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HomeMy WebLinkAbout88-155 CITY OF LAKEVILLE RESOLUTION Date November 21, 1988 Resolution No. 88-155 Motion by Harvey Seconded by Sindt RESOLUTION APPROVING THE ESTABLISHMENT IN LAKEVILLE BY THE DAKOTA COUNTY HOUSING AND REDEVELOPMENT AUTHORITY OF AN INTEREST REDUCTION PROGRAM WHEREAS, pursuant to Chapter 333 of the Laws of Minnesota, 1971, as amended by Chapter 534 of the Laws of Minnesota, 1972 (the "Enabling Legislation") the Dakota County Housing and Redevelopment Authority (the "Authority") is authorized to exercise the powers and duties of a housing and redevelopment authority under the provisions of the munici- pal housing and redevelopment act, including the establishment of an interest reduction program and a tax increment financing district to provide moneys to finance such programs; and WHEREAS, a proposal has been made to the Authority that it (a) undertake an interest reduction program in connection with the construc- tion of an 84 unit multi-family housing facility to be located in the City of Lakeville on the real property legally described in Schedule A attached hereto, and (b) create a tax increment financing district including such real property in order to finance the costs of such interest reduction program. NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Lakeville, as follows: 1. The City Council of the City of Lakeville hereby finds and deter- mines that it is in the public interest and to the benefit of the health, safety and welfare of the City of Lakeville for the Author- ity to (a) undertake an interest reduction program in connection with an 84-unit multi-family housing facility to be located on the real property legally described in Schedule A attached hereto, upon a determination by the Authority that such program meets the requirements set forth in Minnesota Statutes, Section 462.445, Subds. 10, 11, and 12 and (b) establish a tax increment financing district to finance the costs of such. interest reduction program. 2. The. Authority is hereby authorized to do all things necessary to undertake such interest reduction program and such tax increment financing district on or about the property legally described in Schedule A attached hereto, • APPROVED AND ADOPTED by the City Council of the City of Lakeville this 21st day of November, 1988. CITY OF LAKEVILLE BY : ..~CeC-~" Duane Zaun, May ATTES Patrick E. McGarvey, Ci y Clerk • 2 SCHEDULE A The North 627.00 feet of the E 1/2 of the NE 1/4 of Section 32, Township 114, Range 20, Dakota County, Minnesota except the west 81.00 feet of the south 315.50 feet thereof, and excepting beginning at the northeast corner of said Section 32, thence southerly along the east line of said NE 1/4, 435.60 feet; thence westerly parallel with the north line of said NE 1/4, 275.00 feet; .thence northerly parallel with the east line of said NE I/4, 435.60 feet to the north line of said NE l/4, thence easterly on said north line 275.00 feet. to the point of beginning.. And excepting all that part of the E 1/2 of the E 1/2 of the NE 1/4 of the NE 1/4 of Section 32, Township 114, Range. 20, Dakota. County, Minnesota, described as follows: Beginning at a point on the east line of said Section which point is 627 feet south of the northeast corner of said Section; thence northerly on said east Section line a distance of 191.40 feet; thence westerly parallel with the north line of said NE 1/4, 165 feet; thence .southerly parallel with the east line of said NE 1/4, 182 feet; thence southeasterly 165.27 feet to the point of beginning. The west 110 feet. of the east 275 feet of the north 435.60 feet of the E 1/2 of the E 1/2 of the NE 1/4 of Section 32, Township 114, Range 20, Dakota County, Minnesota. All that part of the E 1/2 of the E 1/2 of the NE 1/4 of the NE 1/4 of Section 32, Township 114, Range 20, Dakota County, Minnesota, described as follows: Beginning at .the northeast corner of said Section 32; thence southerly along the east line of the NE 1/4 of said Section, 435.60 feet; thence westerly parallel with the north line of said NE 1/4 165.00 feet; thence northerly parallel with the east line of said NE 1/4, 435.60 feet; thence easterly along said north line 165.00 feet to the point of beginning. .Also beginning at a point on the east line of said Section which point is 627 feet south of the northeast corner of said section; thence northerly on said east section line, 191.40 feet; thence westerly parallel with the north line of said NE 1/4, 165 feet; thence southerly parallel with the east line of said NE 1/4, 182 feet; thence southeasterly 165.27 feet to the point of beginning. Excepting therefrom all that part of the NE 1/4 of said Section 32, described as follows: Beginning at the northeast corner of said NE 1/4; thence South 89 degrees 28 minutes West, along the north line of said NE 1/4, 165.40 feet; thence South, along a line parallel with the east line of said NE 1/4,.386.81 feet; thence East 165.00 feet to the east line of said NE 1/4; thence North, along the east line of said NE 1/4, 388.35 feet to .the point of beginning.