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<br />( <br /> <br />( <br /> <br />(b) The political subdivision may "limit the abatement: <br /> <br />(1) to a specific dollar amount per year or in total; <br /> <br />(2) to the increase in property taxes resulting from improvement of the <br />property; <br /> <br />(3) to the increases in property taxes resulting from increases in the <br />market value or tax capacity of the propertYi <br /> <br />(4) in any other manner the governing body of the subdivision determines <br />is appropriate; or <br /> <br />(5) to the interest and penalty that would otherwise be due on taxes that <br />are deferred. <br /> <br />(c) The political subdivision may not abate tax attributable to the <br />areawide tax under Chapter 276A or 473F, except as provided in this <br />subdivision. <br /> <br />Subd. 3. School district abatements. An abatement granted under this <br />section is not an abatement for purposes of state aid or local levy under <br />sections 127A.40 to 127A.51. <br /> <br />Subd. 4. Property located in tax increment financing districts. The <br />governing body of a political subdivision may not enter into a property tax <br />abatement agreement under sections 469.1812 to 469.1815 that provides for <br />abatement of taxes on a parcel, if the abatement will occur while the parcel <br />is located in a tax increment financing district. <br /> <br />Subd. 5. Notice and public hearing. (a) The governing body of the <br />political subdivision may approve an abatement under sections 469.1812 to <br />469.1815 only after holding a public hearing on the abatement. <br /> <br />(b) Notice of the hearing must be published in a newspaper of general <br />circulation in the political subdivision at least once more than ten days but <br />less than 30 days before the hearing. The newspaper must be one of general <br />interest and readership in the community, and not one of limited subject <br />matter. The newspaper must be published at least once per week. The notice <br />must indicate that the governing body will consider granting a property tax <br />abatement, identify the. property or properties for which an abatement is <br />under consideration, and the total estimated amount of the abatement. <br /> <br />Subd. 6. Duration limit. (a) A political subdivision may grant an <br />abatement for a period no longer than ten years, except as provided under <br />paragraph (b). The abatement period will commence in the first year in which <br />the abatement qranted is either paid or retained in accordance with Minn. <br />Stat. Sec. 469~1815, Subd. 2. The subdivision may specify in the abatement <br />resolution a shorter duration. If the resolution does not specify a period <br />of time, the abatement is for eight years. If an abatement has been granted <br />to a parcel of property and "the period of the abatement has expired, the <br />political subdivision that granted the abatement may not grant another <br />abatement for eight years after the expiration of the first abatement. This <br />prohibition does not apply to improvements added after and not subject to the <br />first abatement. Economic abatement aqreements for real and personal property <br />sublect to valuation under or pursuant to Chapter 8100 of the Minnesota Rules <br />are not sublect to this prohibition and may be qranted successively. <br />