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HomeMy WebLinkAbout88-03), } HOUSING AND REDEVELOPMENT AUTHORITY IN AND FOR THE CITY OF LAKEVILLE, MINNESOTA RESOLUTION NO. 88 -3 A RESOLUTION ESTABLISHING TAX INCREMENT FINANCING DISTRICT NO. 9 LOCATED WITHIN REDEVELOPMENT PROJECT NO. 2; AND ADOPTING AND APPROVING THE TAX INCREMENT FINANCING PLAN RELATING THERETO. WHEREAS, The Housing and Redevelopment Authority in and for the City of Lakeville, Minnesota (the "Authority ") has proposed to establish Tax Increment Financing District No. 9 (the "Tax Increment District ") to be undertaken within existing Redevelopment Project No. 2 and has caused to be prepared a Tax Increment Financing Plan (the "Financing Plan "), pursuant to Minnesota Statutes Section 469.174 to 469.179, inclusive; and WHEREAS, the Authority has submitted the Plan to the Board of Commissioners of Dakota County (the "Board ") and to the members of the School Board 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 Plan 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 Plan and the establishment of the District, 10 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 Authority hereby finds and determines: (a) The Plan is 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. (b) The establishment of the District is hereby approved and adopted as set forth in the Plan. (c) That the establishment of the Tax Increment District and adoption of the Financing Plan are in the public interest and to the benefit of the health, safety and welfare of the City; -1- (d) That the Tax Increment District is a redevelopment district as defined in Minnesota Statutes Section 469.174, Subd. 10. It has been determined that 4 of the parcels in the district (100 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 4 structures on the 4 parcels of land constituting the tax increment redevelopment district have been investigated by consultants. Two of the four 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 in the respective Financing Plan. The establishment of the Tax Increment District will result in the new construction of commercial /office development. (e) That the development proposed to be assisted as described in the Financing 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 since the developers could not construct the improvements without the use of tax increments to assist with the financing of soil correction. (f) That the Redevelopment Plan and Financing Plan conform to the general plan for the development of the City as a whole; (g) That the Redevelopment Plan and Financing 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 as it will enable the City to provide a suitable site, via soil correction for development; thereby encouraging development in the area. The reasons and supporting facts for each of the findings set forth above have been set forth in writing in the Financing Plan and Appendices. 2. The Financing Plan which establishes the Tax Increment District are 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 Financing Plan to the City Council together with a request that the City Council approve such Financing Plan following a public hearing to be held pursuant to Minnesota Statutes Section 469.175, Subd. 3. 3. The Executive Director is hereby authorized and directed to file a copy of the Financing Plan for the Tax Increment District with the Minnesota Commissioner of Trade and Economic Development. 4. Following approval of the Financing 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 Tax Increment District, as described in the Financing Plan, and to certify in each year hereafter the amount by which the assessed value has -2- 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 Financing 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 469.177. 5. Following approval of the Financing 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 Financing 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: April 18 , 1988. Chairman (SEAL) INIM