--- title: Gopherville School District Public Hearing for Taxes Payable in 2018 ## author: Roxy Berning date: D:20260814094453-05'00' --- ## PUBLIC HEARING - ## Property Tax Abatement for Parking Lot Construction ## & Improvement Projects ## AUGUST 25, 2026 ## Board ## Authority ____________ ## Minnesota Statutes, Sections 469.1812 to 469.1815 • Authorizes school districts to issue tax abatement bonds • Similar authority as municipalities, but limited to parking lot projects • Annual debt payments cannot exceed the greater of: • 10% of district net tax capacity, or • $200,000 ## Abatement Bonds & ## Property Tax Levy Information _______________________ $15,000,000 in Tax Abatement Bonds authorized: •Amount includes estimated bond issuance costs •10 annual property tax abatements/debt service levies •Beginning with taxes payable in 2027 ## Tax Abatement ## Process ____________ • No separate impact on individual parcel owners • School tax portion is a sufficient meet the statutory requirement • District adds a levy to offset amount of “abated” taxes ## Parcels Identified • Board authorizes • Board awards • Annual tax levies certified to the Minnesota ## Department of Education ## Approve & Issue Bonds • Parking lot construction and completion ## Bond Proceeds Available ## Capital Plan ____________ ## PUBLIC COMMENTS _______________________