Title
RESOLUTION RELATING TO A TAX ABATEMENT; GRANTING THE ABATEMENT FOR THE ST PAPER 1 LLC 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 ST Paper 1, LLC proposes to acquire the closed Verso Paper Mill located at 110 North Central Avenue in Duluth, Minnesota and to convert it to the production of tissue paper products (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 April 28, 2021, 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, create at least 80 new jobs, and will redevelop currently unused real property.
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