AG 1998 11 16 - Laserfiche WebLink

Home Browse Search

the type o f commerciaVretall activities included with the proposed project: the potental stimulus the project creates for additional commercial/retail development to occur with the immediate area; site 5pec"ific issnes that i,~ll~act upon IOC~J infrasia ulctllre responmtfitities; other isa-ilea that may need to be considered relative to an individual project. PROJECT QUALEFICATIONS To be considered eligl'ble for a commercial/retail development incentive grant a project should be required to meet certain minimum cliteria. Theae c~iteria are to be used as guidelines in project evaluations. Additional c~'iteria may be applied to a specific project based upon the term~ of the agreement between the co,--,ercial/retail developer and the city. m~ni~nm size of the project to quality for consideration: Level 119ant - 250,000 square feet of gross leasable area Level II grant - 500,000 square feet of gross leasable area Level III grant - 1,000,000 square feet of gross leasable area or greater 1M'inimnm retail sales generated must equal or exceed $200 per square foot of gross leasable area Level I g~-aat - will be "an amount eqllal to" up to 25% of the local option I 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 II gs,art - will be "an amolmt equal to" up to 50% of the local option I cruz and two local option 1/2 cent sales tax generated by the project for a pc~tiod not to exceed five full years operation Level ltl grant - will be "an amount equ~" up to 75% ofthe local option I cent and two local option I/2 cent sales tax generated by the project for a period not to exceed five full years of operation Under no circ~,mqtances will the incentive grant payments be tied to the local property taxes to be generated by the project and all property taxes to be paid by the new or expanding co,.,.,erclaltretail development must be paid in full and kept current during the period that tile C/RI)I grant rema~nn in effect The developer (grant re¢ipieat) shall require all tenants of the project to provide ~ae City complete and accurate retail sales and local option sales tax payment information. The Cky shall secure the confidentiality of that information in reco~o~tion of the proprietary nature of the data withi~ the parameter author~ed under state law. Commercial/retail development incentive g~aat benefits may not be trannf~ed or ethan-wise .conveyed to anOthCT party without the specific consent of the City Council and other contracting agencies. All commercial/retail development incentive g~ant benefits are dea~gncd to be l~n~ed directly to local option sales tax revenues received by the City atm'butable directly to the development of specific project. Failure of thc project or its tcna-ts to provide accurate sales info,',~,~tion or to actually forward payment of collected sales tax