(A) The purpose of the Economic Development Plan is to allow public support of economic projects to foster, promote and enhance local economic development efforts while continuing to protect against unauthorized use of public money or other public resources. Further, the purpose of this chapter is to allow the town to enter into one or more joint powers agreements with other local governments to plan and support regional economic development projects.
(B) Local Economic Development Act. Local governments are allowed to provide direct or indirect assistance to qualifying business for furthering or implementing economic development plan and projects; furthermore, local and regional governments have the authority to contribute assets to development projects; however, voters in referendum must approve the imposition of tax.
(C) Eligible uses. Municipalities may impose municipal infrastructure gross receipts tax and dedicate the revenue of economic development projects. 0.025% tax (in four increments of 0.0625%) may be imposed.
(Ord. 166, passed 7-19-2017)