HomeMy WebLinkAbout7.a. Proposed Tax Abatement located at 1367 – 145th Street East
EXECUTIVE SUMMARY
City Council Meeting: March 21, 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: ELF
RECOMMENDED ACTION: Motion to close the public hearing
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.
The abatement agreement and terms sheet were still in draft form at the time of the January public hearing.
The agreement has not been finalized as the applicant is still working on legal review that would impact the
timing of the abatement agreement. Additionally, the site specifics of the project are still undergoing
changes that would impact size and scope of the abatement. The project team asked for the abatement to
be considered at a later date when the project details and agreements are finalized.
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.
RECOMMENDATION
Motion to close the public hearing and take no action.