HomeMy WebLinkAbout87-176 r,
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• CITY OF LAHEVILLE, MINNESOTA
RESOLUTION NO. 87-176
A RESOLUTION ESTABLISHING AN :INTEREST RATE
REDUCTION PROGRAM, A HOUSING DEVELOPMENT
PROGRAM. PLAN, TAX INCREMENT FINANCING
DISTRICT NO. $ AND THE TAX INCREMENT
FINANCING PLAN RELATING THERETO.
WHEREAS, the Housing and Redevelopment Authority in and for the City of
Lakeville (the. "Authority") is authorized to undertake interest reduction programs
and housing development .projects to encourage the construction of housing units,
including rental housing units, which are primarily for occupancy by individuals of
low or moderate income in accordance with Minna Stat. §469.012, subdivisions 6
through 10 and Minn. Stat. §469.017, respectively; and
WHEREAS, pursuant to Minn.. Stat. §469.174 to 469.179, the Authority is
authorized to establish a tax increment financing district to finance the costs of an
interest reduction program and housing development project;-and
WHEREAS, the Authority has presented to this Council.. its Interest
Reduction Program .Regulations, Housing Development Project Plan and Tax
Increment Financing Plan No. 8, {collectively .referred to as the "Plans") to be
undertaken within the Authority's proposed Tax Increment Financing District No. 8
(the "District"); and
WHEREAS, the Authority has submitted the Plans to the Board of
:Commissioners. of Dakota County (the. "Board") and to the members of the School
Boards 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, on the date hereof the City :Council held a public hearing
regarding the adoption of the .Plans and the establishment of the District, 16t days'
notice of which hearing was published. as required by law.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF ZAKEVILLE {THE "COUNCIL") AS FOLLOWS:
1. The Council hereby finds and determines:
(a) that it is in .the public interest. and .for the benefit of the
public health, safety and welfare,: that the .District be established as set
forth in the Plans;
(b) that on the basis of .information set forth in the Plans, the
District is a housing .district, as that term is described in Minn. Stat.
§469.174, subd. 11;
• (e) that on the basis- of information set forth in the Plan, .the
Council hereby finds, that without tax increment assistance, the
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development oP the Southfork Apartments multifamily housing development
(described in the Plans) would not be economically feasible but for the
public assistance as set forth in the Plans;
(d) that. the proposals set forth in the Plans will provide maximum
opportunity, consistent with the sound needs of the City of Lakeville as a
whole for development of .housing by private enterprise and for the provision
of .housing for low and moderate income persons and families; and
(e) that the Plans conform to the general plan of the City of
Lakeville.
2. The Plans are hereby approved and adopted- in .the form presented to
the Council and on file with the City Clerk-Administrator on the date hereof..
3. The establishment of the District is hereby approved and adopted as
set forth in the Plan.
Adopted by the City Council of the .City of Lakeville this. 21st day of
December, 1987.
Yr
(SEAL)
0
City Clerk-A ministrator
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