HomeMy WebLinkAbout03-03HOUSING AND REDEVELOPMENT AUTHORITY
RESOLUTION
Date January 21, 2003 Resolution No.
Motion By Rieb Seconded By
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Wulff
RESOLUTION ADOPTING THE AMENDED TAX INCREMENT FINANCING PLAN FOR
TAX INCREMENT FINANCING DISTRICT NO.1
WHEREAS, the Housing and Redevelopment Authority of the City of Lakeville,
Minnesota (the "HRA") and the City of Lakeville, Minnesota (the "City") have heretofore
prepared and approved a Tax Increment Financing Plan (as amended and approved to the date
hereof, the "Existing TIF Plan") for Tax Increment Financing District No. 1 (the "TIF District")
within Downtown Redevelopment Project No. 1 (the "Project Area") in the City, all pursuant to
Minnesota Statutes, Sections 469.001 through 469.049 and Sections 469.174 through 469.1799
(collectively, the "Act"); and
WHEREAS, the HRA has now proposed and will request that the City, pursuant to
Amendment No. 3 to the Existing TIF Plan ("Amendment No. 3" and, together with the Existing
TIF Plan, the "Amended TIF Plan"), amend the Existing TIF Plan to (i) update the budget for the
TIF District, and (ii) increase the permitted amount of bonded indebtedness for the TIF District,
all for the purpose of facilitating improvements as provided in the Existing TIF Plan and related
Redevelopment Plan for the Project Area;
NOW, THEREFORE, BE IT RESOLVED by the Housing and Redevelopment
Authority of the City of Lakeville, Minnesota, as follows:
1. Amendment No. 3 is hereby approved and adopted by the Authority, subject to
approval by the City Council of the City of Lakeville (the "City Council") as provided in Section
3, in substantially the form on file with the Authority on this date.
2. Except as amended by Amendment No. 3, the Existing TIF Plan, and the related
resolutions adopting and approving the Existing TIF Plan, and the findings originally contained
therein, are hereby confirmed and readopted as if set forth in full in this resolution.
3. The Authority does hereby transmit the Amended TIF Plan to the City Council for
approval after the same has been considered by the City Council subsequent to a public hearing
to be held in accordance with Minnesota Statutes, Chapter 469.
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4. Following approval by the City Council, the Secretary is hereby authorized and
directed to file the Amended TIF Plan with the Commissioner of Revenue as required by
Minnesota Statutes, Section 469.175, Subdivision 2.
DATE: January 21, 2003
Director
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Laurie Rieb, Vice Chair