RES 21-17 - Laserfiche WebLink

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abatement assistance to the Developer and Sportech in connection with the Expansion Project on the Property. All other terms of the Original Abatement Resolution and the Original Abatement shall remain in full force and effect. 2.02. The recitals set forth above are incorporated into this resolution. 2.03. It is hereby found and determined that the benefits to the City from the Abatement will be at least equal to the costs to the City of the Abatement, because (a) based on representations of the Developer, the City believes that the development to be facilitated is not reasonably likely to occur absent the Abatement, (b) the development to be facilitated by the Abatement will likely encourage additional development within the area; and (c) the Facility will generate significant City tax revenues after termination of the Abatement, which revenues will far exceed the amount of the Abatement itself. 2.04. It is hereby found and determined that the Abatement is in the public interest because such action will increase the City's tax base, stimulate commercial development and provide additional employment opportunities in the City and the State. 2.05. It is further specifically found and determined that the Abatement is expected to result in the following public benefits: (a) Creation of an estimated $2,825,000 increase in market value for property tax purposes for the Expansion Project, which will be available to all taxing jurisdictions after expiration of the Abatement; and (b) Creation of new jobs in the City and the State. Section 3. Actions Ratified; Abatement Approved 3.01. The City Council hereby ratifies all actions of the City's staff and consultants in arranging for approval of this resolution in accordance with the Abatement Act and the Business Subsidy Act. 3.02. Subject to the provisions of the Abatement Act, the Abatement is hereby approved and adopted subject to the following terms and conditions: (a) 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, which are incorporated herein by reference upon the execution thereof by both parties. (b) In accordance with Section 469.1813, subdivision 8 of the Abatement Act, in no year shall the Abatement, together with all other abatements approved by the City under the Abatement Act and paid in that year exceed the greater of 10% of the net tax capacity of the City for that year or $200,000 (the "Abatement Cap"). The City may grant other abatements permitted under the Abatement Act after the date of this resolution, provided that to the extent the total abatements in any year exceed the Abatement Cap, the 3