(A) The City Council of the city hereby authorizes the creation of a nonrefundable application fee in the amount of $5,000 from each applicant making a formal presentation to the City Council for a riverboat gambling development
(B) The fee shall be nonrefundable.
(C) The fee shall be placed in the Riverboat Development Fund of the city and used solely for purposes of offsetting costs and fees incurred as legal, evaluation, review, planning or related expenses for the development of said riverboat project.
(D) This fee is reasonably related to the city's administrative costs in exercising its regulatory powers.
(E) There is hereby created a Riverboat Development Fund which shall be authorized to collect the application fee in the amount of $5,000 from each applicant, collect and/or receive monies from the commitment of $112,500 made under the Project Agreement by Rising Sun Riverboat Casino and Resorts, L.L.C., and to collect and/or receive advances/loans from the riverboat developer of funds committed under the Project Agreement of the Rising Sun Redevelopment Commission.
(Ord. 1993-15, passed 12-30-93; Am. Ord. 1996-13, passed 7-11-96)