HRA Resolution 1993-03A RESOLUTION BY THE HOUSING AND REDEVELOPMENT AUTHORITY
IN AND FOR THE CITY OF MONTICELLO, WRIGHT COUNTY
RESOLUTION NO. 93 -3
RESOLUTION AUTHORIZING PREPARATION OF A
TAX INCREMENT FINANCE PLAN FOR
TAX INCREMENT FINANCE DISTRICT NO. 1 -13
WHEREAS, the Housing and Redevelopment Authority (the
"HRA ") , in and for the City of Monticello, Minnesota, has
received an executed Preliminary Agreement dated August
11, 1993, from L. T. "Rusty" Demeules, President, of
Standard Iron and Wire Works, Inc. ( the "Developer ") , and
WHEREAS, the Developer has delivered a check dated August
11, 1993, in the amount of $5,000 to the HRA; and
WHEREAS, the Developer has delivered a site plan (the
"Site Plan ") and the City of Monticello (the "City")
approved on August 9, 1993 a conditional use to allow
open and outdoor storage as an accessory use in an I -2
zone and to allow a reduction in the parking lot design
requirements; and
WHEREAS, the Developer and the Landowners have negotiated
and agreed upon a selling price for Lots 7 and 8, Block
2, Oakwood Industrial Park; and
WHEREAS, the Developer has begun negotiations with
Norwest Bank - Camden for project financing and BDS, Inc.
has prepared a Financial Proposal; and
WHEREAS, the Monticello Prospect Team visited the
Minneapolis Standard Iron Facility on June 23, 1993.
NOW, THEREFORE, BE IT RESOLVED by the Monticello Housing
and Redevelopment Authority, in and for the City of
Monticello, Minnesota:
1. That the HRA authorizes Business Development
Services, Inc. (BDS) to establish Tax Increment
Finance District No. 1 -13, an Economic District,
and to prepare the Tax Increment Finance Plan
relating to District No. 1 -13 for Standard Iron and
Wire Works . Inca .
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2. That the HRA requests the Monticello City Council
on Monday, September 13, 1993, call for a public
hearing date of Monday, September 27, 1993, to
establish Tax Increment Finance District No. 1 -13
and adopt the Tax Increment Finance Plan relating
thereof.
Adopted this 11 th day of August, 1993.
ATTEST:
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HRA Executive Director
HR person
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