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• <br />participate. In any given year, the total amount of property taxes abated may <br />not exceed the greater of 5% of the city's current levy, or $100,000. <br />The policy will establish the city's position relating the use of abatement, with <br />objectives including development of the Town Center (see attached map), <br />retaining or increasing local jobs, enhancing the tax base, and affordable <br />housing. <br />3. The third action to be considered is granting a tax abatement to the proposed <br />Target/Kohl's project (see attached map). The project is expected to <br />generate approximately $24 million in market value when complete, and <br />approximately $108,000 per year in city taxes. Anoka County and Forest <br />Lake School District have declined to participate in this abatement, therefore <br />the city can abate taxes on the parcel for 15 years. Granting an abatement <br />requires a public hearing. <br />4. Finally, the city council will consider a business subsidy agreement with <br />Target/Kohl's. Because the business subsidy under consideration is in <br />excess of $100,000, a public hearing is required. <br />ill OPTIONS: <br />1. Open the public hearing <br />2. Continue the public hearing <br />RECOMMENDATION: <br />Option 1 <br />• <br />