Resolution No. 2022-53, Approving Property Tax Abatements
Resolution No. 2022-53
Approving Property Tax Abatements
Whereas, the City of Fridley (City) proposes to approve tax abatements in connection with the
financing of the Park System Improvement Plan (Project) improvements located in the City; and
Whereas, the City proposes to use the abatement for the purposes provided for in Minnesota
Statutes (M.S.) §§ 469.1812 - 469.1815 (Abatement Law); and
Whereas, the proposed term of the abatement will be for up to 15 years in an amount not to
exceed $20,735,255; and
Whereas, the tax abatement will apply to the City's share of the property taxes (Abatement)
derived from the property identified by the tax parcel identification numbers listed below
(Property):
14-30-24-31-0067 13-30-24-44-0104 11-30-24-14-0042 24-30-24-32-0064
02-30-24-22-0009 24-30-24-11-0006 24-30-24-24-0027 24-30-24-21-0028
02-30-24-22-0010 13-30-24-43-0013 23-30-24-13-0111 24-30-24-14-0027
02-30-24-22-0012 25-30-24-12-0076 14-30-24-24-0029 24-30-24-34-0063
02-30-24-22-0010 11-30-24-13-0114 13-30-24-43-0028 13-30-24-43-0018
27-30-24-41-0002 13-30-24-23-0053 14-30-24-12-0053 25-30-24-21-0025
12-30-24-13-0035 25-30-24-11-0070 24-30-24-31-0106 11-30-24-13-0078
02-30-24-22-0016 25-30-24-12-0086 13-30-24-44-0118 14-30-24-21-0005
02-30-24-22-0015 14-30-24-13-0028 24-30-24-31-0053 24-30-24-12-0083
02-30-24-32-0005 25-30-24-11-0044 23-30-24-13-0009 13-30-24-22-0038
23-30-24-32-0012 13-30-24-43-0057 14-30-24-11-0089 25-30-24-21-0024
23-30-24-32-0006 11-30-24-13-0077 11-30-24-14-0036 24-30-24-34-0061
23-30-24-32-0013 24-30-24-42-0048 23-30-24-42-0031 13-30-24-14-0108
23-30-24-32-0010 13-30-24-43-0025 24-30-24-31-0101 14-30-24-14-0027
23-30-24-32-0011 13-30-24-44-0009 11-30-24-13-0017 25-30-24-11-0091
23-30-24-32-0007 24-30-24-31-0073 24-30-24-24-0026 14-30-24-13-0049
24-30-24-11-0116 11-30-24-24-0034 11-30-24-11-0048 24-30-24-11-0120
24-30-24-43-0005 24-30-24-34-0019 13-30-24-22-0074 25-30-24-12-0050
13-30-24-41-0031 23-30-24-14-0016 14-30-24-24-0028 24-30-24-43-0017
25-30-24-11-0046 13-30-24-23-0005 11-30-24-11-0029 13-30-24-44-0117
25-30-24-11-0036 24-30-24-24-0070 14-30-24-24-0032 14-30-24-21-0010
25-30-24-12-0034 13-30-24-44-0047 23-30-24-13-0088 25-30-24-11-0064
13-30-24-43-0047 13-30-24-43-0034 24-30-24-34-0016 25-30-24-12-0007
13-30-24-41-0022 14-30-24-24-0066 25-30-24-11-0054 24-30-24-11-0093
14-30-24-13-0037 14-30-24-14-0072 24-30-24-12-0009 25-30-24-11-0045
24-30-24-11-0107 14-30-24-12-0055 24-30-24-12-0082 13-30-24-44-0002
14-30-24-11-0121 24-30-24-12-0045 13-30-24-41-0074 24-30-24-34-0064
24-30-24-43-0010 11-30-24-13-0070 14-30-24-12-0061 11-30-24-12-0033
24-30-24-11-0131 23-30-24-14-0001 23-30-24-13-0104 25-30-24-11-0076
25-30-24-12-0040 24-30-24-24-0065 14-30-24-21-0027 13-30-24-44-0115
13-30-24-14-0129 24-30-24-11-0059 23-30-24-42-0002 24-30-24-14-0033
14-30-24-21-0007 11-30-24-14-0039 25-30-24-11-0043 14-30-24-21-0002
11-30-24-13-0056 23-30-24-14-0024 24-30-24-11-0137 24-30-24-42-0047
13-30-24-22-0009 11-30-24-13-0079 24-30-24-24-0025 13-30-24-44-0122
24-30-24-24-0013 13-30-24-44-0031 24-30-24-43-0019 24-30-24-34-0032
25-30-24-11-0047 11-30-24-12-0042 23-30-24-13-0099
Whereas, the Council held a public hearing on the same date hereof 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; and
Whereas, the City proposes to issue General Obligation Tax Abatement Bonds, Series 2022A
(Bonds) in the aggregate principal amount not to exceed $20,730,000 to finance a portion of the
costs of the Project; and
Whereas, the City will pledge the Abatement to pay the principal amount of the Bonds; and
Whereas, the City Council hereby makes the following findings:
1. The Abatement is authorized under Abatement Law.
2. The Council expects the benefits to the City of the Abatement to at least equal or exceed
the costs to the City thereof.
3. Granting the Abatement is in the public interest because it will provide or help acquire
or construct public facilities.
4. The Property is not located in a tax increment financing district.
5. In any year, the total amount of property taxes abated by the City by this and other
existing abatement resolutions, shall not exceed 10% of net tax capacity of the City for
the taxes payable year to which the abatement applies or $200,000, whichever is greater
(Abatement Limit). The City may grant other abatements permitted under the Abatement
Law after the date of this resolution, provided that to the extent the total abatements in
any year exceed the Abatement Limit the allocation of the Abatement limit to such other
abatements is subordinate to the Abatement granted by this resolution.
Therefore, be it resolved, that the City Council of the City of Fridley hereby approves the
Abatement. The terms are as follows:
1. The Abatement shall be for up to a 15-year period, anticipated to commence for the taxes
payable in the year 2023. The City reserves the right to modify the commencement date,
but the abatement period shall not exceed 15 years.
2. The City will abate the City's share of property tax amount which the City receives from the
Property, not to exceed $20,735,255.
3. In accordance with M.S. § 469.1815 the City will add to its levy in each year during the term
of the Abatement the total estimated amount of current year Abatement granted under
this resolution.
4. The Abatement shall be subject to all the terms and limitations of the Abatement Law.
rd
Passed and adopted by the City Council of the City of Fridley this 23 day of May, 2022.
_______________________________________
Scott J. Lund – Mayor
Attest:
________________________________________
Melissa Moore – City Clerk