(A) It is the policy of the village to encourage existing, new, and expanding businesses through negotiation of careful public investment in human or physical infrastructure.
(B) Investment priority will be given to those businesses which:
(1) Are compatible with village development goals and improve the economic diversity and quality of life of village citizens and visitors;
(2) Encourage capital investment and additional economic activity in the community; and
(3) Enhance the revenue base of the local school system.
(C) Investment offers will be negotiated by designated representatives of the village and the Wayne Local School System, and returned to the Village Council, and where appropriate, to the Wayne Local School Board for final approval.
(D) To be considered for incentives, each business must participate in a review and negotiation process. Eligibility for business incentives will be determined through a business evaluation process, including a cost-benefit analysis of the qualitative and quantitative potential that will accrue to the community based on the cost of providing incentives.
(E) A performance contract is required. The performance contract that spells out the level of performance the business must achieve in order to qualify and remain eligible for incentives. Failure to achieve performance targets may result in the rebate or forfeiture of incentives.
(Res. 97-137, passed 6-2-1997)