HomeMy WebLinkAbout14-07HOUSING AND REDEVELOPMENT AUTHORITY IN AND FOR THE
CITY OF LAKEVILLE, MINNESOTA
CITY OF LAKEVILLE DAKOTA COUNTY
STATE OF MINNESOTA
RESOLUTION NO. 14-07
A RESOLUTION APPROVING A MODIFICATION TO THE TAX
INCREMENT FINANCING PLAN FOR TAX INCREMENT FINANCING
(REDEVELOPMENT) DISTRICT NO.3
BE IT RESOLVED by the Board of Commissioners (the "Board") for the Housing
and Redevelopment Authority in and for the City of Lakeville, Minnesota (the
"Authority'), as follows:
WHEREAS, it has been proposed that the Authority approve a modification to
the Tax Increment Financing Plan (the "Modified Plan") for Tax Increment Financing
District No. 3 (as modified, the "TIF District") to increase the budget provided in the
Modified Plan and other conforming changes, all as reflected in the Modified Plan and
presented for the Authority's consideration;
WHEREAS, the Authority has investigated the facts relating to the Modified
Plan and has caused the Modified Plan to be prepared;
WHEREAS, the City Council of the City of Lakeville, Minnesota (the "City
Council"), has scheduled a public hearing on the Modified Plan to be held on
December 1, 2014, in accordance with Minnesota Statutes, Chapter 469 (the "Public
Hearing");
NOW, THEREFORE, BE IT RESOLVED by the Board as follows:
Section 1. Adoption. The Modified Plan is hereby adopted based on the
findings herein, subject to approval by the City Council following the Public Hearing.
Section 2. Findings. The Authority hereby makes the following findings:
(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 Authority, would
not reasonably be expected to occur solely through private investment within
the reasonably foreseeable future and 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 Modified Plan. Therefore, the use of tax increment financing
is deemed necessary since private developers could not economically develop
the project without the proposed subsidy.
(c) The Modified Plan 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 project by private enterprise.
Section 3. Transmittal. The Authority does hereby transmit the Modified Plan
to the City Council for approval after the same have been considered by the City
Council subsequent to the Public Hearing.
Section 4. Filing. Following approval by the City Council, the Secretary is
hereby authorized and directed to file the Modified Plan with the Commissioner of
Revenue and the Office of the State Auditor as required by Minnesota Statutes, Section
469.175, Subdivision 4a.
Approved this I s' day of December, 2014.
ATTEST:
S"ary
THE HOUSING AND REDEVELOPMENT AUTHORITY
IN AND FOR THE CITY OF LAKEVILLE, MINNESOTA
M C
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