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Memo <br /> <br />To: Mark Casey – City Manager <br />From: Stacie Kvilvang - Ehlers <br />Date: June 11, 2019 <br />Subject: Tax Abatement Bonds, Series 2019A <br /> <br /> <br />The City is moving forward with the process to make necessary improvements to address <br />flooding along Silver Lake Road and in the Industrial Park and to pay for the City’s portion <br />of improvements to County Road C. These improvements are expected to cost <br />approximately $2,276,000. The City will be receiving grant funds from the DNR and two <br />other entities and funds from Ramsey County, which total $852,000. The remaining costs <br />need to be financed with a general obligation tax abatement bond. To meet the City’s <br />financing parameters, it is anticipated that the City will issue these bonds in an amount <br />not to exceed $1.6 million, with a 15-year term (anticipated bond amount is $1,505,000). <br /> <br />As previously discussed, the City has the authority under Minnesota Statute 469 to issue <br />abatement bonds for these projects. In order to grant tax abatement, the City is required <br />to hold a public hearing on the amount of the abatement to be granted, identify the <br />properties from which they will abate the City’s portion of the taxes and describe the public <br />purpose for granting the abatement. <br /> <br />The City will be abating its portion of the taxes from the following properties (see <br />attached map): <br /> <br /> <br />The public purpose in granting the abatement is that the City expects the benefits to the <br />City of the abatement to at least equal to or exceed the costs to the City and that granting <br />the abatement is in the public interest (see attached resolution for public interest findings). <br /> <br />Please contact me at 651-697-8506 if you have any questions. <br /> <br />313023310036 0702923110031 0702923110026 <br />0702923110012 0702923110015 0702923110025 <br />0702923110030 0702923110011 0702923110022 <br />15