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Big Lake Tax Abatement Policy <br />Last Amended ‒ 2/28/2018 <br /> Page 2 of 5 <br /> <br /> <br />Public Financing is needed to… <br /> <br />1. Retain local jobs and/or increase the number and diversity of jobs that offer stable <br />employment and/or attractive wages and benefits. <br /> <br />2. Enhance and diversify the City’s economic base. <br /> <br />3. Encourage additional unsubsidized private development in the area, either directly <br />or indirectly through “spin-off’ development. <br /> <br />4. Offset increased costs of redevelopment (i.e. contaminated site clean-up) over and <br />above costs normally incurred in development. <br /> <br /> <br />5. Contribute to the implementation of other public policies as adopted by the City <br />from time-to-time, such as the promotion of quality urban or architectural design <br />energy conservation and decreasing capital and/or operating costs of local <br />government. <br /> <br />6. Promote a high quality of construction and/or site design. <br /> <br />7. Aid in the development or implementation of an environmentally sound practice, <br />production or product. <br /> <br />8. Improve the condition of existing commercial or industrial buildings, including but <br />not limited to, accessibility requirements, exterior façade improvements and energy <br />upgrades. <br /> <br />9. Complete specific enhancements, including but not limited to signage, landscaping <br />and lighting (within private property or adjacent to public property). <br /> <br />10. Fill a defined financing gap that is associated with a pedestrian public improvement <br />project in commercial areas, including but not limited to, access control, pedestrian <br />systems and parking improvements. <br /> <br />11. Facilitate the development process and achieve development of sites that would <br />not be developed without Tax Abatement assistance (general “but for” test). <br /> <br />12. Finance or provide public infrastructure pursuant to the Abatement Law. <br /> <br /> <br />III. Eligible Expenditures <br /> <br />Abatements may be used to pay for expenditures related to eligible project costs. <br />Eligible expenditures may include land acquisition and conveyance, building