RESO 2004-0046 - Laserfiche WebLink

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RESOLUTION 2004-46 Page 2 (e) The City requested in writing that Washington County grant an abatement for the Project and the City anticipates that Washington County will decline the City's request to grant an abatement for the Project and if such request is declined, the City will exercise its authority to grant the Abatement for up to 15 years. 3. Terms of Abatement. The Abatement is hereby approved. The terms of the Abatement are as follows: (a) Subject to Washington County declining to grant an abatement for the Project, the Abatement shall be for up to fifteen (15) years and shall apply to the taxes payable in the years 2005 through 2019, inclusive. (b) The City will abate an amount over the abatement term not to exceed $6,201,532 of the City's share of the property tax amount which the City receives from the increased market value resulting from development on the Property above the current aggregate taxable market value of the Property of $14,576,400. (c) The Abatement shall be subject to all the terms and limitations of the Abatement Law. (d) The City may issue abatement bonds pursuant to Minnesota Statutes, Section 469.1814. If bonds are issued, the Abatement, pursuant to Minnesota Statutes, Section 469.1814 Subd. 4, may not be modified or changed during its term; if bonds are not issued, the Abatement may be modified every second year after the date hereof. The motion for the adoption of the foregoing resolution was made by member Miron and duly seconded by member Haas and, upon a vote being taken thereon after full discussion thereof, the following voted in favor thereof: Granger, Haas, Petryk, Puleo, Miron and the following voted against the same: NONE Whereupon said resolution was declared duly passed and adopted. /AJC F r , Mayor ATTEST: Mary 2�1 Creager, City C1 ey 1659606v1 2