§ 2-14-050. Outline of tasks.
(a)
Economic development plan/comprehensive plan.
(1)
Must be approved by ordinance after public hearing.
(2)
Contents of plan.
a.
What are the desired economic development goals? Priorities and strategies for accomplishing.
b.
What types of qualifying businesses are preferred or fit goals?
c.
What criteria will be used to determine eligibility for aid?
d.
What type of information will be required to determine that applicant is financially solvent and its commitment to the community?
e.
How will application information be verified?
f.
How will investment be protected or recouped in the event the project is unsuccessful?
g.
Are there other resources available to aid project?
h.
What does the community have to offer? Land, buildings, infrastructure.
i.
What is expected from the project? Jobs, tax base expansion.
j.
How will public resources be safeguarded? Recovery of investment if project unsuccessful.
(3)
The economic development department is available to provide technical support and guidance in the development of an economic development plan.
(b)
Application.
(1)
Each qualifying entity desiring local aid must submit a written application.
(2)
Each local government develops its own, application and criteria.
(3)
Contents of application (not an exhaustive list):
a.
Identifying information—Name, address, type of business, principal owners, stockholders, etc.
b.
How entity meets statutory definition of "qualifying business."
c.
Type of aid requested.
d.
Business plan specifically addressing how locality will benefit—jobs, tax base expansion, etc.
e.
How entity will protect local investment.
(c)
Project evaluation.
(1)
Each individual project must be approved by ordinance after public hearings.
(2)
Locality must insure that:
a.
Application meets requirements of economic development plan.
b.
Applicant is financially and managerially stable.
c.
Applicant has a commitment to the community.
d.
A cost benefit analysis is done on the applicant's project.
e.
Any other local requirements are met.
(d)
Project participation agreement.
(1)
Locality and qualifying entity must enter into project participation agreement.
(2)
Agreement must contain:
a.
Aid to be provided by the locality to the qualifying entity.
b.
Contributions to be made by qualifying entity.
c.
Protection of local investment—lien, mortgage, etc.
d.
Schedule of project—Goals, time limits.
e.
Provisions form performance review and penalties for unsatisfactory performance.
(e)
Project monies.
(1)
Must be kept in separate account.
(2)
Annual independent audit of fund/account required.
(f)
Project termination.
(1)
Governing body may, by ordinance, terminate economic development plan and any or all projects.
(2)
If project terminated, contract must be satisfied.
(3)
Monies left in fund or account are transferred to general fund.
(Ord. No. 983, 8-13-96; Ord. No. 1548 , § 1, 11-13-17)