12-20-2002 - Laserfiche WebLink

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