3) the tax increment redevelopment district and tax increment financing plan conforms to a general plan for the development of the locality as a whole, and (4) that the project will result in increased employment in the municipality and will result in the preservation and enhancement of the tax base of the municipality. Resolution 1985 ##3 Page Three Said staff is hereby authorized and directed to transmit to the State Department of Energy and Economic Development, Office of Local Government, certified copies of this Resolution, of said Plan, and other papers and documents described or referred to in Minnesota Statutes, Section 462.445, Subdivision 8 of said Municipal Housing and Redevelopment Act. Adopted this 10th day of October, 1985. ar Wieb r, Chair HRA ATTEST: Olive M. Koropchak Director of Economic Development