The city council finds and declares that the health, safety, and welfare of the people of the city are dependent upon the attraction of new private enterprise as well as the expansion and redevelopment of existing private enterprise; that incentives are often necessary in order to attract new private enterprise and to encourage existing private enterprises to redevelop or expand; that providing incentives will stimulate economic development in the city and will result in the creation and maintenance of new jobs; and that the public purpose to be served by providing incentives outweighs any individual interests incidentally served thereby. (Code 1979, § 36-260; Ord. No. 96-21, § 2, 7-1-1996)