A. An economic development assistance program may only be approved for projects which, due to the nature of the project or scale of the project, the project will provide significant long-term benefits to the public generally. Accordingly, any person seeking approval of an economic development assistance program must meet one or more of the following conditions:
1. Alleviation of Blighting Conditions. The development of the project will alleviate a persistent condition of blight which has previously discouraged the development of the property, such as removal of active or inactive oil field facilities, reabandonment of wells, removal of underground tanks or facilities, or the removal or remediation of hazardous substances or environmental contamination of soils, where the cost of such blighting conditions will exceed five hundred thousand dollars per acre.
2. Production of Jobs. The development of the project will result in the establishment of a business or businesses on the property producing in excess of three hundred long-term jobs or preserve an existing business which will also bring one hundred fifty new long-term jobs (excluding multipliers).
3. Fiscal Impact on City. The development of the project will create new on-going revenues to the city, considering all revenue sources, of at least three hundred thousand dollars annually.
4. Special Amenities. The development of the project will produce unique community amenities either due to the construction of needed public facilities, or due to the fact that the project itself provides special private facilities available to the public which do not otherwise exist in the community and which would be significant to the community character and quality of life of those who work or live in the community. A special amenity may be a joint project undertaken with Long Beach.
B. In addition to the above conditions, the development of the project must not have a substantially adverse impact on traffic, or on surrounding properties or on the community generally. The project must meet one or more of the above conditions and the City Council must find that the project taken as a whole is uniquely beneficial to the community.
(Ord. 2012-04-1446 § 2, 2012)