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(A) Administration. The City Commission will direct the program under the administration of the Downtown Coordinator. The various duties required for this administration may be done through action of the entire HDIP Committee or newly created committees of the HDIP.
(B) Financial resources available to the HDIP.
(1) The City Commission may, from time to time as it deems appropriate, allocate funds to the HDIP to be used to provide financial assistance to eligible business concerns through the various incentives and grants listed below. These funds shall be discretionary city dollars approved by the City Manager and private donations. The funds will be transferred from the city to the HDIP account upon the City Commission's or City Manager's request.
(2) The HDIP will establish a separate account, the HDIP account, for all financial transactions executed under the HDIP.
(3) In general, all grants and incentives resulting in payments made to recipients from the HDIP account will be reimbursements. Grantees must present receipts, invoices, or other proof of payment of eligible expenses prior to reimbursement. The HDIP will be responsible for maintaining these records for ten years. Reimbursements will be made to the recipients within 60 days of the presentation of appropriate documentation.
(4) If the HDIP Committee wishes to pay in advance for some portion of a grant other than those that reimburse for utility fees or other city services, a request may be made to the City Manager for authorization to proceed. A record of this approval must be maintained for ten years.
(Ord. 2020-06, passed 12-18-19)