As used in this Chapter 124, unless the context shall otherwise require, the following terms shall have the following respective meanings:
“BENEFITS.” The value to the city of providing the incentives, which generally includes:
(1) Increased property values within the incentive area and the city as a whole;
(2) Increased revenue from property taxes, business license fees and permit fees;
(3) Increased tourism and commercial activity within the incentive area and the city as a whole; and
(4) The improvement of the character of the city by preserving historic buildings within the incentive area and promoting the construction of new buildings that are compatible with its historic character.
“DEVELOPMENT.” The activity of improving a real property to the extent of adding value to the tax base through real property improvements, and the creation of employment opportunities.
“GOALS.” The objectives of the city in offering the incentives, which generally includes:
(1) Promoting the construction of new buildings or the rehabilitation of existing buildings within the incentive area; and
(2) Supporting the establishment of the categories of new businesses that will:
(a) Significantly increase the overall commercial activity within the incentive area;
(b) Attract the city's residents and tourists into the incentive area; and
(c) Increase property values within the city as a whole.
“INCENTIVE.” A grant of any inducement having monetary value by the city that is offered to a person, firm, or corporation to pursue a development that encourages private investment and/or the creation/retention of jobs. The “INCENTIVE” may also include grants from other entities that the city may be able to obtain.
“INCENTIVE AREA.” Area shown and described Exhibit E attached to Ord. 2015-024, which generally includes the commercial areas of the city, excepting the super incentive area (as defined below).
“INCENTIVE RECIPIENT.” The private parties receiving the incentives from the city.
“JOB.” Each new:
(1) Full-time position; or
(2) Each full-time equivalent position that is created as a direct result of the ongoing operation of a development. For the purposes of calculating the number of jobs created by a development, only those employed at businesses directly associated with the development at positions permanently located within the incentive area shall be considered.
“SUPER INCENTIVE AREA.” Those particular areas consisting of the downtown area of the city and the dustybend area of the city as more particularly shown and described on Exhibit E attached to Ord. 2015-024. Except as specifically stated in this chapter, all references to the incentive area shall include the “SUPER INCENTIVE AREA”.
(Ord. 2015-024, passed 12-8-15)