2015-030 Council Resolution - Laserfiche WebLink

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• (b) The Project will help preserve and increase the value of the Abatement Property, thereby helping to generate additional City tax revenues over the long term after the expiration of the Abatement. 2.02. It is hereby found and determined that the Abatement is in the public interest for the following reasons: (a) The Abatement will increase or preserve tax base by stimulating development and helping to maintain values in the area, as set forth above. (b) The Abatement will 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, which will protect the general health and welfare of the community and contribute to the quality of life in the City by maintaining public infrastructure and facilities in proper working order. Section 3. Actions Ratified; Abatement Approved. 3.01. The Council hereby ratifies all actions of the City's staff and consultants in arranging for approval of this resolution in accordance with the Act. 3.02. Subject to the provisions of the Act, the Abatement is hereby approved and adopted subject to the following tenns and conditions: (a) The term "Abatement" means the City's share of the real property taxes generated from the land and improvements on the Abatement Property, in the amounts described in this Section: (1) The aggregate Abatement paid by the City during the tenn of this resolution will not exceed the amount necessary to pay 105% of the principal of and interest on the Abatement Bonds, up to a maximum of $585,806.35. (ii) Notwithstanding anything to the contrary herein, the Abatement payable on any August 1 and subsequent February 1, combined, will not exceed the amount produced by extending the City's total tax rate for the applicable year against the tax capacity of the Abatement Property, as of January 2 in the prior year. (iii) In accordance with Section 469.1813. subdivision 8 of the Act, in no year shall the Abatement, together with all other abatements approved by the City under the Act and paid in that year, exceed the greater of 10% of the City's levy for that year or $200,000 (the "Abatement Volume Cap"). The City may grant any other abatements permitted under the Act after the date of this resolution, provided that to the extent the total abatements in any year exceed the Abatement Cap, the allocation of Abatement Cap to such other abatements is subordinate to the Abatements under this resolution. (b) The Abatement will be for a term of ten (10) years, and the City will pay the Abatement in semiannual installments each August 1 and February 1, commencing August 1, 2016, and continuing through August 1, 2025. The City will pay the Abatement solely to finance the cost of the Project, through application of Abatement amounts toward debt service payments on the Abatement Bonds (including any bonds issued to refund the initial Abatement Bonds). 458392v1 JAL LN140-115 2