HomeMy WebLinkAbout94-05THE HOUSING AND REDEVELOPMENT AUTHORITY
IN AND FOR THE CITY OF LAKEVILLE
COUNTY OF DAKOTA
STATE OF MINNESOTA
RESOLUTION NO. 94 -5
BEING A RESOLUTION ADOPTING A MODIFICATION TO AIRLAKE
REDEVELOPMENT PROJECT NO. 1, AND ESTABLISHMENT OF TAX
INCREMENT DISTRICT NO. 14 ( LAKEVILLE PREMOULDED
PRODUCTS EXPANSION) 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. 14, 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:
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 469.174, Subd. 10a. It has been determined that the district will improve
substandard buildings and production facilities base. Thus, the tax increment financing
district appears to meet the statutory requirements of a renewal and renovation district.
(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.
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 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.
Date July 18. 1994
hairman f Executive Director