Agenda - Economic Development Authority - 09/08/2004

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PAGE 6 Upon such default and anytime thereafter, the EDA or City has the option to declare all obligations immediately due and payable. Without limitation, the EDA or City has the right to take immediate and exclusive possession of the collateral. The EDA or City will give the applicant at least ten (10) days written notice before the sale or disposition of the collateral. Business Incentive Program. The EDA or City may provide assistance to an applicant through the Business Incentive Program (BIP). BIP in the industrial park areas may be in the form of rebates based on a percentage of the total construction costs with valuation determined by the county assessor. 1. A one percent (1%) rebate may be offered for landscaping costs. 2. A two percent (2%) rebate may be offered to aid in the payment of property assessments, land costs or Other project costs. The EDA may also offer, at their discretion, the purchase of EDA/City owned property, a land grant, or other incentives. BIP may be granted in cases where the applicant demonstrates that the purpose of the assistance is increase jobs, rehabilitate existing structures, correct soils problems, eradicate blight, increase tax base, provide a needed service or industry or benefit the community as a whole. A Development Agreement will be required to be executed by the applicant upon approval of any incentive. A compliance period will be established which require the applicant to maintain the operations of the business for a set amount of time. Other factors may also be included in the Development Agreement. If the applicant fails to comply with the compliance period requirements, the applicant will be required to repay the assistance to the City. Grant or sale of EDA owned land. The EDA/City may provide assistance in the form of sale or grant ofpr°perty held or owned by the EDA or City. The EDA/City's goal is to promote location of businesses and industry in an orderly, comprehensive and planned manner. The EDA/City'S goal is not to compete with private development.