ARTICLE 12 ECONOMIC DEVELOPMENT AGREEMENTS
SECTION:
2.12.101: Legislative Declaration
2.12.102: Definitions
2.12.103: Economic Development Agreements Authorized
2.12.104: Authorized Incentives
2.12.105: No Incentive Less Than One Hundred Dollars
2.12.106: Term
2.12.107: Other Terms And Conditions
2.12.108: Notification Requirement
City Council finds and declares that the health, safety and welfare of the citizens of the City are dependent on the continued encouragement, development and expansion of opportunities for employment in the private sector in the City. City Council further finds and declares that offering tax incentives to qualifying businesses will enhance and strengthen the City's economic vitality, promote job retention and creation and the City's business climate in general, encourage business spending and enhancing business transactions, attract new businesses to the City and allow existing businesses to expand within the City. City Council also finds and declares that approving economic development agreements as set forth in this article will expedite and improve the City's responsiveness to those desiring to relocate to or expand within the City. (Ord. 15-46)
The following terms, as used in this article, shall have the meanings designated unless the context specifically indicates otherwise, or unless the meaning is excluded by express provision:
BUSINESS: The sale, offering for sale or the furnishing of any commodity, article, facility or service or any person engaged in the sale, offering for sale or the furnishing of any commodity, article, facility or service.
BUSINESS PERSONAL PROPERTY: "Tangible personal property" as that term is defined in section 2.7.104 of this chapter.
BUSINESS PERSONAL PROPERTY TAX: The tax on business personal property as assessed and collected by the El Paso County Assessor and paid to the El Paso County Treasurer based upon a mill levy imposed by the City.
COMMERCIAL ACTIVITY: Any lawful activity undertaken as part of a commercial enterprise or conduct or regular course of conduct that is of a commercial character.
COMMERCIAL AERONAUTICAL ZONE OR CAZ: "Commercial aeronautical zone" as that term is defined in article 7 of this chapter.
CONSTRUCTION AND BUILDING MATERIALS: "Construction and building materials" as that term is defined in section 2.7.104
of this chapter.
INCENTIVE: The amount or amounts paid or credited by the City to a business pursuant to an economic development agreement executed in accord with this article.
NEW BUSINESS FACILITY: A new, expanded or renovated business facility that is placed in use after the commencement date of an economic development agreement executed in accordance with this article.
NEW JOBS: The number of jobs created and held by full time employees of a business at a new business facility that exceeds the number of jobs held by employees of the business within the City immediately prior to the commencement date of an economic development agreement executed in accord with this article. For the purposes of this definition, "full time employee" means an employee who works an average of not less than thirty five (35) hours per week.
PERSON: An individual, firm, corporation, business trust, estate, trust, partnership, association, company, organization, sole proprietorship or any other legal entity.
SALES TAX: "Sales tax" as that term is defined in subsection 2.7.103A of this chapter.
USE TAX: "Use tax" as that term is defined in subsection 2.7.103B of this chapter.
(Ord. 15-46; Ord. 16-67; Ord. 23-36)
As set forth by City Council in this article and subject to the authorized incentives, the Mayor is authorized to negotiate and execute one or more economic development agreements with any business that performs a commercial activity in support of aeronautical activities or users at a new business facility within the commercial aeronautical zone. The Airport Director or his or her designee shall inform the Airport Advisory Commission and the City Council within sixty (60) days of the execution of any economic development agreement executed pursuant to this article. (Ord. 15-46; Ord. 16-67)
An economic development agreement executed in accordance with this article may include one or more of the following incentives so long as the agreement will result in a positive financial impact to the City:
A. Up to fifty percent (50%) of the City's general fund portion of the sales tax or use tax paid by or for the benefit of the business for the purchase or use of construction and building materials used in the establishment of the new business facility within the CAZ.
B. Up to fifty percent (50%) of the business personal property tax paid by or for the benefit of the business for any business personal property with its situs at the new business facility within the CAZ with actual value for purposes of assessment greater than one million dollars ($1,000,000.00) (net of any credits or other setoffs).
C. Up to ninety percent (90%) of the business personal property tax paid by or for the benefit of the business for any business personal property with its situs at the new business facility within the CAZ with actual value for purposes of assessment greater than five million dollars ($5,000,000.00) (net of any credits or other setoffs).
D. As used herein, the phrase "by or for the benefit of the business" includes sales and use tax payments by any construction contractor engaged by the qualified business to construct and/or equip a new business facility. (Ord. 15-46; Ord. 16-67; Ord. 23-36)
Loading...