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<br />Tax Abatement Policy <br /> <br />Revision Dates <br />September 28, 2005 <br />February 25, 2015 <br />March 8, 2017 <br />February 28, 2018 <br /> <br />I. General Purpose <br /> <br />The purpose of this policy is to establish the City of Big Lake’s (“the City”) position as it <br />relates to the use of Property Tax Abatements (“Abatements”) for private development. <br />This type of abatement is allowed pursuant to Minnesota Statutes, Sections 469.1812 <br />through 469.1815, as amended (the “Abatement Law”). It is the City’s intent to <br />coordinate the use of Tax Abatement with other local jurisdictions to the extent that it is <br />possible to do so. <br /> <br />Tax Abatement shall be defined as the City’s share of the property taxes derived from <br />the increase in market value over the current year market value of property within the <br />project area resulting from development. For purposes of this definition, current year is <br />the year in which an application for request for assistance is received. <br /> <br />The City of Big Lake recognizes the importance of this development tool which may be <br />used by the City to satisfy its economic development goals and objectives. These <br />general goals include the following: <br /> <br />A. Broaden and diversify the tax base; <br />B. Create and or retain an employment base; <br />C. Strengthen and enhance the commercial-industrial areas of the community; <br />D. Promote a high quality of construction or site design. <br /> <br />This policy shall be used as a guide in the processing and review of applications <br />requesting tax abatement assistance. The fundamental purpose of Tax Abatement in <br />the City of Big Lake is to encourage desirable development or redevelopment that <br />would not otherwise occur but for the assistance provided through Tax Abatement. <br /> <br /> <br />II. Types of Projects and Uses Eligible for Assistance <br /> <br />In order to meet the stated goals and objectives of the City, Abatements will be used to <br />assist private developments in those instances where the proposed project <br />demonstrates one or more of the following objectives or conditions: