Laserfiche WebLink
STATE OF MINNESOTA <br />COUNTY <br />CITY OF LAKE ELMO <br />RESOLUTION NO. 2000-028 <br />A RESOLUTION RELATING TO AN ECONOMIC DEVELOPMENT TAX ABATEMENT. <br />WHEREAS, pursuant to published notice, the Lake Elmo City Council conducted a public <br />hearing on July 18, 2000 to consider authorizing an Economic Development Tax Abatement for the <br />following described parcels located in Washington County: <br />Lot 1, Block 1, Eagle Point Business Park -United Properties <br />Outlots A, B, C, Eagle Point Business Park - United Properties <br />8650 Hudson Boulevard - East Metro Medical Building, LLC; and <br />WHEREAS, the Lake Elmo City Council received and considered comments from interested <br />parties at the public hearing; and <br />WHEREAS, based upon its review, the Lake Elmo City Council expects the benefits to the <br />City from the Tax Abatement to at least equal the cost of the Abatement; and <br />WHEREAS, based upon its review, the Lake Elmo City Council finds that the Tax <br />Abatement will be in the public interest because it will: <br />a. Increase or preserve tax base; <br />b. Provide employment opportunities within the City; <br />Provide or help to acquire and construct public facilities; and <br />d. Finance or provide public infrastructure. <br />NOW THEREFORE BE IT RESOLVED, by the Lake Elmo City Council that: <br />a. Form of Abatement. The form of Abatement will be an Economic Development <br />Tax Abatement for the reallocation of taxes to pay for public infrastructure costs. <br />b. Term of Abatement. The term of the Abatement shall be for ten (10) years; or, <br />fifteen (15) years if either Washington County or School District 622 decline a <br />request by the City to abate taxes on the same property and on the same terms as <br />approved by the Lake Elmo City Council and permitted by Statute. <br />C. Amount of Abatement. The amount of the Abatement shall be five percent (5 %) <br />of the City's total property tax levy for the current taxing year, or $100,000.00, <br />whichever is greater. This amount is limited annually by the amount of taxes payable <br />on parcels described herein. The estimated total City taxes to be abated is <br />$779,377.00 over ten (10) years or $1,279,377.00 over fifteen (15) years. <br />