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HomeMy WebLinkAbout85-127 , ' I CITY OF LAKEVILLE • RESOLUTION Date December 16, 1985 Resolution No. 85-.127 Motion By Enright Seconded By Neison RESOLUTION APPROVING TAX INCREMENT FINANCING. PLAN NO. 2 FOR THE I-35 REDEVELOPMENT PROJECT NO. 2 AUTHORIZING THE HOUSING AND REDEVELOPMENT AUTHORITY TO PROCEED WITH THE PROJECT BE IT RESOLVED by the City Council of the City of Lakeville, Minnesota, as follows: Section 1. Recitals. 1.01. This Council has received from the City. Housing and Redevelopment Authority (the "Authority"), a resolution of Authority determining to establish the Tax Increment Financing District No. 2 for the I-35 Redevelopment Project No. 2. 1.02. This Council, by its Resolution No. 85-122 adopted December 2 1985, called a public hearing on the proposed • tax increment financing plan for December 16 1985. Notice of the hearing was published in the official newspaper as required by law; and said hearing was held on December 16 `1:985 and all persons appearing thereat were permitted to present their views on the Project and the plan. 1.03. The Authority has provided an opportunity to the members of the County Board of Commissioners of Dakota County and the members of the school boards of all school districts. in which any portion of the proposed district is located to meet with the Authority. The Authority has presented to the members of the County Board of Commissioners and the school board .its estimate of the .fiscal and economic implication of the proposed. tax increment financ- ing district. The members of the County Board of Commissioners and the school board were granted the opportunity to present their comments. at the. public hearing held on December 16 1985. Section 2. Approval of Project and Plans. 2.01. The Council has reviewed and considered the tax increment financing plan, the written opinion of the Planning Commis- sion, the facts and views presented at the public hearing and other Council meetings concerning the Project, and facts and circumstances concerning the City and the Project area and their development. • r , • 2.02. On the basis of such review and consideration the Council hereby determines: (a) That the proposed tax increment financing district is an economic development district. (b) That the proposed development or redevelopment, 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 financ- ing is deemed necessary. The land in the project area would not be developed, or be available for redevelopment unless the proposed redevelopment plan and tax increment financing is undertaken. (c) That the tax increment financing plan conforms to the. general plan for the development or redevelopment of the. municipality-as a whole. (d) That the tax increment financing plan will afford maximum opportunity, consistent with the sound needs of the City as a whole, for the development or redevelopment of .the. project by private enterprise.. (e) The reasons and supporting facts for the above. deter- minations are set forth in the tax increment financing plan, which information is .incorporated herein by reference. 2.03. The Council hereby determines that the approval and undertaking of,the Project and the actions described in the proposed redevelopment plan by the City, are necessary to and will result in the accomplishment of the public purposes specified in Minnesota Statutes Sections 462.415 and 474.01, in the City. 2.04.` The Council hereby determines that the economic and other benefits described in the attached document will, or are likely to, accrue to the City-and its inhabitants as a result of the approval and undertaking of the Project and the actions described in the. proposed redevelopment plan by the City. Section. 3. Project and Plan; Approval and Implementation. 3.01. The proposed tax increment financing plan for District No. 2 of the I-35 Redevelopment Project No. 2 hereinafter the "Plan") is hereby approved. 3.02. The City Administrator is authorized. and directed to take all actions on behalf of the City, subject to such approval of this Council. and may be required by law, to implement and carry out the. Project and Plan. -2- c i • 3.03. The Housing and Redevelopment Authority is authorized and directed to take all actions necessary to implement and carry out the Project and Plan, subject only to such approval of this Council as may be required by law. Adopted by the City Council this 16th day of December , 198 5 CITY OF LAKEVILLE BY Duane R. Z n, Mayor AT T T ~C-- Patrick E. McGarvey, City erk • -3-