HRA Resolution 1988-2HRA RESOLUTION 88- 2
A RESOLUTION APPROVING THE TERMINATION
OF THE ORIGINAL ASSESSOR'S AGREEMENT FOR
ECONOMIC TAX INaZEMENT DISTRICTS #1 AND #4
PURSUANT TO THE MINNESOTA STATUTE, SECTION 273071
TO 273078 INCLUSIVE AND ESTABLISHING A MINIMUM
GTUA Ai i'Er D AiivuAL I1A_Zze1z1 l: AkJi<.z iv1E'LV l'
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 1982 and 1984 that it was necessary
to create an economic tax increment district pursuant to the Minnesota Tax
Increment 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 terminate the original
Tax Increment Assessor's Agreements 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 the termination
of the Assessor's Agreements; and
WHEREAS, there was presented to this meeting of the governing body of
the Authority for its consideration and approval, a copy of the Termination
Agreement of the Assessor's Agreements for said Economic Districts #1 and #4
pursuant to Minnesota Statute, Section 273 ®76, Subdivision 8, dated May 1988,
and the Minimum Guaranteed Annual Increment Agreement, and
WHEREAS, the Authority has prepared and submitted the Termination
Agreement and the Minimum Guaranteed Annual Increment Agreement 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:
to That the proposed termination of the Assessor's Agreements and the
establishment of a Minimum Guaranteed Annual Increment Agreement are
within the properties of the Economic Tax Increment Districts #1 and
#4a
2® That the minimum market values within the original Assessor's
Agreements were deemed unreasonable.
HRA Resolution 88-
Page 2
3. That the proposed termination of the Assessor's Agreements and the
establishment of a Minimum Guaranteed Annual Increment Agreement
will enhance the possible resale of the vacant property described in
TID #1 and #4: as the buildings were constructed for a single
purpose, the buildings are hidden by a ber;n- and the location iS
undesirable.
4® That with the proposed acquisition, the continued deterioration
within the Districts will be reduced®
5® That with the proposed acquisition will be the creation of new jobs,
and will create overall improvements to the Industrial Park and
community.
The Housing and Redevelopment Authority of Monticello, Minnesota, does
hereby approve the termination of the original Assessor's Agreement for
Economic Tax Increment Districts #1 and #4 and approve a Minimum Guaranteed
-
Annual Increment Agreement for said districts, and doe-s--hereby transmit to the
City Council said agreements for their adoption
Adopted by the Monticello Housing and Redevelopment Authority this 9th day of
May, 1988.
ATTEST.
EIRA hairperson
HRA Director