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<br />/ <br />// <br />// <br /> <br />/ <br /> <br />regarding abatement of the City's share of property taxes on the Property as described in this <br />Section, at which the views of all interested persons were heard. <br /> <br />4.02. It is hereby found and determined that the benefits to the City from the Abatement <br />(as hereafter defined) will be at least equal to the costs to the City of the Abatement, because it will <br />induce Developer to add significant improvements to its existing facility and produce long-term <br />property tax benefits that exceed the amount of the Abatement. <br /> <br />4.03. It is hereby found and determined that the Abatement is in the public interest <br />because it will increase the tax base of the City and increase employment opportunities. <br /> <br />4.04. It is further specifically found and detennined that the Abatement is expected to <br />result in the following public benefits: <br /> <br />(a) Create an estimated $900,000 increase in estimated market value for <br />property tax purposes, which will be available to all taxing jurisdictions after <br />expiration of the Abatement. <br /> <br />(b) Improve the economic vitality of the community through creation of <br />additional manufacturing-related jobs and a further beneficial economic impact in <br />connection therewith. <br /> <br />(c) Increase living wage jobs in the City. <br /> <br />Section 5. Abatement Approved. <br /> <br />5.01. The Abatement is hereby approved and adopted subject to the following terms and <br />conditions: <br /> <br />(a) The term "Abatement" means the real property taxes generated by extending <br />the City's total tax rate for that year against the tax capacity of the addition to the <br />existing facility on the Property (the "Additional Improvements") as of that tax- <br />payable year, including any portion of such tax capacity attributable to the areawide <br />tax under Minnesota Statues, Chapter 473F. In no event will the Abatement be paid <br />with respect to the land or to the value of the existing facility. <br /> <br />(b) The Abatement will be paid for five years, beginning in the first tax-payable <br />year after the Property is not included in the TIF District, as described in Section <br />3.04 hereof. The aggregate Abatement over the five-year period will not exceed <br />$123,000, subject to any additional limit described in clause (d) below. <br /> <br />(c) The City will pay the Abatement to the Developer in semi-annual <br />installments on each February I and August 1, commencing August I of the first <br />year the Abatement is in effect, as described in clause (b). <br /> <br />(d) In accordance with Section 469.1813, subdivision 8 of the Act, in no case <br />shall the Abatement exceed the greater of 5% of the Cit)"s levy for th~Y<e<lr.in':\11igh <br />... -- -the-Abatement is paid or $100,OOO(th~-;;Volurr;e -Calh. if tneUtotai abatements <br /> <br />SlB.184817v3 <br />CE155-7 <br /> <br />3 <br />