The city council may grant public money to the development corporation created by the city under the Development Corporation Act of 1979 (Vernon's Ann. Civ. St. art. 5190.6). No such funds may be from ad valorem taxes or obligations payable from ad valorem taxes. Any such grant may be made only pursuant to a contract with the corporation which provides for use of such grant for specified development and diversification of the economy, elimination of unemployment or underemployment and development and expansion of commerce.
(Code 1975, § 8½-1)
In order to promote local economic development and to stimulate business and commercial development in the city, the charges normally charged for the services of city personnel, including, but not limited to charges for building permits, inspection fees, and similar charges may be waived pursuant to a contract which results in the construction of new business buildings with a construction cost in excess of $5,000,000.00 and the creation of at least 300 new jobs in the city.
(Code 1975, § 8½-2)
The city manager is authorized to execute contracts under this article which have been approved by the city council and is authorized to utilize city personnel to administer programs and grants hereunder.
(Code 1975, § 8½-3)