An agreement established for a program may include any or all of the following:
(A) A list of the kind of improvements or development that the program will include and a related timetable;
(B) Conditions to assure the program meets or exceeds the city's requirements pertaining to property values and revenues, which in no event shall be less than the minimum program requirements established herein;
(C) A complete description of the location of the proposed program;
(D) A description of the kind and amount of property values, sales and use taxes, revenues, incomes or other public benefits the program will provide and a related timetable;
(E) A provision establishing the term or duration of the agreement;
(F) A provision identifying the method for calculating and the source of funding for any incentives provided by the city in the agreement, as well as the legal authorization for the expenditure or action;
(G) A provision establishing a method for measuring whether the applicant and any related parties have met their obligations under the agreement;
(H) A provision providing for access to and inspection of applicant's property, business or financial records by city employees or agents in order to determine compliance with the agreement;
(I) A provision for cancellation of the agreement and/or nonpayment of incentives if the program is determined to be in noncompliance with the agreement;
(J) A provision for early payment of the agreement once complete compliance has been established;
(K) A provision for recapturing city incentives including, but not limited to, grants, rebates and loans, if the applicant does not comply with the terms of the agreement;
(L) A provision that applicant will comply with all ordinances in effect at the time of the agreement, unless otherwise provided in the agreement, as allowed by law and/or city ordinance;
(M) A provision that the program will substantially adhere to the goals and objectives of the city's comprehensive plan;
(N) Any other provision the Council deems appropriate; and
(O) Annexation, if the program is outside the corporate limits of the city.
(Ord. 20-1243, passed 4-16-2020)