14 - Action on Disannexation Petition - located on CR 22500

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City whereby the city would disannex the property, and Nexus would pay an agreed upon sum in three installments beginning 30 days after disannexation and ending 30 days after beginning of operations, anticipated to be in December of 2025. In addition to, or in lieu of a portion of the agreed upon taxes, Nexus is also open to developing the portion of the proposed extension of the Trail de Paris that runs through the property. Terms of any such agreement would be negotiable and determined and approved by Council after discussions in executive session. In any event, it must be remembered that regardless of any up front payment of "taxes," once disannexed, given current annexation law, it would be nearly impossible to reannex the property, and the city would be giving up all future property taxes forever. This is not insignificant given that Nexus has estimated the 2026 taxable value of the parcels (after installation of the Project) at $15,800,000.00 and depreciating to $3,713,000.00 by year ten. On the other hand, should Council decide against disannexation, staff can investigate the possibility of a waiver of the 400 foot setback requirement and/or other requirements of the solar farm SUP to accommodate the needs of Project. We anticipate that this would take the form of a Chapter 380 agreement and would be tied to trail development. Should Council wish to undertake disannexation proceedings with respect to this property, the following procedure will need to be followed: June 24, 2024—City Council Meeting—The City Council will discuss the petition and determine whether or not to proceed. If Council wishes to proceed, it should consider and act upon the accompanying resolution authorizing the disannexation process. Should Council wish not to proceed, it should consider and act upon the accompanying resolution declining to proceed. This is in the discretion of the Council. If Council determines to proceed, from here, the entire process must be complete within 90 days. If Council determines not to proceed, there will be no further action on the petition. If Council chooses to proceed: June 25—July 6, 2024—The city attorney will send out notices to other taxing entities, service providers, and railroads as necessary, which must be done by 30 days before the first of two public hearings. July 16-26, 2024—Publish notice of first public hearing in the Paris News (publication must be between the 20th and the 10th day out from the 1St public hearing).. July 23—August 2, 2024—Publish notice of second public hearing in the Paris News (publication must be between the 20th and the 10th day out from the second public hearing). The two publication periods overlap between July 23—July 26, 2024, so both hearings can be published together on July 25, 2025, saving a second publication fee. August 5, 2024—City Council Special Meeting -1St public hearing (public hearings must be held between the 40th and 20th days out from action on the ordinance to disannex) August 12, 2024—City Council Meeting -2nd public hearing September 9, 2024—City Council Meeting—Act on ordinance to disannex (day 77 from institution of disannexation proceedings)