HomeMy WebLinkAbout14-124CITY OF LAKEVILLE
RESOLUTION No. 14-124
RESOLUTION APPROVING A MODIFICATION TO THE TAX INCREMENT FINANCING
PLAN FOR TAX INCREMENT FINANCING (REDEVELOPMENT) DISTRICT NO.3
WHEREAS, the Housing and Redevelopment Authority in and for the
City of Lakeville (the "Authority") previously established Redevelopment Project No. 1,
pursuant to Minnesota Statutes, Chapter 469, as amended, in an effort to encourage
the development and redevelopment of certain designated areas within the City of
Lakeville (the "City"); and
WHEREAS, the Authority previously established Tax Increment
Financing (Redevelopment) District No. 3 (the 'TIF District"), pursuant to and in
accordance with Minnesota Statutes, Sections 469.174 through 469.1799, as amended
(the "Act"); and
WHEREAS, the Authority is proposing a modification to its Tax
Increment Financing Plan for the TIF District (the "Modification"), in order to increase
the budget of the TIF District, pursuant to and in accordance with the Act; and
WHEREAS, the Board of the Authority, on December 1, 2014, adopted
the Modification, subject to approval by this City Council following a public hearing as
described below, and transmitted the Modification to this City Council for
consideration; and
WHEREAS, members of the Board of County Commissioners of Dakota
County and of the Board of Education of Independent School District No. 194 have
been given an opportunity to meet with the City and the Authority and comment on
the Modification. Pursuant to Minnesota Statutes, Section 469.175, subdivision 3, this
Council, on December 1, 2014, conducted a public hearing on the desirability of
approving the Modification. Notice of the public hearing was duly published as
required by law in the Sun Thisweek, the official newspaper of the City, November 20,
2014. The City and the Authority have not received written comments on the
Modification from the county and the school district after providing the county and
the school district boards with information on the fiscal and economic implications of
the Modification not less than 30 days before the date of the public hearing; and
WHEREAS, in addition to the notice and opportunity described above,
as required by Minnesota Statutes, Section 469.175, subdivision 2a, the City and the
Authority, not less than 30 days before the publication of the notice of public hearing
referred to above, delivered written notice to the members of the Board of County
Commissioners of Dakota County who represent the TIF District. The notice contained
a general description of the boundaries of the TIF District, the proposed development
activities to be undertaken therein, an offer by representatives of the City and the
Authority to meet and discuss the proposed Modification with the county
commissioners and a solicitation of the commissioners' comments with respect to the
TIF District.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
LAKEVILLE, MINNESOTA, AS FOLLOWS:
Section 1. Approval of Modification. On the basis of the Modification
and the information elicited at the public hearing referred to herein, it is hereby found,
determined and declared that:
(a) The TIF District is a "redevelopment district" within the meaning of
Minnesota Statutes, Section 469.174, Subdivision 10.
(b) The proposed development, in the opinion of the City, would not
reasonably be expected to occur solely through private investment within the
reasonably foreseeable future and, with respect to the TIF District, the
increased market value of the site that could reasonably be expected to occur
without the use of tax increment financing would be less than the increase in
the market value estimated to result from the proposed development after
subtracting the present value of the projected tax increments for the maximum
duration of the TIF District permitted by the Modification. Therefore, the use of
tax increment financing from the TIF District is deemed necessary since private
developers could not economically develop the projects without the proposed
subsidy.
(c) The Modification conforms to the general plan for the development
or redevelopment of the City as a whole.
(d) The TIF District affords maximum opportunity, consistent with the
sounds needs of the City as a whole, for the development or redevelopment of
the proposed projects by private enterprise.
(e) Upon review of the Modification, the information elicited at the
public hearing and on the basis of the findings in (a) through (d) above, this
Council hereby approves the Modification.
Section 4. Filing. The City Clerk is hereby authorized and directed to file
the Modification with the Commissioner of Revenue and the Office of the State
Auditor as required by Minnesota Statutes, Section 469.175, subdivision 4a.
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Approved this 1 I day of December, 2014
CITY OF LAKEVILLE, MINNESOTA
By:
att Lit e, Mayor
Id
Charlene Friedges, City Berk