26-36 - Resolution - Property Tax Abatement - Public Infrastructure Improvements

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CITY OF LINO LAKES, MINNESOTA RESOLUTION NO.26-36 RESOLUTION APPROVING PROPERTY TAX ABATEMENT IN THE CITY OF LINO LAKES FOR CERTAIN PUBLIC INFRASTRUCTURE IMPROVEMENTS BE IT RESOLVED By the City Council of the City of Lino Lakes, Minnesota (the "City") as follows: Section 1. Recitals. 1.01. The City proposes to (a) finance certain public improvements including the extension and improvement of Otter Lake Road in the City including utility improvements (the "Project") with tax abatement bonds authorized by Minnesota Statutes, Sections 469.1812 through 469.1815, as amended (the "Abatement Act"); and (b) authorize a property tax abatement with respect to various parcels of land that benefit from such public improvements. 1.02. Pursuant to Section 469.1813, subdivision 1 of the Abatement Act, the City may grant an abatement of all or a portion of the taxes imposed by the City on one or more parcels of property to pay for all or part of the cost of financing or providing public infrastructure, increasing or preserving the tax base, providing employment opportunities, and helping provide access to services for residents of the City. 1.03. The City has identified 37 parcels located in the City, identified in EXHIBIT A attached hereto (the "Abatement Property"), which will be benefitted by the Project and from which the City proposes to abate all or a portion of the City's share of taxes to help finance the Project, subject to all the terms and conditions of this resolution. 1.04. The Abatement Property is not located in a tax increment financing district. 1.05. The City is authorized under the Abatement Act to issue bonds to (1) pay for public improvements that benefit the property, (2) to acquire and convey land or other property, (3) to reimburse the property owner for the cost of improvements made to the property, or (4) to pay the costs of issuance of the bonds. 1.06. The City is authorized under the Abatement Act and Minnesota Statutes, Chapter 475, as amended (together, the "Act"), to issue one or more series of general obligation bonds, a portion of which will be designated as tax abatement bonds in the aggregate principal amount not to exceed $5,000,000 (the "Abatement Bonds") to pay the costs of the Project pursuant to the Abatement Act and Minnesota Statutes, Chapter 475, and which are expected to be paid primarily through the collection of Abatement (hereinafter defined) revenues. 1.07. On the date hereof, the City Council conducted a duly noticed public hearing on the Abatement at which the views of all interested persons were heard. 4915-4188-1238.2