2017-047 Calling Public Hearing on a Proposed Property Tax AbatementCITY OF HOPKINS, MINNESOTA
RESOLUTION NO. 2017-047
RESOLUTION CALLING PUBLIC HEARINC ON A PROPOSED
PROPERTY TAX ABATEMENT
BE IT RESOLVED By the City Council of the City of Hopkins, Minnesota (the "City"), as
follows:
1. Pursuant to Minnesota Statutes, Sections 469.1812 through 469.1815, as amended (the
"AcP'), the City may grant an abatement of all or a part of the taxes levied by the City on real property
within its boundaries (the "AbatemenY') and issue general obligation bonds to finance public
infrastructure improvements; provided, however, that the City Council firs[ holds a public hearing
regarding the proposed Abatement.
2. The City owns an ice hockey and multipurpose facility known as [he Hopkins Pavilion,
located at I1000 Excelsior Boulevard in the City (the "Facility"), and the Hopkins Youth Hockey
Association, a Minnesota �onprofit corpora[ion (the "Associatiod'), currently uses the ice arena within
the Facility (the "Ice Arena") and rents space in the Ice Arena on an annual basis for its youth hockey
activities. The City and the Association have determined to finance the construc[ion of certain
improvements to the Facility (the "Improvements").
3. Anchor Bank, N.A., a national banking association (the "Bank"), has agreed to loan
$950,000 to [he Association (the "Loan") for the Association's contribution to the Improvements. As a
condition of providing the Loan, the Bank will require the City to guaranty $550,000 of the Loan, which
would be u[ilized only upon a default by the Association, and the City intends lo provide such guaranty
through a general obligation abatemcnt note.
4. The City proposes to issue its general obligation abatement bonds in the proposed
aggregate principal amount of $3,58Q000 as a guaranty for the financing of a portion of [he Loan and to
finance a portion of the Improvements, which consist of infrastructure improvements as au[horized by the
Act.
5. In accordance with the Act, the City Council hereby calls for a public hearing on
Monday, July 31, 2017, at 7:00 P.M., to consider the proposed Abatement for the purposes described
herein.
6. The City Clerk is authorized and directed to publish a notice of public hearing in
substantially the form set forth in EXHIBIT A attached hereto in the official newspaper of the City more
than 10 days but ]ess Ihan 30 days before the da[e of the public hearing.
501161v1 JAF: HPl 10-96
Adopted by the City Council of the City of Hopkins, Minnesota, this 20`� day of June, 2017.
,/�-1��lC ��, �
Molly C mmings, Mayor
ATTEST:
��1', �'�� i �..�1
Amy Domeier, City Clerk
SOl lblvl JAF, HPI IU-98