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Home My WebLink About20-137CITY OF LAKEVILLE RESOLUTION NO. 20-137 RESOLUTION RELATING TO A TAX ABATEMENT, TEFRA HEARING, AND GENERAL OBLIGATION TAX ABATEMENT BONDS; GRANTING THE ABATEMENT AND APPROVING THE ISSUANCE OF THE BONDS BE IT RESOLVED by the City Council of the City of Lakeville, Minnesota (the "City"), as follows: Section 1. Authorization and Recitals. 1.01. The City, pursuant to Minnesota Statutes, Sections 469.1812 to 469.1815, as amended (the "Abatement Act"), is authorized to grant an abatement of the property taxes imposed by the City on a parcel of property, if certain conditions are met, through the adoption of a resolution specifying the terms of the abatement. 1.02. The City proposes to assist in financing certain energy savings improvements (the "Improvements") to the Ames and Hasse ice arenas (the "Project"). 1.03. On the date hereof, this Council conducted a public hearing: 1) pursuant to the Abatement Act, on the desirability of granting an abatement of property taxes on certain properties expected to be benefited by the proposed Project, which properties include those with the tax parcel identification numbers listed on Exhibit A hereto (the "Property"): 2) for purposes of complying with the requirements under the Tax Equity and Fiscal Responsibility Act of 1982 ("TEFRA"), pursuant to Section 147(f) of the Internal Revenue Code of 1986, as amended (the "Code"), on the proposal that the City issue its general obligation tax abatement bonds in an aggregate principal amount not to exceed $8,100,000 (the "Bonds"), under Sections 469.1813 and Chapter 475, as amended, for the purpose of financing the Project. Notice of the public hearing was duly published as required by law in the Sun Thisweek, the official newspaper of the City, on October 30, 2020, which date is no fewer than ten and no more than 30 days prior to the date hereof. Section 2. Fines. On the basis of the information compiled by the City and elicited at the public hearing referred to in Section 1.03, it is hereby found, determined and declared: 4844-6235-8977\3 2.01. The City expects that the benefits of the proposed abatement are not less than the costs of the proposed abatement. The public benefits that the City expects to result from the abatement are the provision of recreational facilities for the benefit of residents of the City. 2.02. The Property is not located in a tax increment financing district. 2.03. The granting of the proposed abatement will not cause the aggregate amount of abatements granted by the City under the Abatement Act in any year to exceed the greater of (i) ten percent (10.00%) of the City's net tax capacity for the taxes payable year to which the abatement applies, or (ii) $200,000. 2.04. It is in the best interests of the City to grant the tax abatement authorized in this Resolution. 2.05. Under Section 469.1813, Subdivision 9 of the Abatement Act, it is not necessary for the City to obtain the consent of any owner of the Property to grant an abatement. Section 3. Granting of Tax Abatement. 3.01. A property tax abatement (the "Abatement") is hereby granted in respect of property taxes levied by the City on the Property for twenty (20) years, subject to satisfaction of the conditions for such duration described in Section 469.1813, subdivision 6(b). The Abatement will reduce the taxes for the Property, and the total amount of the Abatement is estimated to be approximately $8,100,000. 3.02. The City shall retain the Abatement and apply it to payment of all or a portion of the costs of acquiring or constructing the Project or to the payment of bonds of the City issued to finance costs of acquiring or constructing the Project. 3.03. The Abatement may be modified or terminated at any time by the City Council in accordance with the Abatement Act. 3.04. Pursuant to the Joint Powers Agreement between the City and Independent School District No. 194 (the "District"), the District has waived any notice or procedural requirements under Minnesota Statutes, Sections 469.1813-469.1814, with respect to the Property. Section 4. Issuance of the Bonds. The issuance of the Bonds, not exceeding the amount above described, for the purpose above described, is hereby approved. ADOPTED by the Lakeville City Council this 16th day of November, 2020. 