City Council Meeting Date: August 5, 2024
To: Mayor and City Council
From: David Bennett, Public Works Director/City Engineer
Title
Consider Resolution approving Property Tax Abatements.
Body
Action Requested:
The Northfield City Council approves the attached Resolution Approving Property Tax Abatements.
Summary Report:
It is requested that the City Council approve the attached Resolution approving the property tax abatements to undertake certain public improvements to the Northfield Transit Hub building.
The proposed term of the abatement will be for up to 15 years in an estimated amount not to exceed $1,129,000. The abatement will apply to the City’s share of the property taxes (the “Abatement”) derived from the property described by property identification numbers on Exhibit A of the Resolution.
Alternative Options:
None recommended. The Council has previously discussed and supported the debt issuance for these projects as the funding mechanism.
Financial Impacts:
Costs of the Transit Hub General Obligation Bonds, Series 2024A.
Tentative Timelines:
General Obligation Bonds, Series 2024A are scheduled to be sold August 2024.