EDA Packet 08.21.18 - Laserfiche WebLink

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City of Hugo Programs Tax Increment Financing - For projects meeting certain criteria, the City of Hugo may consider tax increment financing (TIF). To determine if a specific project is eligible applicants should contact the Hugo Community Director and complete the City's TIF Application. Tax Abatement - For projects meeting certain criteria the City of Hugo may consider economic development property tax abatement. To be considered the business should contact the Hugo Community Development Director and complete an application with all information requested, which can be found here or at the bottom of the page. Other Citv Resources The City of Hugo does not require parkland dedication for commercial and industrial development. The City of Hugo does not charge sewer trunk charges for redevelopment sites in downtown. The City of Hugo is a one stop shop for commercial and industrial development as it is the Local Governing Unit for the Rice Creek Watershed District. Other Resources/Programs Connexus Energy/Great River Energy - Great River Energy offers an Energy Efficient Equipment Fund (E3 Fund) which provides a low-interest loan to cover the costs of acquisition and installation of energy efficient equipment. Loans from $100,000 up to $350,000 will be considered with an interest rate determined by energy savings achieved. The maximum maturity is 10 years based upon the useful life of the equipment. A minimum of 10 percent owner -equity is required. http: //econdev.greatriverenergy.com/assistance-programs/p/item/ 1 /gre-programs Business Incentive and Sustainability Rider - Commercial and Industrial customers either new or existing customers with new or additional load of 350kW or greater are eligible to receive a 40% electric demand rate reduction for 3 years. To determine eligibility, contact Ryan Bruers, 612-803-7289 Xcel Energy. https: //www.economicdevelopment.xcelenergy.com/programs/Minnesota/Business- Incentive-and-Sustainability-Rider