(A) Incentive area eligibility criteria. Except for those incentives discussed in § 112.05(C) above as authorized by the state and which are intended by the terms of this economic development incentive program to be applied city-wide, in order for a development to be eligible to receive incentives, the Council must determine that the development meets, or upon completion will meet, each of the following criteria:
(1) The development is consistent with the City of Goose Creek comprehensive plan (as may be amended) and the City of Goose Creek economic development strategic plan (as may be amended) (together, the "plans") as well as the goals.
(2) Absent the provision of incentives, the development would be unlikely to occur or unlikely to occur at the level or scale contemplated by the developer.
(3) The development must be located within the incentive area, as defined in § 112.03.
(4) The development must have a minimum threshold investment of $1,000,000 (as applicable to the incentive area, the "minimum investment").
(a) The minimum investment may be comprised of any combination of:
1. Real property acquisition costs;
2. The costs of physical improvements to real property; or
3. The costs of capital improvements to city infrastructure.
(b) The minimum investment may be calculated based upon investment in a single property or the cumulative investment in multiple properties, each within the incentive area. Where multiple uses or businesses are to be located within a single development as separate businesses, the Council may, at its discretion on a case-by-case basis, allocate appropriate portions of the total investment in the development to such separate business in order to allow such business to meet the minimum investment eligibility requirement. In order to meet the threshold for the minimum investment, a development may be given a credit towards the minimum investment of $50,000 for each job (as defined herein) that will be created by the development.
(5) The intended use of the development must be for one or more of the following business purposes:
(a) Retail uses;
(b) Tourism-related business or activities;
(c) Cultural arts activities and associated businesses;
(d) Corporate headquarters;
(e) Research and development;
(f) High technology growth businesses;
(g) Full service restaurants; and
(h) Other uses, as may be determined by the Council, that are consistent with the goals, and the plans.
(B) Super incentive area eligibility criteria. Except for those incentives discussed in § 112.05(C) as authorized by the state and which are intended by the terms of this economic development incentive program to be applied city-wide, in order for a development to be eligible to receive incentives, the Council must determine that the development meets, or upon completion will meet, each of the following criteria:
(1) The development is consistent with the plans as well as the goals.
(2) Absent the provision of incentives, the development would be unlikely to occur or unlikely to occur at the level or scale contemplated by the developer.
(3) The development must be located within the super incentive area, as defined in § 112.03.
(4) The development must have a minimum threshold investment of $750,000 (as applicable to the super incentive area, the "minimum investment").
(a) The minimum investment may be comprised of any combination of:
1. Real property acquisition costs;
2. The costs of physical improvements to real property; or
3. The costs of capital improvements to city infrastructure.
(b) The minimum investment may be calculated based upon investment in a single property or the cumulative investment in multiple properties, each within the super incentive area. Where multiple uses or businesses are to be located within a single development as separate businesses, the Council may, at its discretion on a case-by-case basis, allocate appropriate portions of the total investment in the development to such separate business in order to allow such business to meet the minimum investment eligibility requirement. In order to meet the threshold for the minimum investment, a development may be given a credit towards the minimum investment of $50,000 for each job (as defined herein) that will be created by the development.
(5) The intended use of the development must be for one or more of the following business purposes:
(a) Retail uses;
(b) Tourism-related business or activities;
(c) Cultural arts activities and associated businesses;
(d) Corporate headquarters;
(e) Research and development;
(f) High technology growth businesses; and
(g) Other uses, as may be determined by the Council, that are consistent with the goals, and the plans.
(C) Specific criteria. The Council may, at its discretion and on a case-by-case basis, include within an incentive agreement any other eligibility criteria that must be met upon completion of a development in order to ensure that the goals are met and that the development provides benefits to the city (and its citizens) in amounts that warrant the implementation of incentives.
(Ord. 17-018, passed 8-8-2017)