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2005-087 Council Resolution
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2005-087 Council Resolution
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Last modified
9/11/2014 1:03:08 PM
Creation date
9/11/2014 12:21:33 PM
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City Council
Council Document Type
Master List Resolution
Meeting Date
06/27/2005
Council Meeting Type
Regular
Resolution #
05-87
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• AGENDA ITEM 6C <br />• <br />• <br />STAFF ORIGINATOR: Mary Alice Divine <br />DATE: June 27, 2005 <br />TOPIC: Consideration of Resolution No. 05 -87 Calling for a <br />Public Hearing Regarding Tax Abatement in <br />Connection with YMCA Project <br />VOTE REQUIRED: Simple majority <br />BACKGROUND: <br />In 1999 the Lino Lakes City Council endorsed city participation in the <br />construction of a YMCA in Lino Lakes. This agreement included participation by <br />the city of $1.5 million toward construction of the facility. <br />Springsted, Inc., the city's financial consultants, and Kennedy & Graven, the <br />city's bond attorney, have considered different options to meet this commitment, <br />and have concluded the preferred option is through tax abatement. <br />Legacy at Woods Edge, the city's new downtown development now beginning <br />construction, has a portion of the project within a Tax Increment Financing <br />District and a portion of the project outside that District (see map). Springsted <br />and Kennedy & Graven are recommending that $1.5 million of abatement bonds <br />be issued to meet the commitment to the YMCA. City taxes collected on new <br />development within Woods Edge that is outside the TIF District would be used <br />as the source of revenue to repay the bonds. <br />Under the terms of Minnesota Statutes 226J.993 to 116J.995, ( "Business <br />Subsidy Act ", the provision of tax abatement constitutes a business subsidy, <br />which also requires a public hearing. This hearing will also consider the provision <br />of a business subsidy through the use of tax abatement. <br />OPTIONS: <br />1. Adopt Resolution No. 05 -87 Calling for a Public Hearing to be held on July <br />25, 2005 at 6:30 p.m. to consider the use of providing a business subsidy <br />through tax abatement in connection with the YMCA project. <br />2. Do not adopt the resolution. <br />3. Return to staff for further consideration. <br />
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