Any business receiving an incentive from the city must enter into a development agreement with the city in a form and containing the terms approved by the City Council and the city's legal counsel. Such an agreement will include, but not be limited to:
(A) Identification of the development incentives and terms of payment or development of such incentives;
(B) Identification of the economic development performance standards that the business must meet and the identification of deadlines for construction of improvements, start of operations or meeting specific employment or payroll standards, as appropriate;
(C) Remedies for the city's recovery of development incentives if the business fails to comply with the economic development performance standards;
(D) Provision for inspections and reports determined by the city to be necessary to review the compliance of the business with the economic development performance standards;
(E) Other provisions considered necessary or proper by the city or its legal counsel;
(F) A venue provision providing all disputes will be heard in a court of competent jurisdiction sitting in Bell County, Texas with Texas law to control; and
(G) A provision requiring that any subsequent purchaser of the business or assignee abide by the economic development obligations of the business, for so long as the same shall exist, prohibiting subleases and requiring the approval of the city for any assignment, which approval shall not be unreasonably withheld if the assignee assumes the business' obligation to the city and is deemed financially able and competent to carry out those obligations.
(Ord. 2021-20, passed 4-13-21)