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• • • CITY OF LINO LAKES, MINNESOTA RESOLUTION NO. 15-30 RESOLUTION APPROVING PROPERTY TAX ABATEMENT RELATED TO FIRE HALL AND PUBLIC INFRASTRUCTURE IMPROVEMENTS IN THE CITY OF LINO LAKES BE IT RESOLVED By the City Council (the `'Council") of the City of Lino Lakes, Minnesota (the `City"), as follows: Section 1. Recitals. 1.01. The City has contemplated granting a property tax abatement in order to aid in the acquisition, construction, and equipping of a fire hall in the City, including the construction of necessary public infrastructure (the "Project"), which will benefit certain property in the City, all pursuant to Minnesota Statutes, Sections 469.1812 through 469.1815, as amended (the "Act"). 1.02. Pursuant to Section 469.1 813, subdivision 1 of the Act, the City may grant an abatement of all or a portion of the taxes imposed by the City on a parcel of property to pay for all or part of the cost of acquisition or construction of public facilities and to finance or provide public infrastructure, whether or not located on or adjacent to the parcel for which the tax is abated. 1.03. The City has identified fifty-three (53) parcels located in the City, identified in EXHIBIT A hereto (the "Abatement Property"), which will be benefitted by the Project and from which the City proposes to abate a portion of the City's share of taxes to help finance the Project, subject to all the terms and conditions of this resolution (the "Abatement"). The Abatement Property is not located in a tax increment financing district. 1.04. The City intends to issue its general obligation bonds, a portion of which will be designated as tax abatement bonds in the approximate aggregate principal amount of $495,000 (the "Abatement Bonds") and will be issued to pay the costs of the Project pursuant to the Act. The Abatement Bonds are expected to be paid primarily through the collection of Abatement revenues. 1.05. On the date hereof, 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. 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 for the following reasons: (a) The Abatement will help finance the Project, which is necessary to provide or help acquire or construct public facilities in the City, help provide access to services for residents of the City, and finance or provide public infrastructure in a way that will strengthen the local economy, preserve natural resources, and ensure a high quality of life for residents of the City. 458392v1 JAE LN140-115