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<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 <br />abatement program for the Project upon the same terms as set forth below for the <br />County's share of property tax amount which the County receives from the <br />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 2008 through 2017, inclusive. <br /> <br />(b) The City will abate and pay to the Developer 100% of the City's share of <br />the property tax amount which the City receives from the Property, not to exceed <br />$133,947. <br /> <br />(c) The Abatement shall be subject to all the terms and limitations of the <br />Abatement Law. <br /> <br />(d) The Abatement may not be modified or changed during its term. <br /> <br />4. Armroval of Tax Abatement and Business Subsidy Agreement. <br /> <br />(a) The City Council hereby approves a Tax Abatement and Business Subsidy <br />Agreement with the Developer providing for payment of the Abatement and the City's <br />assistance for the Project in substantially the form submitted, and the Mayor and <br />Administrator are hereby authorized and directed to execute the Tax Abatement and <br />Business Subsidy Agreement on behalf of the City. <br /> <br />(b) The approval hereby given to the Tax Abatement and Business Subsidy <br />Agreement includes approval of such additional details therein as may be necessary and <br />appropriate and such modifications thereof, deletions therefrom and additions thereto as <br />may be necessary and appropriate and approved by the City officials authorized by this <br />resolution to execute the Agreement. The execution of the Agreement by the appropriate <br />officer or officers of the City shall be conclusive evidence of the approval of the <br />Agreement in accordance with the terms hereof. <br /> <br />1 844746vl <br /> <br />2 <br />