08/27/2001 Council Packet - Laserfiche WebLink

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• • a) The Council expects the benefits to the City of the Abatement to at least equal the costs thereof. b) Granting the Abatement is in the public interest because it will enhance and diversify the tax base of the City, encourage additional "spin -off' development, and increase the number and diversity of jobs in the City. c) The Council expects the public benefits described in (b) above to be derived from the Abatement. d) The Property is not located in a tax increment financing district. e) In any year, the total amount of property taxes abated by the City by this and other resolutions does not exceed the greater of five percent (5 %) of the current levy or $100,000. 5. The Abatement is hereby approved. The terms of the Abatement are as follows: a) The Abatement to Developers shall be in the amount of $491,000 Net Present Value. b) The Abatement to Developers shall include interest at seven percent (7 %) over the length of the Abatement. c) The Abatement, including the interest, shall be divided so that (1) Target Corporation receives the incremental taxes generated and paid on its parcel plus 61.84 percent of the Abatement for the remaining parcels, except the Kohl's parcel, and (2) Kohl's Department Stores, Inc. receives the incremental taxes generated and paid on its parcel plus 38.16 percent of the Abatement for the remaining parcels, except the Target parcel. d) The Abatement to Developers shall be for a maximum of six (6) years and shall apply to the taxes payable in the years 2004 through 2010, inclusive. e) The Abatement to City for recovery of waived fees shall be for a maximum of two (2) years and shall apply to taxes payable in the years 2011 and 2012. f) The Abatement shall include only taxes on the incremental value of the Property and the Project. g) The Abatement shall not include an area -wide Fiscal Disparities contribution. h) The Abatement may not be modified or changed during the term set forth in (a) and (b) above, except with the prior written consent of the Companies and the City. i) The Abatement shall be subject to all the terms and limitation of the Statutes.