HomeMy WebLinkAbout96-221
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CITY OF LAKEVILLE
COUNTY OF DAKOTA
STATE OF MINNESOTA
RESOLUTION NO. 96-221
BEING A RESOLUTION OF THE GOVERNING BODY OF
THE CITY OF LAKEVILLE ELECTING TO MAKE A
LOCAL CONTRIBUTION UNDER MINNESOTA
STATUTES, SECTION 273.1399 WITH RESPECT TO TAX
INCREMENT DISTRICT NO. 15 (Century) PURSUANT TO
LAWS OF MINNESOTA, CHAPTER 471, ARTICLE 7,
SECTION 27.
WHEREAS, in 1994, pursuant to a Tax Increment Financing Plan dated September 6, 1994,
there was created within the City of Lakeville (the "City") a Tax Increment Financing District
entitled "Tax Increment Financing District Number 15" (the "District"), all pursuant to
Minnesota Statutes, Section 469.174 - 469.179; and
• WHEREAS, the City Council of the City (the "Council") approved the creation of the District as
required pursuant to Minnesota Statutes, Section 469.175, Subd. 3; and
WHEREAS, changes in Minnesota Statutes, Section 273.1399, by the 1995 Minnesota
Legislature allowed cities to make a qualifying local contribution in lieu of the state reduction in
tax increment financing aids;
WHEREAS, in 1996, the Legislature enacted Laws of Minnesota, Chapter 471, Article 7,
Section 27, which allows a city to elect to make the local contribution for districts that were
certified after April 30, 1994; and
WHEREAS, the District was certified on October 19, 1994, and the Council has determined that
it is desirable to make the election to make local contributions in lieu of the state aid reduction
under Section 273.1399.
NOW THEREFORE, BE IT RESOLVED by the City Council of the City as follows:
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Lakeville TIF-15 LGA/HACA Local Contribution Election
City Council Resolution
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1. The Council hereby elects to make local contributions with respect to the District
as described in Minnesota Statutes, Section 273.1399, Subd. 6(d).
2. Such election is to be effective on January 2, 1997.
3. The tax increment district shall be decertified once the redeveloper has been
reimbursed $92,752 in accordance with Section 3.1 of the Contract for Private
Redevelopment by and between the City of Lakeville and Century Refining
Incorporated dated September 19, 1994, or three years before the expiration of the
district under Minnesota Statute Section 469.176, Subdivision 1, (b) whichever
comes sooner.
4. The Authority is hereby requested to notify the Commission of Revenue of such
election prior to January 31, 1997.
DATED: December 16 , 1996
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• ATTEST: -
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Clerk
(SEAL)
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Lakeville TIF-15 LGA/HACA Local Contribution Election
City Council Resolution