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Resolution 00-EDA135
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Resolution 00-EDA135
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Last modified
8/10/2022 11:15:47 AM
Creation date
2/2/2007 9:20:53 AM
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MV EDA
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Resolutions
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<br />. <br /> <br />. <br /> <br />. <br /> <br />. To facilitate the development process and to achieve development on sites <br />which would not be developed without assistance. <br /> <br />. To remove blight and/or encourage redevelopment of commercial and <br />industrial areas in the city that result in high quality redevelopment and <br />private reinvestment. <br /> <br />. To encourage the removal of blight 01' the rehabilitation of a high profile <br />or priority site. <br /> <br />. To offset increased costs of redevelopment (i.e. contaminated site clean <br />up, demolition expenses etc. . .) over and above the costs normally <br />incurred in development. <br /> <br />. To increase the tax base. <br /> <br />. To create housing opportunities. <br /> <br />. To retain local jobs and/or increase the number and diversity of jobs that <br />offer stable employment and/or attractive wages and benefits. <br /> <br />. To finance the costs associated with public infrastructure and public <br />facilities <br /> <br />. To contribute to the implementation of other public policies, as adopted <br />by the EDA from time to time, such as the promotion of quality <br />architectural design, enhanced recreational opportunities, and decreasing <br />capital and/or operating costs of local government. <br /> <br />IV. POLICIES FOR THE USE OF TAX ABATEMENT <br /> <br />a. Tax abatement assistance will be provided to the developer upon <br />receipt of taxes by the EDA, otherwise referred to as the pay-as-you-go <br />method. Requests for up front financing will be considered on a case <br />by case basis. <br /> <br />b. Any developer receiving a tax abatement shall provide a minimum of <br />twenty percent (20%) equity investment in the project. <br /> <br />c. Tax abatement will not be used in circumstances where land and/or <br />property price is in excess of fair market value as established by a <br />licensed appraiser. <br /> <br />d. A market demand shall be demonstrated for the proposed project. <br /> <br />C. Tax abatement will not be utilized in cases where it would create an <br />unfair and significant competitive financial advantage over other <br />4 <br />
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