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City Council Regular Meeting Minutes August 26, 2008 Page 2 Motion carried unanimously. IV. PUBLIC HEARING. None. V. REPORTS FROM COMMISSION AND STAFF. None. 12 Vl. GENERAL BUSINESS OF COUNCIL 13 14 A. Consider_ Resolution Ob 054 Rcl sting to a 1 ax Abatcment by_the ,City on Certain 15 Property located_ within the City and in Ramsey County Call fora Public 1lcauing, 16 17 Ms. Stacie Kvilvang, F,hlers & Associates, stated over the past couple years the City has looked 18 at making improvements to Urnerald Park in the amount of approximately $1.5 million. At the 19 July 29, 2008 City Council work session, staff and consultants were directed to prepare the 20 necessary documents for the financing of the improvements. Ms. Kvilvang advised that the City 21 has the authority under Minnesota Statute 469 to issue abatement bonds for the improvements. 22 To meet tine City's financing parameters, it is anticipated that the City will issue abatement bonds 23 with a 20 -year term. The City can grant tax abatement for this tertn if the School District or 24 County declines to participate in the abatement. Nis. Kvilvang advised that in order to grant tax 25 abatement for a public improvement, the City is required to hold a public hearing on the amount 26 of the abatement to be granted, identify the properties from which they will abate the City's 27 portion of the taxes, and describe the public purpose for granting the abatement. 28 29 Ms. Kvilvang reviewed the proposed resolution calling the public hearing on October 14, 2008. 30 She stated there will be a more detailed discussion regarding the financing at the public hearing. 31 She reviewed a map of the park location and abatement area. She noted Exhibit A lists the 32 Property Identification Numbers (PIN) in which the City will abate its portion of taxes. She 33 advised the bonds have been structured to ensure that there is no impact on St. Anthony property 34 owners. 35 36 Councilmember Stille reiterated that the abatement will not impact the property taxes of St. 37 Anthony residents. 38 39 Mayor Faust requested further information regarding the purpose for identifying the abatement 40 area through PID numbers. 41 42 Ms. Kvilvang explained the Minnesota Statute that grants this authorization to the City requires 43 the parcel identification. It provides for an open and transparent process, but the property owners 44 will not see anything different in their taxes. The park improvements benefit the immediate 45 surrounding properties, so that is the natural area to abate the taxes from. 46