AG 1998 09 21 - Laserfiche WebLink

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the type of commercial/retail activities included with the proposed project: the potential stimulus the project creates for additional commercial/retail development to occur with the immediate area; site specific issues that k.l,act upon local in~'asuucture rcsponm'bilities; other issues that may need to be considered relative to an individual project. PROJECT OUALII~ICATIONS To be considered eligible for a commercial/retail development incentive grant a project should be requ/red to meet certain minimum criteria. These c,i£eria are to be used as guidelines in project evaluations. Additional cLiteria may be applied to a specific project based upon the teL'ms of the agreement between the commereialketail developer and the civ. m~nl,mnm size of the project to quality for consideration: Level I gram - 250,000 square feet of gross leasable area Level II gr-ant - 500,000 square feet of gross leasable area Level llI grant - 1,000,000 square feet of gross leasable area or greater lvfinimnm retafl sales generated must equal or exceed $200 per square foot of gross leasable area Level I grant - will be "an amount equal to" up to 25% of the local option 1 cent and two local option 1/2 cent sales tax generated by the project for a period not to exceed five full years of operation Level 11 grant - will be "an amount equal to" up to 50% of the local option 1 cent and two local option 1/2 cent sales tax generated by the project for a period not to exceed five full years operation Level III it-ant - will be "an amount equal" up to 75% of the local option I cent and two Iocal option 1/2 cent sales tax generated by the project for a period not to exceed five full years of operation Under no circnmqances will the incentive grant payments be fled to the local property taxes to be generated by the project and all property taxes to be paid by the new or expanrling commercial/retail development must be paid in full and kc'pt current dmiag the period that the CfRDI grant remains in effect The developer (grant recipient) shall require all t~nants of the project to provide the City complete and accurate retail sales and local option sales tax payment information The Cky sha~ secure the confidentiality of that information in reco~ition of the proprietary nature of the data withih the parameter authorized under state law. Commercial/retail development incentive grant benefits may not be ix~n~ferred or othem4se .conveyed to another party without the specific consent of thc City Council and other contracthlg agencies. Ail commercial/retail development incentive grant benefits are designed to be Ii.keri directly to local option sales tax revenues received by the CIV atm~utable directly to the development of specific project. Failure of the project or its tenants to provide accurate sales information or to actually forward payment of collected sales tax