Laserfiche WebLink
RESOLUTION NO. <br /> RESOLUTION APPROVING PROPERTY TAX ABATEMENTS <br /> 411 <br /> BE IT RESOLVED by the City Council (the "Council") of the City of Elk River, <br /> Minnesota(the "City"), as follows: <br /> 1. <br /> findings: Recitals. <br /> (a) Badger Ventures, LLC (the "Developer") proposes to construct an <br /> approximatelyabatementwill 13,000applyto square100%footofthe lightCitymanufacturing'sshareofthe facilityproperty in taxes the City(the(the"Abatement"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 /> derived from a 2.05 acre portion of the property described as Lot 5, Block 1, Elk River <br /> Business Park (the "Property"). <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 /> (c) The Abatement is authorized under Minnesota Statutes, Sections 469.1812 <br /> through 469.1815 (the "Abatement Law"). <br /> 2. Findings for the Abatement. The City Council hereby makes the following <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 /> (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 /> (c) The Property is not located in a tax increment financing district. <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 /> 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 /> (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 /> 1630423v1 <br />