CITY OF INTERNATIONAL FALLS, MINNESOTA
NOTICE OF PUBLIC HEARING
REGARDING PROPOSED PROPERTY TAX ABATEMENTS AND GRANTING OF A BUSINESS SUBSIDY
NOTICE IS HEREBY GIVEN that the City Council of the City of International Falls, Minnesota, will hold a public hearing at a special meeting of the City Council beginning at 5:00 p.m., on Tuesday, April 27, 2021, to be held at City Hall Council Chambers, 600 Fourth Street, in International Falls, Minnesota, on the proposal that the City abate property taxes levied by the City on the property identified as tax parcel numbers: 92-125-01011; 92-125-01031; and 92-125-01042.
The purpose of the proposed abatement is to finance a portion of the property acquisition and/or construction of an approximate 87 room Cobblestone Hotel & Suites by IFalls Group LLC, DBA Cobblestone Hotel & Suites International Falls (the Project). The City Council will consider granting a property tax abatement, which is a business subsidy, in response to the request. The business subsidy will result in an increase of the tax base of the City and provide employment opportunities in the City.
Information about the proposed business subsidy will be on file and available for public inspection at the office of the Interim City Administrator at the International Falls City Hall.
The proposed abatement will collect the City’s share of property taxes from the Abatement Parcels for a maximum of ten (10) years beginning with tax collection year 2023 and ending with tax collection year 2032 and use those revenues to pay for eligible costs associated with the Project and construction of public infrastructure. The total property tax abatement of City taxes over the 10-year period will not exceed $1,275,000.
Persons living in or owning taxable property in the City may file a written complaint with the City if it fails to comply with the provisions of Minnesota Statutes, Sections 116J.993 to 116J.995. No action may be filed against the City for the failure to comply unless a written complaint is filed.
All interested persons may appear at the hearing and present their views orally or in writing. Also, written comments may be submitted to the Interim City Administrator for receipt prior to the meeting.
Prepared this 12th day of April, 2021
Betty Bergstrom, Interim City Administrator
City of International Falls, Minnesota
Published: Thursday, April 15, 2021
