HomeMy WebLinkAboutHRA Item 04June 11, 2015 0 Item No.
RESOLUTION APPROVING AN ADMINISTRATIVE AMENDMENT TO THE TAX INCREMENT
PLAN FOR TAX INCREMENT FINANCING DISTRICT NO. 19
June 15, 2015 HRA Meeting
Proposed Action
Staff recommends adoption of the following motion: Move to adopt a resolution approving an
Administrative Amendment to the Tax Increment Financing Plan for Tax Increment Financina District
No 19 for the BTD Manufacturing Expansion.
Passage of this motion will result in the legal description of Tax Increment Financing (TIF) District No.
19 being consistent with the re -platted land area contained in TIF District No. 19.
Overview
Last October, the City Council approved a TIF Plan to facilitate an expansion by BTD Manufacturing.
The Company, in conjunction with the Fulford Group, is currently constructing a 200,000 square foot
expansion of the Fulford Group Warehouse located at 21350 Cedar Avenue.
Since the TIF Plan was approved, the Fulford Group re -platted the property in which TIF District 19 is
located. An amendment to the previously approved TIF Plan is required in order to complete the
certification of TIF District No. 19 by Dakota County.
Attached is the original TIF Plan for TIF District with the amendments to the legal description of the
property for TIF District No. 19 to reflect the recently approved Fulford Group 152 Addition plat. The
proposed changes are shown on pages 6 and 7 of the TIF along with new Exhibit IB. Staff
recommends approval of this Administrative Amendment.
Primary Issues to Consider
What is the impact of this proposed Administrative Amendment? It allows for the final
certification of TIF District No. 19 for the BTD Manufacturing Project.
Supporting Information
• HRA Resolution and Amended Tax Increment Financing Plan
David L. Olson, Community and Economic Development Director
c: Paul Gintner — BTD, Dave Welte — BTD, Mikaela Huot - Springsted
Financial Impact: $ None Budgeted:Y/N N Source:
Envision Lakeville Community Value: Diversified Economic Development
HOUSING AND REDEVELOPMENT AUTHORITY FOR THE CITY
OF LAKEVILLE, MINNESOTA
RESOLUTION NO.
RESOLUTION APPROVING AN ADMINISTRATIVE AMENDMENT
TO THE TAX INCREMENT FINANCING PLAN FOR TAX
INCREMENT FINANCING (ECONOMIC DEVELOPMENT)
DISTRICT NO. 19
WHEREAS, by a resolution approved October 20, 2014 the Housing and
Redevelopment Authority for the City of Lakeville (the "Authority") approved the
Redevelopment Plan modification for Airlake Redevelopment Project No. 1 (the "Project
Area") and the Tax Increment Financing Plan (the "Plan") for Tax Increment Financing
(Economic Development) District No. 19 (the "TIF District"), pursuant to and in
conformity with Minnesota Statutes, Sections 469.124 through 469.133 and Sections
469.174 through 469.1794 (the "TIF Act"); and
WHEREAS, by a resolution approved October 20, 2014, the City Council
of the City of Lakeville (the "City") after a duly noticed public hearing, approved the
Plan for the TIF District; and
WHEREAS, the City and Authority have proposed an administrative
amendment to the Tax Increment Financing Plan for the TIF District (the
"Modification"), in order to update the parcel ID number and legal description of the
property within the TIF District, pursuant to and in accordance with the Act; and
WHEREAS, under Minnesota Statutes, Section 469.175, subdivision 4 of
the TIF Act, the Authority may modify the TIF Plan for the TIF District without the
notice and hearings required for a new district, if the changes are not those described in
Section 469.175, subdivision 4(b), clauses (1) through (6); and
WHEREAS, the proposed modification to the TIF Plan does not increase
the total estimated cost of the project or the total amount of bonded indebtedness, and
does not increase the geographic boundaries of the TIF District.
NOW, THEREFORE, BE IT RESOLVED by the Board of Commissioners
of the Housing and Redevelopment Authority for the City of Lakeville, Minnesota as
follows:
1. The administrative amendment to the Plan is hereby approved in
substantially the form on file in City Hall.
2. Upon approval of the Modification to the Plan by the Board of the
Authority, the Community Development Director is authorized to forward a copy
of the modified Plan to the Department of Revenue and the State Auditor pursuant
to Minnesota Statutes, Section 469.175, subdivision 4a.
3. The City Clerk is authorized and directed to forward a copy of the Plan to
Dakota County for informational purposes.
Adopted this 15"' day of June, 2015.
Attest:
Secretary
2
Chair