7.0. EDSR 02-14-2000 - Laserfiche WebLink

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Application. A written application tot the county board should be made to request approval of tax • abatement of the county levy. The application shall include the following: 1. General description of the project, including size and type of building, business type and expected use. 2. A map or site plan showing the boundary of the project and the property identification number(s)of the parcels subject to abatement. 3. Statements identifying the public benefits of the proposal, in, including estimated increase in property value and tax capacity attributable to new construction and the nature and extent of new jobs to be created. 4. Statement relating to new traffic generated, including parking capacity, projected vehicle counts, traffic flow and pedestrian safety. 5. Statement and documentation that the subject parcel(s)will not be redeveloped unless the county tax abatement is provided for the parcel(s). 6. The total amount of tax abatement requested and the amount and duration of the annual abatement payments. Limitation on abatement. Statutory abatement authority limits total Hennepin County tax abatements to five percent of its current tax levy. The Hennepin County Board hereby imposes a more restrictive limitation so that the total amount pf approved tax abatements in any year shall not exceed one percent of the county tax levy for that year. In addition, the county board will limit the total tax abatement for a specific parcel or associated parcels to a maximum of$3,000,000 for the full term of the abatement. This per parcel limitation shall not be applicable to county-owned properties. No abatement will be paid if the property tax on the parcel is not timely paid. Bonds Although the county may issue bonds to fund the approved abatement, the • county declines to issue bonds for this purpose unless the bonds relate to county initiated projects. • 4111