(A) An economic development incentive program may only be approved for projects which, due to the nature of the project or scale of the project, will provide significant long-term benefits to the public generally. Accordingly, any person seeking approval of an economic development incentive program must meet one or more of the following conditions:
(1) Alleviation of blighting conditions. The development of the project will alleviate a persistent condition of blight which has previously discouraged the development of the property, such as demolition and removal of dilapidated substandard buildings and structures; geotechnical, flooding or other conditions of topography or soils which inhibit development of the property; or the removal or remediation of hazardous substances or environmental contamination of soils, where the cost of such blighting conditions (not including the building construction costs) impair the land value of the property;
(2) Need for area-wide infrastructure. The development of the project will require the construction of infrastructure requiring capacity which exceed the needs of the project, and where the cost of the infrastructure, in aggregate, may make the project economically unfeasible;
(3) Production of jobs. The development of the project will result in:
(a) The establishment of a new business or businesses on the property producing a significant number of new and additional jobs; or
(b) Cause the expansion of an existing business adding new long-term jobs; or
(c) Preserve an existing business which will retain long-term jobs;
(4) Fiscal impact on city. The development of the project will create significant new on-going revenues to the city, considering all revenue sources;
(5) Special amenities. The development of the project will produce community amenities either due to the construction of needed public facilities, or due to the fact that the project itself provides special private facilities available to the public which do not otherwise exist in the community and which would be significant to the community character and quality of life of those who work or live in the community.
(B) The project must meet one or more of the above conditions and the City Council must find that the project taken as a whole is beneficial to the community.
(Ord. 2013-130, passed 8-21-2013)