The application and approval process shall include, but not be limited to, the following:
A. Applicant will complete the necessary approval process for development in the City prior to submitting an application for economic development funds.
B. Applications must be submitted to the Mayor within a window period between January 1 and March 15 of a calendar year.
C. Applications must include the following information:
1. Approved, detailed site plan;
2. Pro forma income and expense schedule;
3. Financing commitment/statement;
4. Statement of impacts/benefits to the City, which shall include, but not be limited to:
a. Net tax contribution (property, sales, other),
b. Net revenues (fees, payments, other),
c. Jobs created,
d. Use of utilities and other infrastructure,
e. Increases in public service levels and costs;
5. Detailed request for assistance.
D. Within fifteen (15) days from receipt, the Mayor will have the Finance and Administration, Public Works and Power Departments conduct an analysis of the application and submit the analysis to the Mayor's Office within thirty (30) days from the original application date. The analysis shall include, but not be limited to:
1. Analysis of project's financial feasibility:
a. Net operating income,
b. Cash flow,
c. Equity requirements,
d. Return on investment;
2. Cost/benefit analysis:
a. Costs of participation based on applicant's request,
b. Costs deferred or not incurred because of project,
c. Payback based on revenues and taxes and time of recovery.
E. The Mayor shall submit a completed application, with the Mayor's recommendations to the City Council.
F. The City Council shall, within its sole discretion, make the decision, subject to the limitations in this chapter and chapter 8, title 10 of the Utah Code, to approve or disapprove the application, which decision shall be final and not subject to further review. If funds are approved, the City Council shall specify what improvements may be reimbursed.
G. If the funds are approved by the City Council, the amount approved shall be allocated to a separate appropriation account on July 1 of the calendar year during which the application is received. Funds shall be disbursed to the applicant within thirty (30) days by the Director of Finance and Administration if there is evidence that the improvements specified by the City Council have been completed subject to limitations provided in subsection I of this section.
H. A grant of funds shall not be construed as a representation regarding the economic viability of the project.
I. Funds approved by the City Council must be used within one year of approval. Funds that are not used within one year shall be reappropriated. (Ord. 19-05: Ord. 18-06: Ord. 17-17)