4844-6235-8977\3 CITY OF LAKEVILLE By: C Douglas P. Anderson, Mayor ATTEST: Charlene Friedges, City Cl41 VOTE Anderson Hellier Lee Volk Wheeler Aye sr a v �k v Nay ❑ ❑ ❑ ❑ ❑ Abstain O ❑ ❑ ❑ ❑ Absent ❑ ❑ ❑ ❑ ❑ 4844-6235-8977\3 EXHIBIT A Tax Parcel Identification Numbers 220190005 22211950 22211950 22211950 22211970 22426000 22562000 22211970 22426000 010 2040 5010 7030 3210 1130 2090 3170 2030 220190006 22211950 22211950 22211950 22211970 22426000 22562000 22426000 22426000 010 2050 5020 7040 4010 1140 2100 1030 4010 220190010 22211950 22211950 22211950 22211970 22426000 22562000 22211950 22562000 012 2070 5030 7060 4020 1150 3010 1020 1030 220190011 22211950 22211950 22211950 22211970 22426000 22562000 22426000 22211950 010 2080 5040 7070 4030 1160 3020 2010 3090 220190013 22211950 22211950 22211950 22211970 22426000 22562000 22562000 22211980 010 2090 5050 7080 4040 2040 3030 1070 1070 220190014 22211950 22211950 22211950 22211970 22426000 22562000 22426000 22211950 010 2100 5070 7090 4050 2050 3040 1170 2060 220190015 22211950 22211950 22211950 22211970 22426000 22562000 22211980 22562010 010 2110 5080 7100 4060 2060 3050 3080 2090 220190017 22211950 22211950 22211950 22211970 22426000 22562000 22211950 22211970 013 2120 5090 7120 4070 2080 3060 4220 2020 220190018 22211950 22211950 22211950 22211980 22426000 22562000 22211950 22426000 012 2130 5100 7140 1010 2090 3070 7050 3040 220190019 22211950 22211950 22211950 22211980 22426000 22562000 22211950 22211950 010 3010 6010 7150 1020 3010 3080 4060 7110 220190076 22211950 22211950 22211950 22211980 22426000 22562000 22562000 22426000 012 3020 6020 7160 1030 3020 3090 2020 3050 220190077 22211950 22211950 22211950 22211980 22426000 22562000 22562010 010 3030 6030 7170 1040 3030 3100 1070 220190078 22211950 22211950 22211950 22211980 22426000 22562000 22211950 010 3040 6040 7180 1050 4020 4010 4080 220190079 22211950 22211950 22211950 22211980 22426000 22562010 22211950 010 3060 6050 7190 1060 4030 1010 4190 220190085 22211950 22211950 22211950 22211980 22426000 22562010 22189500 012 3070 6060 7200 2010 5010 1020 1070 220190086 22211950 22211950 22211970 22211980 22426000 22562010 22211970 012 3080 6070 1010 2020 5020 1030 3050 220190087 22211950 22211950 22211970 22211980 22426000 22562010 22426000 012 3100 6080 1020 2040 5030 1040 1180 220190090 22211950 22211950 22211970 22211980 22426000 22562010 22426000 010 3110 6090 1030 2050 5050 1050 1120 220200053 22211950 22211950 22211970 22211980 22562000 22562010 22019000 010 3120 6100 2010 2060 1010 1060 9012 220200055 22211950 22211950 22211970 22211980 22562000 22562010 22189500 012 3130 6110 2030 2070 1020 1090 1030 220290029 22211950 22211950 22211970 22211980 22562000 22562010 22019001 010 3140 6120 2040 2080 1040 1100 7022 221170001 22211950 22211950 22211970 22211980 22562000 22562010 22426000 010 3150 6130 2060 3010 1050 1120 1040 221170001 22211950 22211950 22211970 22211980 22562000 22562010 22211950 020 3160 6140 2070 3020 1060 1130 2030 221170001 22211950 22211950 22211970 22211980 22562000 22562010 22211980 030 4010 6150 2080 3030 1080 1140 2030 221170001 22211950 22211950 22211970 22211980 22562000 22562010 22426000 040 4020 6170 2090 3040 1090 1160 2020 4844-6235-8977\3 221895001 22211950 22211950 22211970 22211980 22562000 22562010 22378500 015 4030 6180 2100 3050 1100 1170 1010 221895001 22211950 22211950 22211970 22211980 22562000 22562010 22211950 040 4040 6190 3010 3060 1110 2010 3050 221895001 22211950 22211950 22211970 22211980 22562000 22562010 22211970 050 4050 6200 3030 3070 1120 2020 2050 221895001 22211950 22211950 22211970 22211980 22562000 22562010 22211950 060 4070 6210 3040 3090 1130 2030 1090 221895002 22211950 22211950 22211970 22378500 22562000 22562010 22426000 010 4090 6220 3060 1020 1150 2040 2070 221895002 22211950 22211950 22211970 22378500 22562000 22562010 22426000 020 4100 6230 3070 1030 1160 2050 5040 221895002 22211950 22211950 22211970 22378500 22562000 22562010 22562000 030 4110 6250 3080 1040 1170 2060 2080 222119501 22211950 22211950 22211970 22426000 22562000 22562010 22562010 010 4120 6260 3090 0050 1180 2070 1150 222119501 22211950 22211950 22211970 22426000 22562000 22562010 22562000 030 4130 6270 3100 1010 1190 2080 1140 222119501 22211950 22211950 22211970 22426000 22562000 22562010 22211950 040 4140 6280 3110 1020 1200 2100 4150 222119501 22211950 22211950 22211970 22426000 22562000 22562010 22562010 050 4160 6290 3120 1050 2010 2110 1110 222119501 22211950 22211950 22211970 22426000 22562000 22211950 22211950 060 4170 6300 3130 1060 2030 5060 6160 222119501 22211950 22211950 22211970 22426000 22562000 22426000 22562010 070 4180 6310 3150 1080 2040 1070 1080 222119501 22211950 22211950 22211970 22426000 22562000 22211970 22211950 080 4200 6320 3160 1090 2050 3190 6240 222119502 22211950 22211950 22211970 22426000 22562000 22211950 22211970 010 4210 6330 3180 1100 2060 7020 3020 222119502 22211950 22211950 22211970 22426000 22562000 22211950 22211970 020 4230 7010 3200 1110 2070 4240 3140 4844-6235-8977\3