O-2010-3245 adopting new Guidelines and Criteria Governing Tax Abatement Agreements

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time employees, and full-time Contractor employees, if any, at the time the application is submitted; • financial and other information, as the City deems appropriate for evaluating the financial capacity and other factors of the applicant; • certification prepared by City Tax Assessor -Collector stating that all tax accounts within City are paid on a current basis; • for a leased facility, the applicant shall provide with the application the name and address of the lessor and a draft copy of the proposed lease, or option contract. In the event a lease or option contract has already been executed with owner of site, the document must include a provision whereby abatement applicant may terminate such contract without penalty or loss of earnest money, in the event that City does not grant a tax abatement. (c) Upon receipt of a completed application, the City shall notify in writing and provide a copy of the application to the presiding officer of the governing body of each eligible taxing jurisdiction. (d) After receipt of an application for creation of a reinvestment zone and application for abatement, the City shall determine whether the application qualifies for a tax abatement under the terms of these guidelines and criteria. Such determination may be delegated to an employee or City department. If it is determined that an application qualifies for abatement, it shall be recommended to the City Council that the applicant be notified in writing that subject to a public hearing, if applicable, and approval of a contract by City Council, the project qualifies for abatement. (e) The City shall not establish a reinvestment zone or enter into an abatement agreement if it finds that the request for the abatement was filed after the commencement of construction, alteration, or installation of improvements related to a proposed modernization, expansion or new facility. Property eligible for abatement includes only the new improvements that occur after the completion of an abatement agreement with City. Section 66-144. PUBLIC HEARING AND APPROVAL (a) The City Council may not adopt an ordinance designating a reinvestment zone for the purposes of considering approval of a tax abatement until it has held a public hearing at which interested persons are entitled to speak and present evidence for or against the designation. Notice of the hearing shall be clearly identified on the City Council agenda at least 10 days prior to the hearing. The presiding officers of eligible Jurisdictions shall be notified in writing at least 7 days prior to the hearing. (b) At the public hearing, interested persons shall be entitled to speak and present written materials for or against the approval of the proposed project or tax abatement agreement.