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Orono board grants tax-abatement hearing, approves abatement and authorizes intent to issue $5.135 million in bonds
Summary
After a public hearing with no public comment, the board granted a property-tax abatement for parking-lot projects and approved a resolution stating intent to issue general obligation bonds (series 2025A) in a package combining LTFM, capital facilities and tax-abatement authorities with a maximum aggregate of $5,135,000.
The Orono Public School District Board of Education held a public hearing April 14 on a proposed property-tax abatement for campus parking-lot projects, heard a presentation from municipal advisers, and subsequently approved the abatement and a separate resolution stating the board’s intent to issue up to $5,135,000 in combined bonds.
Shelby McQuay, senior municipal adviser with Ehlers, explained that abatement bonds can be used by school districts in Minnesota for limited project types such as parking lots and parking structures. McQuay said the district has identified parking-lot needs…
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