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2040 Economic Development Guiding Principles <br />As the City it develops and maintains a desirable business atmosphere, a variety of guiding principles will help <br />the City clearly understand its vision and goals. These include: <br />1. Promote balanced commercial and industrial development that will better serve the full range of <br />needs of the local residents. <br />Objectives: <br />• Explore the use of TIF (tax increment financing) districts or source other available incentives as need <br />to attract quality businesses and support the City's redevelopment goals. <br />• Maintain and updated inventory of available commercial and industrial buildings and land in the City. <br />• Compile and provide meaningful business resources for the business community. <br />• Develop strong partnerships with the governing bodies, developers, land owners, and the business <br />community. <br />• Create commercial and industrial districts where a variety of operations can expand. <br />• Promote commercial development along Highway 61 and CSAH 8. <br />• Encourage commercial development that supports the small town quality of Hugo. <br />HUGO 2040 COMPREHENSIVE PLAN UPDATE <br />2. Provide quality development that will insure an expanded tax base and employment <br />opportunities for residents <br />Objectives: <br />• Provide opportunities for local residents to be employed at home or within the community. <br />• Promote local businesses and industry in order to increase the local tax base and increase local <br />employment. <br />• Strengthen commercial and industrial design ordinances to ensure that new development reflects the <br />character of the community. <br />• Promote quality among new businesses. <br />• Maintain competitively low taxes and development fees. <br />• Promote business opportunities through marketing. <br />• Create an environment where people want to live and do business. <br />ECONOMIC COMPETITIVENESS 103 <br />