7.4. SR 05-18-2015 - Laserfiche WebLink

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(a) The Abatement will stimulate commercial development and therefore will increase the tax base. (b) The Facility will generate significant City tax revenues after termination of the Abatement,which revenues will far exceed the amount of the Abatement itself. 2. Public Purposes. It is further found and determined that the Abatement will serve the following public purposes set forth in Section 469.1813, subdivision 1 of the Abatement Act: (a) The Abatement will stimulate commercial development and therefore will increase the tax base. (b) The Abatement will provide employment opportunities in the City. 3. Abatement Approved. The Abatement is hereby approved and adopted subject to the following terms and conditions: (a) "Abatement" or "Abatements" means the City's share of annual real estate taxes on the Tax Abatement Property above the current land value of$7,500 for a term of up to 15 years in a principal amount not to exceed $546,814 with interest as provided in the Abatement Agreement. (b) The City will pay the Abatements in the amount, at the time, and in accordance with all the terms and conditions set forth in the Abatement Agreement and as further provided in the Pledge Agreement,which are incorporated herein by reference. (c) The Abatement is subject to modification in accordance with the Abatement Act, but only to the extent so permitted under the terms of the Abatement Agreement. (d) In accordance with Section 469.1815 of the Abatement Act, the City will add to its levy in each year during the term of the Abatement the total estimated amount of current year Abatement granted under this resolution. (e) The City makes no warranties or representations regarding the amount or availability of the Abatements. ( In accordance with Section 469.1813, subdivision 8 of the Abatement Act, in no case shall the Abatement, together with all other abatements approved by the City under the Abatement Act and paid in any one year exceed the greater of 10% of the City's net tax capacity for that year or $200,000. 5. Execution of Documents. The City Council hereby approves the Abatement Agreement and any related documents necessary in connection therewith (collectively, the "Documents") and, the Mayor and City Clerk are hereby authorized and directed to execute the Documents to which the City is a party on behalf of the City and to carry out, on behalf of the City, the City's obligations thereunder. In the event of absence or disability of the officers, any of the Documents authorized by this Resolution to be executed may be executed without further act or authorization of the Council by any duly designated acting official, or by such other officer or officers of the City as, in the opinion of the City Attorney, may act in their behalf. 461423v1 EL185-32 2