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City of , Minnesota <br /> II. CITY OF TAX ABATEMENT POLICY <br /> A. POLICY PURPOSE <br /> For the purposes of this document,the term`City"shall include the City Council. <br /> The purpose of this policy is to establish the City of 's position relating to the <br /> use of Tax Abatement for private development above and beyond the requirements and <br /> limitations set forth by State Law. This policy shall be used as a guide in the processing <br /> and review of applications requesting tax abatement assistance. It is the intent of the City <br /> to minimize the risk and amount of business assistance to a project and to leverage its <br /> public dollars to maximize private sector funding. <br /> The City of is granted the power to utilize tax abatement by Minnesota Statutes <br /> chapters 469.1812 through 468.1815, as amended. The fundamental purpose of tax <br /> abatement in is to encourage desirable development or redevelopment that <br /> would not otherwise occur but for the assistance provided through the assistance. <br /> The City reserves the right to approve or reject projects on a case by case basis, taking <br /> into consideration established policies, project criteria, and demand on city services in <br /> relation to the potential benefits from the project. Meeting policy criteria does not <br /> guarantee the award of business assistance to the project. Approval or denial of one <br /> project is not intended to set precedent for approval or denial of another project. <br /> The City Council can deviate from this policy for projects that supersede the objectives <br /> identified herein. <br /> B. OBJECTIVES OF TAX ABATEMENT <br /> As a matter of adopted policy, the City will consider using the use of tax abatement to <br /> assist private development projects that will achieve one or more of the following <br /> objectives: <br /> • To retain local jobs and/or increase the number and diversity of jobs that offer <br /> stable employment and/or attractive wages and benefits. <br /> • To encourage additional unsubsidized private development in the area, either <br /> directly or indirectly through "spin off'development. <br /> • To facilitate the development process and to achieve development on sites which <br /> would not otherwise be developed but/for the use of Tax Abatement. <br /> • To remove blight and/or encourage redevelopment of commercial and industrial <br /> areas in the city that result in high quality redevelopment and private <br /> reinvestment. <br /> Page 3 <br />