HRA Resolution 1994-07A RESOLUTION BY THE HOUSING AND REDEVELOPMENT AUTHORITY
IN AND FOR THE CITY OF MONTICELLO, WRIGHT COUNTY
RESOLUTION NO. 94-7
RESOLUTION AUTHORIZING PREPARATION FOR THE
MODIFICATION OF REDEVELOPMENT PROJECT NO. 1
BOUNDARIES AND PLAN, AND THE ESTABLISHMENT OF
TAX INCREMENT FINANCE PLAN FOR
TAX INCREMENT FINANCE DISTRICT NO. 1-18
WHEREAS, the
"HRA") , in and
received an
OCTOBER 5
of Residential
Housing and Redevelopment Authority (the
for the City of Monticello, Minnesota, has
executed Preliminary Agreement dated
—1 1994, from Rick D. Murray, President,
Development Inc. (the "Redeveloper"); and
WHEREAS, the HRA has executed the received Preliminary
Agreement dated - OCTOBER 5 y 1994; and
WHEREAS,
dated
the HRA;
the Redeveloper has delivered a cashier's check
OCTOBER 4 _: 1994, in the amount of $5, 000 to
and
WHEREAS, the Redeveloper and the Landowner have
negotiated and executed a Sale-Purchase Agreement for
approximate 72-acres identified as the following PID
numbers:
City 155-500-182200 27.31 acres
Township 213- -1823004
Township 213- -182301 Hawk's
Township 213- -182305 Hawk's; and
WHEREAS, the orderly annexation process for annexation of
the township parcels into the city is in progress; and
WHEREAS, the Preliminary Plat/Plan for River Mill has
received approval from the Planning Commission and City
Council for development of 70 single-homes, 48 twin-homes
(96-units) and 2 commercial lots; and
WHEREAS, the Redevelopers has begun negotiations with
Century Bank - Eden Prairie for project financing; and
WHEREAS, the HRA has given preliminary concept approval
for use of TIF pay-as-you-go assistance in an amount not-
to-exceed $102,000, to assist with soils correction costs
associated with the reclamation of the mined-gravel pit;
and
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HRA RESOLUTION NO. 94-7
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WHEREAS, the City Council has given preliminary concept
approval for use of TIF pay-as-you-go assistance, to
assist with soils correction costs associated with the
reclamation of the mined-gravel pit; and
NOW, THEREFORE, BE IT RESOLVED by the Monticello Housing
and Redevelopment Authority, in and for the City of
Monticello, Minnesota:
1. Authorizes Public Resource Group, Inc. to modify
the Redevelopment Project No. I boundaries and
plan, and to establish Tax Increment Finance
District No. 1-18, a Soils Condition District, and
the Plan relating to District No. 1-18.
2. Requests the Monticello City Council on Monday,
November 14, 1994, call for a public hearing date
of Monday, November 28, 1994, for modification of
Redevelopment Project No. 1 boundaries and plan,
and to establish Tax Increment Finance District No.
1-18 and adopt the Tax Increment Finance Plan
relating thereof.
Adopted this 5 th day of October, 1994.
ATTEST:
HRA Executive Director
HRA Cirperson
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