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This project does not need a location incentive and shows no evidence of attracting additional desired <br />developments. Springsted's but-for analysis indicates the project has other means in which to reduce a <br />potential financing gap and could proceed without tax abatement assistance. <br />Based on past workshop discussions, staff has highlighted the recent use of financing tools such as <br />property tax abatement and tax increment financing, and discussed reserving this type of assistance <br />strictly for project gap financing or to assist in extraordinary site mitigation costs associated with project <br />development. <br />Financial Impact <br />The property tax abatement request would result in the abatement of $85,164 in city property taxes over <br />the next 12 years. <br />Attachments <br />• Property Tax Abatement Application <br />• Tax Abatement Score Sheet <br />• Springsted Analysis (September 23, 2016) <br />• Apex Embroidery & Design, Inc. Project Plans <br />