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Section 3. The Econ~ic Develo~ent Comwission should review the request with <br />respect to their concerns. <br /> <br />1) Will the proposed develoI~ent lead to an increase of full-tiwe <br /> permanent employment opportunities in the City? <br /> <br />2) Will the proposed develoI~ent allow the expansion/retention of a local <br /> business? <br /> <br />3) <br /> <br />Will the proposed develo~ent lead to the develoi~ent of certain <br />public iwprove~ents which will, in turn, attract additional future <br />private devel ol~ent. <br /> <br />4) Will the proposed develo~ent encourage/assist future develo~ent in <br /> the area? <br /> <br />5) Will the proposed development increase the tax base of the City? <br /> <br />Section 4. Once the Staff and both Commissions have reviewed the request, <br />their co~ents and reco~endations should be forwarded to the City Council for <br />their consideration. In addition, the Council may wish to consider the <br />following: <br /> <br />1) Will the proposed develoI~ent benefit the City as a whole? <br /> <br />2) Will the proposed develo~ent encourage other private development of <br /> the area? <br /> <br />Section 5. If the City Council decides to approve a request for financial <br />assistance, all approval should be contingent upon the developer entering into <br />a development agreement with the City. This agreement shall be drafted by the <br />City's bond counsel and should specify, but is not limited to, the following: <br /> <br />1) The City's financial cowmit~ent; <br /> <br />2) Conditions of the City's participation; <br /> <br />3) Insurance; <br /> <br />4) Gonditions of the developer's participation; <br /> <br />5) Events of default; <br /> <br />6) No transfer or assignwent of agreement; and <br /> <br />7) Termination of agreement. <br /> <br />(Council directed Ms. Norris to review appropriate language to wake Section 5, <br />Item 6 not quite so restrictive.) <br /> <br />Council consensus was that for the benefit of applicants, Ms. Norris should <br />draw up a standard checklist of what will be required when applying for tax <br /> October 15, 1985 <br /> <br />Page 3 of 4 <br /> <br /> <br />