HomeMy WebLinkAbout08-093CITY OF LAKEVILLE
RESOLUTION
Date June 16, 2008 Resolution No. 08-93
Motion By
Wulff
Seconded By xieb
RESOLUTION AUTHORIZING POOLING FOR DEFICITS, MAKING
ELECTIONS UNDER SPECIAL DEFICIT AUTHORITY FOR CITY TAX
INCREMENT DISTRICTS, AND AMENDING RELATED TIF PLANS-
BE IT RESOLVED by the City Council of the City of Lakeville, Minnesota (the "City"),
as follows:
SECTION 1. Recitals.
1.1. The City has previously established Tax Increment Financing (Housing)
District No. 8 ("TIF District No. 8") by approving a tax increment financing plan therefor (the
"TIF District No. 8 TIF Plan"), Tax Increment Financing (Economic Development) District No.
16 ("TIF District No. 16") by approving a tax increment financing plan therefor (the "TIF
District No. 16 TIF Plan"), and Tax Increment Financing (Renewal and Renovation) District No.
17 ("TIF District No. 17" and, together with TIF District No. 8 and TIF District No. 16, the "TIF
Districts") by approving a tax increment financing plan therefor (the "TIF District No. 17 TIF
Plan").
1.2. The City desires to mitigate the impact on TIF District No. 8 and TIF
District No. 17 of the 2001 class rate changes and elimination of the general education property
tax levy, as permitted by Minnesota. Statutes, Sections 469.1763 and 469.1792.; and, accordingly,
City staff has caused to be prepared amendments to the TIF District No. 8 TIF Plan, the TIF
District No. 16 TIF Plan, and the TIF District No. 17 TIF Plan (collectively, the "Amended TIF
Plans„).
1.3. The City requested certification for each of the TIF .Districts prior to
August 1, 2001.
1.4. There are outstanding for both TIF District No. 8 and TIF District No. 17
"preexisting obligations" as defined at Minnesota Statutes, Section 469.1763, subdivision 6.
1.5. There are outstanding for TIF District No. 17 "preexisting obligations" as
defined at Minnesota Statutes, Section 469.1792, subdivision 2.
I.6. On the date hereof, the City conducted a public hearing after notice as
required by Minnesota Statutes, Section 469.1792 and Section 469.175, subdivision 3.
SECTION 2. Pooling for Deficits. The City hereby finds that there are deficits, as
defined at Minnesota Statutes, Section 469.1763, subdivision 6, in both TIF District No. 8 and
TIF District No. 17 and, therefore, elects to transfer to such districts available increments from
TIF District. No. 16 as provided in the Amended TIF Plans.
SECTION 3. Special Deficit Authority. After public hearing as described in Section 1.6
above, the City hereby finds that the increments from TIF District No. 17 are insufficient to pay
preexisting obligations as a result of the class rate changes and the elimination of the state-
determined general education property tax levy and, therefore, elects for TIF District No. 17 that:
(a) the original local tax rate under Minnesota Statutes, section 469.177, subdivision 1 a, does not
apply; and (b) the fiscal disparities contribution will be computed under Minnesota Statutes,
Section 469.1.77, subdivision 3, paragraph (a). The City. Clerk is hereby authorized and directed
to notify the County Auditor of these. elections no later ±han July 1, 2008.
SECTION 4. Approval of TIF Plans. The Amended TIF.PIans are hereby approved and
adopted. The City Clerk is hereby authorized and directed to file the Amended TIF Plaris with
the Commissioner of Revenue and the .State Auditor as required by Minnesota Statutes,. Section
469.175,. subdivision 4a.
APPROVED AND ADOPTED this 16th day of June, 2008.
Charlene Friedges, City
483'7-5651-5330\1 6/9/2008 5:3i AM