(A) The city’s Community Development Fund shall be used for land acquisition and related development and building construction, acquisition, or related remodeling projects, purchase of machinery or equipment, which are determined to enhance industrial development growth. It is proposed that the monies from the city’s Community Development Fund will be used in a manner that will result in an ongoing revolving Economic Development Fund. It is the intent of the City Council that the city’s Community Development Fund be used as a low interest, secured source of lending for an industry, created solely for the purposes of promoting development within the city.
(B) Funds in the city’s Community Development Fund account shall be held in an interest bearing account for the purposes set forth in this subchapter.
(Ord. passed - -)