(A) Application for incentives. Except where an applicant seeks only incentives authorized by the state incentive programs listed in § 112.05(C), in order to be eligible for incentives, a person, firm or corporation must submit to the City Administrator a proposed set of incentives for a development (a "proposal"), in a form provided by the city. The proposal must include a sufficient description of the development, to include, without limitation, the following information:
(1) Identification of the property or properties on which the development is to be located and any acquisition costs thereof;
(2) The estimated start date and completion date for any work to be performed with respect to the development;
(3) A list of any physical improvements that are to be made with respect to the development, including a good-faith estimate of the costs thereof;
(4) The then-current value of the property on which the development is to be located and a good-faith estimate of the value of the property upon completion of the improvements thereto;
(5) A good-faith estimate of the number of jobs that the development is projected to create, including an estimate of the date upon which the estimated number of jobs will have been created;
(6) A statement affirming that, based upon any acquisition costs for the on which the development is to be located, along with good-faith estimates for the costs of physical improvements and the number of jobs created, the development will meet or exceed the minimum investment;
(7) A good-faith estimate of other revenue for the city that will be created as a direct result of the development, including anticipated business license fees, additional property tax revenue, capital improvements to city-owned infrastructure and utilities revenue; and
(8) Any other additional information that the incentive recipient or the City Administrator deems may be necessary and helpful for the Council to evaluate and give due consideration to the proposal.
(B) Determination of incentive amounts. The amount of incentives granted to a development shall be based upon the amount of the capital investment in the development, the amount of new revenue for the city directly created by the development and the number of new jobs that will be directly created by the development. The amount of incentives granted to a development shall in no case exceed the value of the direct and indirect benefits of the development to the city. These amounts shall be expressly included within any incentive agreement.
(C) Certification, commencement and continuation of incentives.
(1) No incentive shall commence or be given until such time as the development has been issued a certificate of occupancy and/or a business license as well as a certificate that all terms and benchmarks included within the applicable incentive agreement, including without limitation benchmarks for capital investment, property valuation, and job creation (the "benchmarks"), have been fully achieved or otherwise completed.
(2) Where benchmarks, such as the number of jobs created, are to be met continuously over a period of time, the incentive recipient shall provide to the city, on an annual basis, sufficient proof that the development has continuously achieved or otherwise complied with such benchmarks.
(3) If, at any time after completion of a development or at any time within the period of time during which a development is granted incentives, a development fails to achieve or otherwise comply with a benchmark, the Council may, at its discretion and on a case-by-case basis:
(a) Declare the incentive agreement null and void and refuse to grant any future incentives; or
(b) Decrease the amount of incentives based upon the actual direct and indirect benefits of the development to the city and its citizens.
(Ord. 17-018, passed 8-8-2017)