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Home My WebLink About7.a. Public Hearing for the Proposed Tax Abatement on parcels 34-02600-70-013 and 34-03500-01-011 located at 1367 – 145th Street East EXECUTIVE SUMMARY City Council Meeting: January 17th, 2023 AGENDA ITEM: Public Hearing for the Proposed Tax Abatement on parcels 34-02600-70-013 and 34-03500-01-011 located at 1367 – 145th Street East AGENDA SECTION: Public Hearing PREPARED BY: Eric Van Oss, Economic Development Coordinator AGENDA NO. 7.a. ATTACHMENTS: None APPROVED BY: LJM RECOMMENDED ACTION: Open Public Hearing and continue public hearing to the February 21st regular meeting SUMMARY As the Council is aware, staff has been working with the Jimnist, LLC development team on a technology campus on approximately 280 acres of land owned by the University of Minnesota in its UMore Park site. Development of the site will include the construction of two main buildings along with additional ancillary buildings and support areas which will house office space, servers, and support equipment in a campus setting of one-story buildings. Additional site improvements will consist of parking lots, both temporary and permanent, an electrical substation, and security facilities such as fencing and gatehouses. The Rosemount Planning Commission recommended approval of the PUD Master Development Plan with Rezoning in December. As part of this project, Jimnist, LLC is seeking to enter into a tax abatement agreement for the parcels targeted for development. The property that is the subject of the proposed tax abatement is identified as parcels 34-02600-70-013 and 34-03500-01-011 located at 1367 – 145th Street East. The estimated total amount of the tax abatement over the term of the abatement is $0. The City Council may adopt an abatement resolution and grant the abatement following the public hearing. The abatement agreement and terms sheet are still in draft form at this time. The project team has asked for the public hearing to be opened at the January 17th meeting and immediately continued to February 21st when the agreements are finalized. Rebecca Kurtz, Ehlers Inc., will be making a presentation regarding the abatement plan for the public hearing and will be available to answer questions at the February 21st meeting. RECOMMENDATION Staff requests Council to hold public hearing and then motion to continue the public hearing for the Council meeting scheduled for February 21st at 7:00pm.