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05-11-2004 Council Workshop Agenda
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05-11-2004 Council Workshop Agenda
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❑ Abatements are authorized to finance public infrastructure, whether or not the benefitted infrastructure is on or adjacent <br />to the parcel for which the tax is abated. The owner of a parcel for which taxes are abated need not consent. Thus, a <br />political subdivision may approve an abatement for certain parcels and use the retained taxes to finance public <br />improvement projects. <br />❑ The notification requirements include a public hearing with a 10 to 30 day publication notice. <br />❑ The findings required by a council or board include general statements of tax base, preservation, employment, public <br />facilities, blight, or access to services. <br />❑ G.O. Abatement Bonds can be issued without affecting net debt and can be issued without a referendum under certain <br />conditions. Authorities may increase their abatement levies to make up for shortfalls resulting from class rate <br />compression. Effective for bonds issued or sold after July 1, 2001, abatement bonds used for buildings primarily used <br />to conduct the business of a unit of government must require approval by the voters in a referendum, under legislation <br />passed in 2001. <br />❑ Abatement does not require a property owners consent. <br />❑ Abatements cannot be used in concert with tax increment financing, but can be utilized after a TIF district is decertified. <br />❑ Effective for abatement levies payable beginning in 2002, the 2001 Legislature authorizes political subdivisions to <br />increase their abatement levies to make up for shortfalls from class rate compression. <br />Another issue which complicates the abatement program is the specific authority of a governmental body to pledge its <br />abatements to the debt of another governmental entity, if the debt is not a G.O. Abatement Bond. Many attomeys differ on <br />the interpretations of the pledges allowed and what exactly constitutes a G.O. Abatement Bond. <br />We recommend that abatement always be utilized in conjunction with a development agreement that clearly spells out the <br />developer's responsibilities with respect to improvements and job and wage goals. <br />Abatement is a "business subsidy" and as such is subject to Minnesota Statutes, Sections 116J.993 through 116J.995. <br />Ehlers & Associates, Inc. - Abatement <br />
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