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HomeMy WebLinkAbout87-07a z THE HOUSING AND REDEVELOPMENT AUTHORITY IN AND FOR THE CITY OF LAKEVILLE, MINNESOTA RESOLUTION NO. 87- BEING A RESOLUTION ADOPTING A TAX INCREMENT FINANCING PLAN FOR TAX INCREMENT FINANCING DISTRICT NO. 3 PURSUANT TO MINNESOTA STATUTES, SECTIONS 273.71 TO 273.78, AS AMENDED, CONTAINED WITHIN REDEVELOPMENT PROJECT NO. 1 WHEREAS, The Housing and Redevelopment Authority in and for the City of Lakeville, Minnesota (the "Authority ") by Resolution No. 80 -9 adopted November 3, 1980, and the City of Lakeville (the "City "), by Resolution No. 80 -135, adopted on November 17, 1980, pursuant to the Municipal Housing and Redevelopment Act, have established Redevelopment Project No. 1 (the "Project ") originally referred to as the Redevelopment Plan for Lakeville Redevelopment District No. 1; and WHEREAS, the Authority proposes to establish Tax Increment Financing District No. 3 (the "District ") within the Project and has caused to be prepared a Tax Increment Financing Plan (the "Plan "), pursuant to Minnesota Statutes, Section 273.74, Subd. 1; and WHEREAS, the Authority has submitted the Plan to the County Board of Commissioners for Dakota County and the school board of any school district in which any part of this District is located and has notified such County Board and such school boards that the establishment of the District will be considered at this meeting; NOW, THEREFORE, BE IT RESOLVED by The Housing and Redevelopment Authority in and for the City of Lakeville, Minnesota, as follows: 1. The Authority hereby finds and determines: (a) that the adoption of the Plan and the establishment of the District are in the public interest and to the benefit of the health, safety and welfare of the City; (b) that the District is a redevelopment district as defined in Minnesota Statutes, Section 273.73, Subd. 10. It has been determined that 12 of the parcels in the district (75 percent) are occupied by buildings, streets, utilities or other improvements and more than 50 percent of the buildings, not including outbuildings, are structurally substandard to a degree requiring substantial renovation or clearance. The 9 structures on the 12 parcels of land constituting the redevelopment district have been investigated by consultants. More than 5 of the 9 buildings are deteriorated and structurally substandard to a degree requiring clearance. Thus, the tax increment financing district appears to meet the statutory requirements of a redevelopment district and will henceforth be referred to as a tax increment financing redevelopment district. The parcels that have been used to establish eligibility as a redevelopment tax increment financing district are listed on page 4 of the respective Tax Increment Financing Plan. The establishment of the District will result in the new construction of an elderly housing project and a commercial office medical building project which requires certain necessary land acquisitions and assembly and certain public improvements; (c) that the development proposed to be assisted as described in the Plan would not, in the opinion of the Authority, reasonably be expected to occur within the reasonably foreseeable future through private investment, and that therefore the use of tax increment financing is deemed necessary; (d) that the Plan conforms to the general plan for the development of the City as a whole; (e) that the Plan will afford maximum opportunity, consistent with the sound needs of the City as a whole for the development of the Project by private enterprise. The reasons and supporting facts for each of the findings set forth above have been set forth in writing in the Plan. 2. The Plan which establishes the District is hereby approved and adopted by the Authority in substantially the form on file with the Authority on this date. The Executive Director is hereby authorized and directed to submit the Plan to the City Council together with a request that the City Council approve such Plan following a public hearing to be held pursuant to Minnesota Statutes, Section 273.74, Subd. 3. 3. The Executive Director is hereby authorized and directed to file a copy of the Plan with the Minnesota Commissioner of Energy and Economic Development, together with a copy of the redevelopment plan for the Project. 4. Following approval of the Plan by the City Council of the City, the Executive Director is authorized and directed to request the County Auditor of Dakota County to certify the original assessed value of the real property within the District, as described in the Plan, and to certify in each year hereafter the amount by which the assessed value has increased or decreased from the original assessed value of the District, and to remit to the Authority each year, commencing on the date indicated in the Plan, that portion of all taxes paid in that year on real property in the District which the captured assessed value bears to the then - current assessed value, all pursuant to Minnesota Statutes, Section 273.76. 5. Following approval of the Plan by the City, the Executive Director, together with the Authority's financial advisor, legal counsel and bond counsel, is V authorized and directed to proceed with the implementation of the Plan, 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 4 , 1987. /M man (SEAL) 3