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M <br />That the City Council of the City of Lake Elmo, Minnesota, agrees to abate the increase in the <br />city portion of property taxes paid, excluding fiscal disparities, on parcel 313.029.21.44.0037 as <br />follows: <br />1. For the purpose of this agreement, "increase in the city portion of property taxes <br />paid, excluding fiscal disparities" specifically excludes any portion of the tax <br />attributable to the area -wide tax under M.S. § 473F from abatement. The amount of <br />tax abatement is calculated as follows for each parcel with an increase in taxable <br />market value for a given year: <br />a. Calculate the base year city tax for the parcel <br />i. Multiply current year class rates by the taxable market value for taxes <br />payable in 2012 ($2,125,200) to determine the total tax capacity. <br />ii. Multiply the total tax capacity by the fiscal disparity percentage for the <br />current year to determine the fiscal disparity portion of the tax capacity. <br />iii. Subtract the fiscal disparity portion of the tax capacity from the total tax <br />capacity to determine the local tax capacity. <br />iv. Multiply the local tax capacity by the city tax rate for the current year to <br />determine the base year city tax. <br />b. Calculate the current year city tax for the parcel <br />i. Multiply current year class rates by the taxable market value for the <br />current year to determine the total tax capacity, <br />ii. Multiply the total tax capacity by the fiscal disparity percentage for the <br />current year to determine the fiscal disparity portion of the tax capacity. <br />iii. Subtract the fiscal disparity portion of the tax capacity from the total tax <br />capacity to determine the local tax capacity. <br />iv. Multiply the local tax capacity by the city tax rate for the current year to <br />c. Subtract the base year city tax from the current year city tax to determine the <br />change in city tax. <br />3. Notwithstanding any provision to the contrary, no city abatement will be granted if <br />zn <br />the total taxes due on the parcel is less than the total tax amount due for taxes <br />payable in 2012 of $70,256. <br />4. The maximum duration of the abatement shall be for four years, beginn iing for taxes <br />payable in 2014, except that the City Council will consider an abatement for the year <br />2018 if requested by the property owner. <br />5. The maximum annual tax abatement amount shall not exceed $10,000.00 in any year <br />and maximum total abatement for all years for all abating parties shall not exceed <br />$40,000.00, <br />Resolution No. 201-1-11 <br />