Loading...
HomeMy WebLinkAbout93-01THE HOUSING AND REDEVELOPMENT AUTHORITY IN AND FOR THE CITY OF LAKEVILLE COUNTY OF DAKOTA STATE OF MINNESOTA RESOLUTION NO. 93 -0 1 RESOLUTION ADOPTING MODIFICATION NO. 4 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 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, No. 2, and No. 3 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. 4 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 Finanincg Plan as modified by Modification No. 1, Modification No. 2, Modification No. 3, and Modification No. 4 are hereinafter sometimes referred to as the "Modified Plans "); and WHEREAS, the Authority has submitted Modification No. 4 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 such County Board and such school boards that Modification No. 4 will be considered at this meeting. NOW, THEREFORE, BE IT RESOLVED by the Board of Commissioners of the Authority as follows: 1. The Authority hereby finds and determines: (a) The adoption of Modification No. 4 is in the public interest and to the benefit of the health, safety and welfare of the City; (b) Modification No. 4 does not alter the designation of Tax Increment District No. 8 as a housing district or expand the boundaries thereof; -1- (c) The Modified Plans will afford maximum opportunity, consistent with the sound needs of the City as a whole for the development of the Development Project by private enterprise since the Authority proposes to facilitate public investment in housing and private related commercial enterprises; (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. With respect to the four sites added to the Project by Modification No. 4, the Tax Increment Financing Plan sets forth the need for public assistance and is incorporated herein by reference. 2. The Authority hereby ratifies the action of the City Council of the City of Lakeville, Minnesota (the "City ") to call for a public hearing to consider the above matters and cause notice of said public hearing to be given as required by law. 3. The Modified Plans, including Modification No. 4, are hereby approved and adopted by the Authority substantially in the form on file with the City on this date. The Executive Director is hereby 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 Minnesota Statutes, Section 469.175, Subd. 3. 4. Following approval by the City Council, the Executive Director is authorized and directed to file a copy of the Modified Plans with the Minnesota Department of Revenue. 5. 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. Dated: May 1 , 1993 Chair Atte t; S c tary (SEAL) -2-