§ 3-8-1 Authorization to reimburse development related fees, city sales tax revenues and expend public funds in furtherance of economic development in the City.
If the City Council determines the criteria set forth in § 3-8-2 of this article are satisfied, the City may enter into development agreements or other contracts which provide for:
(A) Reimbursement of development fees, and/or reimbursement of any other fees required to be paid in connection with the construction, expansion or redevelopment of a commercial or industrial project; or
(B) Authorizing city resources to construct off site public infrastructure required for the development of a commercial or industrial project; or
(C) Reimbursement of all or a portion of the sales tax revenues levied, generated and received by the City as a result of the construction, expansion or redevelopment of the commercial or industrial project, unless the sales tax revenues are subject to a prior senior pledge; or
(D) Reimbursement of a percentage of the construction sales tax levied in certain circumstances for projects in accordance with the guidelines herein; or
(E) Collaborative opportunities between public and/or private sector entities.
(F) The authority set forth in this section shall terminate December 31, 2008. (Ord. 97-574, passed 4-22-1997; Am. Ord. 98-596, passed 3-23-1998; Am. Ord. 00-692, passed 6-12-2000; Am. Ord. 03-846, passed 6-23-2003; Am. Ord. 05-958, passed 8-22-05)