RES 06-014 - Laserfiche WebLink

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. . . (a) The Council expects the benefits to the City of the Abatement to at least equal or exceed the costs to the City thereof. (b) Granting the Abatement is in the public interest because it will increase or preserve the tax base of the City and provide employment opportunities in the City. (c) The Property is not located in a tax increment financing district. (d) In any year, the total amount of property taxes abated by the City by this and other resolutions, if any, does not exceed the greater of ten percent (10%) of the current levy or $200,000. 3. Terms of Abatement. The Abatement is hereby approved; provided, however, that this approval is contingent upon the approval by Sherburne County of an abatement program for the Project upon the same terms as set forth below for the County's share of property tax amount which the County receives from the Property. The terms of the Abatement are as follows: (a) The Abatement shall be for up to twelve (12) years and shall apply to the taxes payable in the years 2008 through 2019, inclusive. (b) The City will abate and pay to the Developer 100% of the City's share of the property taxes based on the market value of the Property in excess of the market value of Property as improved by the Developer's existing facility prior to expansion and renovation determined by the Sherburne County assessor in 2006 for taxes payable in 2007, not to exceed $300,000. (c) The Abatement shall be subject to all the terms and limitations of the Abatement Law. (d) The Abatement may not be modified or changed during its term. 4. Approval of Tax Abatement and Business Subsidy Agreement. (a) The City Council hereby approves a Tax Abatement and Business Subsidy Agreement with the Developer providing for payment of the Abatement and the City's assistance for the Project in substantially the form submitted, and the Mayor and Administrator are hereby authorized and directed to execute the Tax Abatement and Business Subsidy Agreement on behalf of the City. (b) The City Council hereby approves a Tax Abatement and Business Subsidy Agreement as a subsidy agreement pursuant to the requirements of the Business Subsidy Law, Minnesota Statutes, Section 116].993 through 116].995. (c) The approval hereby given to the Tax Abatement and Business Subsidy Agreement includes approval of such additional details therein as may be necessary and appropriate and such modifications thereof, deletions therefrom and additions thereto as may be necessary and appropriate and approved by the City officials authorized by this resolution to execute the Agreement. The execution of the Agreement by the appropriate officer or officers of the City shall be conclusive evidence of the approval of the Agreement in accordance with the terms hereof. 06-14