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RESOLUTION NO. <br /> <br />RESOLUTION APPROVING PROPERTY TAX ABATEMENTS <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) Badger Ventures, LLC (the "Developer") proposes to construct an <br />approximately 13,000 square foot light manufacturing facility in the City (the "Project"). <br />The Developer has requested that the City provide financial assistance to the Developer <br />for the Project. The City proposes to use the abatement for the purposes provided for in <br />the Abatement Law (as hereinafter defined), including the Project. The proposed term of <br />the abatement will be for up to ten years in an amount not to exceed $71,885. The <br />abatement will apply to 100% of the City's share of the property taxes (the "Abatement") <br />derived from a 2.05 acre portion of the property described as Lot 5, Block l, Elk River <br />Business Park (the "Property"). <br /> <br /> (b) 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 thereof. <br /> <br /> (c) The Abatement is authorized under Minnesota Statutes, Sections 469.1812 <br />through 469.18 ! 5 (the "Abatement Law"). <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 or exceed the costs to the City thereof. <br /> <br /> (b) Granting the Abatement is in the public interest because it will increase or <br />preserve the tax base of the City and provide employment opportunities in the City. <br /> <br />(c) The Property is not located in a tax increment financing district. <br /> <br /> (d) In any year, the total amount of property taxes abated by the City by this <br />and other resolutions, if any, does not exceed the greater of ten percent (10%) of the <br />current levy or $200,000. <br /> <br /> 3. Terms of Abatement. The Abatement is hereby approved; provided, however, the <br />this approval is contingent upon the approval by Sherburne County of an abatement program for <br />the Project upon the same terms as set forth below for the County's share of property tax amount <br />which the County receives from the Property. The terms of the Abatement are as follows: <br /> <br /> (a) The Abatement shall be for up to ten (10) years and shall apply to the <br /> taxes payable in the years 200__ through 20 , inclusive. <br /> <br />1630423vl <br /> <br /> <br />