7.3 SR 05-15-2023 - Laserfiche WebLink

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including compliance with job and wage goals as required by Minnesota Statutes, Sections 116J.993 to 116J.995, as amended (the "Business Subsidy Act"). 1.06. On the date hereof, the City Council conducted a duly noticed public hearing on the Abatement, at which the views of all interested persons were heard and considered. Section 2. Findings. 2.01. The recitals set forth above are incorporated into this resolution. 2.02. 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 and (b) the long-term taxes collected from the Property after termination of the Abatement will exceed the amount of the Abatement provided to the Developer. 2.03. It is hereby found and determined that the Abatement is in the public interest because it is expected to result in the following public benefits: (a) The Abatement will increase the City's tax base through the creation of an estimated $1,290,800 increase in market value for the Property; (b) The Abatement will help an existing business expand in the City, the County and the State; and (c) It will provide additional employment opportunities in the City, the County 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. 3.02. Subject to the provisions of the Abatement Act and the execution of the Agreement as set forth in Section 4 hereof, the Abatement is hereby approved and adopted subject to the following terms and conditions: (a) The term "Abatement" means a portion of the City's share of annual real property taxes received by the City with respect to the Property in an amount calculated in each tax - payable year as follows: the City's tax rate for such tax -payable year multiplied by the difference between the net tax capacity of the Property as improved by the Project as determined by the City in its sole distraction, as of January 2 of the prior year, less $2,838 (i.e. the net tax capacity of the Property, as established by the County assessor on January 2, 2023, for taxes payable in 2024). (b) The City will pay the Abatement in the amount, at the time, and in accordance with the terms and conditions set forth in the Agreement.