HomeMy WebLinkAbout17-096 Prior Lake Revival Tax Abatement Report
4646 Dakota Street SE
Prior Lake, MN 55372
RESOLUTION 17-096
A RESOLUTION APPROVING TAX ABATEMENT
AND A BUSINESS SUBSIDY AGREEMENT FOR PRIOR LAKE REVIVAL, LLC
Motion By: Burkart Second By: McGuire
WHEREAS, Minn. Stat. §§ 116J.993 – 116J.995 authorize the City to grant business subsidies,
such as tax increment financing, tax abatement, and other business subsidies for
private development projects, in order to achieve a public purpose; and
WHEREAS, on August 26, 2013 the City adopted an Amended Business Subsidy Policy in
compliance with Minn. Stat. § 116J.994, Subd. 2; and
WHEREAS, Minn. Stat. §§ 469.1812 – 469.1815 authorize the City to grant tax abatement for
private development projects, in order to achieve a public purpose; and
WHEREAS,
WHEREAS,
Prior Lake Revival, LLC has proposed to construct a one-story commercial building
of approximately 12,400 square feet (“Project”) on a parcel of land located at the
southwest corner of the Duluth Avenue SE and County Highway 21 intersection in
Prior Lake, Minnesota, PID 259021270; and
Prior Lake Revival has applied for a business subsidy in the form of a pay-as-you-
go tax abatement under the City’s Amended Business Subsidy Policy in order to
assist with the site development costs associated with soil corrections, soil
export/import and retaining wall construction on the Project Site; and
WHEREAS,
WHEREAS,
on this date, June 12, 2017, the requested business subsidy was considered by the
City Council at a public hearing duly noticed and held as required by Minn. Stat. §
116J.994 at which all interested persons were given an opportunity to be heard; and
there has been presented before the City Council a Business Subsidy Agreement by
and between the City of Prior Lake and Prior Lake Revival, LLC setting forth the
terms of the proposed business subsidy; and
NOW THEREFORE, BE IT HEREBY RESOLVED BY THE CITY COUNCIL OF PRIOR LAKE,
MINNESOTA as follows:
1. The recitals set forth above are incorporated herein.
2. Based upon the information presented and the duly held and noticed public hearing, the
Council makes the following findings:
a. the Project will achieve several public purpose objectives, including specifically, to
enhance and diversify the City’s tax base, to provide employment opportunities in
the City, to help provide access to services for residents of the City, to achieve
development on a site that may not be developed without business subsidies
2
assistance; to encourage development of a commercial area in the City that results
in higher quality development and private investment; and to offset increased costs
of development of a specific property when the unique physical characteristics of
the site may otherwise preclude private investment.
b. the Project is consistent with the City 2030 Comprehensive Plan and Vision
Statement.
c. the creation and retention of jobs is not a goal of th is business subsidy, therefore
the wage and job goals are set to zero pursuant to Minn. Stat. § 116J.994, Subd. 4.
3. Based upon the recitals and the findings both set forth above, the Council approves a
business subsidy in the form of a pay-as-you-go tax abatement to Prior Lake Revival, LLC
as set forth in the Business Subsidy Agreement in an amount not to exceed $125,000.00.
4. The Council approves the Business Subsidy Agreement subject to review by the City
Attorney.
5. The Mayor and City Manager are hereby authorized to execute on behalf of the City the
Business Subsidy Agreement and any other related documents requiring execution by the
City.
PASSED AND ADOPTED THIS 12th DAY OF JUNE, 2017
VOTE Briggs McGuire Thompson Braid Burkart
Aye ☒ ☒ ☐ ☒ ☒
Nay ☐ ☐ ☐ ☐ ☐
Abstain ☐ ☐ ☐ ☐ ☐
Absent ☐ ☐ ☒ ☐ ☐
______________________________
Frank Boyles, City Manager