HomeMy WebLinkAbout88-01HOUSING AND REDEVELOPMENT AUTHORITY
IN AND FOR THE
CITY OF LAKEVILLE, MINNESOTA
RESOLUTION NO. 88 -1
A RESOLUTION ESTABLISHING AN INTEREST RATE
REDUCTION PROGRAM, A HOUSING DEVELOPMENT
PROGRAM PLAN, TAX INCREMENT FINANCING
DISTRICT NO. 8 AND THE TAX INCREMENT
FINANCING PLAN RELATING THERETO.
WHEREAS, the Housing and Redevelopment Authority in and for the City of
Lakeville (the "Authority ") is authorized to undertake interest reduction programs
and housing development projects to encourage the construction of housing units,
including rental housing units, which are primarily for occupancy by individuals of
low or moderate income in accordance with Minn Stat 5469.012, subdivisions 6
through 10 and Minn Stat 5469.017, respectively; and
WHEREAS, pursuant to Minn Stat 5469.174 to 469.179, the Authority is
authorized to establish a tax increment financing district to finance the costs of an
interest reduction program and housing development project; and
WHEREAS, the Authority has caused to be prepared its Interest Reduction
Program Regulations, Housing Development Project Plan and Tax Increment
Financing Plan No. 8, (collectively referred to as the "Plans ") to be undertaken
within the Authority's proposed Tax Increment Financing District No. 8 (the
"District "); and
WHEREAS, the Authority has submitted the Plans to the Board of
Commissioners of Dakota County (the "Board ") and to the members of the School
Boards for School District Nos. 917 and 194 (the "School Boards ") for comment and
has provided an opportunity for members of the Board and the School Boards to
meet with representatives of the Authority; and
WHEREAS, the Authority has submitted the Plans to the City Council of the
City of Lakeville (the "City Council ") for their comment and approval; and
WHEREAS, the City Council of the City of Lakeville has held a public
hearing regarding the adoption of the Plans and the establishment of the District,
15 days' notice of which hearing was published as required by law.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF
COMMISSIONERS OF THE HOUSING AND REDEVELOPMENT AUTHORITY IN
AND FOR THE CITY OF LAKEVILLE (THE "COMMISSIONERS ") AS FOLLOWS:
1. The Plans are hereby approved and adopted in the form presented to
the Commissioners and on file with the Executive Director of the Authority on the
date hereof.
2. The establishment of the District is hereby approved and adopted as
set forth in the Plans.
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3. The Executive Director is hereby authorized and directed to submit
the Plans to the County Auditor of Dakota County, requesting that the original
assessed value of the property within Tax Increment Financing District No.8 be
certified, as required by Minn Stat §469.177.
Adopted by the Board of Commissioners of the Housing and Redevelopment
Authority in and for of the City of Lakeville thi h day o Jan. ry, 1988.
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