HomeMy WebLinkAboutItem 06.mLakeville
October 20, 2014
Item No.
RESOLUTION CALLING A PUBLIC HEARING BY THE CITY UPON THE REQUEST
OF THE HOUSING AND REDEVELOPMENT AUTHORITY IN AND FOR THE CITY
OF LAKEVILLE ON THE PROPOSED MODIFICATION OF REDEVELOPMENT
PROJECT AREA NO. 1 AND THE MODIFICATION OF TAX INCREMENT
FINANCING DISTRICT NO. 3 AND THE PROPOSED APPROVAL AND ADOPTION
OF MODIFIED REDEVELOPMENT PLAN AND MODIFIED TAX INCREMENT
FINANCING PLAN RELATING THERETO.
Proposed Action
Staff recommends adoption of the following motion: Move to drove RESOLUTION CALLING A PUBLIC
HEARING BY THE CITY UPON THE REQUEST OF THE HOUSING AND REDEVELOPMENT AUTHORITY IN AND
FOR THE CITY OF LAKEVILLE ON THE PROPOSED MODIFICATION OF REDEVELOPMENT PROJECT AREA
NO. 1 AND THE MODIFICATION OF TAX INCREMENT FINANCING DISTRICT NO. 3 AND THE PROPOSED
APPROVAL AND ADOPTION OF MODIFIED REDEVELOPMENT PLAN AND MODIFIED TAX INCREMENT
FINANCING PLAN RELATING THERETO.
Approval of the motion will result in a public hearing on December 1, 2014.
Overview
Tax Increment Financing District 3 in Downtown Lakeville will expire on December 31 of this year. If the
HRA and City Council wishes to appropriate the unencumbered funds (approximately $164,000) to a
redevelopment purpose, the City needs to conduct a public hearing to approve the plan changes. Staff
will provide the council, at their October 27 work session, financing options for the TIF proceeds. If the
Council does not approve the modification prior to December 31, state statutes require the excess funds
be refunded to the County Auditor.
Primary Issues to Consider
➢ What are authorized uses? The funds can be expended within the Downtown
Redevelopment Area on any purpose authorized by M.S. 469.001 including to provide a sufficient
supply of adequate, safe, and sanitary dwellings in order to protect the health, safety, morals, and
welfare of the citizens of this state; to clear and redevelop blighted areas; to perform those duties
according to comprehensive plans; to remedy the shortage of housing for low and moderate income
residents, and to redevelop blighted areas, in situations in which private enterprise would not act
without government participation or subsidies.
Supporting Information
Dennis Feller, Finance Director
Financial Impact: $ 164,000 Budgeted: N. A. Source: Tax Increment Financing Fund - #3
Related Documents (CIP, ERP, etc.):
Notes:
CITY OF LAKEVILLE, MINNESOTA
RESOLUTION NO.
RESOLUTION CALLING A PUBLIC HEARING BY THE CITY UPON THE REQUEST
OF THE HOUSING AND REDEVELOPMENT AUTHORITY IN AND FOR THE CITY
OF LAKEVILLE ON THE PROPOSED MODIFICATION OF REDEVELOPMENT
PROJECT AREA NO. 1 AND THE MODIFICATION OF TAX INCREMENT
FINANCING DISTRICT NO. 3 AND THE PROPOSED APPROVAL AND ADOPTION
OF MODIFIED REDEVELOPMENT PLAN AND MODIFIED TAX INCREMENT
FINANCING PLAN RELATING THERETO.
BE IT RESOLVED by the City Council (the "Council") of the City of Lakeville,
Minnesota (the "City"), as follows:
Section 1. Public Hearin. The Council shall meet on December 1, 2014, at
approximately 7:00 P.M., to hold a public hearing at the Council Chambers located at 20195
Holyoke Avenue, Lakeville, Minnesota, on the proposed modification of the Redevelopment
Project Area No. 1 pursuant to Minnesota Statutes, Section 469.001 to 469.047 (the "Project")
and the Redevelopment Plan relating thereto (the "Redevelopment Plan") and modification of
Tax Increment Financing District No. 3 within the Project (the "Tax Increment District") and the
proposed approval and adoption of a Modified Tax Increment Financing Plan relating to the Tax
Increment District (the "Financing Plan"; the modification of the Redevelopment Plan and the
Financing Plan, the "Modifications"), all pursuant to and in accordance with Minnesota Statutes,
Sections 469.174 to 469.1794, inclusive.
Section 2. Notice of Public Hearing Filing of Plans. City staff and consultants are
authorized and directed to prepare the Modifications and to forward such documents to the
appropriate taxing jurisdictions, including Dakota County and Independent School District No.
194 (Lakeville). The City Clerk is authorized and directed to cause notice of the hearing to be
given, together with appropriate map(s), as required by law, to be published at least once in the
official newspaper of the City not less than 10, nor more than 30, days prior to December 1,
2014, and to place a copy of the proposed Modifications on file in the Clerk's office at City Hall
and to make such copy available for inspection by the public prior to the public hearing.
Approved and Adopted by the City Council of the City of Lakeville, Minnesota this 20th day
of October, 2014.
CITY OF LAKEVILLE
Mayor
ATTEST:
City Clerk