(a) All property transferred from the City to the Loveland CIC must be approved by a majority vote of City Council after a public hearing has been held related to such transfer consistent with Section 107.01 of the Loveland Code of Ordinances.
(b) All property transferred by the City to the Loveland CIC shall be used to promote the welfare of the people to the City, stabilize the economy, provide employment, assist in the development of industrial, commercial, distribution, and research activities to the benefit of the people of the City, provide additional opportunities for their gainful employment or will promote the reclamation, rehabilitation, and reutilization of vacant, abandoned, tax-foreclosed, or other real property in the City.
(c) All funds advanced to or received by the Loveland CIC from the purchase, lease, or other use of property transferred to it by the City shall be remitted back to the City upon receipt unless specifically delineated otherwise by an act of City Council.
(d) City Council shall ensure that all property transferred from the City to the Loveland CIC shall be designated to be used for a specific purpose unless otherwise stated in the legislation transferring such property to the Loveland CIC. If a development agreement exists it shall be attached. If any such property transferred to the Loveland CIC is not used for the purpose so designated, it shall be transferred back to the City by the Loveland CIC.
(Res. 2017-56. Passed 6-13-17.)