3.04.240: ECONOMIC DEVELOPMENT FUND; EXPENDITURE OF FUNDS:
The expenditure of any funds pursuant to the terms and conditions of this chapter is subject to the following guidelines and/or procedures:
   A.   Contemplated improvements must be expended on improvements which will demonstrate a general public benefit beyond the individual project.
   B.   No economic development funds shall be expended for improvements until said improvements have been completed by the developer. Funds shall be paid directly to any owner or developer only after there is adequate assurance that the owner or developer has fully paid for the improvements.
   C.   No application for economic development funds may be submitted until all applicable planning and zoning approvals have been received.
   D.   Any funds appropriated for corporate purposes shall be recovered through additional Property, Sales, Energy and Franchise Taxes over a maximum of five (5) years.
   E.   The estimated additional taxes to be collected by the City in future years from the project shall be calculated on a net present value basis using a six percent (6%) discount rate.
   F.   The funds appropriated to a project shall consider all costs to the City for that project including economic development grants, costs associated with the relocation of utilities, the costs of relocating streets, and the costs of relocating any other public facility.
   G.   Funds will be appropriated for public infrastructures only.
   H.   Funding towards a capital project under this chapter may not exceed two hundred thousand dollars ($200,000.00) in a fiscal year.
   I.   Funds appropriated to review and update the City's General Land Use Plan are not subject to this section and section 3.04.250 of this chapter. (Ord. 17-17)