(A) Insofar as any state or federal statute, rule or regulation does not mandate the system of allocating tax exempt status to economic development facility projects which have been the subject of inducement resolutions after the date of this section and to the extent that any future state or federal statute, rule or regulation shall limit the overall amount of economic development facility financing which the town may issue and to the further extent to which any project shall consume a portion of such allocation and the overall amount of projects induced during such period exceeds such allocations, then the following criteria shall be applied in determining the allocation thereof.
(B) (1) The projects for the duration of any one allocation period shall be divided into four categories as follows:
(a) This category shall have first allocation priority;
(b) This category shall be allocated funds after all projects in allocation/division (B)(1)(a) above have been funded;
(c) This category shall be allocated funds after all projects in allocation/division (B)(1)(b) above have been funded; and
(d) This category shall be allocated funds after all other projects have been funded.
(2) The allocation determinations shall be good only for the allocation period in which the project was induced, after such period has expired the project if it has not been closed will compete again for allocation in the next allocation period. The category rank is to be assigned to each project at the time of inducement and each applicant must agree in writing to abide by the terms of this section.
(C) The classification of projects into the four categories is to be determined by reference to a point system derived as follows as indicated hereafter. For the purpose of determining the amount of employment to be generated for purpose of determining the eligibility for the award of points, the projected level of employment at the end of the third year of operations will be used.
(D) Criteria:
(1) Facility is to be the main home office of the company or is the expansion of an applicant which already has its home office in the town (five points);
(2) Amount to be induced has a ratio to number of jobs of not more than $5,000 per job created or retained (five points) of not more than $10,000 per job created or retained (three points);
(3) The overall new investment of applicant in plant, facility and equipment which will not be subject to tax abatement is greater than 50% of the amount of financing to be induced (four points);
(4) The project is to be or was instrumental to the town is obtaining state or federal grant funds which will assist in attracting additional industrial projects to the town or will assist in acquiring or constructing public improvements of benefit to the town beyond the location of the plan in said town (five points);
(5) The project will employ not less than 20 nor more than 300 employees (two points);
(6) The project will be under construction within 90 days after inducement and the bond issue is projected to close within 120 days and the applicant has a commitment to purchase the bonds on agreed terms (four points);
(7) The applicant proposes to engage in a business which will promote diversification in said town. The town reserves the right to change whether any certain type of business promotes diversification during the course of any allocation period and may but is not obligated to determine during the course of any allocation period that any certain type of business will no longer be awarded points under this criteria during that allocation period; provided, however, any such change shall not affect any point award already made during that allocation period (five points);
(8) The applicant has agreed to make substantial contributions toward public improvements needed by the town for the benefit of others in addition to the applicant (five points);
(9) The applicant has agreed to landscape the facility site in a manner which will enhance the general surrounding area which agreement is referenced by the application letter (five points); and
(10) The proposed facility is to be located within the corporate boundaries of the town or the company has requested annexation and annexation is legally and economically feasible (five points).
(E) Category rankings to be as follows:
(1) Class A = points or better: 35;
(2) Class B = points or better: 25;
(3) Class C = points or better: 15; and
(4) Class D = points or less: 14.
(F) Any induced project which is not substantially constructed and the bond issue is not closed within nine months of the date of inducement is to be penalized by subtraction of five points from the points assigned at inducement and will have its category reduced if appropriate.
(G) Allocation amongst projects within the same category are to be made on a first to close basis; if more than one bond issue closes on the same date within the same category, then the allocation shall be made upon a first to have been induced basis.
(H) Anything in this section to the contrary notwithstanding any project was induced prior to this section, has closed as to a portion of the full amount of the inducement and has commenced construction, shall be deemed a Class A category project and shall be allocated a portion of the allocation before any other project.
(1985 Code, § 2-5-1) (Ord. 40, passed 4-23-1984)