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• To encourage the revitalization and redevelopment of the Highway 10 • <br /> Corridor. <br /> • To encourage additional unsubsidized private development in the area, <br /> either directly or indirectly through "spin off' development. <br /> To facilitate the development process and to achieve development on sites <br /> which would not be developed without assistance. <br /> \,,•\ <br /> .1) <br /> .? Y• • To remove blight and/or encourage redevelopment of commercial and <br /> �� industrial areas in the city that result in high quality redevelopment and <br /> kNid \c\ private reinvestment. <br /> • To encourage the removal of blight or the rehabilitation of a high profile <br /> or priority site. <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 /> \r • To increase the tax base. <br /> • <br /> It • To create housing opportunities. <br /> V • To retain local jobs and/or increase the number and diversity of jobs that <br /> 11° offer stable employment and/or attractive wages and benefits. <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 /> IV. POLICIES FOR THE USE OF TAX ABATEMENT <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 /> b. Any developer receiving a tax abatement shall provide a minimum of <br /> twenty percent (20%) wok equity investment in the project. <br /> 4111 <br /> 4 <br />