BMX Tax Abatement

CITY OF ISANTI
NOTICE OF PUBLIC HEARING CITY COUNCIL MEETING REGARDING PROPOSED PROPERTY TAX ABATEMENT
NOTICE IS HEREBY GIVEN that the City Council of the City of Isanti, Minnesota (the City) will hold a public hearing at or after 7:00 p.m. on Wednesday, August 6, 2014, at City Hall, 110 1st Avenue NW in the City, on the proposal that the City abate all or a portion of property taxes levied by the City on the properties identified by the parcel identification numbers listed in Exhibit A (the Property):
PROPERTY SUBJECT TO
PROPOSED PROPERTY TAX
ABATEMENT
16.086.0010 16.047.0200
16.118.0010 16.127.0010
16.104.1581 16.104.1582
16.030.0500 16.120.0010
16.116.0010 16.113.0010
16.077.0010 16.030.1000
16.077.0050 16.077.0070
16.126.0030 16.053.0110
16.029.3000 16.053.0100
16.040.0660 16.067.0030
16.132.0010 16.132.0020
16.132.0030 16.028.0200
The total amount of the taxes proposed to be abated by the City on the Property is estimated to be not more than $3,370,000 collected over a 15-year term. The City Council will consider the property tax abatement in connection with financing the construction of a BMX facility and related site improvements. The BMX facility will be located at 101 Isanti Parkway NW in the City and at the site leased to and operated by Rum River BMX Association, a 501(c)(3) nonprofit organization.
The City proposes to issue General Obligation Tax Abatement Bonds in an amount not to exceed $2,700,000 to finance the BMX facility and related improvements.
All interested persons may appear at the public hearing and present their views orally or in writing.
Dated: July 9, 2014
BY ORDER OF THE CITY COUNCIL OF THE CITY OF ISANTI, MINNESOTA
Donald C. Lorsung
City Administrator/City Clerk
City of Isanti, Minnesota
Published in the
Isanti County News
July 9, 2014
247044

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