2009.09.08 RESO 2009-27 - Laserfiche WebLink

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A RESOLUTION NO. 2009-27 RESOLUTION APPROVING PROPERTY TAX ABATEMENTS BE IT RESOLVED by the City Council (the "Council") of the City of Hugo, Minnesota (the "City"), as follows: 1. Recitals. (a) The City proposes to acquire parkland and to make various related park improvements in the City (the "Project"). The City proposes to use the abatement for the purposes provided for in the Abatement Law (as hereinafter defined), including the Project. The proposed term of the abatement will be for ten years in an amount not to exceed $1,835,606. The abatement will apply to the City's share of the property taxes (the "Abatement") derived from the property described by property identification numbers on the attached "Exhibit A" (the "Property"). (b) On the date hereof, the Council held a public hearing on the question of the Abatement, and said hearing was preceded by at least 10 days but not more than 30 days prior published notice thereof. (c) The Abatement is authorized under Minnesota Statutes, Sections 469.1812 through 469.1815 (the "Abatement Law"). 2. Findings for the Abatement. The City Council hereby makes the following findings: (a) The Council expects the benefits to the City of the Abatement to at least equal or exceed the costs to the City thereof. (b) Granting the Abatement is in the public interest because it will help provide additional parkland for the City and will provide various park related improvements, which is a public improvement that benefits the Property. (c) The Property is not located in a tax increment financing district. (d) In any year, the total amount of property taxes abated by the City by this and other resolutions, if any, does not exceed the greater of ten percent (10%) of the net tax capacity of the City or $200,000. 3. Terms of Abatement. The Abatement is hereby approved. The terms of the Abatement are as follows: (a) The Abatement shall be for ten (10) years and shall apply to the taxes payable in the years 2010 through 2019, inclusive. (b) The City will abate 100% of the City's share of property tax amount which the City receives from the Property, not to exceed $1,835,606.