EDA Resolution 2017-006CITY OF MONTICELILO ECONOMUC B EVELOPMENT AUTHORITY
RESOLUTION NO. 2017-06
RESOLUTION DESIGNATING A BUILDING WITHIN
REDEVELOPMENT PROJECT NO. 1 AS STR�TCTURALLY
SUBSTANDARD
BE IT RESOLVED By the Board of Commissioners ('Board") of the City of Monticello
Economic Development Authority ("Authority") as follows:
Section 1. Recitals.
1.01. Under Minnesota Statutes, Section 469.174, subd. 10(d), the Authority is authorized
to deem parcels as occupied by structurally substandard buildings for the purposes of creating a
redevelopment or renewal and renovation tax increment financing district, despite prior demolition
or removal of the buildings, subject to certain terms and conditions as described in this resolution.
1.02. The Authority intends to cause demolition of the building located on the property
described in Exhibit A hereto (the "Designated Property"), and may in the future include the
Designated Property in a redevelopment or renewal and renovation tax increment financing district
as defined in Minnesota Statutes, Sections 469.174, subd. 10.
Section 2. Building Designated Substandard, Other Proceedings.
2.01. The Authority finds that the building on the Designated Property as described in
Exhibit A is structurally substandard to a degree requiring substantial renovation or clearance,
based upon the analysis of such building by LHB, Inc. entitled "TIF Analysis Findings for 349
Broadway West, Monticello, Minnesota," dated October 20, 2017, on file in City Hall.
2.02. After the date of approval of this resolution, the building on the Designated Property
may be demolished or removed by the Authority, or such demolition or removal may be financed
by the Authority, or may be undertaken by a developer under a development agreement with the
Authority.
2.03. The Authority intends to include the Designated Property in a redevelopment or
renewal and renovation tax increment financing district, and to file the request for certification of
such district with the Wright County auditor within three years after the date of building demolition
on the Designated Property.
2.04. Upon filing the request for certification of the new tax increment financing district,
the Authority will notify the Wright County auditor that the original tax capacity of the Designated
Property must be adjusted to reflect the greater of (a) the current net tax capacity of the parcel, or
(b) the estimated market value of the parcel for the year in which the building was demolished or
removed, but applying class rates for the current year, all in accordance with Minnesota Statutes,
Section 469.174, subd. 10(d).
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2.05. Authority staff and consultants are authorized to take any actions necessary to carry
out the intent of this resolution.
Approved by the Board of Commissioners of the City of Monticello Economic
Development Authority this 8th day of November, 2017.
ATTEST:
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2
President
EXHIBIT A
Description of Designate! Property
The South '/Z of Lots 1, 2, and 3, in Block 50, Townsite of Monticello, according to the plat on
file and of record in the office of the Register of Deeds in and for Wright County, Minnesota;
Said South '/Z of Lots 1, 2, and 3, Block 50, can also be described as follows: Beginning at the
mid -point on the common line between Lots 3 and 4, in said Block; thence Southerly along said
common line 82.5 feet to the Southerly line of said Block (being the Southeast corner of said Lot
3); thence Westerly along the Southerly line of Lots 3, 2 and 1 for a distance of 99 feet to the
Southwest corner of Lot 1; thence Northerly along the Westerly line of Lot 1 for a distance of
82.5 feet; thence straight Easterly 99 feet to the point of beginning and there terminating.
Subject to existing easements, restrictions and reservations of record, if any.
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