Notice of Public Hearing Regarding Proposed Property Tax Abatement
April 28, 2017
CITY OF MARSHALL
NOTICE OF PUBLIC HEARING
REGARDING PROPOSED PROPERTY TAX ABATEMENT
FOR THE INDEPENDENCE PARK AND BIKE PATH IMPROVEMENTS
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NOTICE IS HEREBY GIVEN that the City Council of the City of Marshall, Minnesota, will hold a public hearing at a meeting of the Council beginning at approximately 5:30 p.m., on Tuesday, May 9, 2017, to be held at the Marshall Middle School, 401 S. Saratoga, Marshall, Minnesota (the “City”), on the proposal that the City abate property taxes levied by the City, pursuant to Minnesota Statutes, Sections 469.1812 through 469.1815 (the “Abatement Act”) on the property identified as tax parcel numbers:
At the hearing, the Council will consider a resolution under which the City will collect the City’s share of property taxes from land and improvements on the identified parcels for a term of up to 10 years, and will agree to pledge those revenues to pay debt service on bonds to be issued by the City. Proceeds of bonds will be used to finance certain public improvements, which
improvements will benefit the identified parcels (which are located generally in the project area).
The City proposes to issue General Obligation Bonds, a portion of which will be issued to
finance the Project, and such “abatement portion” will be supported by abatement revenues from the identified properties. The estimated principal amount of the bonds to be issued is $325,000, and the total estimated amount of the proposed abatements is up to $350,000 over 10 years (which is sufficient to support the total principal payments expected to be paid on the bonds). All persons interested may appear and be heard at the time and place set forth above, or may file written comments with the City Clerk prior to the date of the hearing set forth above. A draft copy of the abatement resolution will be on file at City Hall on and after the date of this notice.
Dated: April 28, 2017.
BY ORDER OF THE CITY COUNCIL
By /s/ Jane DeVries
City Clerk