HomeMy WebLinkAbout89-05THE HOUSING AND REDEVELOPMENT AUTHORITY
IN AND FOR THE CITY OF LAKEVILLE
COUNTY OF DAKOTA
STATE OF MINNESOTA
RESOLUTION NO. 89 -5
BEING A RESOLUTION ADOPTING A MODIFIED
SOUTHFORK I HOUSING DEVELOPMENT PROJECT
PLAN, INTEREST RATE REDUCTION PROGRAM AND
HOUSING TAX INCREMENT DISTRICT NO. 8, AND
ADOPT THE MODIFIED PLANS AND PROGRAMS
RELATING THERETO.
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 Southfork I Housing Development Project Plan, Interest Rate
Reduction Program and Housing Tax Increment District No. 8, pursuant to and in
accordance with Minnesota Statutes, Sections 469.001 to 469.047 and Sections
469.174 to 469.179, inclusive, as amended.
WHEREAS, the Authority proposes to modify the Southfork I Housing
Development Project Plan, Interest Rate Reduction Program and Housing Tax
Increment District No. 8 and has caused to be prepared a modified Tax Increment
Financing Plan and modifications to the Interest Rate Reduction Program and
Housing Development Project and Programs relating thereto, pursuant to and in
accordance with Minnesota Statutes, Sections 469.001 to 469.047 and Sections
469.174 to 469.179, inclusive, as amended.
WHEREAS, the Authority has submitted the Plan to the County Board of
Commissioners for Dakota County and the school board of the school district in
which this District is located and has notified such County Board and such school
boards that the modification of the District, Project and Programs 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, Project and Program and
the adoption of the modified Plans and Programs are in the public interest
and to the benefit of the health, safety and welfare of the City;
(b) that the modification of the District will not alter its
designation as a Tax Increment Housing District;
(c) that the Plan modification will afford maximum opportunity,
consistent with the sound needs of the City as a whole for the development
of the Project by private enterprise.
(d) that the Plan Modification conforms to the general plan for
the development of the City as a whole;
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, Project and Program is hereby
approved and adopted by the Authority in substantially the form on file with the
City on this date. The Executive Director is hereby authorized and directed to
submit the Plan modification to the City Council together with a request that the
City Council approve such Plan modification 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 Plan modification with the Minnesota Commissioner of Trade and
Economic Development, together with a copy of the Plan for the Project.
4. 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
modification, 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 1, 1989•
Chairperson
Attest:
Executive Director
(SEAL)