"Business" as used in this chapter is defined as a business proposing to locate in the city which meets most of the following criteria and is eligible for consideration for the incentives established under this chapter:
A. The business is engaged in a primary or secondary target industry as identified in the city economic development strategic plan dated September 23, 1993, as amended from time to time by the city council.
B. The business has developed a business plan for long-term growth.
C. The business will provide the city with a return on investment within three (3) years or a longer term if approved by the city council. The method used to determine the return on investment for the city shall consider the costs of city services provided to the business and the revenue and other benefits that the business provides to the city. The revenue and benefits provided to the city shall include, but not be limited to, the following factors: increase in number of jobs, increase in square footage occupied, increase in sales and use tax revenue, increase in utility users tax revenue, increase in franchise fees, and increase in any other taxes or fees paid to the city.
D. Commitment of the business to stay in the city for a minimum of six (6) years.
E. Business has the capability of utilizing existing businesses located in the city or attracting support industries into the city. (Ord. 1252, 4-9-1996)