For purposes of this chapter the following definitions shall apply unless the context clearly indicates or requires a different meaning.
BENEFITS. The value to the city of providing the incentives, which generally includes:
(1) Increased property values within the incentive area and the city as a whole;
(2) Increased revenue from property taxes, business license fees, and permit fees;
(3) Increased tourism and commercial activity within the city as a whole; and
(4) The improvement of the character of the city by rehabilitating existing buildings and promoting the construction of infill development.
DEVELOPMENT. The activity of improving a real property to the extent of adding value to the tax base through real property improvements, and the creation of employment opportunities.
GOALS. The objectives of the city in offering the incentives, which are as follows:
(1) To promote the redevelopment of existing buildings and infill development within the incentive area;
(2) To support the establishment of the categories of new businesses that the Council determines will significantly increase the overall commercial activity within the city, provide the city's residents with restaurant and retail options within the city rather than having to travel elsewhere; encourage tourists and those who reside in surrounding communities to make use of businesses within the city; and increase property values within the city as a whole; and
(3) To develop the incentive areas into a "downtown" that provides the city with a "sense of place."
INCENTIVE. A grant of any inducement having monetary value by the city that is offered to a person, firm, or corporation to pursue a development that encourages private investment and/or the creation/retention of jobs. The incentive may also include grants from other entities that the city may be able to obtain.
INCENTIVE AREAS. The particular areas in which the Council has determined that the revitalization and redevelopment thereof is essential to preserving and improving the economy, society and culture of the city and enhancing the quality of life of the citizens thereof. The INCENTIVE AREAS shall include those properties indicated on the map attached to Ordinance 2018-10 as Exhibit A and incorporated by reference as if fully set forth herein, to include the Downtown Tax Increment Finance District, and other areas that may be defined by City Council at a later date.
INCENTIVE RECIPIENT. The private parties receiving the incentives from the city.
JOB.
(1) Each new:
(a) Full-time position; or
(b) Each full-time equivalent position that is created as a direct result of the ongoing operation of a development.
(2) For the purposes of calculating the number of jobs created by a development, only those employed at businesses directly associated with the development at positions permanently located within the incentive area shall be considered.
(Ord. 2018-10, passed 7-9-18)