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NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Hugo, <br />Minnesota, as follows: <br />1. Findings for the Abatement. The City Council hereby makes the following <br />findings: <br />(a) The Council expects the benefits to the City of the Abatement to at least <br />equal or exceed the costs to the City thereof. <br />(b) Granting the Abatement is in the public interest because it will: <br />(i) provide or help acquire or construct public facilities; <br />(ii) help provide access to services for residents of the political <br />subdivision; and <br />(iii) finance or provide public infrastructure. <br />(c) The Property is not and will not be located in a tax increment financing <br />district during the Abatement period. <br />(d) In any year, the total amount of property taxes abated by the City by this <br />and other existing abatement resolutions, shall not exceed ten percent (10%) of net tax <br />capacity of the City for the taxes payable year to which the abatement applies or <br />$200,000, whichever is greater (the "Abatement Limit"). The City may grant other <br />abatements permitted under the Abatement Law after the date of this resolution, provided <br />that to the extent the total abatements in any year exceed the Abatement Limit the <br />allocation of the Abatement limit to such other abatements is subordinate to the <br />Abatement granted by this resolution. <br />2. Terms of Abatement. The Abatement is hereby approved. The terms of the <br />Abatement are as follows: <br />(a) The Abatement shall be for up to a twenty (20) year anticipated to <br />commence for the taxes payable in the year 2022. The City reserves the right to modify <br />the commencement date, but the abatement period shall not exceed twenty (20) years. <br />(b) In accordance with Section 469.1815 of the Act, the City will add to its <br />levy in each year during the term of the Abatement the total estimated amount of current <br />year Abatement granted under this resolution. <br />(c) The City will abate the City's share of property tax amount which the City <br />receives from the Property, cumulatively not to exceed $9,000,000. <br />(d) The Abatement shall be subject to all the terms and limitations of the <br />Abatement Law. <br />2 <br />