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HomeMy WebLinkAbout91-05f� Commissioner Harvey introduced the following resolution and moved its adoption: HOUSING AND REDEVELOPMENT AUTHORITY IN AND FOR THE CITY OF LAKEVILLE COUNTY OF DAKOTA STATE OF MINNESOTA RESOLUTION NO 91 -05 RESOLUTION AUTHORIZING THE CITY COUNCIL OF THE CITY OF LAKEVILLE TO UNDERTAKE CERTAIN DEVELOPMENT ACTIVITIES IN CONNECTION WITH TAX INCREMENT FINANCING DISTRICT NO. 10 WITHIN I -35 REDEVELOPMENT PROJECT NO. 1 BE IT RESOLVED by the Housing and Redevelopment Authority (the "Authority ") in and for the City of Lakeville, Minnesota (the "City ") as follows: Section 1. Recitals 1.01. The Authority and the City have heretofore approved the establishment of the I -35 Redevelopment Project No. 1 within the City (the "Project ") and the establishment of Tax Increment Financing District No. 10 (the "District ") within the Project, and have approved a Redevelopment Plan, as modified, for the Project (the "Redevelopment Plan ") and a Tax Increment Financing Plan for the District (the "Tax Increment Financing Plan "). 1.02. The Redevelopment Plan and Tax Increment Financing Plan contemplate that the Authority and City would assist development within the District (commonly known as Fairfield Business Park) by defraying all or a portion of the public redevelopment costs identified in the Redevelopment Plan and Tax Increment Financing Plan. 1.03. Apothecary Products, Inc. (the "Company ") proposes to undertake a project (the "Apothecary Project ") within the Fairfield Business Park consisting of the acquisition of land from the City and the construction and furnishing thereon of an office - production facility to be used in the Company's business of providing over the counter products, dispensing supplies and equipment to pharmacies. 1.04. The Company has proposed that the Authority and City assist the Apothecary Project by providing the land at a reduced cost, undertaking certain site preparation activities and undertaking various public improvements (streets, sanitary sewer, storm sewer and water main improvements) necessary to serve the Fairfield Business Park, including the Apothecary Project site. The costs of the foregoing activities would be financed, in whole or in part, by the issuance of tax increment bonds and /or improvement bonds by the City, or, if certain of the foregoing improvements are undertaken by the Company, by the reimbursement to the Company of the costs incurred by the Company through a pay- as- you-go tax increment contract, or combination of the foregoing. 1.05. Pursuant to Minnesota Statutes, Sections 469.001 through 469.047, and Sections 469.174 through 469.179 (the "Acts "), the Authority has the primary responsibility for administering the Project and the District, and for undertaking the activities necessary to carry out the Redevelopment Plan and Tax Increment Financing Plan. In the instant case, since the City owns the Fairfield Business Park property and much of the work to be undertaken involves the extension of the City street and utility systems, it is determined to be necessary and desirable for the Authority to authorize the City to undertake, on behalf of the Authority, the public redevelopment activities required in connection with the Apothecary Project. Section 2. Authorization to Qty . 2.01. The Authority, pursuant to the provisions of the Acts and particularly Section 469.041, Minnesota Statutes, hereby authorizes the City, on behalf of the Authority, to undertake all public redevelopment activities in connection with the redevelopment of the Fairfield Business Park which the Authority could itself undertake pursuant to the Acts, the Redevelopment Plan and the Tax Increment Financing Plan, including, without limitation, the entering into contracts for the site preparation and street and public utility work necessary or desirable in connection with the Apothecary Project and the entering into a Contract for Private Development or similar agreement with the Company setting forth the terms and conditions upon which the Authority and City will provide assistance to the Apothecary Project. 2.02. A copy of this resolution shall be forwarded to the Council and be placed on file in the office of the City Clerk. Adopted this 19th day of August, 1991.