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� <br /> 7 O� ' <br /> O ,a O CITY of ORONO <br /> �,y: = <br /> �-1 ' �► RESOLUTION OL T�$C�Y COUNCIL <br /> "�,� '>� .'�" ,ycS� <br /> � NO. O J <br /> ��kESH�g'� <br /> A RESOLUTION AUTHORIZING PROPERTY TAX <br /> ABATEMENT FOR SIG ISLAND ACQUISITION FINANCING <br /> NOW, THEREFORE, BE IT RESOLVED, by the City Council of the City of Orono, <br /> Hennepin County, Minnesota, as follows: <br /> 1. The City intends to issue bonds in an amount of approximately$690,000 (the <br /> "Bonds")to pay the costs of acquiring the interests of the Orono Housing and Redevelopment <br /> Authority(the "HRA") in its Big Island property(the "Property"). The Bonds will refund the <br /> obligations originally issued by the HRA to finance acquisition of the property. The Bonds will <br /> be payable primarily from the Abatement authorized by this resolution which will be retained by <br /> the City for payment of debt service on the Bonds. <br /> 2. It is hereby found and determined that the Abatement described below will assist <br /> the City in financing the costs of acquiring the Property which will provide the following public <br /> benefits: <br /> a) the Property provides access to recreation opportunities for the <br /> community; <br /> b) the Property preserves open space; and <br /> c) the Abatement will finance public infrastructure at a lower cost. <br /> 3. In accordance with Minnesota Statutes, Section 469.1813, Subd. 1(1) the Council <br /> expects that the benefits to the City of the Abatement will at least equal the costs to the City. <br /> 4. In accordance with Minnesota Statutes, Section 469.1813, Subd. 1(2) the Council <br /> hereby finds and determines that the proposal is in the public interest because it will: <br /> (i) provide access to public facilities and services to residents of the City; and - <br /> (ii) finance or provide public infrastructure. <br /> 5. Pursuant to Minnesota Statutes, Sections 469.181? to 469.1815 (the "Act"), the <br /> City hereby approves an abatement of l OQ% of the property tax revenue to be levied by the City <br /> and collected in the years 2014 through 2017 for the properties identified in Appendix A (the <br /> "Abatement"). <br /> AUTHORIZING RESOLUTION <br />