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. 3.04. The City will decertify the TIF District as soon as reasonably practicable after the earliest of (a) the date Amended Note 2 is paid in full or defeased, or (b) December 31, 2005. The City acknowledges that any payment under Amended Note 2 on February 1,2006 is payable from Available Tax Increment received in calendar year 2005, and the intent of this Section is to provide that the Property will not be included in the TIF District for property taxes payable in 2006. Section 4. Property Tax Abatement Findings. 4.01. On September 3 November 8, 2000 the City Council conducted a duly noticed public hearing regarding abatement of the City's share of property taxes on the Property as described in this Section, at which the views of all interested persons were heard. 4.02. It is hereby found and determined that the benefits to the City from the Abatement (as hereafter defined) will be at least equal to the costs to the City of the Abatement, because it will induce Developer to add significant improvements to its existing facility and produce long- term property tax benefits that exceed the amount of the Abatement. 4.03. It is hereby found and determined that the Abatement is in the public interest because it will increase the tax base of the City and increase employment opportunities. . 4.04. It is further specifically found and determined that the Abatement is expected to result in the following public benefits: (a) Create an estimated $550,000 $900.000 increase in estimated market value for property tax purposes, which will be available to all taxing jurisdictions after expiration of the Abatement. (b) Improve the economic vitality of the community through creation of additional manufacturing-related jobs and a further beneficial economic impact in connection therewith. (c) Increase living wage jobs in the City. 4.05. The City finds thut the i\butement is not a business subsidy '.vithin the meaning of Minn. Stat, Section 116J.993 to 116J.995 because the amount of assistance is less than $25,000. Section 5. Abatement Approved. 5.01. The Abatement is hereby approved and adopted subject to the following terms and conditions: (a) The term "Abatement" means the real property taxes generated by extending the City's total tax rate for that year against the tax capacity of the Property and ull improvements constructed addition to the existin1! facility on the Property (the "Additional Improvements") as of that tax-payable year, SJB-184817v2 CE155-7 3