A. The city shall not grant the incentives authorized in section 16C-2 of this chapter without finding the potential recipient meets any of the following:
1. The rebating of fees, expenditure of the funds or rebate of city sales tax revenues will assist in the creation or retention of a significant number of jobs in the city with the average hourly wage for nonexempt positions (pursuant to the FSLA) of at least seventy five percent (75%) higher than the federal minimum hourly wage and wherein the recipient pays at least twenty five percent (25%) of its average hourly wage for nonexempt positions in benefits; and
2. New eligible industrial and commercial projects must expend a minimum of one million five hundred thousand dollars ($1,500,000.00) in equipment, machinery, land, and building improvements as its initial investment at a single location; or expansions of existing eligible industrial and commercial projects must expend a minimum of seven hundred fifty thousand dollars ($750,000.00) in equipment, machinery, land and building improvements as its expansion investment at a single location.
B. The city may also consider the following factors in determining whether the potential recipient should be granted:
1. Economic development will be furthered by rebating the fees, expenditure of funds or rebate of city sales tax revenues.
2. The recipient's operation will otherwise improve or enhance the economic welfare of the inhabitants of the city.
3. The recipient's operation will not disproportionately expend natural resources or public infrastructure and services, such as transportation infrastructure or public safety services.
4. The benefits the city will receive from the commercial or industrial project outweigh the economic costs to the city, as demonstrated through the city's fiscal impact analysis model.
5. The potential recipients' use of and availability of other funds and rebates from the city or other sources including other governmental entities. (Ord. 06-641 § 1, 10-9-2006)