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THE HOUSING AND REDEVELOPMENT AUTHORITY
IN AND FOR THE CITY OF LAKEVILLE
COUNTY OF DAKOTA
STATE OF MINNESOTA
RESOLUTION NO. 91 -01
RESOLUTION ADOPTING MODIFICATION NO. 2 TO
SOUTHFORK I HOUSING DEVELOPMENT PROJECT
PLAN, INTEREST RATE REDUCTION PROGRAM AND
HOUSING TAX INCREMENT DISTRICT NO. 8 FINANCING
PLAN, AND ADOPTING THE MODIFIED PLANS AND
PROGRAM
WHEREAS, The Housing and Redevelopment Authority in and for
the City of Lakeville, Minnesota (the "Authority ") and the City of Lakeville,
Minnesota (the "City "), established the Southfork I Housing Development Project,
Interest Rate Reduction Program and Housing Tax Increment District No. 8, and
approved a Project Plan, Interest Rate Reduction Program and Tax Increment
Financing Plan therefor; and
WHEREAS, the Authority adopted Modification No. 1 to the Housing
Development Project Plan, Interest Rate Reduction Program and Housing Tax
Increment District No. 8 Financing Plan, pursuant to and in accordance with
Minnesota Statutes, Sections 469.001 to 469.047 and Sections 469.174 to 469.179,
inclusive, as amended (collectively, the "Acts "); and
WHEREAS, the Authority proposes Modification No. 2 to the Housing
Development Project Plan, Interest Rate Reduction Program and Housing Tax
Increment District No. 8 Financing Plan pursuant to the Acts (the Housing
Development Project Plan, Interest Rate Reduction Program and Housing Tax
Increment District No. 8 Financing Plan, as modified by Modification No. 1 and
Modification No. 2 are hereinafter sometimes referred to as the "Modified Plans ");
and
WHEREAS, the Authority has submitted Modification No. 2 to the
County Board of Commissioners of Dakota County and the school boards of the
school districts in which the District is located and has notified said County Board
and school boards that Modification No. 2 will be considered at this meeting.
NOW, THEREFORE, BE IT RESOLVED by the Board of
Commissioners of the Authority as follows:
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1. The Authority hereby finds and determines:
(a) The adoption of Modification No. 2 is in the public interest and to
the benefit of the health, safety and welfare of the City;
(b) Modification No. 2 does not alter the designation of Tax Increment
Financing District No. 8 as a housing district or expand the boundaries thereof;
(c) The Modified Plans will afford maximum opportunity, consistent
with the sound needs of the City as a whole, for the development of the Housing
Development Project by private enterprise since the Authority proposes only to
facilitate private investment in housing and related commercial enterprises, and
does not propose direct construction or ownership;
(d) Based on review by the Planning Commission, the Modified Plans
conform to the general plan for the development of the City as a whole; and
(e) The proposed development in the Project, in the opinion of the
Authority, would not reasonably be expected to occur solely through private
investment within the reasonably forseeable future and therefore the use of tax
increment financing is deemed necessary. In the case of the Meadows North area
added to the Project by Modification No. 2, public assistance is deemed necessary to
facilitate development since the history of the site, as set forth in the Modified Plans,
shows several unsuccessful attempts to develop the site in the past. With respect to
the Miller site added to the Project by Modification No. 2, Appendix B to the Tax
Increment Financing Plan sets forth the need for public assistance and is
incorporated herein by reference.
2. The Modified Plans, including Modification No. 2, are hereby
approved and adopted by the Authority substantially in the form on file with the
City on this date. The Executive Director is authorized to submit the Modified Plans
to the City Council with a request that the City Council approve the Modified Plans
following a public hearing to be held pursuant to Section 469.175, Subd. 3.
3. Following approval by the City Council, the Executive Director is
authorized and directed to file a copy of the Modified Plans with the Minnesota
Commissioner of Trade and Economic Development.
4. Upon approval of the Modified Plans by the City Council, the
Executive Director, together with the Authority's financial advisor, legal counsel
and bond counsel, is authorized to proceed with the implementation of the
Modified Plans, and for this purpose to negotiate, draft, prepare and present to this
Board for its consideration all resolutions, documents and contracts necessary for
this purpose.
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Adopted January 7, 1991
Chair
Attest:
retary