Sec. 2-632. Economic incentive loans.
(a) The city council is authorized to make economic incentive loans to any person who establishes, expands, or redevelops a commercial or industrial enterprise in the City as an incentive to the establishment, expansion, or redevelopment of such enterprise.
(b) The terms and conditions of any economic incentive loan made by the city shall be as determined by the city council and shall be set forth in a written agreement between the city and the borrower, approved by resolution of the city council, and executed by the mayor.
(c) The city council may consider the following factors in determining whether to make an economic incentive loan:
(1) The length of time during which the borrower intends to operate the commercial or industrial enterprise.
(2) The number of jobs in the city that are likely to be generated directly or indirectly as a result of the commercial or industrial enterprise.
(3) The extent to which the borrower establishing, expanding, or redeveloping the commercial or industrial enterprise intends to employ city residents at the commercial or industrial enterprise.
(4) The extent to which the borrower establishing, expanding, or redeveloping the commercial or industrial enterprise intends to contract with city residents and city-based companies for services and goods at the commercial or industrial enterprise.
(5) The extent of capital investment in the City by the borrower.
(6) The extent to which the commercial or industrial enterprise will generate tax revenue for the City, county, and state.
(7) The extent of the public benefits to be derived from the economic incentive loan.
(d) At a minimum, any economic incentive loan shall be subject to the following requirements:
(1) The borrower shall establish, expand, or redevelop a commercial or industrial enterprise in the city and maintain full operations at such facility for such period of time as determined by the city council;
(2) The borrower shall use its best efforts to encourage its employees at the commercial or industrial enterprise to reside within the city and to recruit new employees from residents of the City;
(3) The borrower shall warrant to the city that the commercial or industrial enterprise shall be in compliance with all applicable zoning and other federal, state, county, and city statutes, rules, regulations, and ordinances; and
(4) The terms of the economic incentive loan shall provide for sanctions if the borrower fails to meet its obligations thereunder. Such agreement shall further provide procedures and remedies to enforce all terms and conditions therein.
(e) The decision of the city whether to make a particular economic incentive loan shall be made on a case-by-case basis, at the sole discretion of the city council, and shall not create any vested right in any individual or entity to the City's participation in any such loan. No economic incentive loan shall be made by the city pursuant to this section prior to the approval of all loan documents by the city attorney as to form. (Ord. No. 2002-08, § 1, 2-25-2002)