HomeMy Public PortalAbout1210.2 - Economic Development - Business Development - Economic Development Incentives1210.2 SUBJECT: ECONOMIC DEVELOPMENT INCENTIVES
1. OBJECTIVE:
To establish procedures for the economic development incentive program.
2. AUTHORITY:
This procedure adopted by City Council October 15, 2007.
3. DIRECTION:
The Economic Development Director, as an appointed official, serves at the
pleasure of, and receives direction from the Mayor.
4. POLICY:
A. To promote targeted economic development, job creation and community
growth, the City of Orlando will, on a case-by-case basis, give
consideration to providing economic incentives to applicants in
accordance with these Policies and Procedures, as amended from time to
time.
5. PROCESS
A. The City at its discretion and on a case-by-case basis may analyze and
then select projects that promote targeted economic development, job
creation and community growth within the City. The City staff shall
prepare and present proposed agreements to the City Council for review
and approval.
B. The City Council shall consider the proposed Agreement and may take
action on the proposal as it deems appropriate, and has the right to amend
the terms of said Agreement.
6. ADMINISTRATION:
A. An Agreement establishing and administering incentives should include:
1. a description of the location of the proposed project;
2. provisions establishing the terms of the Agreement;
3. provisions providing for performance benchmarks, which may serve
as condition precedents to payment of incentives
4. provisions providing a tangible means for measuring whether the
applicant and other responsible parties have met their obligations
under the Agreement;
5. provisions for providing periodic progress reports to the City;
6. provisions for cancellation of the Agreement and/or nonpayment of
incentives if the project is determined to not be in compliance with
the Agreement; and
7. such other provisions as the City Council shall deem appropriate.
B. The City’s Economic Development Director or their designee will
continue to monitor the overall success of the project in meeting stated
goals and provide periodic summaries to the Mayor, Chief Administrative
Officer, Chief Financial Officer and City Attorney.
7. FORMS
Application form
8. COMMITTEE RESPONSIBILITIES
None
9. REFERENCE
Procedure adopted by City Council October 15, 2007, Item A11.
10. EFFECTIVE DATE
This procedure effective October 15, 2007.