An incentive is any inducement or assistance by the city offered to an applicant to pursue a project that meets the goals and related criteria of this section of the City Code, as determined by the City Council. Said incentives shall be defined in detail in the city’s Incentive Guidelines, detailing the assistance offered, purpose, authorization, eligibility criteria, eligible uses, eligibility areas (if applicable), program description, funding sources, application and approval procedures, reporting procedures, and other pertinent information. All economic development incentive programs in existence as of the effective date of this subchapter including: low interest loans with possibility of incremental loan forgiveness for meeting periodic investment and employment benchmarks, reimbursement agreements, tax abatements or exemptions, and no cost, or reduced value, of land or buildings for sale or lease by the city, remain in effect. Such incentive guidelines shall be adopted by resolution of the City Council and updated through resolution to provide for the addition or removal of incentive programs.
(Ord. 3757, passed 3-10-14; Am. Ord. 3846, passed 9-12-16)