HRA Resolution 1994-01A RESOLUTION BY THE HOUSING AND REDEVELOPMENT AUTHORITY
IN AND FOR THE CITY OF MONTICELLO, WRIGHT COUNTY
RESOLUTION NO. 94-1
RESOLUTION AUTHORIZING PREPARATION OF A
TAX INCREMENT FINANCE PLAN FOR
TAX INCREMENT FINANCE DISTRICT NO. 1-16, CALLING
A PUBLIC HEARING FOR THE ACQUISITION AND DISPOSITION
OF RAW LANDS, AND REQUESTING CITY COUNCIL CALL A
PUBLIC HEARING FOR TAX INCREMENT FINANCE
DISTRICT NO. 1-16.
WHEREAS, the
"HRA") , in and
received an
FEBRUARY 2
"Developer")..
WHEREAS, the
FEBRUARY 2
the HRA; and
Housing and Redevelopment Authority (the
for the City of Monticello, Minnesota, has
executed Preliminary Agreement dated
1994, from Polycast, Inc. (the
a Minnesota corporation, and
Developer has delivered a check dated
1 1994, in the amount of $5,000 to
WHEREAS, the Developer has delivered a preliminary
proposal for development (the "Building Plans") to the
City of Monticello (the "City") for review; and
WHEREAS, the Developer and the Landowners have negotiated
and agreed upon a purchase price for Lot 3, Block 3,
Oakwood Industrial Park; and
WHEREAS, the Developer has received preliminary funding
interest to finance the project from First National Bank
- Monticello and Marquette Bank - Monticello; and
WHEREAS, the Monticello Prospect Team visited the
existing Polycast, Inc. manufacturing facility in late
August, 1993.
NOW, THEREFORE, BE IT RESOLVED by the Monticello Housing
and Redevelopment Authority, in and for the City of
Monticello, Minnesota:
1. Authorizes Business Development Services, Inc.
(BDS) to establish Tax Increment Finance District
No. 1-16, an Economic District, and to prepare the
Tax Increment Finance Plan relating to District No.
1-16 for Polycast, Inc.
2. Calls a public hearing on Wednesday, March 2, 1994,
for the acquisition and disposition of raw lands:
Lot 3, Block 3, Oakwood Industrial Park.
HRA RESOLUTION NO. 94-1
PAGE 2
3. Requests City Council on Monday, February 28, 1994,
call for a public hearing date of Monday, March 14,
1994, on the modification of Redevelopment Project
No. I and establishment of Tax Increment Finance
District No. 1-16 and its Plan.
Adopted this 2nd day of February, 1994.
HR Ch/
rperson
t-1
ATTEST:
HRA Executive Director
Seal