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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.