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HomeMy WebLinkAbout94-07t I THE HOUSING AND REDEVELOPMENT AUTHORITY IN AND FOR THE CITY OF LAKEVILLE COUNTY OF DAKOTA STATE OF MINNESOTA RESOLUTION NO. 94 -7 BEING A RESOLUTION ADOPTING A MODIFICATION TO AIRLAKE REDEVELOPMENT PROJECT NO. 1, AND ESTABLISHMENT OF TAX INCREMENT FINANCING DISTRICT NO. 15 (CENTURY REFINING) TO BE LOCATED WITHIN THE REDEVELOPMENT PROJECT AND THE PROPOSED APPROVAL AND ADOPTION OF A MODIFIED REDEVELOPMENT PLAN AND TAX INCREMENT FINANCING PLAN RELATING THERETO. 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 Airlake Redevelopment Project No. 1 (the "Project ") in July of 1984, pursuant to Minnesota Statutes, Section 469.001 to 469.047, inclusive, as amended. WHEREAS, the Authority proposes to modify the Airlake Redevelopment Project No. 1 and establish Tax Increment District No. 15, pursuant to and in accordance with Minnesota Statutes, Sections 469.001 to 469.047 and Sections 469.174 to 469.179, inclusive, as amended. WHEREAS, the Authority has submitted the Plans to the County Board of Commissioners for Dakota County and the school board of the school districts in which this District is located and has notified such County Board and such school boards that the establishment of the District and modification of the Project will be considered at this meeting; NOW, THEREFORE, BE IT RESOLVED by The Housing and Redevelopment Authority in and for the City of Lakeville, Minnesota, as follows: 1. The Authority hereby finds and determines: (a) that the modification of the Project and creation of the District and the adoption of the Plans are in the public interest and to the benefit of the health, safety and welfare of the City; (b) that the District is a renewal and renovation district as defined in Minnesota Statutes, Section Section 469.174, Subd. 10a. It has been determined that the district will eliminate substandard buildings and obsolete production facilities base. Thus, the tax increment financing district appears to meet the statutory requirements of a renewal and renovation district. s A (c) that the Plan conforms to the general plan for the development of the City as a whole; (d) that the Plan will afford maximum opportunity, consistent with the sound needs of the City as a whole for the development of the Project by private enterprise since the City will be providing land write- down and infrastructure assistance and private enterprise will be primarily responsible for construction, ownership and operation of the commercial /industrial enterprises. The reasons and supporting facts for each of the findings set forth above have been set forth in writing in the Plan. 2. The Plans which establish the District and modifies the Project are hereby approved and adopted by the Authority in substantially the form on file with the City on this date. The Executive Director is hereby authorized and directed to submit the documents to the City Council together with a request that the City Council approve such Plan following a public hearing to be held pursuant to Minnesota Statutes, Section 469.175, Subd. 3. 3. The Executive Director is hereby authorized and directed to file a copy of the Tax Increment Plan with the Minnesota Department of Revenue, together with a copy of the modified Plan for the Project. 4. Following approval of the Plans by the City Council of the city, the Executive Director is authorized and directed to request the County Auditor of on Dakota County to certify the original tax capacity value of the real property within the District, as described in the Plan, and to certify in each year hereafter the amount by which the tax capacity value has increased or decreased from the original tax capacity value of the District, and to remit to the Authority each year, commencing on the date indicated in the Plan, that portion of all taxes paid in that year on real property in the District which the captured tax capacity value bears to the then current tax capacity value, all pursuant to Minnesota Statutes, Section 469.175. 5. Following approval of the Plans by the City, the Executive Director, together with the Authority's financial advisor, legal counsel and bond counsel, is authorized and directed to proceed with the implementation of the 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. Dated: September G 199 4. Chai man (SEAL)