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Home My WebLink AboutResolution No. 062-23 - Resolution - Property Tax Abatements RESOLUTION Authorizing Property Tax Abatements. BE IT RESOLVED By the Common Council of the City of Rochester, Minnesota (the “City”) as follows: Section 1. Recitals. (a) The City proposes to (i) undertake certain park improvements, including without limitation the Soldiers Field Pool and improvements at Silver Lake Park and other park improvements included in the accelerated projects list approved by the Council on January 19, 2022, with tax abatement bonds authorized by Minnesota Statutes, Sections 469.1812 through 469.1815, both inclusive (the “Act”) and (ii) authorize a property tax abatement with respect to various parcels of land that benefit from such park improvements. The City proposes to use property tax abatement pursuant to the Act to finance the Project. The proposed term of the abatement will be for up to 20 years in an estimated not to exceed $20,000,000. The abatement will apply to the City’s share of the property taxes (the “Abatement”) derived from the property described by property identification numbers on the attached Exhibit A (the “Property”). (b) On the date hereof, the Council held a public hearing on the question of the Abatement, and said hearing was preceded by published notice thereof in accordance with the Abatement Law. Section 2. Findings for the Abatement. The City Council hereby makes the following findings: (a) The Council expects the benefits to the City of the Abatement to at least equal the costs to the City thereof. (b) Granting the Abatement is in the public interest because it will help finance the acquisition and construction of public facilities in the City; preserve the tax base by providing an amenity which preserves or enhances the value of nearby properties; finance public infrastructure; benefit the Property by providing certain park improvements to those who live and work in the City thereby improving City-based employers’ ability to attract workers; and protect the general health and welfare of the community by maintaining public infrastructure and facilities. (c) The Property is not, and will not be, located in a tax increment financing district. (d) In any year, the total amount of property taxes abated by the City by this and other resolutions, if any, does not exceed the greater of 10% of the net tax capacity of the City or $200,000. RC110-137-859924.v1 Section 3. Terms of Abatement. The Abatement is hereby approved. The terms of the Abatement are as follows: (a) The Abatement shall be for a up to a 20-year period and shall apply to the taxes payable in the years 2024 through 2043, inclusive. (b) The City will abate the City’s share of the property tax amount which the City receives from the Property, in an amount not to exceed $20,000,000. (c) The maximum amount of Abatement authorized under this resolution is $20,000,000. The maximum principal amount of bonds to be secured by Abatement under this resolution will not exceed the estimated sum of Abatement from the Property for the term authorized under this resolution. (d) The Abatement shall be subject to all the terms and limitations of the Abatement Law. PASSED AND ADOPTED BY THE COMMON COUNCIL OF THE CITY OF ROCHESTER, MINNESOTA, THIS __________ DAY OF _______________, 2023. ___________________________________ PRESIDENT OF SAID COMMON COUNCIL ATTEST: __________________________ CITY CLERK APPROVED THIS _____ DAY OF ______________________, 2023. ___________________________________ MAYOR OF SAID CITY (Seal of the City of Rochester, Minnesota) RC110-137-859924.v1 EXHIBIT A - Parcel ID Numbers for the “Property” 640214025297 640213017727 640231024826 743613014537 743631020161 640214025300 640213018569 640232024852 743613014538 743631020162 640214025298 640213018570 640232024853 743613014539 743631020163 640214025299 640213018571 640232024854 743613014540 743634020164 640214025301 640213018572 640232024855 743613014541 743634020165 640214025304 640213018574 640232024856 743613014542 743631020166 640214025302 640213018575 640234024857 743613014543 743631020167 640214025303 640213018577 640234024858 743613014544 743631020168 640214025305 640234018710 640234024859 743613014545 743631020169 640214025308 640234018712 640233024860 743613014546 743631020170 640214025306 640234018713 640233024861 743613014547 743631020171 640214025307 640234018714 640233024862 743613014548 743631020172 640214025309 640234018715 640224051549 743613014549 743631020173 640214025312 640234018716 640234053713 743613014550 743621021429 640214025310 640234018717 640231053888 743613014551 743621021430 640214025311 640234018718 640231053889 743613014619 743621021431 640214025313 640234018719 640231061779 743613014621 743621021432 640214025316 640234018722 640231061780 743613014622 743621021433 640214025314 640233018723 640223064555 743613014623 743621021434 640214025315 640234018725 640224073687 743613014624 743621021435 640224009152 640234018726 640224079168 743613014625 743621021436 640221009153 640234018727 640213080419 743613014626 743621021437 640224009158 640233018728 640224081060 743634020053 743621021438 640224009160 640233018729 640213081987 743631020054 743621021439 640224009164 640233018730 640213081988 743631020055 743621021440 640224009165 640233018731 640213083687 743631020056 743621021441 640224009166 640234018732 640213083688 743631020057 743621021442 640224009167 640234018776 640224085353 743631020058 743621021443 640224009168 640234018777 743621007958 743631020059 743621021444 640224009169 640234018778 743621007959 743631020060 743621021445 640224009170 640234018779 743621007960 743631020061 743621021446 640224009171 640234018780 743621007961 743631020062 743621021447 640224009172 640234018781 743621007962 743631020063 743621021448 640224009173 640234018782 743621007963 743631020064 743621021449 640224009174 640234018783 743621007964 743631020065 743621021450 640224009180 640232019860 743621007965 743631020066 743621021451 640224009182 640231019861 743621007966 743634020067 743621021452 640224009183 640231019864 743621007967 743634020068 743621021453 640224009185 640232019865 743621007968 743631020069 743621021454 640224009186 640232019866 743621007969 743631020070 743621021455 640224009187 640232019867 743621007970 743631020071 743621021456 640224009188 640232019868 743621007971 743631020072 743621021457 640224009189 640233019869 743621007972 743631020073 743621021458 640224009190 640233019870 743621007973 743631020074 743612022994 640224009191 640224021757 743621007974 743631020075 743612022995 640224009192 640224021760 743621007975 743631020076 743612022996 640224009193 640224021762 743621007976 743631020077 743612022997 640224009194 640231024741 743621007977 743631020078 743612022998 640224009195 640231024742 743621007978 743631020079 743612022999 640224009198 640231024744 743621007979 743631020080 743612023000 640224009199 640231024745 743621007980 743631020081 743612023001 640224009200 640231024746 743621007981 743631020082 743612023002 640224009201 640231024747 743621007982 743634020083 743612023003 640224009202 640231024748 743621007983 743631020084 743612023004 640224009203 640231024749 743621007984 743631020085 743612023005 640224009204 640231024750 743621007985 743631020086 743612023006 640224009205 640231024751 743621007986 743631020087 743612023007 640224009206 640231024752 743642007987 743631020088 743612023008 640224009207 640231024753 743642007988 743631020089 743612023009 640224009208 640231024754 743642007989 743631020090 743612023010 640224009209 640231024755 743642007990 743631020091 743612023011 640224009210 640231024756 743642007991 743631020092 743612023012 640224009211 640231024757 743642007992 743631020093 743612023013 640224009212 640231024758 743642007993 743631020094 743612023014 640224009213 640231024759 743642007994 743631020096 743612023015 640224009214 640231024760 743642007995 743631020097 743612023016 A-1 RC110-137-859924.v1