RESO 2004-0046 - Laserfiche WebLink

Home

RESOLUTION NO. 2004=46 RESOLUTION APPROVING PROPERTY TAX ABATEMENTS BE TT RESOLVED by the City Council (the "Council") of the City of Hugo, Minnesota (the "City"), as follows: 1. Recitals. (a) The Council has determined to construct certain improvements related to CSAH 8 within 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 up to fifteen years in an amount not to exceed $6,201,532. The abatement will apply to the City's share of the property taxes (the "Abatement") derived from the increased market value resulting from development on the properties with the following Parcel Identification Numbers 1803121110001, 1803121210002, 1803121220001, 1803121230001, 1803121240001, 1803121310002, 1803121410001, 1803121420001, 1803121440001, 1903121110002, 1903121120003, 1903121120004, 1903121130004, 1903121140009, 1903121210002, 1903121210005, 1903121220002, 1903121230007, 1903121230016-0044, 1903121230046-0049, 1903121230055-0064, 1903121230066-0078, 1903121230081- 0088, 1903121240003, 1903121310003, 1903121320006-0052, 1903121320057-0078, 1903121330007-0040 (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 finance public infrastructure in the City. (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 current levy or $200,000. 1659606x1