HomeMy WebLinkAbout87-11THE HOUSING AND REDEVELOPMENT AUTHORITY IN AND FOR THE
CITY OF LAKEVILLE, MINNESOTA
RESOLUTION NO. 87 -11
BEING A RESOLUTION ADOPTING A MODIFIED TAX INCREMENT
FINANCING PLAN FOR TAX INCREMENT FINANCING DISTRICT
NO. 3, PURSUANT TO MINNESOTA STATUTES SECTIONS 273.71
TO 273.78 INCLUSIVE, AS AMENDED
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 Tax Increment Financing District No. 3 (the "District ") located
within Redevelopment Project No. 1 (the "Project ") on May 4, 1987, pursuant to
Minnesota Statutes Section 273.71 -78, inclusive, as amended; and
WHEREAS, the Authority proposes to modify the District within the Project
and has caused to be prepared a modified 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 modification 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 modification of the District and the adoption of the
Plan are in the public interest and to the benefit of the health, safety and
welfare of the City;
(b) The modification of the District will result in the removal of
certain parcels in the District as well as the deletion of a private
development project relating to the new construction of housing;
(c) that the Plan conforms to the general plan for the
development of the City as a whole;
(d) 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 modifies the District is hereby approved and adopted
by the Authority in substantially the form on file with the City on this date. The
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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
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: October 5 , 1987.
Chairman
(SEAL)
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