6.2. SR 12-18-2006 - Laserfiche WebLink

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EXTRACT OF MINUTES OF MEETING OF THE CITY COUNCIL OF THE CITY OF ELK RIVER, MINNESOTA HELD: December 18, 2006 Pursuant to due call and notice thereof, a meeting of the City Council of the City of Elk River, Sherburne County, Minnesota, was duly called and held at the City Hall in said City on Monday, the 18th day of December, 2006, at 6:30 o'clock p.m. The following members were present: and the following were absent: Member adoption: introduced the following resolution and moved its RESOLUTION APPROVING PROPERTY TAX ABATEMENTS AND AUTHORIZING EXECUTION OF A TAX ABATEMENT AND BUSINESS SUBSIDY AGREEMENT BE IT RESOLVED by the City Council (the "Council") of the City of Elk River, Minnesota (the "City"), as follows: 1. Recitals. (a) United HealthCare Services, Inc. (the "Developer") proposes to construct an approximately 189,000 square foot data technology center in the City (the "Project"). The Developer has requested that the City provide financial assistance to the Developer for the Project. The City proposes to use the abatement for the purposes provided for in the Abatement Law (as hereinafter defined), including the Project. The proposed term of the abatement will be for up to ten years in an amount not to exceed the lesser of $850,000 or 5% of the assessed market value as determined by County Assessor for 2009 assessment and taxes payable in 2010. The abatement will apply to 100% of the City's share of the property taxes (the "Abatement") derived from the property currently described as Parcel Identification No. 75-661-0040 and an approximately 16.88 acre portion of property currently identified as Parcel Identification No. 75-758-0010 (the "Property") . (b) On the date hereof, the Council held a public hearing on the question of the Abatement, and said hearing was preceded by at least 10 days but not more than 30 days prior published notice thereof. 1970824v3