HomeMy WebLinkAboutResolution 2000-028STATE OF MINNESOTA
COUNTY
CITY OF LAKE ELMO
RESOLUTION NO. 2000-028
A RESOLUTION RELATING TO AN ECONOMIC DEVELOPMENT TAX ABATEMENT.
WHEREAS, pursuant to published notice, the Lake Elmo City Council conducted a public
hearing on July 18, 2000 to consider authorizing an Economic Development Tax Abatement for the
following described parcels located in Washington County:
Lot 1, Block 1, Eagle Point Business Park -United Properties
Outlots A, B, C, Eagle Point Business Park - United Properties
8650 Hudson Boulevard - East Metro Medical Building, LLC; and
WHEREAS, the Lake Elmo City Council received and considered comments from interested
parties at the public hearing; and
WHEREAS, based upon its review, the Lake Elmo City Council expects the benefits to the
City from the Tax Abatement to at least equal the cost of the Abatement; and
WHEREAS, based upon its review, the Lake Elmo City Council finds that the Tax
Abatement will be in the public interest because it will:
a. Increase or preserve tax base;
b. Provide employment opportunities within the City;
Provide or help to acquire and construct public facilities; and
d. Finance or provide public infrastructure.
NOW THEREFORE BE IT RESOLVED, by the Lake Elmo City Council that:
a. Form of Abatement. The form of Abatement will be an Economic Development
Tax Abatement for the reallocation of taxes to pay for public infrastructure costs.
b. Term of Abatement. The term of the Abatement shall be for ten (10) years; or,
fifteen (15) years if either Washington County or School District 622 decline a
request by the City to abate taxes on the same property and on the same terms as
approved by the Lake Elmo City Council and permitted by Statute.
C. Amount of Abatement. The amount of the Abatement shall be five percent (5 %)
of the City's total property tax levy for the current taxing year, or $100,000.00,
whichever is greater. This amount is limited annually by the amount of taxes payable
on parcels described herein. The estimated total City taxes to be abated is
$779,377.00 over ten (10) years or $1,279,377.00 over fifteen (15) years.
d. Identification of Properties Subject to Abatement. The following properties are
subject to the Economic Development Tax Abatement:
Lot 1, Block I, Eagle Point Business Park - United Properties
Outlots A, B, C, Eagle Point Business Park - United Properties
8650 Hudson Boulevard - East Metro Medical Building, LLC
IN WITNESS WHEREOF, the City of Lake Elmo has,. executed this Resolution by its
authorized officers as indicated below on this � day of �. [q 2000.
Approved by CITY QF LAKE ELMO
Lee Hunt
Its: Mayor
Attested by:
BY ; U _' 6 ,X
Mary ueffhW �-,
Its: City Administrator
FAusers\LORWerry\LElTax Abatement.resolution.wpd
July 13, 2000