Resolution 44-05 JOBZ Modification

WHEREAS, job creation, business development, and individual wealth growth in Mountain Iron, Minnesota have been less than the national and state averages; and,

WHEREAS, the resulting affects of such lagging job creation, business development, and individual wealth growth have harmed and are forecasted to continue to harm the economy of Mountain Iron; and,

WHEREAS, the Job Opportunity Building Zone (JOBZ) Program created in Minnesota Session Laws 2003, 1st Special Session, Chapter 21, Article 1 allows for the formation of tax free zones; and,

WHEREAS, an application for tax free zone designation in Mountain Iron was approved by the Minnesota Department of Employment and Economic Development via the Arrowhead Regional Development Commission; therefore,

NOW THEREFORE BE IT RESOLVED BY THE CITY COUNCIL OF MOUNTAIN IRON, MINNESOTA, that the Mountain Iron City Council, at its meeting held on 19th day of December, 2005, upon careful consideration and review, the modification of the Enterprise NE Subzone (DEED Number 76) and the creation of a new Subzone as outlined in exhibit in Exhibit A, approves of the use of tax exemptions and tax credits within the designated zones (subject to proper review and approval by the other appropriate taxing authorities within the zones), and encourages the Minnesota Department of Employment and Economic Development to approve the modifications to the Tax Free Sub-zone.

BE IT FURTHER RESOLVED, that the City of Mountain Iron agrees to provide all of the local tax exemptions and credits required and provided for under the Job Opportunity Building Zones (JOBZ) Legislation and agrees to forego the tax benefits resulting from the local and state tax exemptions and credits provided under the Job Opportunity Building Zones (JOBZ) Legislation.

DULY ADOPTED BY THE CITY COUNCIL THIS 19th DAY OF DECEMBER, 2005. 

EXHIBIT A

SUB-ZONE ENTERPRISE NE:

DEED Subzone Number: 76

Number of Acres to be Removed: .84

PIN of the acres to be removed: 175-0071-01120

Map Enclosed

Parcel where the acreage is to be added:

Number of acres of the new Subzone: .84

PIN of he acres to be added: 175-0071-01156

Legal Description of Acres to be added:

All that part of Government Lot 4 in Section 7 in Township 58 North, Range 17 West, according to the original United States Government Survey thereof made by Frank D. Howe in 1878, described as follows:

Assuming the South boundary line of that part of said Government Lot 4, which lies Westerly of 16th Avenue West (Hoover Road) to have a bearing of South 89� 17� 06″ West and starting at the intersection of said South boundary and the centerline of said 16th Avenue West; thence South 89� 17� 06″ West along said South boundary for a distance of 33.00 feet to a point; thence North for a distance of 23.00 feet to the point of beginning; said point of beginning being on the Westerly right�of�way line of 16th Avenue West; thence North along said Westerly right�of�way for a distance of 103.22 feet to a point on the right�of�way of State Highway 169; thence West along said State Highway right-of�way for a distance of 37.00 feet to a point; thence North along said State Highway right�of�way for a distance of 160.00 feet to a point; thence West along said State Highway right�of�way for a distance of 108.06 feet to a point; thence South 6� 18� 50″ West along said State Highway right�of�way for a distance of 267.01 feet to a point; thence North 89� 17� 06″ East for a distance of 174.44 feet to the point of beginning and containing 0.84 acres, more or less, and subject to all existing rights of way and easements.

Map Enclosed