The purpose of the Neighborhood Opportunity Fund is:
(a) to promote growth within the downtown area through the floor area bonus provisions of Sec. 17-4-1000, and simultaneously generate new revenues for investment in business development and job growth in neighborhoods impacted by poverty, high unemployment, and other indicators of economic deprivation;
(b) to strengthen neighborhood commercial corridors in qualified investment areas;
(c) to address the decline of private investment in qualified investment areas that damages the City's overall economic competitiveness, impedes the sustainable and equitable development of the City as a whole, contributes to inequality and poverty, and has a detrimental effect on the City's quality of life.
(Added Coun. J. 5-18-16, p. 24993, § 2; Amend Coun. J. 2-19-20, p. 14012, § 5)