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HomeMy WebLinkAbout88-036 CITY OF LAHEVII,LE, MINNESOTA • RESOLIITION NO. 88-36 RESOLIITION APPROVING ESTABLISHMENT OF A TAX INCREMENT FINANCING DISTRICT NO. 9 LOCATED WITHIN REDEVELOPMENT PROJECT NO. 2; AND APPROVING AND ADOPTING THE TAX INCREMENT FINANCING PLAN RELATING THERETO WHEREAS, The Housing and Redevelopment Authority in and for the City of Lakeville, Minnesota (the "Authority") has proposed to establish Tax Increment Financing District No. 9 (the "Tax Increment District") to be undertaken within existing Redevelopment Project No. 2 and has caused to be prepared a Tax Increment Financing Plan (the "Financing Plan"), pursuant to Minnesota Statutes, Section 469.174 to 469.179, inclusive; and WHEREAS, the Authority by Resolution No. adopted on April 18, 1988, approved the establishment of the Tax Increment District, pursuant to Minnesota Statutes, Section 469.174 to 469.179, inclusive and has submitted the Plan to the Ci~t or consideration; and WHEREAS, the Authority has submitted the Plan to the Board of Commissioners of Dakota County (the "Board") and to the members of the School Board for School District Nos. 917 and 194 (the "School Boards") for comment and has provided an opportunity for members of the Board and the School Boards to meet with representatives of the Authority; and WHEREAS, the City Council of the City (the "Council") on the date hereof held a public hearing regarding establishment of the Tax Increment District No. 9 and approval and adoption of the Financing 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; and WHEREAS, the Authority and the City have performed all actions required by law to be performed prior to the establishment of the Tax Increment District and the approval and adoption of the Financing Plan; 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 establishment of the Tax Increment District No. 9, creation of the Financing Plan, information included in the Financing Plan, information provided at the public hearing and at other Council meetings- regarding the Project and the Financing Pian, the Council hereby finds and determines: (a) That the establishment of Tax Increment District No. 9 within the Project and the adoption of the Financing Pian are in the public interest and to the benefit of the health, safety and welfare of the City; 1 (b) That the Tax Increment District is a redevelopment district as defined in Minnesota Statutes, Section 469.174, Subd. 10. It has been determined that 4 of the parcels in the district (100 percent) are occupied by buildings, streets, utilities or other improvements and more than 50 percent of the buildings, not including outbuildings, are structurally substandard to a degree requiring substantial renovation or clearance. The 4 structures on .the 4 parcels of land constituting the tax increment redevelopment district have been investigated by consultants. Two of the four buildings are .deteriorated and structurally substandard to a degree requiring clearance. Thus, the tax increment financing district appears. to meet the statutory requirements of a redevelopment district and will. henceforth be referred to as a tax increment financing redevelopment district.. The parcels that have .been used to establish eligibility as a redevelopment tax increment financing district are listed in the respective Financing Plan. The establishment of the Tax Increment District will result in the new construction of commercial/office development. (c) That the development proposed to be assisted as described in the Financing Plan would not, in the opinion of the Authority, 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 the developers could not construct the improvements without the use of tax increments to assist with the financing of soil correction. (d) That the Redevelopment Plan and Financing Plan conform to • the general plan for the development of the City as a whole; (e) That the Redevelopment Plan and Financing 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 as it will enable the City to provide a suitable site, via soil correction for development; thereby encouraging development in the area. The reasons and supporting facts for each of the findings set forth above have been set forth in writing in the Financing Plan and Appendices. 2. The Financing Plan which establishes the Tax Increment District is hereby approved and adopted by the City in substantially the form on file with the City on this date. 3. The City Clerk 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 Project, Tax Increment District, Redevelopment Plan, and Financing Plan. 4. The Authority is authorized and directed to take all actions necessary to implement and carry out the Project, Tax Increment District, and Financing Plan. 2 ~ ~ ~ Adopted this 18th day of April, 1988. _ Mayor ATT~S ~ , City Clerk Administrator (SEAL) 3