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CITY OF LAKE ELMO RESOLUTION 98-71 WHEREAS, the City Council of the City of Lake Elmo, Minnesota (the "City ") is authorized under the provisions of Minnesota Statutes, Sections 469.1812 to 469.1815, as amended (the "Abatement Act ") to grant an abatement of the taxes imposed by the City on a parcel of property located in the City; and WHEREAS, the Abatement Act provides that, prior to granting any abatement of taxes thereunder, the City shall make a finding that it expects that the benefits to the City of the proposed abatement shall be at least equal to the costs to the City of such abatement; and WHEREAS, the Abatement Act further provides that the City shall make a finding that granting an abatement is in the public interest because it will (a) increase or preserve tax base; (b) provide or help acquire public facilities; (c) help redevelop or renew blighted areas; or (d) help provide access to services for residents of the City; and WHEREAS, the Abatement Act also authorizes the county and the school district in which a parcel of property is located to grant an abatement of their respective taxes in coordination with the City, subject to the approval of their respective governing bodies and to the limitations set forth in the Abatement Act; and WHEREAS, the City Council of the City has preliminarily determined that it may be in the public interest of the City to develop a program to grant abatements of taxes on certain parcels of real property located in the City for the purposes set forth in the Abatement Act; pnd WHEREAS, the City has identified the property located at 8650 Hudson Boulevard in the City, P.I.D. 33- 029 -21 -44 -0007 (the "Property ") as a parcel which may meet the requirements of the Abatement Act to provide for an abatement of taxes; NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Lake Elmo, Minnesota, that: The City hereby gives its preliminary approval to the establishment of a program in the City to provide for the abatement of taxes in accordance with the authority and limitations set forth in the Abatement Act.