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• Councilmember introduced the following resolution <br />and moved its adoption: <br />LINO LAKES CITY COUNCIL <br />RESOLUTION NO. 01-106 <br />RESOLUTION APPROVING PROPERTY TAX ABATEMENT <br />FOR THE TARGET/KOHL'S PROJECT <br />BE IT RESOLVED by the City Council (the "Council ") of the City of Lino Lakes, <br />Minnesota (the "City "), as follows: <br />1. Target Corporation and Kohl's Department Store, Inc. (the "Companies ") have <br />requested the City to abate a portion of the City's share of all property taxes to be <br />generated for five (5) years (specifically, with respect to the payable 2004 -2008 <br />property taxes) at the northeast comer of I -35W and County Road 23 (Lake <br />Drive) (the "Property ") for the 182,760 SF Target Superstore and the 106,584 SF <br />Kohl's Department Store (the "Project ") to be constructed and located therein. <br />Springsted, Inc. has requested on behalf of the City that Independent School <br />District 831 (the "School District ") and Anoka County (the "County ") grant an <br />abatement for the Property. The School District at a meeting of its Board on June <br />18, 2001 has declined to grant an abatement for the Property. The County at its <br />Intergovernmental Committee of July 11, 2001 declined to grant an abatement for <br />the Property. The abatement (the "Abatement ") is currently estimated to be <br />$103,860 per year for a total of not to exceed $519,300 or a maximum term of <br />five years, whichever comes first. <br />2. On the date hereof, the Council held a public hearing on the question of <br />Abatement, and said hearing was preceded by at least 10 days but not more than <br />30 days prior to published notice hereof. <br />3. The Abatement is authorized under Minnesota Statutes, Section 469.1812 through <br />469.1815 (the "Abatement Statutes "). <br />4. The Council hereby makes the following findings: <br />a) The Council expects the benefits to the City of the Abatement to at <br />least equal the costs thereof. <br />b) Granting the Abatement is in the public interest because it will <br />enhance and diversify the tax base of the City, encourage <br />additional "spin-off' development, and increase the number and <br />diversity of jobs in the City. <br />• <br />