HomeMy WebLinkAboutHRA Item 40
October 20, 2014 HRA Item No.
RESOLUTION REQUESTING THE CITY COUNCIL OF THE CITY OF LAKEVILLE TO CALL FOR PUBLIC
HEARING 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 A MODIFIED REDEVELOPMENT PLAN AND MODIFIED TAX
INCREMENT FINANCING PLAN RELATING THERETO.
Proposed Action
Staff recommends adoption of the following motion: Move to approve RESOLUTION
REQUESTING THE CITY COUNCIL OF THE CITY OF LAKEVILLE TO CALL FOR PUBLIC HEARING 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 A 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, it 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:
HOUSING AND REDEVELOPMENT AUTHORITY IN AND FOR THE
CITY OF LAKEVILLE, MINNESOTA
RESOLUTION NO.
RESOLUTION REQUESTING THE CITY COUNCIL OF THE CITY OF
LAKEVILLE TO CALL FOR PUBLIC HEARING 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 A MODIFIED REDEVELOPMENT
PLAN AND MODIFIED TAX INCREMENT FINANCING PLAN RELATING
THERETO.
BE IT RESOLVED, by the Board of Commissioners of the Housing and Redevelopment
Authority in and for the City of Lakeville, Minnesota (the "Authority"), as follows:
1. The Authority proposes to modify Redevelopment Project Area No. 1 (the "Project") and Tax
Increment Financing District No. 3 (the "Tax Increment District") located within the Project
Area and to adopt a modified Redevelopment Plan for the Project (the "Redevelopment
Plan") and modified Tax Increment Financing Plan for the Tax Increment District (the
"Financing Plan") relating thereto, pursuant to and in conformance with Minnesota Statutes,
Sections 469.001 to 469.047, inclusive, and Minnesota Statutes, Sections 469.174 to
469.1794, inclusive.
2. The Authority hereby requests the City Council of the City of Lakeville, Minnesota (the
"City") to call for a public hearing to consider the modification of the Project, modification
of the Tax Increment District within the Project, and the proposed approval and adoption of
the modified Redevelopment Plan and modified Financing Plan relating thereto and to cause
notice of said public hearing to be given as required by law.
3. The Authority hereby directs the Executive Director to transmit a copy of the modified
Redevelopment Plan and modified Financing Plan to the appropriate taxing jurisdictions,
including Dakota County and Independent School District No. 194 (Lakeville).
4. The Executive Director of the Authority is hereby directed to submit the proposed modified
Redevelopment Plan and modified Financing Plan to the City Council.
Approved by the Housing and Redevelopment Authority in and for the City of Lakeville,
Minnesota this 201h day of October, 2014
Douglas P. Anderson, Chair
ATTEST:
Bart Davis, Secretary