2001-106 Council Resolution - Laserfiche WebLink

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c) The Council expects the public benefits described in (b) above to be derived from the Abatement. d) The Property is not located in a tax increment financing district. e) In any year, the total amount of property taxes abated by the City by this and other resolutions does not exceed the greater of five percent (5%) of the current levy or $100,000. 5. The Abatement is hereby approved. The terms of the Abatement are as follows: a) The Abatement shall be in the amount of $519,300 payable beginning January 1, 2004. b) The Abatement shall be divided so that (1) Target Corporation receives the incremental taxes generated and paid on its parcel plus 61.84 percent of the Abatement for the remaining parcels, except the Kohl's parcel and (2) Kohl's Department Stores, Inc. receives the incremental taxes generated and paid on its parcel plus 38.16 percent of the Abatement for the remaining parcels, except the Target parcel. c) The Abatement to the Companies shall be for a maximum of five (5) years and shall apply to the taxes payable in the years 2004 through 2008, inclusive. d) The Abatement shall include only taxes on the incremental value of the Property and the Project. e) The Abatement shall not include an area -wide Fiscal Disparities contribution. f) The Abatement shall not include taxes generated by future City referenda. g) The Abatement may not be modified or changed during the term set forth in (a) and (b) above, except with the prior written consent of the Companies and the City. h) The Abatement shall be subject to all the terms and limitation of the Abatement Statutes. i) In order to be entitled to the Abatement, the Companies shall not be in default within the City of any of its payment obligations respecting any taxes, assessments, utility charges or other governmental impositions. j) Companies shall pay any administrative fees with respect to the Abatement or waiver of the Fee not to exceed $5,000. 6. The Abatement to the Companies as described above is hereby approved. 7. The Mayor and City Administrator are hereby authorized and directed to execute Abatement Agreements and other appropriate documents to facilitate the finalization of Abatement to the Companies.