HomeMy WebLinkAbout2022-062CITY OF LAKE ELMO
COUNTY OF WASHINGTON
STATE OF MINNESOTA
RESOLUTION NO.2022-062
RESOLUTION APPROVING PROPERTY TAX ABATEMENTS
BE IT RESOLVED By the City Council of the City of Lake Elmo, Washington County,
Minnesota (the "City") as follows:
Section 1. Recitals.
(a) The City proposes to (i) undertake various public improvements, including without
limitation the CSAH 15/30th Street Signal and Ideal Avenue (CSAH 13) Phase 2 project (the
"Project") with tax abatement bonds authorized by Minnesota Statutes, Sections 469.1812 through
469.1815 (the "Act") and (ii) authorize a property tax abatement with respect to various parcels of
land that benefit from such public improvements. The City proposes to use property tax abatement
pursuant to the Act to finance the Project. The proposed term of the abatement will be for up to
10 years in an estimated not to exceed $1,010,000. The abatement will apply to the City's share
of the property taxes (the "Abatement") derived from the property described by property
identification numbers on the attached Exhibit A (the "Property").
(b) On the date hereof, the Council held a public hearing on the question of the
Abatement, and said hearing was preceded by published notice thereof in accordance with the
Abatement Law.
Section 2. Findings for the Abatement. The City Council hereby makes the following
findings:
(a) The Council expects the benefits to the City of the Abatement to at least equal the
costs to the City thereof.
(b) Granting the Abatement is in the public interest because it will help finance the
acquisition and construction of public facilities in the City; preserve the tax base; finance public
infrastructure; benefit the Property by providing amenities and alternative transit options to those
who live and work in the City thereby improving City -based employers' ability to attract workers;
and protect the general health and welfare of the community by maintaining public infrastructure
and facilities.
(c) The Property will not be located in a tax increment financing district.
(d) In any year, the total amount of property taxes abated by the City by this and other
resolutions, if any, does not exceed the greater of 10% of the net tax capacity of the City or
$200,000.
LA515-108-797816.vl
Section 3. Terms of Abatement. The Abatement is hereby approved. The terms of the
Abatement are as follows:
(a) The Abatement shall be for a up to a 10-year period and shall apply to the taxes
payable in the years 2023 through 2032, inclusive.
(b) The City will abate the City's share of the property tax amount which the City
receives from the Property, in an amount not to exceed $1,010,000.
(c) The maximum amount of Abatement authorized under this resolution is
$1,010,000. The maximum principal amount of bonds to be secured by Abatement under this
resolution will not exceed the estimated sum of Abatement from the Property for the term
authorized under this resolution.
(d) The Abatement shall be subject to all the terms and limitations of the Abatement
Law.
Approved this 21' day of June, 2022 by the City Council of the City of Lake Elmo, Minnesota.
ayor
ATTEST:
CiyCerk "D
LA515-108-797816.vl
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Exhibit A
Parcel ID Numbers for the "Properly"
1602921220017
1602921220018
1602921220032
1602921220021
1602921220022
t602921220023
1602921220024
1602921220025
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0902921340005
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0902921330013
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0902921330010
0902921330009
0902921330014
0902921330020
0902921330008
A-1
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