(a) Definition. To the extent that it may lawfully do so, the City in its sole discretion, may choose to extend a general economic development grant for the benefit of a business or developer. This grant is based on availability of City funds, the economic and jobs development impact on the community and the extension of public utilities and other infrastructure, the elimination of dilapidated and obsolete structures, the beautification and expansion of recreational facilities within the community and the extent to which the development coincides with City development initiatives and efforts. The City Council may award the grant after the request has been reviewed and a subsequent recommendation is made by staff and the Bridgeport Development Authority (BDA). All grant proceeds shall be expended only in accordance with plans and specifications approved by the City, within the
time prescribed by the City and in accordance with such other terms and conditions as may be approved by City Council; otherwise the grant may be withdrawn or declared due and payable and all grant proceeds distributed by the City shall be immediately repaid to the City as directed by the City Council. The Economic Development Grant is a percentage based reimbursement grant with the monetary award disbursed after all B&O revenues are collected from the project and verified by the City. The maximum grant award shall be up to 50% of the B&O tax revenue realized from the project not to exceed $50,000.
(b) Qualifying Requirements.
(1) Application must be submitted and approval received from the city prior to application for a building permit.
(2) Investment of $100,000.00 minimum;
(3) Determination by the City that the tax credit being offered will increase the likelihood of the business locating or expanding in the City;
(4) The real property and improvements of the business location or expansion must have a useful life of five or more years; or must have a coinciding lease of not less than five years; or must be depreciable/amortizable tangible personal property which has a useful life of not less than five years and;
(5) Creation of three (3) new jobs.
(6) Business to be located in either a BPO, B1, B2, or I1 zoning district.
(7) City council shall have the final authority on grant approval after receiving a report and recommendation from city staff and the Bridgeport Development Authority (BDA). City council shall render a decision within 45 days upon receipt of an approved application.
(Passed 3-28-16)