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CITY OF ELK RIVER <br />COUNTY OF SHERBURNE <br />STATE OF MINNESOTA <br /> <br /> RESOLUTION NO. 02- <br /> <br />RESOLUTION APPROVING PROPERTY TAX ABATEMENTS <br /> FOR ELK PATH, LLC PROJECT <br /> <br /> BE IT RESOLVED by the City Council (the "Council") of the City of Elk River, <br />Minnesota (the "City"), as follows: <br /> <br />1. Recitals. <br /> <br /> (a) Minnesota Statutes, Sections 469.1812 through 469.1815 (the "Abatement <br />Law"), authorizes the City to grant certain abatements. <br /> <br /> (b) Elk Path, LLC (the "Company") has requested the City to abate up to <br />$200,000 of the City's share of the property taxes to be generated on the Company's <br />proposed development of its approximately 42,000 square foot professional office <br />building on the property (the "Property") which is located in the City directly west of the <br />Sherburne County Government Center on Business Center Drive and which generally <br />consists of current tax parcel no. 75-687-0105 (collectively, said project and the Property, <br />as they may exist from time to time, are hereinafter referred to as the "Project"). <br /> <br /> (c) The Abatement Law limits the maximum annual amount abatable by the <br />City to the City's total local tax rate times the net tax capacity of the Project for that year. <br />The City's share of the taxes on the completed Project are estimated to be approximately <br />$28,850 per year, and the proposal is for the City to abate up to a total of $200,000 of <br />such City taxes, beginning with the taxes payable in the year 2004. Accordingly, it is <br />estimated that approximately seven years of those City taxes will be required to complete <br />the total $200,000 abatement. In no event, however, would more than eight years of City <br />taxes (payable 2004 to 2011), or $200,000, whichever is less, be abated. <br /> <br /> (d) On the date hereof, the Council held a public hearing on the question of <br />the Abatement, and said hearing was preceded by at least 10 days but not more than 30 <br />days prior published notice hereof. <br /> <br /> (e) The Abatement is a business subsidy pursuant to Minnesota Statutes, <br />Sections 116J.993 et seq. <br /> <br />findings: <br /> <br />Findings for the Abatement. The City Council hereby makes the following <br /> <br /> (a) The Council expects the benefits to the City of the Abatement to at least <br />equal the costs thereof because the Council expects that the Project will generate <br /> <br />1410047vl <br /> <br /> <br />