As used in this Chapter 112, unless the context shall otherwise require, the following terms shall have the following respective meanings:
BENEFITS. The value to the city of providing the incentives, which generally includes:
(1) Increased property values within the incentive area and the city as a whole;
(2) Increased revenue from property taxes, business license fees and permit fees;
(3) Increased tourism and commercial activity within the city as a whole;
(4) The improvement of the character of the city by rehabilitating existing buildings and promoting the construction of infill development; and
(5) The expansion and consolidation of the corporate limits of the city and the resulting increase in the city’s tax base.
DEVELOPMENT. The activity of improving a real property to the extent of adding value to the tax base through real property improvements, and the creation of employment opportunities.
GOALS. The objectives of the city in offering the incentives, which are as follows:
(1) To promote the redevelopment of existing buildings and infill development within the incentive area;
(2) To support the establishment of the categories of new businesses that the Council determines will significantly increase the overall commercial activity within the city, provide the city's residents with restaurant and retail options within the city rather than having to travel elsewhere; encourage tourists and those who reside in surrounding communities to make use of businesses within the city; and increase property values within the city as a whole;
(3) To develop the incentive area into a "downtown" that provides the city with a "sense of place"; and
(4) To encourage the annexation of property to consolidate and expand the corporate limits of the city.
INCENTIVE. A grant of any inducement having monetary value by the city that is offered to a person, firm, or corporation to pursue a development that encourages private investment and/or the creation/retention of jobs. The incentive may also include grants from other entities that the city may be able to obtain.
INCENTIVE AREA. The particular area in which the Council has determined that the revitalization and redevelopment thereof is essential to preserving and improving the economy, society and culture of the city and enhancing the quality of life of the citizens thereof. The incentive area shall include those properties indicated on the map kept on file with the Clerk to City Council, to include parts of St. James Avenue, US Highway 52, Red Bank Road, and some adjacent streets. The incentive area may be amended by ordinance, including ordinances approving annexations, from time to time, where incentives are deemed necessary in order for the achievement of the goals.
INCENTIVE RECIPIENT. The private parties receiving the incentives from the city.
(Ord. 17-018, passed 8-8-2017; Ord. 2024-008, passed 5-14-2024)