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• <br />• <br />WHEREAS, the City proposes to approve an abatement of property taxes on certain <br />identified parcels within the Legacy at Woods Edge development that will benefit from the Facility, <br />and to pledge those abatements towards bonds (the "Abatement Bonds ") to be issued in order to <br />finance assistance to the YMCA in accordance with the Development Agreement; and <br />WHEREAS, the provision of such assistance also constitutes a "business subsidy" to the <br />YMCA within the meaning of Minnesota Statutes, Sections 116J.993 to 116J.995 (the "Business <br />Subsidy Act "); and <br />WHEREAS, the City proposes to enter into an amended business subsidy agreement with <br />the YMCA regarding the City's financial assistance through issuance of the Abatement Bonds, <br />under which the YMCA must meet certain goals; and <br />WHEREAS, under the Abatement Act and the Business Subsidy Act, the City must hold a <br />public hearing regarding approval of any abatement and any business subsidy; and <br />WHEREAS, the City Council has determined to hold the required public hearings and <br />consider the terms of the abatement and the amended business subsidy agreement. <br />NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Lino Lakes, <br />that: <br />1. The Council directs staff and consultants to prepare or finalize an abatement <br />resolution and related amended business subsidy agreement for the Facility and the Abatement <br />Bonds. <br />2. The City Administrator is authorized and directed to publish a notice in the City's <br />official newspaper announcing a public hearing before the City Council on February 27, 2006 at <br />6:30 p.m. in the council chambers on the abatement resolution and the amended business subsidy <br />agreement. The notice shall be published in the newspaper at least 10 days but not more than 30 <br />days prior to the public hearing, and shall be in substantially the form attached as Exhibit A to this <br />resolution. <br />Approved by the City Council of the City of Lino Lakes this 13th day of February, 2006. <br />ATTEST: <br />SJB- 274979v1 <br />LN 140 -90 <br />Mayor <br />