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.. Duration Limits. A political subdivision other than a school district may grant an abatement for a period no longer than ten years. The subdivision may specify in the abatement resolution a shorter duration. If the resolution does not specify a period oftime. the abatement is for eil!:ht vears. If an abatement has been granted to a parcel of property and the period of the abatement has expired, the political subdivision that granted the abatement may not grant another abatement for eight years after the expiration of the first abatement. This prohibition does not apply to improvements added after and not subject to the first abatement. A school district may grant an abatement for only one year at a time. Once a school district has authorized an abatement for a property, it may reauthorize the abatement in any subsequent year for the next seven years, or nine years if provided in the original abatement agreement. This prohibition does not apply to improvements added after and not subject to the original abatement agreement. Review and Modification of Abatements. The political subdivision may provide in the abatement resolution that the abatement may not be modified or changed during its tenn. If the abatement resolution does not provide that the abatement may not be modified or changed, the governing body of the political subdivision may review and modify the abatement every second year after it was approved. Cumulative Limit on Abatements. In any year, the total amount of property taxes abated by a political subdivision under this section may not exceed (1) five percent of the current levy, or (2) $100,000, whichever is greater. Bondin!! Authoritv. Bonds or other obligations may be issued to provide an amount equal to the sum of the abatements granted for a property. The maximum principal amount of these bonds may not exceed the estimated sum of the abatements for the property for the years authorized. The bonds may be general obligations of the political subdivision if the governing body of the political subdivision elects to pledge the full faith and credit ofthe subdivision in the resolution issuing the bonds. Chapter 475 (the state bond code) applies to the obligations authorized by this section, except bonds are excluded from the calculation of the net debt limit. If two or more political subdivisions decide to grant abatements for the same property, the municipality in which the property is located may issue bonds to provide an amount equal to the sum of the abatements for each of the jurisdictions that agrees. The governing body of each of the other jurisdictions must guarantee and pledge to pay annually to the municipality the amount of the abatement. This pledge and guarantee is a binding obligation of the political subdivision and must be included in the abatement resolution. lfbonds are issued to provide advance payment of abatements under this section, the amount of abatement is not subject to periodic review by the political subdivision under section 469. I 813, subdivision 7. The proceeds ohny bonds issued may be used to (1) pay for public improvements that benefit the property, (2) to acquire and convey land or other property, as provided under this section, (3) to reimburse the property owner for the cost of improvements made to the property, or (4) to pay the costs of issuance of the bonds. Inclusion in Levv. The political subdivision must add to its levy amount for the current year under the proposed and final levy certifications the total estimated amount of all current year abatements granted. The tax amounts shown on the proposed tax hearing notice (truth in taxation notice) and on the property tax are the total amounts before the reduction of any abatements that wilt be granted on the property. Tax Collection and Abatement Procedure or Administration. The total property taxes shall be levied on the property and shall be due and payable to the county at the times nonnally provided. The County will collect the tax and remit the proceeds to the other taxing jurisdictions. The political subdivision that granted the abatement must then pay the abatement to the property owner, lessee, or a representative of the bondholders, as provided by the abatement resolution. Allthorized by the 1997/egis/ature in Chapter 231, Art. 2, s 45.48. -.-- .-. ----