11-23-2005 Council Agenda - Laserfiche WebLink

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CITY OF LITTLE CANADA RESOLUTION APPROVING PROPERTY TAX ABATEMENT FOR CERTAIN PROPERTIES IN THE CITY ASSOCIATED WITH THE ACQUISITION OF PUBLIC RIGHT -OF -WAY BE IT RESOLVED by the City Council (the "Council ") of the City of Little Canada, Minnesota (the "City ") as follows: Section 1. Recitals 1.01 Under Minnesota Statutes, Sections 469.1812 to 469.1815 (the "Act "), the City is authorized to approve a property tax abatement to carry out certain public purposes, including the provision of public infrastructure. 1.02 The City has considered granting an abatement under the Act relating to certain property in the City described as Lots 1 -5, Block 1, and Lots 1 -6, Block 2, Hidden Acres Subdivision, Little Canada, Minnesota (the "Property "). 1.03 Under the Act, the City is authorized to retain abatements from property in order to provide or finance public infrastructure, including the acquisition of right -of- way to support same. The City is advancing funds to finance the acquisition of public right-of-way to facilitate the construction of Nadeau Road between Concetta Way and Condit Street, and the reconstruction of Condit Street between Nadeau Road and Yorkton Ridge. The City will capture abatements from the Property to reimburse itself principal and interest costs associated with the advancement of funds. 1.04 The City did not pursue abatements from any other political subdivision. 1.05 The City is acquiring right -of -way along Nadeau Road between Concetta Way and Condit Street and Condit Street between Nadeau Road and Yorkton Ridge. The acquisition of this right -of -way will facilitate the construction of Nadeau Road in 2005 and the reconstruction of Condit Street in the future to serve the Property as well as the existing residences in the area. 1.06 On this date, the Council conducted a duly noticed public hearing regarding the proposed Abatement, at which the views of all interested persons were heard. Section 2. Findings 2.01 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 due to the long- term tax base growth that continues beyond the period of the Abatement. 3