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• AGENDA ITEM 3D <br />• <br />• <br />STAFF ORIGINATOR: Al Rolek <br />DATE: 5/29/01 <br />TOPIC: Consideration of Resolution 01 -74 calling for a Public <br />Hearing regarding granting a Tax Abatement for the <br />Marketplace Development Area and authorizing staff <br />to draft a Tax Abatement Resolution <br />Vote Required: Simple Majority <br />BACKGROUND: <br />A request has been made to the city for tax abatement to be provided to the <br />Marketplace Development. According to the Minnesota Tax Abatement statutes, <br />a public hearing is required before the city council can act on an abatement <br />request. <br />In addition, the city can grant an abatement only by adopting an abatement <br />resolution specifying the terms of the abatement, and the nature and extent of <br />the public benefits resulting from the abatement. <br />This resolution calls for a public hearing at 6:30 p.m. on Monday, July 23, 2001 <br />regarding the granting of a tax abatement to the Marketplace Development Area, <br />and directs staff to draft a tax abatement resolution for council consideration at <br />the July 23, 2001 city council meeting. <br />OPTIONS: <br />1. Adopt Resolution No. 01 -74 <br />2. Return to staff for further consideration <br />RECOMMENDATION: <br />Option 1 <br />