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HomeMy WebLinkAbout81-01e Commissioner Lekson then introduced the following resolution and moved its adoption: No. 81 -1 RESOLUTION ADOPTING FIRST AMENDMENT TO TAX INCREMENT FINANCING PLAN FOR TAX INCRE- MENT FINANCING DISTRICT NO. 1 AND AUTHORIZING THE EXECUTION BY THE AUTHORITY OF FIRST AMENDMENT TO COOPERATION AGREEMENT BE IT RESOLVED by The Housing and Redevelopment Authority In and For the City of Lakeville, Minnesota, as follows: Section 1. Recitals 1.01. On November 3, 1980 the Authority adopted Resolution No. 80 -9 in which the Authority determined to undertake Redevelopment Project No. 1 (the Project) in the City and established Tax Increment Financing District No. 1 (the District) within the Project. The City approved a Redevelopment Plan for the Project and a Tax Increment Financing Plan (the Financing Plan) for the District by its Resolution No. 80 -135, adopted November 17, 1980. 1.02. Pursuant to the Redevelopment Plan and the Financing Plan the City and the Authority entered into a Cooperation Agreement dated as of , 1980 (the Cooperation Agreement) in which the Authority has undertaken to take certain actions in aid of Phase One of the Project (as described in the Redevelopment Plan), the project area of which is coterminous with the District, and in which the City has undertaken to take certain actions in aid of Phase One of the Project, including the issuance of its General Obligation Tax Increment Bonds of 1981 in the principal amount of $775,000 to finance the public redevelopment costs of Phase One of the Project. 1.03. The Redevelopment Plan and Financing Plan are on file in the offices of the Secretary of the Authority and the City Clerk. The Cooperation Agreement is one file in the offices of the Secretary of the Authority, the City Clerk and the Dakota County Auditor. 1.04. This Authority hereby determines that it is necessary and in the best interests of the City and the Authority to amend the Financing Plan and the Cooperation Agreement as provided herein. 1.05. There has been presented to the Authority a .form of First Amendment to Tax Increment Financing Plan for Tax Increment Financing District No. 1 (the Financing Plan Amendment) which is attached to and made a part of this resolution and a form of First Amendment to Cooperation Agreement (the Cooperation Agreement Amendment) which is attached to and made a part of this resolution. K Section 2. Adoption of Financing Plan Amendment The Financing Plan Amendment is hereby approved and adopted. Section 3. Authorization of Execution of Cooperation Agreement Amendment The form of Cooperation Agreement Amendment is hereby approved and the Chairman and Secretary are hereby authorized to execute the Cooperation Agreement Amendment on behalf of the Authority in substantially the form attached hereto with such additions, deletions and revisions as are determined necessary by the City Attorney. Adopted by the Commission of The Housing and Redevelopment Authority In and For the City yofLkeville, Minnesota, this Z 12th day of January, 1981. Chaff an ....... , Attest Secre y The motion for the adoption of the foregoing resolution was duly seconded by Commissioner Sindt and upon vote being taken thereon, the following voted in favor thereof: Lekson, zaun & Sindt; and the following voted against the same: None whereupon said resolution was declared duly passed and adopted, and was signed by the Chairman and attested by the Secretary.