05.01 - Req for Tax Abatement-Oppidan, Public Hearing

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�- (c) On the date hereof, the Council held a public hearing on the question of the Abatement, and said hearing was preceded by at least 10 days but not more than 30 days prior published notice thereof. (d) The Abatement is authorized under the Abatement Law. 2. Findings for the Abatement. The City Council hereby makes the following findings: (a) The Council expects the benefits to the City of the Abatement to at least equal or exceed the costs to the City thereof because the increased market value of the Tax Abatement Property as a result of the Project will far exceed the amount of Abatement being provided. (b) Granting the Abatement is in the public interest because it will: (1) increase the tax base; (2) provide employment opportunities in the City as provided in the Tax Abatement Agreement; and (3) provide public infrastructure as provided in a Conditional Use Permit Development Agreement regarding the Tax Abatement Property and the `., Project to be entered into between the City and the Developer. M (c) The Tax Abatement Property is not located in a tax increment financing district. (d) In any year, the total amount of property taxes abated by the City by this and other resolutions and agreements, if any, does not exceed the greater of ten percent (10 %) of the net tax capacity of the City or $200,000. 3. Terms of Abatement. The Abatement is hereby approved. The terms of the Abatement are as follows: (a) The Abatement shall be for up to 13 years beginning with real estate taxes payable in 2012 and continuing through 2024, inclusive. (b) The City will abate and pay to the Developer the Abatement as provided in the Tax Abatement Agreement. (c) The Abatement shall be subject to all the terms and limitations of the Abatement Law. (d) The Abatement may be modified only as agreed to in writing by the City and the Developer. 2410619x2 2