(A) The qualifying entity shall prepare with the city a project participation agreement. This agreement is the formal document which states the contributions and obligations of all parties in the Local Economic Development Act project. The agreement must clearly state the following items:
(1) The economic development goals of the project;
(2) The contributions of the city and the qualifying entity;
(3) The specific measurable objectives upon which the performance review will be based;
(4) A schedule for project development and goal attainment;
(5) The security being offered for the city's investment;
(6) The procedures by which a project may be terminated and the city's investment recovered; and
(7) The time period for which the city shall retain an interest in the project. Each project agreement shall have a "sunset" clause after which the city shall relinquish interest in and oversight of the project.
(B) Each project participation agreement shall be adopted as an ordinance and adopted by the Council at a public hearing.
(Ord. 33-2004)