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CITY OF LAKE ELMO WASHINGTON COUNTY STATE OF MINNESOTA RESOLUTION 2022-058 RESOLUTION CALLING FOR A PUBLIC HEARING ON PROPOSED PROPERTY TAX ABATEMENTS FOR THE PURPOSE OF ISSUING TAX ABATEMENT BONDS TO FINANCE CERTAIN PUBLIC IMPROVEMENTS WHEREAS, Minnesota Statutes, Sections 469.1812 through 469.1815, both inclusive (the "Act'), authorize the City of Lake Elmo, Minnesota (the "City"), upon satisfaction of certain conditions, to approve an abatement of all or a part of the taxes levied by the City on certain property; and WHEREAS, the City has determined it is the best interest of the City (i) to undertake financing certain public improvements including without limitation the CSAH 15/30a' Street Signal and Ideal Avenue (CSAH 13) Phase 2 project with tax abatement bonds authorized by the Act and (ii) to authorize a property tax abatement with respect to various parcels of land that benefit from such public improvements; and WHEREAS, the Act requires the City to hold a public hearing prior to adoption of a resolution granting any property tax abatements: NOW THEREFORE, BE IT RESOLVED by the City Council of the City of Lake Elmo, Minnesota, as follows: 1. Hearin > . A public hearing on the consideration of authorizing a property tax abatement in connection with the issuance of tax abatement bonds will be held at the time and place set forth in the Notice of Hearing attached hereto as Exhibit A and hereby made a part hereof. 2. Notice. The City Clerk is hereby authorized and directed to cause notice of said hearing in substantially the form attached hereto as Exhibit A to be given one publication in a newspaper of general circulation in the City more than 10 days but less than 30 days before the hearing. The newspaper must be one of general circulation, interest and readership in the City, and must be published at least once per week. LA515-I08-797815.vl