08/27/2001 Council Packet - Laserfiche WebLink

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e Councilmember and moved its adoption: introduced the following resolution LINO LAKES CITY COUNCIL RESOLUTION NO. 01 -106 RESOLUTION APPROVING PROPERTY TAX ABATEMENT FOR THE TARGET /KOHL'S PROJECT BE IT RESOLVED by the City Council (the "Council ") of the City of Lino Lakes, Minnesota (the "City "), as follows: 1. (a) Target Corporation and Kohl's Department Store, Inc. (the "Companies ") have requested the City to abate a portion of the City's share of all property taxes to be generated for six (6) years (specifically, with respect to the payable 2004- 2010 property taxes) at the northeast corner of I -35W and County Road 23 (Lake Drive) (the "Property ") for the 182,760 SF Target Superstore and the 106,584 SF Kohl's Department Store (the "Project ") to be constructed and located therein. Springsted, Inc. has requested on behalf of the City that Independent School District 831 (the "School District ") and Anoka County (the "County ") grant an abatement for the Property. The School District at a meeting of its Board on June 18, 2001 has declined to grant an abatement for the Property. Anoka County at its Intergovernmental Committee of July 11, 2001 declined to grant an abatement for the Property. The abatement (the "Abatement ") is currently estimated to be $103,860 per year for a total of not to exceed $491,000. (b) Target Corporation and Kohl's Department Store, Inc. (the "Companies ") have requested the City to waive Surface Water Management Fees of $105,000 and 50% of SAC/WAC area charges of $74,312. The City may elect to recover these fees through tax abatement of the City's share of all property taxes to be generated for two (2) years (specifically, with respect to the payable 2011 -2012 property taxes) at the northeast corner of I -35W and County Road 23 (Lake Drive) (the "Property ") for the 182,760 SF Target Superstore and the 106,584 SF Kohl's Department Store (the "Project ") to be constructed and located therein. 2. On the date hereof, the Council held a public hearing on the question of Abatement, and said hearing was preceded by at least 10 days but not more than 30 days prior to published notice hereof. 3. The Abatement is authorized under Minnesota Statutes, Section 469.1812 through 469.1815 (the "Abatement Statutes "). 4. The Council hereby makes the following findings: •