07/25/2005 Council Packet - Laserfiche WebLink

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1.08. On July 25, 2005 the Council conducted a duly noticed public hearing on the 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, because (a) the Abatement will help fmance the Facility, which will help the City carry out its recreational programs under the Recreation Act and provide access to these important services by City residents, (b) if the City were required to finance the entire facility as a municipal recreation center, the costs to the City would far exceed the amount provided through the Abatement described in this resolution; (c) the Facility will help stimulate the development of the Abatement Parcels and the Legacy at Woods Edge development as a whole, (d) the City taxes expected to be collected from the Abatement Parcels are expected to exceed the amount of the Abatement to be collected from the those parcels during the term of this resolution; and (e) the long term tax collections from the Abatement Parcels after the term of this resolution will far exceed the amount of Abatement collected hereunder. 2.02. It is hereby found and determined that the Abatement is in the public interest for the reasons described in Sections 2.01 and 2.03. 2.03. It is further specifically found and determined that the Abatement is expected to result in the following public benefits: (a) Help finance the Facility. (b) Provide access to a high quality recreational facility to City residents, which would not otherwise be financially feasible. (c) Stimulate significant increases in taxable market value of the Abatement Parcels. (d) Implement the City's long -tern plans for the Legacy at Woods Edge development. (e) Stimulate increases in employment in the City. 2.04. The maximum principal amount of Abatement Bonds to be secured by Abatements under this resolution does not exceed the estimated sum of Abatement from the Abatement Parcels for the term authorized under this resolution. 2.05. The Facility financed with proceeds of the Abatement Bonds will benefit the Abatement Parcels, as those parcels are in the immediate vicinity of the Facility and residents of expected housing development on the Abatement Parcels will have easy access to use of the Facility. Section 3. Actions Ratified; Abatement Approved. 2 - 2 6 -