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Policy #4006 <br />Definitions <br />A. Economic Development Abatement <br />A reduction of part or all of the county tax on a property as an incentive for <br />economic development as authorized by Minnesota Statutes 469.1812 to 469.1815. <br />B. Increase or Preserve Tax Base <br />The extent to which the proposal adds to the county's net commercial and industrial <br />tax base. <br />Responsibility <br />County Board <br />1. Hold public hearing of abatement request prior to approval. <br />2. Review and approve by resolution or deny any economic development <br />abatement application and abatement agreement. <br />County Administration <br />1. Accept applications for economic development abatements under this policy. <br />2. Ensure the abatements meet the statutory requirements in Chapter 469_ <br />3. Ensure the abatements meet the 4nft auirements outlined in this policy_ <br />Property Records and Taxpayer Services Department <br />2L.1. Provide the necessary tax and value information in order to estimate the <br />impact of any approved abatement on the county's tax base and finances <br />fiscal disparities contribution must be deducted from the tax capacity used to <br />compute the amount available for purposes of the abatement so that there is no <br />adverse effect on the existing tax base. <br />2. Provide draft abatement agreement language. <br />3. Provide for the on-going administration of the abatement as identified in the <br />authorizing resolution_ <br />Implemented: July 24, 1990 Page 4 of 5 <br />Revised: November 9, 2010 <br />Revised: Month dd, 2015 <br />