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Council approves 15-year tax-levy pledge to back Gorman Park bond repayment
Summary
The Saint Peter City Council voted to approve a 15-year property tax abatement levy pledge tied to bonds for Gorman Park improvements and adopted the abatement resolution after a staff presentation and public hearing. Council approved the measure by roll call.
The Saint Peter City Council on July 27 approved a resolution establishing a 15-year property-tax abatement levy to help repay bonds financing Gorman Park improvements. Shannon Sweeney of David Brown Associates told the council the levy pledge is structured to cover principal payments for the life of the issue and that the levy will be spread across the city's tax base rather than applied as a special assessment to individual taxpayers.
"That levy pledge is applied to mostly the Gorman Park improvements that are being proposed," Sweeney said, and noted the packet includes a resolution establishing a 15-year abatement duration with a principal amount not to exceed $2,030,000. The council closed the public hearing with no public comments and later voted to approve the abatement resolution by roll call; all members present voted aye.
