2001-106 Council Resolution - Laserfiche WebLink

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Councilmember 0 Donnell introduced the following resolution and moved its adoption: LINO LAKES CITY COUNCIL RESOLUTION NO. 01-106 RESOLUTION APPROVING PROPERTY TAX ABATEMENT FOR THE TARGET/KOHL'S PROJECT BE IT RESOLVED by the City Council (the "Council") of the City of Lino Lakes, Minnesota (the "City"), as follows: 1. Target Corporation and Kohl's Department Store, Inc. (the "Companies") have requested the City to abate a portion of the City's share of all property taxes to be generated for five (5) years (specifically, with respect to the payable 2004-2008 property taxes) at the northeast comer of I -35W and County Road 23 (Lake Drive) (the "Property") for the 182,760 SF Target Superstore and the 106,584 SF Kohl's Department Store (the "Project") to be constructed and located therein. Springsted, Inc. has requested on behalf of the City that Independent School District 831 (the "School District") and Anoka County (the "County") grant an abatement for the Property. The School District at a meeting of its Board on June 18, 2001 has declined to grant an abatement for the Property. The County at its Intergovernmental Committee of July 11, 2001 declined to grant an abatement for the Property. The abatement (the "Abatement") is currently estimated to be $103,860 per year for a total of not to exceed $519,300 or a maximum term of five years, whichever comes first. 2. On the date hereof, the Council held a public hearing on the question of Abatement, and said hearing was preceded by at least 10 days but not more than 30 days prior to published notice hereof. 3. The Abatement is authorized under Minnesota Statutes, Section 469.1812 through 469.1815 (the "Abatement Statutes"). 4. The Council hereby makes the following findings: a) The Council expects the benefits to the City of the Abatement to at least equal the costs thereof. b) Granting the Abatement is in the public interest because it will enhance and diversify the tax base of the City, encourage additional "spin-off' development, and increase the number and diversity of jobs in the City.