(A) The City hereby declares that improvement of the quality of life for citizens in the City is an important goal and objective, and that as part of its effort to meet that objective the City must:
(1) Recognize the importance of a growing and expanding economy;
(2) Create programs to foster an atmosphere that encourages economic development; and
(3) Provide incentives for the creation of new jobs in the service, technology and industrial sectors.
(B) In order to satisfy the needs and take the action identified hereinabove, the City has determined that it should create a program to offer employee withholdings credits to service, technology and industrial prospects on the Newport taxable wages directly created by the project.
(Ord. O-2007-005, passed 4-23-2007)