HomeMy WebLinkAbout24-128 Adoption of the 2025 Property Tax Levy CITY OF LAKEVILLE
RESOLUTION NO. 24-128
RESOLUTION ADOPTING THE 2025 PROPERTY TAX LEVY
BE IT RESOLVED by the City Council of the City of Lakeville as follows:
Section I. There is hereby levied upon all taxable property in the City of Lakeville a direct ad
valorem tax collectible in 2025 for the following purposes and in the following amounts:
PURPOSE TOTAL
Debt
Street Improvements $ 8,655,191
Park Referendum Bonds 2,833,897
Tax Abatement- Arena Improvements 502,361
Police Station 781,601
Total Debt Levy 12,773,050
General Fund 32,977,000
Pavement Management Fund 1,800,000
Techriolo�Fund 300,000
Park Improvement Fund 450,000
Trail Improvement Fwid 550,000
Total tax levy $48,850,050
Section II. It is hereby determined that the City is making an irrevocable appropriation of funds,
and sufficient monies are now on hand due to changes in funding sources such as interest on
investments, special assessments and contributions from Liquor Fund, ISD#194 and other entities
for the payment of principal and interest to come due during the 2025/2026 year for certain bond
issues of the City of Lakeville.
Section III. The Treasurer-Auditor of Dakota County is hereby authorized and directed,pursuant
to the provisions of Section 475.61, Minnesota Statutes Annotated, to cancel the levies for said
indebtedness heretofore made to be levied for collection in 2025 as shown in Schedule A.
ADOPTED by the Lakeville City Council this 2°d day of December 2024.
CITY OF LAKEVILLE:
Luke M. Hellier, Mayor
Ann Or fsky, City Clerk
SCHEDULE A
PROPERTY TAX LEVY FOR DEBT
The folbwing is a schedule of aIl debt which,at the tIIrie of issuance,included a certification of firture property tax levies.
The 2025 Debt Levy cohmm represents the levy m the original bond docwrents.The 2025 Certified Debt Levy cohmm
represents the actual levy. The reductions in the original debt service levies are the resuk of excess fwids�the debt
service accowrt due to changes�fwid�g so�ces such as interest on investments,special assessments and contnbutions
fi-om Liquor Fund,ISD#194 and other entities.
2025 NET 2025
ABATEMEN ABATEMENT 2025 CERTIFIED
BOND DESCRIP'TION SERIES LEVY LEVY DEBT LEVY DEBT LEVY
IMPROVEMENT 2014A $ 167,921 -
REFiJNDING 2014B ` " �; '•= $ 1,236,601 781,601
IMPROVEMENT 2015A ` ��' $ 678,225 412,975
GENERAL OBLIGATION 2016B " � $ 807,130 568,695
GENERAL OBLIGATION 2017A wF�' �`� `s'� =`" $ 673,796 641,460
q<
GENERAL OBLIGAT'ION 2018A { '`' � $ 631,529 663,548
GENERAL OBLIGATION 2 8 330 805
018B ; $ 350 OS
, ,
IMPROVEMENT 2019A ,:; $ 456,581 456,581
GENERAL OBLIGATION 2020A �� ' �`;" $ 948,103 898,103
ABAT'EMENT 2020A $ 60,000 $ - �.� N ;" » �a; °k��;.� 4 `�; ;
GENERALOBLIGATION 2021A ' '`' � ` ., �;'��a , ��'�� ;; $ 142,935 (0)
TAX ABATEMENT 2021 A $ 345,000 $ 229,763 �A" '��' ':��` r'��'��`� ,:Y'
TAX ABATEMENT 2021B $ - $ - ��;; R, �,�, ` ,'_�?r,
GENERAL OBLIGATION 2021C ; �".�'� $ 710,640 555,966
REFiJNDING 2022A � �� _ ����� $ 2,146,628 1,713,691
REFUNDING 2022B �',� � � ��' «�?�.�•.:�;� $ 338,601 338,601
TAX ABAT'EMENT 2022B $ 445,000 $ 272,598 � `= > " � "; , r����� ' ''.r '.
GINERALOBLIGATION 2022C s, "" �"' $ 2,270,234 $ 1,977,369
GENERAL OBLIGATION 2023A �;„. �� ���- ' ;_;� $ 997,815 $ 997,815
GINERAL OBLIGATION 2024A , ,,:.{ � ' `, ' ``' . $ 1,933,479 $ 1,933,479
$ 850,000 $ 502,361 $ 14,491,023 $ 12,270,689
NET ABATEMENT LEVY $ 502,361
CERTIFIED DEBT LEVY $ 12,270,689
TOTAL LEVY $ 12,773,050