A. The city shall enter into a project participation agreement with the successful qualifying entity and shall require a substantive contribution from the qualifying entity for each economic development project. Public support provided for an economic development project shall be in exchange for a substantive contribution from the qualifying entity. The contribution shall be of value and may be paid in money, in-kind services, jobs, expanded tax base, property or other thing or service of value for the expansion of the economy. The qualifying entity shall provide security to the city and to any other governmental entity providing public support for an economic development project. The security shall reflect the amount of public support provided to the qualifying entity.
B. At a minimum, the project participation agreement shall set out:
1. The contributions to be made by each party to the participation agreement.
2. The security provided to the city and to each other governmental entity that provides public support for the economic development project by the qualifying entity in the form of a lien, mortgage or other indenture and the pledge of the qualifying business's financial or material participation and cooperation to guarantee the qualifying entity's performance pursuant to the project participation agreement.
3. A schedule for project development and completion, including measurable goals and time limits for those goals.
4. Provisions for performance review and actions to be taken upon a determination that project performance is unsatisfactory. (Ord. 1247, 5-12-2014)