HRA Resolution 1987-6HRA RESOLUTION 87-6
A RESOLUTION ADOPTING MODIFICATION #1
OF AN EXISTING TAX INCREMENT FINANCING PLAN
FOR REDEVELOPMENT DISTRICT #6 PURSUANT TO THE
MINNESOTA STATUTE, SECTION 273.71 TO 273.78
INCLUSIVE AND REQUESTING CITY COUNCIL TO SET
A PUBLIC HEARING DATE
WHEREAS, the Housing and Redevelopment Authority in and for the City of
Monticello (the "Authority") is carrying out the Central Monticello
Redevelopment Plan (the "Plan") and the Redevelopment Project (the "Project");
and
WHEREAS, the Authority determined in 1985 that it was necessary to
create a tax increment finance redevelopment district pursuant to the Minnesota
Tax Increment Financing Act, Minnesota Statutes, Section 273.71 to 273.78
inclusive (the "Act") within the Redevelopment Project created pursuant to
Minnesota Statutes, Section 462.411 et seq., the Municipal Housing and
Redevelopment Act; and
WHEREAS, in connection with the undertaking to modify the existing tax
increment district plan by the Authority pursuant to the Act, the approval by
the Board of Commissioners (the "governing body") of the Authority is required
by the local governing body before it will consider for approval said
modification to the plan; 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
plan modification for said redevelopment district pursuant to Minnesota
Statute,, Section 273.74, Subdivision 4, dated September 1987, which plan is
entitled Modification #1 to Tax Increment Finance Plan for Redevelopment
District #6; and
WHEREAS, the Authority has prepared Modification #1 and submitted
Modification #1 to the City Planning Commission of the City of Monticello (the
"Planning Commission") for its review and opinion;
NOW, THEREFORE, BE IT RESOLVED by the governing body of the Housing and
Redevelopment Authority in and for the City of Monticello:
1. That the proposed additional project expenditures lie as modified
within the finance plan of the Tax Increment Redevelopment District
#6.
2. That the Tax Increment Finance Plan as modified will lengthen the
original retirement date to accommodate reti rnrnzn4- �- 'n
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additional project cost.
HRA Resolution 87 -6
Page 2
3. That the Tax Increment Finance Plan as modified will increase in
total estimated tax increment expenditures or designation of
additional property to be acquired by the Authority shall be for
approval of the original plan.
The Housing and Redevelopment Authority of Monticello, Minnesota, does hereby
approve Modification #1 of an existing Tax Increment Finance Plan for
Redevelopment District #6, and does hereby transmit to the City Council said
plan for their adoption.
Adopted by the Monticello Housing and Redevelopment Authority this 2nd day of
September, 1987.
ATTEST:
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HRA Director HRA Chairperson. r