City Council Resolution 2016-74ACITY OF MONTICELLO
RESOLUTION NO. 2016-074
RESOLUTION APPROVING MODIFICATION NO. 1 OF
TAX INCREMENT FINANCING PLAN FOR TAX
INCREMENT FINANCING DISTRICT NO. 1 -35
WHEREAS, the City of Monticello (the "City ") and the Housing and
Redevelopment Authority in and for the City of Monticello (the "HRA ") previously
established Central Monticello Redevelopment Project Area No. 1 (the "Redevelopment
Project ") pursuant to Minnesota Statutes, Sections 469.001 through 469.047, as amended
(the "HRA Act "); and
WHEREAS, on September 12, 2005, the City and the HRA approved a Tax
Increment Financing Plan (the "TIF Plan ") for Tax Increment Financing District No. 1 -35
(the "TIF District ") located within the Redevelopment Project, pursuant to the HRA Act and
Minnesota Statutes, Sections 469.174 to 469.1794, as amended (collectively, the "TIF
Act "); and
WHEREAS, administration of the TIF District was subsequently transferred to the
City of Monticello Economic Development Authority (the "Authority "); and
WHEREAS, the City and Authority have determined a need to modify the TIF Plan
in order to amend the description of the proposed redevelopment contained therein and such
amendment is consistent with the redevelopment program for the Redevelopment Project;
and
WHEREAS, pursuant to Section 469.175, subd. 4(b) of the TIF Act, a tax
increment financing plan may be modified without public hearing or the findings required to
be made for the original tax increment financing plan if the modification does not include (i)
any reduction or enlargement of the geographic area of the project or tax increment
financing district; (ii) an increase in the amount of bonded indebtedness; (iii) a
determination to capitalize interest on debt if that determination was not a part of the
original plan; (iv) an increase in the portion of the captured net tax capacity to be retained by
the City; (v) an increase in the estimated cost of the project, including administrative
expenses, to be paid or financed with tax increment from the district; or (vi) the designation
of additional property to be acquired by the authority; and
WHEREAS, the proposed modifications to the TIF Plan consist solely of a
change in description of the proposed redevelopment within the TIF District and related
timelines; and
WHEREAS the Authority approved the proposed modifications to the TIF Plan
on September 14, 2016, subject to approval by this Council.
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NOW THEREFORE, BE IT RESOLVED by the City Council of the City of
Monticello, Minnesota as follows:
1. The administrative modification to the TIF Plan described herein is hereby
approved in substantially the form on file in City Hall, and shall be designated
Modification No. 1 to Tax Increment Financing Plan for Tax Increment
Financing District No. 1 -35 ( "Modification No. 1 ").
2. The Economic Development Manager is authorized to forward a copy of
Modification No. 1 to the Department of Revenue and the State Auditor
pursuant to Minnesota Statutes 469.175, subd.4a.
3. The City Clerk is authorized and directed to forward a copy of Modification
No. 1 to Wright County for information purposes.
DATED: October 10, 2016
Brian Stumpf, ayor
ATTEST:
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, City Clerk
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