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Section 3. Terms of Abatement. The Abatement is hereby approved. The terms of the <br />Abatement are as follows: <br />(a) The Abatement shall be for a up to a 10-year period and shall apply to the taxes <br />payable in the years 2023 through 2032, inclusive. <br />(b) The City will abate the City's share of the property tax amount which the City <br />receives from the Property, in an amount not to exceed $1,010,000. <br />(c) The maximum amount of Abatement authorized under this resolution is <br />$1,010,000. The maximum principal amount of bonds to be secured by Abatement under this <br />resolution will not exceed the estimated sum of Abatement from the Property for the term <br />authorized under this resolution. <br />(d) The Abatement shall be subject to all the terms and limitations of the Abatement <br />Law. <br />Approved this 21' day of June, 2022 by the City Council of the City of Lake Elmo, Minnesota. <br />ayor <br />ATTEST: <br />CiyCerk "D <br />LA515-108-797816.vl <br />