RES 16-036 RELATING TO A TAX ABATEMENT; GRANTING THE ABATEMENT

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Councilmember introduced the following resolution and moved its adoption, which motion was seconded by Councilmember RESOLUTION RELATING TO A TAX ABATEMENT; GRANTING THE ABATEMENT BE IT RESOLVED by the City Council of the City of St. Anthony, Minnesota (the "City "), as follows: Section 1. Authorization and Recitals. 1.01. The City, pursuant to Minnesota Statutes, Sections 469.1812 to 469.1815, as amended (the "Act "), is authorized to grant an abatement of the property taxes imposed by the City on a parcel of property, if certain conditions are met, through the adoption of a resolution specifying the terms of the abatement. 1.02. The City proposes to undertake public improvements consisting of water quality and flood improvements to Mirror Pond, the City's regional storm water pond, and nearly 1.5 miles of new sidewalk construction and ADA upgrades at eight intersections to improve pedestrian safety within the City (the "Project"). 1.03. Pursuant to the Act, on the date hereof, this Council conducted a public hearing on the desirability of granting an abatement of property taxes on certain properties expected to be benefited by the proposed Project, which properties are identified on Exhibit A hereto and are shown on Exhibit B hereto (the "Properties "). Notice of the public hearing was duly published as required by law in the St. Anthony Bulletin, the official newspaper of the City, on March 30, 2016, which date is no fewer than ten and no more than 30 days prior to the date hereof. Section 2. Findings. On the basis of the information compiled by the City and elicited at the public hearing referred to in Section 1.03, it is hereby found, determined and declared: 2.01. The Project is in the public interest because it will provide or help acquire and construct public facilities. 2.02. The City expects that the benefits of the proposed abatement are not less than the costs of the proposed abatement. The public benefits that the City expects to result from the abatement are the provision of improved water quality and pedestrian safety for the benefit of residents of the City. 2.03. The Properties are not located in a tax increment financing district. 2.04. The granting of the proposed abatement will not cause the aggregate amount of abatements granted by the City under the Act in any year to exceed the greater of (i) ten percent (10.00 %) of the City's net tax capacity for the taxes payable year to which the abatement applies, or (ii) $200,000. 2.05. It is in the best interests of the City to grant the tax abatement authorized in this Resolution.