City Council Resolution 2018-65CITY OF MONTICELLO, MINNESOTA
RESOLUTION NO. 2018-65
RESOLUTION APPROVING MODIFICATION OF TAX
INCREMENT FINANCING PLAN FOR TAX INCREMENT
FINANCING DISTRICT NO. 1-40
WHEREAS, the City of Monticello, Minnesota (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, administration of the Redevelopment Project was subsequently
transferred to the City of Monticello Economic Development Authority (the "Authority");
and
WHEREAS, on June 13, 2018, the Authority approved a Tax Increment Financing
Plan (the "TIF Plan") for Tax Increment Financing District No. 1-40 (the "TIF District")
located within the Redevelopment Project, pursuant to Minnesota Statutes, Sections 469.174
to 469.1794, as amended (the "TIF Act"), and on June 26, 2018, the City approved
establishment of the TIF District; and
WHEREAS, the City and Authority have determined a need to modify the TIF Plan
in order to amend the budget 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 modification to the TIF Plan consists of revised line
items of expenditures as provided in Exhibit A attached to this Resolution, but does not
increase the total estimated cost of the project or the total amount of bonded
indebtedness.
NOW THEREFORE, BE IT RESOLVED by the City Council of the City of
Monticello, Minnesota as follows:
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1. The administrative modification to the TIF Plan is hereby approved in
substantially the form on file in City Hall and attached hereto as Exhibit A.
2. The Community Development Director is authorized to forward a copy of the
modified TIF Plan 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 the TIF Plan to
Wright County for information purposes.
DATED: July 23, 2018
Mayor
ATTEST:
W, Clerk
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530979v MNI MN 190-156
EXHIBIT A
Figure 2-1
Monticello
Tax Increment Financing District No. 1-40
Projected Tax Increment
Briggs
Estimated Project/Financing Costs (to be paid or financed with tax increment)
Modification
Project costs
Original
No.1
Land/building acquisition
Adopted Plan
$301,500
Estimated Tax Increment Revenues
$0
$0
Tax increment revenues distributed from the county
$1,729,164
$1,729,164
Interest and investment earnings
$10,000
$10,000
Sales/lease proceeds
$0
$0
Market value homestead credit
$0
$0
Total Estimated Tax Increment Revenues
$1,739,164
$1,739,164
Estimated Project/Financing Costs (to be paid or financed with tax increment)
Project costs
Land/building acquisition
$500,000
$301,500
Site improvements/preparation costs
$0
$0
Utilities
$0
$0
Other qualifying improvements
$362,000
$0
Construction of affordable housing
$0
$483,500
Small city authorized costs, if not already included above
$0
$0
Administrative costs
$172,916
$172,916
Estimated Tax Increment Project Costs
$1,034,916
$957,916
Estimated financing costs
Interest expense
$704,247
$781,247
Total Estimated Project/Financing Costs to be Paid from Tax Increment
$1,739,163
$1,739,164
Estimated Financing
Total amount of bonds to be issued $1,034,916 $957,916
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NORTHLAND
TIF District 1-40 (Housing) �. a SECURITIES 7/5/2018
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