2006-040 Council Resolution - Laserfiche WebLink

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1.07. The City has identified certain property located near the Site and within the Legacy at Woods Edge development, described in Exhibit a hereto (the "Abatement Parcels "), from which the City proposes to collect a portion of the City's share of taxes and pledge those revenues to pay principal and interest on bonds to be issued by the City in a maximum principal amount of $2,715,000 (the "Abatement Bonds "). 1.08. On March 13, 2006, the Council conducted a duly noticed public hearing on the Abatement at which the views of all interested persons were heard. Section 2. Findings. 2.01 On July 25, 2005, the Council approved a resolution (the "Prior Abatement Resolution ") approving an abatement of property taxes on certain identified parcels within the Legacy at Woods Edge development. No bonds or other obligations were issued under the Prior Abatement Resolution. The Prior Abatement Resolution is withdrawn and superseded by this Resolution. 2.02. It is hereby found and determined that the benefits to the City from the Abatement will be at least equal to the costs to the City of the Abatement, because (a) the Abatement will help finance the Facility, which will help the City carry out its recreational programs under the Recreation Act and provide access to these important services by City residents, (b) if the City were required to finance the entire facility as a municipal recreation center, the costs to the City would far exceed the amount provided through the Abatement described in this resolution; (c) the Facility will help stimulate the development of the Abatement Parcels and the Legacy at Woods Edge development as a whole, and (d) the long term tax collections from the Abatement Parcels after the term of this resolution will far exceed the amount of Abatement collected hereunder. 2.03. It is hereby found and determined that the Abatement is in the public interest for the reasons described in Sections 2.02 and 2.04. 2.04. It is further specifically found and determined that the Abatement is expected to result in the following public benefits: (a) Help finance the Facility. (b) Provide access to a high quality recreational facility to City residents, which would not otherwise be financially feasible. (c) Stimulate significant increases in taxable market value of the Abatement Parcels. (d) Implement the City's long -term plans for the Legacy at Woods Edge development. (e) Stimulate increases in employment in the City. 2