HomeMy WebLinkAbout92-02THE HOUSING AND REDEVELOPMENT AUTHORITY
IN AND FOR THE CITY OF LAKEVILLE
COUNTY OF DAKOTA
STATE OF MINNESOTA
RESOLUTION NO. 92 -2
RESOLUTION ADOPTING MODIFICATION NO. 3 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 and No. 2 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. 3 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 Finanineg Plan as modified by Modification No. 1,
Modification No. 2 and Modification No. 3 are hereinafter sometimes referred to as
the "Modified Plans "); and
WHEREAS, the Authority has submitted Modification No. 3 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. 3 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. 3 is in the public interest and
to the benefit of the health, safety and welfare of the City;
(b) Modification No. 3 does not alter the designation of Tax
Increment District No. 8 as a housing district or expand the boundaries
thereof;
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(e) 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 two sites
added to the Project by Modification No. 3, the Tax Increment Financing
Plan sets forth the need for public assistance and is incorporated herein by
reference.
2. The Modified Plans, including Modification No. 3, 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.
3. 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.
4. 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: February U 1992
Chair
Attest:
(SEAL)
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