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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 />• 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 />• 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 />• To increase the tax base. <br />• To create housing opportunities. <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 />• 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%) cash equity investment in the project. <br />4 <br />