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HomeMy WebLinkAbout92-027 a ~ THE CITY OF LAHEYILLE • COIINTY OF DAHOTA STATE OF MINNESOTA RESOLUTION N092-27 RESOLUTION ADOPTING MODIFICATION NO. 3 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 and No. 2 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. 3 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 and Modification No. 3 are hereinafter sometimes referred to as the "Modified Plans"); and WHEREAS, the Authority has submitted Modification No. 3 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. 3 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: -1- s ; a? ~ • (a) The adoption of Modification No. 3 is in the public interest and • to the benefit of the health, safety and welfare of the City; (b) Modification No. 3 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 awhole for the development of the Development .Project by private enterprise since the Authority proposes to facilitate housing 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 t© 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 two sites added to the Project by Modification No. 3, the Tax Increment Financing Plan as modified by Modification No. 3 sets forth the need for public assistance and is incorporated herein by reference.. • 2. The Modified Plans, including .Modification No. 3, 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: February 18 , 1992 M o test: City Clerk (SEAL) • -2-