Title
RESOLUTION RELATING TO A TAX ABATEMENT; GRANTING THE ABATEMENT FOR THE CAPSTONE PROJECT.
Body
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 Capstone LLC. owns or controls property in the Miller Hill area south of Matterhorn Drive and west of Burning Tree Road upon which it desires to construct approximately 80 rental units of "workforce housing" to assist in addressing an unfulfilled need for such housing in the area (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 certain properties expected to be benefitted by the proposed project, which properties 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 February 17, 2017, 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 is hereby found, determined and declared:
2.01 The project is in the public interest because it will increase and preserve tax base in the city, provide housing to serve a ...
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