This policy identifies the limited circumstances in which the City of Minneapolis will use tax abatement to support the substantial rehabilitation of historic properties.
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Council approval: August 11, 2000, Council Action 2000A-1010
This Tax Abatement Policy identifies the circumstances in which the City of Minneapolis will use tax abatement to support the substantial rehabilitation of historic properties.
Pursuant to Minnesota Statutes Sections 469.1812 to 469.1815, the City of Minneapolis is authorized to grant abatement of all or a portion of the City property tax amount on specified tax parcels. The City of Minneapolis may abate taxes only after holding a public hearing and adopting an abatement resolution that stipulates the specific terms of the abatement agreement and the nature and extent of the public benefits that the City expects to result from the abatement.
The City Council must find that the expected benefits to the City of the proposed abatement agreement at least equal the costs to the City of the proposed agreement. The City Council must also find that the abatement is in the public interest because it will facilitate at least one of the following objectives:
The City of Minneapolis will limit the use of tax abatement under this policy to a more restrictive range of uses than authorized by the State Legislature.
The following criteria will be considered in the evaluation of any proposal to use tax abatement for historic properties:
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Address
Public Service Building
505 Fourth Ave. S., Room 320
Minneapolis, MN 55415
