2005-087 Council Resolution - Laserfiche WebLink

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• • • EXHIBIT A NOTICE OF PUBLIC HEARING Notice is hereby given that the City Council of the City of Lino Lakes, Minnesota will meet at 6:30 p.m. on Monday, July 25, 2005 at City Hall, 600 Town Center Parkway, Lino Lakes, Minnesota, to conduct a hearing regarding: 1. Granting of a property tax abatement under Minnesota Statues, Section 469.1812 to 469.1815 for certain property in the City of Lino Lakes; and 2. A business subsidy agreement between the City and the YMCA of Greater St. Paul ( "YMCA "), regarding property tax abatement assistance to be provided by the City. The proposed abatement and subsidy involves assistance to construct a YMCA facility in the Legacy at Woods Edge development, which is located generally at the southeast corner of the Interstate 35W and Lake Drive interchange. The property subject to the abatement (the "Abatement Parcels ") consists of Outlot E and Lot 2, Block 1, The Village No. 3, which is the portion of the Legacy at Woods Edge plat excluding existing Tax Increment District No. 1 -11 and the YMCA site. A map of the Abatement Parcels is available at City Hall. At the hearing, the City Council will consider an abatement resolution under which the City will collect the City's share of property taxes from the Abatement Parcels and pledge those revenues to pay bonds to be issued by the City. Proceeds of the bonds will be used to help fmance construction of the YMCA facility adjacent to the Abatement Parcels. The estimated abatement amount is $155,000 annually over 15 years. The Council will also consider a business subsidy agreement between the City and YMCA, which will set certain goals and requirements in connection with the City's abatement assistance. A draft copy of the abatement resolution and the business subsidy agreement, will be on file at City Hall on and after the date of this notice. Any person wishing to express an opinion on the matters to be considered at the public hearing will be heard orally or in writing. Dated: [date of publication] SJB- 264291v1 LN 140 -90 - 9 4 - /s/ City Clerk