In its regular meeting Monday, June 22, the Lake Shore City Council approved the resolution awarding the sale of tax abatement bonds in the principal amount of $1,945,000 to fund 2020 street improvements.
The general obligation tax abatement bonds will be issued for 15 years and applied to property taxes payable in 2021-2035. The property tax impact would range from a $31.40 proposed annual increase for a residential homestead with an estimated market value of $125,000 to a $198.20 proposed annual increase for a residential homestead with an estimated market value of $600,000.
Annual tax impact with the 15-year bond to a seasonal/recreation residential property valued at $100,000 would be a proposed $31.71; and to a seasonal/recreation residential property valued at $400,000 would be a proposed $126.85.
Improvements are planned for Port View Road West, Jacobs Road, Ebert Drive, Wienzel Point Road and Pamela Drive.
In other action Monday, the council:
Approved a COVID-19 preparedness plan as mandated by an executive order from Gov. Tim Walz. This step mostly formalizes the steps and precautions the city has already been taking to prevent the spread of the coronavirus.
Agreed to reduce liquor license fees by 50%. Mayor Kevin Egan said the measure was “the least we can do” to aid local restaurants affected by the pandemic. Council member Krista Knudsen, who owns Cowboy's, abstained from voting.
Appointed Jim Halverson as an alternate member of the wastewater/road committee.
Heard the most recent population estimate from City Administrator Teri Hastings, who told the board that Lake Shore now has an estimated population of 1,072, an increase of five individuals from the previous year.
In May, the Lake Shore Police Department responded to 84 incidents.
The meeting was conducted online via Zoom.
Dan Determan may be reached at 218-855-5879 or firstname.lastname@example.org. Follow him on Facebook and on Twitter at www.twitter.com/@PEJ_Dan.