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2.06. Under Section 469.1813, Subdivision 9 of the Act, it is not necessary for the City to obtain the consent of any of the owners of the Property to grant an abatement. Section 3. Granting of Tax Abatement. 3.01. Pursuant to Minnesota Statutes Section 469.1813, subdivision 6(b), the City has submitted a requests in writing to Ramsey County, which is another political subdivisions in which the Property is located, for Ramsey County to grant an abatement for the Property. Ramsey County has not determined whether or not to grant an abatement with respect to the Property. If Ramsey County declines the City's request to grant an abatement for the Property or fails to respond to the City's request within 90 days after receipt thereof, the durational limit for the abatement of the City's property taxes with respect to the Property will be 20 years. If Ramsey County approve the City's request to grant an abatement for the Property, the durational limit for the abatement of the City's property taxes with respect to the Property will be 15 years. Pursuant to the Act a property tax abatement (the "Abatement") is hereby granted in respect of property taxes levied by the City on the Property (i) for fifteen years, commencing with taxes payable in 2009 and concluding with taxes payable in 2023, if Ramsey County approves the City's request to grant an abatement for the Property, and (ii) for twenty years, commencing with taxes payable in 2009 and concluding with taxes payable in 2028, if Ramsey County declines the City's request to grant an abatement for the Property or fails to respond to the City's request within 90 days after receipt thereof. 3.02. The City shall retain the Abatement and apply it to payment of all or a portion of the costs of improvements to Emerald Park or to the payment of bonds of the City issued to finance costs of the improvements to Emerald Park, issued pursuant to Minnesota Statutes, Chapter 475 and Section 469.1814. 3.03. Notwithstanding anything to the contrary contained in this Resolution, the total amount of property taxes abated by the City under the Act in any year shall not exceed greater of (i) ten percent (10.00%) of the City's current property tax levy, or (ii) $200,000. 3.04. The Abatement may be modified or terminated at any time by the City Council in accordance with the Act. A`rTEST: Adopted this 14°i clay of October, 2008. Mayor City Clerk Reviewed for Administration: City Manager -2- 9£