HomeMy WebLinkAbout95-115
• THE CITY OF LAKEVILLE
COUNTY OF DAKOTA
STATE OF MINNESOTA
RESOLUTION NO. 95-115
A RESOLUTION ADOPTING AN AMENDMENT TO TIIE TAX INCREMENT
FINANCING PLAN FOR TAX INCREMENT DISTRICT NO. 10 (FAIRFIELD
BUSINESS CAMPUS) LOCATED WITt-BN I-35 REDEVELOPMENT PROJECT NO.
1.
WHEREAS, The Housing and Redevelopment Authority (the "Authority") in and for the City of
Lakeville, Minnesota and the City of Lakeville, Minnesota (the "City"), established the 1-35
Redevelopment Project (the "Project") in March of 1984, pursuant to Minnesota Statutes, Section
469.001 to 469.047, inclusive, as amended.
WHEREAS, the Authority adopted Modification No. 1 to the' 1-35 Redevelopment Project and
adopted Tax Increment District No. 10, pursuant to and in accordance with Minnesota Statutes, Sections
• 469.001 to 469.047 and Sections 469.174 to 469.179, inclusive, as amended.
WHEREAS, the City adopted Modification No, 1 to the 1-35 Redevelopment Project and
established Tax Increment District No. 10, pursuant to and in accordance with Minnesota Statutes,
Sections 469.001 to 469.047 and Sections 469.174 to 469.179, inclusive, as amended..
WHEREAS, the City Council of the City (the "Council") at a regular meeting on the date hereof
considered the proposal to amend the Tax Increment Finance Plan for Tax Increment District No. 10.
WHEREAS, the City is not required to hold a public hearing or submit the Plan to the County
Board or the School Board in which this District Is located since (a) there is no enlargement or
reduction of the project or the tax increment financing district, (b) there is no increase in the amount of
bonded indebtedness, (c) there is no increase in capitalized interest, (d) there is no increase in amount of
captured tax capacity, (e) there is no increase in expenditures and (f), there is no additional property to be
acquired;
WHEREAS, the Authority and the City have performed all actions required by law to be
performed prior to the approval and adoption of the amended Plan;
•
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE. CITY OF
LAKEVILLE, MINNESOTA, as follows:
I. On the basis of the information presented to the Council at meetings regarding
amendment of the Plan, information included in the amended Plan, information provided at the June 5,
City Council Meeting and at other Council meetings regarding the Projects to be financed in the Plan,. the
Council hereby finds and determines:
(a) -that the amendment to Tax Increment District No. 10 and the adoption of the
amended finance plan aze in the public interest and to the benefit of the health, safety and welfaze
of the City;
(b) that the District continues to be a redevelopment district as defined in Minnesota
Statutes, Section Section 469.174, Subd. 10.
(c) that the Amended Plan conforms to the general plan for the development of the City as a
whole;
• (d) that the Plan will afford maximum opportunity, consistent with the sound needs of the
City as a whole for the development of the Project by private enterprise.
•
(e) that the development to be assisted as described in the Amended Finance Plan would not,
in the opinion of the City, reasonably be expected to occur within the reasonably foreseeable future
through private investment, and that therefore the use of tax increment financing is deemed necessary;
2. The Plans which amend the Tax Increment District Finance Plan aze hereby approved
and adopted by the City in substantially the form on file with the City on .this date.
3. The City Administrator is authorized and directed to take all action on behalf of the City,
subject to such approval of this Council as is required by law, to implement the amended Plan.
4. City staff is authorized and directed to take. all actions necessary to implement and carry
out the amended finance plan. •
Adopted this 5th day of June, 1995.
May r
st
• City Clerk