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2.06. Under Section 469.1813, Subdivision 9 of the Act, it is not necessary for the City <br />to obtain the consent of any owner of any of the Properties to grant an abatement. <br />Section 3. Granting of Tax Abatement. <br />3.01. A property tax abatement (the “Abatement”) is hereby granted in respect of <br />property taxes levied by the City on the Properties for ten (10) years, commencing with taxes <br />payable in 2017 and concluding with taxes payable in 2026. The Abatement will reduce all of <br />the taxes for each of the Properties, and the total amount of the Abatement will not exceed <br />$1,600,000. <br />3.02. The City shall retain the Abatement and apply it to payment of all or a portion of <br />the costs of acquiring or constructing the Project or to the payment of bonds of the City issued to <br />finance costs of acquiring or constructing the Project. <br />3.03. The Abatement may be modified or terminated at any time by the City Council in <br />accordance with the Act. <br /> Adopted this 12th day of April, 2016. <br /> <br /> <br /> ______________________________ <br /> Jerome O. Faust, Mayor <br /> <br /> <br />ATTEST: ___________________________ <br /> Nicole Miller, City Clerk <br /> <br /> Reviewed for administration: ______________________________ <br /> Mark Casey, City Manager <br /> <br /> <br /> <br />21