7.1. EDSR 06-15-2020 - Laserfiche WebLink

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Big Lake Tax Abatement Policy Last Amended ‒ 2/28/2018 Page 5 of 5 of design enhancements, compliance with safety or accessibility codes, and financing within a targeted improvement area. C. The proposed project cannot be completed without public financing due to identified costs that are greater than normal or due to an identifiable financing gap. D. The proposed project can be assisted with a private-to-public leverage, which results in minimal impact to the statutory limit for the City’s use of Abatements. In addition, the amount of Abatement should not exceed the level of private equity from the project owner(s). E. The project is consistent with the City’s Comprehensive Plan, Land Use Plan and Zoning Ordinances. F. The project meets one or more of the following public purposes: • Creation of new jobs • Increase in the tax base • Enhancement or diversification of the City’s economic base • Development or redevelopment that will spur additional private sector investment in the area • Fulfillment of defined City objectives such as those identified in the City’s Comprehensive Plan • Removal of slum and blight or the redevelopment of a high profile site. VII. Procedure for Application: A. A completed application with the application fee in accordance with the current City of Big Lake Fee Schedule shall be submitted to the City. The application will be reviewed by the City staff and the Economic Development Authority. B. After review and recommendation for approval by the Economic Development Authority (the review body for the City), the City Council shall publish a notice and hold a public hearing on the proposed Abatement. C. The City Council holds a public hearing concerning the Abatement. It must approve the Abatement by resolution. D. If the City approves the Abatement by resolution, its staff and/or consultants will draft a development contract.