HomeMy WebLinkAbout84-043 t
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CITY OF LAKEVILLE
RESOLUTION
Date April 2, 1984 Resolution No. 84-43
Motion by Enright Seconded by Harvey
RESOLUTION SETTING CITY POLICY ON THE
ESTABLISHMENT OF TAX INCREMENT FINANCING DISTRICTS
WHEREAS, Minnesota's Tax Increment Financing Act, Minn. Stat. SS
273.71-78 (1982), sets forth a uniform set of standards and procedures
for establishing tax increment financing plans; and
WHEREAS, the City Council has adopted plans for the purpose of
directing, encouraging and sustaining a broad range of economic growth
in the city; and
WHEREAS, the City Council believes the tax base of the city should
be guided toward a full and significant level of housing, commercial
service and industrial developments; and
WHEREAS, the City Council believes that the city should be a place
where its citizens can find adequate numbers of jobs; and
WHEREAS, the City Council believes that to encourage and sustain
sound economic development, increased tax base and jobs, the use of tax
increment financing is, at times, prudent.
NOW, THEREFORE, BE IT RESOLVED that the following policies are
adopted to guide the City Council in establishing and controlling the
use of tax increment financing districts (T.I.D.) in Lakeville, Minne-
sota.
1. All T.I.D. plans must be presented in detail to allow City offi-
cials to determine whether they comply with Minnesota Statutes and
with City policy.
2. The City will set as the first priority for the use of tax incre-
ment financing the re-development of blighted substandard areas,
both for the purpose of public improvements to serve the area
and/or to acquire, clear and write down the land to help accomplish
the re-development of the area in accordance with adopted City
plans.
3. The second priority for the use of T.I.D. financing is for
assistance to achieve balanced and sustained growth and .development
of the commercial, service or industrial sectors of the City`s tax
base and economy and for the purpose of establishing additional
jobs in the community.
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4.' The City will allow a higher percentage of the tax increment for
expanding or°new businesses or industries that have a project with
high building costs in relation to the land/or public improvement
costs, and which provide a higher .level of full-time positions in
relation to the tax increment involved.
5. The City Council will give preference to projects which are .located
in areas of the city fully served by improved streets, sanitary
sewer and water systems or are in areas determined to be priority
areas for immediate development, including public improvements.
6. The developer may be required to sign an agreement with the City
for partial or full recoupment of any subsidy for the write-down of
the land to the developer if the property is sold during the period
of the tax increment at a profit.
7. The assessed value of all parcels of property in all tax increment
districts within the City of Lakeville shall not exceed 15 percent
of the assessed value of private property in the City as estab-
lished by the Dakota County Assessor.
8. The developer shall present adequate financial information to show
the capability, intent and history to make all property tax
payments as required by law and agreement, and the City will
require financial security to guarantee the payment of all property
taxes and assessments associated with the project to assure that
the City will have the tax increment necessary to retire its bond
payments when the increment is for the purpose of land clearance
and/or write down.
9. All City costs for legal, planning, engineering and financial
consultants necessary to adequately review plans, prepare reports
and recommend to the City Council shall be the responsibility of
the developer for projects involving the write down of the sale of
the land. The City may assume any or all costs in preparing
initial economic development plans or re-development plans for the
city as a planning and marketing tool of the City toward addressing
goals established by the City: Council for economic development.
10. The City Council reserves the right to determine whether the need
for tax increment financing is consistent with the policies of the
City and to reject any project.
APPROVED AND ADOPTED by the City Council of the City of Lakeville,
Minnesota, this 2nd day of April 1984.
CITY OF LAKEVILLE
BY:
uane Zaun, M r
ATTEST:
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Patrick E. McGarvey, City Cle