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The Econ'omic Development Commission should review the request with respect <br />to their ~oncerns: <br /> <br />1) Is the request for development within that area of the City that the <br /> EconOmic Development Commission has targeted for development? <br /> <br />2) Will the proposed development lead to an increase of full-time permanent <br /> employment opportunities in the City? <br /> <br />3) Will the proposed development allow the expansion/retention of a local <br /> bUsiness? <br /> <br />4) Will the proposed development lead to the development of certain public <br /> improvements which will, in turn, attract additional future private <br /> develOpment ? <br /> <br />5) Will ithe proposed development encourage/assist future development in <br /> the area? <br /> <br />6) Will l~he proposed development increase the tax base of the City? <br /> <br />7) IS the request for that type of development the City needs? <br /> <br />Once thee Staff and both Commissions have reviewed the request, their <br />comments and recommendations should be forwarded to the City Council <br />for their consideration. In addition, the Council may wish to consider the <br />following: <br /> <br />1) Will the proposed development benefit the City as a whole? <br /> <br />2) Will ~the proposed development encourage other private development of <br /> the a}ea? <br /> <br />3) Is the request for that type of development the City needs? <br /> <br />If the City Council decides to approve a request for financial assistance, <br />all approval should be contingent upon the developer entering into a <br />develoPment agreement with the City. This agreement shall be drafted by <br />the CityTs bond counsel and should specify, but is not limited to, the following: <br /> <br /> 1) The City's financial commitment; <br /> <br /> 2) COnditions of the City's Participation; <br /> <br />3) Insurance; <br /> <br />4) Conditions of the developer's participation; <br /> <br />5) Events of default; <br /> <br />6) N~o transfer or assignment of agreement; and <br /> <br />7) Termination of agreement. <br /> <br /> <br />