HomeMy WebLinkAbout93-084 TH8 CITY OF LAKEYILLE
• COUNTY OF DAKOTA
STATE OF MINNESOTA
RBSOLUTION NO. 93-84
RESOLUTION ADOPTING MODIFICATION NO. 4 TO
SOUTHFORK I HOUSING DEVELOPMENT PROJECT
PLAN, INTEREST RATE REDUCTION PROGRAM AND
HOUSING TAX INCREMENT DISTRICT NO. 8
FINANCING PLAN, AND ADOPTING THE MODIFIED
PLANS AND PROGRAM
WHEREAS, The Housing and Redevelopment Authority in and for the City of
Lakeville, Minnesota (the "Authority") and the City of Lakeville, Minnesota (the
"City"), established Southfork I Housing Development Project, Interest Rate
Reduction Program and Housing Tax Increment District No. 8, and approved a
Project Plan, Interest Rate Reduction Program and Tax Increment Financing Plan
therefor, pursuant to and in accordance with Minnesota Statutes, Sections 469.001
to 469.047 and Sections 469.174 to 469.179, inclusive, as amended (collectively, the
„Acts"); and
WHEREAS, the Authority and City adopted Modification No. 1, No. 2 and
No. 3 to the Housing Development Project Plan, Interest Rate Reduction Program
and Housing Tax Increment District No. 8 Financing Plan pursuant to the Acts; and
• WHEREAS, the Authority has approved and proposes to the City
Modification No. 4 to the Housing Development Project Plan, Interest Rate
Reduction Program and Housing Tax Increment District No. 8 Financing Plan
pursuant to the Acts (the Housing Development Project Plan, Interest Rate
Reduction Program and Housing Tax Increment District No. 8 Financing Plan as
modified by Modification No. 1, Modification No. 2, Modification No. 3, and
Modification No. 4 are hereinafter sometimes referred to as the "Modified Plans");
and
WHEREAS, the Authority has submitted Modification No. 4 to the County
Board of Commissioners of Dakota County and the school boards of the school
districts in which the District is located and has notified such County Board and.
such school boards that Modification No. 4 will be considered at this meeting; and
WHEREAS, the City Council of the City (the "Council") on the date hereof
held a public hearing regarding the Modified Plans after notice of hearing published
in accordance with law; and
WHEREAS, the Authority and the City have performed all actions required
by law to be performed prior to the consideration of the Modified Plans.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of
Lakeville, Minnesota, as follows:
1. On the basis of the information presented to the Council at meetings
regarding the Modified Plans, information included in the Modified Plans,
information provided at the public hearing and comments, if any, from the County
Board and affected school boards, the Council hereby finds and determines:
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(a) The adoption of Modification No. 4 is in the public interest and
• to the benefit of the health, safety and welfare of the City;
(b) Modification No. 4 does not alter the designation of Tax
Increment District No. 8 as a housing district or expand the boundaries
thereof, and the District continues to qualify as a housing district since it
consists of a portion of a project intended for occupancy, in part, by persons
or families of low and moderate income, as set forth in the Modified Plans
and the Interest Reduction Agreement for the Southfork I Development;
(c) The Modified Plans will afford maximum opportunity,
consistent with the sound needs of the City as a whole for the development
of the Development Project by private enterprise since the Authority
proposes to facilitate housing, school and related commercial enterprises;
(d) Based on review by the Planning Commission, the Modified
Plans conform to the general plan for the development of the City as a
whole; and
(e) The proposed development in the Project, in the opinion of the
City, would not reasonably be expected to occur solely through private
investment within the reasonably forseeable future and therefore the use of
tax increment financing is deemed necessary. With respect to the four sites
added to the Project by Modification No. 4, the Tax Increment Financing
Plan as modified by Modification No. 4 sets forth the need for public
assistance and. is incorporated herein by reference.
• 2. The Modified Plans, including Modification No. 4, are hereby
approved and adopted by the City substantially in 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 Modified Plans.
Dated: May 17 , 1993
M o
ttest:
City Clerk
(SEAL)
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