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HomeMy WebLinkAboutResolution 6386 � 7 O� ' O ,a O CITY of ORONO �,y: = �-1 ' �► RESOLUTION OL T�$C�Y COUNCIL "�,� '>� .'�" ,ycS� � NO. O J ��kESH�g'� A RESOLUTION AUTHORIZING PROPERTY TAX ABATEMENT FOR SIG ISLAND ACQUISITION FINANCING NOW, THEREFORE, BE IT RESOLVED, by the City Council of the City of Orono, Hennepin County, Minnesota, as follows: 1. The City intends to issue bonds in an amount of approximately$690,000 (the "Bonds")to pay the costs of acquiring the interests of the Orono Housing and Redevelopment Authority(the "HRA") in its Big Island property(the "Property"). The Bonds will refund the obligations originally issued by the HRA to finance acquisition of the property. The Bonds will be payable primarily from the Abatement authorized by this resolution which will be retained by the City for payment of debt service on the Bonds. 2. It is hereby found and determined that the Abatement described below will assist the City in financing the costs of acquiring the Property which will provide the following public benefits: a) the Property provides access to recreation opportunities for the community; b) the Property preserves open space; and c) the Abatement will finance public infrastructure at a lower cost. 3. In accordance with Minnesota Statutes, Section 469.1813, Subd. 1(1) the Council expects that the benefits to the City of the Abatement will at least equal the costs to the City. 4. In accordance with Minnesota Statutes, Section 469.1813, Subd. 1(2) the Council hereby finds and determines that the proposal is in the public interest because it will: (i) provide access to public facilities and services to residents of the City; and - (ii) finance or provide public infrastructure. 5. Pursuant to Minnesota Statutes, Sections 469.181? to 469.1815 (the "Act"), the City hereby approves an abatement of l OQ% of the property tax revenue to be levied by the City and collected in the years 2014 through 2017 for the properties identified in Appendix A (the "Abatement"). AUTHORIZING RESOLUTION � O� O �� _ O CITY of ORONO �a� � � �', �' � RESOLUTION OF �H� C�ITIf COUNCIL �',�, `� :�� � ti o 6 � G NO. ��kESH�g'� 6. The proceeds of the Abatement will be used by the City as the primary source of payment of the Bonds. 7. The amount of abatement proposed for each parcel does not exceed such parcel's local tax rate multiplied by the total net tax capacity of such parcel. Adopted by the City Council of the City of Orono, Minnesota at a regular meeting held April 14, 2014. ATTEST: � ' Lili McMillan, Mayor � Rachel Dodge, City Clerk AUTHORIZING RESOLUTION . ' b � 86 APPENDIX A ABATEMENT PARCELS BY PROPERTY IDENTIFICATION NUMBER 1011723140006 1511723210004 2211723310002 2311723320011 1011723140011 1511723210005 2211723310020 2311723320012 1011723140012 1511723210007 2211723310028 2311723320018 1011723140014 2111723130023 2211723310029 2311723320019 1011723140015 2111723210001 2211723310030 2311723320020 1011723140017 2111723210002 2211723310031 2311723320023 1011723310001 2111723210003 2211723310032 2311723320027 1011723310002 2111723210004 2211723310033 2311723320037 1011723340003 2111723210005 2211723310034 2311723320039 1011723340004 2111723210007 2211723310035 2311723320044 1011723340005 2111723210009 2211723310036 2311723320046 1011723340006 2111723210010 2211723410002 2311723320047 1011723340007 2111723220002 2211723410003 2311723320048 1011723340008 2111723220003 2211723420001 2311723320049 1011723340009 2111723220004 2211723420002 2311723320057 1011723340014 2111723220005 2211723420021 2311723320058 1011723340015 2111723220006 2311723210001 2311723320059 1011723340017 2111723240030 2311723220001 2311723320060 1011723420001 2111723240031 2311723220002 2311723320061 1011723420002 2111723240032 2311723220009 2311723320062 1011723420003 2111723240040 2311723220018 2311723320063 1011723420004 2111723240041 2311723220019 2311723320064 1011723420005 2111723240043 2311723220020 2311723320066 1011723420007 2111723240044 2311723230003 2311723320072 1011723420016 2111723240045 2311723230004 2311723320073 1011723420017 2111723240064 2311723230019 2311723320074 1011723420018 2111723240065 2311723230020 2311723320075 1011723420019 2211723130001 2311723230027 2311723320076 1011723420024 2211723130002 2311723230028 1111723230014 2211723130006 2311723230029 1111723230015 2211723140001 2311723230030 1111723320010 2211723140002 2311723230031 1111723320015 2211723140003 2311723230032 1111723320016 2211723240001 �311723230033 1111723320020 2211723240006 2311723230034 1111723330007 2211723240008 2311723230035 1111723340001 2211723240009 2311723230036 1411723340001 2211723240010 2311723320001 1511723210002 2211723240011 2311723320002 1511723210003 2211723310001 2311723320010 AUTHORiZING RESOLUTION Motion for the foregoing Resolution was made by Member Levang and seconded by Member Bremer upon a vote being duly taken thereon, the following voted in favor of: and the following were against: None Against, Vote 3-0 and the following were absent: Anderson, Printup WHEREUPON, the Resolution was declared duly passed and adopted the 14th day of April 2014. AUTHORIZING RESOLUTION STATE OF MINNESOTA ) ) SS CITY OF ORONO ) I, the undersigned, being the duly qualified and acting City Clerk of the City of Orono, Minnesota, hereby certify that I have carefully compared the attached and foregoing extract of minutes of a meeting of the City Council of said City held April 14, 2014, with the original thereof on file and of record in my office and the same is a full, true and complete transcript therefrom insofar as the same relates to the authorization by the City to abate certain property taxes identified in the Resolution No 6386. WITNESS My hand officially and the seal of the City this 14`h of April 2014. t�-�a-z- �-e� ,O�c���'�----. City Clerk City of Orono, Minnesota (Seal) US 53890158 01 AUTHORIZING RESOLUTION