HomeMy WebLinkAbout01-03RESOLUTION NO. 01-3
RESOLUTION ADOPTING THE AMENDED TAX
INCREMENT FINANCING PLAN FOR TAX INCREMENT
FINANCING DISTRICT NO. 10
BE IT RESOLVED by the City of Lakeville Housing and Redevelopment Authority,
Lakeville, Minnesota, as follows:
1. The City of Lakeville Housing and Redevelopment Authority (the "Authority") has
reviewed Amendment No. 2 (the "Amendment") to the Tax Increment Financing Plan for Tax
Increment Financing District No. 10 (Fairfield Industrial Park Project) Within I-35
Redevelopment Project No. 1 (the "Tax Increment Plan"), the Amendment and the Tax
Increment Plan collectively referred to as the "Amended Tax Increment Plan."
2. Adoption. The Amended Tax Increment Plan is hereby adopted, subject to approval
by the City Council of the City of Lakeville (the "City Council") as provided in Section 4, based
on the findings in Section 3.
3. Findings. The Authority hereby makes the following findings:
a) The tax increment financing district to be established pursuant to the Amended Tax
Increment Plan (the "District"), based on the information in the Amended Tax
Increment Plan, representations of the developer, and other information presented to the
Authority, contains the following conditions, which are reasonably distributed
throughout the District: Parcels consisting of at least 70% of the area of the District are
occupied by buildings, streets, utilities, or other improvements, and more than 50% of
the buildings (not including outbuildings) are structurally substandard to a degree
requiring substantial renovation or clearance. The Authority finds that the foregoing
conditions exist in each of the noncontiguous areas comprising the District and in the
District as a whole. Therefore, the District qualifies as 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 District permitted by the Amended Tax Increment Plan. Therefore, the use of tax
increment financing is deemed necessary since private developers could not
economically develop the project without the proposed subsidy.
4. Transmittal. The Authority does hereby transmit the Amended Tax Increment 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.
5. Filing. Following approval by the City Council, the Secretary is hereby authorized
and directed to file the Amended Tax Increment Plan with the Commissioner of Revenue as
required by Minnesota Statutes, Section 469.175, Subdivision 2.
CERTIFICATION OF MINUTES RELATING TO
AMENDMENT NO. 2 TO THE TAX INCREMENT FINANCING
PLAN FOR TAX INCREMENT FINANCING DISTRICT NO. 10
The undersigned, being the duly appointed, qualified and acting Secretary of the
Housing and Redevelopment Authority of the City of Lakeville, Minnesota, hereby certifies that
the foregoing is a full, true and correct copy of a resolution duly passed and adopted by said
Authority at its meeting duly called and held on March 19, 2001, by the following roll call vote:
Ayes: Bellows, Johnson, Mulvihill, Rieb, Luick
Nays: N/A
Absent:
and that said resolution has not subsequently been amended and is now in full force and effect.
March, 2001.
IN WITNESS WHEREOF, I have hereunto set my hand officially this 19 day of
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