HRA Resolution 1994-04A RESOLUTION BY THE HOUSING AND REDEVELOPMENT AUTHORITY
IN AND FOR THE CITY OF MONTICELLO, WRIGHT COUNTY
RESOLUTION NO. 94 -4
RESOLUTION AUTHORIZING PREPARATION OF A
TAX INCREMENT FINANCE PLAN FOR
TAX INCREMENT FINANCE DISTRICT NO. 1 -17
WHEREAS, the Housing and Redevelopment Authority (the
"HRA ") , in and for the City of Monticello, Minnesota, has
received an executed Preliminary Agreement dated June 16,
1994, from Ronald S. Musich, President, of Fay- --Mar Metal
Fabricators, Inc. (the "Redeveloper "), and
WHEREAS, the Redeveloper has delivered a cashier's check
dated June 20, 1994, in the amount of $5,000 to the HRA;
and
WHEREAS, the Redeveloper and the Landowner have
negotiated and executed a Sale - Purchase Agreement for
three acres of raw land described as: Three acres
located in the Northwest Quarter of the North Half of
Section 13, Township 121, Range 25, Monticello, Wright
County, Minnesota; and
WHEREAS, the Redeveloper plans to construct a 15,000 sq
ft office /manufacturing facility and create 17 immediate
jobs and an additional 8 -13 jobs within two years; and
WHEREAS, the Redeveloper and Public Resource Group, Inc.
(PRG) has begun negotiations with Marquette Bank -
Monticello for project financing and PRG has prepared a
Small Business Administration (SBA) application for
submittal; and
WHEREAS, the Monticello Prospect Team visited the Blaine
Fay--Mar Metal Fabricators, Inc. Facility can May 26, 1994.
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 Public Resource Group, Inc.
to establish Tax Increment Finance District No. 1-
17, an Economic District, and to prepare the Tax
Increment Finance Plan relating to District No. 1-
17 for Fay -Mar Metal Fabricators, Inc.
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HRA/PRG RESOLUTION
JUNE 21, 1994
2. That the HRA requests the Monticello City Council
on Monday, July 25, 1994, call for a public hearing
date of Monday, August 8, 1994, to establish Tax
Increment Finance District No. 1-17 and adopt the
Tax Increment Finance Plan relating thereof.
Adopted this 21 st day of June, 1994.
ATTEST:
HRA Executive Dire-(-tor
HRA �Yairperson
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