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31 CITY OF ST. AN'I HONY VILLAGE RESOLUTION 08-067 RESOLUTION GRANTING A TAX ABATEMENTBY THE CITY ON CERTAIN PROPERTY LOCATED WITHIN THE CITY PURSUANT TO MINNESOTA STATUTES, SECTIONS 469.1812 TO 469.1815, AS AMENDED 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 parcels of property located within the City, if certain conditions are met, through the adoption of a resolution, specifying the terms of the abatement. 1.02. To finance improvements to Emerald Park the City is proposing to abate the property taxes imposed by the City with respect to the parcels of property located in Ramsey County which are described in Exhibit A hereto (the "Property"). 1.03. Pursuant to the Act, this Council on October 14, 2008, conducted a public hearing on the desirability of granting the abatement.. Notice of the public hearing was duly published as required by law in the St._ Anthony Bulletin, a newspaper of general circulation in the City, on October 14, 2008. Section 2. Findin rs. 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. There is a need for the City to improve Emerald Park. 2.02. The granting of the proposed abatement is in the public interest because it will provide improvements to public facilities, which improvements will be of benefit to all property in the City, including the Property. 2.03. 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 financing or provision of public facilities comprising the improvements to Emerald Park. 2.04. The granting of the proposed abatement will not cause the aggregate amount of abatements granted by the City under the Act to exceed in any year the greater of (i) ten percent (10.00%) of the City's current property tax levy, or (ii) $200,000. 2.05. It is in the best interests of the City to grant the tax abatement authorized in this Resolution.