(A) The purpose of this subchapter is to allow public support of economic projects to foster, promote, and enhance local economic development efforts while continuing to protect against the unauthorized use of public money and other public resources. Further, the purpose of the ordinance is to allow the town to enter into one or more joint powers agreement with other local governments to plan and support regional economic development projects.
(B) Local Economic Development Act. Local governments are allowed to provide direct or indirect assistance to qualifying businesses and entities to further or implement their economic development plan and projects. Furthermore, local and regional governments have the authority to contribute assets to development projects. The imposition of a tax must be approved by the voters in referendum, however.
(C) Eligible uses. Municipalities may impose municipal infrastructure gross receipts tax and dedicate the revenue for economic development projects. A total of 0.25% tax (in four increment of 0.0625%) may be imposed.
(Ord. 690, passed 3-13-2013)