(A) Authorization to grant incentives. The Council, at its discretion, and on a case-by-case basis, but subject to the general eligibility criteria provided for in § 112.06 herein, may enter into an incentive agreement (as defined herein) with a person, firm, or corporation providing for incentives in order to encourage and support the development of real property within the incentive area, including property to be incorporated into the incentive area subject to annexation.
(B) Incentive agreements. Incentives shall only be provided to an incentive recipient after an incentive agreement has been entered into between the city and such person, firm or corporation, which agreement shall set forth:
(1) The particulars of the development;
(2) The incentives to be provided; and
(3) Sufficient assurances that the benefits will accrue to the city and the goals will be met by the development (an "incentive agreement""). Pending the approval by the Council of any incentive agreement, and subject to the provisions in § 112.07 herein, the City Administrator is authorized to discuss the provisions of this economic development incentive program, aid in the completion of any proposal (as defined herein) and, subject to the final approval by the Council, negotiate with the potential incentive recipient on behalf of the city. Each incentive agreement shall be approved by Council by ordinance. Council is authorized to provide incentives in any amounts and for any period of time within the thresholds provided for herein or within the time periods and thresholds provided for in any applicable statutory authorization.
(Ord. 17-018, passed 8-8-2017; Ord. 2024-008, passed 5-14-2024)