HomeMy WebLinkAbout96-11HOUSING AND DEVELOPMENT AUTHORITY
IN AND FOR THE CITY OF LAKEVILLE
COUNTY OF DAKOTA
STATE OF MINNESOTA
RESOLUTION NO. 96 -11
BEING A RESOLUTION APPROVING THE
DECERTIFICATION BY THE HOUSING AND
REDEVELOPMENT AUTHORITY IN AND FOR THE CITY
OF LAKEVILLE OF ITS TAX INCREMENT FINANCING
DISTRICT No. 13 (IMPERIAL PLASTICS)
WHEREAS, the Housing and Redevelopment Authority in and for the City of Lakeville,
Minnesota (the "Authority ") and the City of Lakeville (the "City "), have the legal authority to
create Redevelopment Projects pursuant to Minnesota Statutes Section 469.001 to 469.047,
inclusive, and to create Tax Increment Financing Districts within such Redevelopment Projects
pursuant to Minnesota Statutes Sections 469.174 - 469.179, inclusive.
WHEREAS, pursuant to a Redevelopment Plan (the "Redevelopment Plan") and a Tax
Increment Financing Plan (the "Tax Increment Plan") dated, July 6, 1992 the Authority and the
City modified Airlake Redevelopment Project No. 1 (the "Project ") and created Tax Increment
Financing District No. 13 (the "District "); and
WHEREAS, all public redevelopment costs contemplated to be paid using tax increment
generated from the District have either been paid or the Authority will have sufficient funds on
hand, including tax increment generated from the District to pay the remaining public
redevelopment costs contemplated by the Redevelopment Plan and Tax Increment District, and
the Authority has determined that it is desirable and appropriate to decertify the District early.
WHEREAS, the Authority has determined that the District No. 13 is to be decertified as soon as
the City has collected a total of $118,000 in tax increment revenues, of which $30,000 will be
allocated to City administrative expenses and public improvement costs, and $88,000 will be
paid to the Developer. This point is expected to be reached approximately in the year 1999.
PAGE 1 of 2
Lakeville TIF -13 Decertification
HRA Resolution
NOW THEREFORE, BE IT RESOLVED by the Board of Commissioners of the Authority
that the District will be terminated upon the terms noted above, and the Executive Director of the
Authority is hereby directed to furnish the City Council of the City with a copy of this
Resolution and to take all other actions, including notifying the County Auditor of Dakota
County, necessary to decertify the District.
DATE: December 16 1996
ATT T:
Executive Director
Chairman
PAGE 2 of 2
Lakeville TIF -13 Decertification
HRA Resolution