HRA Resolution 1985-1HRA RESOLUTION 1985 # 1
A RESOLUTION BY THE MONTICELLO HOUSING AND REDEVELOPMENT AUTHORITY
APPROVING THE PROJECTS CONCEPT, ORDERING THE PREPARATION OF THE
TAX INCREMENT FINANCE PLAN, AND REQUESTING THE MONTICELLO CITY COUNCIL
TO SET A DATE FOR A PUBLICE HEARING FOR THE PURPOSE OF ESTABLISHING
A TAX INCREMENT FINANCE DISTRICT PURSUANT TO MINNESOTA STATUTES, SECTION
273.71 TO 273.78 INCLUSIVE.
WHEREAS, the Housing and Redevelopment Authority in and for the City of
Monticello (the "Authority ") is carrying out the Monticello Redevelopment Project
(the "Project ") and Redevelopment Plan (the "Plan "), and
WHEREAS, the Housing and Redeveloment Authority of Monticello, Minnesota
has determined that it is necessary to create a Tax Increment Financing district
pursuant to MINNESOTA STATUTES, Sections 273.71 to 273.78 inclusive, within the
existing Redevelopment Project modified created pursuant to MINNESOTA STATUTES,
Section 462.411 et seq., the Municipal Housing and Redevelopment Act, and
WHEREAS, the Authority recommends that the Project be undertaken as rapidly
as possible and be financed with local funds including Tax Increment Financing as
authorized by MINNESOTA STATUTES, Section 273.71 to 273.78, and
WHEREAS, there was presented to this meeting of the governing body of the
Authority for its consideration and approval, a detailed description and expla-
nation of the Project with visual illustrations, and
WHEREAS, upon this Authority's approval, it will submit its request to the
Monticello City Council to set a Public Hearingfor the purpose of establishing
a Tax Increment Financing Redevelopment District, which when approved will be
entitled The Redevelopment District #6 Tax Increment Finance Plan, and
WHEREAS, the Authority has ordered the preparation of the,'Tax Increment
Finance Plan, and
NOW, THEREFORE, BE IT RESOLVED BY THE GOVERNING BODY OF THE HOUSING AND
REDEVELOPMENT AUTHORITY IN AND FOR THE CITY OF MONTICELLO:
1. The Tax Increment District to be established is a Redevelopment District
pursuant to MINNESOTA STATUTES, Section 273.73, Subdivision 10, and will
result in the utilization of properties that without the use of Tax Increment
Financing could not be developed.
2. That the proposed project will create construction jobs during the construction
of the road and the installation of sewer and water services. The project will
eventually result in increased employment in the City and in the preservation
and enhancement of the tax base of the City.
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HRA RESOLUTION 1985 # 1
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3. That the proposed project and eventual development would not occur soley
through private investment within the reasonably forseeable future and,
therefore, the use of Tax Increment Financing is deemed necessary.
4. That the proposed redevelopment involves a substantial commitment to private
investments and in conjunction with tax increments that will be identified
in the Tax Increment Finance Plan will enable the parties concerned to proceed
with the redevelopment that would otherwise be too prohibitive.
5. That the proposed project will not benefit any one developer in the project,
but will benefit the City by lowering the costs of the improvements. Any
amounts that would not be covered by Tax Increments would then be assessed
to the appropriate individuals.
6. That the proposed project is consistent with the sound needs of the City of
Monticello for the economic development of the project by private enterprize.
The Housing and Redevelopment Authority of Monticello, Minnesota does hereby
approve the Project Concept, the ordering of the preparation of the Tax Increment
Finance PLan for Redevelopment District #6, and does hereby transmit to the City
Council a request to hold a public hearing for the purpose of establishing a Tax
Increment Finance Redevelopment District.
Adopted by the Housing and Redevelopment Authority this 7th day of February, 1985.
Chairman of the HRA
Executive Secretary of HRA