DEPARTMENT: Physical Development Administration
FILE TYPE: Regular Action
TITLE
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Reaffirmation Of Base Levy And Approval Of 2027 Incremental Levy For Dakota County Community Development Agency
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RESOLUTION
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WHEREAS, the Dakota County Board of Commissioners (Board) has determined that the availability of accessible, affordable housing and economic development activities are necessary components of a vital, sustainable economy in Dakota County; and
WHEREAS, the Dakota County Community Development Agency (CDA) has the powers of a Housing and Redevelopment Authority and Economic Development Authority within Dakota County; and
WHEREAS, there continues to be a substantial gap between the demand for affordable housing and economic development activities in Dakota County and financial resources for such activities, and additional capital for the CDA to support these activities is desired to contribute to a vital, sustainable economy in Dakota County; and
WHEREAS, the CDA develops senior and workforce housing financed using housing revenue bonds with the pledge of general obligation backing by Dakota County, as approved by the Board; and
WHEREAS, the Board has previously approved the ongoing base levy by the CDA of special benefit taxes at a rate of .0144% of Estimated Market Value to support debt service payments for the CDA bond-funded developments; and
WHEREAS, the CDA is authorized under Minn. Stat. ยง 469.033, subd. 6, with the approval of the Board, to levy additional special benefit taxes, up to an amount of .0041% of Estimated Market Value (the incremental levy) for a total levy of .0185%; and
WHEREAS, the CDA is requesting approval of an incremental levy of .0012% for a total levy of .0156% of Estimated Market Value; and
WHEREAS, the incremental levy would provide the CDA with an estimated $942,499 for CDA-supported programs; and
WHEREAS, the approval of the incremental levy applies only to taxes payable in 2027.
NOW, THEREFORE, BE I...
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