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WHEREAS, on the date hereof, the City conducted a duly noticed public hearing on the Abatement and the MIF Grant and MIF Loan Agreement in accordance with the Abatement Act and the Business Subsidy Act at which the views of all interested persons were heard; WHEREAS, all capitalized terms in this resolution have the meanings provided in the Abatement Agreement unless context clearly requires otherwise; NOW, THEREFORE, BE IT RESOLVED BY the City Council (the "Council") of the City of Arden Hills, Minnesota as follows: 1. Benefits Equal Costs. It is hereby found and determined that the benefits to the City from the Abatement will be at least equal to the costs to the City of the Abatement for the following reasons: (a) The Abatement will stimulate development and therefore will increase the tax base; consequently, the Facility will generate significant City tax revenues after termination of the Abatement, which revenues will far exceed the amount of the Abatement itself. (b) The Abatement will stimulate the retention and creation of jobs resulting in employees contributing to the general economy of the City. 2. Public Purposes. It is further found and determined that the Abatement will incentivize the Developer to retain its corporate headquarters in the City and serve the following public purposes set forth in Section 469.1813, subdivision 1 of the Abatement Act: (a) The Abatement will increase the tax base. (b) The Abatement will provide employment opportunities in the City. 3. Abatement Approved. The Abatement is hereby approved and adopted subject to the following terms and conditions: (a) "Abatement" or "Abatements" means the City's share of the increased annual real estate taxes on the Development Property above the base value established January 2, 2016 less fiscal disparities taxes, State taxes, market value taxes and taxes paid to taxing jurisdictions other than the City and County (as more specifically defined in the Abatement Agreement as the "City Abatement") for a term of up to 15 years in a principal amount not to exceed $650,000. (b) The City will pay the Abatements in the amount, at the time, and in accordance with all the terms and conditions set forth in the Abatement Agreement, which are incorporated herein by reference. (c) The Abatement is subject to modification in accordance with the Abatement Act,but only to the extent so permitted under the terms of the Abatement Agreement. (d) In accordance with Section 469.1815 of the Abatement Act, the City will add to its levy in each year during the term of the Abatement the total estimated amount of current year Abatement granted under this resolution.