Laserfiche WebLink
• (a) The Council expects the benefits to the Ciry of the Abatement to at least <br />equal ox exceed the costs to the City thereof. <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 />(c) The Property is not located in a tax increment financing district. <br />(d) In any year, the total amount o£ property taxes abated by the City by this and <br />other resolutions, if any, does not exceed the greater of ten percent (10%) of the current levy <br />ox $200,000. <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 abatement <br />program for the Project upon the same terms as set forth below fox the County's share of <br />property tax amount which the County receives from the Pxopexry. The terms of the <br />Abatement axe as follows: <br />(a) The Abatement shall be fox up to thirteen (13) years and shall apply to the <br />taxes payable in the years 2010 through 2022, inclusive. <br />(b) The Ciry will abate and pay to the Developer 100% of the pxopert3 tax <br />amount which the City receives from the Pxopexry, not to exceed $411,000. <br />(e) The Abatement shall be subject to all the terms and limitations of the <br />Abatement Law. <br />(d) The Abatement may not be modified ox changed duting its term. <br />4. Apnxoval of Tax Abatement and Business Subsidy Agreement. <br />(a) The Ciry Council hereby approves a Tax Abatement and Business Subsidy <br />Agreement with the Developer providing fox payment of the Abatement and the City's <br />assistance fox the Project in substantially the form submitted, and the Mayor and <br />Administrator axe hereby authorized and directed to execute the Tax Abatement and <br />Business Subsidy Agreement on behalf of the City. <br />(b) 1'he approval hereby given to the T'ax 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 ox officers of the City shall be conclusive evidence of the approval of the Agreement <br />in accordance with the terms hereof. <br /> <br />2 <br />