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CITY OF LAKEVILLE
COUNTY OF DAKOTA
STATE OF MINNESOTA
RESOLUTION NO. 91-06
RESOLUTION ADOPTING MODIFICATION NO.2 TO
SOUTH.FORK 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 the 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 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. 2 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 and Modification No. 2 are hereinafter sometimes
referred to as the."Modified Plans"); and
WHEREAS, the Authority has submitted Modification No. 2 to the.
County Board of Commissioners of Dakota County and the school boards o£ the
school districts in which the. District is located and has notified said County Board
and school boards that Modification No. 2 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 TT 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:
(a) The adoption of Modification No. 2 is in the public interest and to
the. benefit of the health,. safety and welfare of the City; -
(b) Modification No. 2 does not alter the designation of Tax Increment
Financing 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 whale, for the development of the Housing
Development Project by .private enterprise since the Authority proposes only to
facilitate private investment in housing and related commercial enterprises, and
does not propose direct construction or ownership;
(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. In the case of the Meadows North area added to the
Project by Modification No. 2, public assistance is deemed. necessary to facilitate
development since the history of the site, as set forth in the Modified Plans, shows
several unsuccessful attempts to develop the site in the past.. With respect to the
Miller site added to the Project by Modification No. 2, Appendix B to the Tax
Increment Financing Plan as modified by Modification No. 2 sets. forth the need for
public assistance and is incorporated herein by reference.
2. The Modified Plans, including Modification No. 2, 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.
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Adopted January 7, I991
Mayor
. hest:
G
City Clerk
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