(A) Before any incentive, in the form of a grant or loan, is provided to an applicant, the Council shall provide for the same in the original city budget or pursue a budget amendment. Such budget action does not have to occur prior to executing an agreement but must occur before an incentive is actually provided to an applicant.
(B) Before any incentive is offered at a reduced or no-cost basis, the city shall review any bond documents, debt instruments, grant agreements or similar instruments that may have been executed with regard to those incentives to analyze whether such incentive is permitted.
(C) Incentives, in the form of a grant or loan, may be withheld until the first anniversary of the date of the opening of the business or development or in lieu thereof, a bond may be required to guarantee completion of any public improvements.
(D) The city may require the applicant to provide copies of financial records upon which any incentive is based and/or allow the city to audit such financial records.
(Ord. 20-1243, passed 4-16-2020)