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(a) The Committee shall, upon receipt of an application for tax incentives that, if granted, would result in the schools foregoing tax revenues that they would otherwise receive in the normal course of distribution, review the application and conduct the following activities:
(1) Meet with proposed industrial and commercial firms that have applied for tax incentives, if deemed appropriate by the Committee;
(2) Analyze the potential impact on the community of the location or expansion project that is the basis of the incentive application, in light of income, property and other tax revenues that would be generated by the project and in light of the level and type of economic development incentives sought.
(3) Recommend to City Council the level and type of economic development incentive that should be granted to the applicant as a result of the analysis described above in division (a)(2) of this section.
(4) Recommend to the City Council and School Board the method and level of, as well as time frames for, compensation to the schools for tax revenues that are anticipated to be foregone as a result of the recommended economic development incentives, if the approval of the recommended incentive would result in the schools foregoing tax revenues.
(5) Recommend to City Council and the School Board the hiring of consultants or the conduct of studies that the Committee deems appropriate to assist it in the performance of its duties.
(b) City Council shall consider only those Committee recommendations that have been approved by a majority of Committee members present for the consideration of a particular incentive application and that have been approved at Committee meetings where at least a majority of Committee members were present to consider the particular incentive application.
(c) Agreements governing the compensation of the schools for revenues foregone as a result of individual grants of tax incentives (herein "Compensation Agreements") shall be entered into by the City, schools and, if appropriate, by a beneficiary of a tax incentive, on a case-by-case basis, and such compensation agreements shall be approved respectively by the parties thereto according to the applicable law and rules governing approval of binding agreements by each party.
(d) If the Committee determines that it is appropriate to hire a consultant or conduct a study pursuant to division (a)(5) of this section, and if the City Council and School Board agree with that determination, the City and schools shall negotiate separately the appropriate share of costs of hiring such consultant or conducting such study that shall be borne by one or both of the City and/or schools.
(e) In the case of applications for tax incentives that, if granted, would not result in the schools foregoing tax revenues that they would otherwise receive in the normal course of distribution, the membership of the Committee shall be reduced to only the City Council, City staff and Chamber of Commerce Executive Director, resulting in a total membership of five for consideration of such applications. In such situations, the City's Economic Development Director shall continue to serve as ex officio member and shall inform the School District of the recommendations that result from such meetings. In such cases, the duties and functions of the Committee shall remain as described in division (a) of this section.
(f) Annually, by March 31, the Economic Development Director shall prepare a report to City Council, the Board of Education of the School District, the Chamber of Commerce, and the Economic Development Incentive Committee, summarizing the Economic Development Incentive Committee's activities throughout the year.
(g) The Economic Development Incentive Committee is intended to replace the previous agreement between the City and schools concerning revenue sharing in connection with enterprise zone and community reinvestment area projects dated September 15, 1997 and authorized by Resolution No. 97-125. Therefore, Resolution No. 97-125 is hereby repealed in its entirety and all other City Ordinances and Resolutions are hereby repealed and all agreements of the City shall be of no further effect to the extent that such Ordinances, Resolutions and agreements are inconsistent with the terms of this chapter.
(Ord. 04-131. Passed 6-16-04.)