HomeMy WebLinkAbout92-06HOUSING AND REDEVELOPMENT AUTHORITY
IN AND FOR THE CITY OF LAKEVILLE
DAKOTA COUNTY, MINNESOTA
RESOLUTION
Date September 14, 1992 Resolution No. 92 -6
Motion By
Zaun
RESOLUTION AUTHORIZING THE LAKEVILLE CITY COUNCIL
TO UNDERTAKE CERTAIN DEVELOPMENT ACTIVITIES IN
CONNECTION WITH TAB INCREMENT FINANCING DISTRICT NO. 13
WITHIN AIRLAKE REDEVELOPMENT PROJECT NO. 1
Seconded By
Sindt
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 Airlake Redevelopment Project No. 1,
Modification No. 2, within the City (the "Project "), and the estab-
lishment of Tax Increment Financing District No. 13 (the "District ")
within the Project, and have approved a 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 Airlake Industrial Park) by
defraying all or a portion of the public redevelopment costs
identified in the Redevelopment Plan and Tax Increment Financing Plan.
1.03. Imperial Plastics, Inc. (the "Company ") proposes to
undertake a project (the "Imperial Plastics Project ") within the
Airlake Industrial Park consisting of the acquisition of land from the
City and the construction and furnishing thereon of an office manu-
facturing facility to be used in the Company's business of custom
injection molding.
1.04. The Company has proposed that the Authority and City
assist the Imperial Plastics Project by providing the land at a
reduced cost, undertaking various public improvements necessary to
serve the Airlake Industrial Park, including the Imperial Plastics
Project site. The costs of the foregoing activities would be financed
, in whole or in part, by tax increment financing, 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
r07/10/92
through a pay -as- you -go tax increment contract, or a combination of
the foregoing.
1.05. Pursuant to Minnesota Statutes, Section 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 much of the work to be undertaken involves
City improvements, 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 Imperial Plastics Project.
Section 2. Authorization to City
2.01. The Authority, pursuant to the provisions of the Acts
and particularly Section 469.041, Minnesota Statutes, herby authorizes
the City, on behalf of the Authority, to undertake all public
redevelopment activities in connection with the redevelopment of the
Imperial Plastics Project 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 public infrastructure work
necessary or desirable in connection with the Imperial Plastics
Project and the entering into a Contract for Private Redevelopment or
similar agreement with the Company setting forth the terms and
conditions upon which the Authority and City will provide assistance
to the Imperial Plastics Project.
2.02. A copy of this resolution shall be forwarded to the
City Council and be placed on file in the office of the City Clerk.
ADOPTED this 14th day of Sept em b er , 1992, by the Board
of Commissioners of the Housing and Redevelopment Authority in and for
the City of Lakeville.
A
Robert Erickson, Exec. Director
ette Mulvihil Chairperson