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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 of the owners of the Property to grant an abatement. <br /> Section 3. Granting of Tax Abatement. <br /> 3.01. Pursuant to Minnesota Statutes Section 469.1813, subdivision 6(b), the City has <br /> submitted a requests in writing to Ramsey County, which is another political subdivisions in <br /> which the Property is located, for Ramsey County to grant an abatement for the Property. <br /> Ramsey County has not determined whether or not to grant an abatement with respect to the <br /> Property. If Ramsey County declines the City's request to grant an abatement for the Property or <br /> fails to respond to the City's request within 90 days after receipt thereof, the durational limit for <br /> the abatement of the City's property taxes with respect to the Property will be 20 years. If <br /> Ramsey County approve the City's request to grant an abatement for the Property, the durational <br /> limit for the abatement of the City's property taxes with respect to the Property will be 15 years. <br /> Pursuant to the Act a property tax abatement(the "Abatement") is hereby granted in respect of <br /> property taxes levied by the City on the Property (i) for fifteen years, commencing with taxes <br /> payable in 2009 and concluding with taxes payable in 2023, if Ramsey County approves the <br /> City's request to grant an abatement for the Property, and (ii) for twenty years, commencing with <br /> taxes payable in 2009 and concluding with taxes payable in 2028, if Ramsey County declines the <br /> City's request to grant an abatement for the Property or fails to respond to the City's request <br /> within 90 days after receipt thereof. <br /> • 3.02. The City shall retain the Abatement and apply it to payment of all or a portion of <br /> the costs of improvements to Emerald Park or to the payment of bonds of the City issued to <br /> finance costs of the improvements to Emerald Park, issued pursuant to Minnesota Statutes, <br /> Chapter 475 and Section 469.1814. <br /> 3.03. Notwithstanding anything to the contrary contained in this Resolution, the total <br /> amount of property taxes abated by the City under the Act in any year shall not exceed greater of <br /> (i)ten percent(10.00%) of the City's current property tax levy, or(ii) $200,000. <br /> 3.04. The Abatement may be modified or terminated at any time by the City Council in <br /> accordance with the Act. <br /> Adopted this 14`h day of October, 2008. <br /> ayor <br /> ATTEST: <br /> City Clerk <br /> Reviewed for Administration: <br /> —IIA i. <br /> • City Ma ger <br /> -2- <br />