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, super 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; and
(4) The improvement of the character of the city by rehabilitating existing buildings and promoting the construction of infill development.
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 and the super 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; and
(3) To develop the incentive and super incentive areas into a "downtown" that provides the city with a "sense of place."
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 submitted along with this chapter as Exhibit A, to include parts of St. James Avenue, US Highway 52, and some adjacent streets.
SUPER INCENTIVE AREA. The particular area in which the Council has determined that additional support is necessary to promote the revitalization and redevelopment thereof, which 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 super incentive area shall include those properties indicated on the map submitted along with this chapter as Exhibit A, to include portions of Red Bank Road and US Highway 52 (S. Goose Creek Blvd) south of the intersection of US Highway 52 and St. James Avenue. Excepted where specifically stated in this chapter, all references to the incentive area shall include the super incentive area. Unless explicitly distinguished or context would indicate otherwise, references to "incentive area" shall include the super incentive area.
INCENTIVE RECIPIENT. The private parties receiving the incentives from the city.
JOB. Each new:
(1) Full-time position; or
(2) Each full-time equivalent position that is created as a direct result of the ongoing operation of a development. For the purposes of calculating the number of jobs created by a development, only those employed at businesses directly associated with the development at positions permanently located within the incentive area shall be considered.
(Ord. 17-018, passed 8-8-2017)