(a) The enterprise zone program may be used by industrial, commercial, and service firms which construct, occupy, renovate or expand within the enterprise zone. The program will not normally be available to retail sales establishments, and shall not be applied to retail inventories.
(b) This program should not be used to provide to any firm a competitive economic advantage over any other firm already existing in the City.
(c) Proposed uses of the program must have a significant beneficial impact on the City.
(d) If this program is used for job creation, a preference in hiring for the new positions should be given to current residents of the City unless needed job skills are not available locally.
(e) Consideration shall be given to the relationship between the economic benefits to be gained by the City from the project and the amount of tax dollars being abated.
(Ord. 86-11. Passed 3-3-86.)
(f) Any agreement entered into under this process is based upon the acceptance of the facts that depreciation is considered customary in valuation of personal property and that normal cyclical or technological factors as well as temporary inventory adjustment, will cause variances in tax valuation and tax liability. Therefore, under the provisions of this program, a basis for termination may exist if the recipient business enterprise's annual personal property tax valuation is reduced more than fifty percent (50%) based on the annual average of the prior three years. Termination under those circumstances will be based on mutual agreement, but if such accord is not possible, then a decision as to modification of the agreement or termination may be made by an arbitrator named by a judicial officer of this County from nominees selected by the City and the business entity, such arbitration expenses to be borne equally by the City and the business.
(Ord. 88-41. Passed 8-1-88.)