HomeMy WebLinkAbout17-171CITY OF LAKEVILLE
DAKOTA COUNTY, MINNESOTA
RESOLUTION NO. 17-171
A RESOLUTION DECERTIFYING
TAX INCREMENT FINANCING DISTRICT NO. 20
OF THE CITY OF LAKEVILLE AND APPROVING A
TERMINATION OF CONTRACT FOR PRIVATE DEVELOPMENT
WHEREAS, the City of Lakeville ("City") and Housing and Redevelopment Authority In
and for the City of Lakeville ("Authority") created its Tax Increment District No. 20, (the
"District"); and
WHEREAS, Lakeville Technologies, LLC ("Developer") and Mendell Machine and
Manufacturing, Inc. ("Mendell"), Developer's tenant, proposed a Project located within the
District;
WHEREAS, by Resolution No. 15-01, dated May 4, 2015, the Authority authorized the
City to undertake, on the Authority's behalf, all of the public development activities in connection
with the development of the Developer's proposal;
WHEREAS, the City entered into that certain Contract for Private Development dated as
of July 6, 2015 (the "Development Contract") in which the City agreed to provide tax increment
financing as a business subsidy to Developer provided that Developer agreed to substantially
complete the construction of certain identified Minimum Improvements and Mendell agreed to
provide a net increase of 12 new full-time jobs in the City and retain its existing 93 full-time
equivalent jobs within 24 months of the Benefit Date at wages specified in the Development
Contract;
WHEREAS, Developer completed the Minimum Improvements, but Mendell has not
created the number of jobs required under the Development Contract for the proposed business
subsidy within the required time -period;
WHEREAS, Mendell has indicated that it will not be able to comply with the job
requirement in the near future and Developer and Mendell have requested that the Development
Contract be terminated;
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WHEREAS, as of the date hereof, the projects have been completed, all obligations to
which tax increment from the District has been pledged have been paid in full or defeased, and the
City has determined that it is in the best interests of the City to terminate and decertify the District;
WHEREAS, the City, Developer and Mendell desire to terminate the Development
Contract as provided in the attached Termination of Contract for Private Development; and
WHEREAS, the City desires by this resolution to decertify the District immediately.
NOW THEREFORE, BE IT RESOLVED by the City Council of the City of Lakeville as
follows:
1. The Termination of the Contract for Private Development is hereby approved; and
2. The District shall be immediately decertified and the City requests the County
Auditor of Dakota County to decertify the District as a tax increment district.
ADOPTED by the Lakeville City Council the 20th day of November 2017
CITY OF LAKEVILLE
DouglasMayor
A
Charlene Friedges, City
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