For the purpose of this subchapter, the following definitions shall apply unless the context clearly indicates or requires a different meaning.
COMMUNITY DEVELOPMENT ORGANIZATION.
(1) An organization, which meets the membership requirements of division (2) below, formed within a city or county or multicommunity group for one or more of the following purposes:
(a) To promote, stimulate, develop and advance the business prosperity and economic welfare of the community, area or region and its citizens;
(b) To encourage and assist the location of new business and industry;
(c) To rehabilitate and assist existing business and industry; and/or
(d) To stimulate and assist in the expansion of business activity.
(2) For purposes of this definition, a COMMUNITY DEVELOPMENT ORGANIZATION must have at least 15 members with representation from the following:
(a) A representative from government at the level or levels corresponding to the community development organization’s area of operation;
(b) A representative from a private sector lending institution;
(c) A representative of a community organization in the area;
(d) A representative of business in the area; and
(e) A representative of private citizens in the community, area or region.
NEW CONSTRUCTION. New buildings or structures and includes new buildings or structures which are constructed as additions to existing buildings or structures. NEW CONSTRUCTION also includes reconstruction or renovation of an existing building or structure which constitutes complete replacement of an existing building or structure or refitting of an existing building or structure, if the reconstruction or renovation of the existing building or structure is required due to economic obsolescence, if the reconstruction or renovation is necessary to implement recognized industry standards for the manufacturing or processing of products and the reconstruction or renovation is required in order to competitively manufacture or process products or for community development organizations, not for profit cooperative associations under Iowa Code Chapter 499, or for-profit speculative shell building, which determination must receive prior approval from the City Council.
SPECULATIVE SHELL BUILDING. A building or structure owned and constructed or reconstructed by a community development organization, a not-for-profit cooperative association under Iowa Code Chapter 499, or a for-profit entity without a tenant or buyer for the purpose of attracting an employer or user which will complete the building to the employer’s or user’s specification for manufacturing, processing or warehousing the employer’s or user’s product line.
(Ord. 2290, passed 4-12-2005)