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HomeMy WebLinkAbout91-029 • Motion was made by Councilmember sindt , seconded by Councilmember Mulvihill . THE CITY OF LAHEVILLE COUNTY OF DASOTA STATE OF MINNESOTA RESOLUTION NO. 91-29 A RESOLUTION APPROVING A MODIFICATION TO I-35 REDEVELOPMENT PROJECT NO. 2, AND TAX INCREMENT FINANCING DISTRICT NO. 6 (FLEET FARM) LOCATED WITHIN THE REDEVELOPMENT PROJECT AND THE ADOPTION OF A MODIFIED REDEVELOPMENT PLAN AND TAX INCREMENT FINANCING PLAN RELATING THERETO. 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 the I-35 Redevelopment Project No. 2 (the "Project") and Tax Increment Financing District No. 6 therein (the "District") in October of 1985 and approved a Redevelopment Plan therefor (the "Redevelopment Plan"), and Tax Increment Financing Plan therefor (the "Tax Increment Financing Plan"), all pursuant to Minnesota Statutes, Sections 469.001 to 469.047 and 469.174 to 469.179, inclusive, as amended; WHEREAS, the Authority has now prepared Modification `No. 2 to the Redevelopment Plan. (the Redevelopment .Plan as so modified is hereinafter referred to as the.. "Modified Redevelopment Plan") and Modification No. 2 to the Tax Increment Financing Plan (the Tax Increment Financing Plan as so modified. is hereinafter referred to as the "Modified Tax Increment Plan"} for the District within the Project; WHEREAS, 'the Authority has approved and adopted the Modified Redevelopment .Plan and Modified Tax Increment Plan, 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") on the date hereof held a public hearing regarding approval of the Modified Redevelopment Plan and Modified Tax Increment Plan, for which hearing notice was published in a newspaper of general circulation in the City not less than 10 or more than 30 days prior to the date hereof; WHEREAS, the Authority has submitted the Modified Redevelopment Plan and Modified Tax Increment Plan to the .County Board of Commissioners for Dakota County and the school boards of the school districts in which this District is located and has notified such County Board and such school boards that the Modified Redevelopment Plan and Modified Tax Increment Plan will be considered at this meeting; and • _1_ • WHEREAS, the Authority and the City have performed all actions required by law to be performed prior to the approval and adoption of the Modified Redevelopment Plan and Modified Tax Increment Plan; NOW, THEREFORE, BE IT .RESOLVED BY THE CITY COUNCIL OF THE CITY OF LAKEVILLE, MINNESOTA, as follows: 1. With respect to the Modified Redevelopment Flan, on the basis of all information provided to date, the Council hereby finds and determines: (a) the land in the Project would not be made available for redevelopment without the financial aid to be sought; (b) the Modified Redevelopment Plan for the Project will afford maximum opportunity, consistent with the needs of the City. as a whole, for the redevelopment of the Project by private enterprise; and (c) the Modified Redevelopment Plan conforms to the general plan for the development of the City as a whole. 2. On the basis of the information presented to the Council at meetings regarding modification of the .District,. information included in the Modified Tax Increment. Plan, information provided at the public.. hearing and. at other Council meetings, the Council hereby finds and determines: • (a) that the adoption of the Modified Tax Increment Plan is in the public interest and to the benefit of the health, safety and welfare of the City; (b) that the District is an economic development district as defined in Minnesota Statutes, Section Section 469.174, Subd. 12, as in force at the time of its creation. It was then determined that the District, since it involved new construction, created additional jobs in the City and added to the tax base of the City, County and school district, met the applicable 1985 statutory requirements of an economic development district; (c) that the Modified Tax Increment Plan conforms to the general plan for the development of the City as a whole, as determined by the Planning Commission, and has been approved by the Planning Commission, (d) that the Modified 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 since the City assistance will be limited to public improvements and all other development work will be undertaken by private enterprise; and (e) that the development assisted and to be assisted as described in the Modified Tax Increment Plan would not and will not, in the opinion of the City, have reasonably been expected to occur within the reasonably foreseeable future through private investment, and that therefore the use of • tax increment financing is deemed necessary since (i) the cost of land in the District and Project (because of the cost incurred by the owner to install -2- • roads and utilities) was not and is not presently competitive with other property in the City and elsewhere and (ii) assistance was and is required to .permit the development to meet City development and design standards and remain competitive. with other property. 3. The Modified Redevelopment Plan and Modified Tax Increment Plan are hereby approved and adopted by the City in substantially the form on file with the City on this date. 4. The Authority is authorized and directed to take all actions necessary to implement and carry out the Modified Redevelopment and Tax Increment Plans. Adopted this 18th day of March, 1991. a or TTESTE Crty Clerk (SEAL) • • _3_