To be considered for incentives as a chapter 380 economic development
program under these policies and procedures, a project must meet the
following minimum requirements:
(1) Either
the project:
(A) Will result in an increased taxable value for the city in real property
taxes and/or increased sales and use tax (excluding inventory and
supplies);
(B) Is determined by the city council to bring benefit to the city in
that it will make a unique contribution to the development efforts
in the city, due to its magnitude, significance to the community or
aesthetic quality; or
(C) Will result in increased jobs in the city.
(2) Incentives
established under a program will be provided only to the extent that
the public benefit or amount of revenue realized by the city and attributable
to a program is commensurate with the value of any incentives granted
in the agreement.
(2002 Code, sec. 4.502)
Additional factors to be considered by the city council in determining
whether to approve an agreement for incentives for a chapter 380 economic
development program may include:
(1) The
amount of sales and use tax generated;
(2) The
number and types of jobs to be created or retained;
(3) Enhancement
of public roads and/or other public infrastructure desired by the
city;
(4) Substantial
compliance with current ordinances when otherwise possibly exempt;
(5) Voluntary
agreement to annex the project or substantial portions thereof;
(6) The
applicant waives any rights it may have to develop under a prior development
agreement or grandfathered ordinances;
(7) The
financial capacity of the applicant to undertake and complete the
proposed program;
(8) Other
incentive programs for which the applicant has applied, qualified
for or received;
(9) The
market conditions and growth potential for the business activity;
and
(10) Any other factors the city council finds helpful and relevant to
accomplishing the city's economic development objectives as stated
herein or as stated in other city resolutions, policies, rules, regulations
or ordinances.
(2002 Code, sec. 4.503)
An agreement established for a program may include any or all
of the following:
(1) A
list of the kind of improvements or development that the program will
include and a related timetable;
(2) Conditions
to assure the program meets or exceeds the city's requirements pertaining
to property values and revenues, which in no event shall be less than
the minimum program requirements established herein;
(3) A
complete description of the location of the proposed program;
(4) A
description of the kind and amount of property values, sales and use
taxes, revenues, incomes or other public benefits the program will
provide and a related timetable;
(5) A
provision establishing the term or duration of the agreement;
(6) A
provision identifying the method for calculating and the source of
funding for any incentives provided by the city in the agreement,
as well as the legal authorization for the expenditure or action;
(7) A
provision establishing a method for measuring whether the applicant
and any related parties have met their obligations under the agreement;
(8) A
provision providing for access to and inspection of the applicant's
property, business or financial records by city employees or agents
in order to determine compliance with the agreement;
(9) A
provision for cancellation of the agreement and/or nonpayment of incentives
if the program is determined to be in noncompliance with the agreement;
(10) A provision for early payment of the agreement once complete compliance
has been established;
(11) A provision for recapturing city incentives, including, but not limited
to, grants, rebates and loans, if the applicant does not comply with
the terms of the agreement;
(12) A provision that the applicant will comply with all ordinances in
effect at the time of the agreement, unless otherwise provided in
the agreement, as allowed by law and/or city ordinance;
(13) A provision that the program will substantially adhere to the goals
and objectives of the city's comprehensive plan;
(14) Any other provision the city council deems appropriate; and
(15) Annexation, if the program is outside the corporate limits of the
city.
(2002 Code, sec. 4.505)