Loading...
HomeMy WebLinkAbout89-06THE HOUSING AND REDEVELOPMENT AUTHORITY IN AND FOR THE CITY OF LAKEVILLE COUNTY OF DAKOTA STATE OF MINNESOTA RESOLUTION NO. 89 -6 BEING A RESOLUTION ADOPTING A REDEVELOPMENT PROJECT AND TAX INCREMENT FINANCING DISTRICT NO. 11 TO BE LOCATED WITHIN THE REDEVELOPMENT PROJECT AND APPROVAL AND ADOPTION OF A REDEVELOPMENT PLAN AND TAX INCREMENT FINANCING PLAN 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 "), by resolution adopted on December 3, 1984, pursuant to the Municipal Housing and Redevelopment Act, established a Housing Development Project (the "Project ") originally referred to as the Housing Development Plan for Meadows North; and WHEREAS, the Authority proposes to end the existing Tax Increment Housing District (Lakeville Tax Increment District No. 5) and Housing Development Project and replace them with an Economic Development Tax Increment District (Lakeville Tax Increment District No. 11) and a Redevelopment Project Area for the Meadows North Project; and WHEREAS, the Authority proposes to establish a Redevelopment Project and Tax Increment Financing District No. 11 (the "District "), within the Project and has caused to be prepared a Tax Increment Financing Plan (the "Plan'), pursuant to Minnesota Statutes, Sections 469.001 to 469.047 and Sections 469.174 to 469.179, inclusive, as amended. WHEREAS, the Authority has submitted the Plans 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 designation and establishment of the District and Project 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 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 an economic development district as defined in Minnesota Statutes, Section Section 469.174, Subd. 12. It has been determined that the project will increase the tax base and create jobs. Thus, the tax increment financing district appears to meet the statutory requirements of an economic development district and will henceforth be referred to as a tax increment financing economic development district. The parcels that have been used to establish eligibility as an economic development tax increment financing district are listed in the Tax Increment Financing Plan. The establishment of the District will result in the construction of a housing project which required certain necessary land acquisitions and assembly and certain public improvements; (c) that the development proposed to be assisted on the Housing Authority site 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 supporting information for the findings set forth above have been set forth in writing in the Plan. 2. The Plans which establish the District and Project are 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 Plans to the City Council together with a request that the City Council approve such Plans 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 Plans with the Minnesota Department of Trade and Economic Development, together with a copy of the Plan for the Project. 4. Following approval of the Plans by the City Council of the city, the Executive Director is authorized and directed to request the County Auditor of Dakota County to certify and to recertify in some cases the original tax capacity 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 tax capacity value has increased or decreased from the original tax capacity 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 tax capacity value bears the then current tax capacity value and tax capacity rate, all pursuant to Minnesota Statutes, Section 469.175. a 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: May 1, 1989. - J-ILee Chairperson Attest: Executive Director (SEAL)