(A) The qualifying entity shall prepare with the city a project participation agreement. This agreement is the formal document, which states the contribution and obligation of all parties in the economic development project. The agreement must state the following items:
(1) The economic development goals of the project;
(2) The contribution of the city and the qualifying entity;
(3) The specific measurable objectives upon which the performance review will be read;
(4) A schedule for project development and goal attainment;
(5) The security being offered for the city’s investment;
(6) The procedures by which a project may be terminated and the city’s investment recovered; and,
(7) The time period for which the city shall retain an interest in the project. Each project agreement shall have a sunset clause after which the city shall relinquish interest in and oversight of the project.
(B) Each project participation agreement shall be subject to review and approval by the governing body at a public hearing.
(Ord. 101, passed 3-21-2007)