(a) A “development zone” is an area of one or more contiguous tracts or parcels of land located within the corporate limits of the City containing not less than one acre of developable land, which has the potential for new or expanded retail, commercial, multi-family residential or mixed-use development generating new jobs and/or additional tax revenues.
(b) Council shall have the authority to create one or more development zones within the corporate limits of the City and to offer development incentives to private developers or property owners who propose to undertake retail, commercial, multi-family residential or mixed- use development projects within such development zones.
(c) The development incentives which the Council may offer to induce private investment within a development zone include:
(1) Waiver, in whole or in part, of municipal business and occupation taxes on construction or site development activities within a development zone, which waiver(s) may be granted to a specific development project or for all construction projects within the development zone for a period of time not to exceed ten (10) years; and/or,
(2) Waiver of municipal fees for the issuance of building permits, which waiver(s) may be granted to a specific development project or for all construction projects within the development zone for a period not to exceed ten (10) years; and/or,
(3) Participation by the City in the cost of developing any construction project infrastructure (such as roads, utility lines and the like) within a development zone, which participation may entail rebates or forbearance of municipal business and occupation taxes and/or the municipal component of real property taxes arising from the development project; provided that the Council may not cause the City to issue bonds or otherwise incur a financial obligation to pay for such infrastructure costs (except through the rebate or forbearance of revenues arising from the project) unless such issuance of bonds or incurring of a financial obligation is otherwise authorized by law.
(d) Establishment of development zones within the City of Westover will be determined as warranted with specified bounds, exhibits and details as set forth throughout this section.
(e) The City hereby ratifies all actions necessary to authorize and approve the amendment and the establishment of development zones.
(f) It is hereby ordered that the Mayor shall execute and deliver such other documents, certificates, agreements and instruments and take such other action as may be required or desirable to carry out the purposes of this section. Such documents, certificates, agreements, instruments and other actions shall be ratified by public act of Council.
(g) All ordinances, orders, resolutions or parts thereof in conflict with provisions of this section are, to the extent of such conflict, hereby repealed.
(h) This section shall take effect immediately following the public hearing and adoption hereon. (Ord. 381. Passed 11-5-12.)