HomeMy WebLinkAbout7795 (Res.)
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RESOLUTION NO. 7795
RESOLUTION PROVIDING REBATE TO STILLWATER TOWNSHIP
FOR ANNEXATION OF TOWNSHIP PROPERTY TO CITY.
BE IT RESOLVED, by the City Council of Stillwater, Minnesota that in order to
avoid or minimize serious problems to Stillwater Township created by the
abrupt loss of tax revenue in the event of annexation of Township properties
to the City, the City hereby agrees to rebate tax revenue which would have
been generated by the property as if remaining in the Township as follows:
100% of such tax revenue in the year following annexation;
80% of such revenue in the second year following annexation;
60% in the third year;
40% in the fourth year; and
20% in the fifth year
for any properties annexed to the City prior to December 31, 1988 provided
that the Township of Stillwater withdraws any objections to the annexation of
the Anez and Tuenge property now before the Minnesota MunicipalBoard.
Adopted by the Council this 25th day of August, 1987.
Attest~~/rY ~4
City Coordinator
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Mayor
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