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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 fifteen (15) years. The Abatement will <br />reduce all of the taxes for each of the Properties, and the total amount of the Abatement will not <br />exceed $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 11th day of June, 2019. <br /> <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 />19