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2006-040 Council Resolution
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2006-040 Council Resolution
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Last modified
9/16/2014 11:12:48 AM
Creation date
9/16/2014 10:27:56 AM
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City Council
Council Document Type
Master List Resolution
Meeting Date
03/13/2006
Council Meeting Type
Regular
Resolution #
06-040
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2.05. The maximum principal amount of Abatement Bonds to be secured by Abatements <br />under this resolution does not exceed the estimated sum of Abatement from the Abatement Parcels <br />for the term authorized under this resolution. <br />2.06. The Facility financed with proceeds of the Abatement Bonds will benefit the <br />Abatement Parcels, as those parcels are in the immediate vicinity of the Facility and residents of <br />expected housing development on the Abatement Parcels will have easy access to use of the <br />Facility. <br />Section 3. Actions Ratified; Abatement Approved. <br />3.01. The Council hereby ratifies all actions of the City's staff and consultants in <br />arranging for approval of this resolution in accordance with the Act. <br />3.02. Subject to the provisions of the Act, the Abatement is hereby approved and adopted <br />subject to the following terms and conditions: <br />(a) The term "Abatement" means a portion of the City's share of the real property taxes <br />generated from the improvements on the Abatement Parcels, in the amounts described <br />in this Section: <br />(i) The annual Abatement collected by the City in any calendar year will not <br />exceed 105 % of the of debt service on the Abatement Bonds (as defined in <br />Section 1.07 hereof) due and payable on August 1 of the year in which the <br />Abatement is collected and on the next following February 1. <br />(ii) Notwithstanding anything to the contrary herein, the Abatement collected by <br />the City on any August 1 and subsequent February 1, combined, will not <br />exceed the amount produced by extending the City's total tax rate for the <br />applicable year against the tax capacity of improvements on the Abatement <br />Parcels, excluding the tax capacity of the land and the tax capacity <br />attributable to the areawide tax under Minnesota Statutes, Chapter 473F, as <br />of January 2 in the prior year. <br />(iii) In accordance with Section 469.1813, subdivision 8 of the Act, in no year <br />shall the Abatement, together with all other abatements approved by the City <br />under the Act and paid in that year exceed the greater of 10% of the City's <br />levy for that year or $200,000 (the "Abatement Cap "). The City may grant <br />any other abatements permitted under the Act after the date of this <br />resolution, provided that to the extent the total abatements in any year <br />exceed the Abatement Cap, the allocation of Abatement Cap to such other <br />abatements is subordinate to the Abatements under this Agreement. <br />(b) The City will collect the Abatement in tax collection years 2009 through 2023, and will <br />pledge those revenues to principal and interest on the Abatement Bonds and any bonds <br />
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