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103ECONOMIC COMPETITIVENESS2040 COMPREHENSIVE PLAN UPDATE DRAFT Dec14-17 for review only 2040 Economic Development Guiding Principles As the City it develops and maintains a desirable business atmosphere, a variety of guiding principles will help the City clearly understand its vision and goals� These include: 1 Promote balanced commercial and industrial development that will better serve the full range of needs of the local residents Objectives: • Explore the use of TIF (tax increment financing) districts or source other available incentives as need to attract quality businesses and support the City’s redevelopment goals� • Maintain and updated inventory of available commercial and industrial buildings and land in the City� • Compile and provide meaningful business resources for the business community� • Develop strong partnerships with the governing bodies, developers, land owners, and the business community� • Create commercial and industrial districts where a variety of operations can expand� • Promote commercial development along Highway 61 and CSAH 8� • Encourage commercial development that supports the small town quality of Hugo� 2 Provide quality development that will insure an expanded tax base and employment opportunities for residents Objectives: • Provide opportunities for local residents to be employed at home or within the community� • Promote local businesses and industry in order to increase the local tax base and increase local employment� • Strengthen commercial and industrial design ordinances to ensure that new development reflects the character of the community� • Promote quality among new businesses� • Maintain competitively low taxes and development fees� • Promote business opportunities through marketing� • Create an environment where people want to live and do business� Image Placeholder