If the economic development assistance program is approved, an economic development assistance agreement shall be entered into which includes the elements contained in Section 3.32.040. The agreement must describe specifically the project and the exact assistance provided. It must indentify how the project is anticipated to meet the criteria in Section 3.32.070. It must contain performance criteria and require that the project will remain in operation for at least 15 years. It must also provide for periodic review of performace and provide remedies for violations of the covenants and conditions. The agreement shall permit transfer subject to the city's reasonable approval and provide for city approval of any tenants necessary to achieve the purpose of the project. The agreement shall how the public purposes of the project will be achieved. All obligations undertaken by the applicant shall be guaranteed with sufficient securities.
(Ord. 2012-04-1446 § 2, 2012)