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CITY OF i. <br />A RESOLUTION AUTHORIZING LIMITED PROPERTY TAX ABATEMENT FOR <br />8665 HUDSON BOULEVARD FORYEARS <br />WHEREAS, the City of Lake Elmo, Minnesota, under Minnesota State Statutes Chapter 272, <br />273 and Chapter 489, has the authority to value and assess all real property within its <br />jurisdictional boundaries and, <br />WHEREAS, Minnesota law authorizes political subdivisions to grant property tax abatements <br />for economic development to encourage businesses to locate or expand to an area (Minn. Stat. §§ <br />469.1819-459.1816) and, <br />WHEREAS, abatements are available for up to 15-20 years and the total abatement cannot <br />exceed the larger of ten percent (10%) of the net tax capacity or $200,000.00 and, <br />WHEREAS, Norman Jaynes LLC of Woodbury, 1`JIN wishes to purchase and relocate to 8665 <br />Hudson Boulevard in the City of Lake Elino, Minnesota creating approximately fifty (50) or <br />more jobs providing significant compensation in the area of logistics transportation that will <br />stimulate the local economy and, <br />WHEREAS, the fifty (50) or more jobs include positions in the transportation logistics industry <br />that pay between $35,000-$90,000 per year created by 2015 and that are subject to Minnesota <br />state income tax and, <br />WHEREAS, the current assessed market value of 8665 Hudson Boulevard has been placed at <br />$2,125,500 for the last two years and the building is currently built out at approximately the 80% <br />level and., <br />WHEREAS, the purchase price will include non -real property assets and thus will not solely <br />reflect the value of the improvements and land and, <br />WHEREAS, Nornnan James LLC has requested a limited property tax abatement for the years <br />2014-2017 as well as consideration of limited property tax abatement for 2018, and <br />WHEREAS, the City Council finds that the public benefits involved would include, but will not <br />be limited to, general economic development, ultimately increasing the tax base, increasing the <br />number of jobs in the area, and spurring economic activity along the I-94 corridor and these <br />benefits would exceed the cost of abating the City portion of property taxes for the years 2014- <br />2017 arising from any increase in the property value above the current assessed valuation <br />($2,125,200.00). <br />Resolution No. 2013-27 <br />