(A) Any business making application for an economic development incentive or receiving an incentive must provide all records and reports reasonably requested by the city or its Program Administrator to determine the business' compliance with the development agreement.
(B) The business must allow the city, the Program Administrator or any representative or consultant of either to inspect the business premises and improvements thereon to determine compliance with the development agreement.
(C) Defaults may be enforced by actions up to and including:
(1) Complete cancellation of development incentives;
(2) Recovery of previously provided development incentives;
(3) Retaking of property by the city if the sale or lease of property was a part of the project; and/or
(4) Partial or pro rata reduction or recovery of development incentive.
(D) The terms of default provisions in the development agreement will be as negotiated; however, all program project agreements must contain adequate default provisions to comply with applicable law.
(Ord. 2021-20, passed 4-13-21)