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Page 2 of 2 <br /> <br />Land O’Lakes has requested the abatement of the City, County, and Mounds View School <br />District portions of its property taxes, on the value of the new building expansion only, over a <br />period of fifteen years. The maximum City tax abatement is $650,000. The County and School <br />District will consider the abatement request for those jurisdictions at separate meetings on April <br />12, 2016. <br /> <br />Land O’Lakes has requested a Minnesota Investment Fund (MIF) loan of up to $1,000,000. If <br />approved, DEED would provide grant funds to the City which would administer the forgivable <br />loan to Land O’Lakes. <br /> <br />If the package of public financial assistance is approved, Land O’Lakes intends to submit plans <br />for City consideration of land use approvals. Approval of Resolution 2016-013 and the tax <br />abatement and MIF documents referenced therein has no bearing on the land use approval <br />process. <br /> <br />The City Council reviewed the draft Abatement Contract with Land O’Lakes at the March 21, <br />2016, City Council work session. The terms of the Abatement Contract have not changed since <br />that time. The Abatement Contract and documents related to the Minnesota Investment Fund <br />Loan are available for public inspection at the City Clerk’s office. <br /> <br />Attachment <br /> Resolution 2016-013 approving property tax abatement for certain real property in the <br />City pursuant to Minnesota Statutes, Section 469.1812 to 469.1815, approving a <br />Minnesota Investment Fund grant and loan and specifying the terms thereof <br />