§ 41.17 COMMERCIAL VERSUS RESIDENTIAL TERM.
   While both development types are important facets of the city’s economic development goals, commercial uses contribute greater direct returns on investment and will be prioritized and incentivized accordingly.
   (A)   Commercial. To capture long-term revenue associated with payroll taxes, commercial industrial revenue bond terms can be more flexible in order to subsidize the development and attract new payroll tax revenue streams to the city. However, in order to realize a strong return on investment, the city must be cautious about offering employer incentives at the same location.
   (B)   Residential. At no point will the city’s payment in lieu of taxes (PILOT) of the assessed value be less than 100% after 20 years.
   (C)   Mixed-use. The development will be reviewed based on the primary use by square footage. Incentive terms will reflect whether the development is primarily commercial or residential and the number and estimated wages for the types of permanent jobs to be created.
(1984 Code, § 41.02) (Ord. O-43-18, passed 12-11-2018)