(A) The appropriate purpose and use of incentives is to broaden and diversify the tax base, create new job opportunities for the citizens of the city and promote the economic growth and welfare of the city. Economic development incentives are necessary because of the inherent competition between localities for new businesses, new investments and jobs. Nevertheless, incentives shall be used prudently on projects where they will be a deciding factor as to whether a business will remain or locate in the city.
(B) The city’s objective for offering economic development incentives shall be to encourage the expansion of commerce to businesses demonstrating a long-term commitment to the community by:
(1) Creating and retaining quality, value-added (primary) jobs;
(2) Broadening and diversifying the city’s tax base;
(3) Encouraging capital investments;
(4) Increasing the city’s global competitiveness; and
(5) Promoting the growth and wellbeing of the city.
(1984 Code, § 116.01) (Ord. O-13-20, passed 8-11-2020)