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HomeMy WebLinkAbout90-113 ti Motion was made by Councilmember xarvey ,seconded by Councilmember sindt THE CITY OF LAKEVILLE COUNTY OF DAKOTA STATE OF MINNESOTA RESOLUTION NO. 90-113 A RESOLUTION APPROVING A MODIFICATION TO I-35 REDEVELOPMENT PROJECT NO. 1, AND ESTABLISHMENT OF TAX INCREMENT FINANCIlVG DISTRICT NO. 12 (LAKEVILLE COMMERCE CENTER) TO BE LOCATED WITHIN THE REDEVELOPMENT PROJECT AND APPROVING AND ADOPTING 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. 1 (the "Project") in March of 1984 and approved a Redevelopment Plan therefor (the "Redevelopment Plan"), all pursuant to Minnesota Statutes, Sections 469.001 to 469.047, 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 a Tax Increment Financing Plan (the "Tax Increment Plan") for Tax Increment Financing District No. 12 (the "District") within the Project; WHEREAS, the Authority has approved and adopted the Modified Redevelopment Plan and Tax Increment Plan, pursuant to and in accordance with Minnesota Statutes, Sections 469.001 to 469.047 and Sections 469.174 to 169.179, inclusive, as amended; WHEREAS, the City Council of the City (the "Council") on the date hereof held a public hearing regarding approval of Modified Redevelopment Plan and 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 including a map; .WHEREAS, the Authority has submitted the Modified Redevelopment Plan and 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 establishment of the District and modification of the Project will be considered at this meeting; and WHEREAS, the Authority and the City have performed all actions required by law to be performed prior to the establishment of the District and the approval and adoption of the Modified Redevelopment Plan and Tax Increment Plan. NOW, THEREFOR, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF LAKEVILLE, MINNESOTA, as follows: 1. With respect to the Modified Redevelopment Plan, 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 establishment of the District, information included in the Tax Increment Plan, information provided at the public hearing and at other Council meetings, the Council hereby finds and determines: (a) that the creation of the District and the adoption of the 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 469.174, Subd. 12. It has been determined that the District, since it will involve new construction, will create additional jobs in the City and add to the tax base of the City, County and school district. .Thus, the District appears to meet the applicable statutory requirements of an economic development district; 2 (c) that the Tax Increment Plan conforms to the general plan for • the development of the City as a whole, as determined by the approval of the Tax Increment Plan by the Planning Commission; (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 since the City assistance will be limited to land writedown and public improvements and all other development work will be undertaken by private enterprise; and (e) that the development proposed to be assisted as described in the 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 since (i) the cost of land in the District. (because of the cost incurred by the owner to install utilities) is not presently competitive with other property in the City and elsewhere and (ii) assistance is required to permit the .proposed development to meet City development and design standards and remain competitive with other property. The City has received correspondence from a substantial landowner in the District indicating tax increment assistance is essential to the development of the property. • 3. The Modified Redevelopment Plan and 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 City Administrator is authorized and directed to take all action on behalf of the City, subject to such approval of the Council as is required by law, to implement the Modified Redevelopment Plan and Tax Increment Plan. 5. Following approval of the Modified Redevelopment Plan and Tax Increment Plan by the Council, the Executive Director of the Authority is authorized and directed to request the. County Auditor of Dakota County to certify the original tax capacity value of the real property within the District, as described in the Tax Increment Plan, and to certify in each year hereafter the amount by which the tax capacity value has increased or decreased from the original tax capacity value of the District, and to remit to the Authority each year, commencing on the date indicated in the Tax Increment Plan, that portion of all taxes paid in that year on real property in the District which the captured tax capacity value bears to the then current tax capacity value, all pursuant to Minnesota Statutes, Section 469.175. 3 6. The Authority is authorized and directed to take all actions necessary to implement and carry out the Project and Tax Increment Plan. Adopted this 17th day of September, 1990. My ATTESTED: City Clerk (SEAL) 4