(A) The Finance Committee shall review each application for sufficiency and completeness to determine:
(1) Whether the applicant meets the program eligibility requirements;
(2) The accuracy of the factual representations in the application, and the applicant's employment and financial projections;
(3) The amount of the appropriate incentive, if any, for which the applicant qualifies and the terms upon which the committee would recommend approval to the City Council;
(4) Any special credit risks presented by the applicant or proposed business;
(5) Whether the withholding tax credit is in the best interest of the city using the most sound available financial data and the criteria of this chapter; and
(6) Any and all other matters deemed appropriate to weigh the worthiness of the applicant for participation in the business incentives program.
(B) Prior to submission of the application to the City Council for approval, a final proposed written agreement shall be negotiated and included with the application. The Finance Committee shall include such terms and conditions within the agreement as deemed appropriate, to ensure that the city receives full value in consideration for any incentive to be granted, including, without limitation, provisions requiring continuing operation within the city for a period beyond the incentive period, provisions for reimbursement of the incentive and potential remedies for default, and appropriate conditions precedent to the triggering of incentives to ensure the city receives the full revenue and job benefits deemed appropriate. Following final approval of the withholding tax credit by the City Council, the Mayor shall be authorized to execute on behalf of the city any and all documents necessary to effect closing of the employee withholdings credit.
(Ord. 10-17-1, passed 10-9-17)