HRA Resolution 1987-5HRA RESOLUTION 87 -5
A RESOLUTION ADOPTING MODIFICATION #2
OF AN EXISTING TAX INCREMENT FINANCING PLAN
FOR REDEVELOPMENT DISTRICT #2 PURSUANT TO THE
MINNESOTA STATUTE, SECTION 273071 TO 273078
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 1983 that it was necessary
to create a tax increment finance redevelopment district pursuant to
the Minnesota Tax Increment Financing Act, Minnesota Statutes, Section 273071
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 August 1987,
which plan is entitled Modification #2 to Tax Increment Finance Plan
for Redevelopment District #2; and
WHEREAS, the Authority has prepared Modification #2 and submitted
Modification #2 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 acquisition of commercial property lies as
modified within the finance plan of the Tax Increment Redevelopment
District #2 and that the intended demolition will contribute
to the elimination of blight or deterioration within the area;
thereby, enhance a developer; thereby, increase the tax base
of the City and stimulate pedestrian traffic in the downtown
area_.
2. That the Tax Increment Finance Plan as modified will increase
the amount of bonded indebtedness.
3. That the Tax Increment Finance Plan as modified will increase
the portion of the captured assessed value to be retained by
the Authority.
HRA RESOLUTION 87 -5
Page 2
4. 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 #2 of an existing Tax Increment Finance
Plan for Redevelopment District #2, and does hereby transmit to the
City Council said plan for their adoption.
Adopted by the Monticello Housing and Redevelopment Authority this
of August, 19870
ATTEST:
\2
HRA Director
r
HRA Chairperson