AG 1997 11 17 - 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 impact upon local infra~hucture responstl~_lities; other issues that may need to be considered relative to an individual project. PROJECT QUALIFICATIONS To be considered eligible for a commercial/retail development incentive grant a project should be required to meet certain minimum criteria. These criteria are to be used as guidelines in project evaluations. Additional criteria may be applied to a specific project based upon the te~'m.q of the agreement between the con~,nercial/retail developer and the city. mini..mnm size of the project to quality for consideration: Level I grant - 250,000 square feet of gross leasable area Level II grant - 500,000 square feet of gross leasable area Level 111 grant - 1,000,000 square feet of gross leasable area or greater Minimnm retail sales generated must equal or exceed $200 per square foot of gross leasable area Level I grant - will be "an mount equal 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 g~ant - will be "an amount equal to" up to 509/0 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 grant - will be "an amount equal" up to 75% 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 Under no circumstances 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 commercial/retail development must be paid in full and kept currem during the period that the C/RDI grant remaln~ in effect The developer (grant recipient) shall require all tenants of the project to provide the City complete and accurate retail sales and local option sales tax payment information. The City shall secure the confidentiality of that information in recognition of the proprietary nature of the data within the parameter authorized under state law. Commercial/retail development incentive grant benefits may not be transferred or otherwise .conveyed to another party without the specific consent of the City Council and other contracting agencies. All commerdal/retail development incentive grant benefits are degigned to be linked directly to local option sales tax revenues received by the City attn'butable 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