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RESOLUTION GRANTING A TAX ABATEMENT FOR THE CITYVIEW FLATS PROJECT, AUTHORIZING A TAX ABATEMENT AGREEMENT WITH ST. LOUIS COUNTY AND FURTHER AUTHORIZING A TAX ABATEMENT DEVELOPMENT AGREEMENT AND A SUBGRANT AGREEMENT WITH CITYVIEW FLATS, LLC.
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CITY PROPOSAL:
BE IT RESOLVED, by the City Council (the "City Council") of the city of Duluth, St. Louis County, Minnesota (the "City"), as follows:
Section 1. Purpose and Authorization.
1.01 The city, pursuant to the provisions of Minnesota Statutes, Sections 469.1812 to 469.1815, as amended (the "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 CityView Flats, LLC ("Developer") owns property located at 333 North First Avenue West in the downtown area of Duluth upon which it desires to construct 105 rental units, up to 96 units of which will be market rate units for workforce housing to assist in addressing an unfulfilled need for such housing in the area and no less than 9 of which will be rent restricted units at 80% area median income (the "project").
1.03 Pursuant to the act, on the date hereof, the City Council conducted a public hearing on the desirability of granting an abatement of property taxes on Developer's properties which are identified on the list attached hereto exhibit A (the "properties"). Notice of the public hearing was duly published as required by law in the Duluth News Tribune, the official newspaper of the city, on May 18, 2018, which date is no fewer than 10 and no more than 30 days prior to the date hereof.
Section 2. Findings. On the basis of the information compiled by the city and elicited at the public hearing referred to in Section 1.03, it i...
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