11.07 - Business Subsidy Policy - Laserfiche WebLink

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� "Subzone" means the parcel or parcels of land within the Region V Zone in the City which the Commissioner of DEED has now, or at any time in the future shall, designate to receive certain tax credits and exemptions specified under the JOBZ Act. "Zone" means a Job Opportunity Building Zone or an Agricultural Processing Facility Zone designated by the Commissioner of DEED under the JOBZ Act. II. BUSINESS SUBSIDY REQUII2EMENTS The requirements for a Business Subsidy herein described apply to any Business Subsidy, including any JOBZ Business Subsidy. If the Acts are amended to modify any of these requirements, then the requirement or requirements set forth in the Acts shall replace the requirement or requirements set forth in this Section and be incorporated herein without amendment to this Policy or any type of action of the City. A. Business Subsidy Implementation. A Business Subsidy Recipient, including a Qualified Businesses receiving a JOBZ Business Subsidy, must: l. Comply with the City's comprehensive plan and any other approved plans created by the City to guide development, 2. Enter into a Business Subsidy Agreement with the City that complies with the Business Subsidy Act and the requirements set forth herein, 3. Agree to comply with annual reporting as required by the Business Subsidy Act and the JOBZ Act, � 4. Meet a public purpose as described in Section II B. below and either achieve job and wage goals as described in Section IL C below or meet the goals described in Section II D. below, 5. Meet all of the additional policies set forth in Section II. D below, including holding a public hearing if required and complying with payback provisions. B. Public Purpose. Every Business Subsidy, including a Qualified Business receiving a JOBZ Business Subsidy, must meet a public purpose as follows, which may include but must not be limited to increasing the taa� base: 1. Increase the tax base, 2. Create high quality jobs, 3. Retain high quality jobs, 4. Prevent or eliminate blight, 5. Revitalize the neighborhood and community, 6. Foster economic and commercial diversity, 7. Stabilize the community, 8. Provide basic goods and services, 9. Remediate pollution, 10. Promote the retention or reuse of histarically significant property, �-- 1 l. Fully utilize existing ar planned infrastructure improvements, 12. Assist in the development of public improvements or facilities, and 5