(a) A Program Oversight Committee shall be enacted and be comprised of five (5) members which shall include a representative from City Council's Economic Development Committee, a representative from the Mayor's Office, a representative from the Chamber of Commerce, the Municipal Treasurer and a lay person approved by the representatives from City Council, the Mayor's Office and the Municipal Treasurer.
(b) The Program Oversight Committee shall meet annually and review all businesses that are in the program and make recommendations to Council accordingly, which shall include, but not be limited to the continuation of incentives or termination thereof. The Program Oversight Committee shall adopt its own rules for conduct by a majority approval.
(c) The Program Oversight Committee shall meet and review all applications within thirty (30) days of receiving same and make recommendations to City Council for approval or disapproval. The Program Oversight Committee is authorized to adjust the incentive payments set out in Sections 187.03, 187.04
and 187.05
, if they deem it necessary to promote economic development in the City.
(d) A meeting of the Program Oversight Committee may be called by any member thereof by written notice to all members not less than ten (10) days prior to any meeting to review applications, or to review progress, or lack thereof, of any business currently in any one of the three (3) Income Tax the Incentive Programs.
(e) The Municipal Treasurer shall present an annual progress report to the Program Oversight Committee and to City Council at the annual meeting.
(Ord. 210119-01. Passed 1-19-21.)